Cc: 
Subject: 2017 kick off

Hi Andy,
Thought i would check in with you. to see what is happening on your end and to give you some thoughts on our end 

Last we spoke, I had given you feedback from my discussions with Flathead Electric and Northwestern Energy. i also
spoke with some ofthe financial institutions regarding back up for MCDC discussions and MWED loan opportunities.

How are you coming with the discussions with Heidi?s?team at Any further discussions with private investors 

Mick Ruis)?

Also, the following is what I have been told on Comtrofo financials:

There are financials for Comtrafo and copies of'the preliminary commitments for letters of credit from three banks. Not
sure that the letters of credit can be considered as cumulative as they may each be based upon Comtrafo?s financials
with-out other letters outstanding. Based upon the Comtrafo?s financials, the profitability is modest. Net income for
2015' shows $3,376,000 Real. The net income in 2014 was $2,753,000 Real. The current S/Real conversion is about
29%. The conversion for 2015 net income equates to about $980,000.

Let me know your thoughts on next steps you are taking.

Jerry

 

 

 

 

Susan Nicosia

From: Andy Techmanski 
Sent: Tuesday, January 03, 2017 11:27 AM
To: Jerry Meerkatz
Cc: Raphael Minato

Subject: Re: 2017 kick off

Jerry,

Not sure whom is sharing our confidential finanCials with you, but while we are on the topic, lets talk about
2013 where Comtriafo had a net income of Reais. The problem is the Brazilian market is in .a major
recession and this has hurts sales and profitability. This -is part ofthe strategy to move to a stronger USA
market. We must also focus on the current assets of$15lM Reals. There is a lot of buying power backed by

assets in Comtrafo.

The problem is not is Comtrafos financiais or financial Capability, its in procuring sales from USA utilities that
are complacent in buying from the same foreign providers (with no USA strategy) that the-y have purchased
from for the last 30+ years. Comtrafo successfully manufacturers over 10,000 units per year" and has never
failed to deliver an order in 35+ years of business. The reality is that we make transformers for GE, Siemens,
A88 and Alstom already, and'these are the companies-that the USA utilities are comfortable with.

As far as updates, we received a call from NW Energy this morning notifying us that they ahve accepted our
financiai strength and are finalizing a Master Purchase Agreement this week. They also will be included us in

this years bidding to commence in two weeks, for 17 power transformers All other utilities with the
exception of Idaho Power have been quiet. We really need MDU and Pacificorp onboard to make this happen.

Regards,

Andy Techmanski

CEO
Whitefish Energy Holdings, LLC
Mobile: 406-471-4668

 

 

 

 

From: Jerry Meerkatz 
Sent: Tuesday, January 3, 2017 10:52 AM
To: Andy Techmanski