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The purpose of this letter is to share with you the most recent news we have learned about auction rate securities and to update you on the current status of the ongoing class action litigation. This update is intended only for persons who wish to receive information from Girard Gibbs LLP and its associated co-counsel. If you are not an intended recipient of this communication, please delete this message. If you do not wish to receive further communications from this firm, please send a return email captioned  Unsubscribe. Please also note that although your communications with us will be kept confidential, no attorney-client relationship has formed and we do not represent you on an individual basis unless you have signed a retention agreement with Girard Gibbs LLP or our associated co-counsel. Developments in the Class Action Lawsuits Over the past few weeks, motions for appointment of lead plaintiff and lead counsel have been filed in eleven of the thirteen auction rate class actions filed by our firm. A lead plaintiff is a proactive member of the plaintiff class who acts as a representative party for all of the shareholders. Lead plaintiffs are typically appointed by the court as the class member or members most capable of representing the interests of the entire class. The lead plaintiffs oversee and provide input into the litigation of a class action beyond that of other class members. Lead plaintiffs represented by Girard Gibbs and its associated co-counsel have been appointed in the Wachovia, E-Trade and Raymond James cases. Girard Gibbs and its associated co-counsel have been appointed lead counsel in those cases as well. Girard Gibbs and its associated co-counsel are also seeking appointment as lead plaintiff and lead counsel in eight other auction rate securities cases against Deutsche Bank, TD Ameritrade, UBS, Merrill Lynch, Morgan Stanley, RBC Dain Rauscher, Wells Fargo and Oppenheimer, and are awaiting rulings in those matters. Girard Gibbs and its co-counsel will file lead plaintiff and lead counsel motions within the next few weeks in the class action lawsuits against Bank of America and J.P. Morgan Chase. A collection of class action lawsuits against Citigroup/Smith Barney, including a class action filed by Girard Gibbs and its co-counsel, were recently coordinated in New York federal court. On June 25, 2008, the law firm of Zwerling, Schachter & Zwerling LLP was appointed lead counsel in the coordinated class action case known as In re Citigroup Auction Rate Securities Litigation. If you have questions concerning the Citigroup/Smith Barney lawsuit specifically, please contact lead counsel at 1-800-721-3900. Regulatory Developments Massachusetts Securities Regulators File Civil Fraud Proceeding Against UBS On June 26, 2008, the Enforcement Section of the Massachusetts Securities Division filed a civil fraud complaint against UBS. The complaint alleges that UBS committed fraud in connection with the marketing and sale of auction rate securities to its customers, engaged in unethical or dishonest conduct or practices, failed to reasonably supervise and educate its brokers and investment advisors, and failed to properly maintain its books and records in connection with the marketing and sale of auction rate securities. See http://www.sec.state.ma.us/sct/sctubs2/ubs2idx.htm FINRA Instructs Brokerage Firms To Permit Secondary Market Sales In response to complaints from investors that certain brokerage firms are not permitting customers with illiquid auction rate securities to attempt to sell those securities at a discount on the secondary market, on June 16, 2008, FINRA issued guidance stating that the brokerage firms generally cannot refuse to transfer auction rate securities when their customers want to sell those securities on the secondary market. See http://www.finra.org/web/groups/rules_regs/documents/notice_to_members/p 038699.pdf FINRA Provides Further Guidance To Brokerage Firms On Partial Redemptions On July 9, 2008, FINRA issued a staff interpretive memo clarifying the allocation procedures brokerage firms are to follow, and disclosure they are to make, when there are partial redemptions of auction rate securities. See http://www.finra.org/RulesRegulation/PublicationsGuidance/InterpretiveLe tters/ConductRules/P038895 Federal Regulators Approve A New Auction Rate Security With A Put Feature On June 13, 2008, the Securities and Exchange Commission and the U.S. Treasury Department approved the creation of a new auction rate preferred security with a liquidity, or  put feature. This new security is designed to replace certain existing auction rate preferred securities and can be sold to money market funds that cannot currently purchase auction rate securities because they lack a liquidity feature. See http://uk.reuters.com/article/idUKN1342570120080613 http://online.wsj.com/article_print/SB121362257298677207.html Issuer News BlackRock On May 19, BlackRock, Inc. announced the redemption dates for auction rate preferred shares issued by its five taxable fixed income closed-end funds. The five funds are BlackRock Preferred Opportunity Trust, BlackRock Preferred and Equity Advantage Trust, BlackRock Preferred and Corporate Income Strategies Fund, Inc., BlackRock Preferred Income Strategies Fund, Inc. and BlackRock Global Floating Rate Income Trust. BlackRock has secured alternative forms of borrowing that will enable these funds, based on current market conditions, to redeem approximately 54% of their total outstanding ARPS. http://www2.blackrock.com/content/groups/global/documents/literature/blk _announces_redemption_dates.pdf On June 2, BlackRock, Inc. announced the dates for the partial redemptions of auction rate preferred shares issued by 56 of the 61 BlackRock tax-exempt fixed income closed-end funds. The announced redemptions total $1.6 billion and represent approximately 20% of the total outstanding ARPS issued by BlackRock s tax-exempt closed-end funds. The amount of ARPS being redeemed at this time varies by fund and ranges from 2% to 42% of the ARPS outstanding for each fund. http://www2.blackrock.com/content/groups/global/documents/literature/blk 041941.pdf Calamos On May 19, Calamos Investments announced the auction rate preferred securities redemption dates for Calamos Convertible Opportunities and Income Fund and Calamos Convertible and High Income Fund. Calamos has secured an alternative form of borrowing that will enable CHI and CHY, based on current market conditions, redeem approximately 72.9% and 81.4% respectively of their outstanding ARPs. http://investors.calamos.com/phoenix.zhtml?c=182276&p=irol-newsArticle&I D=1147905&highlight= Cohen & Steers On June 20, Cohen & Steers announced that 52% of the auction market preferred securities issued by Cohen & Steers Global Income Builder, Inc. will be redeemed at par value and on a pro rata basis on July 17, 2008. In addition, the firm expects to complete previously announced financing arrangements with respect to Cohen & Steers Advantage Income Realty Fund, Cohen & Steers Worldwide Realty Income Fund, Inc. and Cohen & Steers Quality Income Realty Fund, Inc. in the third quarter. They will also be redeemed on a pro rata basis across all series as follows: RLF and RWF 56% and RQI 69%. http://www.cohenandsteers.com/downloads/Press_Release_6_20_08.pdf Eaton Vance On June 23, Eaton Vance Management, announced that it had secured new financing for 16 of its closed-end management investment companies, which will be used to redeem a portion of their outstanding auction preferred shares at a redemption price equal to the liquidation preference of $25,000 per share, plus the amount of accumulated but unpaid dividends as of the redemption date, for total consideration of approximately $310 million. http://www.eatonvance.com/alexandria/pressreleases/200806/APS%20Redempti on%20Fund%20Press%20Release%20.pdf Franklin Templeton On May 21, Franklin Templeton Limited Duration Income Trust, a closed-end investment company managed by Franklin Advisers, Inc., announced its intention to refinance approximately $100 million of its auction preferred shares, representing approximately 53% of the Fund s outstanding APS. Franklin Templeton Limited Duration Income Trust is the only fund within Franklin Templeton Investments that has outstanding APS. https://www.franklintempleton.com/retail/jsp_cm/corp/press/2008/FTF_refi nancecertainautionpreferredshares_052108.jsp Kayne Anderson On May 29, Kayne Anderson Energy Total Return Fund, Inc. announced that it entered into a new $200 million revolving credit facility with the Custodial Trust Company and that the Fund has filed with the Securities and Exchange Commission a notice of its intention to redeem $125 million or 44.5% of its outstanding auction rate preferred stock on a pro-rata basis using borrowings against this new facility. http://www.kaynefunds.com/Kye/pr/052808.pdf Nuveen On July 9, Nuveen Investments provided an update on the progress made in refinancing its closed-end funds auction-rate preferred shares. Since April, seven Nuveen taxable funds have issued redemption notices for $1.7 billion of auction-rate preferred shares, 41 Nuveen municipal funds have been approved to create approximately $1.0 billion of tender option bond trusts to refinance preferreds, and four Nuveen municipal funds have announced their intent to commence the first private offerings of Variable Rate Demand Preferreds. http://www.nuveen.com/etf/web_files/Closed-End%20Exchange-Traded%20Funds /Nuveen%20ARPS%20Progress%20Release.pdf Pimco To date, Pimco has not announced any plans to redeem its auction-rate preferreds. For further information, see: http://online.wsj.com/article/SB121426852682198707.html?mod=googlenews_w sj Van Kampen On June 13, the Van Kampen Municipal Closed-End Funds (list found here <http://www.vankampen.com/vksite/news/ARPS061308.asp> ) announced the dates for the partial redemptions of their respective preferred shares. The partial redemptions total $506.5 million of the total outstanding preferred shares issued. The amount of preferred shares being redeemed at this time ranges from 10 percent to 20 percent of the preferred shares outstanding for each Fund based on a number of factors, including the interests of the common shareholders, the availability of high quality municipal bonds at certain yield levels to be transferred to the trust structure and the ability to secure liquidity providers for the put feature. http://www.vankampen.com/vksite/news/ARPS061308.asp What You Can Do To Help We are interested in speaking informally and on a confidential basis with any brokers or financial advisors who may be able to provide us with information and written materials on how auction rate securities were marketed and sold and how the auctions were conducted. If you have any contacts in the industry  including your broker  who may be willing to speak with us, please contact or have your broker contact Jonathan Levine at 866-981-4800, or via email at jkl@girardgibbs.com <blocked::mailto:jkl@girardgibbs.com> . We will protect all communications to the full extent permitted by law. We are committed to doing everything possible to protect and advance the rights of ARS investors. We look forward to working with you as events develop, and we encourage you to let us know if you have information that you think would be helpful to us in prosecuting the case. Additional information regarding the status of the ongoing ARS cases and investigations is available at www.girardgibbs.com/auctionrate.html. If you have questions, you can reach us by email at auctionrateupdate@girardgibbs.com or contact us at 866-981-4800, attention Jonathan Levine. z Girard Gibbs llp 601 California Street, Suite 1400 San Francisco, CA 94108 Phone: (415) 981-4800 Fax: (415) 981-4846 www.girardgibbs.com This message is intended only for the addressee, and may contain information that is privileged or confidential, and exempt from disclosure under applicable law. If you are not the intended recipient or agent of the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited; and you are asked to notify us immediately by return email, or by telephone at (415) 981-4800. Thank you. SMTPSMTP:AUCTIONRATEUPDATE@GIRARDGIBBS.COMauctionrateupdate@girardgibbs.com+nTauctionrateupdate@girardgibbs.comSMTPauctionrateupdate@girardgibbs.comReturn-Path: <auctionrateupdate@girardgibbs.com> Received: from rly-dd05.mx.aol.com (rly-dd05.mail.aol.com [172.19.141.152]) by air-dd06.mail.aol.com (v121.5) with ESMTP id MAILINDD062-b7a487d1babbf; Tue, 15 Jul 2008 17:51:10 -0400 Received: from mail.girardgibbs.com (mail.girardgibbs.com [63.200.134.115]) by rly-dd05.mx.aol.com (v121.5) with ESMTP id MAILRELAYINDD054-b7a487d1babbf; Tue, 15 Jul 2008 17:50:54 -0400 X-MimeOLE: Produced By Microsoft Exchange V6.5 Content-class: urn:content-classes:message MIME-Version: 1.0 Content-Type: multipart/related; type="multipart/alternative"; boundary="----_=_NextPart_001_01C8E6C4.83457B33" Subject: Auction Rate Securities Update from Girard Gibbs Date: Tue, 15 Jul 2008 14:48:16 -0700 Message-ID: <85617A49771B404AAFE3A4462BD1AB8101824D1B@mail.girardgibbs.com> X-MS-Has-Attach: X-MS-TNEF-Correlator: Thread-Topic: Auction Rate Securities Update from Girard Gibbs Thread-Index: AcjmxHmK7bGD9pcNSd+cjuGQKlHxGg== From: <auctionrateupdate@girardgibbs.com> X-AOL-IP: 63.200.134.115 X-AOL-SCOLL-AUTHENTICATION: listenair ; SPF_helo : n X-AOL-SCOLL-AUTHENTICATION: listenair ; SPF_822_from : + To: undisclosed-recipients:; X-Mailer: Unknown (No Version) y Iߜ*QAuction Rate Securities Update from Girard Gibbsauctionrateupdate@girardgibbs.comSMTPauctionrateupdate@girardgibbs.com+nTauctionrateupdate@girardgibbs.comSMTPauctionrateupdate@girardgibbs.comSMTP:AUCTIONRATEUPDATE@GIRARDGIBBS.COMAuction Rate Securities Update from Girard GibbsIPM.Note@0x>@0x> 4y27b__substg1.0_3704001F*f__substg1.0_3707001F*'+e__substg1.0_370A0102*d __substg1.0_370E001F**-c__substg1.0_3712001F*b<__substg1.0_3713001F*,%a__properties_version1.003u__substg1.0_0FFF0102*4r__substg1.0_3001001F*/2q.__substg1.0_3002001F*p__substg1.0_3003001F*1.o.__substg1.0_300B0102*n__substg1.0_0FF60102*m__substg1.0_00020102*} __substg1.0_00030102*57|@__substg1.0_00040102*>x__substg1.0_10180102*=`__substg1.0_10070102*6;___substg1.0_100F0102*^__substg1.0_10150102*<8]__substg1.0_100C0102*?:\__substg1.0_101C0102*[__substg1.0_10030102*Z__substg1.0_100A0102*Y@9а|;'ABDd eDpbq}   D '   D@gfen5FD 0L?N8 *H2=  J b=}ޓ,9RVBZbNPeimage001.jpgimage001.jpg@01C8E689.CD1D80F0image/jpeg*H image001.jpgimage001.jpgJFIF``C    #%$""!&+7/&)4)!"0A149;>>>%.DIC;C  ;("(;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;Kp" }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w!1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?cYt/+y,{;\-=cU<%uyy`~uKmWzpnP2]^)4y(vpaTg WikO ^iO5^M#wZPokx|*C} q?~ͭ9T n n-Sឡsbd@ 22(ςK7/I-R2kn<|Y'.l.׏lHp3VSeb#ߋ5=mMђNN'2kyf]o|c,h$ONGP}kͨC!]liNrz|A5:5 [U|@H`I#'@ƳGzB[D|  <+^M:{Dd2yAgZ^M;v"I{*U'9?egewE|=so"@Id{ey]Yu*F[I]#1![^a{a1"b3^#k^ZiSjnM,AT~&0^_^X⺏O񅴭m6B Pz{n3_Z/Q&9ܚúxV6m}2'sn'oa _RխC{oJ q8o%Lb^Xx;KVm5Yg>;^\nWM^EبnʙΤ7kh{ InH`K WVҤ_H%ugy`uZꉨhFegRddvqw 始ŸfH$98?^#O_O # >5-vl./*F1 v+qxm$|Jp7:: "2R?I^o HǑdHxb`JǠfǾ'gJdEYQ3s}yƠÚ~m>Z=0 kF{o:?缿[?'K]^m*Y< uq'[_0Ga7Awk&af1\ϔ9 683^K@kYXxr]&r':[CM 7AWҀ8_{uQnt'߷Ucu(i,)hzu`PA% oT'XB=X+?~ԙ9K<??64$jyS^Exgž6 ۳t'*}hu ZGxBf#%GL^Hʬ0Ex?i^quܜ#hMw^o=R%Wxl2GUTa@ :|VWI0H5ΉSDɶJק-{xsRTgkn[>%8#y qIWuG1k g=PJ9$N E ^(ɼmxD-NO |d ǹ5|@׼7+<=u&>9U9AH5N$e,=ByF  ҙZZ;?-Ұn0bvKXNUP)WxUB0%Ȍ괘VOaYmgpmG #׊jj ׬_$VY8K<>`I(]<'V0CmIkQ(EPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEP=+|!hҿSPGto+.,Y"ZxIk{d{x>`]?*ҿ=+|!jr~${9A2f`)$4a_UoKHtr] QQm"[2h|Ll\OSGwJ?#owc,_,5ioY4B,IbӜgzWC|τ?>[4a_}6[m&[+H.I;4wJ?u2_: _5}a[tkx{9U:SzWC|τ?Aq`n>+/!qc7ҭǨE5[BAI|F#ҿ=+|!jCJ?P=+|!hҿ@?JEPҿ=+|!jCJ?P=+|!hҿ@?JEPҿ=+|!jCJ?P=+|!hҿ@?JEPҿ=+|!iܖvLy݄q)]}I/f &dC(rlwjτ?zWC|k[9pLҨQ‚?ά41L`VwP }@>4a_PjgN8VE$[ rI)[jҿ=+|!jE;)[۪  3RI]Ӗk"G+ NXSv:4cJ?G^1B&鸗Pd* ;󊵩K<pHII >Wt@ҿ=+|!jwhh7̒8rM/+TE9 H?.rz=+|!hҿ$X'~:cۑSkMoK-\W z?Jj_Ax͌HK01qS&$ 4 >rT`'h>4a_U)R%xT3 V۞|Tmi41:_23*r꫒@?Ju[:zG$d>XP8SV]Bm8@df'vX` s}O=+|!hҿ椺HﬢFc O7U7Klld¸22;sz~4=+|!hҿ>r[ Q9 %N8ȧ/hfH$ˀ#=o=+|!hҿ橭颵vڪ# F94[[,Dd(̊ǎ(>4a_Ude/Mhje0VLɿc;~q[twXavpOτ?zWC|VR85in4a_KM04a_UAY XeAc9^K<7eR&3A =+|!hҿ}xtL$wPo]Ft y_ëFȱ4i zcz .=҉E3=8I9վiuEb&uj0OqlQ2ەyr8cO4\˫k,L|$(V'5EUɾ7}gˏb-  @, xw+I 0r\.ZG"ld#m`ȼ .7*r fB23$ 7m|}$T%`\)55ضkreDl YRff pajn nb!ڐSxP2rG]+oxRTV##tX'3Gl'-$Xmm&DVUq'JKtsjB/3${ZGj:" 拋K;FN 珡Ȭ]$9#h]N=qS <`]̣!I 1@ Z[єʌ\0?*lC#X~uh~ɩ:[I;r d6>nIE턏 Ky EB=pmgxx3LxhaABꦰthѷfF]a(`,ji m286av2GP4Xq0(#m~QϵKv&8!H!#? lo3Ēч%b\lw iysk|b1١hB댞(ȴ]_$$c&g#_yB @`:dg'mfB&OFA} k$;Io,9حO%%%u`r.hO|89St{ W0F$2XOff7Gwm8fY!9qe DQ]FI$󞦚4{$G7ʹ@f'mO }e+(8 .K\C {?1,7c(nsaHeH];9v8 $mbUKK[Pi%zJ|W3ȷo +QCׁր6ٛE, J@?ZY xV<6A1q=G}V&6|cdۜd'Bdsb[ᕥ ' x'z^8Vup@5b{?AUWJV')ʡyrF3yiZh9ϙ>[dٶDC>I6@ݜvJⰶbD8ag%rIJ4~̱76S#zmǵc[Q8Fw7ar3گϾ6K 0 ˺@38y "Ri4Q@5:27F77tSMTP:UNDISCLOSED-RECIPIENTS:undisclosed-recipients:SMTPundisclosed-recipients:+nTundisclosed-recipients:SMTPundisclosed-recipients: o000 00 0oo0ECHNcontent-classx-mailerx-mimeole(x-ms-tnef-correlatorx-ms-has-attachx-aol-ip4x-aol-scoll-authentication 4LxF F