  We measure photometric redshifts and spectral types for galaxies in the
COSMOS survey. We use template fitting technique combined with luminosity
function priors and with the option to simultaneously estimate dust extinction
(i.e. E(B-V)) for each galaxy.Our estimated redshifts are accurate to i<25 and
z~1.2.
  Using simulations with sampling and noise characteristics similar to those in
COSMOS, the accuracy and reliability is estimated for the photometric redshifts
as a function of the magnitude limits of the sample, S/N ratios and the number
of bands used. From the simulations we find that the ratio of derived 95%
confidence interval in the redshift probability distribution to the estimated
photometric redshift (D95) can be used to identify and exclude the catastrophic
failures in the photometric redshift estimates.
  We compare the derived redshifts with high-reliability spectroscopic
redshifts for a sample of 868 normal galaxies with z < 1.2 from zCOSMOS.
Considering different scenarios, depending on using prior, no prior and/or
extinction, we compare the photometric and spectroscopic redshifts for this
sample. This corresponds to an rms scatter of 0.031, with a small number of
outliers (<2.5%). We also find good agreement (rms=0.10) between photometric
and spectroscopic redshifts for Type II AGNs.
  We compare results from our photometric redshift procedure with three other
independent codes and find them in excellent agreement. We show preliminary
results, based on photometric redshifts for the entire COSMOS sample (to i < 25
mag.).
