<SUBMISSION>
<ACCESSION-NUMBER>0000950123-09-002150
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20090206
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20090206
<DATE-OF-FILING-DATE-CHANGE>20090206
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>BOWNE & CO INC
<CIK>0000013610
<ASSIGNED-SIC>2750
<IRS-NUMBER>132618477
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-05842
<FILM-NUMBER>09577815
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>55 WATER STREET
<CITY>NEW YORK
<STATE>NY
<ZIP>10041-0006
<PHONE>2129245500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>55 WATER STREET
<CITY>NEW YORK
<STATE>NY
<ZIP>10041-0006
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y74512e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 0pt"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of Earliest Event Reported): February&nbsp;6, 2009</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Bowne &#038; Co., Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">(Exact name of registrant as specified in its charter)</FONT></DIV></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
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<TR valign="bottom">
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1-05842
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13-2618477</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">55 Water Street, New York, New York
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10041</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: 212-924-5500</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Not Applicable</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">Former name or former address, if changed since last report</FONT></DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>



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<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
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</TR>
<TR><TD colspan="9"><A HREF="#000">Item&nbsp;8.01 Other Events</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">Item&nbsp;9.01 Financial Statements and Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="y74512exv99w1.htm">EX-99.1 PRESS RELEASE</A></TD></TR>
</TABLE>
</CENTER>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 "Item&nbsp;8.01 Other Events" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8.01 Other Events.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On
February&nbsp;6, 2009, Moody&#146;s Investors Service (&#147;Moody&#146;s&#148;) lowered its corporate credit rating on
Bowne &#038; Co., Inc. (&#147;the Company&#148;) to &#145;B1&#146; from &#145;Ba3&#146;, and also lowered its rating on the Company&#146;s
convertible subordinated debentures to &#145;B3&#146; from &#145;B2&#146;. These ratings conclude Moody&#146;s review which
commenced on November&nbsp;14, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A copy of the press release released by Moody&#146;s is being furnished as Exhibit&nbsp;99.1 to this Current
Report on Form 8-K.
</DIV>

<!-- link1 "Item&nbsp;9.01 Financial Statements and Exhibits" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exhibits</B>
</DIV>


<DIV style="margin-top: 0pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Moody&#146;s press release dated February&nbsp;6, 2009</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Bowne &#038; Co., Inc.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left"><I>February 6, 2009</I>&nbsp;</TD>
    <TD valign="top"><I>By:</I>&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
<I>/s/ John J. Walker</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><I>Name:</I>&nbsp;&nbsp;</TD>
    <TD align="left"><I>John J. Walker</I> &nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><I>Title:</I>&nbsp;&nbsp;</TD>
    <TD NOWRAP align="left"><I>Senior Vice President and Chief Financial Officer</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>y74512exv99w1.htm
<DESCRIPTION>EX-99.1 PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="y74512y7451201.gif" alt="(MOODYS INVESTORS SERVICE LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Global Credit Research<BR>
Rating Action</B><BR>
6 FEB 2009</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Rating Action: Bowne &#038; Co., Inc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Moody&#146;s downgrades Bowne CFR to B1; outlook negative</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">New York, February&nbsp;06, 2009 &#151; Moody&#146;s Investors Service downgraded the corporate family rating of
Bowne &#038; Co., Inc. (Bowne) to B1 from Ba3 and the rating on its convertible subordinated notes to B3
from B2, concluding the review commenced November&nbsp;14, 2008. The outlook is negative. Downward
ratings pressure will likely persist until revenues stabilize, the liquidity profile improves, and
Bowne reduces its cost base.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The downgrade incorporates expectations that continued weak performance in Bowne&#146;s Capital Markets
segment will prevent Bowne from achieving credit metrics appropriate for the prior Ba3 corporate
family rating, as well as concerns over the weakened liquidity profile. Moody&#146;s estimates the weak
revenue and the modest increase in debt to fund acquisitions, combined with an increase in the
underfunding of the pension obligation (which Moody&#146;s treats as debt), will result in
debt-to-EBITDA in excess of 5 times for 2008. Cost cutting actions should facilitate modestly
positive free cash flow in 2009, supporting the B1 corporate family rating, but remain
insufficient to offset the revenue declines expected based on the severity and prolonged nature of
the current downturn in the capital markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The negative outlook reflects concerns over expectations for continued softness in the capital
markets and the weakened liquidity profile, including potential covenant pressure for the
leverage covenant of Bowne&#146;s revolver, which matures in May&nbsp;2010. Revolver usage to fund the
repayment of the majority of its bonds in October&nbsp;2008 (when bondholders exercised put rights)
reduced external liquidity sources, and the weak operating performance, combined with use of cash
for acquisitions, eroded internal sources. Bowne faces these liquidity challenges just as it
enters the typically cash consumptive period of its highly seasonal business. Bowne&#146;s bank
facility is unsecured with no debt senior to it in the capital structure, which creates
flexibility for negotiating an amendment or refinancing, in Moody&#146;s opinion, but such a
resolution remains uncertain and would likely result in upfront fees and higher ongoing debt
service costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bowne &#038; Co., Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">....Corporate Family Rating, Downgraded to B1 from Ba3
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">....Probability of Default Rating, Downgraded to B1 from Ba3
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">....Subordinate Convertible Bonds, Downgraded to B3, LGD6, 96% from B2
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">....Outlook, Changed To Negative From Rating Under Review
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Moody&#146;s expected Bowne&#146;s business diversification to enable it to withstand a downturn in the
capital markets, but the severity and prolonged nature of the current decline exceeds previous
expectations, resulting in a material negative impact on credit metrics. We expect that cost
cutting actions and the elimination of cash dividends will enable the company to sustain metrics
that position it weakly in the B1 corporate family rating over the next year, and that with some
stabilization in revenue the company&#146;s metrics should strengthen within this category. Bowne&#146;s B1
corporate family rating reflects its exposure to the capital markets cycle, modest EBITDA margins
(currently depressed further by softness in the capital markets), the seasonality of and volatility
of its cash flow, and some vulnerability to the decline in printed material. The company also faces
execution risk as it integrates acquisitions and reduces the cost base, although management&#146;s track
record of successful integration of acquisitions and implementation of cost cutting initiatives
somewhat tempers these concerns. Bowne&#146;s moderate debt level, expectations for modestly positive
free cash flow in 2009, some recurring revenue (in its Compliance, Investment Management, and
Marketing &#038; Communications segments), and its leading market share support the ratings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Moody&#146;s assigned Bowne&#146;s ratings by evaluating factors that Moody&#146;s considers relevant to the
company&#146;s risk profile, such as the company&#146;s (i)&nbsp;business risk and competitive position compared
with others within the industry; (iii)&nbsp;capital structure and financial risk; (iii)&nbsp;projected
performance over the near to intermediate term;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and (iv)&nbsp;management&#146;s track record and tolerance for risk. Moody&#146;s compared these attributes
against other issuers both within and outside Bowne&#146;s core industry, and its ratings are
believed to be comparable to those of other issuers with similar credit risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The most recent rating action on Bowne occurred on November&nbsp;14, 2008, when Moody&#146;s downgraded
Bowne&#146;s corporate family rating to Ba3 and placed ratings on review for further possible
downgrade.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For more information please see the credit opinion to be posted on Moodys.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bowne &#038; Co., Inc. provides global shareholder and marketing communications services, including
capital markets communications, assistance with the preparation and filing of regulatory and
shareholder documents online and in print, and the creation and distribution of customized
communication on demand. With headquarters in New York, New York, Bowne maintains 60 offices
around the globe and has approximately 3,000 employees. Its annual revenue is approximately $800
million.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">New York<BR>
Karen Berckmann<BR>
Analyst<BR>
Corporate Finance Group<BR>
Moody&#146;s Investors Service<BR>
JOURNALISTS: 212-553-0376<BR>
SUBSCRIBERS: 212-553-1653

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">New York<BR>
Andris G. Kalnins<BR>
Senior Vice President<BR>
Corporate Finance Group<BR>
Moody&#146;s Investors Service<BR>
JOURNALISTS: 212-553-0376<BR>
SUBSCRIBERS: 212-553-1653

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>CREDIT RATINGS ARE MOODY&#146;S INVESTORS SERVICE, INC.&#146;S (MIS)&nbsp;CURRENT OPINIONS OF THE RELATIVE
FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MIS DEFINES
CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS
THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT
ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR
PRICE VOLATILITY. CREDIT RATINGS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT
RATINGS DO NOT CONSTITUTE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS ARE NOT
RECOMMENDATIONS TO
PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. CREDIT RATINGS DO NOT COMMENT ON THE SUITABILITY
OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MIS ISSUES ITS CREDIT RATINGS WITH THE EXPECTATION
AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY
THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><SUP style="font-size: 85%; vertical-align: text-top">&#169;</SUP> Copyright 2009, Moody&#146;s Investors Service, Inc. and/or its licensors including Moody&#146;s
Assurance Company, Inc. (together, &#147;MOODY&#146;S&#148;). All rights reserved.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY
BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED,
REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART,
IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY&#146;S PRIOR WRITTEN
CONSENT. All information contained herein is obtained by MOODY&#146;S from sources believed by it to
be accurate and reliable. Because of the possibility of human or mechanical error as well as
other factors, however, such information is provided &#147;as is&#148; without warranty of any kind and
MOODY&#146;S, in particular, makes no representation or warranty, express or implied, as to the
accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any
such information. Under no circumstances shall MOODY&#146;S have any liability to any person or
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construed solely as, statements of opinion and not statements of fact or recommendations to
purchase, sell or hold any securities. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY,
TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH
RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY&#146;S IN ANY FORM OR MANNER
WHATSOEVER. Each rating or other opinion must be weighed solely as one factor in any
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">investment decision made by or on behalf of any user of the information contained herein, and each
such user must accordingly make its own study and evaluation of each security and of each issuer
and guarantor of, and each provider of credit support for, each security that it may consider
purchasing, holding or selling.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">MOODY&#146;S hereby discloses that most issuers of debt securities (including corporate and municipal
bonds, debentures, notes and commercial paper) and preferred stock rated by MOODY&#146;S have, prior to
assignment of any rating, agreed to pay to MOODY&#146;S for appraisal and rating services rendered by it
fees ranging from $1,500 to approximately $2,400,000. Moody&#146;s Corporation (MCO)&nbsp;and its
wholly-owned credit rating agency subsidiary, Moody&#146;s Investors Service (MIS), also maintain
policies and procedures to address the independence of MIS&#146;s ratings and rating processes.
Information regarding certain affiliations that may exist between directors of MCO and rated
entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC
an ownership interest in MCO of more than 5%, is posted annually on Moody&#146;s website at
www.moodys.com under the heading &#147;Shareholder Relations &#151; Corporate Governance &#151; Director and
Shareholder Affiliation Policy.&#148;
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