FW: ECS Cashflow

Jeff -

Here is cash flow on new building, as requested. Some notes:

The $218.7 mill. Base Building and Trading Floor Tenant Improvements (i.e. 2nd floor Cafeteria, Trading floors 3-6, 7th floor Executive, and Computer floors 8 and 9) is work in progress, over 80% complete and paid to date. Not much we can do here except suffer the anger of contractor and hold retainage as long as possible ($14 mill. payment in May '02). We are contractually obligated to make draw payments on the 5th of each month ($4.785 mill. to be paid next week).

Presently we are gearing up spend ($28 mill.) on Tower Tenant Improvements (interiors of floors 10 thru 40). This is deferrable, either partially or in full, if we re-think our strategy on who, when, how many move to new tower.

I'll be out of office rest of week but reachable. Thanks - Bill

-----Original Message-----
From: Akhave, Billie
Sent: Tuesday, October 30, 2001 3:16 PM
To: Donovan, Bill
Subject: ECS Cashflow

Please see attached.