Sally,

This morning I spent some time with David Maxwell of the Merchant Asset 
group.  I am very intrigued by the work the group does.  Knowing that Todd 
Hall has moved on to EGM and that the Merchant Asset Group is in transition 
to report to Shona Wilson, I have a recommendation.  I would like for the 
Merchant Asset Group to report to me.  Although I do not know all the 
methodologies used by the group, I am familiar with the valuation of assets 
and understand the underlying principals for most methods.  At Fleming I was 
involved, at a much smaller scale, in the reporting of similar portfolios and 
believe that I can be of assistance to the group in moving away from their 
current spread sheet environment.  Also, I enjoyed talking with David Maxwell 
and understand what he is up against.  I believe he and I would work really 
well together.

Let me know what you think.

Thanks.

James