Board Elects Officers

        The Municipal Securities Rulemaking Board is pleased to announce the election of its Chairman and Vice Chairman for its 2000 fiscal year. Mr. Robert A. Estrada will serve as Chairman and Mr. Thomas J. Kenny as Vice Chairman. They will begin their terms on October 1, 1999.

        Mr. Estrada replaces Scott C. Sollers as Chairman. Mr. Sollers is Managing Director and Chairman of Stone & Youngberg in San Francisco. Mr. Kenny replaces Robert Dean Pope as Vice Chairman. Mr. Pope is a Partner with the law firm of Hunton & Williams in Richmond.

        Robert A. Estrada, 52, an attorney at law, is Chairman and CEO of Estrada Hinojosa & Company, Inc., a Dallas, Texas, investment banking firm he founded in 1990. He started his firm following his serving at the White House as Special Assistant to President George Bush. Prior to that, Mr. Estrada practiced law as a bond lawyer in Texas. Mr. Estrada received his J.D. and B.S. degrees from the University of Texas at Austin.

        Thomas J. Kenny is Executive Vice President of Franklin Templeton and Director of Franklin’s Municipal Bond Department. He has 13 years experience in the Municipal Bond Department and was Director of the Municipal Bond Research Department from 1989 to 1994. He is currently serving his third term on the California Debt Advisory Commission. Mr. Kenny received a Bachelor of Arts degree in Business and Economics from the University of California at Santa Barbara and a Master’s of Science in Finance from Golden Gate University. He also obtained the Chartered Financial Analyst (CFA) designation in 1998.

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        The Board consists of 15 members -- five representatives of bank dealers, five representatives of securities firms, and five public members not associated with any bank dealer or securities firm. At least one public member must be a representative of issuers and one of investors to ensure that all perspectives of the municipal securities market are represented.

September 10, 1999