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RATING AGENCIES AND RA71NG AGENCY MES ON INSURED TRANSACTIONS The claims -paying ability of Financial Guaranty insurance Company ("Financial Guaranty') has been rated "AA" by Fitch Investors Service, Inc ("Fitch'), "Au" by Moody's Investors Service, Inc. ("Moody's) and "AAA" by Standard & Poor's Rating Group ("S&P'). Financial Guaranty notifies and provides information to each of the rating agencies as to each series of sauxities which Financial Guaranty commits to insure. Fitch, Moody's and S&P will race securities insured by Financial Guaranty "AAA", "Aaa", and "AAA", respectively, upon verification by such rating agency that the insured issue complies with such rating agency's requirements tfor insured issues and subject to the following. Fitch will assign its "AAA" rating to the securities insured by Financial Guaranty, if requested by the issuer. Moody's has advised Financial Qatenty that it will assign its "Aaa" rating to each security insured by Financial Guaranty. Pursuant to its ratings contract with Moody's. Financial Guaranty, itself, automatically applies for a rating on each security insured by Financial Guaranty. S&P has advised Fnnaacial Guaranty that it will assign its "AAA" rating to each security insured by Financial Guaranty. Payment of the fees charged by any rating agency for rating an insured issue is a matter solely between the issuer and the respective rating agency. Financial Guaranty is not responsible for any such fees and will not seek to confirm the issuer's payment of such fees. The release of Financial Gusrsnty's bond insurance policy or surety bond is not subject to the payment of such fees. RATINGS [Insert name of rating agencies who are rating the insured bonds), which have assigned ratings to the Bonds, have done so with the understanding that, upon delivery of the _ Bonds, the Financial Gwranty Policy will be issued by Financial Guaranty. Such ratings reflect only the views of such cnanintions and any desired explanation of the significance of such ratings should be obtained from the ruing agency furnishing the same, at the following addresses; [Fitch Investors Service, Inc., One State Street Plaza, New York, New York 10004,] [Moody's Investors Service, Inc., 99 Church Street, New York, New York 10007;] [Standard & Poor's Corporation, 2:5 Broadway, New York, New York 10004). Generally, a rating agency bases its rating on the information and materials furnished to it and on investigations, studies and assumptions of its own. There is no assurance such ratings will continue for any given period of time or that such ratings will not be revised downward or withdrawn entirely by the rating agencies, if in thejudgment of such rating agencies, circumstances so warrant. Any such downward revision or withdrawal of such ratings may have an adverse effect on the market price of the Boards. weooMMftl.dx