Hi,

Yesterday Debbie and I stepped the P&P group through the Doorstep findings. 
We set the scene, went through the report item by item, and put the findings 
into context, e.g. learning points from Coal.

Collectively, we are comfortable that required actions have been implemented. 

At present the group are on the cusp of transitioning from an origination 
group feeding deals into the Houston risk book, into a fully fledged trading 
unit with physical assets in Europe. Riveria - a potential acquisition of two 
paper mills in Southern France - and/or other acquisitions would be the 
catalyst for this transition.

The group are currently assessing their Commercial, Support and other 
infrastructure resource requirements in order to manage this growth in a 
controlled way. I have sent them the attachment - Roles & Responsibilities 
matrix for Global - which has recently been tailored for a presentation Mike 
Jordan will be making to MG, and will try to stick close and help them 
through this process. 



Any questions, please call.

Regards,
Tim