MSRB NOTICE ()

NOMPAGE2_2007

TERMS OF PRESENT BOARD MEMBERS

Terms Expire September 30, 2007

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
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

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 Department, Citigroup, New York, NY
John E. Hull, Financial Vice President and Chief Investment Officer, Andrew W. Mellon Foundation, New York, NY
Michael F. Imhoff, Managing Director, Stifel Nicolaus & Co., Inc. , Denver, CO
Donald S. O'Brien, Managing Director, National Syndicate Manager, Morgan Stanley and Co., Purchase NY

Terms Expire September 30, 2009

Ramiro Albarran, Co-Head, Investment Banking, Banc of America Securities LLC, New York, NY
Maud Smith Daudon, President and Chief Executive Officer, Seattle-Northwest Securities Corporation, Seattle, WA
Alan W. Murphy, Managing Director and Head of US Capital Markets, Popular Securities Inc., New York, NY
Ronald A. Stack, Managing Director, Head of Public Finance, Lehman Brothers, New York, NY
Robert M. Zubak, Senior Portfolio Manager, Allstate Investments, LLC, Northbrook, IL