As you may have heard, we are in the process of building a business to make 
markets in credit protection and are getting close to launching where we will 
quote both directions on many of the credits in our existing portfolio in 
addition to names in non-energy industries.  It is important from both a 
commercial and legal perspective to ensure that we do not have what could be 
considered a fiduciary responsibility with the credits that we are making 
prices on.  The initial set of reference credits has been sent to credit and 
legal for approval and then will be forwarded to origination for further 
approval before we initiate coverage.  Pls. take a look at the names and let 
us know if you have any problems with us quoting prices on them.

Let me know if you have any questions or concerns

bryan