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B LX® <br />• Comprehensive Reporting: BLX's arbitrage rebate analyses serve as invaluable review tools to ensure that <br />an issue is functioning optimally from both economic and overall covenant compliance perspectives. <br />Our standard services include the following: <br />I. Verifying that the issue is subject to the Rebate Requirement; <br />2. Calculating and/or recalculating the bond yield, as appropriate; <br />3. Identifying, and separately accounting for all "Gross Proceeds" (as that term is defined in the <br />Internal Revenue Code) of the bond issue, including those requiring allocation analyses due to <br />"transferred proceeds" and/or "commingled funds" circumstances; <br />4. Determining what general and /or elective exceptions to the bond issue are applicable; <br />5. Calculating the bond issue's excess investment earnings (cumulative rebate liability), if any; <br />6. Delivering appropriate documentation to support all calculations; <br />7. Providing an executive summary identifying the methodology employed, major assumptions, <br />conclusions, and any recommendations for changes in record keeping and investment policies; <br />8. Delivering an Orrick legal opinion stating that rebate liability was determined in accordance with <br />applicable federal tax law; <br />9. Providing all IRS filing documentation and instructions, in the event a rebate payment is required. <br />• Competitive Fees: BLX offers its clients industry leading consulting services at competitive prices. Issuers <br />may pay less to their arbitrage consultant but end up paying considerably more than they saved to the IRS in <br />unnecessary rebate payments by retaining a less qualified firm to perform their calculations. <br />Please see Exhibit A, attached hereto, for our proposed fee schedule. <br />We hope that you will find this proposal informative and responsive to your needs. We believe that BLX's <br />arbitrage compliance services provide municipal issuers and their financing teams with outstanding quality and <br />value. Please do not hesitate to call me if I can provide any additional information. Thank you for your <br />consideration. <br />Sincerely, <br />BLX GROUP LLC <br />N-t ey Kummer <br />Managing Director <br />(213) 612 -2215 <br />neasterline@blxgroLip.com <br />