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Contact: Jennifer A. Galloway, Chief Communications Officer
             (703) 797-6600
             jgalloway@msrb.org

 MSRB ANNOUNCES BOARD MEMBER SERVICE TERM
CHANGES TO ESTABLISH A PERMANENT 21-MEMBER BOARD

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today announced changes to the length of service of members of its Board of Directors to establish groups of members whose terms expire in sequential years.

The changes are intended to preserve the Board’s diverse representation and are consistent with the MSRB’s transition to a permanent 21-member Board as recently approved by the Securities and Exchange Commission. With the term changes, the Board will consist of three groups of seven Board members.

The following Board members will serve on the Board through September 30, 2013: Sheryl Bailey, Jay Goldstone, Steve Heaney, Robert Lamb, David Madigan, Alan Polsky and Ben Thompson. Board members Robert Fippinger and Noreen White will serve on the Board through September 30, 2014.

The Municipal Securities Rulemaking Board (MSRB) protects and strengthens the municipal bond market, enabling access to capital, economic growth, and societal progress in tens of thousands of communities across the country. The MSRB fulfills this mission by creating trust in our market through informed regulation of dealers and municipal advisors that protects investors, issuers and the public interest; building technology systems that power our market and provide transparency for issuers, institutions, and the investing public; and serving as the steward of market data that empowers better decisions and fuels innovation for the future. The MSRB is a self-regulatory organization governed by a board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is overseen by the Securities and Exchange Commission and Congress.

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