SUMTER STREFT Dear Valued Customers: The state of the financial markets and recent developments relating to The Bear Steams Companies Ine, have generated concems about the stability of other financial ‘organizations, including major banks, and we wanted to respond to certain concerns our customers may have. We are pleased to be able to confirm that securities which State Street Bank and Trust Company (“State Street”) holds in custody ot in trust on bebalf of its customers are secure, and would be safe from the claims of any State Street creditors As we are sure you are aware, State Street is subject to stringent regulatory oversight requitements to ensure its ongoing safety and soundness. Pursuant to Federal Reserve Board capital adequacy regulations, State Street qualifies as a well-capitalized bank and continues to meet the othet qualifications necessary for its patent, State Street Corporation, to maintain its status as 2 financial holding company, representing the highest standards possible. In addition, State Street continues to enjoy Standard & Poor's, Moody’s Financial, Fitch and DBRS long term deposit ratings of AA, Aal, AA and AA respectively; and short term deposit ratings of A- 1+, P-l, Flt and R-I(high), respectively Securities held by State Street in custody or in trust on behalf of customers are not assets of State Street. They are kept separate and apart fiom any proprietary assets of State Street, and do not appear on State Street’s balance sheet. As a result, title to a particular customer's securities remains with the customer, and the securities would not be available to satisfy the claims of any State Street creditors ‘We hope that this is helpful to you, and if you have further questions, we encourage you to call your account relationship officer Very truly yours, Dennis J. Lowthers Vice President — Wealth Manager Services State Street Corporation