John,

I have made the following suggestions/comments to Remi, pending your agreement.

- Brazil VaR looks low ($0.6 MM) - apparently we are using Argentina vol curves instead of Brazil vol curves.
- Book a diesel position for 15 days out of the year when we expect Ecogas to exercise their option and cut us. This will be a rather small short position and Remi will not hedge it at this time.
- Electrobolt: upon completion of construction (7/01?), treat the power plants similar to Modesto Maranzana and New Albany for management purposes, pending resolution of accounting issues.
- Modesto Maranzana positions have been booked (long power and short gas). We will firm-up the P&L in the next few days and book it as well.

Vlady.