Teco: Meeting with Global Finance group

Don,

I had a meeting with Davis Thames from Global Finance group this morning.
Basically, he did not agree with your (old) structure. He walked me through
on his concerns in detail. For some critical points, I don't necessarily
agree with his argument such as probability & volatility assumptions of the
curve. He thought we don't have that at all in our valuation method. I will
talk to Yvan tomorrow morning to find out exact structure/valuation method
and let you know the result. It might happen because Davis didn't get the
update on latest/revised structure. Thank you.

Jinsung Myung
(37330)