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in the course of our ruing process, issuers can also expect S&P utalysm to call/contact appropriate officials with questions and requests for additional infomution. As is the case with all ratings, if sufficient and appropriate inforntation is not made available, S&P reserves the right to withdraw the outstanding parity or related rating(j) on the uninsured debt. If the insured obligation is not on parity with or related to other and outstanding debt, S&P still may assess the credit quality of the insured obligations (on an unden;lyin` basis) as a pan of S&P's overall evaluation of FGIC's insured portfolio. As a result, S&P may periodically require additional information owmerning the insured obli6uaiom. STANDARD & POOR'S FEES FOR INSURED ISSUES Fees for rating services for insured debt obligations are determined on the same 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 Oreo or Mr. Michael Gmitro at (212) 412-0355. Standard & Poor's/Municipal Finance Department billing & fee: 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 where SkP has not received an application for a rating on an uninsured basis, the invoice for rating lervices will be billed and forwarded to the purchaser of the insurance, unless otherwise advised (see attached). If rating fees are to be paid by other than the purchasers of the insurance, S&P MUST BE NOTIFIED WHOM TO BILL. ID. When an issue has received an S&P ruing on an uninsured basis and the issue then subsequently is insured at the time of sale, S&P will biU thie issuer or other appropriate party of the debt without any additional charges for the insured rating ("AAA" or *SP. 1+0). Bond Insurance Administration/Fee Policy & Billing Adtninisntration Arthur J. Grill, Senior Vice President 212/412-0355 Vincent Orgo, Administrative Officer 212/412-0355 Michael Gmitro, Pricing Specialist 212/412-0355 Fax Number 212/208-8262