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<br /> <br />Projected MADS coverage: approximately 4 times <br /> <br />Post-sale rated revenue debt outstanding: $6.5 million ($9.8 million total) <br /> <br />ANALYSTS: <br />Beth A. Dougherty, Analyst, Public Finance Group, Moody's Investors Service Jonathan <br />North, Backup Analyst, Public Finance Group, Moody1s Investors Service <br /> <br />CONTACTS: <br />Journalists: (212) <br />Research Clients: <br /> <br />553-0376 <br />(212) 553-1653 <br /> <br />Copyright 2007, Moody's Investors Service, <br />including Moody1s Assurance Company, Inc. <br />All rights reserved. <br /> <br />Inc. and/or its licensors and affiliates <br />(together, lIMOODY'SII). <br /> <br />ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY COPYRIGHT LAW AND NONE OF SUCH <br />INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, <br />TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY <br />SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY <br />ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. All information contained herein is <br />obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of <br />the possibility of human or mechanical error as well as other factors, however, such <br />information is provided lias is" without warranty of any kind and MOODY'S, in particular, <br />makes no representation or warranty, express or implied, as to the accuracy, timeliness, <br />completeness, merchantability or fitness for any particular purpose of any such <br />information. Under no circumstances shall MOODY'S have any liability to any person or <br />entity for (a) any loss or damage in whole or in part caused by, resulting from, or <br />relating to, any error (negligent or <br />otherwise) or other circumstance or contingency within or outside the control of MOODY'S <br />or any of its directors, officers, employees or agents in connection with the procurement, <br />collection, compilation, analysis, interpretation, communication, publication or delivery <br />of any such information, or (b) any direct, indirect, special, consequential, compensatory <br />or incidental damages whatsoever (including without limitation, lost profits), even if <br />MOODY1S is advised in advance of the possibility of such damages, resulting from the use <br />of or inability to use, any such information. The credit ratings and financial reporting <br />analysis observations, if any, constituting part of the information contained herein are, <br />and must be construed solely as, statements of opinion and not statements of fact or <br />recommendations to purchase, sell or hold any securities. NO WARRANTY, EXPRESS OR IMPLIED, <br />AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY <br />PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY <br />MOODY'S IN ANY FORM OR MANNER WHATSOEVER. Each rating or other opinion must be weighed <br />solely as one factor in any investment decision made by or on behalf of any user of the <br />information contained herein, and each such user must accordingly make its own study and <br />evaluation of each security and of each issuer and guarantor of, and each provider of <br />credit support for, each security that it may consider purchasing, holding or selling. <br />MOODY1S hereby discloses that most issuers of debt securities (including corporate and <br />municipal bonds, debentures, notes and commercial <br />paper) and preferred stock rated by MOODY'S have, prior to assignment of any rating, <br />agreed to pay to MOODY'S for appraisal and rating services rendered by it fees ranging <br />from $1,500 to $2,400,000. Moody's Corporation (MCO) and its wholly-owned credit rating <br />agency subsidiary, Moody's Investors Service (MIS), also maintain policies and procedures <br />to address the independence of MIS's ratings and rating processes. Information regarding <br />certain affiliations that may exist between directors of MCO and rated entities, and <br />between entities who hold ratings from MIS and have also publicly reported to the SEC an <br />ownership interest in MeO of more than 5%, is posted annually on Moody'S website at <br />www.moodys.com under the heading lIShareholder Relations - Corporate Governance - Director <br />and Shareholder Affiliation Policy." <br />Moody's Investors Service pty Limited does not hold an Australian financial services <br />licence under the Corporations Act. This credit rating opinion has been prepared without <br />taking into account any of your objectives, financial situation or needs. You should, <br />before acting on the opinion, consider the appropriateness of the opinion having regard to <br />your own objectives, financial situation and needs. <br />3 <br />