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MTR Securities Announces Promotions and Six New Hires

For Immediate Release

July 20, 2006

New York - Miller Tabak Roberts Securities, LLC has hired six new staff members, including five salespeople and a new senior research analyst. The firm also announced the promotions of three staff members to senior management positions and the promotions of four professionals to institutional sales positions.

MTR's senior promotions are as follows: John Rudd has been appointed Sales Manager for the High Yield department, where he has worked since 1998, most recently as a Managing Director. Mr. Rudd, who is a CFA charterholder, previously worked at RBC Dominion Securities, where he was head of RBC's US debt trading. Ilan Lessick, MTR's Director of Compliance, Credit & Counterparty Risk, has been promoted to Chief Financial Officer. Mr. Lessick previously worked in the internal audit division of Citibank, London and in risk management at Investec Bank Limited, where he became risk director of their US subsidiary before joining MTR in 2003. Matthew Dundon has been appointed Head of Research. Mr. Dundon was a lawyer at Alston & Bird prior to joining MTR in 2003 as a senior analyst focused on telecommunications and distressed debt.

MTR hired Marcin Varanka, formerly of Barclays Capital, and Michael Waln, formerly of Goldman Sachs, as Vice Presidents in High Yield sales.

In Distressed and Reorganized Equity sales, MTR hired Krystyna Bialecki, previously of IRJ Research, as Vice President.

In Emerging Markets sales, MTR hired Marino Mazzeo, previously of Maxim Group and UBS, as First Vice President, and Juan Carlos Cano, previously of Bank of America, as a Senior Associate.

In Research, MTR hired Marcelo Herz, formerly of Morgan Stanley, as a First Vice President and Senior Analyst covering emerging markets.

In addition to the above, MTR is pleased to announce promotion of the following four professionals to institutional sales: Frank Romeo and Van Leeper in High Yield sales, Matthew Mezzancello in Regional Dealer sales, and Michael Levine in Convertible bond sales.

All personnel noted above are based in MTR's New York headquarters, with the exception of Mr. Cano (Miami office) and Mr. Waln (Dallas office).

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