Terms of Present Board Members

Terms Expire September 30, 2000
Robert A. Estrada, Chairman and Chief Executive Officer, Estrada Hinojosa & Co., Dallas, TX
Charles T. Forrest, Senior Vice President and Director, Public Finance, A.G. Edwards & Sons, Inc., St. Louis, MO
Louis T. Iglehart, Senior Vice President and Manager, Wholesale Markets, First Tennessee Capital Markets, Memphis, TN
Paul D. Muller, Director, ABN AMRO Securities, Inc., New York, NY

Terms Expire September 30, 2001
Cheryl D. Cohen, Manager of Revenue, City and County of Denver, Denver, CO
R. Hilliard Ebling, Senior Vice President and Division Head, Securities Trading Division, State Street Capital Markets, LLC, Boston, MA
Jerome J. Jacobs, Managing Director, Chief Investment Officer, Putnam Investments, Boston, MA
Daniel L. Keating, Senior Managing Director, Bear, Stearns & Co., Inc., New York, NY
Thomas E. Stanberry, Director, Fixed Income Capital Markets, U.S. Bancorp Piper Jaffray Inc., Minneapolis, MN

Terms Expire September 30, 2002
Lambertus H. Becker, Chief Financial Officer, Metropolitan Water District of Southern California, Los Angeles, CA
James P. Fitzgerald, First Vice President and Manager, Institutional Sales, Legg Mason Wood Walker, Incorporated, Chicago, IL
Stanley E. Grayson, Managing Director, Manager, Public Finance Department, Prudential Securities Incorporated, New York, NY
Howard D. Marsh, Managing Director, Manager, Municipal Securities Division, Salomon Smith Barney, New York, NY
James T. Scanlon, Managing Director, Municipal Dealer Relations, Financial Security Assurance, Inc., New York, NY