Arbor Research and Trading Information

Arbor Research & Trading, L.L.C. ("Arbor") is an institutional research and brokerage firm that produces innovative research across a broad range of global fixed-income, equity, currency, and commodity markets. In addition, Arbor's trading desk provides comprehensive issue discovery and high quality execution in the fixed income and currency markets. Unencumbered by the biases of holding positions or underwriting securities, Arbor offers objective viewpoints and intelligent solutions for portfolio managers and traders world-wide through a proprietary menu of independent and innovative research products designed to work in conjunction with clients and their systems. Founded in 1988, Arbor has a long history of delivering innovative, technology-based products to many of the largest and most influential financial institutions world-wide. As the landscape of global financial markets has changed, Arbor has adhered to its mission, providing clients with timely analysis, objective opinion and first class execution. Alprion Capital Management LP ("Alprion") is a New York-based investment manager focused on the municipal sector. Alprion was founded in 2009 by a team of fixed income professionals with backgrounds in municipal credit and fundamental credit analysis.