He discussed the fact that Verizon is the biggest player in the US with Ftth. They have 3 suppliers including alcatel. I reminded him of the link between one of the board members and alcatel. I asked him if we were taking advantage of this fact. He confirmed that a current ENA board member is a past board member of Alcatel. However, he could not say what was going on between Alcatel and ENA.

I asked him about Ftth and Canada. He said about 2k condos in a waterfront tower in Toronto, 400homes in the gatineau hills and the whole PEI island now have Ftth. It is a slow go but it is coming.

When I brought up institutional holdings, I was quite surprised when he said 75% or so are held by institutions and management. He put management between 20 and 25%. Acuity in the high teens. That is quite a strong backing by institutions. with only 25% of the float available, this stock can go up quite rapidly with the right NR.

That is the bulk of the conversation but if more thoughts come to mind, I will pass them on.

Glorieux