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Particular skills that can benefit your organization
Experience and accomplishments as an investment banker
Early career in health planning and capital finance that established the building blocks of his success
Educational background and other qualifications

Skills to Benefit Your Organization

First at Chemical Securities, the investment banking division of Chemical Bank (now Chase Manhattan Bank), and, since May 1995, with his own financial advisory firm, Mr. Aronson has:

• earned superior client satisfaction by providing an "above and beyond" level of assistance, resulting in the establishment of several long-standing relationships, despite the transactional orientation of the business;
• managed complex financing and regulatory processes to produce outcomes that promoted clients' objectives within demanding timetables;
• integrated cutting-edge strategic initiatives and operational issues into financing processes; and
• worked closely with clients' senior management and governing boards, presenting complex subject matter in a format that facilitates decision-making.

Mr. Aronson's "big picture" orientation, along with meticulous attention to detail, demonstrated organizational and consensus-building skills and tenacious approach to problem-solving are clearly characteristics which will benefit any health care organization.

Investment Banking Experience

Prior to forming First River Advisory, Mr. Aronson was a Vice President in the Public Finance Department of Chemical Securities, where he specialized in financial and strategic planning and capital formation for health care organizations. Mr. Aronson joined Chemical Securities as a result of its 1991 merger with Manufacturers Hanover Securities Corporation (MHSC). During his combined 10½-year tenure, Mr. Aronson has served as a managing underwriter, placement agent or financial advisor in numerous transactions involving the issuance of over $3 billion of securities. These bond issues have entailed both interim and long-term financing, featured both fixed-rate and variable-rate instruments, and involved virtually all forms of credit support structures: bond insurance policies, bank letters of credit, ratings, FHA-insured mortgage loans and third-party guarantees. His clients have encompassed major urban medical centers, suburban and rural community hospitals and long-term care organizations, and have involved a wide variety of projects. In the course of achieving these objectives, Mr. Aronson

• Designed financing programs that achieved market recognition of clients' credit strengths;
• Honed credit skills by regularly tackling "credit sensitive" situations;
• Met unique challenges posed by the high-yield bond market;
• Devised innovative solutions that frequently challenged conventional wisdom; and
• Negotiated terms, conditions and covenants with investors, rating agencies and lenders.

A list of transactions between 1991 and 1994 for which Mr. Aronson has played the pivotal role follows.

Early Career

New York State Medical Care Facilities Finance Agency

Prior to joining MHSC in 1984, Mr. Aronson held the position of Manager of the Hospital Revenue Bond Program for the New York State Medical Care Facilities Finance Agency, a quasi-governmental bond issuer. While with MCFFA, Mr. Aronson managed financings for a wide range of health care organizations, including tertiary care medical centers and community hospitals. In particular, Mr. Aronson:

• managed twelve diverse transactions involving most conventional financing techniques;
• participated in many transactions that were groundbreaking in either New York or nationwide;
• integrated project development considerations into financing processes; and
• established many of the systems, policies and procedures which were still in use when MCFFA was disbanded in 1995.

Health Planning

Mr. Aronson began his career as a health planner for the Bergen-Passaic (NJ) Health Systems Agency, a regional planning organization. Among his accomplishments was his selection to represent the five New Jersey HSAs on a statewide committee advising the "DRG experiment" consultants and his role in drafting portions of the final report to State Commissioner of Health. The "DRG experiment" evolved into the Medicare Prospective Payment System.

Education and Other

Mr. Aronson earned both Bachelors and Masters degrees from the University of Pennsylvania in Regional Science (urban and regional economics), with a concentration in urban and regional health care systems. In addition, he has completed doctorate-level courses in health care policy and planning at New York University.

Addresses and Lectures:

• Healthcare Financial Management Association chapters
• American Osteopathic Healthcare Association
• Community Health Care Association of New York State
• Greater Detroit Area Health Council
• University of Michigan's School of Public Health (an annual guest lecture)
• Fairleigh Dickinson University's Executive MBA Program in Health Systems Management

Publications

• Author of "Access to Capital ," appearing in the February 1999 edition of Michigan HealthCare Business
• Quoted in an article on non-rated bonds which appeared in a 1992 issue of Hospitals, the Journal of the American Hospital Association.

Memberships

• Healthcare Financial Management Association
• National Association of Independent Public Finance Advisors
• National Federation of Municipal Analysts