EXPORT-IMPORT BANK OF THE UNITED STATES
SUMMARY OF MINUTES OF MEETING OF BOARD OF DIRECTORS
MARCH 1, 1999

ITEM NO 1
AUDIT COMMITTEE REPORT TO THE BOARD OF DIRECTORS
DISCUSSION

ITEM NO. 2
A) AMENDMENT TO THE BYLAWS
B) CHARTER FOR THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS
Board Decision: APPROVED

ITEM NO 3A
Working Capital Guarantee No. AP071310XB
Request for AMENDMENT OF FINAL COMMITMENT
Applicant FIRST NATIONAL BANK OF NEW ENGLAND INC., HARTFORD CT
Gteed Lender FIRST NATIONAL BANK OF NEW ENGLAND INC., HARTFORD CT
Obligor ELLICOTT MACHINE CORP INTL, BALTIMORE MD
Guarantor PETER A BOWE, BALTIMORE MD
Product Description MANUFACTURER OF DREDGES
Ex-Im Bank Liability (Millions) USD5 - USD20
Board Decision APPROVED

ITEM NO 3B
Working Capital Guarantee No. AP072751XX
Request for AMENDMENT OF FINAL COMMITMENT
Applicant FIRST NATIONAL BANK OF NEW ENGLAND INC., HARTFORD CT
Gteed Lender FIRST NATIONAL BANK OF NEW ENGLAND INC., HARTFORD CT
Borrower ELLICOTT MACHINE CORP INTL, BALTIMORE MD
Guarantor PETER A BOWE, BALTIMORE MD
Product Description DREDGES
Ex-Im Bank Liability (Millions) USD5 - USD20
Board Decision APPROVED

MEETING OF BOARD OF DIRECTORS