"Our updated
scorecard helps us to achieve two important objectives; streamlining
our CDO asset manager rating process, which we anticipate will expand
our coverage of rated managers, and helping to minimize potential
anomalies in the derivation of composite scores," said Marion
Silverman, Managing Director, Fitch Ratings.

Fitch has applied its new scorecard for all managers with
outstanding CDO asset manager ratings. The
Summit was created to bring together AVP's sponsors, supporters and interested
parties once a year for a "State of the AVP" weekend.

2003 championship

Last year, over 100,000 fans
packed the beach to witness the one-of-a-kind action of the elite AVP pro-
beach volleyball players.

About the AVP
AVP Pro Beach Volleyball Tour, Inc.com.

womens update

Each represents double or triple points and prize money .S.

update men

categories men

At the end
of the season, for the first time in Tour history, the AVP will crown a
champion team for the men's and women's teams. Professional beach volleyball is
one of the most exciting and fastest growing sports in the United States
today.

categories sub

AVP's Chief Executive Officer and Tour Commissioner, Leonard Armato, will
conduct the meeting and present a detailed outline for the continued growth of
AVP. Featuring more than 150 of the top American men and
women competitors in the sport , AVP will stage 14 events throughout the United
States in 2005.

update scores

Fitch has reallocated the relative weights of the scored factors
in its CDO asset manager scorecard to merge the financial condition
factors into the Company and Management Experience category and has
consolidated the Credit Selection and Portfolio Management factors
into a single category.

scores collegiate

Fitch will update CDO
asset manager ratings reports as they become due for updates. Each of the AVP's fifteen national sponsors will be
represented and another 30 potential sponsors will be in attendance.

championship sub

All tournaments will be televised live (or same day) on
either Fox Sports Net, OLN or NBC Sports.

held volleyball

~ Over 40 Companies Represented as NBC and OLN Prepare to Broadcast the
Men's and Women's AVP Nissan Championship Series Finals and Semi-Finals ~

LOS ANGELES, AVP Pro Beach Volleyball Tour, Inc. women in professional beach volleyball .

womens daily

mens volleyball

womens college

"The implementation of our new CDO asset manager scorecard is a
result of our periodic review of criteria and our ongoing efforts to
harmonize our global asset manager rating methodologies," said John
Schiavetta, Group Managing Director, Fitch Ratings.

sub 3rd

In 2004, AVP athletes successfully represented the United States
during the Olympics in Athens, Greece, winning gold and bronze medals , the
first medals won by U.

daily mens

Business Editors

NEW YORK----Fitch Ratings has
announced changes to its Global CDO Asset Manager Rating program.avp.

mens slovenia

,
a wholly owned subsidiary of AVP, Inc .

sub european

For more information on Fitch's CDO asset manager rating criteria
see Fitch's updated research on 'Rating CDO Asset Managers', which is
available on the Fitch Ratings web site at 'www.

All above mentioned trademarks are the property of their respective
owners.

AT AVP:
Amy Cozamanis
General Information and Investor Inquiries
(310) 854-8314
acozamanis@financialrelationsboard.

july european

Fitch Ratings Updates CDO Asset Manager Rating Program

fitchratings . AVP operates the industry's most
prominent national touring series, the AVP Pro Beach Volleyball Tour,
currently sponsored by Nissan and referred to as the AVP Nissan Series, which
was organized in 1983.com

mens sub

In
its updated report, the most notable change in Fitch's CDO asset
manager rating methodology is the consolidation of scored factors into
seven categories from the prior nine . Comcast's Outdoor Life Network (OLN) will air coverage of both
the Men's and the Women's semi-finals from the weekend as well.

july slovenia

Although the composite scores
for some managers were affected, none were affected sufficient to
warrant any changes in their 'CAM' ratings.
Attendees will also hear from legendary LA Times sports editor Bill Dwyer
as well as Joe Uva, President and CEO of OMD Worldwide , one of the leading
global full-service media planning and buying companies, who will deliver the
keynote address on the changing face of sports and media in the 21st century.

Category for site with both men's and women's volleyball.

championship collegiate

AVP Pro Beach Volleyball to Host Sponsor Summit at Historic Hermosa Beach Tournament

Topics will include the unprecedented rise in popularity for the sport
of beach volleyball, the unique opportunity for sponsors to fully integrate
into the fabric of the sport in an exclusive and protected environment, and
specific plans for the future of the Tour.
Following the Summit, guests will be invited to attend the AVP Nissan
Series Hermosa Beach Open, one of the longest-running and most prestigious
beach volleyball tournaments in the world.

daily scores

(OTC Bulletin Board: AVPN), a lifestyle
sports entertainment company focused on professional beach volleyball, will
conduct a Sponsor Summit meeting on Friday, July 22nd in Hermosa Beach,
California in advance of the AVP Nissan Series Hermosa Beach Open presented by
Bud Light.

Also the parent category for the sub-categories , 'Men' and 'Women'.

womens scores

Fitch's updated CDO asset manager scorecard is now designed to
generate scores for the following seven categories:

Company and Management Experience;

Staffing;

Procedures and Controls;

Portfolio Management;

CDO Administration;

Technology;

CDO Performance. For more
information, please visit http://www.

maribor 2nd

NBC Sports will continue its coverage of the AVP Nissan Championship
Series with a live broadcast featuring the Men's Finals on Saturday, the 23rd
at 4:30 pm EDT followed by the Women's Final on Sunday the 24th live at
4:30 pm EDT.
The AVP Nissan Championship Series is made up of the five "majors" on the
Tour, Cincinnati , Hermosa Beach, Huntington Beach, Manhattan Beach and
Chicago.

parent held

com

The AVP Nissan Series Hermosa Beach Open is one event of 14 in the
2005 Tour season. is a leading lifestyle sports
entertainment company focused on the production, marketing and distribution of
professional beach volleyball events .