Subject: File No. S7-38-04
From: Craig Millar, Portfolio Manager
Affiliation: Natcan Investment Management

January 24, 2005

Being a Canadian institutional investor that invests in US equities, netroadshow presentations are crucial to us, as often the companies going public do not travel to Canada to do presentations. Please allow netroadshow to continue - this is a very good service to us.

Thank you,

Craig Millar
Portfolio Manager
Natcan Investment Management
Toronto, Canada