PROJECT TOKYO

Investigation of Naji Nahas

Interim Report

As reported previously, on January 26 th 2004 Naji Nahas is the subject of an investigation filed by the Brazilian Federal Police. Further research has established that this investigation refers to non-authorised foreign exchange deals, done with the intention of sending currency abroad illegally.

An offshore company called Quirkline Investments Inc was also mentioned in records relating to the investigation which have been obtained by sources. Further inquiries indicate that Quirkline Investments Inc is incorporated in the BVI. Further details on the company are awaited from the local company register.

The document also names an individual called Milton Cunha. No record has been found of this individual to date. Research continues. A Brazilian incorporated company called Taha Comercial Exportadora Ltda is also named in the document. Details of the company may summarised as follows:

•  Taha Comercial Exportadora Ltda

Tax Payer ID: 49.936.131/0001-74

Address: 200, Horácio Lafer Ave.

District: Vila Nova Conceição

ZIP Code 04538-080 – SÃO PAULO – SP – Brazil

Company registered on 05/24/1978

Shareholders: Quirkline Investments Inc.

Ms Cleide Brasilina Dotta

Tax Payer ID: 088.830.928-72

Manager: Ubajara Souza de Almeida

Tax Payer ID: 106.226.168-20

According to filings, Ms Cleide B. Dotta is also a shareholder in the following two companies, which are not listed in the police files:

•  Seflak Construcoes e Administracao Ltda

Tax Payer ID: 51.597.375/0001-11 – (Cancelled Company)

•  Storalyn Comercial Ltda

Tax Payer ID: 67.946.491/0001-39

Address: 200, Horácio Lafer Ave.

District: Vila Nova Conceição

ZIP Code 04538-080 – SÃO PAULO – SP – Brazil

Company incorporated on 05/27/1992

Shareholders: Storalin SA (Foreign Company)

(Comment: Note different spelling)

Cleide Brasilina Dotta

Tax Payer ID: 088.830.928-72

Enquiries into the domicile of Storalin SA are underway.

Please note that Storalyn Comercial Ltda shares the same address as Taha Comercial Exportadora Ltda. A source at this address confirmed that Taha employs just one person. The source explained that 200, Horácio Lafer Ave was a private house converted into a number of offices, each of which housed a company. According to the source several other companies apart from Taha and Storalyn are based there. Further research to identify these companies is underway.

Research into NN's tax details indicates four similar names:

•  Naji Robert Nahas (The real one)

Tax Payer ID: 000.726.168-30

•  Naji Robert Nahas (Alberto Barth)

Tax Payer ID: 996.253.938-20

•  Naji Roberto Nahas (ID pending to regulations)

Tax Payer ID: 726.168.300-00

•  Robert Naji Nahas (NN's son)

Tax Payer ID: 163.329.558-30

Further research in local company filings based on the above names indicates that Fernando and Robert Naji Nahas are linked to the following company:

•  Rofer Administração e Construção Ltda – www.gruporofer.com.br

Tax Payer ID: 02.294.282/0001-02

Rua Angelina Maffei Vita, 667 – 2 o ANDAR – SALAS 1 E 2

JD Europa

01455-070 – Sao Paulo – SP

Company registered on 12/22/1997

Shareholders: Fernando Naji Nahas

Tax Payer ID: 163.329.518-42

Robert Naji Nahas

Tax Payer ID: 163.329.558-30

Further source inquiries indicate that Fernando and Robert Nahas are brothers. Naji also has two daughters, Patricia and Natalie. A well placed source confirmed that the brothers work closely with their father Naji. The source maintained that last Friday the three had an important meeting with several highly placed Arab VIP's, although he was unable or unwilling to give further details.

A source at Rofer Administração e Construção Ltda confirmed that Ms Dotta, the shareholder of Taha and Storalyn also works in the company.

Further details of the exact nature and extent of the Federal Police interest in NN is being sought through relevant sources, who are due to be met on Wednesday 10 th March.