THEMUNICENTER ANNOUNCES RELEASE OF NEW CORPORATE BOND SITE

Leading Municipal Platform Expands Scope Within Fixed-Income Arena.

New York, September 16, 2002. TheMuniCenter, a leading web-based platform for trading municipal securities, today launched its online corporate bond trading application. Registered users are now able to buy and sell corporate securities using functionality similar to TheMuniCenter's acclaimed municipal bond trading site. The corporate bond inventory is live and executable, giving any registered user with web access the ability to participate in the corporate bond marketplace. Through its beta testing, participating firms offered over 700 unique lines on a daily basis. Combined with TheMuniCenter's municipal inventory, users will have over 5000 live offerings available to trade.

"Adding corporate bonds to our site is a another step towards fulfilling our customer demands", said Tom Vales, CEO of TheMuniCenter. "Many of our users, both broker-dealers and institutions, have both corporate bond and municipal bond inquiries. We have now made the process of multiple product analysis, location, and execution faster and cost effective. Our stated goal is to help our users find value in the marketplace; the ability to access two historically distinct markets in the same site is further progress towards our objective."

"The ability for us to leverage TheMuniCenter's established distribution network is a logical extension for our trading desk. The primary benefit of electronic trading is that it helps us to manage our business more efficiently and to access cross market participants that are sometimes difficult to find," said Morgan Stanley's Billy O'Keefe, Managing Director of Retail Fixed Income.

TheMuniCenter's corporate site is fully integrated with its well-established municipal site. Qualified users toggle between the two market sectors under a single sign-on and benefit from the ability to search, analyze, and trade corporate bonds with the same functionality that earned the "Best of The Web" designation for TheMuniCenter by a major financial publication.

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