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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">Dear Members of the Client Committee,
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">Attached for your preliminary review please find a draft set of slides that summarize the information we provided in response to the questions in the scoping document.
We have also included information that responds to questions posed more recently about the integrated/hybrid model These slides could provide a framework for discussion in Istanbul of the legal issues implicated by the various models under consideration.
Please note the following: <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""><o:p> </o:p></span></p>
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<![if !supportLists]><span style="font-size:11.0pt"><span style="mso-list:Ignore">•<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">These slides summarize the information provided in response to CWG’s first set of questions, but with the information reordered along the lines of the proposals.
</span><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""><o:p></o:p></span></p>
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<![if !supportLists]><span style="font-size:11.0pt"><span style="mso-list:Ignore">•<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">As with our preliminary responses, these slides summarize technical legal information in a generalized form in keeping with the general level of the questions posed.
This information is provided for the benefit of the CWG, to help facilitate its consideration of the transition proposals that have been described to us, and should not be relied upon by any other persons or for any other purpose.
</span><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">Please let us know if you would like any revisions regarding presentation style. Also, we note that we did not receive any comments on the underlying document.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">I look forward to seeing you in Istanbul.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">Kind regards.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif"">Holly
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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif""><o:p> </o:p></span></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#1F497D">HOLLY</span></b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:#1F497D"> </span><b><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#1F497D">GREGORY</span></b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:#1F497D"><br>
Partner<br>
<br>
</span><b><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#1F497D">Sidley Austin LLP</span></b><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:#1F497D"><br>
</span></b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:#1F497D">+1.212.839.5853<br>
<a href="mailto:holly.gregory@sidley.com" title="Click to send email to Gregory, Holly">holly.gregory@sidley.com</a><o:p></o:p></span></p>
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<p class="MsoNormal" style="margin-left:.5in"><o:p> </o:p></p>
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