Municipal Market Activity- Thursday September 13, 2001

The Municipal Securities Rulemaking Board processed information on customer-dealer trades for trades that occurred on September 13, 2001. The following overall market statistics are:

Trade Date: 09/13/2001

Total Par Traded: 3,633,474,000

Number of Trades: 8244

Total Issues Traded: 4534

Number of Issues Traded 4 or More Times: 274

The Transaction Reporting System operated by the MSRB collects trade information on all dealer-dealer and customer-dealer trades each evening and makes available a report the following morning. The dealer-dealer trade information is forwarded to us by a subsidiary of the Depository Trust and Clearing Corporation. While dealer-dealer trades were reported and processed (cleared and settled) by DTCC on Tuesday, Wednesday, and Thursday, technical difficulties caused by the interruptions in communications lines running into the World Trade Center have prevented us from receiving the information in a reliable form that we can process. Efforts are being made to remedy this problem as soon as possible.

Please see our press release issued yesterday for a description of market activity on Tuesday and Wednesday. The press release may be found on our website: www.msrb.org.

September 14, 2001