SITA

Susan: Here is the latest comment from Michael regarding the negotiations.
We should keep Lotus Notes updated. Thanks. Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 05/23/2000 01:48 PM -----

Deepak Sitlani
05/23/2000 10:52 AM

To: Sara Shackleton/HOU/ECT@ECT
cc: Michael Moulton/HOU/ECT@ECT, Edmund Cooper/LON/ECT@ECT, Michael
Khajeh-Noori/LON/ECT@ECT
Subject: SITA

Sara

I refer to our recent conversation relating to the progress of ISDA
negotiations with the above counterparty.

I have just spoken to Carine Lavergne at SITA. She informs me that SITA does
not feel adequately equipped or informed to progress the negotiations
internally and therefore intends to appoint external counsel (I urged her to
do this as soon as possible). Despite this intended appointment, she assured
me that SITA wishes to enter into the ISDA as soon as possible and is keen to
keep negotiations to a minimum.

Either I or Michael Khajeh-Noori will keep you updated as to the progress.

For your information, I also attach a status report with respect to the
counterparties with whom Michael and I are currently negotiating.

Let me know if you need anything else.

Regards
Deepak