McGinn, Smith & Co., Inc. Income Notes

We are investigating the issuance and sale of certain income notes by McGinn, Smith & Co., Inc., including:

McGinn, Smith & Co., Inc.
Capital Center, 99 Pine St., 5th Fl., Albany, NY 12207
Security(ies) — 6.0% secured senior notes due 2006
Issuer of security(ies) — First Advisory Income Notes, LLC
Address of issuer — Same as above
State or country in which organized — New York

McGinn, Smith & Co., Inc.
Capital Center, 99 Pine St., 5th Fl., Albany, NY 12207
Security(ies) — 7.75% secured senior subordinated notes due 2008
Issuer of security(ies) — First Advisory Income Notes, LLC
Address of issuer — Same as above
State or country in which organized — New York

McGinn, Smith & Co., Inc.
Capital Center, 99 Pine St., 5th Fl., Albany, NY 12207
Security(ies) — 10.25% secured junior notes due 2010
Issuer of security(ies) — First Advisory Income Notes, LLC
Address of issuer — Same as above
State or country in which organized — New York

McGinn, Smith & Co., Inc.
Capital Center, 99 Pine St., 5th Fl., Albany, NY 12207
Security(ies) — One unit consisting of secured senior and unsecured
junior notes
Issuer of security(ies) — First Independent Income Notes, LLC
Address of issuer — Same as above
State or country in which organized — New York