PRESS RELEASE

Release Date:    January 22, 2008

Contact:             Lynnette Kelly Hotchkiss, Executive Director
                          (703) 797-6600
                          lhotchkiss@msrb.org
                          Harold L. Johnson, Deputy General Counsel
                          hjohnson@msrb.org

MSRB PUBLISHES NOTICE ON APPLICATION OF MSRB RULES TO BOND INSURANCE RATINGS

Alexandria, VA – Today, the Municipal Securities Rulemaking Board (“MSRB”) published a notice reviewing some of the investor protection rules applicable to brokers, dealers and municipal securities dealers effecting transactions in insured municipal securities. The MSRB determined to publish the notice because of the increased attention to bond insurance companies as a result of credit rating agency downgrades and ongoing credit agency reviews. The notice reviews MSRB rules applicable to time of trade disclosure to customers, suitability determinations, fair pricing requirements and confirmation disclosure.

A copy of the notice is attached and will soon be available at the MSRB’s website at www.msrb.org.