Wes

I'm away Monday and Tuesday in Brazil. I thought I would give you things that I'm waiting on or that we should meet about next week.

1. Your group was going to give back the assets/balance sheet stuff in 3 formats.

2. On South America - Lot's of stuff but we'll talk when I get back. Most importantly that I get an income statement that looks like North America.

- They did a trade with me that's up 8 Million for them. This is fine but the negative p/l was not showing up in N.A. The positive p/l was showing up in South America. (We should make sure this trade does not get cash settled. The last thing I want is Cash going to S.A. on an internal trade.

3. Cross Commodity Book. - I have 1.9 Million of losses that were last year that they found in January. Put this in the TBG line and change the line name to Other . In the Footnotes we will explain all others. I'm sure there is a million things to come.

4. We also need to improve the footnotes section you gave to me.

5. I've set up a meeting with you,me,Deffner and Louise on this 15% capital charge. We should come up with another methodology.

That's all I can think of now.

John