Trading in Brazil

Brent, Andrea and I had a "status" conversation this afternoon. Brent will
go to Sao Paulo on July 20 to meet with Andrea, Randy and commercial people.
Andrea has requested that you and I go to Brazil after July 28 when the
outside lawyer is back from vacation. In general, the three of us are
conforming and updating physical resolutions (final and proposed) and
identifying additional research necessary to address the financial trading
issues. These are related to specific deals originating in Brazil (which are
truly settled financially, e.g., a purported prepay where no physical
commodity was to be delivered) and issues arising here in Houston (e.g., the
Hickerson request for fixed income, FX and equity trading). Brent will be
discussing pending transaction structures while in Sao Paulo.

It appears that Brent is the "point person" for dealing directly with the
Sao Paulo office and he will bring me in as necessary (although I will be
dealing frequently with Andrea).