Bond Logistix LLC launches Swap Advisory Services

Los Angeles (June, 2004) - Bond Logistix LLC ("BLX"), a wholly-owned subsidiary of Orrick, Herrington & Sutcliffe LLP, announced today that will offer its clients swap advisory services. Interest rate swaps, after emerging in the municipal market place over the last decade, have become a commonly used and effective tool in the asset/liability management strategies of municipalities and their related entities.

As an advisor and consultant to hundreds of state and local governments, BLX has experienced a steady increase in the demand for swap services and at the request of existing clients has assisted with evaluating, acquiring, and terminating various interest rate swaps.

"Given the increase in swap use, it is a natural fit for BLX and more importantly for our clients," said BLX President Craig Underwood. "BLX's extensive resources allow us to analyze and advise issuer clients on a broader and more comprehensive level than most firms practicing in this area."

Consistent with its other service areas, BLX will provide all-inclusive swap advisory services from concept to post-trade management, including: development of internal swap utilization policies; independent evaluation of proposed interest rate swap structures; risk assessment and stress-testing evaluation; swap structuring and pricing services; competitive bidding services; swap documentation review and consulting; fair market pricing certification; termination valuation and negotiating services; swap position monitoring and reporting services.

BLX is registered investment advisory firm, which provides comprehensive financial and quantitative services to public sector clients. With offices in Los Angeles, San Francisco, New York, Dallas and Tampa, BLX provides investment advisory, arbitrage rebate and yield restriction, continuing disclosure, tobacco securitization program administration, and various other services relating to tax-exempt bond transactions to more than 1,200 governmental clients across the country.