36 FINANCIAL AND INVESTMENT MANAGEMENT SERVICES; NAMELY, CORPORATE AND MUNICIPAL FINANCE SERVICES; COMMODITY TRADING SERVICES; CONDUCTING REAL ESTATE PURCHASE AND SALE ACTIVITIES INCLUDING INVESTMENTS RELATING THERETO; ISSUING PERIODIC FINANCIAL ADVISORY AND CONSULTING SERVICES; REAL ESTATE FINANCING, INVESTMENTS, MANAGEMENT, ESTATE AGENCY AND BROKERAGE SERVICES; CONDUCTING RESEARCH CONCERNING INVESTMENTS IN THE UNITED STATES AND ABROAD AND PROVIDING INVESTMENT ADVICE TO CLIENTS; FINANCIAL RESEARCH AND INFORMATION SERVICE REPORTS RELATING TO FINANCIAL INVESTMENTS; ARBITRAGE ACTIVITIES RELATING TO MERGERS, TENDERS, LIQUIDATION AND EXCHANGE OFFERINGS; UNDERWRITING OF DEBT OFFERINGS OF OTHER COMPANIES AND ON BEHALF OF CLIENTS; NAMELY BROKERAGE AND DEALER SERVICES IN SECURITIES, BONDS, MUTUAL FUNDS, HEDGE FUNDS, COMMODITIES AND INVESTMENT VEHICLES PROVIDED TO HEDGE FUND MANAGERS AND MONEY MANAGERS; LENDING AND FINANCIAL SERVICES IN CONNECTION WITH MERCHANT BANKING AND SECURITIES TRANSACTIONS; UNDERWRITING SECURITIES; INVESTMENT BANKING