During his career in public finance, Mr. Stone has participated in numerous tax-exempt financings throughout the United States. Among the transactions in which he has participated are bond and notes issues for general obligation financings; water, sewer and electric utilities; housing and health care facilities; stadiums and convention centers; and pollution control and industrial development projects.

Since 1972 Mr. Stone has worked extensively in the development and implementation of computer-based systems relative to the quantitative analysis of municipal securities financings. He has three decades of experience in debt structuring, bond issue sizing, yield determination, and the preparation of cash flow schedules in connection with all types of new money and advance refunding issues. Mr. Stone personally supervises the selection, testing and application of all the computer programs in use at Stanley P. Stone & Associates, Inc.

Prior to entering the field of public finance, Mr. Stone served for three years in the U.S. Navy as a commissioned officer, and has held positions with State Street Bank and Trust Company, Boston, Massachusetts and Citibank, New York, New York. He graduated from Boston University with a Bachelor of Science degree in Business Administration, cum laude, and from the Columbia University Graduate School of Business with a Master of Business Administration degree in Finance.

Prior to forming Stanley P. Stone & Associates, Inc. in March 1985, Mr. Stone served for thirteen years in the public finance departments at three major national brokerage firms. His investment banking experience includes two years as a Senior Vice President in the Public Finance Department at L.F. Rothschild, eight years in the Public Finance Department at Shearson Lehman Brothers, and three years in the Public Finance Department at Smith Barney.