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RATING AGENCIES AND RATING AGENCY FEES ON ]NsuRED TRANSACTIONS The claims -paying ability of Financial Gua+rmty Insurance Company ("Financial Guaranty") has been rated "AAA" by Fitch Investon Service, Inc ("Fitch"), "Anes" by Moody's Investors Service, Inc. ("Moody's) and "AAA" by Standard & Poor's Rating Group ("S&P"). Financial Guaranty notifies and provides imformlWon to each of the rating spneiaa as to each series of securities which Financial Guannty commits to insure. Fitch. Moody's and S&P will rate securities insured by Financial Guarsatty "AAA", "Aaa", and "AAA", respectively, upon verification by such rating agency that the insured issue complies with such rating agency's requirements for 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 Guaranty that it will assign in "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 Financial 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 Guaranty'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 Guaranty Policy will be issued by Financial Guaranty. Such ratings reflect only the views of such organizations and any desired explanation of the significance of such ratings should be obtained from the ratting agency furnishing the same, at the following addresses; [Fitch Investors Service, Inc., One State Street Plana, New York, New York 10004;] [Moody's Investors Service, Inc., 99 Church Street, New York, New York 10007;) [Standard dt Poor's Corporation, 25 Broadway, New York, New York 100041. 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 the judgment of such rating agencies, circumstances so wan=L Any such downward revision or withdrawal of such ratings may have an adverse effect on the market price of the _ Bonds. VMo Wnft1Aoc '41 -,