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Contacts:            Lynnette Kelly Hotchkiss, Executive Director
                          (703) 797-6600
                          lhotchkiss@msrb.org

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


THE MUNICIPAL SECURITIES RULEMAKING BOARD ANNOUNCES
SENIOR MANAGEMENT CHANGES
Promotions and New Hire Round Out Executive Team

Alexandria, VA - The Municipal Securities Rulemaking Board (MSRB) today announced two internal promotions and one new hire in its senior management team.  Harold L. Johnson has been named Deputy Executive Director and Ernesto A. Lanza is now MSRB's General Counsel.  Joining the Board on November 3rd, 2008 is Janet Eakes, as Chief Operating Officer. 

Mr. Johnson, who was previously MSRB's Deputy General Counsel, will assist with development of MSRB initiatives, focusing on major market issues, strategic planning and enterprise-wide undertakings. Mr. Johnson joined MSRB in 1984 and has served as Deputy General Counsel since 1990.  He received his law degree from the University of North Carolina at Chapel Hill.

Mr. Lanza, who served as MSRB's Senior Associate General Counsel since 2001, becomes MSRB's chief legal officer responsible for the Board's rulemaking activities and its Professional Qualifications program.  Mr. Lanza joined MSRB in 1997.  He received his law degree from the University of Pennsylvania.

Ms. Eakes is assuming a newly created position at MSRB, overseeing its Market Information Department as well as enterprise-wide management of data and information technology. She previously was Senior Vice President for mortgage sourcing operations at Freddie Mac, where she was employed for 20 years in various management and operational capacities.  Ms. Eakes has a bachelor's degree from Rice University.

"The promotions of Hal and Ernie will enable each of them to most effectively guide the organization," said MSRB Executive Director Lynnette Kelly Hotchkiss. "With the addition of Janet, this leadership structure and the associated expertise will be fundamental to advancing MSRB's mission."

MSRB also announced today that it has hired John Doyle as Director of Project Management. Mr. Doyle will manage projects that support the MSRB's market information goals and will lead service and product initiatives in this area.  Mr. Doyle joins MSRB from UBS Securities where he spent nearly 20 years in the municipal securities division. 

Diane Klinke, who served as MSRB's General Counsel, retired in September.  Ms. Klinke joined the MSRB in 1983. "Diane made enormous contributions to the Board during her 25-year career," Ms. Hotchkiss said.  "We are grateful for her long years of service and steady counsel to the MSRB."

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. 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. 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. MSRB is overseen by the Securities and Exchange Commission and Congress.

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