Private and Confidential For Board Members Only As you know, ever since I was elected to the Executive Committee of CanGo, I have had my doubts about Liz's ability to act as the CEO of a major dot-com company. I felt that my election to the Committee was indicative of the stockholders' desire to take CanGo to the next level and make it a real player in the e-commerce market. As we all know, CanGo's stock price has been quite disappointing. Liz has managed to grow the company through an acquisition and a joint venture . However, she really hasn't made the types of strides that I expected when I first came on the Committee. Online games have failed to produce any real revenues, and the problems associated with the holiday rush have produced a lackluster financial performance. I believe we all agree that we are having some real leadership problems. We have also been thinking about Liz's performance since the IPO and are seriously considering whether she is the CEO for a public company. Although some of the committee members acknowledge Liz as the moving force behind CanGo, we must remember our responsibility to the stockholders. I believe we agree that making Liz the Chairperson of the Board will allow her to step back from operations and assist us in strategic planning.