MG Players - Roles and Facts

FYI
----- Forwarded by Mark E Haedicke/HOU/ECT on 05/26/2000 01:19 PM -----

Michael R Brown
05/26/2000 10:01 AM

To: Mark E Haedicke/HOU/ECT@ECT
cc:
Subject: MG Players - Roles and Facts

As discussed
Michael
---------------------- Forwarded by Michael R Brown/LON/ECT on 26/05/2000
16:03 ---------------------------

Eric Gadd
25/05/2000 21:49
To: Bill Appleby/LON/ECT@ECT, Justin Boyd/LON/ECT@ECT, Clive
Brownlee/LON/ECT@ECT, Paul Chivers/LON/ECT@ECT, Anne Edgley/LON/ECT@ECT,
Janine Juggins/LON/ECT@ECT, Melissa Laing/LON/ECT@ECT, Phillip D
Lord/LON/ECT@ECT, Ariana Myers/LON/ECT@ECT, John Paskin/LON/ECT@ECT, Richard
Sage/LON/ECT@ECT, Barry Sangster/LON/ECT@ECT, Steve W Young/LON/ECT@ECT,
Fiona Grant/LON/ECT@ECT, Donna Titley/LON/ECT@ECT
cc: John Sherriff/LON/ECT@ECT, Fernley Dyson/LON/ECT@ECT, Michael R
Brown/LON/ECT@ECT

Subject: MG Players - Roles and Facts

A quick brief on the key people I have met to date follows below. Fiona,
please pull together bios on each of Enron's team members and current job
assignments at Enron and forward to Sid and John so they can know who they
are dealing with - - - take a little of the mystery out of first
engagements! I will forward a hardcopy diagram of the Enron/MG plc
Integration plan - - -

John Gill. John's role as Assistant to the Executive is a senior commercial
position. He was recruited + hired by MG from GE Capital and has extensive
experience in M+A activities. He is assigned to MG's merchanting division
and is a relatively recent hire. I believe he has been actively involved in
recruiting a 9 person structured finance team. John, along with Sid Tipples
and David Tregar, has been tasked to co-ordinate the Enron/MG integration.

Sid Tipples. Like John Gill, Sid is an Assistant to the Executive working in
the financial services division. I've had limited conversation with him. He
is actively involved in corp development.

Howard Carter. Howard is the Director of Finance in MCC. He started his
career at Anglo Chemical and Ore Co transferring to Philipp Bros when it
acquired the majority holding in Anglo Chemicals. He qualified as an
accountant in 1979 and became a Fellow of the Chartered Association of
Certified Accountants in 1984. He joined MCC (physical merchanting division)
when it was established in 1989. He talked to me about a "control" function
that his group performs that sounds somewhat like a combination of Enron's
tasks for originators and structurers. He seems to pick up several functions
in the merchanting division and Michael Farmer is keen to keep him in the
loop for H/R assessments.

David Tregar. David is the Financial Director. He was educated at Lancaster
University prior to joining Arthur Andersen in 1973. He became an associate
of the Institute of Chartered Accountants in 1976 and Fellow of the
Institute in 1981. Since leaving AA in 1978, he has worked continuously in
commodity trading. He joined MGAG in 1990 and was appointed Finance
Director of MGL in 1991. Prior to this he worked for several US brokerage
houses. He is involved in just about everything at MG (risk, compliance, IT,
treasury, banking). Personally, David is very open and friendly.

Bernard Page. Bernard is a long standing employee of MG (since early 1970s)
due to retire in October. He's had various positions of responsibilities.
Prior to Enron's offer, he was winding down his career by planning MG's
relocation from One America Square to 25 Cannon Street. Now, it looks like
he will be actively involved in relocating their offices to 40 G. Bernard
tends to be a little reticent until engaged in a conversation about MG's
business, etc. He has a solid understanding of the financial services
division and an outstanding working knowledge of MG's office system
infra-structure - - - if he doesn't know something, he knows where to get the
answer. I get the sense he has known Michael Hutchison for a long, long time.

Michael Farmer. Michael is Managing Director of the merchanting division and
has over 30 years experience in the metals industry. He started his career
with A Strauss & Co, a metal exchange broker and tin merchant. He also
worked for two other metal brokers and was formerly Desk Head (copper) for
Philipp Brothers. He jointly set up MCC, which is the (physical) merchanting
division of MG, with Dieter Boettcher (Tom's father/uncle/relative???) who
has subsequently retired. Michael kindly explained the physical metals
business to me and we immediately started connecting on commercial project
development opportunities, particularly in copper.

Michael Hutchison. Michael is the Managing Director of the financial
services division. He was educated at Hull University. He joined MGL in
1971, became a member of the Board of Directors in 1982, was appointed Joint
Managing Director in 1984, and became Managing Director in 1995. Between
1984 and 1988, Michael was a committee member of the LME and from 1990 has
served as a Director of the LME. Michael is a very articulate,
action-oriented trader, who just wants to get on with it. Having said that,
he has been very patient and careful in explaining the financial markets to
me and has provided me with a lot of resources (videos, books, brochures,
reports) on the industry.

Hamish Scutt. Hamish was a banker with Kleinwort Benson for 18 years and
developed a strong relationship with MG during the latter part, which led to
him being recruited and hired ~3 years ago. He is very interested in
promoting a "credit culture" that proactively assigns limits and measures
performance. I get the sense that he has, in his quiet and friendly way,
pushed for more credit control in a productive fashion - - - he wants to
avoid adversarial relationships with the metals traders. He is very open to
Enron's ideas about credit and is known by a number of people (Lee Munden,
Steve Young) at Enron.

Tom McKeever. Tom is the Executive Chairman and has been involved in the
metals industry for over 22 years. He joined MG in 1994 when he became
responsible for the Group's US operations. His experience with public
companies (Amax) as a manager and director made him a very credible manager
for MG during their IPO and period of public holding. He lends stability and
balance to the executive team. He is very practical; for example, he wants
to know who from Enron is going to contact MG staff - - - he doesn't want
them, in their enthusiasm to be open with Enron, to reveal proprietary
information to an unscrupulous competitor posing as Enron!

Tom Boettcher. Tom joined MGAG in 1993 as a Vice President of the Metal
Division, Head of Copper. He became a Director of MCC in 1995. Prior to
joining MGAG he worked for 12 years as Head of Metal Department (Prokurist)
at Norrdeutsche Affinerie. I have only had limited discussion with Tom - - -
he is preparing a list of development prospects based on a conversation I had
with Michael Farmer.

Kevin Rhodes. Kevin is the Director of Operations for the financial service
division where he is responsible for the Administration department which
encompasses all aspect of back-office and trader support systems. He joined
the Henry Bath (the warehousing company) from university and joined MGL when
it took over Henry Bath in 1992. I have not met Kevin, yet.

Timothy Jones. Tim is the Director of Trading for the financial services
division. He joined MGL in 1980. He was educated at Homefield College,
Christchurch, and started with MGL as a trainee trader. He has been MGL's
Senior Trader for several years. He was appointed a Director of MGL in 1995
and is a member of the LME Ring Committee. I have not met Tim, yet.