From: Sherrill, Frederick [mailto:frederick.sherrill@credit-suisse.com]
Sent: Thursday, October 23, 2008 7:18 PM
Subject: Next Step to Implementation: Need to Establish Clear, Uniform Disclosure Language re Guarantee
Importance: High

The critical path item we see right now is the need to establish clear disclosure language in an offering circular on the nature of the guarantee. As you may recall from previous discussions, the UK Treasury has required all participating banks to use the same disclosure language, and this has been viewed by market participants as creating the most orderly markets and sales possible. We think it would be highly beneficial to all interested parties to have a uniform & consistent set of disclosure language on this matter.
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You all deserve strong congratulations for helping to ease the systemic fear in the marketplace with the creation of the TLGP. We look forward to getting the last little piece in place to allow the funds to flow!

Fred Sherrill