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 1   UNITED STATES SECURITIES AND EXCHANGE COMMISSION
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 3   TRANSCRIPT OF RECORDED TELEPHONE CONVERSATIONS
 4   FILE NAME:   OSNATO Decl Ex 34-Ledford9-15-08516pm
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 1             [DIAL TONE -- DIALING SOUNDS]
 2             UNIDENTIFIED:   Hey.
 3             MR. LEDFORD:   Hey.  A quick question for you. 
 4   This "Reserve Insights" that you and Lansky put together,
 5   or actually, I think you probably put most of it together,
 6   when is that going out to clients?
 7             UNIDENTIFIED:   Sales has it.  I'm sure they
 8   shared it with a couple of them.
 9             MR. LEDFORD:   Oh, it's okay to go out, then?
10             UNIDENTIFIED:   Yeah, it is.
11             MR. LEDFORD:   Okay.  They approved it and -- 
12             UNIDENTIFIED:   Yeah, Mr. -- actually, Mr. Bent
13   called in, and he approved it, as well.
14             MR. LEDFORD:   Okay.  Would you send it to Henry
15   Shilling at Moody's, -- 
16             UNIDENTIFIED:   Yeah.
17             MR. LEDFORD:   -- and to Ruth Shaw, please?
18             UNIDENTIFIED:   Henry Shilling and Ruth Shaw.
19             MR. LEDFORD:   You -- you got their e-mails,
20   right?
21             UNIDENTIFIED:   I know I have Ruth's.  I'll
22   double-check if I have Henry's.
23             MR. LEDFORD:   Okay.
24             UNIDENTIFIED:   All right.
25             MR. LEDFORD:   If you don't, call me back.
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 1             UNIDENTIFIED:   I will.
 2             MR. LEDFORD:   All right, right.  'Bye.
 3             UNIDENTIFIED:   'Bye.
 4                [END OF RECORDING]
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0004
 1                     C E R T I F I C A T I O N
 2   
 3             I, June Accornero, hereby certify that the
 4   foregoing transcript consisting of 4 pages is a complete,
 5   true and accurate transcript of the recorded conversations
 6   contained in the recording labeled "OSNATO Decl Ex 34-
 7   Ledford9-15-08516pm."
 8             The foregoing transcript has been typed and
 9   proofread by me.
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12   Typist/Proofreader                 Date
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