Attached is the latest risk policy from Peoples.  It appears that they have 
only made the one change that is highlighted.  However, I would request that 
we all re-read the policy in its entirety to ensure that there are no other 
changes which are not highlighted.  Vlady - here are some thoughts on your 
comments.  

1 - Stop limit size.  I don't think we will be succesful in trying to change 
this at this point.  Peoples Board has been presented with the $10 million.  
As we discussed, there can be no actions taken by the risk committee unless 
unanimous and we can always try to change it once we get going.  
2 - I changed Appendix I to reflect a Stop Loss Trigger limit determination 
period of each fiscal year.
3 - There are no differences in notifications for the 50% and 75% levels.  
The easiest thing to do may be to handle this internally if we want a 
different notification at the higher threshhold.  It does not need to be a 
formal part of enovate's policy unless we feel it absolutely necessary.
4 - The VaR language you provided has been incorporated as Appendix IV.

Overall, there have not been many changes.  I would like to get final 
comments, subject of course to Peoples changing their minds on something, as 
soon as possible.  My goal is to execute this policy the first part of next 
week.  Let me know if this is practical.

Thanks,

Gregg