Commodity Trading Advisor

Mark, the business people posted at ECTRIC's office in Stockholm want to
offer a Swedish forestry group portfolio management services and advisory
services. With reference to our previous conversations on the subject below,
do you think that this may entail problems under US securities laws?!

Martin
---------------------- Forwarded by Martin Rosell/OSL/ECT on 14/06/99 15:05
---------------------------

Martin Rosell
28/04/99 16:05
To: Mark - ECT Legal Taylor/HOU/ECT@ECT
cc:
Subject: Commodity Trading Advisor

Mark:

Did you have any luck with your New York law firm contact. The other party
has accepted the contents of the contract and wish to sign on Tuesday next
week, why it's a bit urgent to flag any US securities law implications
associated with the relevant transaction.

Martin