We are confident that the company has procedures in place to ensure that accurate information is presented in writing to
consumers; however the potential for individual enrollment counselors to embellish and exaggerate, particularly prior to the
2010 Federal OIG investigation, is high in our view. Although we are not attorneys, we would be very surprised if the state is
able to prove its case with regard to investor misrepresentation as based on our observations, the company has always been
very careful.