MEH Credit Policy

Molly - In your opinion, (1) when do you think the earliest date is that we
could complete the Credit Policy and (2) what specifically needs to be
accomplished to hit that date? I am assuming the following still neds to be
completed:
1. Form of Schedule to ISDA and paragraph 13 - I spoke with Kay Mann
yesterday and have asked her to speak with Sara Shackleton to find out what
the delay is. Have you heard anything new?
2. Rewrite of certain language
a. References to the Credit Aggregation System
b. More clarity on division of responsibilities (above vs. below
investment grade)
c. Protocol for exceptions, if any
3. Review initial approved counterparty list and add any other potential
counterparties

I am sure this list is not complete, so let me know what else needs to be
done. I would like to establish a target completion date, but not without
your input first. We intend to turn the Hub Agency Agreement to Peoples
today. As such, I would like to have the credit policy complete by the time
I sit down with Peoples next week. Let me know what is reasonable and if
there is anything I can do to assist in expediting the process.

Thanks,

Gregg