Gentlemen

I am receiving calls of complaint from the sales and trading desks in London on a daily basis about the lack of product in London. We have dropped from what was already an unacceptably low average of around 30 pieces of research a week accross [sic] Europe - to a number that is less than half this average. Moreover, the mix - as I have indicated earlier - has become predominantly worthless flashnotes.

THIS IS COMPLETELY UNACCEPTABLE

No good analyst needs to be pushed like this - most are self motivated and interested in driving their external market values. As tram leaders and managers, you have to take responsibility for you teams and for their motivation and production levels - this is what we pay you for.

As I look at the department today I have no concerns about meeting budget expectations at year end - one reason for this view is that many of tour analysts, and team leaders do not deserve to be paid this year.

Take some responsibility and push your teams. With the success we are having with Bangalore - we have no excuses with regard to resource.

I am in London on Thursday and Friday of next week and am happy to talk this through in more detail with any of you. I am also available early Monday morning and some times on Tuesday by phone as I travel to and from Mumbai.

Graham.