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McCall, Parkhurst & Horton L.L.P. ("McCall") has practiced exclusively in the area of public fmance <br />law since its creation in 1919. The firm's opinion (as to the validity and enforceability of a public entity's debt <br />obligations and, later, tax exemption) was the first given by a Texas firm accepted in the national securiries <br />markets. We are the only law firm in Texas, and one of a few law firms nationwide, that specialize solely in <br />the field of public finance. The firm is composed ot 23 attorneys located in Dallas, San Antonio, and Austin. <br />McCall is the leading bond counsel in Texas and routinely ranks in the top ten bond counsel firms <br />nationally. Historically, the firm has served as bond counsel for more issuers of public securities than any <br />other law firm in the southwestern United States. Our high national ranking is not only an indicarion of the <br />stature of the firm in the public finance industry, but more importandy, an indication of the depth and <br />breadth of our practice. We consistently achieve our high rankings by holding ourselves to the highest <br />standards of technical experrise, professional dedication, client service and ethical responsibility. <br />McCall represents some of the largest and most sophisricated issuers in the country, including the <br />Cities of Austin, Dallas and Fort Worth, the Dallas/Fort Worth International Airport, the North Texas <br />Tollway Authority, the Texas Department of Transportauon, the Texas Water Development Board, the <br />University of Texas S3-stem, Texas A&M University System, Texas State University System, and many more. <br />McCall has been a leader in drafting legislation and developing innovative financing techniques in Texas. <br />The following tables summarize the number of transactions and dollar value of public finance issues <br />for which McCall has served as bond counsel in recent years: <br />National and Stat <br />e Rankingsl <br />Narional Ranldng <br />Texas Ranldng <br />Year <br />Rank <br />Par Amount <br />No. of Issues <br />Rank <br />Par Amount <br />No. of Issues <br />2011 <br />8 <br />$6,941,800,000 <br />291 <br />1 <br />$6,760,100,000 <br />283 <br />2010 <br />7 <br />$11,467,000,000 <br />360 <br />1 <br />$11,419,300,000 <br />355 <br />2009 <br />5 <br />$9,390,700,000 <br />258 <br />1 <br />$9,206,700,000 <br />230 <br />2008 <br />6 <br />$11,276,400,000 <br />238 <br />1 <br />$11,215,000,000 <br />229 <br />2007 <br />8 <br />$9,221,500,000 <br />292 <br />2 <br />$7,703,400,000 <br />232 <br />2006 <br />5 <br />$10,992,000,000 <br />282 <br />1 <br />$10,961,200,000 <br />271 <br />2005 <br />8 <br />$8,770,900,000 <br />310 <br />1 <br />$8,677,000,000 <br />295 <br />2004 <br />14 <br />$5,080,900,000 <br />250 <br />2 <br />$5,031,800,000 <br />238 <br />2003 <br />10 <br />$6,149,600,000 <br />292 <br />2 <br />$6,113,900,000 <br />264 <br />2002 <br />5 <br />$8,500,400,000 <br />324 <br />1 <br />$8,446,000,000 <br />297 <br />I As reported by Thomson Reuters in its US Municipals Review; excludes private bank placements and remarketing of <br />variable xate demand obligations. <br />Page 1 2 <br />