Call to Order

C. Karnei

7:30 A.M.

1.

Approval of December 14, 2004 Minutes

C. Karnei

(5 min)

2.

Introduce Interim CFO

T. Schrader

(5 min)

3.

Status of 2005 Budget Reduction

R. Giuliani
M. Petterson

(10 min)

4.

Financial Reporting

• Preliminary 2004 Financials
• KEMA Cost Comparison Report

M. Petterson

(15 min)

5.

Treasury

• Upcoming Extension of Revolving Credit Facility
• Quarterly Investment Analysis

C. Yager

(10 min)

6.

Credit Working Group Update

• 2005 Outlook / Goals

M. Davies

(10 min)

7.

SAS 70 Post Mortem

• Present Final Report
• Market Response from Conference Call

S. Barry

R. Giuliani

(10 min)

8.

F&A Governance -- Reflect Internal Audit Reporting to the Committee

• Amend F&A Charter (Vote)*
• Amend Internal Audit Dept Charter (Vote)

C. Karnei

(10 min)

9.

Executive Session

• Status on Audit Responses
• Status of RFP for Financial Audit & Approval of Auditor (vote)*
• Internal Audit administration issues
• Internal Audit update
• Ethics Point Report

R. Bowman

E. Ettorre

(45 min)

10.

Next Finance & Audit Committee Meeting—February 16, 2005 (Time TBD)

Adjourn

C. Karnei

9:30 AM