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Municipal Underwriting, Trading & Sales

Roosevelt & Cross' sales, trading, and activities are organized as follows:

Bond Underwriting

This Department, located in New York City, is responsible for all negotiated and competitive underwriting of primary market bond issues. It formulates pricing for new issues, establishes our participation in primary market underwritings, and manages our syndicate relationships.

Secondary Bond Trading

This Department is headquartered in our New York City office. It makes secondary markets in outstanding bond issues, takes down bonds from primary market underwritings, and maintains a substantial inventory of long-term securities. Secondary market inventories at Roosevelt & Cross are designed mainly to provide product for our institutional and retail sales force.

Sales

Roosevelt & Cross' twenty-four registered representatives cover several thousand active retail accounts, as well as all key commercial bank trust departments, all major managers of mutual funds and closed end investment trusts, and key property and casualty insurance companies and non-financial corporations. The firm has a hard-won reputation as an effective force in the distribution of municipal securities to final investors.

Public Finance

Roosevelt & Cross views public finance as an integral part of its business and as a major factor in sourcing new securities issues for our marketing team. The firm’s Public Finance Department is comprised of eight banking professionals with extensive experience in evaluating, structuring and executing a wide range of negotiated bond and note issues for governments and not-for-profit institutions. These include general obligation and revenue bonds for infrastructure, education, health care, housing, resource recovery, utility, economic development and various other purposes. The firm has structured a large volume of refunding issues in New York State and New England and is recognized as a leader in local government refinancing. We have also underwritten or placed a variety of negotiated taxable municipal issues sized at up to $100 million. Roosevelt & Cross has demonstrated that it has the skills and sophistication to handle a wide range of challenging financial transactions. We have acted, for example, as financial advisor to the Counties of Nassau, Westchester, and Erie and for the New York State Association of Counties for their securitization of Tobacco Master Settlement Agreement payments; structured and marketed a $95 million taxable pension fund issue for Stratford (CT), one of the first two issues of this type in Connecticut; senior managed over $700 million in local education financing for the Dormitory Authority of the State of New York; and acted as financial advisor to the Town of Huntington (NY) on a two year forward delivery refinancing of a $130 million resource recovery revenue bond.

Credit Analysis and Research

Roosevelt & Cross's Credit Analysis and Research Department is an integral part of our approach to the municipal market. The professionals in this Department review virtually all new issues sold within New York, New Jersey and New England, and prepare an internal credit review and rating. This research is used internally by our sales staff in preparation for their marketing efforts. Our analysts also support our sales efforts through consultations, as needed, with major investors. Finally, the firm’s research staff supports our secondary market trading activities through quick but comprehensive reviews of established credits, and their work is a major influence on our decisions regarding secondary inventory.