Firms with NFMA members

A. G. Edwards & Sons Inc Fitch Ratings PNC A. Montag & Associates FMSbonds, Inc. Policy Innovation, LLC ACA Capital Fortis Financial Services Principal Global Investors Aetna Franklin Templeton Progressive Capital Management AGFS Frasca & Associates, LLCFSA Prudential Investments AIG Investments FSI Capital, LLC Public Financial Mangement Aim Capital Management Inc FT Interactive Data Public Resources Advisory Group Akerman Senterfitt Fundamental Partners, LP Putnam Investments AllianceBernstein Gannett Welsh & Kotler Radian Asset Assurance, Inc. Allstate Companies GE Capital Raymond James Ambac George K. Baum, Inc. RBC Capital Markets American Century Investment Management Glickenhaus & Co. Richter Bober Asset Management Appleton Partners Goldman Sachs Riversource Investments ARVEST Asset Management Governmental Accounting Standards Board RNC Genter Capital Management LLC Asset Preservation Advisors Grandfield & Dodd LLC Robeco Investment Management Assured Guaranty Griffin Kubik Stephens & Thompson Roosevelt & Cross Inc Banc of America Securities Guardian Life Ins Sage Advisory Services Bank of New York Hale and Dorr Capital Management LLP Samson Capital Advisors Bank of the West Harris Trust & Savings Saybrook Capital Bankers Trust Private Banking Hartford Investment Mgmt Co Scotia Capital Bayerische Landesbank Helaba Seattle-Northwest Securities Bayview Municipal Advisory HighMark Capital Mgmt Sentry Investment Management, Inc. BB&T Capital Markets HVB Group Sit Investment Associates BC Ziegler & Co. IBM Global Financing SMC Fixed Income Advisors Bear Stearns & Co., Inc. InnoVative Capital LLC Smith Affiliated Capital Bergen Capital Interactive Data Corp Smith’s Research & Ratings Bernardi Securities J & W Seligman Societe Generale BlackRock Janus Capital Group Southwest Securities Bloomberg LP JB Hanauer & Co. Spectrum Asset Management Inc. Blue Chip Investing JB Phillips Consulting, LLC Standard & Poor’s BNP Paribas John Hancock Advisors, LLC Standard & Poor’s/J.J. Kenny BNY Mellon Wealth Management JP Morgan Standish Mellon Asset Management Breckinridge Capital Advisors Kayne Anderson Rudnick Investment Mgmt State Farm California Municipal Statistics KBC Bank NV State of Florida, Division of Bond Finance CalPERS Lazard Asset Management State of New Jersey Capital Markets Management, LLC Lee Munder Capital State Street Capital Research Company Lehman Brothers Stephens Inc Capital Solutions Advisors Corp Loews Corp. Stifel Nicolaus Carolinas MAC Loomis Sayles & Co Stone & Youngberg Carty & Company, Inc Loop Capital Markets, LLC Stonebridge Capital Advisors Catholic Healthcare West Lord Abbett Susquehanna International Group Certilman Balin Adler & Hyman, LLP M&I Investment Management T.Rowe Price Charles Fish Investments M.L. Stern & Co., LLC TD Asset Management USA Charles Schwab & Co Madison Capital Management, LLC The Chubb Corporation Chase Bank Mairs and Power, Inc. The Coleridge Group CIFG Massachusetts Financial Services The GMS Group,LLC CitiGroup MBIA Insurance Corporation The Savader Group LLC / Civitas Funding Group LLC Citizens Bank McDonnell Investment Mgmt. LLC The St. Paul Companies Cohen Municipal Capital Management, LLC Meadowbrook Advisors The Travelers Companies Columbia Management MEAG New York Corporation The Vanguard Group Community Capital Management, Inc. Members Capital Advisors Thornburg Investment Management Conning Asset Management Merrill Lynch Thrivent Financial DAC Metropolitan Council TIAA-CREF Delaware Investments MFC Global Investment Management Tradition (North America) DEPFA Bank Mintz Levin, Cohn, Ferris, Glovsky & Popeo, P.C. Travelers Deutsche Asset Mgt - DWS Scudder Moody’s Investors Service U.S. Trust DEXIA Credit Local Morgan Keegan UBS Dorsey & Company Morgan Stanley US Bancorp Asset Management, Inc Dougherty & Company MTB Investment Advisors USAA Investment Mgt. Co. Dreyfus Corporation Municipal Advisory Council of Texas Van Kampen Eaton Vance Municipal Disclosure Advisors, Inc. Vaughan Nelson Investment Management Edward Jones Municipal Market Advisors Victory Capital Management Edwards Angell Palmer & Dodge LLP MuniPro, LLC Vinson & Elkins Evergreen Investments Nationwide Insurance Voyageur Asset Management FAF Advisors, Inc. Municipal Finance Water Authority Wachovia Fannie Mae New York City Office of Management and Budget Waddell & Reed Federated Investors Northern Trust Washington Econ Dev Finance Auth Federated Mutual Insurance Co Nuveen Investments Washington Mutual Ferris, Baker, Watts, Inc. Ohannes Investments, Inc Wasmer Schroeder & Co, Inc FGIC Ohio Casualty Insurance Company Weller Anderson & Co LTD Fidelity Investments Oppenheimer Wellington Management Co., LLP Financial Institutions & Sovereigns BayernLB NY Orbian Corp. Wells Capital Management First Affirmative Financial Network Palm Beach County - Finance Division Wells Fargo Bank First Albany Corp. Payden & Rygel Western Asset Management Company First River Advisory L.L.C. Pioneer Investments Wilmington Trust First Southwest Company Piper Jaffray & Co. XL Capital Assurance Inc First Trust Portfolios, L.P. Pitcairn Trust Company Investment Management Yale & Co. NA TIONAL FEDER AT ION OF MUNICIP A L A N A LY ST S NFMA

Develop networking opportunities: The NFMA is a group of municipal analysts Get to know the nearly 1000 municipal bond professionals in the organization and its 6 constituent societies. Your reach and industry professionals dedicated to is as close as around the corner or as wide as across the credit analysis, education, legal and country. Take advantage of the NFMA website which includes job postings. regulatory matters and information flow. Get involved on a local level via NFMA constituent societies: The NFMA was incorporated as a Membership in one of 6 local societies automatically enrolls not-for-profit organization in 1984. you in the NFMA. For one modest annual fee, you can be a part of the only group of professionals in the nation whose focus is the municipal credit analysis. You can join a local society in New York, , Minneapolis, Chicago, California The NFMA invites you to join our dynamic organization to….. or the South. If you are not close to a society, you can join as > make a difference in the municipal bond industry an Affiliated Individual. > further your education > develop networking opportunities Have fun: Develop relationships that will last a lifetime. > get involved on a local level via NFMA constituent societies The NFMA publishes an electronic newsletter for its members three > and have fun! times a year and gives you access to the membership directory. Make a difference: Get involved with any one of a number of projects initiated by the Board of Governors such as Best Practices in Disclosure, White Papers, Securities Law, and IRS initiatives. Cost: Dues levels vary from society to society, ranging Further your education: Stay up-to-date on the latest developments in from $80 to $160/year. municipal bond analysis by attending NFMA introductory and advanced seminars and training courses, the annual conference, and constituent Contact: Lisa Good, NFMA Executive Director at society seminars and events. 412-341-4898 or [email protected]. The online Membership Application can be found at www.nfma.org.

NA TIONAL FEDER AT ION OF MUNICIP A L A N A LY ST S NA TIONAL FEDER AT I ON OF MUNICIP A L A N A LY ST S