Bank of America Corporation has Purchased Countrywide Financial Corporation; ICMA-RC CD Accounts Program to Continue

July 1, 2008

The Bank of America Corporation has purchased Countrywide Financial Corporation (CFC), the parent company of Countrywide Bank, FSB, the institution through which ICMA-RC’s VantageTrust Certificate of Deposit Accounts (“CD Accounts”) are offered. ICMA-RC will continue to work with Countrywide Bank as a wholly owned subsidiary under the Bank of America Corporation. ICMA-RC participants who currently hold investments in CD Accounts will not be affected by these changes.

Existing CD Accounts will not be affected by Bank of America’s purchase of CFC, and CD Accounts will remain available to our investors as part of our fixed income investment offerings. Each month participants will continue to have the opportunity to choose to invest in 1-, 3- and 5-year CD Accounts. In addition, all existing and future CD Account assets purchased by participants will continue to be insured by the FDIC up to $250,000 per investor.

If you have any questions, or would like additional information regarding CD Accounts, please contact ICMA-RC’s Investor Services at 1-800-669-7400.