PSE&G

Tanya:
We finally got a draft of the CSA from their counsel. Just a few questions
for you:

1. Threshold amounts for both of us are $7,500,000. For some reason, they
gave themselves a $15,000,000 threshold.

2. I am assuming that we want a MAC trigger that will bring the threshold to
zero. Is the MAC trigger for both of us below BBB-?

3. For the issuer of an LC, they have that the rating can be either A- by S&P
or A3 by Moody's. Do you want to insist on requiring both ratings?

4. Is our Guaranty cap $15,000,000?

Carol