Eletrobolt -- Felsberg

I had a brief conversation with Thomas Felsberg yesterday evening regarding
his view of the enforceability of the floor price and the SFE Allocation. He
said he agrees that the theory works but had some interesting observations
about how that theory is reflected in the consortium agreement that I would
like to discuss further with Tozzini. Nothing to be alarmed about, but I
think we need to sort through it and come to a joint view on it. I will talk
to Antonio Felix (Tozzini finance/Central Bank partner) about this and then
revert to Felsberg, who seemed to welcome the opportunity to have dialogue
with me "off the record" outside of the formal back and forth between him and
his clients and between him and Tozzini. Will keep you posted.

rgds,
John