Attached is the CRM revised list of reference credits to be posted on-line 
(not initially for on-line trading).  The list is substantively the same as 
we received, except for greater precision on company name punctuation and the 
deletion of the following names:

 Cisco Systems
 New Jersey Natural Gas Company
 Pennzoil-Quaker State Company
 Texas New Mexico Power Company
 Honeywell International Inc.
 Lexmark International, Inc.
 MediaOne Group Inc.
 National Service Industries Inc.
 Raychem Corp
 Sundstrand Corp.
 Time Warner Inc
 US West Communications Inc.

The above names were deleted for a variety of reasons, but NOT due to weak or 
questionable credit strength.  Rather, the deletions are typically due to an 
inconsistency of names between SEC document filings and S&P rating.  The 
inconsistency is most likely reconcilable through and analysis and 
understanding of the corporate structure and recourse mechanics for each 
company.  CRM can address these issues and potentially add names after the 
initial launch.



Rod