Subject: MISO and PJM complete Joint Operating Agreement Baseline Review

Dear Stakeholders,

As identified in the FERC approved Settlement Agreement between MISO and PJM in Docket Nos. EL: 10-45, EL10-46, EL10-60 and ER11-3979, the initial baseline review by an independent third party of the means and processes pursuant to which the MISO and PJM implement the market-to-market process under the JOA between PJM and MISO has been completed. The final report can be accessed here. MISO and PJM look forward to communicating and addressing the recommendations included in the report with our respective stakeholders. PJM will provide an overview of the report at the February 15, 2012 Markets Implementation Committee.