Taxable & Tax Exempt Debt Underwriting Online Bond Auctions Private Placements of Debt and Equity PIPEs

Shattuck Hammond Partners has provided capital markets expertise and debt underwriting services to a broad range of organizations - primarily not-for-profits -- for more than a decade. Since our founding in 1993, we have served as underwriter, financial advisor or placement agent on over $7.5 billion in financing transactions. Our capital raising services have facilitated the initial formation and capitalization of many organizations, while providing expansion and acquisition capital to implement the strategic plans of others.

Based upon our philosophy that business strategy drives capital strategy, Shattuck Hammond assists our clients in developing efficient and effective finance plans that support strategic initiatives. In fact, underwriting transactions often follow a comprehensive strategic capital planning process that focuses on an organization's long-term business outlook, capital needs and sources.

Shattuck Hammond structures and markets all types of debt securities: taxable and tax-exempt, fixed and variable interest rate; insured or rated; investment grade and non-investment grade credits. Just as important, we assist our clients in an evaluation of the most appropriate credit and borrowing structure in view of the organization's specific business profile and objectives. Having established several credit and structuring "firsts," Shattuck Hammond continues to distinguish itself as an innovator in the industry. As discussed below, Shattuck Hammond is the leading advocate today of online auctions for the new issuance of tax-exempt bonds.

Our clients rely upon Shattuck Hammond for senior level attention and value-added service throughout the financing process. In particular, we strive to manage the financing process in a way that minimizes the disruption to the organization and the utilization of management resources.

• In developing finance plans, Shattuck Hammond's independence and experience assures our clients unbiased advice based upon broad capital markets knowledge.
• We approach each capital markets transaction in a way that optimizes the use of the special products, marketing approaches and distribution channels available to optimize our clients' cost of capital.
• In developing and implementing credit strategies, our clients benefit from our primary focus on healthcare and our significant experience dealing with credit analysts.
• Our ongoing presence in the market, through underwriting, sales and trading activities, enables us to monitor and evaluate capital markets activity to assist clients in determining the optimal timing of a transaction.
• Our active participation also provides Shattuck Hammond access to institutional investors and knowledge of their preferences, enhancing our marketing efforts and, as a result, the pricing of our clients' debt.
• We coordinate all aspects of the financing, including the activities of all participants to ensure a timely closing and transfer of funds.