Regulatory timeline

Attached is a draft regulatory timeline for the transaction--assuming a September 10 rollout. Note that the timeline does not include dates for the Washington UTC or the SEC. Joanne, please add your thoughts to the document and send comments back to me.

NNG agreed to the proposed "all hands" meetings in Portland. Joanne and Adam, please put these dates on your calendars.

In our meeting with NW today, they made clear that they have not yet hired local counsel. Apparently their counsel of choice has a potential conflict. They are willing to seek a waiver, but that raises confidentiality issues.

Re: FERC counsel, we provided two names for their consideration and emphasized the importance of getting counsel on board quickly. We made the same point re: a market power consultant. They are willing to retain Hieronymous. I'll forward the retainer letter to Mark Dodson this evening.

Re: the rollout plan. We have NNG's agreement on the basics of the rollout plan, but NNG wanted to play with it a little. They will send back a final copy of the document. I'll circulate it once I receive the document.