As you are all aware, Peoples' Board meets this Wednesday to approve the risk 
management policy.  Peoples met Friday with the Chair of their Audit 
Committee to review the policy.  Feedback has been positive.  The main 
concern is that proper reporting and controls are in place to monitor enovate 
and protect Peoples' interests.  They would like to forward the risk policy, 
as complete as possible, to Arthur Andersen for their review prior to the 
Board meeting.  Attached is the latest draft.  In order to expedite the 
review, I am forwarding it on without looking at Peoples' additional 
comments, in blue, in detail.  I would like to have any comments ASAP, but no 
later than first thing tomorrow morning.  If this doesn't work, please let me 
know.

Kay - they have changed some of David's language and I need your input from a 
legal/technical point of view as to the substance of their changes.

Vlady - any and all thoughts are greatly appreciated.

Richard and Laura - same goes for you, but I want to make sure you are 
comfortable with the rules of the game going forward.

Thanks,

Gregg