Duke Energy Trading and Marketing, L.L.C. is NOT and approved reference 
credit because this entity does not prepare independent financials.  Duke 
Energy Trading and Marketing's "A-" S&P rating is based on implied credit 
support from Duke Energy which owns a substantial portion of the entity's 
membership equity.  Our policy thus far is that all reference credit must (i) 
be S&P rated and (ii) prepare entity level financials.

Rod