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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (1373)	3/31/1998 4:34:00 PM
From: Steve Fancy	Read Replies (2) \| Respond to of 22640

Below is my response from CBOE regarding the TBR privatization and options. I called the 800 number and talked to a manager...bottom line, they have no idea and details may not be available until just before whatever happens. He did suggest that a portion of the options may be a cash settlement. I did learn that apparently the OCC (options clearing corp) ultimately determines how options will be handled. I have a number for the OCC and will see if I can obtain further information. sf ============================== Date: Tue Mar 31 12:45:53 GMT+00:00 1998 From: Doorbell #1 <invsrv1@cboe.com> To: smfmlf@centuryinter.net Dear Steve, Thanks for your message. Please give us a call at 1-800-OPTIONS and a representative will attempt to assist you.

To: Steve Fancy who wrote (1373)	3/31/1998 4:41:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

More answers from TBR! The advisor contracts apparently were signed February 27. Either the news went right over my head, or was never released. In any case per TBR, it's a done deal and we're on a roll. Anyone familiar with the form 20-Fs referred to below. Anyone know where to watch for them? Sounds like options through May, and maybe June are safe. I'm sure they'll arrive at a fair solution, but until I hear it, options beyond June make me a little nervous. sf ================================= Date: Tue, 31 Mar 1998 18:14:52 -0300 From: "Lorival Souza da Silva"<lorival@telebras.com.br> To: Smfmlf@centuryinter.net Hello Mr Steve Fancy Regarding your e-mail dated 30 03 98 15.22 EST see the following comments: item 1) I would like to confirm that the advisor contracts (Brasilcom) signed on February 27 with BNDES I was referring to are for the privatization of TELEBRAS. item 2 ...Denver...etc. - Referred news are related to the pre-qualification process and not auctions. item 3 - According to the contract signed, it was established a 90-days period ending on May 27 for the evaluation of Telebr s. In this meantime Telebr s will file 12 Form 20-Fs related to Telebr s' future regional holdings companies at SEC. (4 wireline and 8 wireless) Cordially, Lorival Silva 55 61 415 2537 - facsimilie 55 61 322 4153