Mary A. Packer, President and Registered Principal, established PK Securities and PK Advisors, Inc. on May 23, 1999. Both firms are nationally recognized for their innovations in the field of bond proceeds reinvestment, providing reinvestment and derivative services to state and local issuers nationwide. Ms. Packer had co-founded PackerKane & Co., Inc. in February, 1987 and PackerKane Securities, Inc. in June, 1994, and served as President of both companies until the companies were dissolved in May, 1999. In 1984, Ms. Packer joined the New York office of Morgan Stanley & Co., Inc. to establish its tax-exempt reinvestment department, advising, structuring, and placing proceeds from numerous tax-exempt financings nationwide. Between 1979 and 1984, Ms. Packer was an Assistant Vice President in the Public Finance Department at The First Boston Corporation in New York City and was instrumental in initiating many of the innovative concepts on which the reinvestment industry is based. Prior to 1979, Ms. Packer was an Assistant Vice President in the International Asset Management Department at Merrill Lynch Government Securities, Inc, also located in New York City. As of 2006, her involvement with reinvestment totals approximately twenty-seven years.

Ms. Packer is a graduate of Syracuse University. She attended New York University School of Business and received an MBA from Fairleigh Dickinson Graduate School of Business. She holds Series 3 (National Commodities Futures), Series 7 (General Securities Representative), Series 24 (General Securities Principal) and Series 63 (Uniform Securities Agent State Law Examination) licenses with the FINRA and has been a featured speaker for numerous organizations, associations and conferences nationwide including Smith's Conference, the National Council of State Housing Agencies ("NCSHA") and the National Association of Local Housing Finance Agencies ("NALHFA").

Jeffrey L. Kiss, Manager and Registered Principal
Winter Park, Florida

Jeffrey Kiss is a founding Partner and Registered Principal of PK Securities and Manager of the Winter Park, Florida, office. Prior to May, 1999 he had provided marketing services for PackerKane & Co., Inc. and PackerKane Securities, Inc. He has designed and implemented investment agreements and other reinvestment products for tax-exempt financing issuers nationwide since 1993.

Mr. Kiss has been a Board Member of the Florida Housing Coalition, a not-for-profit organization providing technical assistance and networking services for affordable housing projects. Between 1987 and 1993, Mr. Kiss was Manager and Vice President of the Orlando, Florida, Public Finance Department of Donaldson, Lufkin & Jenrette, working with both state and local housing finance agencies throughout the southeast. From 1984 to 1987, Mr. Kiss served as Deputy Director to the Florida Housing Finance Agency. Prior to this time, Mr. Kiss was a Consultant to the Florida Department of Community Affairs and worked as an urban planner for Broward County.

Mr. Kiss has a B.A. in Political Science/ History from Allegheny College, an M.P.A. from Florida Atlantic University and an M.B.A. in Finance from Florida State University. He holds Series 7 (General Securities Representative), Series 24 (General Securities Principal), Series 63 (Uniform Securities Agent State Law Examination) and Series 65 (Uniform Investment Adviser) licenses with the FINRA, and has been a featured speaker for a variety of state and local organizations, including NCSHA, NALHFA and FL ALHFA.

Penny Palmer, Manager
San Rafael, California

Penny Palmer has been a resident of California for more than thirty years and has worked in the field of California public finance for that same length of time, specializing in reinvestment services since 1984. She joined PK Securities at its inception in May, 1999 facilitating investment transactions for state and local issuers primarily in the Western United States. In 1984, Ms. Palmer joined Atlantic Capital Corporation, a company which acted as a principal in municipal bond reinvestment, investing the proceeds on its own behalf. After five years with Atlantic, she then spent ten years with PackerKane, a company co-founded by Mary Packer, as a broker, marketing reinvestment products for tax-exempt and taxable municipal bond financings to issuers, financial advisors and underwriters nationwide. Ms. Palmer holds Series 7 (General Securities Representative), Series 63 (Uniform Securities Agent State Law Examination) and Series 65 (Uniform Investment Advisor) licenses with the FINRA. She was educated at Plymouth College, England and at San Diego State College, California.