Stone & Youngberg Grows National Presence With Prominent New Hires in Northeast

Firm Expands Municipal Bond, Public Finance and Institutional Sales & Trading
Groups
SAN FRANCISCO--(Business Wire)--
Stone & Youngberg LLC, a leading financial services firm and the nation`s top
underwriter of California municipal bonds over the past five years,1 today
announced that it will expand business in the Northeast and nationwide with four
key new hires, all of whom will be based in the firm`s New York office. Jay
Murphy, a prominent industry veteran, will join Stone & Youngberg`s Municipal
Bond Department as a managing director and head of national underwriting. Murphy
comes from Goldman Sachs, where he has worked since 1980, most recently
co-managing the municipal syndicate desk. Joining the firm`s Public Finance
Group as a managing director is industry standout Jeff Hyman. Hyman previously
ran the Northeast municipal group at J.P. Morgan. In addition, Emily Chan will
join the firm`s Public Finance Group as an associate. Joining Stone &
Youngberg`s Institutional Sales & Trading Group as a vice president is James
Robertson.

"These strategic new hires will dramatically impact our business in the
Northeast and nationwide, allowing us to offer the high level of service and
expertise that our clients in the West have enjoyed for decades," said Ken
Williams, president and CEO of Stone & Youngberg.

"We believe the current environment provides a significant opportunity for us to
grow our business in the Northeast," said Steve Heaney, a managing director and
head of public finance for Stone & Youngberg. "Bringing in the expertise of key
industry players such as Jay and Jeff allows us to significantly accelerate
growth in the Northeast and at the same time bolster our existing practice in
other parts of the country."

Jay Murphy began his career in public finance with Goldman Sachs in 1980. He was
most recently a vice president with the firm, co-managing the municipal
syndicate desk until 2007. He was responsible for nationwide underwriting across
a range of industries including health care, housing and general infrastructure.
Murphy brings broad expertise in public finance underwriting to the firm, along
with strong client investor relationships. He is a graduate of Norwich
University with a Bachelor of Science degree in business administration.

Jeff Hyman is a 15-year finance industry veteran who has held managing director
titles at two top Wall Street firms. He was most recently a managing director
and head of Northeast Group at J.P. Morgan. Prior to J.P. Morgan, he was a
managing director and head of the New York Municipal Securities Group at UBS.
During his career Hyman has conceived, structured, executed and otherwise led
billions in capital markets transactions. He holds a B.A. in finance from the
University of St. Thomas in St. Paul, Minnesota, as well as a J.D. from the
University of Wisconsin Law School.

Emily Chan was previously an associate in Merrill Lynch`s Public Finance Group,
where she worked closely with issuers in the New York and Mid Atlantic regions
and a team of senior bankers to structure and execute bond issuances. Prior to
Merrill Lynch, Chan served as an intern to the United States Congress Joint
Economic Committee, performing research and policy analysis on key economic
issues. She holds a B.A. in economics and psychology from Wellesley College, as
well as a dual Master of Public Administration/Master of Social Work from
Columbia University.

"These are seasoned and highly accomplished professionals who will lend
tremendous regional knowledge and industry know-how to our growing Northeast
team," said Ramiro Albarran, a managing director in Stone & Youngberg`s Public
Finance Group who joined the New York office team in May.

James Robertson joins Stone & Youngberg`s Institutional Sales & Trading Group as
a vice president. Robertson was previously with Banc of America Securities,
where he was a vice president of institutional sales and municipal bonds in
firm`s Fixed Income Group. In this capacity he managed a portfolio of more than
40 fixed income institutional and middle market municipal bond investors,
growing the business from $30 million to $300 million in six years. Robertson
holds a B.A. in political science from the University of California at Los
Angeles.

"This is a key new hire that signifies our commitment to growing the firm`s New
York municipal sales presence," said Rich Beames, a managing director in Stone &
Youngberg`s Institutional Sales & Trading Group and Municipal Institutional
Sales manager. "James` expertise will be instrumental in helping us expand our
distribution capabilities."

Stone & Youngberg, founded in 1931, is one of the oldest private investment
banks operating in the U.S. The firm offers underwriting, advisory, and
investment services across the country to state and local governments,
non-profit organizations, and institutional and private investor clients through
its offices in San Francisco, Los Angeles, San Diego, and Big Bear Lake, CA, and
in New York, Chicago, Phoenix, Richmond, VA, and Annapolis, MD.

For more information on the Stone & Youngberg, visit www.syllc.com

About Stone & Youngberg: Stone & Youngberg Holdings LLC is a financial services
company providing a range of products and services through three subsidiary
businesses. Stone & Youngberg LLC, founded in 1931 and member FINRA/SIPC,
specializes in the origination and sale of fixed-income securities. The firm led
or co-managed the sale of 978 municipal bond issues totaling $20.4 billion over
the past five years.1 In addition to bond underwriting and sales, Stone &
Youngberg provides investment services to individuals, institutions, and
government agencies and offers a wide variety of tax-exempt and taxable
securities. S&Y Capital Group LLC is a private real estate investment,
development, and consulting company.

Stone & Youngberg is headquartered in San Francisco with offices in Los Angeles,
San Diego, New York, Chicago, Phoenix, Richmond, VA, Annapolis, MD, and Big Bear
Lake, CA. Additional information is available at www.syllc.com or by calling
800-447-8663.

¹ Based on number of bond issues 2004-2008, Thomson Reuters 2009

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Stone & Youngberg LLC
Steve Hall, 415-445-2656
shall@syllc.com
or
Pierce Communications Group, LLC
Kimberley Pierce, 510-326-0058
kimberley@piercecommgroup.com

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