From:

 

Sent: 20, 2009 3:22 PM

To:

Cc:

Subject: RE: SwssiMarine -Master Netting Agreement/Facility Letters

OK, I have now spoken to -who used to be responsible fer this group and who has some of the background
recalled in her head. We represent an entity by the name of Sidhalu which is ultimately connected with Glencore but
the fact of and nature of this connection is extremely hush hush and we must never disclose this in any communications
with-although we apparently do have all the details on our records) or in any way which may become public. I
have copied this email to Debjust in case have misquoted her or taken her name in vain in any way.

The practice of the Administrator at the time that _yas Co-Ad was never to simply pass on resolutions that
came from -to us for signature without checking with the client first. Everything was confirmed by her with our
client contact before it was passed on to us for signature. To the extent that this practice has fallen by the wayside, it
needs to be re?instated fer our comfort.

That being said. Glencore is an extremely significant client of the firm. They pay us $15,000 a year to provide 2 directors
on this company in accordance with the rights of Sidhalu under the Shareholder's Agreement and in addition to this they
have about 40 companies with us that we administer. They have in the past been dissatisfied with the way in which they
have been treated by us and our responsiveness to them and I certainly would not recommend that we cause them the
insult that will arise from us resigning. We certainly would not wish to be pushing clients like this one out ofthe door.
They actually rent physical office space from Appleby Management in Bermuda or at least they did for a number of
years, I haven't contacted-to confirm that this is still the case.

-:ould you please take steps to ensure that our contact knows about all transactions and signs off on them before
we sign off on any resolutions and make sure that there is a note to that effect on all documents that go around for
execotion.

I note your email says that Glencore is chasing the resolutions and this would be consistent with where our instructions
come from.

Kind regards