I’m very pleased to announce that Build America Mutual Assurance Company (BAM) is the newest member of the Bond Dealers of America.

The BDA now represents 54 firms active in the US fixed income markets and continues to be the primary voice in Washington, DC when advocating for the interests of fixed income dealers whose primary focus is the US capital markets. The addition of BAM makes the BDA a deeper, stronger and more effective trade association when representing the interests of BDA member firms.

BUILD AMERICA MUTUAL:

THE NEXT GENERATION BOND INSURER

BAM’s mission is to deliver substantial interest cost savings for issuers of municipal bonds and durable protection against loss for municipal bondholders. Owned by its policyholders –the cities, states and other municipal entities that use its guaranty–BAM’s mutual structure and business plan provide extremely strong capital and claims-paying resources designed to maintain the highest available ratings and strong investor confidence.

BAM is chartered to insure U.S. municipal bonds, exclusively. Its underwriting and credit policies permit BAM to insure only U.S. essential public purpose municipal issuers of fixed rate, fully amortizing debt.

Sizably capitalized on Day 1 in excess of half a billion dollars in initial funding, BAM’s capital will grow as its insured portfolio grows, eliminating the need to increase capital by either incurring risks outside of the

company’s narrow, low risk market —’mission creep’— or turning to the public markets to add capital. BAM’s claims-paying resources are further strengthened by first loss reinsurance protection up to 15% of each insured issue, which obligation is secured in trust for the sole benefit of

BAM. Importantly, BAM has no legacy exposure in its insured portfolio to asset classes that caused losses for bond insurers during the recent financial crisis.

BAM is rated AA/Stable by Standard & Poor’s Ratings Services. Domiciled in New York, BAM is regulated by the New York State Department of Financial Services. BAM is sponsored by the National League of Cities.

www.buildamerica.com

The BDA represents securities dealers with a primary focus on the US fixed income markets. Through direct, federal advocacy, industry events, market practice documents and industry surveys the BDA continues to be the primary advocate in Washington, DC for fixed income dealers.

For more information on the BDA please contact Mike Nicholas

at mnicholas@bdamerica.org or 202-204-7901. You can also find more information on the BDA website: www.bdamerica.org.

Mike Nicholas

Bond Dealers of America 202.204.7901 office 202.330.2739 cell

The Association of Fixed Income Dealers

www.BDAmerica.org