From: Carr, Charles Inviato: Mon 17/05/2004 19.48

To: Erginsoy, Omer; 'oscar05_mail.globalnet.co.uk'; Leonard, John; marianna.vintiadis@lagru.net; Nurnberg, Alessandro; Binda, Marcella

Cc: Helsby, Tommy; Holder, Frank

Subject: Project Tokyo XI

Attachments:

Dear All

Please see attached work in progress. We have a conference call on Tuesday 25th May (time to be announced) Client would like all of us to attend for brain storming. OE can you develop this week the agenda for this call which we can finalise on Monday. Please all others send to OE reports and comments during the week.

I will be on vacation next week but please coordinate with Omer

Good luck

Charles

Tokyo-9 Work in Progress (WIP):

Key Reports and Meetings:

1. Tokyo - 9 Report (narrative consists of all sections outlined in Tokyo 8 overview presentation, with any new findings and annexes including a log of all transgressions with evidence to date). To be delivered on 7 June – OE.

2. Valuation report: Discussion on draft. Meeting with Jim Yerges and Client in Brasilia to be organised for week of 26-28 May – OE.

3. Meeting with Citi: Waiting for DD; focus should be on TI's disinegenous stance (statements and reality), more recent TI wrongdoings, links to corruption in South America (link to Tecnosistemi / Parmalat) and the Tanure-Casseb connection. OE/FH/TH

4. Meetings with UK and Cayman lawyers: Waiting for Dani; brief them to expand the scope/depth of arbitration and other legal proceedings where necessary.

5. US legal strategy: CC with RMU and then followup with FH and TH.

6. PR follow-up: Sitrick – CC with FH/OE; Finsbury – CC with TH/OE

7. DANY/SEC – TH/FH to follow up.

Calender:

25 May – Conference call to review Work in Progress - all present

26-28 May – Valuation meeting in Brasilia

7 June – Tokyo-9 Report delivered

14 June – Tokyo -9 Report feedback

25 June – CC in Milan

? – meeting with Citi

? – meeting with lawyers

? – meeting with Sitrick

Actions:

1. Brazil (OE/BG)

1.1 Complete TIM Brasil analyses, followed by briefing of local banker to get analyst report published.

1.2 Complete debriefing of CR and collate/report all evidence to date (with docs)

1.3 Rio judiciary: Complete ongoing investigation (Modulo, etc.) Always trying to link TI and/or NT using the system

1.4 Re-focus on NN - what is his role, recent transactions?

1.5 Re-focus on NT: Complete negative profile, media spots analyses, attempt to document involvement with TI especially viz Judiciary.

1.6 LRD emails to review and catalogue.

1.7 CCL, AC, SR money flows out of Brazil

1.8 Additional cross-referencing of Parnalat/Tecnosistemi/TI

Prioties themes: Tecnosistemi, Pension Funds, NN/CF and Rio Judge.

2. Italy (CAC/OE/Marianna/Marcella / Nurnberg )

2.1 Tecnosistemi Italy links between the companies P and TI. Revisit Morselli – Bankruptcy Judges – BofA (Luca del Sala)

2.2 MTP profile: What would bring him to the negotiating table. To fully understand this we need to know his position vis a vis:

* Colaninno / D'Alema

* Berlusconi

* Afef/Arabs/NN

* Olimpia/Gnutti/Benetton

* Strategic plans for Brazil in the wider context (A Nurnberg)

* Tecnosistemi/Parmalat vulnerabilites

* To whom does he owe favours?

Priorities: Profiling MTP/Tecnosistemi - Marrianna to provide preliminary report for Tuesday with OE guidance

3. Elsewhere (CAC/OE/JL)

3.1 Approach TIW ( Canada )

3.2 Refocus on Telefonica ( Spain ) viz CRT

3.3 Find Spanish Tecnosistemi sources (to obtain more evidence on TI-TS wrongdoings in S.Amercia, esp. Cuba )

3.4 Finish the documenting of all material and form complete index (Marcella)

Priorities: New government view of Villalonga and possible ally and indexing of all material (Marcella)