Subject: MMF Factors
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked]
Date: Wed, 26 Sep 2001 07:14:00 -0700 (PDT)

Per your request we have checked the MMF calculation data for NNG/TW/FGT/Trailblazer to Hyperion and/or SAP as appropriate.  Data checks out.
However, I asked Mary to provide me a copy of the prior year calculation.  It appears that the NNG and TW Fair Value Adjustment companies were included in the calculation this year, but were excluded last year.  A ballpark estimate is that the ETS MMF factor would drop by .1% if the NNG/TW fair value companies were excluded as they were last year.   That would mean a factor of 19.0% rather than 19.1%.

Please call me when you want to discuss IMP.  I'm not sure exactly what you're looking for so trying to answer by e-mail probably wouldn't be very productive.