Terms Expire September 30, 2009

Maud Smith Daudon, President and Chief Executive Officer, Seattle-Northwest Securities Corporation, Seattle, WA
Michael F. Imhoff, Managing Director, Stifel Nicolaus & Co., Inc., Denver, CO
James A. Posthauer, Director, Municipal Trading and Underwriting, SunTrust Robinson Humphrey,
Atlanta, GA
Ronald A. Stack, (MSRB Chair), Managing Director, Head of Public Finance, Barclays Capital, 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, (MSRB Vice Chair), 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, DC
Alan W. Murphy, Senior Vice President, Duncan-Williams, Inc., Jersey City, NJ
Stephen C. Wool, Municipal Sales, Keybanc Capital Markets, Chicago, IL

Terms Expire September 30, 2011

Stanley E. Grayson, President and Chief Operating Officer, M.R. Beal & Company, New York, NY
Frank Thomas Howard, Executive Director, Office of Financial Management, Finance and Administration Cabinet, Commonwealth of Kentucky, Frankfort, KY
Kathleen A. McDonough, Retired as Senior Managing Director of Ambac Financial Group, New York, NY
Martin H. Vogtsberger, Vice President and Managing Director, Head of Institutional Brokerage, Fifth Third Securities, Inc., Columbus, OH


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