Continuing Disclosure

MuniFinancial takes a progressive and complete approach to continuing disclosure reporting. Rather than simply filling out and disseminating annual data forms, we work closely with our clients to prepare comprehensive reports that comply with the letter and spirit of the SEC rules and regulation, thus meeting the needs of the investment community and helping issuers to maintain continued access to capital.

Our service offers:

• Comprehensive reporting
• On-line access to reports
• Investor inquiry support
• Electronic dissemination
• Preparation of event notices
• SEC and IRS compliance

Since July 2, 1995, MuniFinancial has prepared over 4,600 reports for bonds with a total face amount of $62 Billion . We have been at the forefront of industry-wide efforts to improve the quality and content of municipal securities information and the development of "Best Practices in Disclosure." MuniFinancial has also been a leading proponent of electronic information distribution and was one of the first firms to post disclosure documents on the Internet.

Our disclosure professionals have serviced all sizes and all types of bond issuers and have worked on a wide variety of financings including:

• General Obligation Bonds
• Certificates of Participation
• Tax Allocation Bonds
• Special Tax Bonds
• Assessment District Bonds
• Revenue Bonds
• Pooled Bonds
• Refunding Bonds
• Variable Rate Bonds

Our continuing disclosure methodology is rooted in complying with the letter and spirit of Rule 10b-5. Our approach allows our clients to minimize the risk of misleading investors by customizing reports to meet individual needs and providing real time access to information.

MuniFinancial is an independent provider of continuing services, which eliminates the conflict-of-interest suspicion inherent in firms that fill more than one role on a financing. The disclosure analysts at MuniFinancial are members of the National Association of Bond Lawyers (NABL) and the Government Finance Officers Association (GFOA). Association with these organizations provides continuing education on regulatory interpretation and information on current investigations and enforcement actions.