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To: Stu Bishop who wrote (25164)	10/3/2000 12:23:55 AM
From: LemonHead	Respond to of 25960

Hi Stu, Do you understand how cancellations can provide upside? Also, can you explain "first right of refusal"? I'm not familiar with "Upside"... But I am with "First Right of Refusal". Let's say I have a house for sale for $100,000. You offer me full price contingent on your existing house selling in three months. I agree and give you "First Right of Refusal". If in that time frame, someone else offers me the price and a means to pay for it, then you have the right to refuse and close the deal based upon our existing terms. But if you don't have the ability then I am free to close the current better offer. FWIW. Keith

To: Stu Bishop who wrote (25164)	10/3/2000 1:02:32 AM
From: Zeev Hed	Respond to of 25960

stu, let say for example that TMSC makes chips for both SSTI and XLNX, if XLNX cancels a run of x thousand wafers allocated to his product, SSTI has the first "dib" on this run. The upside is for SSTI, because right now they cannot supply all they can sell, if they get another X-000 wafers, they sell more. The point was that some fabless are canceling, but the flash people, still capacity constrained, can pick up that slack. The question is were these cancelations the beginning of a trend or just a minor blip on the chart. I do not know the answer. Zeev