Hybrid RBC (E) Working Group
March 18, 2008

The Hybrid RBC (E) Working Group met via conference call on Tuesday, March 18, 2008. During this meeting the Hybrid RBC (E) Working Group:

• Adopted minutes from the February 5, 2008 conference call in which the Working Group heard comments from members of the Working Group and interested parties on a proposed Preliminary Recommendations to the Financial Condition (E) Committee handoff memorandum. The Working Group voted to expose the document for an exposure period ending February 29, 2008.

• The Working Group continued discussion on the handoff memorandum and heard additional comments form members of the Working Group and interested parties.

• The Working Group will hold conference calls during April and May to finalize the handoff memorandum to the Financial Condition (E) Committee. The memorandum will recommend referrals back to the Capital Adequacy (E) Task Force and the Valuations of Securities (E) Task Force

Action Items:

• Exposed the Preliminary Recommendations to Financial Condition (E) Committee handoff memorandum.