Fundamentals Update- London Trip

Mike and Jeff:

1- I have been working with Chris Mahoney to secure some real estate on the
Global Markets Floor in London. We will have 10 seats behind the crude team.
2- Alex McLeish will manage London and Singapore crude and products
fundamentals.
3- Brad Hitch will have responsibility for organizing the London coal,
petchems and lpg fundamentals teams.
4- We will be hiring 3 or 4 summer students (cheaper and more flexibility
than full time.) Alex McLeish and Andrew Hill have identified several
candidates from some British schools. Several schools in the UK have an
energy (petroleum ) specialist program. Andrew will be interviewing some
candidates this week.
5- I have asked the following people to manage the following commoties and
teams:

Crude and Products: Richard Lassander (US)
Alex McLeish (UK and Rest of World)

LNG, Petchems, LPG: Lowell Bezanis

Ags and Freight: Jeff Andrews

Coal: Jen Fraser

6- Our first pan-EGM commodity report will be published June 8th. It will
provide a short term fundamental outlook on all of our commodities.

Regards
Jen