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In the course of our ruins process, issuers can also expect S&P analysts to call/contact appropriate officials with questions and requests for additional information. As is the case with all ntirngs, if sufficient and appropriate information is not made available. S&P swerves the right to withdraw the outstanding parity or related ruing(s) on the uninsured debt. If the insured obligation is not on parity with or related to other rated outstanding debt, S&P still may assess the credit quality of the insured obligations (on an underlying basis) as a part of S&P's overall evaluation of FGIVs insured portfolio. As a result, S&P may periodically require additional information cmueming the insured obligation. STANDARD dt POOR'S FEES FOR INSURED ISSUES Fees for rating services for insured debt obligations are determined on the sane basis as fees for non-insured issuances. Information about fees can be determined, for specific obligations or based on general "ranges" of fees by calling Mr. Vincent Orgo or Mr. Michael Gmitro at (212) 412-0355. Standard do Poor's/Municipal Finance Department billing dt fees policy for insured debt issuances is as follows: L Each insured obligation will be billed a rating service fee. Fees are payable, in full, by the issuing entity, underwriter, financial advisor or purchaser of insurance - depending upon the structuring of the debt obligation. Multiple insurance policies may be a basis for additional fee charges beyond normal fees. Il. When insurance is obtained on an issuance when S&P has not received an application for a rating on an uninsured basis, the invoice for rating cervices will be billed and forwarded to the purchaser of the insurance, unless otherwise advind (see attached). If rating fees am to be paid by other than the purchasers of the insurance, S&P MUST HE NOTIFIED WHOM TO BILL. III. When an issue has received an S&P rating on an uninsured basis and the issue then subsequently is insured at the time of sale, S&P will bill the issuer or other appropriate Party of the debt without any additional charges for the insured rating ("AAA" or "SP- I +"). Bond Insurance Administration/Fee Policy do Billing Administration Arthur J. Grisi, Senior Via President 212/412-0355 Vincent Orgo, Administrative Officer 212/412-0355 Michael Gmitro, Pricing Specialist 212/412-0355 Fax Number 212/208-8262