MSRB NOTICE ()

TERMS OF PRESENT BOARD MEMBERS

Amelia A.J. Bond, Senior Vice President, Director of Public Finance Dept., A.G. Edwards & Sons, Inc., St. Louis, MO
Ian A. MacKinnon, Retired as Managing Director of the Fixed Income Group, The Vanguard Group of Investment Companies, Coatesville, PA
Michael J. Smale, Group Senior Vice President, LaSalle Financial Services, Inc., Chicago, IL
Michael J. Wilk, Senior Managing Director, Capital Markets, Comerica Securities, Detroit, MI
Kenneth E. Williams, President and Chief Executive Officer, Stone & Youngberg LLC, San Francisco, CA

Terms Expire September 30, 2007

James A. Posthauer, Senior Vice President, Municipal Trading, Morgan Keegan & Co., Inc., Charlotte, NC
James M. Rogers, Chief Operating Officer/Executive Vice President, J.J.B. Hilliard, W.L. Lyons, Inc., Louisville, KY
Thomas J. Fetter, Retired as Vice President and Director of Municipal Investments, Eaton Vance Management, Kiawah Island, SC
Steven Kaplan, Senior Partner, Arnold & Porter LLP, Washington, D.C.
John J. Lawlor, Managing Director, Municipal Markets, Merrill Lynch, New York, NY

Terms Expire September 30, 2008

Milroy A. Alexander, Executive Director and Chief Executive Officer, Colorado Housing and Finance Authority, Denver, CO
Frank Chin, Managing Director and Manager of the Public Finance Dept., Citigroup, New York, NY
John E. Hull, Financial Vice President and Chief Investment Officer, Andrew W. Mellon Foundation, New York, NY
Robert B. Jackman, Senior Managing Director, Head of Trading, Bear, Stearns & Co., New York, NY
Donald S. O'Brien, Managing Director, National Syndicate Manager, Morgan Stanley and Co., Purchase NY