draft Master Agreement

Dear Elizabeth;

Please find attached hereto, for your information (as well as review,
comments, questions etc etc), a copy of our latest draft Master Power
Purchase and Sale Agreement for Brazil-to-Brazil transactions. This document
is now being forwarded to RAC. As soon as we have received comments from all
areas of support (tax, credit, commercial etc), we will start negotiations
with all major Generators, LDCs and Marketing companies. Please feel free to
contact me should you have questions or comments regarding this matter.

Rgds,

Sami Arap