Metropolitan Mortgage & Securities Co Inc Watch

from S-2 2 pages Form of Pricing Recommendation Letter Date: , 2003

from S-2 15 pages Form of Agreement to Act as “Qualified Independent Underwriter” Metropolitan Mortgage & Securities Co., Inc. Investment Debentures Series III and Series III-A

from S-2 1 page <page> Exhibit 1.3 Form of Pricing Recommendation Letter Date: July __, 2002 C. Paul Sandifur, Jr., President Metropolitan Investment Securities, Inc. 601 West First Avenue Spokane, Washington 99201 Re: Pricing Recommendation of Roth Capital Partners, LLC Metropolitan Mortgage & Securities Co., Inc. Offering of Up to $150,000,000 Variable Rate Cumulative Preferred Stock, Series E-7 Dear Mr. Sandifur: This Letter Will Serve to Confirm Our Engagement as a "Qualified Independent Underwriter" as That Term Is Defined in Subparagraph (B)(15) of Rule 2720 to the Nasd Conduct Rules, as Amended ("Rule 2720"). Based Upon Our Review of the Registration Statement, and the Performance of "Due Diligence" as Required in Subparagraph (C)(3) to Rule 2720, It Appears That the Price of $25.00 Per Share on the Variable Rate Cumulative Preferred Stock, Series E-7 (Provided That the Manner in Which the Computation of Dividends Are Those Set Forth in Schedules a and B to the Agreement to Act as "Qualified Independent Underwriter" Dated July __, 2002, Which Is Filed as Exhibit 1.2 to the Registration Statement), Is No Higher Than That Which We Would Recommend. We Hereby Consent to the Use of Our Name as a "Qualified Independent Underwriter," in the Registration Statement Filed by Metropolitan Mortgage & Securities Co., Inc. With Respect to the Above-Referenced Matter. Very Truly Yours, Roth Capital Partners, LLC By: CC: National Association of Securities Dealers, Inc

from S-2 ~10 pages Form of Qiu Agreement

from S-2 1 page <page> Form of Pricing Recommendation Letter Date: , 2002 C. Paul Sandifur, Jr., President Metropolitan Investment Securities, Inc. 601 West First Avenue Spokane, Washington 99201 Re: Pricing Recommendation of Roth Capital Partners, Inc. Metropolitan Mortgage & Securities Co., Inc., Offering of Up to $150,000,000 in Principal Amount of Investment Debentures, Series III and Series III-A Dear Mr. Sandifur: This Letter Will Serve to Confirm Our Engagement as a "Qualified Independent Underwriter" as That Term Is Defined in Subparagraph (B)(15) of Rule 2720 to the Nasd Conduct Rules, as Amended ("Rule 2720"). Based Upon Our Review of the Registration Statement, and the Performance of "Due Diligence" as Required in Subparagraph (C)(3) to Rule 2720, It Appears That the Yields on the Investment Debentures, Series III and Series III-A (Which Are Based Upon the Computation Set Forth in Schedules a and B to the Agreement to Act as "Qualified Independent Underwriter" Dated March 15, 2002, Which Is Filed as Exhibit 1.02 to the Registration Statement), Are No Lower Than Those Which We Would Recommend. We Hereby Consent to the Use of Our Name as a "Qualified Independent Underwriter," in the Registration Statement Filed by Metropolitan Mortgage & Securities Co., Inc. With Respect to the Above-Referenced Matter. Very Truly Yours, Roth Capital Partners, Inc. By: CC: National Association of Securities Dealers, Inc

from S-2 ~10 pages Agreement to Act as Qualified Indep. Underwriter

from POS EX ~10 pages Underwriting agreement

from S-2 1 page <page> Form of Pricing Recommendation Letter Date: November __, 2001 C. Paul Sandifur, Jr., President Metropolitan Investment Securities, Inc. 601 West First Avenue Spokane, Washington 99201 Re: Pricing Recommendation of Roth Capital Partners, LLC Metropolitan Mortgage & Securities Co., Inc. Offering of Up to $150,000,000 Variable Rate Cumulative Preferred Stock, Series E-7 Dear Mr. Sandifur: This Letter Will Serve to Confirm Our Engagement as a "Qualified Independent Underwriter" as That Term Is Defined in Subparagraph (B)(15) of Rule 2720 to the Nasd Conduct Rules, as Amended ("Rule 2720"). Based Upon Our Review of the Registration Statement, and the Performance of "Due Diligence" as Required in Subparagraph (C)(3) to Rule 2720, It Appears That the Price of $25.00 Per Share on the Variable Rate Cumulative Preferred Stock, Series E-7 (Provided That the Manner in Which the Computation of Dividends Are Those Set Forth in Schedules a and B to the Agreement to Act as "Qualified Independent Underwriter" Dated , 2001, Which Is Filed as Exhibit 1.2 to the Registration Statement), Is No Higher Than That Which We Would Recommend. We Hereby Consent to the Use of Our Name as a "Qualified Independent Underwriter," in the Registration Statement Filed by Metropolitan Mortgage & Securities Co., Inc. With Respect to the Above-Referenced Matter. Very Truly Yours, Roth Capital Partners, LLC By: CC: National Association of Securities Dealers, Inc

from S-2 ~5 pages Underwriting agreement

from S-2/A ~10 pages Underwriting agreement

from S-2/A ~10 pages Underwriting agreement

from S-2 1 page <page> Form of Pricing Recommendation Letter Date: February __, 2001 C. Paul Sandifur, Jr., President Metropolitan Investment Securities, Inc. 601 West First Avenue Spokane, Washington 99201 Re: Pricing Recommendation of Roth Capital Partners, Inc. Metropolitan Mortgage & Securities Co., Inc. Offering of Up to $50,000,000 Variable Rate Cumulative Preferred Stock, Series G and Series H Dear Mr. Sandifur: This Letter Will Serve to Confirm Our Engagement as a "Qualified Independent Underwriter" as That Term Is Defined in Subparagraph (B)(15) of Rule 2720 to the Nasd Conduct Rules, as Amended ("Rule 2720"). Based Upon Our Review of the Registration Statement, and the Performance of "Due Diligence" as Required in Subparagraph (C)(3) to Rule 2720, It Appears That the Price of $100.00 Per Share on the Variable Rate Cumulative Preferred Stock, Series G and Series H (Provided That the Manner in Which the Computation of Dividends Are Those Set Forth in Schedules a and B to the Agreement to Act as "Qualified Independent Underwriter" Dated January 31, 2001, Which Is Filed as Exhibit 1.02 to the Registration Statement), Is No Higher Than That Which We Would Recommend. We Hereby Consent to the Use of Our Name as a "Qualified Independent Underwriter," in the Registration Statement Filed by Metropolitan Mortgage & Securities Co., Inc. With Respect to the Above-Referenced Matter. Very Truly Yours, Roth Capital Partners, Inc. By: CC: National Association of Securities Dealers, Inc

from S-2 1 page <page> Form of Pricing Recommendation Letter Date: February __, 2001 C. Paul Sandifur, Jr., President Metropolitan Investment Securities, Inc. 601 West First Avenue Spokane, Washington 99201 Re: Pricing Recommendation of Roth Capital Partners, Inc. Metropolitan Mortgage & Securities Co., Inc., Offering of Up to $100,000,000 in Principal Amount of Investment Debentures, Series III and Series III-A Dear Mr. Sandifur: This Letter Will Serve to Confirm Our Engagement as a "Qualified Independent Underwriter" as That Term Is Defined in Subparagraph (B)(15) of Rule 2720 to the Nasd Conduct Rules, as Amended ("Rule 2720"). Based Upon Our Review of the Registration Statement, and the Performance of "Due Diligence" as Required in Subparagraph (C)(3) to Rule 2720, It Appears That the Yields on the Investment Debentures, Series III and Series III-A (Which Are Based Upon the Computation Set Forth in Schedules a and B to the Agreement to Act as "Qualified Independent Underwriter" Dated January 31, 2001, Which Is Filed as Exhibit 1.02 to the Registration Statement), Are No Lower Than Those Which We Would Recommend. We Hereby Consent to the Use of Our Name as a "Qualified Independent Underwriter," in the Registration Statement Filed by Metropolitan Mortgage & Securities Co., Inc. With Respect to the Above-Referenced Matter. Very Truly Yours, Roth Capital Partners, Inc. By: CC: National Association of Securities Dealers, Inc

from S-2 ~5 pages Underwriting agreement

from S-2 1 page <page> Exhibit 1.03 Form of Pricing Recommendation Letter Date: January __, 2000 C. Paul Sandifur, Jr., President Metropolitan Investment Securities, Inc. 917 W. Sprague Avenue Spokane, Washington 99201 Re: Pricing Opinion of Cruttenden Roth Incorporated Metropolitan Mortgage & Securities Co., Inc. Offering of $10,000,000 Variable Rate Cumulative Preferred Stock, Series E-7 Dear Mr. Sandifur: This Letter Will Serve to Confirm Our Engagement as a "Qualified Independent Underwriter" as That Term Is Defined in Subparagraph (B)(15)of Rule 2720 to the Nasd Conduct Rules, as Amended ("Rule 2720"). Based Upon Our Review of the Registration Statement, and the Performance of "Due Diligence" as Required in Subparagraph (C)(3)to Rule 2720, It Appears That the Price of $100.00 Per Share on the Variable Rate Cumulative Preferred Stock, Series E-7 (Provided That the Manner in Which the Computation of Dividends Are Those Set Forth in Schedules a and B to the Agreement to Act as "Qualified Independent Underwriter" Dated December 30, 1999, Which Is Filed as Exhibit 1.02 to the Registration Statement), Is No Higher Than That Which We Would Recommend. We Hereby Consent to the Use of Our Name as a "Qualified Independent Underwriter," to the Registration Statement Filed by Metropolitan Mortgage & Securities Co., Inc. With Respect to the Above-Referenced Matter. Very Truly Yours, Cruttenden Roth Incorporated By: CC: National Association of Securities Dealers, Inc

from S-2 1 page <page> Form of Pricing Recommendation Letter Date: January __, 2000 C. Paul Sandifur, Jr., President Metropolitan Investment Securities, Inc. 917 West Sprague Avenue Spokane, Washington 99201 Re: Pricing Recommendation of Cruttenden Roth Incorporated Metropolitan Mortgage & Securities Co., Inc. Offering of $100,000,000 in Principal Amount of Investment Debentures, Series III Dear Mr. Sandifur: This Letter Will Serve to Confirm Our Engagement as a "Qualified Independent Underwriter" as That Term Is Defined Subparagraph (B)(15)of Rule 2720 to the Nasd Conduct Rules, as Amended ("Rule 2720"). Based Upon Our Review of the Registration Statement, and the Performance of "Due Diligence" as Required in Subparagraph (C)(3)to Rule 2720, It Appears That the Yields on the Investment Debentures, Series III (Which Are Based Upon the Computation Set Forth in Schedules a and B to the Agreement to Act as "Qualified Independent Underwriter" Dated December 30, 1999 Which Is Filed as Exhibit 1.02 to the Registration Statement), Are No Lower Than Those Which We Would Recommend. We Hereby Consent to the Use of Our Name as a "Qualified Independent Underwriter," to the Registration Statement Filed by Metropolitan Mortgage & Securities Co., Inc. With Respect to the Above-Referenced Matter. Very Truly Yours, Cruttenden Roth Incorporated By: CC: National Association of Securities Dealers, Inc

from S-2 ~10 pages Agrmt. to Act as Qualified Independent Underwriter

from S-2 ~10 pages Agrmt. to Act as Qualified Independent Underwriter

from S-2/A ~5 pages Selling Agreement

from S-2 1 page Form of Pricing Letter