Merchant Asset Group

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