Dupont Direct announces signing of NAFSCO as advisor to Kayenta, Arizona for first Navajo Township Tax Exempt Municipal Bond Issue

Business Wire, April 24, 2000

Business Editors

NEW YORK--(BUSINESS WIRE)--April 24, 2000

Dupont Direct Financial Holdings, Inc. (OTCBB:DIRX) and Native American Financial Services Co. (NAFSCO) a 49% holding of Dupont Direct announce the signing of NAFSCO as financial advisor for the underwriting of the first municipal bond issue for a Navajo Tribal Municipality. The $5.2 million deal consists of $4 million in bonds for a juvenile detention center and $1.2 million for street-lighting improvement. NAFSCO will serve as financial advisor to Kayenta for the issuance of these bonds.

"This is groundbreaking," said Denis Smith, Senior Vice President of NAFSCO. "Merging Wall Street municipal requirements and Native American thinking has involved many facets, and we think we have the right mix to make this issue succeed. We've had to create a product that Wall Street will like and at the same time respect what the Navajo Nation wants."

"While it is a small deal," Smith stated "the Navajo Nation is using Kayenta as a testing ground. If the deal works out well, it may convince the Navajo Nation, as a sovereign entity, to issue bonds on its own. And since the Navajo Nation has more than $100 billion in infrastructure development and improvement needs, this could be the start of a significant financing which will lure larger investors."