PL Reforecast (CE2) July to December 2001

The plan reforecast we went through after Q1 resulted in a reduced expense
base of $28m for the year. This is still short of our target of $50m to
$100m. As you are aware we reforecast our expenses on a quarterly basis and
for Q2 I want you to work with your management accountant to produce the
below pack by June 30th. Management accounting will critic the packs and
provide a detailed analysis of overs and unders to the Office of the Chair.
If necessary meetings will be held with you and the Office of the Chair to go
through your numbers in detail. If you have any questions about the below
please contact Stephen Wood or your management accountant who should be
contacting you shortly to discuss.