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Moody`s No. 1 Lifetime Achievement: Claire Cohen
2005 Team Rankings: Moody's No. 1 Deal of the Year: Dulles Greenway Lifetime Achievement: Claire Cohen Vol. XIII, Issues 40-41, Municipal Edition November 14, 2005 Page 2 SMITH's Research & Ratings Review November 14, 2005 Fearlessly Knowing The Unthinkable Risks Smith's Research & Ratings reported that Russian Rearchers had found the world's largest frozen peat bog is melting. The "prema-frost" covers an area of over a million square kilometers and it has turned into a mass of shallow lakes. This sudden melting of an area that is larger than France and Germany, combined, could unleash an estimated 70 billion tons of methane (a greenhouse gas that is 20 times more powerful than carbone dioxide). Earlier in the summer, Jon Pelletier of the University of Arizona at Tucson reported a similar expansion of lakes on the North Slope near the Artic Ocean. All of the cars, in all of the cities, since the dawn of the internal combustion engine, could never produce such an ecological landslide. This is beyond the hand of man -- the 3 degree increase in temperature over the past 40 years is NATURE, writ large. There isn't a whole lot we can do to change Nature. Municipal analysts must plan for the worst, but hope for the best. For example, we can look at the amount of building and construction being done at or near sea level. If the artic ice cap melts, scientists are predicting a five foot rise in sea level. However, Smith's Research & Ratings has estimated sea levels will rise three feet in the next 15 years. Even if the artic ice cap melts, the increase in mean ambient temperature will allow the atmosphere to hold greater amounts of moisture (i.e. clouds). None of the studies reviewed by Smith's Research & Ratings discuss the atmosphere. Vol. XIII, Issue 40-41 Municipal Edition SMITH'S Research & Ratings Published by TMS Holdings Inc. Terence M. Smith Editor & Publisher terencesmith@smithsresearch.net (203) 362-2149 or Toll Free (877) 286-7937 www.smithsresearch.net SMITH's Research & Ratings is the sole property of TMS Holdings Inc. and is the copyright of TMS Holdings Inc., 20 Poe Court, Fairfield, CT 06825. TMS Holdings may or may not purchase securities mentioned in SMITH's Research & Ratings. TMS Holdings Inc. does not give financial advice and investors should not rely upon this information to make investment decisions. All Rights Reserved. Copyright TMS Holdings Inc. No part of this publication may be reproduced by any means whatsoever or in any form without prior written consent from the publisher. Populations along our nation's coasts are expected to reach a total of 165 million by 2015, according to the NOAA. That's a culmination of an influx of an average of 3600 people per day – a rate far surpassing that for the nation as a whole. Population densities, which are highest along the East Coast, have jumped from an average of 187 people per square mile in 1960 to 273 per square mile in 1994, NOAA reported. And the coastal population density is expected to reach 327 by 2015. More than 139 million people, representing about 53% of our nation, currently reside along these narrow coastal fringes, which are only 17% of the nation's land area. Obviously, if the attraction to living along the coast is the natural beauty, the influx of people may prove to self limiting. One might well imagine a point when safe drinking water is scarce and clean waste water facilities are unable to cope with the burgeoning population growth. The air may become polluted from the exhaust of internal combustion engines and the pressure of living in these cities strains the health care systems. Of course, we already have the answer: build it better with bonds. Yes, the cities of tomorrow can be bright beacons along the sea. Thanks, in part, to municipal analysts. With the migration to the shorelines come industries, jobs, tax revenues and economic prosperity. Municipal bonds can fund improvements to solid waste treatement facilities and urban nonpoint runoff. Open spaces can be purchased from the proceeds of municipal bonds issued to preserve wildlife habitat. Safe potable drinking water can be delivered to these populations through loans from State Revolving Funds and bonds from City Waterworks. Clean, renewable energy facilities can be built with municipal bonds. Saving our coastal beaches will not only preserve the beauty of the shorelines, they can serve as natural barriers to windstorms. Save our coast bonds are backed by municipalities. Our future will only be as brilliant as the municipal analysts that assess the credit quality of these financings. It's a fine line. Analysts who are too generous may find investors will not be attracted to finance these projects -- while analysts who are too onerous in their jugements may find issuers are unwilling to build these expensive projects. We look forward to the future with confidence and growing optimism given the calibre of Smith's 2005 All-Star Municipal Analysts Team. These are the brightest analysts of the best investments in America: Municipal Bonds. Extends thanks to Sponsors of the 2005 All-Star Municipal Analysts Luncheon Chapman & Cutler, LLC FitchRatings MBIA Merrill Lynch & Co. Moody's Investors Service XL Capital Assurance December 7, 2005 Bayard's One Hanover Square 11:30am - 2:30pm Page 4 SMITH's Research & Ratings Review November 14, 2005 2005 All-Star Municipal Analysts Team Category First Team Second Team Third Team Robert Reardon Tom McLoughlin Tim Blake State Farm Insurance MBIA Colleen Woodell Moody's Standard & Poor's Moody's G.O. Bonds State, County, Local Special Assessment District & Mello-Roos Robert Kurtter Ronald Mintz Bill Black Vanguard David Blair Van Kampen Funds Nuveen William Oliver Ann Earley Alliance Capital A.G. Edwards Michael Ross Lord Abbett Revenue Bonds Housing Bonds Kurt van Kuller Florence Zeman Wendy Dolber Merrill Lynch & Co. Moody's Standard & Poor's Martin Arrick Michael Rosenthal Standard & Poor's Nuveen Lisa Goldstein Rob Yolland Moody's Franklin Joseph Rosenblum Jack Wells Alliance Capital Van Kampen Hospital (Stand-Alone & Systems) Jerry Solomon Bear Stearns Hospital Ed Merrigan David Altshuler Marie Pisecki (Intermediate/Long Term Care) Zeigler Securities Nuveen BB&T Mark Clayton Barnet Sherman USAA Van Kampen Funds Transportation Revenue Bonds Peter Bianchini Peter Stettler Brad Gewehr (Airports) XL Capital Assurance FitchRatings UBS Financial Transportation Revenue Bonds Cherian George Cathy Karwitz Chris Crosby (Toll Roads) FitchRatings Harris Trust Raymond James Philip Villaluz Merrill Lynch Power Utility Bonds Daniel Aschenbach Karl Pfeil Peter Murphy Moody's FitchRatings Standard & Poor's Alan Spen FitchRatings November 14, 2005 SMITH's Research & Ratings Review Page 5 2005 All-Star Municipal Analysts Team Category First Team Second Team Third Team Higher Education Bonds Vincent Anderson Susan Fitzgerald Judith Harvey McDonnell Investments Moody's George K. Baum Mary Peloquin Dodd Brad Mincke Standard & Poor's Van Kampen Funds Student Loan Bonds Solid Waste Revenue Bonds Water & Sewer Revenue Bonds Karen Szerszen Christopher Martin Allstate Citigroup Chuck Emrich Mark Ryan Legg Mason Citigroup Brian Tournier John Incorvaia Mark Campa AG Edwards Moody's FitchRatings Maria Erickson Moody's Special Revenue Bonds Don Lipkin Christopher Martin Bear Stearns & Co. Citigroup Jeff Wilson Dennis Derby Art Schloss Saybrook Capital Evergreen Funds Van Kampen Categories High Yield Thalia Meehan Putnam Investments Generalist Richard Ciccarone Bill Foley Frank Trumbour McDonnell Investment USAA Prudential Investments Rick Lowes Harris Bank Municipal Strategist Municipal Derivatives Philip Fischer George Friedlander Tom Doe Merrill Lynch Salomon Smith Barney MMA Yingchen Li Pavan Wadhwa Merrill Lynch & Co. JPMorgan Chase Chief Underwriter Bond Insurance Steven Citron MBIA Frank Coughlin Alessandra D'Imperio FSA FGIC Kathleen McDonough Ambac Director of Regional Ratings Kenneth Kurtz Moody's West Sarah Eubanks Standard & Poor's MidWest Douglas Benton Moody's Southwest Philip Shapiro Standard & Poor's East Page 6 SMITH's Research & Ratings Review November 14, 2005 2005 All-Star Municipal Analysts Team Category First Team Second Team Third Team Buyside Director of Research Tom Weyl John Brodzick Dennis Hepworth Eaton Vance Allstate Prudential Investments Tom Futrell John Houston Nuveen Fidelity Investments Mark Ryan Kurt van Kuller Brad Gewehr Citigroup Global Markets Merrill Lynch UBS Financial Services Sellside Director of Research Director of Rating Agency Michael Belsky FitchRatings Non-Debt COPs, Lease-Backed, Amy Doppelt Rich Raphael Colleen Woodell Appropriation Risk FitchRatings FitchRatings Standard & Poor's David Hitchcock Standard & Poor's Credit Enhancement Bond Insurance Dick Smith Jack Dorer Chris Nowakowski Standard & Poor's Moody's Allstate Terry Trim Nuveen Letter of Credit Deal of the Year Ken Anderson Nancy Belz Mary Colby Evergreen Investments Federated Investments Charles Schwab Dulles Greenway/TRIP II Lifetime Achievement Award Claire Cohen All-Star First Team 2005 Moody's Investors Service November 14, 2005 SMITH's Research & Ratings Review Page 7 G.O. Bonds States, Counties, Locals Robert Reardon, State Farm Insurance Co. G.O. Bonds - States, Counties, Locals 1st Team Robert Reardon, State Farm Insurance 2nd Team Colleen Woodell, S&P Tom McLoughlin MBIA 3rd Team Robert Kurtter, Moody's Tim Blake, Moody's Robert Reardon, Jr. of State Farm Insurance was elected to the first team as the No. 1 All-Star General Obligation Bond Analyst. Mr. Reardon has established himself as a force in the sector over the past five years. Last year, he finished on the second team. Mr. Reardon is the Senior Investment Officer at State Farm Insurance. He joined State Farm Insurance in 1982 and assumed his present position in 1997. He earned a bachelor's degree from Denison University in 1981 and an MBA from Illinois State University in 1986. He is a member of the CFA Institute and has earned the Chartered Financial Analyst designation. A past president of the Chicago Municipal Analysts Society, Mr. Reardon has served on the Board of the National Federation of Municipal Analysts. Colleen Woodell, chief ratings quality officer at S&P, was on the second team. She played an important role for investors as a critical contact at S&P after Hurricane Katrina and Rita. Tom McLoughlin was named head of public finance at MBIA during 2005 and he finished on the second team of All-Star Analysts. His performance was all the more remarkable given he was splitting his time between the West Coast and work at the headquarters in Armonk, New York. G.O. Bonds Special Assessment District & Mello-Roos Ronald Mintz of Vanguard has emerged atop the Special Assessment and Mello-Roos category. Ron Mintz is a Principal and Senior Municipal Credit Analyst in Vanguard's Fixed Income Group, based in Malvern, Pennsylvania. Mr. Mintz is responsible for credit and investment analytics for state and local general government and enterprise credits for most of the Western United States—with a particular emphasis on California. His expertise includes the bond and money market sectors. He also covers a variety of creditintensive sectors, including real estate based credits, lodging and leisure transactions, CCRCs, and other sectors. Mr. Mintz has been a participant in the municipal bond industry for eighteen years, starting as an associate at an investment banking firm in New York City before moving to San Francisco to manage the municipal bond portfolio for a bank credit enhancement provider. From there, he moved to David Hitchcock, Standard & Poor's G.O. Bonds - Special Assessment District, Mello-Roos 1st Team Ronald Mintz, Vanguard 2nd Team Bill Black, Van Kampen Funds William Oliver, Alliance Capital 3rd Team Ann Earley, AG Edwards David Blair, Nuveen Michael Ross, Lord Abbett Stone & Youngberg LLC, where he was the firm's research director and was responsible for the credit analysis of the firm's land secured and other non-rated transactions. Later, Mr. Mintz moved to the buy side, joining Putnam Investments' research staff where he covered real estate, higher education, general government, and other sectors in the Municipal Bond Department before coming to Vanguard. Bill Black at Van Kampen Funds and William Oliver of Alliance Capital posted strong vote totals in their respective regions. Ann Earley of AG Edwards is emerging as a real force in the "dirt bond" sector. Her work has inspired a loyal group of investors. Page 8 SMITH's Research & Ratings Review November 14, 2005 Housing Bonds Kurt van Kuller, Merrill Lynch & Co. Kurt van Kuller of Merrill Lynch was elected to the First Team as 2005 All-Star Housing Bond Analyst. There was concern that Mr. van Kuller might stop working in the housing sector when he was tapped to become the Director of Municipal Credit Research at Merrill Lynch. However, Mr. van Kuller took the increased responsibilities in stride as evidenced by his prolific housing publishing work. Prior to joining Merrill Lynch, Mr. van Kuller was managing director of research at Lebenthal & Co. and fixed income director at Mosely Securities Corp. Mr. van Kuller spoke at SMITH's Housing Bond Conference in March. He was appointed by Senator D'Amato to the National Housing Task Force Advisory Panel, as well as by the Public Securities Association that year as Chairman of the Sub-Committee to Re-Authorize Mortgage Revenue Bonds. Florence Zeman of Moody's finished on the second team. Housing Bonds 1st Team Kurt van Kuller, Merrill Lynch & Co. 2nd Team Florence Zeman, Moody's 3rd Team Wendy Dolber, S&P Hospital Bonds Stand-Alone & Systems Jerry Solomon, Bear, Stearns & Co. Jerry Solomon was elected 2005 First Team All-Star Hospital Bond Analyst. Mr. Solomon joined Bear, Stearns in June 1999 in the Municipal Research Department, where his primary focus is on health care and other revenue supported debt. These include acute care hospitals, retirement communities, corporate backed debt, and project-finance related issues. He provides insight on various sectors to the firm's institutional and public finance clients as well as the firm's capital markets staff. Mr. Solomon is often quoted in publications regarding the healthcare sector and has given presentations to investors of health care bonds as well as hospital managers. Prior to Bear, Stearns, he was at First Albany Corporation as Senior Vice President in the municipal research department. He has also worked for Fitch Investors Service, The New York City Office of Management and Budget – Health and Hospitals Unit, and Blue Cross of New Jersey. Mr. Solomon has a BA from Temple University and an MBA from the University of Virginia; he is also a Chartered Financial Analyst. Hospital Bonds 1st Team Jerry Solomon, Bear Stearns 2nd Team Martin Arrick, S&P Joseph Rosenblum, Alliance Capital Lisa Goldstein, Moody's 3rd Team Michael Rosenthal, Nuveen Rob Yolland, Franklin Jack Wells, Van Kampen Funds November 14, 2005 SMITH's Research & Ratings Review Page 9 Moody's No.1 The top team award is the summation of the votes cast for analysts from a buyside institution, sellside firm, rating agency or bond insurance company. SMITH's All-Star Team Ballot is the centerpiece of each year's program. The ballot committee review starts with a review of the categories. So, for example, the municipal derivatives category was created to reflect the perception of the sector's importance. Then, analysts are nominated to the ballot by a prequalified group of experts. Only institutional investors are allowed to vote in SMITH's All-Star Analysts program. These professional investors are in a position to see the work done across the entire spectrum of analysis. And, institutional investors are only allowed to vote for one analyst in a sector — every vote is for the first-team analyst. It's the tabulation of the votes cast in a sector that ranks the analysts on the various teams. Rating Agencies SMITH's survey over the past decade has documented the rise and fall of research on Wall Street. In the past four years, the rating agencies, reasserted their dominance in the municipal credit mart. But, the rise of Merrill Lynch's research team may portend a resurgence on the sellside. Moody's Investors Service won the top team honor for the eighth consecutive year in a row. The distinction truly is a team effort, with many first-team, second-team and thirdteam honors. Moody's enjoys a commanding lead. FitchRatings performance reflects stars and a strong bench. The team total primarily is driven by the first-team analysts; Fitch has fewer analysts nominated to the ballot than Moody's and S&P. Cherian George carried the top transportation tollroad honors, while Peter Stettler has emerged as a star in Airport Transportation for FitchRatings. Dick Smith of S&P's global bond insurance group led S&P's team. He was the first to inform investors of the implications of Katrina. S&P could argue that it's tops in the categories that matter the most to most bond investors. All-Star Team Rankings 2001 - 2005 2001 2002 2003 2004 2005 1.Moody's 2.Merrill Lynch 3.Fitch 4.J.P. Morgan 5.Bear Stearns 6.Standard & Poor's. 7. Lehman Brothers 8.Salomon Smith Barney 9.FSA 10. John Nuveen & Co. 1.Moody's 2. Fitch 3. S&P 4. Merrill Lynch 5.Van Kampen 6. JP Morgan 7. Salomon Smith Barney 8. Bear Stearns 9.FSA 10. John Nuveen 1.Moody's 2. Merrill Lynch 3. Fitch 4. S&P 5. JP Morgan 6. Bear Stearns 7. Van Kampen 8. SSB/Citigroup 9. AG Edwards 10. Lehman Brothers 1.Moody's 2. Fitch 3. S&P 4. Bear Stearns 5. Citigroup 6. Merrill Lynch 7. Van Kampen 8. MBIA 9. Nuveen 10. Franklin 1.Moody's 2. Fitch 3. Merrill Lynch 4. Standard & Poor's 5. Citigroup 6. Bear Stearns 7. Allstate 8. Nuveen 9. Van Kampen 10. McDonnell Investments Page 10 SMITH's Research & Ratings Review November 14, 2005 Intermediate & Long-Term Care Ed Merrigan, Ziegler Securities Intermediate & Long Term Care Bonds 1st Team Ed Merrigan, Zeigler Securities 2nd Team David Altshuler, Nuveen Mark Clayton, USAA 3rd Team Barnet Sherman, Van Kampen Funds Marie Pisecki, BB&T Ed Merrigan, director of research at BC Ziegler Securities, earned top honors in the intermediate and long-term care sector in 2005. His criteria work at FitchRatings provided the basis for credit assessments in the sector, which earned him top honors in the past. Mr. Merrigan has over 30 years' worth of healthcare experience. He directs the hospital and senior living primary and secondary market research services provided to Institutional Investor clients, and to Ziegler's Sales and Trading operations. He is a member of the firm's Finance Committee. He is the Team Leader and manager of the firm's webbased semi-public continuing disclosure research website: ZieglerResearch.com. Prior to joining Ziegler in 1998, Mr. Merrigan was in charge of the healthcare and higher education ratings group at Fitch, where he specialized in the acute care, nursing home and continuing care retirement community industries. Mr. Merrigan authored extensive analytical guidelines for these sectors. Mr. Merrigan received his BS in Accounting from Fordham University. He is a registered representative of the National Association of Securities Dealers. David Altshuler of Nuveen and Mark Clayton of USAA are rising stars in the sector. 2005 Blue Ribbon Ballot Committee Thomas Fetter — Eaton Vance William Fitzgerald — Nuveen Advisory Corp Clifford Gladson — USAA Investment Management Dennis McDonnell — McDonnell Investment Management Charles Mires — Allstate Insurance Co. George Selby — Harris Investment Management November 14, 2005 SMITH's Research & Ratings Review Page 11 Power Utility Bonds Daniel Aschenbach Moody's Investors Service Power Utility Bonds 1st Team Daniel Aschenbach, Moody's 2nd Team Karl Pfeil, FitchRatings Alan Spen, FitchRatings 3rd Team Peter Murphy, Standard & Poor's Transportation Revenue Bonds -Toll Roads Cherian George, FitchRatings Toll Road Bonds 1st Team Cherian George FitchRatings 2nd Team Cathy Karwitz, Harris Trust Philip Villaluz, Merrill Lynch 3rd Team Chris Crosby, Raymond James Daniel Aschenbach of Moody's is the 2005 First Team All-Star Power Bond Analyst. He lit up the voting booth for the third consecutive year to finish No.1. Mr. Aschenbach is a Senior Vice President and is a member of Moody's Infrastructure Finance Group. He is also a Rating Committee member. Dan is lead analyst on 30 of the Nation's largest public power electric utilities. He has been a credit analyst at Moody's for over 20 years. Prior assignments included Canadian ratings and public finance ratings in the U.S. Southern Region and Great Plains region. Mr. Aschenbach worked previously as a legislative assistant for a U.S. Congressman, including on matters before the Interstate and Foreign Commerce Committee and the Health and Environment Subcommittee. He served on his community's governing board for 13 years and was twice mayor of Cranford Township, New Jersey. He holds a bachelor's degree from Boston University and an MPA from Rutgers University. Mr. Aschenbach completed the Leadership for the 21st Century Program at the Kennedy School of Government. He has given numerous speeches on public power credit quality including before the American Public Power Association, Bond Buyer, Municipal Analysts Group of New York and National Federation of Municipal Analysts. Cherian George continued to keep FitchRatings on top in the tollroad transportation category. Mr. George replaced William Streeter, also from FitchRatings, who has moved to the offices in Japan. FitchRatings has dominated the tollroad sector since the inception of the All-Star Team over a decade ago. However, several new contenders have driven onto the tollroad track. Phil Villaluz of Merrill Lynch pumped out some high octane reports during the last half and Harris Trust's Cathy Karwitz zoomed onto the second team. Chris Crosby finished this year's tollroad rally on the third-team, which positions him nicely for next year's All-Star voting. Page 12 SMITH's Research & Ratings Review November 14, 2005 Airport Transportation Revenue Bonds Peter Bianchini of XL Capital Assurance was elected the No.1 Airport Transportation Revenue Bond Analyst. He repeated for a fourth year in a row. And, Mr. Bianchini is gaining recognition for his expertise in other sectors, too. Prior to joining XL Capital Assurance, Mr. Bianchini worked at Charles Schwab and S&P. He holds an MBA and BS from the NYU Stern School of Business. He is a past Chairperson of the National Federation of Municipal Analysts and a past president of the California Society of Municipal Analysts. Peter Stettler of FitchRatings jumped up in the voting this year to fly solo on the second team. The Chicagoan outdistanced Brad Gewehr of UBS, who finished on the third team. Peter Bianchini, XL Capital Assurance Transportation Revenue Bonds - Airports 1st Team Peter Bianchini, XL Capital Assurance 2nd Team Peter Stettler, FitchRatings 3rd Team Brad Gewehr, UBS Financial Water Utility Bonds Stand-Alone/SRF-Backed Brian Tournier, AG Edwards Water Utility Bonds 1st Team Brian Tournier, AG Edwards 2nd Team John Incorvaia, Moody's 3rd Team Mark Campa, FitchRatings Maria Erickson, Moody's Brian Tournier was elected to the 2005 First Team Water Utility Bonds. Mr. Tournier moved up two rungs from a third-team finish in 2004. He joined A.G. Edwards in 1992. His research coverage includes general-purpose municipal issues in the midwestern and western United States as well as United States territories. He also covers municipal utilities; electric power; airports, ports and surface transportation; special revenue and structured financings; industrial development; and corporate-backed municipal financings. Mr. Tournier currently serves on the Board of Governors of the National Federation of Municipal Analysts. Mr. Tournier received his Bachelor of Arts in economics from Washington University in St. Louis. John Incorvaia of Moody's dropped a notch to finish on the second team in 2005. Mr. Incorvaia's timely work in the aftermath of five hurricanes in 2004 helped place him atop the category. Mark Campa of FitchRatings and Maria Erikson of Moody's finished on the third-team. November 14, 2005 SMITH's Research & Ratings Review Page 13 Student Loan Bonds Karen Szerszen, Allstate Karen Szerszen is the 2005 All-Star Student Loan analyst and a Senior Credit Research Analyst in the Municipal Department of Allstate Investments (Allstate Insurance Company). She has worked at Allstate and its Municipal Department for over 17 years. She analyzes most sectors of the municipal market but spends a good portion of her time on the health care and tax backed sectors. She analyzes both rated and non-rated (high yield) credits. Ms. Szerszen began her investment career analyzing corporate bonds for the trust department of Continental Illinois National Bank. She worked in the Bond Department of Harris Trust & Savings Bank prior to her employment at Allstate. She has a B.S. degree from the University of IllinoisChicago with concentration in finance and economics and her M.B.A. from Northwestern University, with concentration in finance and accounting. Ms. Szerszen has also earned the CFA designation. A past president of the Chicago Municipal Analyst Society, she is also a past chairman for the National Federation of Municipal Analysts. Student Loan Bonds 1st Team Karen Szerszen, Allstate 2nd Team Chris Martin, Citigroup Higher Education Bonds Vince Anderson, McDonnell Investment Management Higher Education Bonds 1st Team Vincent Anderson, McDonnell Investments 2nd Team Susan Fitzgerald, Moody's Mary Peloquin Dodd, S&P 3rd Team Brad Mincke, Van Kampen Funds Judy Harvey, George K. Baum Vince Anderson was elected the first team Higher Education Bond analyst. He is a Vice President and Senior Fixed Income Analyst at McDonnell Investment Management in Oak Brook, Illinois. In his research he concentrates on municipal bond credit analysis, and also on REITs and commercial mortgage backed securities. He has a total of nearly twenty years of investment experience while working for several Chicago area firms: Nuveen, Stein Roe & Farnham, Northern Trust, and McDonnell.Throughout his investment research career Vince has been an active member of the Chicago Municipal Analysts Society—where he has served as a board member—and of the National Federation of Municipal Analysts. Early on, before entering the investment business, Vince was for a number of years a college English professor, specializing in Victorian literature. Vince earned his BA from Princeton University, MA and MBA from Northwestern University, and PhD from Loyola University Chicago. Page 14 SMITH's Research & Ratings Review November 14, 2005 Solid Waste Revenue Bonds Chuck Emrich, Legg Mason Solid Waste Bonds 1st Team Chuck Emrich, Legg Mason 2nd Team Mark Ryan, Citigroup Chuck Emrich was voted the No. 1 Solid Waste Revenue Bond Analyst in 2005. The win was all the more impressive because Legg Mason's municipal group was recently disbanded. "I'll be joining the buyside at the beginning of next month," Mr. Emrich said. He joined Legg Mason in March 1998 as manager of the Municipal Credit Research and Strategy Group (MCRS) in the Fixed Income Capital Markets Department. His responsibilities included providing credit analyses of high yield bonds, monitoring select sectors and evaluating trends in municipal finance. Previously, Mr. Emrich was a Vice President – Senior Credit Officer and a member of the rating committee in the Public Finance Group at Moody's Investors Service where he was employed for five years. While at Moody's, he was a part of the Revenues Specialties Group and focused on the infrastructure and transportation sectors, and the lead analyst for the solid waste sector. Before joining that group, he was the lead analyst for North Carolina municipalities. Prior to Moody's, he was the regional economist for the Port Authority of New York and New Jersey for six years. Mr. Emrich received an MBA from NYU-Stern School of Business, an MA-Economics from NYU, and a BA-Economics from Denison University. He is on the board of the National Federation of Municipal Analysts, and is a member of the Municipal Analyst Group of New York, and The Municipal Bond Club of Baltimore. Special Revenue Bonds Don Lipkin Bear Stearns & Co. Special Revenue Bonds 1st Team Don Lipkin, Bear Stearns & Co. 2nd Team Christopher Martin, Citigroup For the fifth consecutive year, Donald Lipkin was elected First Team All-Star Special Revenue Bond Analyst. Mr. Lipkin joined Bear Stearns in 1991. While he views himself as a generalist, Mr. Lipkin has expertise in lease backed, housing bonds, tobacco bonds, and the pulp/paper industry. He is actively involved in all facets of the bond market in both assisting the public finance group as well as the sales and trading effort. He conducts his work on the municipal bond trading floor and is required on numerous occasions to provide a quick and concise read on particular credits. Prior to joining Bear, Stearns, Mr. Lipkin was a vice president with the First Boston Corporation, where he specialized in tax-backed and housing bonds. He has also worked in the Public Finance department of Squire, Sanders & Dempsey, Bond Counsel. He is a Chartered Financial Analyst and has graduate degrees from the State University of New York at Albany, the University of Maryland, and the State University of New York at Buffalo. November 14, 2005 SMITH's Research & Ratings Review Page 15 Generalist Richard Ciccarone, McDonnell Investment Management Generalist 1st Team Richard Ciccarone, McDonnell Inv. 2nd Team Bill Foley, USAA 3rd Team Frank Trumbour, Prudential Inv. Rick Lowes, Harris Bank Richard Ciccarone finished on the first team as an All-Star Generalist. This category is often described as the heavy-weight crown because it reflects a demonstration of expertise across all sectors of municipal credit quality. Mr. Ciccarone is Managing Director and Chief Research Officer of at McDonnell Investment Management in Oakbrook, Illinois. In addition, Mr. Ciccarone is President and CEO of Merritt Research Services, a municipal database research company associated with McDonnell Investments. He is also publisher of MuniNet Guide, an online newsletter and search engine related to municipal websites. The voting almost produced a split decision as Mr. Ciccarone had to go the full 15 rounds against Bill Foley of USAA's Fixed Income Research Department. Mr. Foley has over 18 years experience as an analyst in nearly all sectors of municipal debt. Prior to joining USAA in 1992, he worked for over five years in Moody's Public Finance Department. High Yield Jeff Wilson, Saybrook Capital Jeff Wilson of Saybrook Capital was elected the first team High Yield analyst. Mr. Wilson is a managing director of Saybrook's Tax-Advantaged Funds. He has more than a 15 years experience in the municipal bond market, with expertise in structured, project and municipal finance. Mr. Wilson has been intimately involved in dozens of workout situations and helped lead Saybrook's advisory effort in the Pacific Gas and Electric bankruptcy. Building on his restructuring and municipal bond expertise, Mr. Wilson co-manages the Saybrook Tax-Exempt Opportunity Funds and sits on the investment committee for the Saybrook Municipal Relative Value Funds. \ Prior to joining Saybrook, Mr. Wilson was a Vice High Yield Bonds 1st Team Jeff Wilson, Saybrook Capital 2nd Team Dennis Derby, Evergreen Funds Thalia Meehan, Putnam Investments 3rd Team Art Schloss, Van Kampen President in the Municipal Bond Department of the Franklin Templeton Group of Funds. During his eleven-year tenure at Franklin Templeton, he managed numerous complex financings on behalf of over 38 state and national tax-free mutual funds. Mr. Wilson is an active participant in numerous professional organizations. He is a former board member of the National Federation of Municipal Analysts. In 2003, he received the NFMA's Meritorious Service Award. In 2002, he was the Chair of the California Society of Municipal Analysts. He was also the President of the Municipal Bond Club of San Francisco. He is a member of the Security Analysts of San Francisco and the CFA Institute. Page 16 SMITH's Research & Ratings Review November 14, 2005 Municipal Strategist Philip Fischer, Merrill Lynch & Co. Philip Fischer, managing director at Merrill Lynch, was elected to the first-team as the All-Star Municipal Strategist. He has been with Merrill Lynch since 1987. He has been involved in quantitative analysis on a variety of fixed income and equity products including governments, corporates, mortgages, futures and options. Prior to coming to Merrill Lynch, Mr. Fischer was a senior research analyst at Citicorp Investment Bank and Salomon Brothers. He holds a Ph.D. in Finance from the University of Oregon and a J.D. from Loyola School of Law. George Friedlander, municipal strategist at Citigroup, was elected the second team All-Star Municipal Strategist. His weekly commentary is widely read among investors. Tom Doe founded Municipal Market Advisors (MMA) in 1995 as a leader in creative and thought provoking analysis on the municipal bond market. MMA's research is respected for its integrity, clarity, and accuracy in order to formulate profitable top down strategies in the tax-exempt and broader interest rate markets. Municipal Strategist 1st Team Philip Fischer, Merrill Lynch & Co. 2nd Team George Freidlander, Citigroup 3rd Team Tom Doe, MMA Municipal Derivatives Yingchen Li is the 2005 first team Municipal Derivatives analyst. Yingchen joined Merrill Lynch in 1997. He has worked on various projects on quantitative analysis, asset allocation and relative values of fixed income products, equities and alternative investments. Since 2001, he has been the municipal derivatives strategist, responsible for developing market strategies for muni derivatives investors. Yingchen earned his Ph.D in mathematics from University of California at Berkeley in 1991. Prior to joining Merrill Lynch, he had been on the faculty of University of California at Davis. Pavan Wadhwa of JP Morgan slipped a notch to finish on the second team. Yingchen Li, Merrill Lynch & Co. Municipal Derivatives 1st Team Yingchen Li, Merrill Lynch & Co. 2nd Team Pavan Wadhwa, JPMorgan November 14, 2005 SMITH's Research & Ratings Review Page 17 Chief Underwriting Officer Bond Insurance Company Steve Citron of MBIA was elected the first team's AllStar Underwriting Officer. The All-Star Analyst Team recognition is important because the quality of the book of business will be reflected in MBIA's long-term shareholder value, MBIA's insured trading value, and MBIA's policyholder protection. Frank Coughlin of FSA captured the second team honors. When asked if it was luck or good underwriting that FSA did not have a single claim in the immediate aftermath of Katrina, Mr. Coughlin chalked it up to good underwriting and a little bit of luck. Kathleen McDonough of Ambac and Alessandra D'Imperio of FGIC earned accolades from institutional investors. Steve Citron, MBIA Chief Underwriter at a Bond Insurance Company 1st Team Steven Citron, MBIA 2nd Team Frank Coughlin, FSA 3rd Team Kathleen McDonough, Ambac Alessandra D'Imperio, FGIC Chief Executive Rating Agency Michael Belsky FitchRatings Michael D. Belsky of Fitch was elected to the first team as Chief Executive of a Rating Agency. Mr. Belsky is the group managing director of Fitch Ratings' public finance department. His primary responsibilities include managing more than 80 individuals based in seven offices throughout the United States engaged in municipal credit analysis. Also in this capacity, he oversees all investor relations, business development and administration for the public finance group. Additionally, Michael is the administrative head of the entire Chicago office for Fitch Ratings. Previously, he served as co-head of the public finance department. Before that, he was managing director for regional business development and investor and dealer relations. He started with Fitch Ratings in 1993 as senior director and Midwest regional manager. Prior to Fitch Ratings, Michael was with Chicago-based Mesirow Financial Inc. for more than five years as a senior vice president. While with Mesirow, he was responsible for establishing and running a full-service public finance department. Previous to this, he worked for The Northern Trust Co. in Chicago as a second vice president in public finance and municipal underwriting. In addition, Michael has served as an assistant to the Illinois attorney general's office where he provided research support for legislation. Page 18 SMITH's Research & Ratings Review November 14, 2005 Director of Regional Ratings Office East Phil Shapiro Standard & Poor's West Ken Kurtz Moody's Investors Service Philip Shapiro was elected to the First Team, Director of Regional Ratings Office — Eastern Region. Mr. Shapiro, a managing director, joined S&P in 1993 to found its eastern regional office in Boston. His work, particularly in the Northeast, has laid the groundwork for how a local regional research office can work with issuers to become a nexus of credit information. He is currently responsible for the investor relations activities of Standard & Poor's Public Finance. He has chaired the rating committees for several of the New England states and the Commonwealth of Puerto Rico and has worked on both general obligation and revenue bond credits in New England. For nine years prior to joining S&P, he was in charge of the financing of the $4 billion Boston Harbor Clean-up. He was the CFO for the Massachusetts Water Resources Authority. Mr. Shapiro has over twenty-nine years of public and private sector financial and management experience and holds a B.A. degree from Amherst College, M.Ed. from the University of Maine/Orono and an M.B.A. degree from Boston College. Ken Kurtz was elected to the First Team, Director of Regional Ratings Office — Western Region. Ken joined Moody's Public Finance Group in 1990 and currently serves as leader of the West/Southwest Regional Ratings Team, coleader of the State Ratings Team, and Manager of Moody's San Francisco Office. He is also a member of Moody's Rating Committee and, in that role, helps set rating policy for all types of debt across the nation. In his role as leader for the West/Southwest Regional Ratings Team, Ken heads an 18-member analytical team based in New York, San Francisco and Dallas responsible for rating the revenue and tax-supported debt of all local governments in 17 states, from Alaska to Louisiana. In his role as co-leader for the State Ratings Team, Mr. Kurtz co-manages a 9-member analytical team based in New York responsible for rating the debt of all 50 states, New York City, Washington DC, and US territories. Immediately prior coming to Moody's, he was Planning and Budgeting Coordinator at the Port Authority of New York and New Jersey. Ken also held a variety of other positions with the Port Authority, the New York City Office of Management and Budget. the U.S. Army Corps of Engineers, and the U.S. Department of Housing and Urban Development. He has a Bachelor of Urban Planning degree from the University of Illinois. He studied public policy at Harvard University's Kennedy School of Government and public administration at New York University's Wagner School. November 14, 2005 SMITH's Research & Ratings Review Page 19 Director of Regional Ratings Office Southwest Doug Benton Moody's Investors Service MidWest Sarah Eubanks, Standard & Poor's Douglas Benton was elected to the First Team for Director of a Regional Ratings Office — Southwestern Region. He currently serves as the leader of Moody's Southwest Regional Ratings Team and the Manager of the Texas office. Doug heads an analytical team based in Texas that is responsible for rating the revenue and tax-supported debt of all local governments in the states of Arkansas, Louisiana, New Mexico, Oklahoma, and Texas. Doug also serves as a lead or back-up analyst on several of the region's major municipalities. Doug serves on the Governmental Accounting Standards Advisory Committee (GASAC). GASAC serves as an advisor to the Governmental Accounting Standards Board in the establishment and improvement of financial reporting of state and local government agencies. Prior to joining Moody's, he was Vice President-Credit for the Federal Home Loan Bank of Dallas and managed the analytical resources of the credit underwriting department. Doug has also served as a Senior Consultant for Price Waterhouse-Houston, TX in their specialized practice of bankruptcy and litigation support. Douglas holds a M.B.A. in Accounting from Rice University's Jones Graduate School of Administration, as well as a B.B.A. in Finance from Baylor University. Sarah Eubanks was elected to the First Team for Director of a Regional Ratings Office — MidWestern Region. Ms. Eubanks is a managing director in Corporate and Government Services at S&P. Prior to joining Standard & Poor's in 1994, Sarah had 15 years of state, regional and local government experience including executive director of the Michigan Municipal Bond Authority, director of the Auto and Steel Division of the Michigan Department of Commerce, and lead contact to General Motors for that agency. She began her career as a community, housing and economic development planner for a Flint, a Michigan based regional planning organization. Sarah has served on the Board of the NationalCIFA and was appointed to the U.S. EPA's Environmental Financial Advisory Board. Founder and former president of the Women in Public Finance Committee of Chicago, she was also the co-founder of and currently serves on the boards of the Women's Caring Program based in Michigan, and the Michigan Women in Finance Committee. Page 20 SMITH's Research & Ratings Review November 14, 2005 Director Buyside Research Tom Weyl, Eaton Vance Management Tom Weyl was elected to the first team as the top Buyside Director of Research. He is a Vice President and Manager of Municipal Research of Eaton Vance Management. Mr. Weyl joined Eaton Vance in November of 1995 where he works as a municipal bond analyst specializing in hospitals, nursing homes and senior living financings. Prior to joining Eaton Vance, Mr. Weyl worked as a portfolio manager and a workout analyst for Van Kampen Merritt Investment Advisory Corp. While at Van Kampen, Mr. Weyl was responsible for a portfolio of defaulted or problem bond issues, a majority of which were health care issues. In addition to Van Kampen Merritt, Mr. Weyl has held health care finance positions with G.E. Capital, MBIA and Smith Barney.Mr. Weyl graduated in 1985 from the State University of New York at Albany with a B.S. in Finance and Management Information Systems. In 1987, he received a Masters in Business Administration from the State University of New York at Albany. Buyside Director of Research 1st Team Tom Weyl, Eaton Vance 2nd Team Tom Futrell, Nuveen John Brodzick, Allstate 3rd Team Dennis Hepworth, Prudential John Houston, Fidelity Director Sellside Research Mark Ryan was elected to the first-team as the best director of a sellside municipal research department. He is a Managing Director and Manager of the Municipal Credit Analytics Group of Citigroup Global Markets Inc. In addition to managing the Credit Analytics group on the trading desk, he is responsible for following industry trends and municipal credits in the project finance, municipal utilities, public power, and resource recovery sectors. Additionally, Mr. Ryan is responsible for approving secondary market derivative exposures and serves on the firm's credit committee. He is a Municipal Principal and a Supervisory Analyst. He is chairman and of the Bond Market Association's Credit Research and Strategy committee and is a member of MAGNY. Prior to joining Citigroup/SmithBarney in 1994, Mark was a Director in the Project Finance and Municipal Utility Group at S&P Ratings Group. Mr. Ryan also worked in pharmaceutical production management with American Cyanamid Corporation. Director Sellside Research 1st Team Mark Ryan, Citigroup 2nd Team Kurt van Kuller, Merrill Lynch 3rd Team Brad Gewehr, UBS Financial qYes, I want to subscribe to SMITH's! Send me 48 issues at the annual subscription rate Fax to (203) 659-4773 or Call 1-877-286-7937 of $650 ($125 for issuers). Make Checks Payable to: TMS Holdings Inc. 20 Poe Court Fairfield, CT 06825 Name Title Company www.smithsresearch.net Address City State Zip Telephone Fax E-Mail Payment Information q Bill Me q Credit Card q Payment Enclosed q MasterCard q Visa Card Number Exp. Date Cardholder Name Signature Verification Number* (Please Print) *Please enter the Credit Card Verification Number on your credit card. For Visa and MasterCard, it is the final 3 digits printed on the back of your card. November 14, 2005 SMITH's Research & Ratings Review Page 21 COPs, Lease-Backed, Appropriation Risk Amy Doppelt of FitchRating was elected to the first team for COPs, Lease-backed and Appropriation Debt. Ms. Doppelt's return to the throne atop the category reflects, in part, concerns about the sector. Prior to joining FitchRatings, Ms. Doppelt was vice president at Capital Re Management Corp. Earlier, she was a vice president at L.F. Rothschild & Co. She began her career at Standard & Poor's. Richard Raphael, also of Fitch, was elected to the second team. He is an expert in appropriation debt, particularly for the states, such as New York. Together, FitchRatings has a dynamic duo in the sector. David Hitchcock and Colleen Woodell form a similar tag-team at S&P for credits in the sector. Non-Debt - COP, Lease-Backed, Appropriation Debt 1st Team Amy Doppelt, FitchRatings 2nd Team Richard Raphael, FitchRatings David Hitchcock, Standard & Poor's 3rd Team Colleen Woodell, Standard & Poor's Letter of Credit Ken Anderson, Evergreen Letter of Credit 1st Team Ken Anderson, Evergreen Investments 2nd Team Nancy Belz, Federated Investments 3rd Team Mary Colby, Schwab Ken Anderson was elected to the first team in the Letter of Credit category. Mr. Anderson is a director and analyst with the Tax-Exempt Fixed Income team at Evergreen's Customized Fixed Income Group. Gail Sussman of Moody's, last year's winner, was promoted out of the structured finance area this year. "It is great to be the letter of credit analyst on the firstteam, again," Mr. Anderson said. "Mary Colby and Nancy Beltz are excellent analysts and strong competitors." Mr. Anderson's responsibilities include establishing investment guidelines for short-term municipal assets in separately managed accounts and overseeing credit and compliance research for the tax-exempt money market funds, which include institutional and retail national funds as well as five state specific funds. Mr. Anderson has been with Evergreen or one of its predecessor firms since 1995. Previously, he served as the Group Vice President in charge of Municipal Research at Duff & Phelps Credit Rating Co. (1992-1995). Additionally, he was a senior fixed income analyst at Fidelity Investments, overseeing credit and compliance research for Fidelity's tax-exempt money market funds (1983-1988). He also served as the Director of Municipal Research at Harris Trust and Savings Bank (1983-1988) and as a Portfolio Manager and Securities Analyst at Continental Illinois National Bank (1977-1983). Page 22 SMITH's Research & Ratings Review November 14, 2005 Bond Insurance Richard Smith was elected to the 2005 first team as the All-Star Bond Insurance Analyst for the 4th year in a row. He was the first bond insurance analyst to report on the impact of Hurricane Katrina upon the financial guarantors. Mr. Smith is the most seasoned veteran of the bond insurance analysts at the rating agencies. And, S&P is the rating agency that established the bond insurance criteria. He is a managing director in Public Finance Ratings and is responsible for the analytical and criteria activities relating to bond insurers. Dick joined Standard & Poor's in 1973 and held several analytical and managerial positions in the Corporate Finance, Rating Criteria, and Insurance areas prior to assuming his present responsibilities in 1985. He has also participated in the firm's presentation of responses to the Financial Accounting Standards Board (FASB) and has served on an FASB advisory task force. Dick holds an M.B.A. from Temple University and a B.S. from the University of Maryland. He is a Chartered Financial Analyst. Richard Smith Standard & Poor's Credit Enhancement, Bond Insurance 1st Team Richard Smith, Standard & Poor's 2nd Team Jack Dorer, Moody's 3rd Team Chris Nowakowski, Allstate Terry Trim, Nuveen Lifetime Achievement: Claire Cohen Claire Cohen Claire Cohen was elected to receive SMITH's All-Star Lifetime Achievement Award. She has shaped municipal credit analysis at the rating agencies as much as anyone. Fitch Ratings announced the retirement of Claire Gorham Cohen, vice chair and head of Fitch's State Ratings Group last fall. Ms. Cohen's retirement became effective Dec. 31, 2004. Prior to joining Fitch, Claire was a vice president and managing director for state ratings at Moody's Investor Service, where she also chaired the Public Finance Department rating committee. She started her career at Dun & Bradstreet after receiving an AB in government from Radcliffe College. Claire has served as chairman of the Municipal Analysts Group of New York, on the board of governors of the National Federation of Municipal Analysts, and as a member of the Governmental Accounting Standards Advisory Council, and is currently on the Federal Accounting Standards Advisory Board and the Board of Governors of the India House. She has often been named to the First Team of the 'All-Star Municipal Analysts Team' and has been the recipient of Career Achievement Awards from the National Federation of Municipal Analysts as well as from the Municipal Forum of New York. November 14, 2005 SMITH's Research & Ratings Review Deal of the Year: Dulles Greenway: TRIP II When Bear Stearns completed the financing for Toll Road Investors Partnership II, L.P. the Dulles Greenway was well on the road to recovery. What was important was the TRIP II Dulles Greenway financing paved the way for a new way to think about financing the construction of tollroads in America. The application of Bear Stearns' structure for start-up toll facilities is apparent. Analysts may recall the original construction loans for the Dulles Greenway were done in 1993. Those loans went into default and the creditors, which included CIGNA, Hancock and Prudential, hired Bear Stearns to restructure the deal, The project had great potential but 1998 toll revenues were only $11 million. To cure the default, Bear Stearns structured the Series 1999 Bonds, which included $300 million of serial zero-coupon bonds along with $35 million of current coupon bonds. The financing stretched out the debt service to allow the Dulles Greenway to ramp-up traffic volume, but it produced a severely back-loaded debt structure. While the Project has done extremely well in recent years, rating analysts were concerned with the Project's ability to maintain the 20+% annual revenue growth that produced 2004 revenues in excess of $40 million. In addition, as a result of a ruling by the State Corporation Commission to a request from TRIP II, completion of the transaction had the ancillary benefit of an extension of the Company's franchise period from 2035 to 2056. David H. Klinges, Jr., Managing Director at Bear Stearns & Co., Inc., recommended a financing approach which took advantage of the Project's strong prospects for continued growth and the ability to schedule debt maturities out to 2056. While relying solely on conventional zero-coupon debt for the new offering was not practical (this would require an assumption that revenue growth would remain higher than the interest rate on the bonds for the full term), Bear Stearns believed that a structure that scheduled all debt to mature after the final maturity of the Series 1999 Bonds (2035) with a mandatory early redemption schedule would facilitate the rating process and negotiations with the bond insurer. An important aspect of the structure was to make the early redemptions mandatory, but to place them just below Page 23 Dulles Greenway map Page 1 of 1 The Dulles Greenway debt service in the flow of funds. As such, the rating agencies could take comfort that the early redemptions would be made (based on numerous stress tests Bear Stearns helped to develop), but base their rating on the Company's ability to pay the bonds by the scheduled maturity dates. The Company was able to secure nearly $400 million in additional financing at an effective borrowing cost of 6.27% with no possibility of a default on the Series 2005 bonds until 2036 (later if reserves are taken into account). Moreover, curing the 1993 default meant investors had to take some subordinate debt. The 2005 TRIP II financing paid the sub debt off in full, funded capital improvements and resulted in a distribution to the Company, which was their first return on capital since the 1993 funding. http://www.dullesgreenway.com/cgi-bin/dgmap.cfm 11/18/2005 Affordable Housing Finance Conference March 16-17, 2006 Wyndham Miami Beach Resort, Miami Beach, Florida SMITH’s Research & Ratings 14th annual Housing Bond Conference will be held at The Wyndham Miami Beach Resort in Miami Beach, Florida. Day One will focus on trends in military housing and multifamily affordable housing bonds. We will focus on the the use of municipal bonds to assist low-income and other underserved populations and the subsequent increase in the number of deals.Day Two will focus on single family mortgage revenue bonds. Our conference will examine trends in repayment of affordable single-family mortgage revenue bonds, structural innovations (such as swaps), recent changes in disclosure, and, of course, the taboo practice of cross-calling bonds. Register Today: ØComplete registration form and Fax to (203) 659-4773 or Mail to: TMS Holdings Inc. 20 Poe Court Fairfield, CT 06825 ØCall Toll Free:1-877-286-7937 ØRegister Online: http://www.smithsresearch.net ØMake Checks Payable to: TMS Holdings Inc. 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