John,

SA
MM plant is booked as of today, both positions and P&L. I will describe the complete process in an email in the next few days.

We have processed the SEC Form 144 for the sale of 1,270,000 shares of COPEL.

I wanted to revise SA reporting, specifically:
	- break out an origination line
	- add COPEL MTM below the line
	- start the process of calculating P&L and VaR by trader

EES
I have taken an initiative to compile a strategic list of activities that need to be completed to put this business back on track. The list will include activities at various levels of detail, responsible individuals and timetables. The activities on the list will be discussed/updated in weekly meetings, hosted by Rogers and Don. I have met with Rogers/Don and, subsequently, with Sally/Wes, all of whom have embraced this list as a useful management tool and provided feedback. I will send the latest one to you shortly and welcome you to comment/critique it. Additionally, this centralized master list will serve help Rick Buy get comfortable with the fact that the progress is being made.

Vlady.