MMF Factors

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.