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		Standard & Poor's/The Bond Market Association (TBMA)
		MUNICIPAL BOND SERVICE

	Q.	What is the purpose of the Standard & Poor's/ The BMA Municipal Bond Service?
		As described in detail in this brochure, Standard & Poor's/The BMA Municipal Bond Service provides investors with price information on municipal securities so they can both track the value of their tax-exempt investments and obtain additional information when buying or selling municipal bonds.
		What does the service cost, and how can I subscribe?
		The subscription price is $9.95, which allows the caller to receive a total of twenty-five bond prices. Investors can subscribe to the service by dialing 1-800-266-3463 between the hours of 8:00 a.m. and 4 p.m. Eastern Time.
	Q.	What exactly do you mean by "twenty-five prices"?
		For example, if you own five bonds you can call for daily prices on all five bonds on five consecutive days or for weekly prices for the five bonds over a five-week period.
	Q.	What are the price quotes based on?
		There are two types of prices provided though this service: Type 1 A bond has been actively traded in the interdealer market, we may be able to give you the actual transaction prices collected by the Municipal Securities Rulemaking Board (MSRB). A MSRB price represents the average price at which your bond traded on a particular date. The price at which you can buy or sell your bond may be different than the MSRB price, based on the date and size of the transaction. Your customer service representative will inform you of the availability of these prices.
		Type 2 Is known as a "price evaluation". It is an opinion of the value of your bond. This opinion is based on a number of factors, including current market conditions and the value of comparable securities in the marketplace. Price evaluations are used widely in the municipal market by investors due to the lack of consistent market activity on the majority of municipal bonds outstanding. A price evaluation is not a market quotation and your bond may or may not trade at its price evaluation. Please contact your broker or investment adviser if you need to obtain an actual market quote for your bond.
	Q.	What is a CUSIP number?
		A CUSIP number is a nine-digit, industry standard securities identification number that uniquely identifies your bonds. Having your CUSIP numbers ready when you call will allow us to provide you with faster, more accurate service.
	Q.	What do I need in order to subscribe to this service?
		The service is CUSIP oriented. You must have the CUSIP number or your bond in order to receive information about it. A customer representative will activate your subscription which can be accessed with a personal identification card that will be mailed to you in a few days after your initial call. This card will contain a unique Personal Identification Number (PIN) as well as CUSIP numbers for each of your bonds.
	Q.	Once I have my card, how will I access the service?
		Simply call our main service line, 1-800-266-3463. A customer service representative will ask you for the PIN number that appears on your identification card as well as any CUSIP numbers. After you have received your prices, the customer service representative will tell you the number of prices remaining on your current subscription.
	Q.	What if I do not have my card available when I call?
		Simply provide the customer service representative with your full name. If you loose your card, please call 1-800-266-3463 immediately so that we can rush another one to you.
	Q.	Will I be able to add or delete bonds as my portfolio changes?
		Yes. Call 1-800-266-3463 and our customer service representative will make the changes to your subscription.
	Q.	What about refunds?
		The first subscription of $9.95 is not refundable. On subsequent subscriptions, the remaining price credits in your account will be refunded to you on a pro-rated basis at a rate of $0.39 per price.

		More about Standard & Poor's/The Bond Market Association Municipal Bond Service
		The Standard & Poor's/The Bond Market Association Municipal Bond Service is a pilot program that provides investors with information that will assist them in establishing the value of their municipal bond holdings. It is a joint effort of Standard & Poor's, a leading provider of securities information and analysis, and The Bond Market Association, a trade organization comprised of national and regional securities firms and banks.
		The purpose of this service is to help you determine the market value of your municipal bonds. We will provide users of the Municipal Bond Service with price evaluations and other services in a manner consistent with the procedures described below. However, only a small percentage of the more than one million outstanding municipal bond issues actually trade on a daily basis, prices many not be available for all bonds on all dates.
		Generally, the price that you will be quoted is known as a "price evaluation." It is an opinion of the value of your bond. This opinion is based upon a number of factors including any available actual market prices provided by the Municipal Securities Rulemaking Board (MSRB) or current market conditions and the value of the comparable securities in the marketplace. Price evaluations are used widely in the municipal securities market by investors due to the absence of daily market activity in the majority of municipal bond issues outstanding. A price evaluation is not a market quotation, and your bond may or may not trade at its price evaluation. Please contact your securities dealer or investment adviser if you need to obtain an actual market quote for your bond.
		All price evaluations provided by this service reflect our opinion of the price at which a one million-dollar block of bonds could be sold on the date that will be provided with our price evaluation. This standard block size is used to ensure the consistency and comparability of our evaluations. You should be aware that smaller transaction sizes generally lead to higher prices when purchasing and lower prices when selling.
		When you call the Municipal Bond Service, your customer service representative will also provide a yield based on the most recent evaluated price of your bond and credit ratings if available. This number is the lower of the yield to maturity and the yield to the first optional call date, and approach widely used in the bond industry
		In certain instances, we may be able to give you actual market prices collected by the MSRB. A price that represents the average price at which your bond traded on the date given within the previous seven days. Because these prices reflect actual trades, the transaction amounts corresponding to specific prices will vary. Thus, the price at which you can buy or sell your bond may be lower or higher than the MSRB price. Your customer service representative will inform you if actual trade prices are available. Bond yields are not available with MSRB prices.

		This service does not constitute an offer or recommendation by The Bond Market Association or Standard & Poor's or any of its affiliates, including J.J. Kenny Brokerage, to buy or sell securities at the quoted prices. Although information has been obtained from sources believed to be reliable, because of the possibility of human or mechanical error by our sources (Standard and Poor's or others), Standard and Poor's or its affiliates including J.J. Kenny Brokerage and The Bond Market Association do not guarantee the accuracy, adequacy, completeness or reliability of this service and are not responsible for any errors or omission or the results obtained from its use.
		The Standard and Poor's/The Bond Market Association Municipal Bond Service operates independently, and has no access to information obtained by the Standard and Poor's Ratings Group. Which may in its regular operations obtain information of a confidential nature.

		1-800-266-3463
		Standard & Poor's/The Bond Market Association MUNICIPAL BOND SERVICE 55 Water Street, New York, NY 10041

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