Arbitrage Management Group

<body bgcolor="#ffffff" text="#000000"> <table style="font-family:Arial, Helvetica, sans-serif;" border="0" cellpadding="0" cellspacing="0" width="609"> <tr> <td width="384" valign="top"> <table cellpadding="3" cellspacing="0" border="0" width="384"> <tr> <td align="center" width="1%" valign="middle"> <img src="/files/15824/130%20x%2091%20pixels.jpg" alt="Arbitrage Management Group" height="130" width="91" border="0"> </td> <td> <img src="/graphics/spacer.gif" WIDTH="10" HEIGHT="1" border="0"></td> <td align="left" valign="middle" width="99%"> <span style="font: 10pt Arial, Helvetica, sans-serif;"> <b><font size=5> Specializing in Investment of<br>Bond Proceeds</font></b> <br> </span> </td> </tr> <tr> <td colspan="4" style="font: 10pt Arial, Helvetica, sans-serif; vertical-align:top;"> We use specialized investment strategies to maximize the investment income clients may retain from their bond proceeds. Clients may enjoy savings in their debt service budget and at the same time meet all requirements and restrictions set forth in their Indenture, Investment Policy and the Arbitrage regulations.<br> <br> We utilize strategies that may benefit from opportunities in the Arbitrage Regulations:<br> - Recapturing negative arbitrage.<br> - Rebate exemptions during construction period.<br> - Transferred proceeds rules during Escrow period.<br> - Capitalizing future earnings.<br> - Rebate-exempt securities. <p> </p> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" width="384"> <tr><td colspan="2" width="192"> </td><td colspan="2" width="192"> </td></tr> <tr><td colspan="2" width="192"> </td><td colspan="2" width="192"> </td></tr> </table> </td> <td width="225" valign="top"> <table border="0" cellpadding="0" cellspacing="0" width="225"> </table> </td> </tr> </table></div></body></html>