Welcome,

We are pleased to welcome you to Public Resources Advisory Group’s (“PRAG’s”) web site. We hope that you find it informative and useful. PRAG is a leading independent financial advisory firm serving state and local governments and their agencies and authorities, not-for-profits and other entities that raise funds in the municipal capital markets.

When we founded PRAG in 1985, the market was in the middle of the tumult caused by pending retroactive tax reform legislation. Little did we know that we had decided to start out on our own in the year that would see volume almost double as issuers rushed to market before the proposed changes were signed into law. In our first year we advised on 14 issues totaling just over $1.4 billion. This was only about 0.5% of the total market for that year. Since then, our volume has averaged $24.0 billion over the past five years and our market share increased to approximately 5.0%.

In addition to our growth in market share, we are also proud of the tenure of many of our clients. Several clients have retained PRAG as financial advisor since we were founded in 1985, with many others having been clients for more than 10 years. We believe this longevity reflects not only our focus on professionalism, integrity and service, but also the development of a staff that is recognized for its analytic and quantitative capabilities, understanding derivative products, credit issues and long-term financial planning as well as marketing and pricing bond issues. In addition, PRAG is an independent investment advisor, registered under the New York Investment Advisory Act, and provides a wide range of investment advice to our clients.

Should you need assistance with financial planning, investment advice or capital financing, we hope you will feel free to contact one of the professionals in any of our six offices.

Sincerely,

William W. Cobbs

Chairman