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Page <br />Stark, Jim <br />From: Jim Kiger [Jim.Kiger@oxbow.com] <br />Sent: Friday, May 19, 2006 1:39 PM <br />To: Stark, Jim <br />Subject: Oxbow Mid-Term review -Bond Issues <br />Oxbow is in receipt of a final verbal determination that 1) the dozer operator rate of $32.53/hr and scraper operator wage of <br />$24.95/hour is correct. <br />This being said and confirmed with follow-up written materials, Oxbow will agree with the new calculated liability of $3,610,281.00 <br />The new bond calculation should be placed in PAP Exhibit 2.03-E3 Insurance and Bonding Information. <br />Jim Kiger <br />OMLLC <br />5/2212006 <br />