The purpose is to continue discussion of principle-based reserves for VM-22.

1. Summary of subgroup’s current positions to present to LATF.  (Bruce Sartain)
2. Develop Standard Projection Amount analogous to VM21’s, and decide after field testing whether floor or disclosure?  (Bruce Sartain)
3. Begin discussion of reinvestment guardrail options, for purposes of spread and default assumptions:  (Chris Conrad)
   1. VM20/VM21: 50% A, 50% AA
   2. VM22:            5% Treasuries, 15% Aa, 40% A, 40% Baa
   3. Other