THEMUNICENTER OFFERS SECONDARY MUNICIPAL BOND INSURANCE ONLINE

New York, June 6, 2002. TheMuniCentre, a leading web-based platform for trading municipal securities, today announced the release of new functionality, allowing qualified participants to purchase secondary municipal bond insurance. Registered users are now able to price, compare, and purchase secondary insurance for selected bonds on TheMuniCenter's site. Financial Security Assurance Corporation (FSA) and Municipal Bond Insurance Association (MBIA), leading providers of municipal bond insurance, are the first insurers to participate on the live platform.

Users will be able to check insurance availability and pricing with a single mouse click. Insurance pricing is live and executable on-line. TheMuniCenter will handle the back office process of combining the uninsured bond with the insurance policy in order to deliver the final product to the customer.

"This is another example of TheMuniCenter supplying tools for customers to conduct business more efficiently," said Tom Vales, CEO of TheMuniCenter. "Our users now have another feature for finding value in the marketplace, a new utility that significantly reduces the time and complexity of insuring bonds. Traditionally, the time spent insuring bonds has been a time-consuming proposition for many market professionals. The new functionality will significantly improve the process and greatly expand the market for insured product."

"We see our participation in TheMuniCenter as important to our municipal
franchise," said Sean W. McCarthy, President and Chief Operating Officer of FSA. "We originally invested in this platform because we liked the investment group, the management, and the business model. We are very enthusiastic about the prospects for TheMuniCenter and for its application to our business," he added.

"Online availability of secondary bond insurance is a logical extension of TheMuniCenter's franchise," said MBIA's James Allen. "We are interested in new distribution channels for our product, and we feel that TheMuniCenter's growing community of market participants is a promising target."

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