MSRB NOTICE ()

NOMPAGE2_2008

TERMS OF PRESENT BOARD MEMBERS

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, Citi, 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., New York, 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

Terms Expire September 30, 2010

Terry Agriss, Retired as Vice President of Consolidated Edison Company of New York, Inc., New York, NY
Peter T. Clarke, Managing Director, J.P. Morgan Securities, Inc., New York, NY
David A. Lipton, Director, Securities Law Program, School of Law, Catholic University of America, Washington, D.C.
Kevin L. Willens, Managing Director, Goldman, Sachs & Co., New York, NY
Stephen C. Wool, Municipal Sales Manager, Keybanc Capital Markets, Chicago, IL