Municipal Market Liquidity Enhancement Act of 2009

mutual fund issues; securities issues; financial services issues; H.R. 2589, H.R. 2551, H.R. 2549municipal bond legislation; H.R. 1669, municipal bond legislation. HR. 1754, systemic risk regulation H.R. 1349, accounting principles and standards H.R. 1728, mortgage reform HR 1106, bankruptcy cram down S. 895, servicer safe harbor S. 896, amendment #1019 to make changes in the safe harbor S. 664, systemic risk regulation S. 722, dividends, capital gains H.R. 3126, Consumer Financial Protection Agency Regulation restructuring; H.R. 4173 and Restoring American Financial Stability Act of 2010 OTC derivatives trading H.R. 4173 and S. 3217 re: treatment of creditors (Title II), derivatives (Title 7) and CFPB (Title 10)

Client expense: Not reported · Firm income: $80,000

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

H.R. 4173 Dodd-Frank Wall Street Reform and Consumer Protection Act (and S. 3217 Restoring American Financial Stability Act of 2010) - Title 7: derivatives; Title 10: CFPB; Title 11: treatment of creditors H.R. 3126 Consumer Financial Protection Agency Act of 2009 (see attached addendum sheet) H.R. 3126 - Consumer Financial Protection Agency - re: issues affecting money market funds H.R. 2589 - Municipal Bond Insurance Enhancement Act of 2009 H.R. 2551 - Municipal Market Liquidity Enhancement Act of 2009 H.R. 2549 - Municipal Bond Fairness Act H.R. 1669 - Federal Municipal Bond Marketing Support and Securitization H.R. 1754 - Financial System Stabilization and Reform Act of 2009 - re: systemic risk regulation H.R. 1349 - Federal Accounting Oversight Board Act of 2009 - re: accounting principles and standards H.R. 1728 - Mortgage Reform and Anti-Predatory Lending Act H.R. 1106 - Helping Families Save Their Homes Act of 2009 - re: bankruptcy cram down H.R. 4337 - Regulated Investment Company Modernization Act of 2010 (use of commodities provision) S. 895 - Helping Families Save Their Homes Act of 2009 - re: servicer safe harbor provisions S. 896 - Helping Families Save Their Homes Act of 2009 - re: amendment #1019 to make changes in the safe harbor S. 664 - Financial System Stabilization and Reform Act of 2009 - re: systemic risk regulation S. 722 - Taxpayer Certainty and Relief Act of 2009 - re: dividend and capital gain tax rates Issues related to definition of major swap participants Issues related to nature of collateral for cleared swaps Issues related to swap execution facility trading and reporting Issues related to systemic risk regulation Issues related to OTC derivatives trading Issues related to market structure matters Issues related to target date funds Issues related to investment advice Issues related to municipal disclosure & Tower Amendment Issues related to Basel III and Volcker rules Issues related to SEC proxy access proposal Issues related to SEC proposed changes to Regulation AB2 Issues related to the supervision and regulation of certain nonbank financial institutions Issues related to legislation and regulations affecting the mutual fund industry Proposals related to money market funds (floating net asset value, liquidity)

H.R. 302 (To require the Securities and Exchange Commission to reinstate the uptick rule on short sales of securities); H.R. 1260 (Patent Reform Act); H.R. 1020 (Arbitration Fairness Act of 2009); H.R. 1575 (End Government Reimbursement of Excessive Executive Disbursements (End GREED) Act); H.R. 1664 (To amend the executive compensation provisions of the Emergency Economic Stabilization Act of 2008 to prohibit unreasonable and excessive compensation and compensation not based on performance standards) (restrictions on compensation); H.R. 1669 (To require the Secretary of the Treasury to establish a market for municipal securities, to require cooperation between the Secretary and the Chairman of the Board of Governors of the Federal Reserve System in addressing the municipal securities market situation including through the establishment of municipal securities funding facilities, and for other purposes); H.R. 1731 (Credit Risk Retention Act); H.R. 1944 (Active Financing Rules); H.R. 2221 (Data Accountability and Trust Act); H.R. 2549 (The Municipal Bond Fairness Act); H.R. 2550 (The Municipal Advisers Regulation Act); H.R. 2551 (The Municipal Market Liquidity Enhancement Act of 2009); H.R. 2589 (The Municipal Bond Insurance Enhancement Act of 2009); H.R. 2847 (Hiring Incentives to Restore Employment Act); H.R. 2896 (Equal Treatments Of Covered Bonds Act of 2009); H.R. 3005 (National Institute of Finance Act of 2010); H.R. 3126 (Consumer Financial Protection Agency Act of 2009); H.R. 3145 (Credit Default Swap Prohibition Act of 2009); H.R. 3269 (Corporate and Financial Institution compensation Fairness Act of 2009); H.R. 3306 (to enhance Social Security account number privacy protections); H.R. 3310 (To reform the financial regulatory system of the United States); H.R. 3817 (Investor Protection Act of 2009); H.R. 3818 (Private Fund Investment Advisers Registration Act of 2009); H.R. 3890 (Accountability and Transparency in Rating Agencies Act); H.R. 4173 (Dodd-Frank Wall Street Reform and Consumer Protection Act)(Systemic risk regulation and liquidation authority; Section 342 (Office of Minority and Women Inclusion)); H.R. 4191 (Wall Street Fair Share Act); H.R. 4872 (The Reconciliation Act of 2010); H.R. 4884 (U.S. Covered Bond Act of 2010); H.R. 5777 ("Building Effective Strategies to Promote Responsibility Accountability Choice Transparency Innovation Consumer Expectations and Safeguards Act," or the "Best Practices Act"); H.R. 5927 (Small Business Lending Fund Act); S. 139 (Data Breach Notification Act); S. 386 (Fraud Enforcement and Recovery Act); S. 515 (Patent Reform Act); S. 651 (Compensation Fairness Act of 2009); S. 773 (Cyber Security Act of 2009); S. 931 (Arbitration Fairness Act of 2009); S. 961 (Authorizing the Regulation of Swaps Act); S. 1490 (Personal Data Privacy and Security Act of 2009); S. 1551 (Liability for Aiding and Abetting Securities Violations of 2009); S. 1682 (to provide the CFTC with antimarket manipulation authority); S. 1683 (Pay It Back Act); S. 2886 (Bank Integrity Act of 2009) (Glass-Steagall Repeal); S. 2927 (Wall Street Fair Share Act); S. 3005 (National Institute of Finance Act of 2010); S. 3217 (Governmental Accounting Standards Board (GASB) Funding)(Regulatory Capital Requirements, systemic risk regulation and liquidation authority); S. Amdt. 3792 (Fiduciary Duty); S. Amdt. 4057 (Governmental Accounting Standards Board (GASB) Funding); 2011 Financial Services Appropriations, Subcommittee on Financial Services and General Government (Amendment relating to SIPC coverage); Restoring American Financial Stability Act of 2010: Title I (Financial Stability); Title II (Resolution Authority); Title IX ( Asset-Backed Securitization); Title X (Broker-Dealer Standard of Care); Title IX (FED Lending and Fiscal Policy Functions); Resolution Authority for Systemically Significant Financial Companies Act of 2009; Systemic Risk Regulation and liquidation authority; Troubled Asset Backed Securities Loan Facility (H-1B); State Regulation of Credit Default Swaps as Insurance; PPIP Investor and Asset Manager Requirements; China - strategic and economic dialog; Market Structure Issues (dark pools, flash quotes, high frequency trading); Transatlantic Economic Council (Trade Issues); Preservation of independent contractor status for financial services sector; Bilateral Investment Treaties, India; Asian Pacific Economic Council Privacy Issues; Transpacific Partnership; European Union proposal regarding Credit Default Swaps and Credit Rating Agencies and their impact on US Markets; EU Alternative Investment Fund Managers Proposal (AIFM); Basel Capital Rules; G-20 (Issues related to the November 15, 2008 "Washington Action Plan"); Government Sponsored Enterprises (GSE) Reform; Regulatory Capital Requirements; Accounting standards for municipalities.

mutual fund issues; securities issues; financial services issues; H.R. 2589, H.R. 2551, H.R. 2549municipal bond legislation; H.R. 1669, municipal bond legislation. HR. 1754, systemic risk regulation H.R. 1349, accounting principles and standards H.R. 1728, mortgage reform HR 1106, bankruptcy cram down S. 895, servicer safe harbor S. 896, amendment #1019 to make changes in the safe harbor S. 664, systemic risk regulation S. 722, dividends, capital gains H.R. 3126, Consumer Financial Protection Agency Regulation restructuring; H.R. 4173 and Restoring American Financial Stability Act of 2010 OTC derivatives trading H.R. 4173 and S. 3217 re: treatment of creditors (Title II), derivatives (Title 7) and CFPB (Title 10)

Client expense: Not reported · Firm income: $80,000

National Flood insurance program reauthorization; S. 505, H.R. 83, natural disaster insurance and mitigation; H.R. 1880, insurance and reinsurance legislation; financial regulation restructuring. H.R. 2589, H.R. 2551- municipal bond legislation. H.R. 4173 (Dodd-Frank) regulations. Department of Agriculture Standard Reinsurance Agreement.

Client expense: Not reported · Firm income: $40,000

H.R. 4173 - Dodd-Frank Wall Street Reform and Consumer Protection Act H.R. 1669 - Federal Municipal Bond Marketing Support and Securitization H.R. 2589 - Municipal Bond Insurance Enhancement Act of 2009 (see attached addendum page) H.R. 2551 - Municipal Market Liquidity Enhancement Act of 2009 H.R. 2549 - Municipal Bond Fairness Act H.R. 1754 - Financial System Stabilization and Reform Act of 2009 H.R. 1349 - Federal Accounting Oversight Board Act of 2009 H.R. 1728 - Mortgage Reform and Anti-Predatory Lending Act H.R. 1106 - Helping Families Save Their Homes Act of 2009 H.R. 3126 - Consumer Financial Protection Agency Act of 2009 S. 895 - Helping Families Save Their Homes Act of 2009 S. 896 - Helping Families Save Their Homes Act of 2009 (amendment #1019 re safe harbor provisions) S. 664 - Financial System Stabilization and Reform Act of 2009 S. 722 - Taxpayer Certainty and Relief Act of 2009 S. 3217 - Restoring American Financial Stability Act of 2010 OTC derivatives trading Legislation and regulations affecting the mutual fund industry Proposals relating to money market funds Issues relating to market structure matters Issues relating to target date funds Issues relating to investment advice

Client expense: $310,000 · Firm income: Not reported

H.R. 302 (To require the Securities and Exchange Commission to reinstate the uptick rule on short sales of securities); H.R. 1260 (Patent Reform Act); H.R. 1020 (Arbitration Fairness Act of 2009); H.R. 1575 (End Government Reimbursement of Excessive Executive Disbursements (End GREED) Act); H.R. 1664 (To amend the executive compensation provisions of the Emergency Economic Stabilization Act of 2008 to prohibit unreasonable and excessive compensation and compensation not based on performance standards) (restrictions on compensation); H.R. 1669 (To require the Secretary of the Treasury to establish a market for municipal securities, to require cooperation between the Secretary and the Chairman of the Board of Governors of the Federal Reserve System in addressing the municipal securities market situation including through the establishment of municipal securities funding facilities, and for other purposes); H.R. 1731 (Credit Risk Retention Act); H.R. 1944 (Active Financing Rules); H.R. 2221 (Data Accountability and Trust Act); H.R. 2549 (The Municipal Bond Fairness Act); H.R. 2550 (The Municipal Advisers Regulation Act); H.R. 2551 (The Municipal Market Liquidity Enhancement Act of 2009); H.R. 2589 (The Municipal Bond Insurance Enhancement Act of 2009); H.R. 2847 (Hiring Incentives to Restore Employment Act); H.R. 2896 (Equal Treatments Of Covered Bonds Act of 2009); H.R. 3005 (National Institute of Finance Act of 2010); H.R. 3126 (Consumer Financial Protection Agency Act of 2009); H.R. 3145 (Credit Default Swap Prohibition Act of 2009); H.R. 3269 (Corporate and Financial Institution compensation Fairness Act of 2009); H.R. 3306 (to enhance Social Security account number privacy protections); H.R. 3310 (To reform the financial regulatory system of the United States); H.R. 3817 (Investor Protection Act of 2009); H.R. 3818 (Private Fund Investment Advisers Registration Act of 2009); H.R. 3890 (Accountability and Transparency in Rating Agencies Act); H.R. 4173 (Wall Street Reform and Consumer Protection Act of 2009)(Systemic risk regulation and liquidation authority); H.R. 4191 (Wall Street Fair Share Act); H.R. 4872 (The Reconciliation Act of 2010); H.R. 4884 (U.S. Covered Bond Act of 2010); H.R. 5927 (Small Business Lending Fund Act); S. 139 (Data Breach Notification Act); S. 386 (Fraud Enforcement and Recovery Act); S. 515 (Patent Reform Act); S. 651 (Compensation Fairness Act of 2009); S. 773 (Cyber Security Act of 2009); S. 931 (Arbitration Fairness Act of 2009); S. 961 (Authorizing the Regulation of Swaps Act); S. 1490 (Personal Data Privacy and Security Act of 2009); S. 1551 (Liability for Aiding and Abetting Securities Violations of 2009); S. 1682 (to provide the CFTC with antimarket manipulation authority); S. 1683 (Pay It Back Act); S. 2886 (Bank Integrity Act of 2009) (Glass-Steagall Repeal); S. 2927 (Wall Street Fair Share Act); S. 3005 (National Institute of Finance Act of 2010); S. 3217 (Governmental Accounting Standards Board (GASB) Funding)(Regulatory Capital Requirements, systemic risk regulation and liquidation authority); S. Amdt. 3792 (Fiduciary Duty); S. Amdt. 4057 (Governmental Accounting Standards Board (GASB) Funding); Restoring American Financial Stability Act of 2010: Title I (Financial Stability); Title II (Resolution Authority); Title IX ( Asset-Backed Securitization); Title X (Broker-Dealer Standard of Care); Title IX (FED Lending and Fiscal Policy Functions); Resolution Authority for Systemically Significant Financial Companies Act of 2009; Systemic Risk Regulation; Troubled Asset Backed Securities Loan Facility (H-1B); State Regulation of Credit Default Swaps as Insurance; PPIP Investor and Asset Manager Requirements; China - strategic and economic dialog; Market Structure Issues (dark pools, flash quotes, high frequency trading); Transatlantic Economic Council (Trade Issues); Preservation of independent contractor status for financial services sector; Bilateral Investment Treaties, India; Asian Pacific Economic Council Privacy Issues; Transpacific Partnership; European Union proposal regarding Credit Default Swaps and Credit Rating Agencies and their impact on US Markets; EU Alternative Investment Fund Managers Proposal (AIFM); Basel Capital Rules; G-20 (Issues related to the November 15, 2008 "Washington Action Plan"); Government Sponsored Enterprises Reform; Regulatory Capital Requirements; Accounting standards for municipalities; Dodd/Frank Financial Regulation Reform.

H.R. 4173 - Dodd-Frank Wall Street Reform and Consumer Protection Act S. 3217 - Restoring American Financial Stability Act of 2009 H.R. 1669 - Federal Municipal Bond Marketing Support & Securitization Act of 2009 (see attached addendum page) H.R. 1754 - Financial System Stabilization and Reform Act of 2009 H.R. 1349 - Federal Accounting Oversight Board Act of 2009 H.R. 1106 - Helping Families Save Their Homes Act of 2009 H.R. 1728 - Mortgage Reform and Anti-Predatory Lending Act H.R. 2549 - Municipal Bond Fairness Act H.R. 2551 - Municipal Market Liquidity Enhancement Act of 2009 H.R. 2589 - Municipal Bond Insurance Enhancement Act of 2009 H.R. 3126 - Consumer Financial Protection Agency Act of 2009 S. 722 - Taxpayer Certainty and Relief Act of 2009 S. 895 - Helping Families Save Their Homes Act of 2009 S. 896 - Helping Families Save Their Homes Act of 2009 - Amendment #1019 re Safe Harbor Provisions S. 664 - Financial system Stabilization and Reform Act of 2009 OTC derivatives trading Legislation and regulations affecting the mutual fund industry Proposals relating to money market mutual funds Issues relating to market structure matters Issues relating to target date funds Issues relating to investment advice

Client expense: $320,000 · Firm income: Not reported

mutual fund issues; securities issues; financial services issues; H.R. 2589, H.R. 2551, H.R. 2549municipal bond legislation; H.R. 1669, municipal bond legislation. HR. 1754, systemic risk regulation H.R. 1349, accounting principles and standards H.R. 1728, mortgage reform HR 1106, bankruptcy cram down S. 895, servicer safe harbor S. 896, amendment #1019 to make changes in the safe harbor S. 664, systemic risk regulation S. 722, dividends, capital gains H.R. 3126, Consumer Financial Protection Agency Regulation restructuring; H.R. 4173 and Restoring American Financial Stability Act of 2010 OTC derivatives trading H.R. 4173 and S. 3217 re: treatment of creditors (Title II), derivatives (Title 7) and CFPB (Title 10)

Client expense: Not reported · Firm income: $80,000

National Flood insurance program reauthorization; S. 505, H.R. 83, natural disaster insurance and mitigation; H.R. 1880, insurance and reinsurance legislation; financial regulation restructuring. H.R. 2589, H.R. 2551- municipal bond legislation. H.R. 4173 and Restoring American Financial Stability Act of 2010. Department of Agriculture Standard Reinsurance Agreement.

Client expense: Not reported · Firm income: $40,000

H.R. 302 (To require the Securities and Exchange Commission to reinstate the uptick rule on short sales of securities); H.R. 1260 (Patent Reform Act); H.R. 1020 (Arbitration Fairness Act of 2009); H.R. 1575 (End Government Reimbursement of Excessive Executive Disbursements (End GREED) Act); H.R. 1664 (To amend the executive compensation provisions of the Emergency Economic Stabilization Act of 2008 to prohibit unreasonable and excessive compensation and compensation not based on performance standards) (restrictions on compensation); H.R. 1669 (To require the Secretary of the Treasury to establish a market for municipal securities, to require cooperation between the Secretary and the Chairman of the Board of Governors of the Federal Reserve System in addressing the municipal securities market situation including through the establishment of municipal securities funding facilities, and for other purposes); H.R. 1731 (Credit Risk Retention Act); H.R. 1944 (Active Financing Rules); H.R. 2221 (Data Accountability and Trust Act); H.R. 2549 (The Municipal Bond Fairness Act); H.R. 2550 (The Municipal Advisers Regulation Act); H.R. 2551 (The Municipal Market Liquidity Enhancement Act of 2009); H.R. 2589 (The Municipal Bond Insurance Enhancement Act of 2009); H.R. 2847 (Hiring Incentives to Restore Employment Act); H.R. 2896 (Equal Treatments Of Covered Bonds Act of 2009); H.R. 3005 (National Institute of Finance Act of 2010); H.R. 3126 (Consumer Financial Protection Agency Act of 2009); H.R. 3145 (Credit Default Swap Prohibition Act of 2009); H.R. 3269 (Corporate and Financial Institution compensation Fairness Act of 2009); H.R. 3306 (to enhance Social Security account number privacy protections); H.R. 3310 (To reform the financial regulatory system of the United States); H.R. 3817 (Investor Protection Act of 2009); H.R. 3818 (Private Fund Investment Advisers Registration Act of 2009); H.R. 3890 (Accountability and Transparency in Rating Agencies Act); H.R. 4173 (Wall Street Reform and Consumer Protection Act of 2009); H.R. 4191 (Wall Street Fair Share Act); H.R. 4872 (THe Reconciliation Act of 2010); H.R. 4884 (U.S. Covered Bond Act of 2010); S. 139 (Data Breach Notification Act); S. 386 (Fraud Enforcement and Recovery Act); S. 515 (Patent Reform Act); S. 651 (Compensation Fairness Act of 2009); S. 773 (Cyber Security Act of 2009); S. 931 (Arbitration Fairness Act of 2009); S. 961 (Authorizing the Regulation of Swaps Act); S. 1490 (Personal Data Privacy and Security Act of 2009); S. 1551 (Liability for Aiding and Abetting Securities Violations of 2009); S. 1682 (to provide the CFTC with antimarket manipulation authority); S. 2886 (Bank Integrity Act of 2009) (Glass-Steagall Repeal); S. 2927 (Wall Street Fair Share Act); Restoring American Financial Stability Act of 2010: Title I (Financial Stability); Title II (Resolution Authority); Title IX ( Asset-Backed Securitization); Title X (Broker-Dealer Standard of Care); Title IX (FED Lending and Fiscal Policy Functions); Resolution Authority for Systemically Significant Financial Companies Act of 2009; Systemic Risk Regulation; Troubled Asset Backed Securities Loan Facility (H-1B); State Regulation of Credit Default Swaps as Insurance; PPIP Investor and Asset Manager Requirements; China - strategic and economic dialog; Market Structure Issues (dark pools, flash quotes, high frequency trading); Transatlantic Economic Council (Trade Issues); Preservation of independent contractor status for financial services sector; Bilateral Investment Treaties, India; Asian Pacific Economic Council Privacy Issues; Transpacific Partnership; European Union proposal regarding Credit Default Swaps and Credit Rating Agencies and their impact on US Markets; EU Alternative Investment Fund Managers Proposal (AIFM); G-20 (Issues related to the November 15, 2008 "Washington Action Plan"); Government Sponsored Enterprises Reform; Regulatory Capital Requirements.

National Flood insurance program reauthorization; S. 505, H.R. 83, natural disaster insurance and mitigation; H.R. 1880, insurance and reinsurance legislation; financial regulation restructuring. H.R. 2589, H.R. 2551- municipal bond legislation. H.R. 4173 and Restoring American Financial Stability Act of 2010. Department of Agriculture Standard Reinsurance Agreement.

Client expense: Not reported · Firm income: $40,000

mutual fund issues; securities issues; financial services issues; H.R. 2589, H.R. 2551, H.R. 2549municipal bond legislation; H.R. 1669, municipal bond legislation HR. 1754, systemic risk regulation H.R. 1349, accounting principles and standards H.R. 1728, mortgage reform HR 1106, bankruptcy cram down S. 895, servicer safe harbor S. 896, amendment #1019 to make changes in the safe harbor S. 664, systemic risk regulation S. 722, dividends, capital gains H.R. 3126, Consumer Financial Protection Agency Regulation restructuring; H.R. 4173 and Restoring American Financial Stability Act of 2010 OTC derivatives trading

Client expense: Not reported · Firm income: $50,000

S. 3217, Restoring American Financial Stability Act of 2009 H.R. 3126, Consumer Financial Protection Agency H.R. 4173, the Wall Street Reform and Consumer Protection Act (See attached addendum page) H.R. 2589, Municipal Bond Insurance Enhancement Act of 2009 H.R. 2551, Municipal Market Liquidity Enhancement Act of 2009 H.R. 2549, Municipal Bond Fairness Act H.R. 1669, Municipal Bond Marketing Support and Securitization Act of 2009 HR. 1754, Financial System Stabilization and Reform Act of 2009 H.R. 1349, Federal Accounting Oversight Board Act of 2009 H.R. 1728, Mortgage Reform and Anti-Predatory Lending Act HR 1106, Helping Families Save Their Homes Act of 2009 S. 895, Helping Families Save their Homes Act of 2009 S. 896, Helping Families Save Their Homes Act of 2009 - Amendment #1019 re Safe Harbor provisions S. 664, Financial System Stabilization and Reform Act of 2009 S 1964, Mutual Fund Transparency Act of 2009 S. 722, Taxpayer Certainty and Relief Act of 2009 OTC derivatives trading Regulations impacting the mutual fund industry Proposals relating to money market mutual funds - changes to SEC Rule 2a-7

Client expense: $280,000 · Firm income: Not reported

H.R. 1 (The American Recovery and Reinvestment Act of 2009) (amendment to section 111 of EESA) (H1-B); H.R. 302 (To require the Securities and Exchange Commission to reinstate the uptick rule on short sales of securities); H.R. 1260 (Patent Reform Act); H.R. 1424 (Emergency Economic Stabilization Act); H.R. 1020 (Arbitration Fairness Act of 2009); H.R. 1575 (End Government Reimbursement of Excessive Executive Disbursements (End GREED) Act); H.R. 1664 (To amend the executive compensation provisions of the Emergency Economic Stabilization Act of 2008 to prohibit unreasonable and excessive compensation and compensation not based on performance standards) (restrictions on compensation); H.R. 1669 (To require the Secretary of the Treasury to establish a market for municipal securities, to require cooperation between the Secretary and the Chairman of the Board of Governors of the Federal Reserve System in addressing the municipal securities market situation including through the establishment of municipal securities funding facilities, and for other purposes); H.R. 1731 (Credit Risk Retention Act); H.R. 1944 (Active Financing Rules); H.R. 2221 (Data Accountability and Trust Act); H.R. 2549 (The Municipal Bond Fairness Act); H.R. 2550 (The Municipal Advisers Regulation Act); H.R. 2551 (The Municipal Market Liquidity Enhancement Act of 2009); H.R. 2589 (The Municipal Bond Insurance Enhancement Act of 2009); H.R. 2896 (Equal Treatments Of Covered Bonds Act of 2009); H.R. 3126 (Consumer Financial Protection Agency Act of 2009); H.R. 3145 (Credit Default Swap Prohibition Act of 2009); H.R. 3269 (Corporate and Financial Institution compensation Fairness Act of 2009); H.R. 3306 (to enhance Social Security account number privacy protections); H.R. 3310 (To reform the financial regulatory system of the United States); H.R. 3817 (Investor Protection Act of 2009); H.R. 3818 (Private Fund Investment Advisers Registration Act of 2009); H.R. 3890 (Accountability and Transparency in Rating Agencies Act); H.R. 4173 (Wall Street Reform and Consumer Protection Act of 2009); S. 139 (Data Breach Notification Act); S. 386 (Fraud Enforcement and Recovery Act); S. 515 (Patent Reform Act); S. 651 (Compensation Fairness Act of 2009); S. 773 (Cyber Security Act of 2009); S. 931 (Arbitration Fairness Act of 2009); S. 961 (Authorizing the Regulation of Swaps Act); S. 1490 (Personal Data Privacy and Security Act of 2009); S. 1551 (Liability for Aiding and Abetting Securities Violations of 2009); S. 1682 (to provide the CFTC with antimarket manipulation authority); S. 2886 (Bank Integrity Act of 2009) (Glass-Steagall Repeal); S. 2927 (Wall Street Fair Share Act); Resolution Authority for Systemically Significant Financial Companies Act of 2009; Systemic Risk Regulation; Troubled Asset Backed Securities Loan Facility (H-1B); State Regulation of Credit Default Swaps as Insurance; Sen. Dodd's Financial Reform Legislation; PPIP Investor and Asset Manager Requirements; China - strategic and economic dialog; Market Structure Issues (dark pools, flash quotes, high frequency trading); Transatlantic Economic Council (Trade Issues); Preservation of independent contractor status for financial services sector; Bilateral Investment Treaties, India; Asian Pacific Economic Council Privacy Issues; Transpacific Partnership; Covered bonds; Broker-Dealer Duty of Care; European Union proposal regarding Credit Default Swaps and Credit Rating Agencies and their impact on US Markets; EU Alternative Investment Fund Managers Proposal (AIFM); G-20 (Issues related to the November 15, 2008 "Washington Action Plan").

H.R. 1 (The American Recovery and Reinvestment Act of 2009) (amendment to section 111 of EESA) (H1-B); H.R. 302 (To require the Securities and Exchange Commission to reinstate the uptick rule on short sales of securities); H.R. 1260 (Patent Reform Act); H.R. 1424 (Emergency Economic Stabilization Act); H.R. 1020 (Arbitration Fairness Act of 2009); H.R. 1575 (End Government Reimbursement of Excessive Executive Disbursements (End GREED) Act); H.R. 1664 (To amend the executive compensation provisions of the Emergency Economic Stabilization Act of 2008 to prohibit unreasonable and excessive compensation and compensation not based on performance standards) (restrictions on compensation); H.R. 1669 (To require the Secretary of the Treasury to establish a market for municipal securities, to require cooperation between the Secretary and the Chairman of the Board of Governors of the Federal Reserve System in addressing the municipal securities market situation including through the establishment of municipal securities funding facilities, and for other purposes); H.R. 1731 (Credit Risk Retention Act); H.R. 1944 (Active Financing Rules); H.R. 2221 (Data Accountability and Trust Act); H.R. 2549 (The Municipal Bond Fairness Act); H.R. 2550 (The Municipal Advisers Regulation Act); H.R. 2551 (The Municipal Market Liquidity Enhancement Act of 2009); H.R. 2589 (The Municipal Bond Insurance Enhancement Act of 2009); H.R. 2896 (Equal Treatments Of Covered Bonds Act of 2009); H.R. 3126 (Consumer Financial Protection Agency Act of 2009); H.R. 3145 (Credit Default Swap Prohibition Act of 2009); H.R. 3269 (Corporate and Financial Institution compensation Fairness Act of 2009); H.R. 3306 (to enhance Social Security account number privacy protections); H.R. 3310 (To reform the financial regulatory system of the United States); H.R. 3817 (Investor Protection Act of 2009); H.R. 3818 (Private Fund Investment Advisers Registration Act of 2009); H.R. 3890 (Accountability and Transparency in Rating Agencies Act); H.R. 4173 (Wall Street Reform and Consumer Protection Act of 2009); S. 139 (Data Breach Notification Act); S. 386 (Fraud Enforcement and Recovery Act); S. 515 (Patent Reform Act); S. 651 (Compensation Fairness Act of 2009); S. 773 (Cyber Security Act of 2009); S. 931 (Arbitration Fairness Act of 2009); S. 961 (Authorizing the Regulation of Swaps Act); S. 1490 (Personal Data Privacy and Security Act of 2009); S. 1551 (Liability for Aiding and Abetting Securities Violations of 2009); S. 1682 (to provide the CFTC with antimarket manipulation authority); S. 2886 (Bank Integrity Act of 2009) (Glass-Steagall Repeal); S. 2927 (Wall Street Fair Share Act); Resolution Authority for Systemically Significant Financial Companies Act of 2009; Systemic Risk Regulation; Troubled Asset Backed Securities Loan Facility (H-1B); State Regulation of Credit Default Swaps as Insurance; Sen. Dodd's Financial Reform Legislation; PPIP Investor and Asset Manager Requirements; China - strategic and economic dialog; Market Structure Issues (dark pools, flash quotes, high frequency trading); Transatlantic Economic Council (Trade Issues); Preservation of independent contractor status for financial services sector; Bilateral Investment Treaties, India; Asian Pacific Economic Council Privacy Issues; Transpacific Partnership; Covered bonds; Broker-Dealer Duty of Care; European Union proposal regarding Credit Default Swaps and Credit Rating Agencies and their impact on US Markets; EU Alternative Investment Fund Managers Proposal (AIFM); G-20 (Issues related to the November 15, 2008 "Washington Action Plan").

National Flood insurance program reauthorization; S. 505, H.R. 83, natural disaster insurance and mitigation; H.R. 1880, insurance and reinsurance legislation; financial regulation restructuring. H.R. 2589, H.R. 2551- municipal bond legislation.

Client expense: Not reported · Firm income: $40,000

mutual fund issues; securities issues; financial services issues; H.R. 2589, H.R. 2551, H.R. 2549municipal bond legislation; H.R. 1669, municipal bond legislation HR. 1754, systemic risk regulation H.R. 1349, accounting principles and standards H.R. 1728, mortgage reform HR 1106, bankruptcy cram down S. 895, servicer safe harbor S. 896, amendment #1019 to make changes in the safe harbor S. 664, systemic risk regulation S. 722, dividends, capital gains H.R. 3126, Consumer Financial Protection Agency H.R. 4173, regulation restructuring OTC derivatives trading

Client expense: Not reported · Firm income: $50,000

S. 1964 - Mutual Fund Transparency Act of 2009 S. 895 - Helping Families Save Their Homes Act of 2009 S. 896 - Helping Families Save Their Homes Act of 2009 - Amendment # 1019 re Safe Harbor provisions (please see addendum page) S. 664 - Financial System Stabilization and Reform Act of 2009 S. 722 - Taxpayer Certainty and Relief Act of 2009 H.R. 3126 - Consumer Financial Protection Agency Act of 2009 H.R. 4173 - The Wall Street Reform and Consumer Protection Act of 2009 H.R. 1669 - Federal Municipal Bond Marketing Support and Securitization Act of 2009 H.R. 1754 - Financial System Stabilization and Reform Act of 2009 H.R. 1349 - Federal Accounting Oversight Board Act of 2009 H.R. 1728 - Mortgage Reform and Anti-Predatory Lending Act H.R. 1106 - Helping Families Save Their Homes Act of 2009 H.R. 3795 - To enact the Over-the-Counter Derivatives Markets Act of 2009 H.R. 3817 - Investor Protection Act of 2009 H.R. 2589 - Municipal Bond Insurance Enhancement Act of 2009 H.R. 2549 - Municipal Bond Fairness Act H.R. 2551 - Municipal Market Liquidity Enhancement Act of 2009 H.R. 4191 - Let Wall Street Pay For The Restoration of Main Street Act of 2009 H.R. 4337 - Regulated Investment Company Modernization Act of 2009 H.R. 3890 - To amend the Securities Exchange Act of 1934 to enhance oversight of nationally recognized statistical rating organizations "Restoring American Financial Stability Act of 2009" (draft legislation) Money market mutual fund reform - changes to Rule 2a-7

Client expense: $320,000 · Firm income: Not reported

HR 2551, Municipal Market Liquidity Enhancement Act of 2009 HR2589, Municipal Bond Insurance Enhancement Act of 2009 HR 4173, The Wall Street Reform and Consumer Protection Act of 2009

Client expense: Not reported · Firm income: $20,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

HR 2551, Municipal Market Liquidity Enhancement Act of 2009 HR2589, Municipal Bond Insurance Enhancement Act of 2009 HR 4173, The Wall Street Reform and Consumer Protection Act of 2009

Client expense: Not reported · Firm income: $20,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1 (The American Recovery and Reinvestment Act of 2009) (amendment to section 111 of EESA) (H1-B); H.R. 302 (To require the Securities and Exchange Commission to reinstate the uptick rule on short sales of securities); H.R. 1260 (Patent Reform Act); H.R. 1424 (Emergency Economic Stabilization Act); H.R. 1575 (End Government Reimbursement of Excessive Executive Disbursements (End GREED) Act); H.R. 1664 (To amend the executive compensation provisions of the Emergency Economic Stabilization Act of 2008 to prohibit unreasonable and excessive compensation and compensation not based on performance standards) (restrictions on compensation); H.R. 1669 (To require the Secretary of the Treasury to establish a market for municipal securities, to require cooperation between the Secretary and the Chairman of the Board of Governors of the Federal Reserve System in addressing the municipal securities market situation including through the establishment of municipal securities funding facilities, and for other purposes); S. 515 (Patent Reform Act); S. 651 (Compensation Fairness Act of 2009); European Union proposal regarding Credit Default Swaps and Credit Rating Agencies and their impact on US Markets; G-20 (Issues related to the November 15, 2008 "Washington Action Plan"); H.R. 2589 (The Municipal Bond Insurance Enhancement Act of 2009); H.R. 2549 (The Municipal Bond Fairness Act); H.R. 2550 (The Municipal Advisers Regulation Act); H.R. 2551 (The Municipal Market Liquidity Enhancement Act of 2009); Resolution Authority for Systemically Significant Financial Companies Act of 2009; Systemic Risk Regulation; Troubled Asset Backed Securities Loan Facility (H-1B); H.R. 2221 (Data Accountability and Trust Act); H.R. 2896 (Equal Treatments Of Covered Bonds Act of 2009); State Regulation of Credit Default Swaps as Insurance; S. 386 (Fraud Enforcement and Recovery Act); PPIP Investor and Asset Manager Requirements; S. 961 (Authorizing the Regulation of Swaps Act); H.R. 1944 (Active Financing Rules); China - strategic and economic dialog; H.R. 3306 (to enhance Social Security account number privacy protections); S. 1551 (Liability for Aiding and Abetting Securities Violations of 2009); S. 1682 (to provide the CFTC with antimarket manipulation authority); Market Structure Issues (dark pools, flash quotes, high frequency trading); H.R. 3269 (Corporate and Financial Institution compensation Fairness Act of 2009); H.R. 1020 (Arbitration Fairness Act of 2009); S. 931 (Arbitration Fairness Act of 2009); Transatlantic Economic Council (Trade Issues); H.R. 3310 (To reform the financial regulatory system of the United States); H.R. 3145 (Credit Default Swap Prohibition Act of 2009); H.R. 3126 (Consumer Financial Protection Agency Act of 2009); S. 773 (Cyber Security Act of 2009); S. 1490 (Personal Data Privacy and Security Act of 2009); Preservation of independent contractor status for financial services sector; Bilateral Investment Treaties, India; Asian Pacific Economic Council Privacy Issues.

National Flood insurance program reauthorization; S. 505, H.R. 83, natural disaster insurance and mitigation; H.R. 1880, insurance and reinsurance legislation; financial regulation restructuring. H.R. 2589, H.R. 2551- municipal bond legislation.

Client expense: Not reported · Firm income: $40,000

mutual fund issues; securities issues; financial services issues; H.R. 2589, H.R. 2551, H.R. 2549municipal bond legislation; H.R. 1669, municipal bond legislation HR. 1754, systemic risk regulation H.R. 1349, accounting principles and standards H.R. 1728, mortgage reform HR 1106, bankruptcy cram down S. 895, servicer safe harbor S. 896, amendment #1019 to make changes in the safe harbor S. 664, systemic risk regulation S. 722, dividends, capital gains H.R. 3126, Consumer Financial Protection Agency

Client expense: Not reported · Firm income: $50,000

H.R. 2549 - Municipal Bond Fairness Act H.R. 2589 - Municipal Bond Insurance Enhancement Act of 2009 H.R. 2551 - Municipal Market Liquidity Enhancement Act of 2009 (please see addendum page) H.R. 1445 - Credit Rating Agency Transparency and Disclosure Act H.R. 1669 - Federal Municipal Bond Marketing Support and Securitization Act of 2009 H.R. 1754 - Financial System Stabilization and Reform Act of 2009 H.R. 1349 - Federal Accounting Oversight Board Act of 2009 H.R. 1728 - Mortgage Reform and Anti-Predatory Lending Act H.R. 1106 - Helping Families Save Their Homes Act of 2009 H.R. 3126 - Consumer Financial Protection Agency Act of 2009 H.R. 2448 - Prevent Unfair Manipulation of Prices Act of 2009 H.R. 2454 - The American Clean Energy and Security Act of 2009 H.R. 2998 - American Clean Energy and Security Act of 2009 H.R. 3145 - Credit Default Swap Prohibition Act of 2009 H.R. 3300 - Derivative Trading Accountability and Disclosure Act H.R. 977 - Derivatives Markets Transparency and Accountability Act of 2009 S. 895 - Helping Families Save Their Homes Act of 2009 Amendment #1019 to make changes to the safe harbor S. 896 - Helping Families Save Their Homes Act of 2009 S. 961 - Authorizing the Regulation of Swaps Act S. 664 - Financial System Stabilization and Reform Act of 2009 S. 722 - Taxpayer Certainty and Relief Act of 2009 S. 1691 - Comprehensive Derivatives Regulation Act of 2009 S. 1073 - Rating Accountability and Transparency Enhancement Act of 2009 Comment letter filed with the Securities and Exchange Commission regarding money market reform; Release No. IC-28807 - File No. S7-11-09 -- to amend Rule 2a-7 governing money market funds Comment letter filed with the Treasury Department regarding 529 college savings plans

Client expense: $300,000 · Firm income: Not reported

Legislation and regulation affecting the bond insurance industry. HR 2551, Municipal Market Liquidity Enhancement Act of 2009 HR 2589, Municipal Bond Insurance Enhancement Act of 2009

Client expense: Not reported · Firm income: $30,000

HR 2551, Municipal Market Liquidity Enhancement Act of 2009 HR 2589, Municipal Bond Insurance Enhancement Act of 2009 HR 2266 Reasonable Prudence in Regulation Act HR 2267 Internet Gambling Regulation, Consumer Protection and Enforcement Act

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

HR 2551, Municipal Market Liquidity Enhancement Act of 2009 HR 2589, Municipal Bond Insurance Enhancement Act of 2009

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

HR 2551, Municipal Market Liquidity Enhancement Act of 2009 HR 2589, Municipal Bond Insurance Enhancement Act of 2009

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1586 To impose an additional tax on bonuses received from certain TARP recipients - Provisions related to taxing employee bonuses. H.R. 1994 To make permanent the active financing rules for financial services income - Provisions related to active financing H.R. 2454 American Clean Energy and Security Act of 2009 - Provisions related to border tax adjustments. H.R. 2551 Municipal Market Liquidity Enhancement Act of 2009 - Provisions related to clarifying Federal Reserve authority to establish liquidity backstop for municipal bonds S. 651 A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on excessive bonuses paid by, and received from, companies receiving Federal emergency economic assistance, to limit the amount of nonqualified deferred compensation that employees of such companies may defer from taxation, and for other purposes - Provisions related to taxing employee bonuses President's budget proposals related to enforcement and compliance and offshore financial accounts - Provisions related to qualified intermediaries President's budget proposals related to international tax reform - Provisions related to deferral

Client expense: $1,670,000 · Firm income: Not reported

mutual fund issues; securities issues; financial services issues; H.R. 2589, H.R. 2551, H.R. 2549- municipal bond legislation; H.R. 1669, municipal bond legislation HR. 1754, systemic risk regulation H.R. 1349, accounting principles and standards H.R. 1728, mortgage reform HR 1106, bankruptcy cram down S. 895, servicer safe harbor S. 896, amendment #1019 to make changes in the safe harbor S. 664, systemic risk regulation S. 722, dividends, capital gains

Client expense: Not reported · Firm income: $30,000

National Flood insurance program reauthorization; S. 505, H.R. 83, natural disaster insurance and mitigation; H.R. 1880, insurance and reinsurance legislation; financial regulation restructuring. H.R. 2589, H.R. 2551- municipal bond legislation.

Client expense: Not reported · Firm income: $40,000

Legislation and regulation affecting the bond insurance industry. HR 2551, Municipal Market Liquidity Enhancement Act of 2009 HR 2589, Municipal Bond Insurance Enhancement Act of 2009

Client expense: Not reported · Firm income: $80,000

H.R. 1754 - Financial System Stabilization and Reform Act of 2009 H.R. 1349 - Federal Accounting Oversight Board Act of 2009 H.R. 1728 - Mortgage Reform and Anti-Predatory Lending Act (please see addendum page) H.R. 1669 - Federal Municipal Bond Marketing Support and Securitization Act of 2009 H.R. 1106 - Helping Families Save Their Homes Act of 2009 H.R. 2549 - Municipal Bond Fairness Act H.R. 2551 - Municipal Market Liquidity Enhancement Act of 2009 S. 664 - Financial System Stabilization and Reform Act of 2009 S. 895 - Helping Families Save Their Homes Act of 2009 S. 896 - Helping Families Save Their Homes Act of 2009' Comment letter filed with the Securities and Exchange Commission regarding proposed amendments to Regulation SHO

Client expense: $260,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

HR 2551, Municipal Market Liquidity Enhancement Act of 2009 HR 2589, Municipal Bond Insurnce Enhancement Act of 2009 HR 2266 Reasonable Prudence in Regulation Act HR 2267 Internet Gambling Regulation, Consumer Protection and Enforcement Act

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

HR 2551, Municipal Market Liquidity Enhancement Act of 2009 HR 2589, Municipal Bond Insurnce Enhancement Act of 2009

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

HR 2551, Municipal Market Liquidity Enhancement Act of 2009 HR 2589, Municipal Bond Insurnce Enhancement Act of 2009

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE