Limitation of data on spreadsheets - Processes spread amongst multiple spreadsheets and/or non relational databases thereby causing various groups to

• Maintain separate data sets to generate operational reports, risk reports, position reports and accruals reports.

• Scramble on payment dates to receive and process rate information, amortization and accretion schedules

• Process Event data, such as redemptions, through manual entry into the system;

• Synchronize position data periodically through reporting feeds to the issuers

Duplication of effort - Several processes specially related to the management of floater certificate rates both internally and on DTC require duplicate manual updates. The manual entry of the same changes in the positions and amounts is very inefficient and this task is especially taxing considering the large number of trusts being managed by the Trustee.

Inadequate reporting to the clients - Since all internal and client reports are manually generated, the types of reports and the frequency of reporting is severely limited. In addition, new programs launched by issuers often require tracking in separate files; reporting for all such programs is a manual task.

Manual booking of new client trusts - All new client trusts have to be manually booked into multiple spreadsheets or other databases and all event related management has to be manually calculated, often resulting in the loss of original position data. Any changes to amortization/accretion schedules have to be manually managed.

MuniManager is a centralized database and system for the trust programs providing robust and rapid access along with the ability to house all trust programs in a single system. Historical data can be stored allowing comparison to prior periods. The cashflow generator handles all types of trust programs to produce customized reports.

Support for import of trust data along with amortization/accretion schedules along with full capabilities of a Trust Structuring Editor to handle all types of client programs including pooled trusts, multiple bonds, lot structuring, Floater and Residual certificates, automated links to third party sources for bond reference data.

Support for auto generation of payment date and MTD, PTD, YTD cashflow reports aggregated by clients or programs. Such reports may be directly uploaded to an FTP site for clients to download thereby removing all constraints on the frequency of reporting and manual report generation.

Support for auto generation of expiry and extension letters, periodic notices directly sent to clients thereby ensuring timely delivery of such notices along with an audit log of all such notices that have been sent out.

Support for a number of reports targeting frequently requested operations, generic query reporting engine for ad hoc queries, cashflow reports, marketing and sales reports, and program management reports.

Efficiency in operation: With the auto generated cashflow and payment date reports along with expiry and extension notices, the number of manual processes related to day-to-day program operations have been significantly reduced. This has allowed the same number of resources to manage a much larger number of programs and trusts.

New Programs: With client programs continuously evolving according to changing market needs, the MuniManager application allows trustees to keep abreast of such market developments. All new client programs which could not be supported earlier due to resource and management limitations can now be successfully managed through the application.

Fail Safe: The issue of delays due to errors or losses due to hardware or software errors is addressed through a database system that has duplication of data, failsafe recovery mode, and traceable, recorded audit logs of all changes to the data.

Improved Performance through STP: With a centralized server servicing all requests along with special routines to address calculation-intensive processes, and straight through processing of trades (STP), the performance of the entire trading operation has been significantly improved.

Links to other systems: The MuniManager application seamlessly links to all other internal systems used for the management of the Muni programs. With a single point of entry the information is supplied to all downstream systems. All feeds from third party sources, Security Master Database and rates are directly fed into the system.