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1) M UNICIPAL SECUR ITIE S RULEM A K ING BOA R D 2014 FAC T BOOK

2) The information and data provided in this Fact Book are provided without warranties or representations and on an “as is” basis. The MSRB hereby disclaims all representations and warranties (express or implied), including, but not limited to, warranties of merchantability, non-infringement and fitness for a particular purpose. Neither the MSRB, nor any supplier, shall in any way be liable to any recipient of the information and/or data contained in this Fact Book, regardless of the cause or duration, including, but not limited to, any inaccuracies, errors, omissions or other defects in the information and/or data or for any damages resulting therefrom. © 2015 Municipal Securities Rulemaking Board M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

3) PAGE 1 About the MSRB 2014 Fact Book The Municipal Securities Rulemaking Board’s (MSRB) annual Fact Book provides comprehensive and historical statistics on municipal market trading patterns, continuing and primary market disclosure in the municipal securities market, and interest rate resets for municipal variable rate securities. Data in the Fact Book are based on information submitted to the MSRB by municipal securities dealers, issuers and those acting on their behalf. In 2014, data collected by the MSRB show a decrease of 16 percent in the number of trades over the previous year while submissions of continuing disclosures increased nearly 19 percent. Approximately 13,000 primary market documents and 630,000 interest rate resets were also reported in 2014. The MSRB’s annual Fact Book provides municipal market participants, policymakers, regulators, academics and others with historical statistics that can be further analyzed to identify market trends and activity over the last several years. The MSRB also publishes quarterly updates to the Fact Book on its website, at msrb.org. All of the MSRB’s statistical reports support the MSRB’s ongoing effort to educate the general public and market participants about the municipal market. The statistics also assist the MSRB’s regulatory activities. The 2014 Fact Book includes monthly, quarterly and yearly aggregate market information from 2010 to 2014, and covers different types of municipal issues, trades and rate resets. Information about nearly every trade reported to the MSRB by municipal securities dealers since 2010 is included.1 The data reflect aggregate trading activity at the end of each trading day as submitted to the MSRB’s Real-Time Transaction Reporting System (RTRS). The MSRB obtains some information on the characteristics of securities traded from Standard & Poor’s Financial Services LLC and CUSIP databases furnished by CUSIP Global Services. 2 Definitions for terminology used in the report can be found in the Definition of Terms Used section at the end of the Fact Book. For more information on trading, variable rate resets, continuing disclosures and official statements, please visit the MSRB’s Electronic Municipal Market Access (EMMA®) website at emma.msrb.org. NEW FOR THE 2014 FACT BOOK The MSRB periodically reviews its market research and statistical reports based on market participants’ input. The 2014 Fact Book includes a new section on municipal market yield and coupon distributions. Users will be able to determine the total par amount and number of trades of tax-exempt, fixed-rate municipal securities for different yield and coupon cohorts. Additionally, the most actively traded securities section will now include the coupon for each security for better identification. 1As described in a Rule G-14 interpretive notice from January 2, 2008 (Reporting of Transactions in Certain Special Trading Situations), some transactions are subject to special conditions indicating that they are not a typical arms-length transaction and possibly a misleading indicator of the market value of a security. These transactions may be excluded from MSRB’s transparency products, including data disseminated through EMMA, but may be included in this report. 2 CUSIP numbers and certain related descriptive information are copyrighted by the American Bankers Association (ABA) and are used with permission from the CUSIP Global Services managed on behalf of the ABA by Standard & Poor’s. © 2015 ABA. See EMMA’s Terms and Conditions of Use for a description of proprietary rights in and restrictions on use of such data. “CUSIP” is a registered trademark of ABA. M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

4) PAGE 2 WHY THE MSRB COLLECTS MARKET DATA AND DISCLOSURE DOCUMENTS The MSRB Real-Time Transaction Reporting Program serves two major functions in the municipal securities market—price transparency and market surveillance. The implementation of RTRS in January 2005 created “real-time” transaction price transparency. Although the most visible part of the MSRB’s transaction reporting program is the transparency function, an equally important func-tion is the information and support the program provides to enforcement agencies charged with enforcing MSRB rules. MSRB rules, specifically Rule G-14, require dealers to submit to the MSRB transaction data on all municipal securities trades with customers and with other dealers within 15 minutes of the time of trade, with limited exceptions. Transaction prices are electronically disseminated immediately after transaction data is received by the MSRB and automated error checking is completed. This system effectively provides “real-time” reporting of transaction prices in the municipal securities market. The RTRS feed disseminates transaction data to information vendors and to the MSRB’s EMMA website, in real-time, as transactions are reported by dealers. The EMMA website (emma.msrb.org) receives and disseminates RTRS data in real-time and allows a user to search historical trade data. RTRS also has a number of subscribers to its information products, including several that redisseminate the data in real-time on other platforms. The EMMA website also provides, at no charge, real-time access to primary market and continuing disclosure documents, as well as documents related to variable rate security liquidity provisions and auction procedures. EMMA’s database contains primary market documents including official statements and advanced refunding documents since 1990. EMMA’s database also contains continuing disclosure documents produced in connection with municipal securities since July 1, 2009, based on EMMA’s designation by the Securities and Exchange Commission as the official repository for continuing disclosure on that date.  The compilation of data in this Fact Book represents what the MSRB believes to be an accurate and meaningful presentation of municipal market information. An electronic version of the Fact Book is available on the MSRB’s website (msrb.org) and on EMMA. ABOUT THE MSRB The MSRB protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that en-gage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its EMMA website, the official repository for information on all municipal bonds. M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

5) PAGE 3 The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a Congressionally-chartered, self-regulatory organization governed by a 21-member board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is subject to oversight by the Securities and Exchange Commission. ABOUT EMMA® The MSRB’s EMMA website, at emma.msrb.org, is the official online repository for information on virtually all municipal securities. EMMA provides free public access to official disclosures, trade data, credit ratings and other information about the municipal securities market. The EMMA website was established to increase transparency and provide access to vital disclosure and information in the municipal securities market. EMMA houses municipal disclosure documents including offering documents, called official statements, for most new offerings of municipal bonds, notes, 529 college savings plans and other municipal securities issued since 1990. EMMA also provides access to advance refunding documents, which detail arrangements made when new bonds are issued to establish escrows to pay off existing bonds (usually to refinance their debt at a lower interest rate). Ongoing disclosures about municipal bonds throughout the life of the bonds also are available on EMMA. These continuing disclosures, which include annual financial statements and notices of material events, reflect the financial or operating condition of the issuer and events that can affect the ability of an issuer to repay its bonds and the value of the bond, among other things. Current municipal securities credit ratings from Kroll Bond Ratings, Fitch Ratings and Standard & Poor’s also are provided on EMMA. EMMA disseminates market transparency data, which includes real-time prices and yields at which bonds and notes are bought and sold, for most trades occurring on or after January 31, 2005. Interest rates for municipal securities, including those for auction rate securities and variable rate demand obligations, are available on EMMA as well. A market statistics section on EMMA provides a summary of municipal securities transaction activity since 2006 and EMMA’s Education Center houses useful information for the public and investors about municipal bonds. EMMA is a service of the Municipal Securities Rulemaking Board. M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

6) PAGE 4 Table of Contents PART ONE: Municipal Market Trade Summary, 2011–2014 Total Par Amount Traded..................................................................................................................................... 8 Total Number of Trades........................................................................................................................................ 9 PART TWO: Municipal Market Trade Distribution Trends, 2014 Par Amount Traded by Time of Day.................................................................................................................. 11 Number of Trades by Time of Day..................................................................................................................... 12 Average Daily Trade Size by Time of Day......................................................................................................... 13 Average Trading Volume by Day of Week......................................................................................................... 14 Par Amount Traded by Months After Sale Date............................................................................................... 15 Number of Trades by Months After Sale Date................................................................................................. 16 Distribution of Trades by Type After Sale Date................................................................................................ 17 Average Trade Size by Months After Sale Date—All trades.......................................................................... 18 Average Trade Size by Months After Sale Date—Trades of $100,000 or Less............................................... 19 Average Trade Size by Months After Sale Date—Trades of $100,000 to $1,000,000.................................... 20 Average Trade Size by Months After Sale Date—Trades of more than $1,000,000...................................... 21 PART THREE: Most Actively Traded Municipal Securities, 2014 Top 50 Most Active Securities by Par Amount................................................................................................. 23 Top 50 Most Active Securities by Number of Trades....................................................................................... 24 Top 50 Most Active Fixed Rate Securities by Par Amount.............................................................................. 25 Top 50 Most Active Fixed Rate Securities by Number of Trades.................................................................... 26 Top 50 Most Active Variable Rate Securities by Par Amount.......................................................................... 27 Top 50 Most Active Variable Rate Securities by Number of Trades................................................................ 28 Top 50 Most Active Short-Term Securities by Par Amount.............................................................................. 29 Top 50 Most Active Short-Term Securities by Number of Trades...................................................................30 Top 50 Most Active Long-Term Securities by Par Amount.............................................................................. 31 Top 50 Most Active Long-Term Securities by Number of Trades.................................................................... 32 PART FOUR: Dealer Distribution of Municipal Trades, 2010–2014 Distribution of Customer Trades by Number of Dealers Based on Par Amount ........................................... 34 Distribution of Customer Trades by Number of Dealers Based on Number of Trades ................................ 35 PART FIVE: Overall Municipal Market Trading Activity, 2010–2014 Average Daily Trading Volume by Par Amount, Number of Trades and Number of Unique Securities....... 37 Daily Trading Volume, 30-Day Trailing Average............................................................................................... 38 PART SIX: Municipal Market Trades by Trade Type, 2010–2014 Average Daily Par Amount Traded....................................................................................................................40 Average Daily Number of Trades....................................................................................................................... 41 Average Daily Number of Unique Securities Traded........................................................................................ 42 Daily Trading Volume, 30-Day Trailing Average............................................................................................... 43 Average Daily Par Amount by Trade Size..........................................................................................................44 Average Daily Number of Trades by Trade Size............................................................................................... 45 Average Daily Number of Unique Securities by Trade Size.............................................................................46 Average Daily Trade Size by Customer Trade................................................................................................... 47 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

7) PAGE 5 PART SEVEN: Municipal Market Average Daily Par Amount Traded by Issue Type, 2011–2014 Security Type and Trade Size................................................................................................................................ 49 Coupon Type and Trade Size................................................................................................................................ 50 Coupon and Trade Type........................................................................................................................................ 51 Variable Rate Demand Obligations Trade Type and Size.................................................................................... 52 Auction Rate Securities Trade Type and Size....................................................................................................... 53 Source of Repayment and Trade Size................................................................................................................... 54 Source of Repayment and Coupon Type.............................................................................................................. 55 Tax Status and Trade Size...................................................................................................................................... 56 Tax Status and Coupon Type................................................................................................................................ 57 Sector and Coupon Type....................................................................................................................................... 58 Remaining Maturity and Coupon Type................................................................................................................. 59 Rating and Trade Type........................................................................................................................................... 60 State........................................................................................................................................................................ 61 PART EIGHT: Municipal Market Average Daily Number of Trades by Issue Type, 2011–2014 Security Type and Trade Size................................................................................................................................ 63 Coupon Type and Trade Size................................................................................................................................ 64 Coupon and Trade Type........................................................................................................................................ 65 Variable Rate Demand Obligations Trade Type and Size.................................................................................... 66 Auction Rate Securities Trade Type and Size....................................................................................................... 67 Source of Repayment and Trade Size................................................................................................................... 68 Source of Repayment and Coupon Type.............................................................................................................. 69 Tax Status and Trade Size...................................................................................................................................... 70 Tax Status and Coupon Type................................................................................................................................ 71 Sector and Coupon Type....................................................................................................................................... 72 Remaining Maturity and Coupon Type................................................................................................................. 73 Rating and Trade Type........................................................................................................................................... 74 State........................................................................................................................................................................ 75 PART NINE: Municipal Market Average Daily Number of Unique Securities Traded by Issue Type, 2011–2014 Security Type and Trade Size................................................................................................................................ 77 Coupon Type and Trade Size................................................................................................................................ 78 Coupon and Trade Type........................................................................................................................................ 79 Source of Repayment and Trade Size................................................................................................................... 80 Source of Repayment and Coupon Type.............................................................................................................. 81 Tax Status and Trade Size...................................................................................................................................... 82 Tax Status and Coupon Type................................................................................................................................ 83 Sector and Coupon Type....................................................................................................................................... 84 Remaining Maturity and Coupon Type................................................................................................................. 85 State........................................................................................................................................................................ 86 PART TEN: Municipal Market Coupon and Yield Distributions, 2014 Average Daily Yields of Tax Exempt Fixed Rate Securities by Customer Trade and Size................................ 88 Daily Yields of Tax Exempt Fixed Rate Securities, 30-Day Trailing Average..................................................... 89 Coupon and Yield Distribution of Tax Exempt Fixed Rate Securities—Par Amount of Customer Trades...... 90 Coupon and Yield Distribution of Tax Exempt Fixed Rate Securities—Number of Customer Trades............ 90 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

8) PAGE 6 PART ELEVEN: Municipal Market Variable Securities Rate Resets, 2011–2014 Variable Rate Demand Obligations Rate Resets................................................................................................ 92 Variable Rate Demand Obligations Rate Resets by Period................................................................................93 Variable Rate Demand Obligations Rate Resets by Tax Status.........................................................................94 Auction Rate Securities Rate Resets....................................................................................................................95 Auction Rate Securities Rate Resets by Type......................................................................................................96 Auction Rate Securities Rate Resets by Period...................................................................................................97 Auction Rate Securities Rate Resets by Tax Status............................................................................................98 PART TWELVE: Municipal Market Disclosures, 2013–2014 Total Primary Market Submissions.................................................................................................................... 100 Total Continuing Disclosure Submissions by Type and State..........................................................................101 Total Financial Disclosures.................................................................................................................................102 Financial Disclosures, Audit Financial Statements or CAFR Submissions.......................................................102 Financial Disclosures, Annual Financial Information & Operating Data Submissions....................................103 Financial Disclosures, Quarterly/Monthly Financial Information Submissions................................................103 Financial Disclosures, Other...............................................................................................................................104 Total Event Disclosures.......................................................................................................................................105 Event Disclosures, Bond Call Submissions........................................................................................................105 Event Disclosures, Rating Change Submissions...............................................................................................106 Event Disclosures, Defeasance..........................................................................................................................106 Event Disclosures, Other....................................................................................................................................107 PART THIRTEEN: Definitions of Terms Used Definitions...........................................................................................................................................................109 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

9) PAGE 7 Part One Municipal Market Trade Summary, 2011–2014

10) PAGE 8 Municipal Market Trade Summary Transaction Summary Total par amount traded in $ millions 2011 2012 2013 2014 3,285,766 3,225,803 3,119,816 2,774,556 Customer Bought 1,670,951 1,619,769 1,526,057 1,364,093 Customer Sold 1,088,513 975,487 972,901 835,829 526,302 630,547 620,859 574,634 Variable 1,271,220 1,195,640 1,082,656 920,860 Fixed Rate 1,614,755 1,677,625 1,748,069 1,546,078 Zero Coupon 134,484 129,023 116,151 145,460 Other1 265,307 223,515 172,939 162,157 Total By Trade Type Inter-Dealer By Coupon Type By Source of Repayment General Obligation Revenue Double Barrel Other1 704,025 731,491 705,142 681,204 2,132,012 2,112,740 2,142,322 1,829,897 73,570 68,988 60,679 64,481 376,159 312,584 211,673 198,974 By Tax Status Tax Exempt 2,656,646 2,736,514 2,712,300 2,412,898 Taxable 294,909 272,799 247,209 221,123 AMT 158,514 127,927 128,256 110,121 Other1 175,697 88,562 32,051 30,414 By Security Type2 Bond 1,644,676 1,703,642 1,766,948 1,623,092 Long Note 82,704 82,284 79,248 55,949 Short Note 21,859 20,721 18,025 12,497 1,271,220 1,195,640 1,082,656 920,860 231,540 203,445 161,654 150,314 33,767 20,071 11,285 11,843 Variable (Long and Short) Commercial Paper Other 3 Includes municipal commercial paper and issues that could not be categorized based on available data. Security definitions available on page 109. 3 Includes issues that could not be categorized based on available data. 1 2 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

11) PAGE 9 Municipal Market Trade Summary Transaction Summary Total number of trades 2011 2012 2013 2014 10,396,795 9,713,065 10,631,332 8,910,994 Customer Bought 4,956,486 4,144,746 4,588,114 3,747,943 Customer Sold 2,161,669 2,129,831 2,417,721 1,979,899 Inter-Dealer 3,278,640 3,438,488 3,625,497 3,183,152 Total By Trade Type By Coupon Type Variable 269,172 220,903 204,361 180,186 9,680,988 8,998,859 10,017,023 8,356,089 426,954 474,255 396,578 363,286 19,681 19,048 13,370 11,433 General Obligation 3,377,669 3,236,288 3,432,445 3,036,217 Revenue 6,667,201 6,154,926 6,843,706 5,550,260 322,448 301,367 339,341 311,477 29,477 20,484 15,840 13,040 Fixed Rate Zero Coupon Other1 By Source of Repayment Double Barrel Other1 By Tax Status Tax Exempt 9,209,914 8,669,693 9,588,621 8,065,980 Taxable 755,016 733,332 716,117 619,679 AMT 415,933 303,228 322,676 222,229 15,932 6,812 3,918 3,106 Other1 By Security Type2 Bond 10,026,750 9,393,529 10,349,613 8,664,497 Long Note 69,956 69,556 56,660 47,847 Short Note 11,236 10,029 7,328 7,031 269,172 220,903 204,361 180,186 15,444 12,732 10,864 8,929 4,237 6,316 2,506 2,504 Variable (Long and Short) Commercial Paper Other 3 Includes municipal commercial paper and issues that could not be categorized based on available data. Security definitions available on page 109. 3 Includes issues that could not be categorized based on available data. 1 2 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

12) PAGE 10 Part Two Municipal Market Trade Distribution Trends, 2014

13) PAGE 11 Municipal Market Trade Distribution Trends Par Amount Traded by Time of Day, 2014 Distribution of Average Daily Par Amount Traded, 2014 Trades executed within 15 minutes prior to time shown1 By time of execution 15 minutes prior to time on graph 8.0% 80% Percentage of Par Amount Executed 7.0% 6.0% 60% 5.0% 4.0% 40% 3.0% 2.0% 20% 1.0% 0% Cumulative Percentage of Par Amount Executed 100% 9.0% 6:15 PM 5:30 PM 4:45 PM 4:00 PM 3:15 PM 2:30 PM 1:45 PM 1:00 PM 12:15 PM 11:30 AM 10:45 AM 10:00 AM 9:15 AM 8:30 AM 7:45 AM 0% Time of Day Percentage of Par Amount Executed Cumulative Percentage of Par Amount Executed continued > Time of Execution 7:45 AM 8:00 AM 8:15 AM 8:30 AM 8:45 AM 9:00 AM 9:15 AM 9:30 AM 9:45 AM 10:00 AM 10:15 AM 10:30 AM 10:45 AM 11:00 AM 11:15 AM 11:30 AM 11:45 AM 12:00 PM 12:15 PM 12:30 PM 12:45 PM 1:00 PM 1:15 PM Average Par Value ($ Millions) 16.4 39.6 109.0 120.9 206.8 258.7 245.6 281.4 308.4 381.5 414.8 519.5 575.9 827.1 454.6 402.0 366.8 392.2 375.2 407.5 302.8 345.0 263.0 Time of Execution 1:30 PM 1:45 PM 2:00 PM 2:15 PM 2:30 PM 2:45 PM 3:00 PM 3:15 PM 3:30 PM 3:45 PM 4:00 PM 4:15 PM 4:30 PM 4:45 PM 5:00 PM 5:15 PM 5:30 PM 5:45 PM 6:00 PM 6:15 PM 6:30 PM Other2 Total Average Par Value ($ Millions) 253.5 221.6 290.3 239.1 279.5 266.4 263.4 222.8 257.2 212.4 198.4 187.5 167.2 118.0 103.5 50.4 25.3 11.0 5.1 4.1 3.8 15.1 11,010.1 Eastern time. T  rades reported after 6:30 p.m. and before 7:30 a.m. 1 2 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

14) PAGE 12 Municipal Market Trade Distribution Trends Number of Trades by Number of Trades, Distribution of Average Daily Time of Day, 2014 2014 Trades executed within 15 minutes prior time on shown1 By time of execution 15 minutes prior to to time graph 100% 4.5% 80% Percentage of Trades Executed 3.5% 3.0% 60% 2.5% 2.0% 40% 1.5% 1.0% 20% Cumulative Percentage of Trades Executed 4.0% 0.5% 0% 6:15 PM 5:30 PM 4:45 PM 4:00 PM 3:15 PM 2:30 PM 1:45 PM 1:00 PM 12:15 PM 11:30 AM 10:45 AM 10:00 AM 9:15 AM 7:45 AM 8:30 AM 0% s Time of Day Percentage of Trades Executed Cumulative Percentage of Trades Executed continued > Time of Execution 7:45 AM 8:00 AM 8:15 AM 8:30 AM 8:45 AM 9:00 AM 9:15 AM 9:30 AM 9:45 AM 10:00 AM 10:15 AM 10:30 AM 10:45 AM 11:00 AM 11:15 AM 11:30 AM 11:45 AM 12:00 PM 12:15 PM 12:30 PM 12:45 PM 1:00 PM 1:15 PM Average Number of Trades 33 61 243 228 304 355 427 521 619 779 841 919 1,007 1,223 1,161 1,185 1,209 1,222 1,197 1,144 1,078 1,134 1,107 Time of Execution 1:30 PM 1:45 PM 2:00 PM 2:15 PM 2:30 PM 2:45 PM 3:00 PM 3:15 PM 3:30 PM 3:45 PM 4:00 PM 4:15 PM 4:30 PM 4:45 PM 5:00 PM 5:15 PM 5:30 PM 5:45 PM 6:00 PM 6:15 PM 6:30 PM Other2 Total Average Number of Trades 1,096 1,104 1,198 1,167 1,213 1,221 1,271 1,257 1,280 1,257 1,223 1,077 944 762 598 244 147 111 73 30 23 69 35,361 Eastern time. T  rades reported after 6:30 p.m. and before 7:30 a.m. 1 2 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

15) PAGE 13 Municipal Market Trade Distribution Trends Average Daily Trade SizeSizeTime of Day, 2014 Average Daily Trade by by Time of Day, 2014 Trades executed within 15 minutes to time shown1 Trades executed within 15 minutes priorprior to time shown1 $1,000,000 900,000 800,000 Average Trade Size 700,000 600,000 500,000 400,000 300,000 200,000 100,000 6:15 PM 5:30 PM 4:45 PM 4:00 PM 3:15 PM 2:30 PM 1:45 PM 1:00 PM 12:15 PM 11:30 AM 10:45 AM 10:00 AM 9:15 AM 8:30 AM 7:45 AM 0 Time of Day continued > Time of Execution 7:45 AM 8:00 AM 8:15 AM 8:30 AM 8:45 AM 9:00 AM 9:15 AM 9:30 AM 9:45 AM 10:00 AM 10:15 AM 10:30 AM 10:45 AM 11:00 AM 11:15 AM 11:30 AM 11:45 AM 12:00 PM 12:15 PM 12:30 PM 12:45 PM 1:00 PM 1:15 PM Average Trade Size ($) 502,590 649,178 447,710 530,202 680,349 729,524 575,108 539,944 497,943 490,043 492,920 565,600 571,809 676,363 391,397 339,157 303,391 320,976 313,537 356,243 280,783 304,344 237,672 Time of Execution 1:30 PM 1:45 PM 2:00 PM 2:15 PM 2:30 PM 2:45 PM 3:00 PM 3:15 PM 3:30 PM 3:45 PM 4:00 PM 4:15 PM 4:30 PM 4:45 PM 5:00 PM 5:15 PM 5:30 PM 5:45 PM 6:00 PM 6:15 PM 6:30 PM Other2 Overall Average Trade Size ($) 231,199 200,817 242,291 204,910 230,404 218,193 207,207 177,263 200,914 168,940 162,191 174,082 177,079 154,792 173,161 206,477 172,191 99,739 70,295 139,971 166,462 299,584 311,363 Eastern time. T  rades reported after 6:30 p.m. and before 7:30 a.m. 1 2 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

16) Municipal Market Trade Distribution Trends Average Trading Business Day Trading Volume, Distribution of AverageVolume by Day of Week, 2014 2014 50,000 45,000 45,000 40,000 40,000 35,000 35,000 30,000 30,000 25,000 25,000 20,000 20,000 15,000 15,000 10,000 10,000 5,000 5,000 0 0 Monday Tuesday Par Amount Wednesday Number of Trades Thursday Friday Number of Unique Securities Weekday Par Amount ($ Millions) Number of Trades Number of Unique Securities Monday 8,062.8 32,868 12,531 Tuesday 10,659.8 37,403 13,851 Wednesday 12,644.5 37,981 13,848 Thursday 13,820.7 37,851 13,727 9,693.6 30,417 11,483 Friday M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K Number of Trades and Securities 50,000 Par Amount ($ Millions) s) PAGE 14

17) PAGE 15 Municipal Market Trade Distribution Trends 1 Par Amount Traded by Months After Sale Date1, 2014 Par Amount Traded by Months After Sale Date , 2014 500,000 300,000 200,000 100,000 >20 Years >228–234 >216–222 >204–210 >192–198 >180–186 >168–174 >156–162 >144–150 >132–138 >120–126 >108–114 >096–102 >084–090 >072–078 >060–066 >048–054 >036–042 >024–030 >012–018 >003–006 0 000–001 Par Amount ($ Millions) 400,000 Months After Sale Date continued > Months After Sale Date 000–001 >001–003 >003–006 >006–012 >012–018 >018–024 >024–030 >030–036 >036–042 >042–048 >048–054 >054–060 >060–066 >066–072 >072–078 >078–084 >084–090 >090–096 >096–102 >102–108 >108–114 >114–120 Par Amount ($ Millions) % of Total Par Cumulative Percentage of Par Value 462,290.5 87,082.2 57,109.6 79,853.0 88,618.1 99,900.1 80,275.1 50,297.2 41,994.6 52,313.1 53,333.2 48,704.7 39,256.9 35,476.5 42,059.5 68,065.3 57,674.1 33,115.0 23,644.1 24,351.8 25,360.1 17,434.4 28.6% 5.4% 3.5% 4.9% 5.5% 6.2% 5.0% 3.1% 2.6% 3.2% 3.3% 3.0% 2.4% 2.2% 2.6% 4.2% 3.6% 2.0% 1.5% 1.5% 1.6% 1.1% 28.6% 34.0% 37.5% 42.4% 47.9% 54.1% 59.1% 62.2% 64.8% 68.0% 71.3% 74.3% 76.7% 78.9% 81.5% 85.7% 89.3% 91.4% 92.8% 94.3% 95.9% 97.0% Months After Sale Date >120–126 >126–132 >132–138 >138–144 >144–150 >150–156 >156–162 >162–168 >168–174 >174–180 >180–186 >186–192 >192–198 >198–204 >204–210 >210–216 >216–222 >222–228 >228–234 >234–240 >20 Years Total Par Amount ($ Millions) % of Total Par 7,751.6 5,172.3 4,245.0 3,426.3 4,126.1 3,152.2 1,452.3 1,176.3 1,548.9 1,442.2 1,693.5 3,043.6 1,750.1 1,393.5 1,780.7 632.0 596.4 411.1 185.3 138.6 3,976.2 1,617,303.2 0.5% 0.3% 0.3% 0.2% 0.3% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.2% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% 100% Cumulative Percentage of Par Value 97.4% 97.8% 98.0% 98.2% 98.5% 98.7% 98.8% 98.9% 98.9% 99.0% 99.1% 99.3% 99.4% 99.5% 99.6% 99.7% 99.7% 99.7% 99.7% 99.8% 100.0% I ncludes only bonds—securities with maturities of two or more years (maturity date less dated date) with fixed or zero interest rate. Excludes $5,787.9 million par amount traded for which the date of sale was not available. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

18) PAGE 16 Municipal Market Trade Distribution Trends 1 Number of Trades by Months After SaleSale Date1, 2014 Number of Trades by Month After Date , 2014 1,600,000 1,400,000 Number of Trades 1,200,000 1,000,000 800,000 600,000 400,000 200,000 >20 Years >228–234 >216–222 >204–210 >192–198 >180–186 >168–174 >156–162 >144–150 >132–138 >120–126 >108–114 >096–102 >084–090 >072–078 >060–066 >048–054 >036–042 >024–030 >012–018 >003–006 000–001 0 s Months After Sale Date continued > Months After Sale Date 000–001 >001–003 >003–006 >006–012 >012–018 >018–024 >024–030 >030–036 >036–042 >042–048 >048–054 >054–060 >060–066 >066–072 >072–078 >078–084 >084–090 >090–096 >096–102 >102–108 >108–114 >114–120 Number of Trades % of Total Trades Cumulative Percentage of Number of Trades 1,249,422 332,525 181,856 325,965 476,432 570,850 482,506 334,507 275,172 334,516 378,608 354,181 289,540 274,194 284,099 322,453 382,916 334,795 251,260 247,682 230,215 152,648 14.5% 3.9% 2.1% 3.8% 5.5% 6.6% 5.6% 3.9% 3.2% 3.9% 4.4% 4.1% 3.4% 3.2% 3.3% 3.7% 4.4% 3.9% 2.9% 2.9% 2.7% 1.8% 14.5% 18.4% 20.5% 24.3% 29.8% 36.4% 42.0% 45.9% 49.1% 53.0% 57.4% 61.5% 64.9% 68.1% 71.4% 75.1% 79.6% 83.5% 86.4% 89.3% 91.9% 93.7% Months After Sale Date >120–126 >126–132 >132–138 >138–144 >144–150 >150–156 >156–162 >162–168 >168–174 >174–180 >180–186 >186–192 >192–198 >198–204 >204–210 >210–216 >216–222 >222–228 >228–234 >234–240 >20 Years Total Number of Trades % of Total Trades 70,371 53,863 48,184 39,396 38,700 33,637 19,262 11,245 8,721 10,719 26,113 36,539 30,766 21,272 12,430 7,512 7,459 6,767 3,598 2,948 52,567 8,608,411 0.8% 0.6% 0.6% 0.5% 0.4% 0.4% 0.2% 0.1% 0.1% 0.1% 0.3% 0.4% 0.4% 0.2% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.6% 100% Cumulative Percentage of Number of Trades 94.5% 95.1% 95.7% 96.2% 96.6% 97.0% 97.2% 97.4% 97.5% 97.6% 97.9% 98.3% 98.7% 98.9% 99.1% 99.1% 99.2% 99.3% 99.4% 99.4% 100.0% I ncludes only bonds—securities with maturities of two or more years (maturity date less dated date) with fixed or zero interest rate. Excludes 56,086 trades for which the date of sale was not available. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

19) Distribution of Trades by Type After Sale Date1, 2014 (Par Amount) 100% PAGE 17 90% 80% Municipal Market Trade Distribution Trends 70% 60% 50% 40% 30% 1 Distribution of Trades by Type After Sale 2014 2014 Distribution of Trades by Type After Sale Date1,Date , (Par Amount) 20% 10% 90% 361 351 341 331 321 311 301 291 291 281 271 261 251 241 231 221 211 201 191 181 171 161 151 141 131 121 111 91 101 81 71 61 51 41 31 21 1 Par Amount 11 0 100% Days After Sale Date 80% Customer Bought Customer Sold Inter-Dealer 70% 60% 50% 40% 30% 20% 341 351 361 341 351 361 331 321 311 301 291 291 281 271 261 251 241 231 221 211 201 191 181 171 161 151 141 131 121 111 101 91 81 71 61 51 41 31 21 1 0 11 10% Days After Sale Date Customer Bought Customer Sold Inter-Dealer Distribution of Trades by Type After Sale Date1, 2014 (Number of Trades) Number of Trades 100% 90% 80% 70% 60% 50% 40% 30% 90% 80% 331 321 311 301 291 291 281 271 261 251 241 231 221 211 201 191 181 171 161 151 141 131 121 111 101 91 81 71 61 51 41 31 1 0 100% 11 10% 21 Distribution of Trades by Type After Sale Date1, 2014 (Number of Trades) 20% Days After Sale Date Customer Bought Customer Sold Inter-Dealer 70% E 60%  xcludes transactions for which the date of sale was not available. 1 50% 40% 30% M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

20) PAGE 18 Municipal Market Trade Distribution Trends Average Trade Size by Trade Type Type by Months After Sale 1, 20142014 Average Trade Size by Trade by Months After Sale DateDate1, All trades $1,400,000 $1,200,000 Average Trade Size $1,000,000 $800,000 $600,000 $400,000 Customer Bought Customer Sold >20 Years >228–234 >216–222 >204–210 >192–198 >180–186 >168–174 >156–162 >144–150 >132–138 >120–126 >108–114 >096–102 >084–090 >072–078 >060–066 >048–054 >036–042 >024–030 >012–018 >003–006 $0 ears 000–001 $200,000 Inter-Dealer continued > Months After Sale Date 000–001 >001–003 >003–006 >006–012 >012–018 >018–024 >024–030 >030–036 >036–042 >042–048 >048–054 >054–060 >060–066 >066–072 >072–078 >078–084 >084–090 >090–096 >096–102 >102–108 >108–114 >114–120 Customer Bought Customer Sold Inter-dealer 437,472 222,373 366,415 300,775 200,279 187,180 210,849 259,912 327,962 346,734 238,475 245,373 261,618 347,473 452,741 326,024 187,766 145,772 149,278 166,414 188,033 210,657 1,006,377 806,048 768,942 581,133 430,132 360,788 343,276 368,407 460,005 448,203 294,710 302,742 321,070 451,504 469,476 425,834 249,589 184,369 181,729 192,730 202,951 214,331 359,131 297,961 316,935 240,957 192,743 179,357 160,100 137,556 173,891 166,663 124,668 124,752 133,454 132,178 120,880 134,541 112,517 98,545 82,424 85,606 84,059 92,970 Months After Sale Date >120–126 >126–132 >132–138 >138–144 >144–150 >150–156 >156–162 >162–168 >168–174 >174–180 >180–186 >186–192 >192–198 >198–204 >204–210 >210–216 >216–222 >222–228 >228–234 >234–240 >20 Years Customer Bought Customer Sold Inter-dealer 281,556 269,988 330,056 305,993 414,466 441,738 636,274 994,697 1,082,456 749,811 310,518 199,585 149,247 168,035 393,877 497,638 442,702 649,982 233,320 480,574 262,423 278,436 252,710 329,794 338,120 432,812 433,788 688,132 1,171,977 1,182,986 878,159 364,075 217,501 154,656 194,879 496,353 560,614 474,468 708,474 283,988 580,863 276,530 103,620 88,253 66,688 84,762 85,187 87,726 96,188 209,169 152,019 106,653 61,797 59,846 50,529 88,841 251,295 169,503 74,271 68,214 54,902 209,843 97,287 E  xcludes transactions for which the date of sale was not available. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

21) PAGE 19 Municipal Market Trade Distribution Trends Average TradeTradeby TradeTrade Type by Months After Date1Date1, 2014 Average Size Size by Type by Months After Sale Sale , 2014 Trades of $100,000 or Less $60,000 Average Trade Size $50,000 $40,000 $30,000 $20,000 $10,000 Customer Bought Customer Sold >20 Years >228–234 >216–222 >204–210 >192–198 >180–186 >168–174 >156–162 >144–150 >132–138 >120–126 >108–114 >096–102 >084–090 >072–078 >060–066 >048–054 >036–042 >024–030 >012–018 >003–006 000–001 $0 ars Inter-Dealer continued > Months After Sale Date 000–001 >001–003 >003–006 >006–012 >012–018 >018–024 >024–030 >030–036 >036–042 >042–048 >048–054 >054–060 >060–066 >066–072 >072–078 >078–084 >084–090 >090–096 >096–102 >102–108 >108–114 >114–120 Customer Bought Customer Sold Inter-dealer 34,957 33,472 35,301 33,640 31,734 31,576 32,213 32,620 30,971 29,151 29,296 29,923 31,402 31,553 30,852 30,054 29,242 29,008 29,125 29,206 29,594 30,868 54,280 40,005 37,745 37,309 36,790 35,843 35,036 34,529 32,461 30,963 30,453 30,816 31,751 32,748 32,260 32,366 31,503 30,918 31,029 31,161 31,491 31,740 42,281 39,767 38,170 36,011 34,912 34,125 33,711 33,426 31,811 30,627 30,605 30,322 31,637 31,900 31,608 31,338 30,699 30,225 30,015 29,570 29,568 29,965 Months After Sale Date >120–126 >126–132 >132–138 >138–144 >144–150 >150–156 >156–162 >162–168 >168–174 >174–180 >180–186 >186–192 >192–198 >198–204 >204–210 >210–216 >216–222 >222–228 >228–234 >234–240 >20 Years Customer Bought Customer Sold Inter-dealer 28,899 25,920 25,208 27,768 27,370 27,307 27,029 28,666 29,075 28,693 25,183 25,881 25,243 25,838 25,954 24,591 24,701 25,137 24,939 23,580 24,605 29,443 25,532 25,612 27,875 28,266 27,750 29,158 30,577 34,463 31,894 26,399 25,761 25,954 26,751 27,288 25,632 26,217 28,150 26,572 24,950 24,863 28,602 26,534 25,961 28,032 28,690 27,600 28,529 30,160 29,819 28,708 26,334 25,760 25,299 25,940 27,460 27,104 26,240 26,071 25,056 25,136 23,323 E  xcludes transactions for which the date of sale was not available. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

22) PAGE 20 Municipal Market Trade Distribution Trends Average TradeTradeby TradeTrade by Months After AfterDate1, 2014, 2014 Average Size Size by Type Type by Months Sale Sale Date1 Trades of $100,000 to $1,000,000 $500,000 $450,000 $400,000 Average Trade Size $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 Customer Bought Customer Sold >20 Years >228–234 >216–222 >204–210 >192–198 >180–186 >168–174 >156–162 >144–150 >132–138 >120–126 >108–114 >096–102 >084–090 >072–078 >060–066 >048–054 >036–042 >024–030 >012–018 >003–006 000–001 $0 ears Inter-Dealer continued > Months After Sale Date 000–001 >001–003 >003–006 >006–012 >012–018 >018–024 >024–030 >030–036 >036–042 >042–048 >048–054 >054–060 >060–066 >066–072 >072–078 >078–084 >084–090 >090–096 >096–102 >102–108 >108–114 >114–120 Customer Bought Customer Sold Inter-dealer 374,812 317,889 335,452 326,560 313,117 312,877 314,644 310,971 329,144 330,520 318,791 315,359 310,974 302,012 303,627 298,177 292,579 287,440 296,229 301,012 304,878 307,499 451,782 405,165 374,705 357,883 353,261 343,141 338,129 329,001 353,769 345,429 330,922 327,702 326,467 318,050 317,646 313,491 302,098 292,007 306,804 309,433 306,208 306,397 382,403 354,719 360,458 358,704 343,772 340,666 333,003 323,819 334,312 330,218 314,652 320,567 320,497 311,681 300,608 308,242 295,679 286,327 290,187 286,839 291,893 290,547 Months After Sale Date >120–126 >126–132 >132–138 >138–144 >144–150 >150–156 >156–162 >162–168 >168–174 >174–180 >180–186 >186–192 >192–198 >198–204 >204–210 >210–216 >216–222 >222–228 >228–234 >234–240 >20 Years Customer Bought Customer Sold Inter-dealer 318,966 326,553 320,429 332,251 321,216 352,301 375,161 385,014 415,338 360,608 306,366 288,176 296,916 294,681 284,387 406,449 360,289 334,524 307,462 367,742 322,022 314,506 323,274 329,019 341,181 326,360 344,551 388,317 402,021 404,139 360,498 329,249 323,872 296,066 312,081 303,276 396,712 365,982 350,114 310,895 372,400 328,691 297,248 303,517 303,928 293,056 254,019 274,966 294,324 310,506 334,414 314,494 268,381 266,652 259,517 281,015 261,771 266,023 232,781 250,900 251,821 268,000 272,852 E  xcludes transactions for which the date of sale was not available. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

23) PAGE 21 Municipal Market Trade Distribution Trends Average TradeTradeby TradeTrade Type by Months After Date1Date1, 2014 Average Size Size by Type by Months After Sale Sale , 2014 Trades of more than $1,000,000 $12,000,000 Average Trade Size $10,000,000 $8,000,000 $6,000,000 $4,000,000 Customer Bought Customer Sold >20 Years >228–234 >216–222 >204–210 >192–198 >180–186 >168–174 >156–162 >144–150 >132–138 >120–126 >108–114 >096–102 >084–090 >072–078 >060–066 >048–054 >036–042 >024–030 >012–018 >003–006 0 ars 000–001 $2,000,000 Inter-Dealer continued > Months After Sale Date Customer Bought Customer Sold Inter-dealer 000–001 >001–003 >003–006 >006–012 >012–018 >018–024 >024–030 >030–036 >036–042 >042–048 >048–054 >054–060 >060–066 >066–072 >072–078 >078–084 >084–090 >090–096 >096–102 >102–108 >108–114 >114–120 5,061,483 5,478,257 6,170,874 6,288,285 5,541,105 5,272,613 5,329,887 6,066,203 7,226,622 7,742,588 5,883,551 6,025,462 6,709,290 8,398,939 11,145,053 9,217,765 7,422,872 5,804,203 5,360,094 5,546,783 5,330,986 5,080,439 4,334,350 5,568,473 6,164,210 6,173,471 5,474,838 5,193,519 5,466,147 6,009,505 7,208,645 7,613,024 5,876,941 6,035,740 6,724,968 8,283,437 8,666,159 9,215,337 7,625,679 5,978,807 5,443,180 5,557,275 5,336,441 5,225,991 3,064,029 3,537,186 3,636,340 3,605,190 3,279,511 3,601,958 3,452,634 3,197,548 4,929,161 4,806,867 3,647,721 3,415,447 3,991,875 4,677,686 3,853,709 4,274,259 4,244,400 3,873,374 3,070,019 3,831,710 2,941,204 2,968,336 Months After Sale Date >120–126 >126–132 >132–138 >138–144 >144–150 >150–156 >156–162 >162–168 >168–174 >174–180 >180–186 >186–192 >192–198 >198–204 >204–210 >210–216 >216–222 >222–228 >228–234 >234–240 >20 Years Customer Bought Customer Sold Inter-dealer 6,912,043 6,175,917 7,251,387 7,124,000 8,529,544 7,348,649 7,535,737 9,969,572 8,742,795 6,595,346 6,416,754 6,707,099 6,686,424 6,500,778 9,901,053 6,769,667 5,694,844 8,407,827 5,521,786 7,279,683 5,070,318 6,734,094 5,912,569 7,463,414 7,325,538 8,584,469 7,081,706 7,194,126 9,598,953 9,012,089 6,812,755 6,618,838 6,965,299 7,086,460 6,635,912 9,880,306 6,674,989 5,631,236 9,439,858 5,473,750 7,466,692 5,146,019 4,071,808 3,460,307 2,604,105 3,821,599 4,536,136 5,877,398 3,031,727 7,104,069 5,116,615 3,377,500 2,949,583 3,187,176 2,695,098 5,414,959 8,517,937 10,389,730 3,258,125 4,471,250 1,507,308 9,897,143 4,523,297 E  xcludes transactions for which the date of sale was not available. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

24) PAGE 22 Part Three Most Actively Traded Municipal Securities, 2014

25) PAGE 23 Most Actively Traded Municipal Securities Top 50 Most Active Securities, 2014 By par amount Par Amount Rank CUSIP1 Issuer Name Maturity 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 270777AC9 74514LE86 88880LAB9 548351AC9 74529JAP0 270777AD7 64966G4Q2 60528AAS3 575827R44 402207AD6 57586CV36 71884SAA8 915137U35 118217AW8 882723QE2 9151153V9 64972FHH2 888808DG4 64966JE77 548351AE5 13048TGT4 60528ACB8 91412GSK2 13063CLC2 130795C88 64972F4V5 914437QB7 64972F4W3 452252GG8 914455HD5 64972FPK6 64966J5Y8 74529JAQ8 291380ES8 71884SAC4 882723CX5 368497HC0 414009AT7 130911WD8 57586CV69 13063BHP0 919061BU4 686507DZ4 9151153W7 64972GAV6 915137T60 888808DF6 41315RGU2 64966LCJ8 592663XJ2 EAST BATON ROUGE PARISH LA INC INDL DEV BRD REV PUERTO RICO COMWLTH TOBACCO SETTLEMENT FIN AUTH WEST VA ASSET BACKED LOWER NECHES VALLEY AUTH TEX INDL DEV CORP REV PUERTO RICO SALES TAX FING CORP SALES TAX REV EAST BATON ROUGE PARISH LA INC INDL DEV BRD REV NEW YORK NY MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE INDL DEV REV MASSACHUSETTS ST GULF COAST INDL DEV AUTH TEX REV MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV PHOENIX ARIZ INDL DEV AUTH HEALTH CARE FACS REV UNIVERSITY TEX UNIV REVS BUCKEYE OHIO TOB SETTLEMENT FING AUTH TEXAS ST UNIVERSITY TEX PERM UNIV FD NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV TOBACCO SETTLEMENT FING CORP NJ NEW YORK NY LOWER NECHES VALLEY AUTH TEX INDL DEV CORP REV CALIFORNIA MUN FIN AUTH REV MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE INDL DEV REV UNIVERSITY CALIF REVS CALIFORNIA ST CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV UNIVERSITY MASS BLDG AUTH REV NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV ILLINOIS ST TOLL HWY AUTH TOLL HIGHWAY REV UNIVERSITY MICH UNIV REVS NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV NEW YORK NY PUERTO RICO SALES TAX FING CORP SALES TAX REV EMMAUS PA GEN AUTH REV PHOENIX ARIZ INDL DEV AUTH HEALTH CARE FACS REV TEXAS ST GEISINGER AUTH PA HEALTH SYS REV HARRIS CNTY TEX CULTURAL ED FACS FIN CORP REV CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV CALIFORNIA ST VALDEZ ALASKA MARINE TERM REV ORLANDO FLA UTILS COMMN UTIL SYS REV UNIVERSITY TEX PERM UNIV FD NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV UNIVERSITY TEX UNIV REVS TOBACCO SETTLEMENT FING CORP NJ HARRIS CNTY TEX HEALTH FACS DEV CORP REV NEW YORK NY METROPOLITAN WTR DIST SOUTHN CALIF WTRWKS REV Coupon 8/1/35 7/1/35 6/1/47 11/1/38 8/1/54 12/1/40 4/1/35 12/1/30 12/1/30 11/1/41 8/15/40 11/15/52 8/1/39 6/1/47 8/31/15 7/1/38 6/15/38 6/1/41 4/1/42 5/1/46 11/1/35 11/1/35 5/15/48 6/22/15 4/1/46 6/15/44 11/1/34 6/15/44 1/1/31 4/1/38 6/15/36 10/1/40 8/1/56 12/1/28 11/15/52 8/28/14 10/1/43 12/1/24 4/1/38 12/1/37 5/1/40 10/1/25 10/1/33 7/1/37 6/15/32 8/1/34 6/1/41 12/1/12 8/1/38 7/1/35 — 8.00 — — — — — — — — — — — — 1.50 — — — — — — — — 1.50 — — — — — — — — — — — 2.00 — — — — — — — — — — 5.00 — — — Number of ($ Millions) Trades 19,944.5 13,676.7 13,557.4 13,350.1 10,331.1 10,192.0 9,282.9 9,164.2 8,315.6 7,387.0 7,200.0 6,609.5 6,408.7 6,153.1 5,744.1 5,654.9 5,336.0 5,014.6 4,924.1 4,834.2 4,116.1 3,755.2 3,742.1 3,583.9 3,560.2 3,522.1 3,492.5 3,434.1 3,373.3 3,295.2 3,195.0 3,125.5 3,068.3 2,996.8 2,960.6 2,827.6 2,799.7 2,721.6 2,717.6 2,705.2 2,703.8 2,703.0 2,687.7 2,649.4 2,616.4 2,567.6 2,552.7 2,530.2 2,495.3 2,449.9 902 5,504 61 1,346 1,371 535 425 426 426 601 316 175 279 27 205 282 330 338 357 648 454 356 320 146 197 244 226 539 170 207 208 351 483 327 213 198 374 565 131 136 86 296 146 68 418 157 1,859 437 122 97 S  ee page 1 for information on CUSIP identifiers. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

26) PAGE 24 Most Actively Traded Municipal Securities Top 50 Most Active Securities, 2014 By number of trades Par Amount Rank CUSIP1 Issuer Name Maturity 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 646136U66 74514LE86 74514LB89 60637AGP1 745160RC7 44420PAA2 452151LF8 745235R37 50375EAL5 60637ACW0 64972GEU4 79020FAM8 167505PL4 646136J85 745190DH8 74529JLM5 745160QC8 531127AC2 74529JHN8 944488QK4 74526QKX9 74514LB63 74514LD20 646136J51 13033LS57 7451902B3 64972GEX8 73358TZL8 745266BD7 6461393H6 796334AS9 45203HLG5 167486NN5 646136E31 592248AX6 472682QJ5 74529JHL2 65821DMM0 745160RR4 452152BM2 74529JKJ3 74526QKW1 010685JZ9 303823KE7 34074GDH4 745190UQ9 65821DRJ2 167505NH5 452152FP1 13033LW52 NEW JERSEY ST TRANSN TR FD AUTH PUERTO RICO COMWLTH PUERTO RICO COMWLTH MISSOURI ST HEALTH & EDL FACS AUTH HEALTH FACS REV PUERTO RICO COMWLTH AQUEDUCT & SWR AUTH REV HUDSONYDS INFRASTRUCTURE CORP NY REV ILLINOIS ST PUERTO RICO PUB BLDGS AUTH REV GTD LA PAZ CNTY ARIZ INDL DEV AUTH INDL DEV REV MISSOURI ST HEALTH & EDL FACS AUTH HEALTH FACS REV NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV ST JOHN BAPTIST PARISH LA REV CHICAGO ILL BRD ED NEW JERSEY ST TRANSN TR FD AUTH PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV PUERTO RICO SALES TAX FING CORP SALES TAX REV PUERTO RICO COMWLTH AQUEDUCT & SWR AUTH REV LIBERTY NY DEV CORP REV PUERTO RICO SALES TAX FING CORP SALES TAX REV WAYNE CNTY MICH PUERTO RICO ELEC PWR AUTH PWR REV PUERTO RICO COMWLTH PUERTO RICO COMWLTH NEW JERSEY ST TRANSN TR FD AUTH CALIFORNIA HEALTH FACS FING AUTH REV PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV PORT AUTH NY & NJ PUERTO RICO CONVENTION CTR DIST AUTH HOTEL OCCUPANCY TAX REV NEW JERSEY ST TPK AUTH TPK REV SAN ANTONIO TEX PUB FACS CORP LEASE REV ILLINOIS FIN AUTH REV CHICAGO ILL NEW JERSEY ST TRANSN TR FD AUTH METROPOLITAN PIER & EXPOSITION AUTH ILL DEDICATED ST TAX REV JEFFERSON CNTY ALA SWR REV PUERTO RICO SALES TAX FING CORP SALES TAX REV NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV PUERTO RICO COMWLTH AQUEDUCT & SWR AUTH REV ILLINOIS ST PUERTO RICO SALES TAX FING CORP SALES TAX REV PUERTO RICO ELEC PWR AUTH PWR REV ALACHUA CNTY FLA HEALTH FACS AUTH HEALTH FACS REV FAIRFAX CNTY VA INDL DEV AUTH REV FLORIDA HURRICANE CATASTROPHE FD FIN CORP REV PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV CHICAGO ILL BRD ED ILLINOIS ST CALIFORNIA HEALTH FACS FING AUTH REV Coupon 6/15/44 7/1/35 7/1/41 11/15/45 7/1/42 2/15/47 6/1/33 7/1/42 3/1/34 11/15/42 6/15/44 6/1/37 12/1/42 6/15/42 7/1/38 8/1/41 7/1/47 10/1/35 8/1/42 12/1/40 7/1/37 7/1/37 7/1/35 6/15/38 3/1/43 7/1/32 6/15/45 4/15/37 7/1/36 1/1/38 9/15/42 5/15/41 1/1/42 6/15/42 6/15/50 10/1/53 8/1/37 12/1/45 7/1/33 2/1/35 8/1/37 7/1/32 12/1/44 5/15/42 7/1/20 7/1/38 11/1/46 12/1/40 6/1/33 8/15/52 4.25 8.00 5.00 4.00 5.25 4.50 5.10 5.25 7.00 4.00 4.00 5.13 5.00 5.00 4.75 5.25 5.13 5.25 6.00 10.00 5.00 5.13 5.00 5.00 4.00 5.00 4.00 4.75 4.50 5.00 4.00 4.25 6.03 5.00 5.00 5.50 5.75 4.00 5.00 6.63 5.50 5.00 4.00 4.00 3.00 5.25 4.00 6.52 5.10 5.00 Number of ($ Millions) Trades 1,264.5 13,676.7 832.3 786.1 585.7 268.1 1,887.5 924.6 753.3 538.9 494.8 363.4 885.9 1,242.4 128.0 1,297.6 387.7 1,129.2 1,423.1 175.1 353.8 358.0 273.3 708.4 426.2 134.3 523.6 138.9 136.4 681.9 267.1 173.4 87.3 816.6 356.7 477.4 667.2 183.7 394.1 207.3 469.5 430.3 327.7 195.2 925.0 948.3 219.7 107.7 78.0 1,184.7 6,140 5,504 5,285 4,364 3,998 3,950 3,944 3,638 3,488 3,406 3,402 3,189 3,171 3,054 3,044 3,032 2,977 2,948 2,859 2,849 2,821 2,752 2,749 2,720 2,688 2,581 2,416 2,405 2,378 2,350 2,322 2,322 2,312 2,285 2,267 2,253 2,228 2,172 2,156 2,121 2,108 2,104 2,103 2,098 2,044 2,030 2,011 1,991 1,991 1,970 S  ee page 1 for information on CUSIP identifiers. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

27) PAGE 25 Most Actively Traded Municipal Securities Top 50 Most Active Fixed Rate1 Securities, 2014 By par amount Par Amount Rank CUSIP1 Issuer Name Maturity 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 74514LE86 882723QE2 882723CX5 888808DF6 118217AU2 74529JAD7 13063CFT2 64972GDE1 649519DA0 74529JFV2 650010AD3 74529JBF1 452151LF8 74529JFW0 38122NPA4 13063B3X8 118217AQ1 118217AP3 13063A5G5 74529JHN8 544351KF5 592643CC2 79575EAS7 38122NNZ1 74526QVX7 38122NPB2 74529JLM5 167486SD2 91412GJF3 646136U66 646136J85 544657HR3 38122NNY4 64972GDJ0 13033LW52 88256CEX3 13063A5E0 531127AC2 64972GAZ7 74529JAR6 13068LNA9 73358WRP1 882723TC3 1307955000 13063BJC7 544525QG6 64972GBQ6 745177EX9 745177FK6 745190UQ9 PUERTO RICO COMWLTH TEXAS ST TEXAS ST TOBACCO SETTLEMENT FING CORP NJ BUCKEYE OHIO TOB SETTLEMENT FING AUTH PUERTO RICO SALES TAX FING CORP SALES TAX REV CALIFORNIA ST NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV NEW YORK LIBERTY DEV CORP LIBERTY REV PUERTO RICO SALES TAX FING CORP SALES TAX REV NEW YORK ST TWY AUTH GEN REV JR INDBT OBLIGS PUERTO RICO SALES TAX FING CORP SALES TAX REV ILLINOIS ST PUERTO RICO SALES TAX FING CORP SALES TAX REV GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV CALIFORNIA ST BUCKEYE OHIO TOB SETTLEMENT FING AUTH BUCKEYE OHIO TOB SETTLEMENT FING AUTH CALIFORNIA ST PUERTO RICO SALES TAX FING CORP SALES TAX REV LOS ANGELES CALIF METROPOLITAN WASH D C ARPTS AUTH DULLES TOLL RD REV SALT VERDE FINL CORP GAS REV ARIZ GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV PUERTO RICO ELEC PWR AUTH PWR REV GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV PUERTO RICO SALES TAX FING CORP SALES TAX REV CHICAGO ILL UNIVERSITY CALIF REVS NEW JERSEY ST TRANSN TR FD AUTH NEW JERSEY ST TRANSN TR FD AUTH LOS ANGELES CNTY CALIF GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV CALIFORNIA HEALTH FACS FING AUTH REV TEXAS MUN GAS ACQUISITION & SUPPLY CORP I GAS SUPPLY REV CALIFORNIA ST LIBERTY NY DEV CORP REV NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV PUERTO RICO SALES TAX FING CORP SALES TAX REV CALIFORNIA ST PUB WKS BRD LEASE REV PORT AUTH NY & NJ TEXAS ST CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV CALIFORNIA ST LOS ANGELES CALIF DEPT WTR & PWR WTRWKS REV NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV PUERTO RICO COMWLTH GOVT DEV BK PUERTO RICO COMWLTH GOVT DEV BK PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV Coupon 7/1/35 8/31/15 8/28/14 6/1/41 6/1/47 8/1/37 11/1/43 6/15/46 11/15/44 8/1/37 5/1/19 8/1/38 6/1/33 8/1/38 6/1/47 4/1/43 6/1/30 6/1/24 4/1/39 8/1/42 6/25/15 10/1/53 12/1/37 6/1/33 7/1/40 6/1/47 8/1/41 1/1/44 5/15/37 6/15/44 6/15/42 6/30/15 6/1/27 6/15/47 8/15/52 12/15/26 4/1/34 10/1/35 6/15/47 8/1/57 9/1/39 8/1/46 10/1/44 4/1/42 11/1/40 7/1/43 6/15/47 5/1/16 8/1/18 7/1/38 8.00 1.50 2.00 5.00 5.88 6.05 5.00 5.00 5.00 6.13 5.00 6.05 5.10 6.13 5.75 5.00 5.88 5.13 7.55 6.00 1.50 5.00 5.00 5.00 5.25 5.13 5.25 6.31 5.00 4.25 5.00 1.50 4.50 5.00 5.00 6.25 7.50 5.25 5.00 5.25 5.00 4.96 5.00 5.00 7.60 5.00 5.00 4.70 4.35 5.25 Number of ($ Millions) Trades 13,676.7 5,744.1 2,827.6 2,552.7 2,287.7 2,124.4 2,042.6 2,019.5 2,010.3 1,934.3 1,903.0 1,897.8 1,887.5 1,804.6 1,787.5 1,653.3 1,575.2 1,481.5 1,436.5 1,423.1 1,391.7 1,359.2 1,359.1 1,343.7 1,327.8 1,316.3 1,297.6 1,268.1 1,266.6 1,264.5 1,242.4 1,223.8 1,207.6 1,193.8 1,184.7 1,145.0 1,137.3 1,129.2 1,115.6 1,109.1 1,082.7 1,079.4 1,033.7 1,028.1 1,018.4 1,017.7 1,005.9 998.1 960.0 948.3 5,504 205 198 1,859 1,208 678 1,061 1,261 392 433 1,633 501 3,944 347 1,649 1,298 637 872 1,887 2,859 46 1,164 1,630 723 1,745 1,223 3,032 267 1,027 6,140 3,054 130 563 803 1,970 821 1,570 2,948 1,151 1,510 625 299 332 997 355 754 668 911 309 2,030 Excludes zero coupon securities. See page 1 for information on CUSIP identifiers. 1 2 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

28) PAGE 26 Most Actively Traded Municipal Securities Top 50 Most Active Fixed Rate1 Securities, 2014 By number of trades Par Amount Rank CUSIP1 Issuer Name Maturity 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 646136U66 74514LE86 74514LB89 60637AGP1 745160RC7 44420PAA2 452151LF8 745235R37 50375EAL5 60637ACW0 64972GEU4 79020FAM8 167505PL4 646136J85 745190DH8 74529JLM5 745160QC8 531127AC2 74529JHN8 944488QK4 74526QKX9 74514LB63 74514LD20 646136J51 13033LS57 7451902B3 64972GEX8 73358TZL8 745266BD7 6461393H6 796334AS9 45203HLG5 167486NN5 646136E31 592248AX6 472682QJ5 74529JHL2 65821DMM0 745160RR4 452152BM2 74529JKJ3 74526QKW1 010685JZ9 303823KE7 34074GDH4 745190UQ9 65821DRJ2 167505NH5 452152FP1 13033LW52 NEW JERSEY ST TRANSN TR FD AUTH PUERTO RICO COMWLTH PUERTO RICO COMWLTH MISSOURI ST HEALTH & EDL FACS AUTH HEALTH FACS REV PUERTO RICO COMWLTH AQUEDUCT & SWR AUTH REV HUDSON YDS INFRASTRUCTURE CORP NY REV ILLINOIS ST PUERTO RICO PUB BLDGS AUTH REV GTD LA PAZ CNTY ARIZ INDL DEV AUTH INDL DEV REV MISSOURI ST HEALTH & EDL FACS AUTH HEALTH FACS REV NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV ST JOHN BAPTIST PARISH LA REV CHICAGO ILL BRD ED NEW JERSEY ST TRANSN TR FD AUTH PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV PUERTO RICO SALES TAX FING CORP SALES TAX REV PUERTO RICO COMWLTH AQUEDUCT & SWR AUTH REV LIBERTY NY DEV CORP REV PUERTO RICO SALES TAX FING CORP SALES TAX REV WAYNE CNTY MICH PUERTO RICO ELEC PWR AUTH PWR REV PUERTO RICO COMWLTH PUERTO RICO COMWLTH NEW JERSEY ST TRANSN TR FD AUTH CALIFORNIA HEALTH FACS FING AUTH REV PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV PORT AUTH NY & NJ PUERTO RICO CONVENTION CTR DIST AUTH HOTEL OCCUPANCY TAX REV NEW JERSEY ST TPK AUTH TPK REV SAN ANTONIO TEX PUB FACS CORP LEASE REV ILLINOIS FIN AUTH REV CHICAGO ILL NEW JERSEY ST TRANSN TR FD AUTH METROPOLITAN PIER & EXPOSITION AUTH ILL DEDICATED ST TAX REV JEFFERSON CNTY ALA SWR REV PUERTO RICO SALES TAX FING CORP SALES TAX REV NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV PUERTO RICO COMWLTH AQUEDUCT & SWR AUTH REV ILLINOIS ST PUERTO RICO SALES TAX FING CORP SALES TAX REV PUERTO RICO ELEC PWR AUTH PWR REV ALACHUA CNTY FLA HEALTH FACS AUTH HEALTH FACS REV FAIRFAX CNTY VA INDL DEV AUTH REV FLORIDA HURRICANE CATASTROPHE FD FIN CORP REV PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV CHICAGO ILL BRD ED ILLINOIS ST CALIFORNIA HEALTH FACS FING AUTH REV Coupon 6/15/44 7/1/35 7/1/41 11/15/45 7/1/42 2/15/47 6/1/33 7/1/42 3/1/34 11/15/42 6/15/44 6/1/37 12/1/42 6/15/42 7/1/38 8/1/41 7/1/47 10/1/35 8/1/42 12/1/40 7/1/37 7/1/37 7/1/35 6/15/38 3/1/43 7/1/32 6/15/45 4/15/37 7/1/36 1/1/38 9/15/42 5/15/41 1/1/42 6/15/42 6/15/50 10/1/53 8/1/37 12/1/45 7/1/33 2/1/35 8/1/37 7/1/32 12/1/44 5/15/42 7/1/20 7/1/38 11/1/46 12/1/40 6/1/33 8/15/52 4.25 8.00 5.00 4.00 5.25 4.50 5.10 5.25 7.00 4.00 4.00 5.13 5.00 5.00 4.75 5.25 5.13 5.25 6.00 10.00 5.00 5.13 5.00 5.00 4.00 5.00 4.00 4.75 4.50 5.00 4.00 4.25 6.03 5.00 5.00 5.50 5.75 4.00 5.00 6.63 5.50 5.00 4.00 4.00 3.00 5.25 4.00 6.52 5.10 5.00 Number of ($ Millions) Trades 1,264.5 13,676.7 832.3 786.1 585.7 268.1 1,887.5 924.6 753.3 538.9 494.8 363.4 885.9 1,242.4 128.0 1,297.6 387.7 1,129.2 1,423.1 175.1 353.8 358.0 273.3 708.4 426.2 134.3 523.6 138.9 136.4 681.9 267.1 173.4 87.3 816.6 356.7 477.4 667.2 183.7 394.1 207.3 469.5 430.3 327.7 195.2 925.0 948.3 219.7 107.7 78.0 1,184.7 6,140 5,504 5,285 4,364 3,998 3,950 3,944 3,638 3,488 3,406 3,402 3,189 3,171 3,054 3,044 3,032 2,977 2,948 2,859 2,849 2,821 2,752 2,749 2,720 2,688 2,581 2,416 2,405 2,378 2,350 2,322 2,322 2,312 2,285 2,267 2,253 2,228 2,172 2,156 2,121 2,108 2,104 2,103 2,098 2,044 2,030 2,011 1,991 1,991 1,970 Excludes zero coupon securities. See page 1 for information on CUSIP identifiers. 1 2 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

29) PAGE 27 Most Actively Traded Municipal Securities Top 50 Most Active Variable Rate Securities, 2014 By par amount Par Amount CUSIP1 Issuer Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 270777AC9 548351AC9 270777AD7 64966G4Q2 60528AAS3 575827R44 402207AD6 57586CV36 71884SAA8 915137U35 9151153V9 64972FHH2 64966JE77 548351AE5 13048TGT4 60528ACB8 91412GSK2 130795C88 64972F4V5 914437QB7 64972F4W3 452252GG8 914455HD5 64972FPK6 64966J5Y8 291380ES8 71884SAC4 368497HC0 414009AT7 130911WD8 57586CV69 13063BHP0 919061BU4 686507DZ4 9151153W7 64972GAV6 915137T60 41315RGU2 64966LCJ8 592663XJ2 130795C96 842475F26 13063A5Y6 1309117L8 60528ACC6 914440HE5 60528ABX1 467229AF7 771902FB4 60528ABZ6 EAST BATON ROUGE PARISH LA INC INDL DEV BRD REV LOWER NECHES VALLEY AUTH TEX INDL DEV CORP REV EAST BATON ROUGE PARISH LA INC INDL DEV BRD REV NEW YORK NY MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE MASSACHUSETTS ST GULF COAST INDL DEV AUTH TEX REV MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV PHOENIX ARIZ INDL DEV AUTH HEALTH CARE FACS REV UNIVERSITY TEX UNIV REVS UNIVERSITY TEX PERM UNIV FD NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV NEW YORK NY LOWER NECHES VALLEY AUTH TEX INDL DEV CORP REV CALIFORNIA MUN FIN AUTH REV MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE UNIVERSITY CALIF REVS CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV UNIVERSITY MASS BLDG AUTH REV NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV ILLINOIS ST TOLL HWY AUTH TOLL HIGHWAY REV UNIVERSITY MICH UNIV REVS NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV NEW YORK NY EMMAUS PA GEN AUTH REV PHOENIX ARIZ INDL DEV AUTH HEALTH CARE FACS REV GEISINGER AUTH PA HEALTH SYS REV HARRIS CNTY TEX CULTURAL ED FACS FIN CORP REV CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV CALIFORNIA ST VALDEZ ALASKA MARINE TERM REV ORLANDO FLA UTILS COMMN UTIL SYS REV UNIVERSITY TEX PERM UNIV FD NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV UNIVERSITY TEX UNIV REVS HARRIS CNTY TEX HEALTH FACS DEV CORP REV NEW YORK NY METROPOLITAN WTR DIST SOUTHN CALIF WTRWKS REV CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV SOUTHERN CALIF PUB PWR AUTH PWR PROJ REV CALIFORNIA ST CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE UNIVERSITY MASS BLDG AUTH PROJ REV MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE JACKSON CNTY MISS PORT FAC REV ROCHESTER MINN HEALTH CARE FACS REV MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE INDL DEV REV INDL DEV REV INDL DEV REV INDL DEV REV INDL DEV REV Number of Maturity Rank ($ Millions) Trades 8/1/35 11/1/38 12/1/40 4/1/35 12/1/30 12/1/30 11/1/41 8/15/40 11/15/52 8/1/39 7/1/38 6/15/38 4/1/42 5/1/46 11/1/35 11/1/35 5/15/48 4/1/46 6/15/44 11/1/34 6/15/44 1/1/31 4/1/38 6/15/36 10/1/40 12/1/28 11/15/52 10/1/43 12/1/24 4/1/38 12/1/37 5/1/40 10/1/25 10/1/33 7/1/37 6/15/32 8/1/34 12/1/12 8/1/38 7/1/35 4/1/45 7/1/36 5/1/34 11/1/36 11/1/35 5/1/38 11/1/35 6/1/23 11/15/38 11/1/35 19,944.5 13,350.1 10,192.0 9,282.9 9,164.2 8,315.6 7,387.0 7,200.0 6,609.5 6,408.7 5,654.9 5,336.0 4,924.1 4,834.2 4,116.1 3,755.2 3,742.1 3,560.2 3,522.1 3,492.5 3,434.1 3,373.3 3,295.2 3,195.0 3,125.5 2,996.8 2,960.6 2,799.7 2,721.6 2,717.6 2,705.2 2,703.8 2,703.0 2,687.7 2,649.4 2,616.4 2,567.6 2,530.2 2,495.3 2,449.9 2,399.1 2,390.4 2,373.3 2,365.0 2,361.0 2,268.8 2,250.9 2,241.4 2,230.4 2,218.2 902 1,346 535 425 426 426 601 316 175 279 282 330 357 648 454 356 320 197 244 226 539 170 207 208 351 327 213 374 565 131 136 86 296 146 68 418 157 437 122 97 127 111 327 63 207 94 429 495 217 485 S  ee page 1 for information on CUSIP identifiers. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

30) PAGE 28 Most Actively Traded Municipal Securities Top 50 Most Active Variable Rate Securities, 2014 By number of trades Par Amount CUSIP1 Issuer Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 548351AC9 837151JR1 455054BC9 072024TN2 799038LB8 270777AC9 91412GST3 64971MLS9 072024TM4 682001BY7 57585KGP7 91514ACD5 548351AE5 20774LRU1 837151KS7 649845FA7 402207AD6 57582N4G7 592663XH6 84129NHM4 414009AT7 521841GB6 64972F4W3 270777AD7 745235B75 914455LR9 467229AF7 231266MC8 677525VK0 60528ABZ6 57586CFZ3 270838AE5 644614RY7 2491815X2 1301785F9 613549JT2 13048TGT4 57586CZW8 2491815Y0 67756DAZ9 160853NC7 130795DH7 64966GMR0 64971Q8Y2 41315RGU2 13033W3K7 67756BGZ7 2491815Z7 517840D76 2491816A1 LOWER NECHES VALLEY AUTH TEX INDL DEV CORP REV SOUTH CAROLINA ST PUB SVC AUTH REV INDIANA ST FIN AUTH ENVIRONMENTAL REV BAY AREA TOLL AUTH CALIF TOLL BRDG REV SAN MATEO CNTY CALIF CMNTY COLLEGE DIST EAST BATON ROUGE PARISH LA INC INDL DEV BRD REV UNIVERSITY CALIF REVS NEW YORK NY CITY TRANSITIONAL FIN AUTH REV BAY AREA TOLL AUTH CALIF TOLL BRDG REV OMAHA PUB PWR DIST NEB ELEC REV MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV UNIVERSITY TEX UNIV REVS LOWER NECHES VALLEY AUTH TEX INDL DEV CORP REV CONNECTICUT ST HEALTH & EDL FACS AUTH REV SOUTH CAROLINA ST PUB SVC AUTH REV NEW YORK ST ENERGY RESH & DEV AUTH POLLUTN CTL REV GULF COAST INDL DEV AUTH TEX REV MASSACHUSETTS ST METROPOLITAN WTR DIST SOUTHN CALIF WTRWKS REV SOUTHCENTRAL PA GEN AUTH REV HARRIS CNTY TEX CULTURAL ED FACS FIN CORP REV LEANDER TEX INDPT SCH DIST NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV EAST BATON ROUGE PARISH LA INC INDL DEV BRD REV PUERTO RICO PUB BLDGS AUTH REV GTD UNIVERSITY MICH UNIV REVS JACKSON CNTY MISS PORT FAC REV CURATORS UNIV MO SYS FACS REV OHIO ST AIR QUALITY DEV AUTH REV MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE INDL DEV REV MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV EAST BATON ROUGE PARISH LA POLLUTION CTL REV NEW HAMPSHIRE HEALTH & ED FACS AUTH REV DENVER COLO CITY & CNTY ARPT REV CALIFORNIA EDL FACS AUTH REV MONTGOMERY CNTY OHIO REV CALIFORNIA MUN FIN AUTH REV MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV DENVER COLO CITY & CNTY ARPT REV OHIO ST HIGHER EDL FAC COMMN REV CHARLOTTE-MECKLENBURG HOSP AUTH N C HEALTH CARE SYS REV CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV NEW YORK NY NEW YORK NY CITY TRANSITIONAL FIN AUTH REV HARRIS CNTY TEX HEALTH FACS DEV CORP REV CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV OHIO ST HIGHER EDL FAC REV DENVER COLO CITY & CNTY ARPT REV LAS VEGAS VALLEY NEV WTR DIST DENVER COLO CITY & CNTY ARPT REV Number of Maturity Rank ($ Millions) Trades 11/1/38 12/1/49 9/1/44 4/1/47 9/1/38 8/1/35 5/15/48 11/1/27 4/1/47 2/1/30 11/1/49 8/15/35 5/1/46 7/1/36 12/1/46 10/1/28 11/1/41 3/1/26 7/1/35 6/1/39 12/1/24 8/15/35 6/15/44 12/1/40 7/1/35 4/1/42 6/1/23 11/1/37 12/1/23 11/1/35 7/1/40 11/1/19 6/1/31 11/15/25 12/1/35 11/15/45 11/1/35 7/1/42 11/15/25 1/1/39 1/15/45 7/1/41 8/1/26 11/1/43 12/1/12 12/1/16 10/1/31 11/15/25 6/1/36 11/15/25 13,350.1 256.2 22.4 1,117.0 72.8 19,944.5 761.9 227.0 1,305.8 69.7 1,392.6 114.9 4,834.2 700.1 84.4 148.1 7,387.0 2,119.1 1,130.6 41.1 2,721.6 50.0 3,434.1 10,192.0 51.3 1,124.7 2,241.4 82.6 380.4 2,218.2 147.0 1,472.1 474.7 114.2 46.7 1,125.4 4,116.1 141.3 81.4 910.0 1,119.2 145.7 94.6 1,863.2 2,530.2 1,474.4 365.6 95.7 955.1 111.9 1,346 1,298 1,084 993 902 902 750 742 725 706 692 686 648 644 638 611 601 593 586 572 565 559 539 535 531 529 495 490 488 485 469 464 462 458 457 456 454 452 452 450 448 447 442 438 437 437 436 435 434 432 S  ee page 1 for information on CUSIP identifiers. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

31) PAGE 29 Most Actively Traded Municipal Securities Top 50 Most Active Short-Term1 Securities, 2014 By par amount Par Amount Rank CUSIP1 Issuer Name Maturity 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 882723QE2 13063CLC2 882723CX5 544351KF5 544657HR3 57582PT26 68608UX27 451434BU7 13063CEB2 86476PNS3 4521518V8 745177EX9 57582P7F1 96724PAR8 13063A5C4 25476FPW2 57582P7G9 57582P7H7 533485AK4 533485AN8 452152HQ7 13063CPM6 533485AH1 70917SKC6 74926YK75 59333REZ3 488371AA3 64989Q4V2 745177FL4 291147BW5 59260MNN8 59260MMU3 59260MNC2 59260MMP4 74926YYE5 544657HQ5 13078JUM8 74926YVU2 64970LYG4 13078JUK2 769110CN5 64966LLW9 19672MBM9 63165TLW3 533485AJ7 74926YSL6 63165TLV5 176553ER2 13063CEA4 546589WE8 TEXAS ST CALIFORNIA ST TEXAS ST LOS ANGELES CALIF LOS ANGELES CNTY CALIF MASSACHUSETTS ST OREGON ST IDAHO ST CALIFORNIA ST SUFFOLK CNTY NY ILLINOIS ST PUERTO RICO COMWLTH GOVT DEV BK MASSACHUSETTS ST WICHITA KANS ARPT FACS REV CALIFORNIA ST DISTRICT COLUMBIA MASSACHUSETTS ST MASSACHUSETTS ST LINCOLN CNTY WYO POLLUTN CTL REV LINCOLN CNTY WYO POLLUTN CTL REV ILLINOIS ST CALIFORNIA ST LINCOLN CNTY WYO POLLUTN CTL REV PENNSYLVANIA ST HIGHER EDL FACS AUTH REV RBC MUN PRODS INC TR VARIOUS STS MIAMI–DADE CNTY FLA SCH DIST KEMMERER WYO POLLUTION CTL REV NEW YORK ST PWR AUTH IAM COML PAPER NTS 3/A2 SER 1 PUERTO RICO COMWLTH GOVT DEV BK EMERY CNTY UTAH POLLUTN CTL REV METROPOLITAN TRANSN AUTH NY TRANSN REV IAM COML PAPER 3/A2 SER METROPOLITAN TRANSN AUTH NY TRANSN REV IAM COML PAPER 3/A2 SER METROPOLITAN TRANSN AUTH NY TRANSN REV IAM COML PAPER 3/A2 SER METROPOLITAN TRANSN AUTH NY TRANSN REV IAM COML PAPER 3/A2 SER RBC MUN PRODS INC TR VARIOUS STS LOS ANGELES CNTY CALIF CALIFORNIA ST UNIV INST IAM COML PAPER NTS 3/A2 SER A RBC MUN PRODS INC TR VARIOUS STS NEW YORK NY CITY MUN WTR FIN AUTH IAM COML PAPER 3/A2 SER 1 CALIFORNIA ST UNIV INST IAM COML PAPER NTS 3/A2 SER A RIVERSIDE CNTY CALIF NEW YORK NY COLORADO ST ED LN PROG NASSAU CNTY NY LINCOLN CNTY WYO POLLUTN CTL REV RBC MUN PRODS INC TR VARIOUS STS NASSAU CNTY NY CITIZENS PPTY INS CORP FLA CALIFORNIA ST LOUISVILLE & JEFFERSON CNTY KY MET SWR DIST SWR & DRAIN SYS REV Coupon 8/31/15 6/22/15 8/28/14 6/25/15 6/30/15 5/29/14 6/15/15 6/30/15 6/23/14 7/30/15 1/1/15 5/1/16 4/23/15 4/1/15 4/1/15 9/30/15 5/28/15 6/25/15 11/1/14 8/1/15 3/1/15 11/1/16 11/1/14 5/31/15 6/1/15 2/24/15 11/1/14 1/16/14 2/1/15 7/1/15 2/11/15 8/5/14 11/6/14 5/1/14 1/1/28 6/30/14 10/2/14 9/1/13 2/6/14 7/2/14 6/30/15 8/1/15 6/29/15 3/16/15 11/1/14 5/26/14 2/2/15 6/1/15 5/28/14 11/24/15 1.50 1.50 2.00 1.50 1.50 2.00 2.00 2.00 2.00 2.00 4.42 4.70 1.50 — 5.45 1.50 1.50 1.50 — — 4.51 — — — — 1.00 — — 3.45 — — — — — — 2.00 — — — — 1.50 2.00 1.75 2.00 — — 2.00 5.00 2.00 2.00 Number of ($ Millions) Trades 5,744.1 3,583.9 2,827.6 1,391.7 1,223.8 840.0 613.3 595.0 544.7 520.9 505.6 500.9 454.0 446.2 438.0 400.0 400.0 400.0 386.5 370.3 363.6 358.0 356.4 328.4 315.3 310.0 309.2 292.8 289.2 288.1 280.8 280.8 280.8 280.8 277.6 277.5 276.3 271.5 270.0 256.4 250.1 249.9 245.0 242.2 241.1 238.9 233.6 228.4 226.9 226.3 205 146 198 46 130 16 23 20 350 38 768 443 10 21 730 8 11 7 106 56 420 23 150 3 9 1 24 16 654 20 10 8 12 8 10 69 10 13 6 12 8 3 1 177 41 22 98 167 34 2 Securities with under two years in remaining maturity. See page 1 for information on CUSIP identifiers. 1 2 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

32) PAGE 30 Most Actively Traded Municipal Securities Top 50 Most Active Short-Term1 Securities, 2014 By number of trades Par Amount Rank CUSIP1 Issuer Name Maturity 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 650013S30 4521518V8 13063A5C4 646139D85 745177FL4 71781LBL2 745145ZG0 74514LTG2 745190AS7 13063A5D2 745177EX9 7452686G2 745177CG8 452152HQ7 71781LAT6 646139XE0 745145BA9 745177EG6 745235TF8 745177CF0 13063CEB2 74526QCR1 7451442B0 745277RY1 745145YQ9 745220FE8 745177FG5 745190HA9 13067JBE0 650035NY0 130657BE8 7452684U3 13066YQA0 745145UX8 74526QLF7 6461353R2 74514LTH0 646135K36 544495WU4 13063A7F5 64966GLM2 645913AU8 196454EC2 7452686F4 13066YQL6 8960298G3 452152HR5 745277QA4 176553BY0 6461353S0 NEW YORK ST TWY AUTH HWY & BRDG TR FD ILLINOIS ST CALIFORNIA ST NEW JERSEY ST TPK AUTH TPK REV PUERTO RICO COMWLTH GOVT DEV BK PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG PUERTO RICO COMWLTH PUERTO RICO COMWLTH PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV CALIFORNIA ST PUERTO RICO COMWLTH GOVT DEV BK PUERTO RICO ELEC PWR AUTH PWR REV PUERTO RICO COMWLTH GOVT DEV BK ILLINOIS ST PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG NEW JERSEY ST TPK AUTH TPK REV PUERTO RICO COMWLTH PUERTO RICO COMWLTH GOVT DEV BK PUERTO RICO PUB BLDGS AUTH REV GTD PUERTO RICO COMWLTH GOVT DEV BK CALIFORNIA ST PUERTO RICO ELEC PWR AUTH PWR REV PUERTO RICO COMWLTH PUERTO RICO MUN FIN AGY PUERTO RICO COMWLTH PUERTO RICO COMWLTH INFRASTRUCTURE FING AUTH SPL TAX REV PUERTO RICO COMWLTH GOVT DEV BK PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV CALIFORNIA ST ECONOMIC RECOVERY NEW YORK ST URBAN DEV CORP REV CALIFORNIA ST DEPT TRANSN REV PUERTO RICO ELEC PWR AUTH PWR REV CALIFORNIA ST DEPT WTR RES PWR SUPPLY REV PUERTO RICO COMWLTH PUERTO RICO ELEC PWR AUTH PWR REV NEW JERSEY ST TRANSN TR FD AUTH PUERTO RICO COMWLTH NEW JERSEY ST TRANSN TR FD AUTH LOS ANGELES CALIF DEPT WTR & PWR REV CALIFORNIA ST NEW YORK NY NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV COLORADO DEPT TRANSN REV PUERTO RICO ELEC PWR AUTH PWR REV CALIFORNIA ST DEPT WTR RES PWR SUPPLY REV TRIBOROUGH BRDG & TUNL AUTH NY REVS ILLINOIS ST PUERTO RICO MUN FIN AGY CITIZENS PPTY INS CORP FLA NEW JERSEY ST TRANSN TR FD AUTH Coupon 4/1/15 1/1/15 4/1/15 1/1/16 2/1/15 4/15/16 7/1/15 7/1/15 7/1/15 4/1/16 5/1/16 7/1/15 12/1/15 3/1/15 4/15/15 1/1/16 7/1/15 12/1/15 7/1/15 12/1/14 6/23/14 7/1/15 7/1/15 8/1/15 7/1/16 7/1/15 8/1/15 7/1/15 7/1/14 1/1/16 2/1/15 7/1/15 5/1/16 7/1/15 7/1/15 12/15/14 7/1/15 12/15/15 7/1/15 10/1/14 8/1/15 2/15/16 6/15/15 7/1/15 5/1/15 11/15/14 3/1/16 8/1/15 3/1/15 12/15/15 5.00 4.42 5.45 4.25 3.45 — 5.50 5.00 — 5.95 4.70 5.50 5.00 4.51 — 6.50 — 4.75 5.25 5.00 2.00 5.50 5.65 5.00 5.50 5.50 3.80 5.50 5.25 5.00 5.00 5.25 5.00 5.50 4.00 5.25 4.00 5.50 5.00 4.85 5.00 — 5.50 5.50 5.00 5.25 4.96 4.00 5.00 5.50 Number of ($ Millions) Trades 124.8 505.6 438.0 71.9 289.2 23.8 35.2 25.3 28.3 82.2 500.9 107.1 108.6 363.6 11.6 6.3 14.4 31.0 21.6 60.2 544.7 20.7 11.6 18.4 14.0 19.1 91.7 9.7 75.4 38.6 33.6 21.4 45.1 21.0 10.5 87.6 8.9 69.7 52.5 33.4 21.5 40.2 51.6 26.7 123.3 61.4 141.6 10.4 89.0 43.2 853 768 730 673 654 590 574 550 472 447 443 440 426 420 398 395 387 381 362 358 350 339 339 330 313 312 310 303 303 302 295 293 289 288 286 285 282 281 280 272 267 264 264 261 257 256 253 240 238 233 Securities with under two years in remaining maturity. See page 1 for information on CUSIP identifiers. 1 2 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

33) PAGE 31 Most Actively Traded Municipal Securities Top 50 Most Active Long-Term1 Securities, 2014 By par amount Par Amount Rank CUSIP1 Issuer Name Maturity 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 270777AC9 74514LE86 88880LAB9 548351AC9 74529JAP0 270777AD7 64966G4Q2 60528AAS3 575827R44 402207AD6 57586CV36 71884SAA8 915137U35 118217AW8 9151153V9 64972FHH2 888808DG4 64966JE77 548351AE5 13048TGT4 60528ACB8 91412GSK2 130795C88 64972F4V5 914437QB7 64972F4W3 452252GG8 914455HD5 64972FPK6 64966J5Y8 74529JAQ8 291380ES8 71884SAC4 368497HC0 414009AT7 130911WD8 57586CV69 13063BHP0 919061BU4 686507DZ4 9151153W7 64972GAV6 915137T60 888808DF6 41315RGU2 64966LCJ8 592663XJ2 130795C96 842475F26 13063A5Y6 EAST BATON ROUGE PARISH LA INC INDL DEV BRD REV PUERTO RICO COMWLTH TOBACCO SETTLEMENT FIN AUTH WEST VA ASSET BACKED LOWER NECHES VALLEY AUTH TEX INDL DEV CORP REV PUERTO RICO SALES TAX FING CORP SALES TAX REV EAST BATON ROUGE PARISH LA INC INDL DEV BRD REV NEW YORK NY MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE INDL DEV REV MASSACHUSETTS ST GULF COAST INDL DEV AUTH TEX REV MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV PHOENIX ARIZ INDL DEV AUTH HEALTH CARE FACS REV UNIVERSITY TEX UNIV REVS BUCKEYE OHIO TOB SETTLEMENT FING AUTH UNIVERSITY TEX PERM UNIV FD NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV TOBACCO SETTLEMENT FING CORP NJ NEW YORK NY LOWER NECHES VALLEY AUTH TEX INDL DEV CORP REV CALIFORNIA MUN FIN AUTH REV MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE INDL DEV REV UNIVERSITY CALIF REVS CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV UNIVERSITY MASS BLDG AUTH REV NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV ILLINOIS ST TOLL HWY AUTH TOLL HIGHWAY REV UNIVERSITY MICH UNIV REVS NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV NEW YORK NY PUERTO RICO SALES TAX FING CORP SALES TAX REV EMMAUS PA GEN AUTH REV PHOENIX ARIZ INDL DEV AUTH HEALTH CARE FACS REV GEISINGER AUTH PA HEALTH SYS REV HARRIS CNTY TEX CULTURAL ED FACS FIN CORP REV CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV CALIFORNIA ST VALDEZ ALASKA MARINE TERM REV ORLANDO FLA UTILS COMMN UTIL SYS REV UNIVERSITY TEX PERM UNIV FD NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV UNIVERSITY TEX UNIV REVS TOBACCO SETTLEMENT FING CORP NJ HARRIS CNTY TEX HEALTH FACS DEV CORP REV NEW YORK NY METROPOLITAN WTR DIST SOUTHN CALIF WTRWKS REV CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV SOUTHERN CALIF PUB PWR AUTH PWR PROJ REV CALIFORNIA ST Coupon 8/1/35 7/1/35 6/1/47 11/1/38 8/1/54 12/1/40 4/1/35 12/1/30 12/1/30 11/1/41 8/15/40 11/15/52 8/1/39 6/1/47 7/1/38 6/15/38 6/1/41 4/1/42 5/1/46 11/1/35 11/1/35 5/15/48 4/1/46 6/15/44 11/1/34 6/15/44 1/1/31 4/1/38 6/15/36 10/1/40 8/1/56 12/1/28 11/15/52 10/1/43 12/1/24 4/1/38 12/1/37 5/1/40 10/1/25 10/1/33 7/1/37 6/15/32 8/1/34 6/1/41 12/1/12 8/1/38 7/1/35 4/1/45 7/1/36 5/1/34 — 8.00 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 5.00 — — — — — — Number of ($ Millions) Trades 19,944.5 13,676.7 13,557.4 13,350.1 10,331.1 10,192.0 9,282.9 9,164.2 8,315.6 7,387.0 7,200.0 6,609.5 6,408.7 6,153.1 5,654.9 5,336.0 5,014.6 4,924.1 4,834.2 4,116.1 3,755.2 3,742.1 3,560.2 3,522.1 3,492.5 3,434.1 3,373.3 3,295.2 3,195.0 3,125.5 3,068.3 2,996.8 2,960.6 2,799.7 2,721.6 2,717.6 2,705.2 2,703.8 2,703.0 2,687.7 2,649.4 2,616.4 2,567.6 2,552.7 2,530.2 2,495.3 2,449.9 2,399.1 2,390.4 2,373.3 902 5,504 61 1,346 1,371 535 425 426 426 601 316 175 279 27 282 330 338 357 648 454 356 320 197 244 226 539 170 207 208 351 483 327 213 374 565 131 136 86 296 146 68 418 157 1,859 437 122 97 127 111 327 Securities with two years or more in remaining maturity. See page 1 for information on CUSIP identifiers. 1 2 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

34) PAGE 32 Most Actively Traded Municipal Securities Top 50 Most Active Long-Term1 Securities, 2014 By number of trades Par Amount Rank CUSIP1 Issuer Name Maturity 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 646136U66 74514LE86 74514LB89 60637AGP1 745160RC7 44420PAA2 452151LF8 745235R37 50375EAL5 60637ACW0 64972GEU4 79020FAM8 167505PL4 646136J85 745190DH8 74529JLM5 745160QC8 531127AC2 74529JHN8 944488QK4 74526QKX9 74514LB63 74514LD20 646136J51 13033LS57 7451902B3 64972GEX8 73358TZL8 745266BD7 6461393H6 796334AS9 45203HLG5 167486NN5 6.46136E+36 592248AX6 472682QJ5 74529JHL2 65821DMM0 745160RR4 452152BM2 74529JKJ3 74526QKW1 010685JZ9 303823KE7 34074GDH4 745190UQ9 65821DRJ2 167505NH5 452152FP1 13033LW52 NEW JERSEY ST TRANSN TR FD AUTH PUERTO RICO COMWLTH PUERTO RICO COMWLTH MISSOURI ST HEALTH & EDL FACS AUTH HEALTH FACS REV PUERTO RICO COMWLTH AQUEDUCT & SWR AUTH REV HUDSONYDS INFRASTRUCTURE CORP NY REV ILLINOIS ST PUERTO RICO PUB BLDGS AUTH REV GTD LA PAZ CNTY ARIZ INDL DEV AUTH INDL DEV REV MISSOURI ST HEALTH & EDL FACS AUTH HEALTH FACS REV NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV ST JOHN BAPTIST PARISH LA REV CHICAGO ILL BRD ED NEW JERSEY ST TRANSN TR FD AUTH PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV PUERTO RICO SALES TAX FING CORP SALES TAX REV PUERTO RICO COMWLTH AQUEDUCT & SWR AUTH REV LIBERTY NY DEV CORP REV PUERTO RICO SALES TAX FING CORP SALES TAX REV WAYNE CNTY MICH PUERTO RICO ELEC PWR AUTH PWR REV PUERTO RICO COMWLTH PUERTO RICO COMWLTH NEW JERSEY ST TRANSN TR FD AUTH CALIFORNIA HEALTH FACS FING AUTH REV PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV NEW YORK NY CITY MUN WTR FIN AUTH WTR & SWR SYS REV PORT AUTH NY & NJ PUERTO RICO CONVENTION CTR DIST AUTH HOTEL OCCUPANCY TAX REV NEW JERSEY ST TPK AUTH TPK REV SAN ANTONIO TEX PUB FACS CORP LEASE REV ILLINOIS FIN AUTH REV CHICAGO ILL NEW JERSEY ST TRANSN TR FD AUTH METROPOLITAN PIER & EXPOSITION AUTH ILL DEDICATED ST TAX REV JEFFERSON CNTY ALA SWR REV PUERTO RICO SALES TAX FING CORP SALES TAX REV NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV PUERTO RICO COMWLTH AQUEDUCT & SWR AUTH REV ILLINOIS ST PUERTO RICO SALES TAX FING CORP SALES TAX REV PUERTO RICO ELEC PWR AUTH PWR REV ALACHUA CNTY FLA HEALTH FACS AUTH HEALTH FACS REV FAIRFAX CNTY VA INDL DEV AUTH REV FLORIDA HURRICANE CATASTROPHE FD FIN CORP REV PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV CHICAGO ILL BRD ED ILLINOIS ST CALIFORNIA HEALTH FACS FING AUTH REV Coupon 6/15/44 7/1/35 7/1/41 11/15/45 7/1/42 2/15/47 6/1/33 7/1/42 3/1/34 11/15/42 6/15/44 6/1/37 12/1/42 6/15/42 7/1/38 8/1/41 7/1/47 10/1/35 8/1/42 12/1/40 7/1/37 7/1/37 7/1/35 6/15/38 3/1/43 7/1/32 6/15/45 4/15/37 7/1/36 1/1/38 9/15/42 5/15/41 1/1/42 6/15/42 6/15/50 10/1/53 8/1/37 12/1/45 7/1/33 2/1/35 8/1/37 7/1/32 12/1/44 5/15/42 7/1/20 7/1/38 11/1/46 12/1/40 6/1/33 8/15/52 4.25 8.00 5.00 4.00 5.25 4.50 5.10 5.25 7.00 4.00 4.00 5.13 5.00 5.00 4.75 5.25 5.13 5.25 6.00 10.00 5.00 5.13 5.00 5.00 4.00 5.00 4.00 4.75 4.50 5.00 4.00 4.25 6.03 5.00 5.00 5.50 5.75 4.00 5.00 6.63 5.50 5.00 4.00 4.00 3.00 5.25 4.00 6.52 5.10 5.00 Number of ($ Millions) Trades 1,264.5 13,676.7 832.3 786.1 585.7 268.1 1,887.5 924.6 753.3 538.9 494.8 363.4 885.9 1,242.4 128.0 1,297.6 387.7 1,129.2 1,423.1 175.1 353.8 358.0 273.3 708.4 426.2 134.3 523.6 138.9 136.4 681.9 267.1 173.4 87.3 816.6 356.7 477.4 667.2 183.7 394.1 207.3 469.5 430.3 327.7 195.2 925.0 948.3 219.7 107.7 78.0 1,184.7 6,140 5,504 5,285 4,364 3,998 3,950 3,944 3,638 3,488 3,406 3,402 3,189 3,171 3,054 3,044 3,032 2,977 2,948 2,859 2,849 2,821 2,752 2,749 2,720 2,688 2,581 2,416 2,405 2,378 2,350 2,322 2,322 2,312 2,285 2,267 2,253 2,228 2,172 2,156 2,121 2,108 2,104 2,103 2,098 2,044 2,030 2,011 1,991 1,991 1,970 Securities with two years or more in remaining maturity. See page 1 for information on CUSIP identifiers. 1 2 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

35) PAGE 33 Part Four Dealer Distribution of Municipal Trades, 2010–2014

36) PAGE 34 Dealer Distribution of Municipal Trades Distribution of Customer Trades by Number of Dealers Distribution of Customer Trades By Number of Dealers, 2010–2014 Par Amount 60% 50% 40% 30% 20% 10% 0% 2010 1–5 Dealers 2011 2012 6–10 Dealers 2013 11–20 Dealers 2010 2011 21–40 Dealers 2012 2013 2014 40+ Dealers 2014 Par Amount Distribution of Customer Trades 20% Number of Dealers, 2010–2014 By 6–10 Dealers 19% 20% 19% 20% 1–5 Dealers 55% 53% 52% 51% 11–20 Dealers 12% 9% 10% 12% 11% 21–40 Dealers 8% 8% 9% 9% 8% 40+ Dealers 60% 53% 9% 9% 9% 10% 9% 50% 40% 30% 20% 10% 0% 2010 1–5 Dealers 2011 6–10 Dealers 2012 11–20 Dealers 2013 21–40 Dealers 2014 40+ Dealers M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

37) 10% 0% PAGE 35 2010 1–5 Dealers 2011 2012 2013 2014 Dealer Distribution of Municipal Trades 6–10 Dealers 11–20 Dealers 21–40 Dealers 40+ Dealers Distribution of Customer Trades by Number of Dealers Distribution of Customer Number ofBy Number of Dealers, 2010–2014 Trades Trades 60% 50% 40% 30% 20% 10% 0% 2010 1–5 Dealers 2011 2012 6–10 Dealers 2013 11–20 Dealers 21–40 Dealers 2014 40+ Dealers 2010 2011 2012 2013 2014 1–5 Dealers 49% 47% 44% 42% 39% 6–10 Dealers 12% 12% 13% 13% 14% 11–20 Dealers 11% 11% 12% 13% 14% 21–40 Dealers 9% 10% 11% 11% 11% 20% 20% 21% 21% 22% Number of Trades 40+ Dealers M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

38) PAGE 36 Part Five Overall Municipal Market Trading Activity, 2010–2014

39) PAGE 37 Overall Municipal Market Trading Activity Average Daily Trading Volume, 2010–2014 Average Daily Trading Volume, 2010–2014 By amount, number of of trades and number unique securities By par par amount, number trades and number of of securities 60,000 35,000 30,000 40,000 20,000 30,000 15,000 20,000 10,000 10,000 5,000 0 Par Amount Quarter Number of Trades 14:Q4 14:Q3 14:Q2 14:Q1 13:Q4 13:Q3 13:Q2 13:Q1 12:Q4 12:Q3 12:Q2 12:Q1 11:Q4 11:Q3 11:Q2 11:Q1 10:Q4 10:Q3 10:Q2 0 10:Q1 Par Amount ($ Millions) 25,000 Number of Trades and Securities 50,000 Number of Unique Securities Par Amount ($ Millions) Number of Trades Number of Unique Securities 10:Q1 14,956.7 41,825 15,120 10:Q2 15,248.1 41,718 15,307 10:Q3 14,362.7 40,063 14,476 10:Q4 14,961.3 43,027 15,316 2010 14,879.9 41,656 15,053 11:Q1 13,655.5 47,625 17,421 11:Q2 13,027.9 41,036 15,633 11:Q3 13,328.7 38,271 14,456 11:Q4 12,148.1 38,244 13,405 2011 13,038.8 41,257 15,217 12:Q1 12,796.6 39,050 14,722 12:Q2 13,434.0 40,123 14,663 12:Q3 12,623.3 37,748 13,599 12:Q4 12,356.3 37,283 14,279 2012 12,800.8 38, 544 14,314 13:Q1 12,217.3 40,077 15,317 13:Q2 13,097.7 42,471 16,141 13:Q3 12,896.3 45,762 15,708 13:Q4 11,299.3 40,309 14,828 2013 12,380.2 42,188 15,501 14:Q1 11,636.2 39,190 14,157 14:Q2 11,725.2 35,504 13,583 14:Q3 10,495.8 34,161 12,496 14:Q4 10,223.9 32,771 12,238 2014 11,010.1 35,361 13,104 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

40) Number of Trades Number of Trades Apr. 14 Jun. 14 Aug. 14 Oct. 14 Dec. 14 Jun. 12 Aug. 12 Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Oct. 13 Dec. 13 Feb. 14 Apr. 14 Jun. 14 Aug. 14 Oct. 14 Dec. 14 Jun. 12 Aug. 12 Oct. 12 Dec. 12 Feb. 13 Apr. 13 Jun. 13 Aug. 13 Oct. 13 Dec. 13 Feb. 14 Apr. 14 Jun. 14 Aug. 14 Oct. 14 Dec. 14 Dec. 11 Dec. 11 Apr. 12 Oct. 11 Oct. 11 Apr. 12 Aug. 11 Aug. 11 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K Feb. 14 Dec. 13 Oct. 13 Aug. 13 Jun. 13 Apr. 13 Feb. 13 Dec. 12 Oct. 12 Aug. 12 Jun. 12 Dec. 14 Oct. 14 Aug. 14 Jun. 14 Apr. 14 Feb. 14 Dec. 13 Oct. 13 Aug. 13 Jun. 13 Apr. 13 Feb. 13 Dec. 12 Oct. 12 Aug. 12 Jun. 12 15,000 25,000 Apr. 12 17,500 Apr. 12 20,000 Feb. 12 Jun. 11 Jun. 11 Par Amount ($ Millions) 22,500 Feb. 12 Apr. 11 Apr. 11 Feb. 12 Feb. 11 Feb. 11 Feb. 12 Dec. 10 Dec. 10 Dec. 11 Oct. 10 Oct. 10 Dec. 11 Aug. 10 Aug. 10 Oct. 11 Jun. 10 Jun. 10 Oct. 11 Apr. 10 Apr. 10 Aug. 11 0 Aug. 11 10,000 Jun. 11 20,000 Jun. 11 0 Apr. 11 30,000 Apr. 11 40,000 Feb. 11 10,000 Feb. 11 50,000 Dec. 10 20,000 Dec. 10 60,000 Oct. 10 30,000 Oct. 10 40,000 Aug. 10 50,000 Aug. 10 60,000 Jun. 10 30-day trailing average by trade type Jun. 10 Daily Trading Volume, 2010–2014 (Number Of Trades) Apr. 10 0 Apr. 10 2,500 Feb. 10 5,000 Feb. 10 7,500 Feb. 10 0 10,000 Feb. 10 Par Amount ($ Millions) PAGE 38 Overall Municipal Market Trading Activity Daily Trading Volume, 2010–2014 (Par Amount) 30-day trailing average by trade type 25,000 Daily Trading Volume, 2010–2014 Daily Trading Volume, 2010–2014 (Par Amount) 30-day trailing average 30-day trailing average by trade type Par Amount 12,500 22,500 10,000 20,000 7,500 17,500 5,000 15,000 2,500 12,500 Number of Trades Daily Trading Volume, 2010–2014 (Number Of Trades) 30-day trailing average by trade type

41) PAGE 39 Part Six Municipal Market Trades and Yields by Trade Type, 2010–2014

42) PAGE 40 Municipal Market Trades and Yields by Trade Type Average Daily Par Amount Traded, 2010–2014 Average Daily Par Amount, 2010–2014 By type By tradetrade type 16,000 14,000 10,000 8,000 6,000 4,000 2,000 Customer Bought Quarter Customer Sold 14:Q4 14:Q3 14:Q2 14:Q1 13:Q4 13:Q3 13:Q2 13:Q1 12:Q4 12:Q3 12:Q2 12:Q1 11:Q4 11:Q3 11:Q2 11:Q1 10:Q4 10:Q3 10:Q2 0 10:Q1 Par Amount ($ Millions) 12,000 Inter-Dealer Customer Bought ($ Millions) Customer Sold ($ Millions) Inter-Dealer ($ Millions) 10:Q1 7,625.1 5,054.8 2,276.8 10:Q2 7,913.6 5,035.9 2,298.6 10:Q3 7,460.0 4,681.7 2,221.0 10:Q4 8,059.0 4,613.4 2,288.9 2010 7,765.5 4,843.2 2,271.2 11:Q1 6,693.2 4,835.9 2,126.3 11:Q2 6,565.4 4,459.9 2,002.6 11:Q3 6,872.7 4,350.9 2,105.0 11:Q4 6,388.9 3,638.8 2,120.4 2011 6,630.8 4,319.5 2,088.5 12:Q1 6,408.1 4,149.6 2,238.9 12:Q2 6,928.8 3,993.3 2,511.9 12:Q3 6,303.3 3,695.1 2,624.9 12:Q4 6,075.7 3,653.7 2,626.9 2012 6,427.7 3,871.0 2,502.2 13:Q1 5,874.9 3,830.0 2,512.3 13:Q2 6,532.9 4,003.5 2,561.3 13:Q3 6,213.0 4,043.0 2,640.3 13:Q4 5,591.0 3,564.4 2,143.9 2013 6,055.8 3,860.7 2,463.7 14:Q1 5,454.8 3,677.3 2,504.1 14:Q2 5,809.6 3,647.8 2,267.8 14:Q3 5,181.0 3,173.3 2,141.6 14:Q4 5,215.1 2,790.8 2,218.0 2014 5,413.1 3,316.8 2,280.3 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

43) PAGE 41 Municipal Market Trades and Yields by Trade Type Average Daily Number of of Trades, 2010–2014 Average Daily Number Trades, 2010–2014 By trade type By trade type 30,000 20,000 15,000 10,000 5,000 Customer Bought Quarter Customer Sold 14:Q4 14:Q3 14:Q2 14:Q1 13:Q4 13:Q3 13:Q2 13:Q1 12:Q4 12:Q3 12:Q2 12:Q1 11:Q4 11:Q3 11:Q2 11:Q1 10:Q4 10:Q3 10:Q2 0 10:Q1 Number of Trades 25,000 Inter-Dealer Customer Bought Customer Sold Inter-Dealer 10:Q1 20,889 8,328 12,608 10:Q2 20,898 8,230 12,590 10:Q3 19,798 8,072 12,193 10:Q4 21,732 8,604 12,691 2010 20,828 8,309 12,519 11:Q1 22,534 10,004 15,087 11:Q2 19,309 8,695 13,032 11:Q3 17,995 8,223 12,054 11:Q4 18,909 7,418 11,918 2011 19,669 8,578 13,010 12:Q1 17,512 8,647 12,892 12:Q2 17,613 8,344 14,165 12:Q3 15,766 8,063 13,919 12:Q4 14,939 8,751 13,593 2012 16,447 8,452 13,645 13:Q1 16,067 9,275 14,735 13:Q2 17,252 9,961 15,258 13:Q3 21,215 9,946 14,601 13:Q4 18,161 9,174 12,974 2013 18,207 9,594 14,387 14:Q1 17,036 8,636 13,519 14:Q2 15,235 8,130 12,139 14:Q3 13,953 7,506 12,702 14:Q4 13,375 7,196 12,201 2014 14,873 7,857 12,632 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

44) PAGE 42 Municipal Market Trades and Yields by Trade Type Average DailyDaily Number of Unique Securities, 2010–2014 Average Number of Unique Securities Traded, 2010–2014 By trade type By trade type 14,000 12,000 8,000 6,000 4,000 2,000 Customer Bought Quarter Customer Sold 14:Q4 14:Q3 14:Q2 14:Q1 13:Q4 13:Q3 13:Q2 13:Q1 12:Q4 12:Q3 12:Q2 12:Q1 11:Q4 11:Q3 11:Q2 11:Q1 10:Q4 10:Q3 10:Q2 0 10:Q1 Number of Securities 10,000 Inter-Dealer Customer Bought Customer Sold Inter-Dealer 10:Q1 10,686 7,275 6,525 10:Q2 10,908 7,142 6,619 10:Q3 10,150 6,962 6,285 10:Q4 10,767 7,464 6,471 2010 10,626 7,210 6,474 11:Q1 12,165 8,790 7,847 11:Q2 10,946 7,607 6,888 11:Q3 10,018 7,149 6,280 11:Q4 9,525 6,411 5,906 2011 10,655 7,483 6,724 12:Q1 10,079 7,385 6,646 12:Q2 10,060 7,118 6,985 12:Q3 9,258 6,803 6,733 12:Q4 9,435 7,476 6,766 2012 9,705 7,196 6,783 13:Q1 10,354 7,970 7,454 13:Q2 10,961 8,464 7,679 13:Q3 11,257 8,545 7,124 13:Q4 10,471 7,901 6,685 2013 10,767 8,224 7,232 14:Q1 10,040 7,408 6,894 14:Q2 9,426 6,985 6,562 14:Q3 8,620 6,395 6,848 14:Q4 8,463 6,238 6,808 2014 9,125 6,748 6,778 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

45) Daily Trading Volume, 2010–2014 (Par Amount) 30-day trailing average by trade type PAGE 43 16,000 14,000 Municipal Market Trades and Yields by Trade Type Par Amount ($ Millions) 12,000 10,000 8,000 6,000 Daily Trading Volume, 2010–2014 4,000 30-Day trailing average by trade type Daily Trading Volume, 2010–2014 (Par Amount) 2,000 30-day Par Amount by trade type trailing average Par Amount ($ Millions) 12,000 Customer Bought Customer Sold Dec. 14 Oct. 14 Aug. 14 Jun. 14 Apr. 14 Feb. 14 Dec. 13 Oct. 13 Aug. 13 Jun. 13 Apr. 13 Feb. 13 Dec. 12 Oct. 12 Aug. 12 Jun. 12 Apr. 12 Feb. 12 Dec. 11 Oct. 11 Aug. 11 Jun. 11 Apr. 11 Feb. 11 Dec. 10 Oct. 10 Aug. 10 Jun. 10 Apr. 10 14,000 Feb. 10 0 16,000 Inter-Dealer 10,000 8,000 6,000 4,000 2,000 Apr. 14 Jun. 14 Aug. 14 Oct. 14 Dec. 14 Jun. 14 Aug. 14 Oct. 14 Dec. 14 Feb. 14 Dec. 13 Oct. 13 Aug. 13 Jun. 13 Apr. 13 Feb. 13 Dec. 12 Oct. 12 Aug. 12 Customer Sold Apr. 14 Customer Bought Jun. 12 Apr. 12 Feb. 12 Dec. 11 Oct. 11 Aug. 11 Jun. 11 Apr. 11 Feb. 11 Dec. 10 Oct. 10 Aug. 10 Jun. 10 Apr. 10 Feb. 10 0 Inter-Dealer Daily Trading Volume, 2010–2014 (Number of Trades) Number average by 30-day trailingof Trades trade type 30,000 Number of Trades 25,000 20,000 15,000 10,000 Daily Trading Volume, 2010–2014 (Number of Trades) 5,000 30-day trailing average by trade type 14 43/14 0/14 14 414 1/14 2/14 /14 5/14 6/14 14 7/14 8/14 9/14 /14 2/14 4/14 6/14 /14 9/14 4 0/14 1/14 Number of Trades 20,000 15,000 10,000 Customer Bought Customer Sold Feb. 14 Dec. 13 Oct. 13 Aug. 13 Jun. 13 Apr. 13 Feb. 13 Dec. 12 Oct. 12 Aug. 12 Jun. 12 Apr. 12 Feb. 12 Dec. 11 Oct. 11 Aug. 11 Jun. 11 Apr. 11 Feb. 11 Dec. 10 Oct. 10 Aug. 10 Jun. 10 Apr. 10 25,000 Feb. 10 0 30,000 Inter-Dealer M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

46) PAGE 44 Municipal Market Trades and Yields by Trade Type Trade Type and Size, 2010–2014 Average daily par amount in $ millions 2010 2011 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 All Trades Total 14,879.9 13,038.7 12,800.8 12,380.2 11,010.1 11,636.2 11,725.2 10,495.8 10,223.9 0–$25,000 327.4 332.1 297.1 341.7 277.6 313.8 277.6 268.9 251.7 $25,001–$50,000 338.4 334.3 318.6 350.3 288.8 320.6 288.0 279.2 268.6 $50,001–$75,000 110.5 110.4 113.4 124.2 105.5 114.3 105.3 102.9 99.9 $75,001–$100,000 325.0 307.8 299.7 303.4 256.5 281.2 259.6 243.9 242.6 $100,001–$500,000 1,283.6 1,211.6 1,246.1 1,186.6 1,091.4 1,146.5 1,111.1 1,045.6 1,065.3 $500,001–$1,000,000 813.5 748.2 757.0 708.9 690.5 708.3 701.8 656.1 696.9 $1,000,001–$2,000,000 927.0 841.9 845.1 824.0 789.4 821.0 776.2 746.2 815.4 10,754.7 9,152.0 8,923.8 8,541.1 7,510.4 7,930.5 8,205.5 7,152.9 6,783.5 More than $2,000,000 Customer Bought Total 7,765.5 6,630.76 6,427.7 6,055.8 5,413.1 5,454.8 5,809.6 5,181.0 5,215.1 0–$25,000 175.7 168.3 132.3 153.6 120.7 143.1 123.5 112.6 104.8 $25,001–$50,000 162.2 153.3 130.7 148.2 121.2 140.4 123.3 113.8 108.1 $50,001–$75,000 47.9 46.0 43.4 48.2 41.5 45.7 42.3 40.0 38.4 $75,001–$100,000 140.7 129.8 115.9 121.4 104.5 117.2 107.5 97.9 95.9 $100,001–$500,000 502.2 457.1 464.4 441.5 408.2 418.6 420.7 388.2 405.9 $500,001–$1,000,000 317.1 278.1 291.3 266.9 261.7 248.8 269.5 251.9 276.2 $1,000,001–$2,000,000 395.9 348.5 363.0 339.0 328.8 320.0 332.3 313.0 349.6 More than $2,000,000 6,023.8 5,049.3 4,886.6 4,537.0 4,026.5 4,021.0 4,390.6 3,863.7 3,836.2 Customer Sold Total 4,843.2 4,319.50 3,871.0 3,860.7 3,316.8 3,677.3 3,647.8 3,173.3 2,790.8 0–$25,000 57.0 61.35 61.2 73.5 59.9 65.9 61.9 58.0 54.2 $25,001–$50,000 67.2 69.52 70.3 79.0 63.2 70.3 65.6 60.0 57.5 $50,001–$75,000 25.1 25.92 26.7 30.6 25.0 27.9 25.7 23.4 23.1 $75,001–$100,000 73.6 71.64 71.1 72.1 58.0 64.2 60.8 53.4 54.1 $100,001–$500,000 290.3 282.57 264.6 266.5 227.3 244.8 235.9 210.2 219.2 $500,001–$1,000,000 204.8 198.89 167.9 175.4 155.4 167.8 159.2 144.0 151.2 $1,000,001–$2,000,000 268.6 252.71 212.4 232.8 202.1 225.5 198.5 190.8 194.7 More than $2,000,000 3,856.7 3,356.90 2,996.7 2,930.7 2,525.8 2,810.9 2,840.3 2,433.6 2,036.7 Inter-Dealer Total 2,271.2 2,088.5 2,502.2 2,463.7 2,280.3 2,504.1 2,267.8 2,141.6 2,218.0 94.7 102.4 103.5 114.6 97.0 104.8 92.3 98.4 92.7 109.1 111.4 117.6 123.2 104.4 110.0 99.2 105.4 103.0 38.3 0–$25,000 $25,001–$50,000 $50,001–$75,000 37.5 38.4 43.2 45.4 39.0 40.7 37.3 39.6 $75,001–$100,000 110.8 106.4 112.8 109.9 94.1 99.8 91.3 92.6 92.6 $100,001–$500,000 491.1 471.9 517.1 478.5 455.9 483.0 454.6 447.3 440.1 $500,001–$1,000,000 291.5 271.2 297.7 266.7 273.4 291.7 273.1 260.2 269.5 $1,000,001–$2,000,000 262.5 240.7 269.7 252.2 258.5 275.5 245.5 242.3 271.2 More than $2,000,000 874.1 745.87 1,040.5 1,073.3 958.1 1,098.5 974.6 855.7 910.6 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

47) PAGE 45 Municipal Market Trades and Yields by Trade Type Trade Type and Size, 2010–2014 Average daily number of trades 2010 2011 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 All Trades Total 41,656 41,257 38,544 42,188 35,361 39,190 35,504 34,161 32,771 0–$25,000 21,099 21,428 18,932 21,818 17,770 20,163 17,787 17,217 16,025 $25,001–$50,000 7,871 7,801 7,447 8,218 6,780 7,505 6,758 6,578 6,312 $50,001–$75,000 1,652 1,654 1,698 1,860 1,581 1,711 1,577 1,545 1,497 $75,001–$100,000 3,319 3,147 3,071 3,112 2,633 2,884 2,663 2,506 2,491 $100,001–$500,000 5,022 4,796 4,950 4,811 4,375 4,595 4,449 4,213 4,252 $500,001–$1,000,000 995 919 941 877 860 878 875 819 871 $1,000,001–$2,000,000 601 549 555 542 521 538 514 494 538 1,098 962 950 950 842 915 879 789 787 Customer Bought Total 20,828 19,669 16,447 18,207 14,873 17,036 15,235 13,953 13,375 0–$25,000 11,689 11,173 8,620 9,952 7,736 9,232 7,923 7,183 6,679 $25,001–$50,000 3,786 3,586 3,059 3,475 2,840 3,282 2,887 2,675 2,535 $50,001–$75,000 716 689 649 721 620 682 631 597 574 $75,001–$100,000 1,435 1,325 1,186 1,243 1,070 1,200 1,101 1,003 983 $100,001–$500,000 1,993 1,843 1,858 1,805 1,657 1,708 1,707 1,585 1,629 $500,001–$1,000,000 386 341 360 330 325 309 334 313 344 $1,000,001–$2,000,000 255 226 237 222 216 209 219 207 230 More than $2,000,000 568 484 478 459 409 414 433 389 401 Customer Sold Total 8,309 8,578 8,452 9,594 7,857 8,636 8,130 7,506 7,196 0–$25,000 3,673 3,968 3,968 4,762 3,883 4,253 4,010 3,781 3,510 $25,001–$50,000 1,557 1,618 1,637 1,851 1,486 1,646 1,541 1,413 1,352 $50,001–$75,000 375 387 400 457 374 416 384 350 346 $75,001–$100,000 752 733 727 740 596 659 624 548 556 1,144 1,126 1,074 1,101 928 1,005 965 857 890 $500,001–$1,000,000 247 240 205 213 190 204 195 176 185 $1,000,001–$2,000,000 173 163 138 151 132 146 130 125 127 More than $2,000,000 388 344 302 320 268 307 282 255 229 More than $2,000,000 $100,001–$500,000 Inter-Dealer Total 12,519 13,010 13,645 14,387 12,632 13,519 12,139 12,702 12,201 0–$25,000 5,737 6,287 6,344 7,104 6,150 6,678 5,855 6,253 5,836 $25,001–$50,000 2,528 2,596 2,751 2,892 2,454 2,577 2,330 2,489 2,424 $50,001–$75,000 561 578 650 683 587 613 562 597 577 $75,001–$100,000 1,132 1,089 1,158 1,129 967 1,026 939 954 953 $100,001–$500,000 1,885 1,828 2,018 1,905 1,790 1,882 1,777 1,771 1,733 $500,001–$1,000,000 362 338 376 335 345 366 346 330 341 $1,000,001–$2,000,000 173 160 180 168 173 183 166 163 181 More than $2,000,000 142 134 170 171 165 194 164 146 157 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

48) PAGE 46 Municipal Market Trades and Yields by Trade Type Trade Type and Size, 2010–2014 Average daily number of unique securities 2010 2011 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 All Trades Total 15,053 15,217 14,314 15,501 13,104 14,157 13,583 12,496 12,238 0–$25,000 8,413 8,704 7,804 8,869 7,351 8,147 7,598 7,065 6,636 $25,001–$50,000 3,828 3,783 3,504 3,847 3,195 3,542 3,304 3,042 2,912 $50,001–$75,000 961 950 924 1,015 861 938 882 828 800 $75,001–$100,000 1,736 1,649 1,549 1,577 1,342 1,467 1,398 1,258 1,251 $100,001–$500,000 2,403 2,335 2,327 2,270 2,060 2,140 2,138 1,959 2,010 $500,001–$1,000,000 554 527 519 487 475 479 488 448 486 $1,000,001–$2,000,000 368 343 336 327 311 318 312 297 320 More than $2,000,000 619 559 546 533 476 509 507 449 441 Customer Bought Total 10,626 10,655 9,705 10,767 9,125 10,040 9,426 8,620 8,463 0–$25,000 6,240 6,390 5,436 6,268 5,189 5,913 5,357 4,902 4,622 $25,001–$50,000 2,660 2,571 2,287 2,586 2,186 2,467 2,241 2,067 1,984 $50,001–$75,000 628 612 575 647 558 610 569 534 520 $75,001–$100,000 1,131 1,059 965 1,012 883 973 915 828 821 $100,001–$500,000 1,507 1,447 1,460 1,437 1,302 1,341 1,348 1,234 1,289 $500,001–$1,000,000 321 295 302 282 272 263 279 258 287 $1,000,001–$2,000,000 220 200 203 194 184 182 184 175 195 More than $2,000,000 428 382 367 362 315 325 336 300 300 Customer Sold Total 7,210 7,483 7,196 8,224 6,748 7,408 6,985 6,395 6,238 0–$25,000 3,353 3,616 3,515 4,211 3,459 3,788 3,565 3,340 3,159 $25,001–$50,000 1,479 1,537 1,530 1,747 1,399 1,549 1,450 1,326 1,277 $50,001–$75,000 363 375 384 443 361 402 370 338 336 $75,001–$100,000 719 704 692 710 570 631 598 524 532 1,050 1,043 991 1,031 864 934 899 799 829 $500,001–$1,000,000 227 225 193 202 180 192 185 168 176 $1,000,001–$2,000,000 161 155 132 145 126 138 124 119 121 More than $2,000,000 336 305 268 285 239 272 251 227 206 Inter-Dealer Total 6,474 6,724 6,783 7,232 6,778 6,894 6,562 6,848 6,808 0–$25,000 3,404 3,675 3,529 3,967 3,709 3,824 3,523 3,817 3,675 $25,001–$50,000 1,586 1,609 1,589 1,690 1,542 1,566 1,460 1,565 1,577 $50,001–$75,000 381 383 400 425 391 396 369 397 401 $75,001–$100,000 708 673 675 659 604 620 581 596 618 1,051 1,012 1,086 1,030 1,016 1,022 1,018 1,011 1,014 $500,001–$1,000,000 217 204 221 201 209 216 212 199 209 $1,000,001–$2,000,000 110 101 111 107 107 112 106 101 111 More than $2,000,000 93 85 102 105 98 115 99 86 93 $100,001–$500,000 $100,001–$500,000 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

49) PAGE 47 Municipal Market Trades and Yields by Trade Type Average Daily Trade Size, 2010–2014 Average Daily Trade Size, 2010–2014 By customer trade By customer trade 1,400,000 1,200,000 800,000 600,000 400,000 200,000 Customer Bought Quarter 14:Q4 14:Q3 14:Q2 14:Q1 13:Q4 13:Q3 13:Q2 13:Q1 12:Q4 12:Q3 12:Q2 12:Q1 11:Q4 11:Q3 11:Q2 11:Q1 10:Q4 10:Q3 10:Q2 0 10:Q1 Trade Size ($) 1,000,000 Customer Sold Customer Bought ($) Customer Sold ($) 10:Q1 365,029 606,970 10:Q2 378,679 611,901 10:Q3 376,805 579,992 10:Q4 370,837 536,191 2010 372,833 582,914 11:Q1 297,026 483,411 11:Q2 340,019 512,907 11:Q3 381,930 529,098 11:Q4 337,879 490,549 2011 337,124 503,552 12:Q1 365,927 479,917 12:Q2 393,379 478,572 12:Q3 399,805 458,275 12:Q4 406,700 417,507 2012 390,801 458,011 13:Q1 365,664 412,921 13:Q2 378,685 401,922 13:Q3 292,864 406,486 13:Q4 307,860 388,533 2013 332,611 402,404 14:Q1 320,200 425,801 14:Q2 381,343 448,690 14:Q3 371,307 422,786 14:Q4 389,919 387,825 2014 363,958 422,157 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

50) PAGE 48 Part Seven Municipal Market Average Daily Par Amount Traded by Issue Type, 2011–2014

51) PAGE 49 Municipal Market Average Daily Par Amount Traded by Issue Type Security Type1 and Trade Size, 2011–2014 Average daily par amount in $ millions 2011 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 Bond Total 6,526.5 6,760.5 7,011.7 6,440.8 7,227.5 6,568.9 6,049.4 5,956.5 0–$25,000 329.4 295.0 339.9 275.8 312.2 276.0 266.8 249.7 $25,001–$50,000 330.2 315.2 347.5 285.9 318.2 285.4 276.2 265.4 $50,001–$75,000 108.4 111.5 122.6 104.0 113.0 104.0 101.4 98.2 $75,001–$100,000 295.0 289.1 294.3 247.9 273.3 250.8 235.0 233.8 $100,001–$500,000 1,122.9 1,169.5 1,119.2 1,034.6 1,092.3 1,053.1 990.7 1,005.1 $500,001–$1,000,000 637.6 663.9 627.9 623.3 643.4 632.5 590.8 627.7 $1,000,001–$2,000,000 642.9 674.7 678.1 669.6 700.8 654.9 630.0 693.8 3,060.0 3,241.5 3,482.3 3,199.8 3,774.2 3,312.2 2,958.5 2,782.8 173.2 More than $2,000,000 Long Note Total 328.2 326.5 314.5 222.0 128.0 295.1 288.5 0–$25,000 0.9 0.8 0.7 0.6 0.5 0.5 0.5 0.7 $25,001–$50,000 1.7 1.6 1.3 1.1 1.0 1.0 0.9 1.3 $50,001–$75,000 0.8 0.8 0.7 0.6 0.5 0.6 0.6 0.8 $75,001–$100,000 3.4 3.2 2.4 1.9 1.7 2.0 1.9 2.2 $100,001–$500,000 22.6 23.4 18.4 15.3 13.9 15.7 13.6 18.1 $500,001–$1,000,000 17.5 18.8 14.6 12.6 11.4 13.7 11.2 14.2 $1,000,001–$2,000,000 20.7 21.8 18.4 15.5 12.9 16.0 14.6 18.5 More than $2,000,000 260.7 256.1 258.0 174.3 86.1 245.5 245.3 117.4 Short Note Total 86.7 82.2 71.5 49.6 26.4 52.0 58.7 60.2 0–$25,000 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 $25,001–$50,000 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 $50,001–$75,000 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 $75,001–$100,000 0.6 0.4 0.3 0.3 0.2 0.3 0.2 0.3 $100,001–$500,000 3.9 3.2 2.5 2.3 1.8 2.6 1.9 3.0 $500,001–$1,000,000 3.1 2.5 1.9 1.9 1.5 1.6 1.5 2.8 $1,000,001–$2,000,000 4.1 3.0 2.7 2.4 1.7 2.3 2.2 3.1 74.6 72.7 63.9 42.5 20.9 44.7 52.6 50.6 Morethan$2,000,000 Variable (Long and Short) Total 5,044.5 4,744.6 4,296.3 3,654.2 3,564.0 4,169.6 3,466.5 3,420.5 0–$25,000 1.7 1.1 1.0 1.1 1.0 1.0 1.5 1.2 $25,001–$50,000 2.1 1.5 1.4 1.6 1.3 1.4 2.0 1.8 $50,001–$75,000 1.1 0.8 0.7 0.8 0.7 0.7 0.8 0.8 $75,001–$100,000 8.7 6.7 6.4 6.3 5.9 6.3 6.7 6.3 61.0 48.0 45.4 38.3 37.5 38.4 38.9 38.5 51.1 $100,001–$500,000 $500,001–$1,000,000 86.9 68.7 63.0 51.7 51.1 52.5 51.9 167.0 139.8 120.7 98.5 102.2 98.7 96.0 97.3 4,716.0 4,478.1 4,057.7 3,455.9 3,364.4 3,970.6 3,268.7 3,223.6 918.8 807.3 641.5 596.5 653.3 604.4 545.1 585.9 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 — <0.1 $25,001–$50,000 — — <0.1 <0.1 — <0.1 — — $50,001–$75,000 — — <0.1 <0.1 — <0.1 — — $75,001–$100,000 0.1 0.1 0.1 <0.1 0.1 0.1 <0.1 <0.1 $100,001–$500,000 0.8 0.6 0.7 0.4 0.5 0.7 0.3 0.3 $500,001–$1,000,000 2.7 1.7 1.1 0.6 0.6 0.9 0.5 0.5 $1,000,001–$2,000,000 6.4 4.4 3.2 2.6 2.8 3.3 2.6 1.9 More than $2,000,000 908.8 800.5 636.3 592.7 649.3 599.4 541.7 583.2 Other2 134.0 79.6 44.8 47.0 36.9 35.3 87.5 27.6 $1,000,001–$2,000,000 More than $2,000,000 Commercial Paper Total 0–$25,000 S  ecurity definitions available on page 109. 2 Includes issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

52) PAGE 50 Municipal Market Average Daily Par Amount Traded by Issue Type Coupon Type and Trade Size, 2011–2014 Average daily par amount in $ millions 2011 Variable Rate Total 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 5,044.5 4,744.6 4,296.3 3,654.2 3,564.0 4,169.6 3,466.5 3,420.5 0–$25,000 1.7 1.1 1.0 1.1 1.0 1.0 1.5 1.2 $25,001–$50,000 2.1 1.5 1.4 1.6 1.3 1.4 2.0 1.8 $50,001–$75,000 1.1 0.8 0.7 0.8 0.7 0.7 0.8 0.8 $75,001–$100,000 8.7 6.7 6.4 6.3 5.9 6.3 6.7 6.3 $100,001–$500,000 61.0 48.0 45.4 38.3 37.5 38.4 38.9 38.5 51.1 $500,001–$1,000,000 86.9 68.7 63.0 51.7 51.1 52.5 51.9 167.0 139.8 120.7 98.5 102.2 98.7 96.0 97.3 More than $2,000,000 4,716.0 4,478.1 4,057.7 3,455.9 3,364.4 3,970.6 3,268.7 3,223.6 Fixed Rate Total $1,000,001–$2,000,000 6,407.8 6,657.2 6,936.8 6,135.2 6,578.4 6,328.0 5,798.5 5,859.8 0–$25,000 319.0 283.7 330.0 266.9 302.3 266.7 258.0 242.3 $25,001–$50,000 317.0 299.9 334.9 274.3 305.3 273.4 264.4 255.5 $50,001–$75,000 102.5 104.5 117.0 98.8 107.0 98.7 96.3 93.6 $75,001–$100,000 283.4 274.6 283.2 237.9 261.4 241.0 225.0 225.5 $100,001–$500,000 1,096.1 1,133.0 1,093.2 1,006.6 1,056.6 1,027.1 960.8 984.7 $500,001–$1,000,000 626.9 650.3 617.8 611.8 628.6 621.8 575.8 622.1 $1,000,001–$2,000,000 634.6 662.5 669.4 660.7 688.3 645.5 617.4 692.7 3,028.3 3,248.7 3,491.3 2,978.2 3,229.1 3,153.9 2,800.8 2,743.5 330.0 More than $2,000,000 Zero Coupon Total 533.7 512.0 460.9 577.2 803.6 587.9 598.2 0–$25,000 11.4 12.2 10.7 9.5 10.5 10.0 9.5 8.2 $25,001–$50,000 15.2 17.1 14.0 12.8 14.1 13.1 12.9 11.3 $50,001–$75,000 6.9 8.0 6.4 5.9 6.6 5.9 5.8 5.4 $75,001–$100,000 15.6 18.2 13.7 12.2 13.9 12.2 12.1 10.8 $100,001–$500,000 53.2 63.2 46.8 45.6 51.5 44.3 45.4 41.6 $500,001–$1,000,000 31.3 34.9 26.5 26.0 27.7 26.1 27.7 22.6 $1,000,001–$2,000,000 33.1 36.9 29.9 26.7 27.1 27.8 29.3 22.7 More than $2,000,000 367.0 321.5 313.0 438.4 652.2 448.5 455.5 207.4 1,052.8 887.0 686.3 643.5 690.3 639.7 632.6 613.5 Other1 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

53) PAGE 51 Municipal Market Average Daily Par Amount Traded by Issue Type Coupon and Trade Type, 2011–2014 Average daily par amount in $ millions 2011 Variable Rate Total 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 5,044.5 4,744.6 4,296.3 3,654.2 3,564.0 4,169.6 3,466.5 3,420.5 Customer Bought 2,653.2 2,453.0 2,165.1 1,880.4 1,763.0 2,167.3 1,749.2 1,841.1 Customer Sold 2,243.4 2,104.9 1,857.9 1,571.7 1,603.5 1,812.1 1,509.1 1,367.5 148.0 186.7 273.2 202.1 197.6 190.3 208.2 211.9 Fixed Rate Total 6,407.8 6,657.2 6,936.8 6,135.2 6,578.4 6,328.0 5,798.5 5,859.8 Customer Bought 2,902.3 3,018.2 3,115.4 2,748.0 2,768.7 2,862.8 2,636.0 2,727.2 Customer Sold 1,712.1 1,506.2 1,775.7 1,464.7 1,697.1 1,532.3 1,385.1 1,256.1 Inter-Dealer 1,793.3 2,132.9 2,045.7 1,922.6 2,112.5 1,933.0 1,777.4 1,876.5 Zero Coupon Total 533.7 512.0 460.9 577.2 803.6 587.9 598.2 330.0 Customer Bought 220.5 192.0 179.4 223.0 325.2 230.9 234.7 106.1 Customer Sold 190.0 156.6 143.1 203.9 287.1 219.3 214.8 98.6 Inter-Dealer 123.2 163.4 138.5 150.3 191.2 137.7 148.7 125.3 1,052.8 887.0 686.3 643.5 690.3 639.7 632.6 613.5 Inter-Dealer Other1 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

54) PAGE 52 Municipal Market Average Daily Par Amount Traded by Issue Type Variable Rate Demand Obligations1 Trade Type and Size, 2011–2014 Average daily par amount in $ millions 2011 Total 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 4,416.4 4,105.0 3,838.9 3,234.1 3,151.1 3,669.6 3,066.4 3,052.2 0–$25,000 0.3 0.2 0.1 0.1 0.1 0.1 0.1 0.1 $25,001–$50,000 0.3 0.2 0.2 0.1 0.2 0.1 0.1 0.1 $50,001–$75,000 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 $75,001–$100,000 6.1 4.6 4.3 3.5 3.8 3.9 3.3 3.2 46.6 36.2 32.9 24.9 26.8 26.5 22.7 23.8 39.3 $100,001–$500,000 $500,001–$1,000,000 74.3 57.9 51.1 40.1 41.0 42.1 38.1 148.7 124.1 106.4 84.2 88.8 85.3 79.2 83.8 More than $2,000,000 4,139.7 3,881.4 3,643.7 3,081.0 2,990.3 3,511.4 2,922.9 2,901.9 Customer Bought Total $1,000,001–$2,000,000 2,254.1 2,044.4 1,835.1 1,585.7 1,479.2 1,823.5 1,472.3 1,566.5 0–$25,000 0.1 0.1 0.1 0.0 0.0 0.1 0.0 0.0 $25,001–$50,000 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 $50,001–$75,000 0.1 0.1 0.1 0.0 0.1 0.0 0.0 0.0 $75,001–$100,000 2.1 1.6 1.5 1.1 1.2 1.4 1.1 0.9 $100,001–$500,000 19.3 14.6 11.9 9.1 9.7 9.3 8.6 8.7 $500,001–$1,000,000 34.7 26.2 20.4 16.6 16.1 17.6 16.1 16.6 $1,000,001–$2,000,000 75.3 59.8 46.8 39.7 40.5 38.9 38.3 41.1 More than $2,000,000 2,122.4 1,942.0 1,754.3 1,519.1 1,411.6 1,756.2 1,408.1 1,499.1 Customer Sold Total 2,061.3 1,906.6 1,758.0 1,474.6 1,500.8 1,679.7 1,420.1 1,302.2 0–$25,000 0.2 0.1 0.1 0.0 0.1 0.1 0.0 0.0 $25,001–$50,000 0.2 0.1 0.1 0.1 0.1 0.1 0.0 0.0 $50,001–$75,000 0.1 0.1 0.1 0.0 0.1 0.1 0.0 0.0 $75,001–$100,000 3.6 2.7 2.4 2.1 2.1 2.2 2.0 2.0 $100,001–$500,000 24.7 19.1 17.9 13.8 14.7 15.2 12.4 13.0 $500,001–$1,000,000 36.4 28.1 26.2 20.5 21.3 21.6 19.2 19.8 $1,000,001–$2,000,000 68.8 58.6 51.9 39.6 42.1 42.1 36.9 37.3 1,927.3 1,797.8 1,659.4 1,398.5 1,420.4 1,598.4 1,349.5 1,230.0 More than $2,000,000 Inter-Dealer Total 101.0 153.9 245.8 173.8 171.1 166.4 174.1 183.5 0–$25,000 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 $25,001–$50,000 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 $50,001–$75,000 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 $75,001–$100,000 0.4 0.3 0.5 0.3 0.4 0.3 0.3 0.3 $100,001–$500,000 2.6 2.5 3.1 2.1 2.4 2.0 1.7 2.1 $500,001–$1,000,000 3.2 3.6 4.5 3.0 3.6 3.0 2.7 2.8 $1,000,001–$2,000,000 4.7 5.8 7.7 5.0 6.2 4.3 4.0 5.4 More than $2,000,000 90.0 141.6 230.0 163.4 158.4 156.8 165.4 172.8 Based on data submitted to the MSRB’s Short-Term Obligation Rate Transparency (SHORT) System. May exclude submissions that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

55) PAGE 53 Municipal Market Average Daily Par Amount Traded by Issue Type Auction Rate Securities1 Trade Type and Size, 2011–2014 Average daily par amount in $ millions 2011 Total 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 103.5 60.0 58.9 28.5 40.0 22.3 18.0 34.1 0–$25,000 0.4 0.3 0.2 0.2 0.2 0.2 0.2 0.1 $25,001–$50,000 0.5 0.4 0.4 0.2 0.3 0.3 0.2 0.2 $50,001–$75,000 0.3 0.2 0.3 0.2 0.2 0.2 0.2 0.2 $75,001–$100,000 0.9 1.0 0.9 1.0 0.9 1.0 1.1 1.0 $100,001–$500,000 6.5 6.0 5.9 4.3 4.7 4.4 3.6 4.7 $500,001–$1,000,000 5.2 5.0 5.2 2.9 3.6 3.2 2.0 2.9 $1,000,001–$2,000,000 6.5 5.2 3.6 2.1 2.5 1.8 2.0 2.0 More than $2,000,000 83.3 41.9 42.5 17.5 27.7 11.3 8.7 22.9 Customer Bought Total 44.6 21.4 30.2 11.6 16.7 9.5 6.0 14.6 0–$25,000 0.1 0.1 0.1 0.0 0.0 0.1 0.1 0.0 $25,001–$50,000 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 $50,001–$75,000 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 $75,001–$100,000 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 $100,001–$500,000 1.9 1.7 1.8 1.5 1.8 1.4 1.3 1.4 $500,001–$1,000,000 1.7 1.5 1.9 1.2 1.5 1.3 0.8 1.1 $1,000,001–$2,000,000 2.2 1.9 1.3 0.8 1.1 0.7 0.5 0.8 More than $2,000,000 38.3 15.9 24.7 7.8 11.9 5.7 3.0 10.9 Customer Sold Total 32.9 22.6 17.2 10.2 14.4 6.3 6.6 13.7 0–$25,000 0.1 0.1 0.1 0.0 0.1 0.0 0.0 0.0 $25,001–$50,000 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 $50,001–$75,000 0.1 0.1 0.1 0.1 0.0 0.1 0.0 0.1 $75,001–$100,000 0.3 0.4 0.4 0.5 0.4 0.5 0.6 0.5 $100,001–$500,000 2.0 2.0 1.9 1.3 1.3 1.4 1.0 1.4 $500,001–$1,000,000 1.5 1.5 1.6 0.8 1.1 0.8 0.5 0.9 $1,000,001–$2,000,000 2.2 1.8 1.2 0.7 0.7 0.5 0.9 0.6 More than $2,000,000 26.4 16.6 11.9 6.8 10.7 3.0 3.5 10.2 Inter-Dealer Total 26.0 16.0 11.5 6.6 8.9 6.6 5.3 5.7 0–$25,000 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 $25,001–$50,000 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 $50,001–$75,000 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 $75,001–$100,000 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 $100,001–$500,000 2.6 2.3 2.1 1.6 1.6 1.7 1.3 1.9 $500,001–$1,000,000 1.9 1.9 1.7 1.0 1.0 1.1 0.7 1.0 $1,000,001–$2,000,000 2.1 1.6 1.2 0.6 0.7 0.7 0.5 0.6 More than $2,000,000 18.6 9.4 5.9 2.9 5.1 2.6 2.2 1.7 Based on data submitted to the MSRB’s Short-Term Obligation Rate Transparency (SHORT) System. May exclude submissions that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

56) PAGE 54 Municipal Market Average Daily Par Amount Traded by Issue Type Source of Repayment and Trade Size, 2011–2014 Average daily par amount in $ millions 2011 General Obligation Total 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 2,793.8 2,902.7 2,798.2 2,703.2 2,793.2 2,764.1 2,577.3 2,683.5 0–$25,000 103.7 94.9 107.1 91.5 101.0 91.4 89.7 84.3 $25,001–$50,000 116.0 111.2 119.0 102.7 111.8 102.5 100.7 96.3 $50,001–$75,000 38.3 39.5 42.3 37.2 39.2 37.3 36.8 35.7 $75,001–$100,000 113.3 110.7 108.6 96.3 104.8 98.0 92.7 90.1 $100,001–$500,000 469.8 495.1 446.3 433.9 451.4 446.4 418.4 420.4 $500,001–$1,000,000 265.8 280.4 247.1 251.0 262.7 254.7 239.6 247.5 $1,000,001–$2,000,000 263.8 273.9 253.7 258.0 275.7 252.0 241.9 263.1 More than $2,000,000 1,423.1 1,497.1 1,474.1 1,432.6 1,446.6 1,481.7 1,357.4 1,446.3 Revenue Total 8,460.4 8,383.9 8,501.3 7,261.5 7,736.0 7,769.3 7,005.1 6,565.8 0–$25,000 218.7 193.5 223.7 176.6 202.2 176.5 170.0 159.0 $25,001–$50,000 207.5 197.3 220.0 175.9 197.7 174.9 168.5 163.4 $50,001–$75,000 68.6 70.2 77.9 64.5 71.2 64.0 62.4 60.7 $75,001–$100,000 183.3 178.7 184.4 150.9 166.7 151.8 142.1 143.8 $100,001–$500,000 690.2 699.2 694.2 610.7 651.0 614.3 579.1 600.2 $500,001–$1,000,000 452.5 448.0 438.3 414.4 422.7 420.1 391.9 423.4 $1,000,001–$2,000,000 541.1 539.2 545.2 504.3 523.1 496.2 478.1 520.8 6,098.4 6,057.8 6,117.6 5,164.2 5,501.5 5,671.5 5,013.0 4,494.5 291.9 273.8 240.8 255.9 227.0 267.6 254.4 273.3 9.7 8.6 10.8 9.5 10.6 9.7 9.3 8.4 $25,001–$50,000 10.8 10.1 11.3 10.1 11.1 10.5 10.1 8.9 $50,001–$75,000 3.5 3.7 4.0 3.7 3.9 3.9 3.6 3.5 $75,001–$100,000 10.8 10.2 10.3 9.2 9.5 9.7 9.0 8.7 $100,001–$500,000 48.5 50.4 44.5 45.9 42.5 49.2 47.5 44.3 $500,001–$1,000,000 24.3 26.0 21.2 23.8 21.3 25.1 23.6 25.0 $1,000,001–$2,000,000 24.5 25.2 19.7 23.3 18.0 23.7 22.4 28.8 More than $2,000,000 159.8 139.6 118.9 130.4 110.0 135.7 129.0 145.8 1,492.7 1,240.4 840.0 789.6 880.0 924.3 659.0 701.3 More than $2,000,000 Double Barrel Total 0–$25,000 Other1 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

57) PAGE 55 Municipal Market Average Daily Par Amount Traded by Issue Type Source of Repayment and Coupon Type, 2011–2014 Average daily par amount in $ millions 2011 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 2,793.8 2,902.7 2,798.2 2,703.2 2,793.2 2,764.1 2,577.3 2,683.5 441.2 444.4 432.1 420.7 347.8 423.5 395.7 512.2 2,146.1 2,243.8 2,238.3 2,122.2 2,261.6 2,179.0 2,029.9 2,025.9 205.4 210.4 126.6 158.6 183.4 159.0 150.3 142.6 1.1 4.2 1.2 1.7 0.3 2.5 1.3 2.7 Revenue Total 8,460.4 8,383.9 8,501.3 7,261.5 7,736.0 7,769.3 7,005.1 6,565.8 Variable Rate 4,091.6 3,882.9 3,652.9 3,031.6 2,996.1 3,406.1 2,944.7 2,783.7 Fixed Rate 4,036.6 4,191.8 4,503.1 3,793.0 4,119.5 3,928.8 3,553.6 3,587.6 322.3 295.4 330.5 413.5 615.1 425.0 439.9 183.4 9.8 13.8 14.8 23.4 5.2 9.4 66.9 11.1 291.9 273.8 240.8 255.9 227.0 267.6 254.4 273.3 61.4 46.1 41.6 30.8 24.8 43.6 31.5 23.0 224.5 221.3 195.4 219.9 197.2 220.1 215.0 246.3 General Obligation Total Variable Rate Fixed Rate Zero Coupon Other Zero Coupon Other Double Barrel Total Variable Rate Fixed Rate Zero Coupon Other Other1 6.0 6.2 3.8 5.2 5.0 3.9 7.9 3.9 <0.1 0.2 <0.1 <0.1 — <0.1 — 0.1 1,492.7 1,240.4 840.0 789.6 880.0 924.3 659.0 701.3 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

58) PAGE 56 Municipal Market Average Daily Par Amount Traded by Issue Type Tax Status and Trade Size, 2011–2014 Average daily par amount in $ millions 2011 Tax Exempt Total 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 10,542.2 10,859.2 10,763.1 9,575.0 10,126.2 10,210.1 9,086.9 8,912.5 0–$25,000 294.5 265.2 308.3 251.1 283.9 249.7 244.0 228.2 $25,001–$50,000 308.5 295.0 327.7 269.9 300.3 268.4 260.9 251.5 $50,001–$75,000 101.0 104.3 115.3 97.8 106.3 97.1 95.3 92.7 $75,001–$100,000 287.9 280.8 286.5 242.2 265.8 244.3 230.5 229.4 $100,001–$500,000 1,086.2 1,112.2 1,076.8 996.1 1,047.0 1,009.3 959.4 971.3 $500,001–$1,000,000 631.6 644.9 615.8 609.2 620.7 618.7 581.7 616.6 $1,000,001–$2,000,000 697.2 718.2 709.2 688.1 712.7 680.7 650.1 709.8 More than $2,000,000 7,135.4 7,438.5 7,323.5 6,420.6 6,789.5 7,041.9 6,065.1 5,813.1 Taxable Total 1,170.3 1,082.5 981.0 877.5 917.3 901.0 897.0 796.8 0–$25,000 22.5 21.4 21.9 18.9 20.1 19.9 18.2 17.4 $25,001–$50,000 17.5 17.0 15.7 14.2 14.4 14.7 14.2 13.3 $50,001–$75,000 6.9 6.9 6.7 6.3 6.3 6.8 6.3 5.9 $75,001–$100,000 15.1 14.9 12.9 11.3 11.8 12.0 10.6 10.8 $100,001–$500,000 106.6 116.4 93.8 82.1 83.5 88.0 75.9 81.0 97.7 94.1 76.7 66.4 71.5 66.2 61.2 67.0 $1,000,001–$2,000,000 109.8 99.0 86.7 75.6 80.6 68.6 72.2 81.2 More than $2,000,000 794.2 712.8 666.5 602.7 629.0 624.7 638.4 520.2 AMT Total 629.0 507.6 509.0 437.0 429.9 490.6 412.9 415.0 15.1 10.5 11.3 7.6 9.8 8.0 6.7 6.1 $25,001–$50,000 8.3 6.5 6.9 4.6 5.9 4.8 4.1 3.8 $50,001–$75,000 2.5 2.1 2.2 1.4 1.6 1.4 1.3 1.2 $500,001–$1,000,000 0–$25,000 $75,001–$100,000 4.6 3.9 3.9 3.0 3.5 3.2 2.8 2.5 $100,001–$500,000 16.4 16.8 15.2 12.8 15.1 13.3 10.0 12.9 $500,001–$1,000,000 15.8 17.2 15.4 14.4 15.3 16.1 12.9 13.2 $1,000,001–$2,000,000 28.3 25.9 26.2 24.8 26.1 25.9 23.0 24.1 More than $2,000,000 538.0 424.8 427.7 368.4 352.5 417.9 352.1 351.2 Other1 697.2 351.4 127.2 120.7 162.8 123.5 99.0 99.6 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

59) PAGE 57 Municipal Market Average Daily Par Amount Traded by Issue Type Tax Status and Coupon Type, 2011–2014 Average daily par amount in $ millions 2011 Tax Exempt Total 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 10,542.2 10,859.2 10,763.1 9,575.0 10,126.2 10,210.1 9,086.9 8,912.5 Variable Rate 4,026.8 4,085.5 3,866.7 3,292.6 3,234.6 3,750.9 3,108.9 3,080.6 Fixed Rate 5,296.5 5,595.5 5,960.7 5,361.7 5,748.9 5,533.2 5,063.0 5,122.7 Zero Coupon 486.2 466.7 399.1 460.0 651.2 443.4 459.0 295.2 Other 732.8 711.6 536.6 460.6 491.6 482.6 456.0 413.9 796.8 Taxable Total 1,170.3 1,082.5 981.0 877.5 917.3 901.0 897.0 Variable Rate 141.9 100.5 78.0 54.0 41.8 53.0 69.0 51.7 Fixed Rate 940.9 890.4 777.4 624.4 655.7 632.8 606.3 604.4 Zero Coupon 47.1 45.1 61.7 117.1 152.3 144.4 139.1 34.8 Other 40.3 46.5 63.9 81.9 67.5 70.8 82.6 105.9 AMT Total 629.0 507.6 509.0 437.0 429.9 490.6 412.9 415.0 Variable Rate 454.8 332.3 307.7 285.7 254.6 326.3 281.7 279.2 Fixed Rate 170.0 170.9 198.6 149.1 173.7 162.1 129.2 132.7 Zero Coupon 0.4 0.2 0.1 0.1 0.1 0.0 0.1 0.1 Other 3.9 4.2 2.5 2.2 1.6 2.1 1.9 3.1 697.2 351.4 127.2 120.7 162.8 123.5 99.0 99.6 Other1 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

60) PAGE 58 Municipal Market Average Daily Par Amount Traded by Issue Type Sector and Coupon Type, 2011–2014 Average daily par amount in $ millions 2011 Total 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 13,038.8 12,800.8 12,380.2 11,010.1 11,636.2 11,725.2 10,495.8 10,223.9 Education 1,940.0 1,943.5 1,958.8 1,800.0 1,825.2 1,954.9 1,747.7 1,675.7 Health 1,207.1 1,305.0 1,272.5 959.5 985.1 1,051.4 867.0 937.2 466.3 398.4 384.5 357.8 361.1 445.9 304.1 321.5 1,029.0 1,145.3 1,178.5 1,110.9 1,214.4 1,140.5 1,175.5 918.5 921.6 864.9 1,022.7 928.6 1,026.6 942.9 812.1 937.5 Utility 1,319.4 1,386.1 1,392.7 1,285.2 1,324.8 1,351.7 1,256.4 1,210.9 Various Purpose 1,146.4 1,191.0 1,131.5 1,168.4 1,223.1 1,117.7 1,124.4 1,210.1 Other Sectors 5,008.8 4,566.6 4,039.1 3,399.8 3,676.0 3,720.2 3,208.6 3,012.3 Variable Rate Total Housing Tax-Revenue Transportation 5,044.5 4,744.6 4,296.3 3,654.2 3,564.0 4,169.6 3,466.5 3,420.5 Education 579.3 584.0 621.7 539.4 519.3 576.2 558.3 503.5 Health 814.1 876.6 833.4 604.8 579.6 692.9 578.3 568.4 Housing 350.9 296.5 272.5 265.7 285.5 341.2 233.5 205.0 Tax-Revenue 199.8 173.1 147.5 159.5 167.6 187.1 152.5 131.6 Transportation 303.6 215.2 206.0 215.8 171.3 238.9 262.2 189.2 Utility 504.5 468.7 457.6 431.3 429.2 507.9 434.3 354.7 Various Purpose 245.9 261.1 181.5 191.4 131.2 181.1 150.4 299.9 Other Sectors 2,046.4 1,869.4 1,575.9 1,246.3 1,280.4 1,444.3 1,097.0 1,168.2 Fixed Rate Total 6,407.8 6,657.2 6,936.8 6,135.2 6,578.4 6,328.0 5,798.5 5,859.8 Education 1,161.5 1,150.9 1,215.1 1,104.8 1,128.9 1,220.6 1,039.2 1,033.3 Health 386.3 421.7 434.2 349.9 398.4 354.5 284.6 364.6 Housing 111.4 95.9 106.6 89.5 73.0 101.6 68.7 114.0 Tax-Revenue 737.0 834.6 834.3 759.7 844.0 738.7 768.1 691.5 Transportation 572.0 599.6 758.3 656.8 759.1 650.3 517.4 705.2 Utility 804.1 905.2 924.7 846.8 886.1 837.3 815.2 850.4 Various Purpose 892.9 920.7 929.8 964.0 1,085.2 928.7 945.7 901.6 Other Sectors 1,742.6 1,728.6 1,733.8 1,363.7 1,403.5 1,496.3 1,359.5 1,199.3 Zero Coupon Total 533.7 512.0 460.9 577.2 803.6 587.9 598.2 330.0 Education 197.4 205.3 116.7 152.5 176.4 152.9 145.5 136.2 Health 5.8 6.2 4.8 4.8 7.0 4.0 4.2 4.2 Housing 3.5 5.8 5.2 2.6 2.7 3.0 1.9 2.6 Tax-Revenue 92.2 136.2 196.4 191.7 202.7 214.8 254.9 95.3 Transportation 45.8 48.4 58.4 55.9 96.2 53.7 32.5 43.0 Utility 10.1 11.4 9.7 7.1 9.4 6.5 6.8 5.7 7.6 8.9 20.2 12.9 6.8 7.8 28.0 8.7 171.4 89.9 49.6 149.8 302.5 145.1 124.4 34.3 1,052.8 887.0 686.3 643.5 690.3 639.7 632.6 613.5 Various Purpose Other Sectors Other1 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

61) PAGE 59 Municipal Market Average Daily Par Amount Traded by Issue Type Remaining Maturity and Coupon Type, 2011–2014 Average daily par amount in $ millions 2011 Variable Rate Total 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 5,044.5 4,744.6 4,296.3 3,654.2 3,564.0 4,169.6 3,466.5 3,420.5 0–9 Months 22.4 152.5 139.5 118.4 152.3 109.2 113.0 100.6 >9 Months–2 Years 31.5 28.0 42.5 20.4 20.9 21.9 25.9 12.9 >2 Years–5 Years 112.8 98.9 106.9 64.9 56.7 77.4 74.8 50.2 >5 Years–10 Years 253.7 225.1 228.9 167.9 174.1 190.0 156.6 151.5 >10 Years–15 Years 612.7 476.7 443.9 326.8 353.4 379.7 283.5 292.6 >15 Years–20 Years 835.4 693.6 672.3 713.7 647.5 751.2 771.0 682.5 >20 Years–30 Years 2,378.1 2,339.7 2,185.9 1,760.5 1,724.2 1,981.6 1,630.3 1,707.9 More than 30 Years 552.0 509.6 466.4 431.9 416.5 490.5 404.0 416.9 Unavailable 245.9 220.5 10.0 49.8 18.5 168.1 7.3 5.4 Fixed Rate Total 6,407.8 6,657.2 6,936.8 6,135.2 6,578.4 6,328.0 5,798.5 5,859.8 0–9 Months 247.5 246.4 278.4 209.5 149.2 248.2 185.6 252.7 >9 Months–2 Years 448.3 440.9 410.1 380.6 280.1 415.3 475.6 347.3 >2 Years–5 Years 679.8 635.1 635.2 660.1 692.8 708.3 600.1 641.4 >5 Years–10 Years 1,285.1 1,315.8 1,352.0 1,180.1 1,271.5 1,182.9 1,146.7 1,123.5 >10 Years–15 Years 1,034.1 1,178.3 1,173.0 1,085.0 1,166.3 1,059.4 1,059.3 1,058.3 >15 Years–20 Years 872.6 981.7 1,031.6 860.8 912.1 877.4 783.3 873.1 >20 Years–30 Years 1,470.8 1,483.5 1,636.6 1,393.3 1,711.6 1,417.0 1,231.6 1,228.3 More than 30 Years 369.3 374.8 419.1 365.7 394.7 419.4 316.2 334.8 0.3 0.7 0.8 0.2 0.1 0.1 0.1 0.4 Unavailable Zero Coupon Total 533.7 512.0 460.9 577.2 803.6 587.9 598.2 330.0 0–9 Months 3.1 2.8 4.6 3.3 2.2 3.0 2.5 5.2 >9 Months–2 Years 6.6 5.3 7.6 6.4 8.2 7.0 5.0 5.6 >2 Years–5 Years 22.2 18.9 20.4 15.6 17.2 15.1 13.3 17.0 >5 Years–10 Years 37.5 45.2 37.2 31.2 44.6 25.0 33.8 22.1 >10 Years–15 Years 44.6 56.9 46.0 53.1 63.1 49.3 71.9 28.8 >15 Years–20 Years 53.2 68.1 74.0 77.0 82.5 87.1 86.2 52.5 >20 Years–30 Years 127.5 144.4 119.4 153.6 269.8 116.0 111.1 122.4 More than 30 Years 239.0 170.3 151.8 236.9 316.0 285.3 274.5 76.3 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 1,052.8 887.0 686.3 643.5 690.3 639.7 632.6 613.5 Unavailable Other1 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

62) PAGE 60 Municipal Market Average Daily Par Amount Traded by Issue Type Rating1 and Trade Type, 2013–2014 Average daily par amount in $ millions 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 Total 12,380.2 11,010.1 11,636.2 11,725.2 10,495.8 10,223.9 AAA 1,108.5 1,127.1 1,121.4 1,166.1 1,082.1 1,138.9 AA 4,359.2 3,979.5 4,199.2 4,312.7 3,664.0 3,757.6 A 2,143.8 1,726.9 2,020.0 1,809.2 1,463.9 1,629.5 516.7 275.5 383.8 222.0 285.1 215.2 All Trades BBB Below Investment-Grade 187.5 545.0 653.4 491.9 725.8 313.1 4,064.5 3,356.2 3,258.3 3,723.3 3,275.0 3,169.5 6,055.8 Unavailable2 5,413.1 5,454.8 5,809.6 5,181.0 5,215.1 Customer Bought Total AAA 509.2 532.7 523.1 560.3 489.7 557.6 1,953.5 1,787.4 1,788.9 1,955.1 1,630.1 1,778.4 A 919.6 730.3 803.9 791.4 607.9 722.5 BBB 217.7 127.8 150.6 99.1 147.5 114.6 70.1 234.9 319.6 205.8 302.0 115.8 2,385.8 1,999.9 1,868.7 2,197.9 2,003.7 1,926.2 Total 3,860.7 3,316.8 3,677.3 3,647.8 3,173.3 2,790.8 AAA 352.4 316.9 318.7 348.0 308.8 292.5 AA Below Investment-Grade Unavailable 2 Customer Sold AA 1,352.2 1,168.0 1,304.6 1,330.1 1,050.7 995.6 A 611.2 478.9 589.0 498.0 438.2 395.8 BBB 170.3 74.9 119.8 57.5 74.2 50.0 Below Investment-Grade Unavailable2 60.8 208.0 232.7 192.6 292.4 115.2 1,313.8 1,070.1 1,112.6 1,221.6 1,009.0 941.6 2,463.7 2,280.3 2,504.1 2,267.8 2,141.6 2,218.0 Inter-Dealer Total AAA 246.9 277.5 279.6 257.8 283.7 288.8 1,053.6 1,024.0 1,105.8 1,027.5 983.2 983.6 A 613.1 517.7 627.1 519.7 417.8 511.2 BBB 128.6 72.8 113.4 65.4 63.4 50.6 56.6 102.1 101.1 93.5 131.3 82.1 364.9 286.3 277.0 303.9 262.2 301.8 AA Below Investment-Grade Unavailable2 1 2 Credit ratings provided by Standard & Poor’s Financial Services LLC and Fitch Solutions, Inc. Credit ratings based on the lowest available rating as provided by the two rating agencies. Credit rating not available or security not rated. M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

63) PAGE 61 Municipal Market Average Daily Par Amount Traded by Issue Type State1, 2011–2014 Average daily par amount in $ millions 2011 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 Alabama 84.3 85.2 90.4 86.9 86.8 80.9 98.5 81.5 Alaska 95.5 76.6 64.4 58.6 55.8 50.2 56.3 71.8 Arizona 126.3 124.3 137.9 156.2 115.5 150.3 137.1 219.9 Arkansas 19.3 29.4 28.7 24.0 17.9 24.7 16.8 36.4 California 2,320.1 2,079.6 1,991.0 1,795.1 1,809.6 1,923.1 1,744.9 1,705.5 Colorado 201.2 171.6 165.5 114.1 123.6 132.1 111.5 89.7 Connecticut 169.2 167.9 160.1 149.4 143.9 156.3 136.9 160.2 24.4 Delaware 28.2 25.4 27.8 24.9 20.7 22.3 31.9 District of Columbia 101.9 96.6 79.6 68.5 58.5 85.1 55.9 74.4 Florida 529.8 486.2 408.0 345.3 365.7 342.1 325.7 348.7 Georgia 229.0 187.1 181.0 135.4 151.2 154.4 130.6 106.3 Hawaii 45.9 41.3 43.4 32.8 32.4 22.8 19.7 56.2 Idaho 19.6 15.0 11.1 17.5 13.4 29.7 16.2 10.6 Illinois 555.6 496.9 447.5 437.3 516.0 485.0 429.9 322.8 Indiana 179.2 166.2 170.5 134.1 109.2 139.1 129.2 157.8 Iowa 61.2 59.2 69.8 42.0 37.2 60.1 43.1 27.8 Kansas 70.6 64.8 56.8 56.9 55.9 64.8 64.4 42.4 Kentucky 105.4 88.1 106.6 87.6 98.6 99.1 61.3 92.0 Louisiana 270.2 301.2 231.7 230.7 242.9 217.3 232.5 230.3 Maine 28.1 19.6 23.3 18.0 17.9 19.6 16.7 17.6 Maryland 239.3 181.7 203.0 172.3 195.9 166.0 157.7 170.6 Massachusetts 448.1 413.1 372.7 407.1 391.1 435.3 390.9 410.8 Michigan 246.2 252.2 223.6 202.7 183.8 210.1 232.1 184.3 Minnesota 147.5 143.5 129.9 146.6 142.7 143.5 157.1 142.7 Mississippi 256.3 253.1 253.1 199.1 201.5 233.7 205.1 156.8 Missouri 153.8 180.3 164.1 139.3 130.0 170.6 109.3 147.4 Montana 9.3 13.2 8.6 6.6 7.7 7.2 7.0 4.4 Nebraska 47.5 58.5 52.0 44.9 38.0 43.4 39.1 59.0 Nevada 94.2 86.3 79.3 77.1 90.1 79.8 75.4 63.6 New Hampshire 54.2 54.6 49.5 38.3 37.2 59.0 24.6 32.7 459.3 537.4 407.0 400.3 452.8 508.4 288.9 355.1 New Jersey New Mexico 30.1 24.5 27.3 31.7 27.9 27.9 45.5 25.5 1,613.4 1,690.3 1,722.7 1,622.3 1,815.1 1,686.1 1,418.7 1,579.3 North Carolina 232.4 227.1 224.8 139.6 140.3 165.4 120.3 132.7 North Dakota 14.2 12.6 11.9 11.7 8.2 16.9 8.7 12.8 310.4 279.8 311.1 276.0 307.6 285.4 235.5 277.3 39.0 New York Ohio Oklahoma 62.9 46.3 57.4 44.1 54.2 49.9 33.8 Oregon 104.6 81.2 93.9 66.1 61.0 72.3 78.3 52.4 Pennsylvania 451.3 437.0 438.5 340.3 399.0 369.8 294.2 301.4 Puerto Rico 526.6 567.8 607.3 520.3 710.4 523.7 638.1 217.9 54.4 31.8 25.7 21.1 18.4 25.8 17.2 23.1 110.2 112.2 128.2 101.7 117.1 103.4 83.9 103.1 16.3 Rhode Island South Carolina South Dakota 12.4 10.8 11.2 11.3 9.8 9.2 9.9 122.9 125.2 107.2 82.1 100.2 80.1 85.9 63.1 1,119.6 1,289.4 1,347.2 1,169.0 1,158.0 1,234.4 1,179.7 1,104.6 Utah 81.1 85.4 86.6 72.9 81.9 84.2 62.2 63.8 Vermont 19.6 31.2 23.8 16.7 19.7 14.8 15.5 16.8 3.6 6.9 8.5 7.5 6.5 3.4 12.1 7.7 Virginia 201.7 243.7 230.4 161.2 159.0 177.7 139.2 169.2 Washington 242.7 259.2 214.9 188.1 190.7 223.8 164.5 173.9 28.0 21.7 18.8 72.1 110.6 82.7 81.8 15.2 Wisconsin 150.0 155.8 133.9 114.2 110.7 112.4 111.6 121.9 Wyoming 56.9 44.8 52.7 50.4 49.7 31.2 46.6 73.6 Unavailable 93.6 59.8 57.9 40.3 36.8 28.3 66.2 29.5 Tennessee Texas Virgin Islands West Virginia I ncludes Puerto Rico, Virgin Islands and the District of Columbia. Data classified as unavailable when state designation is absent. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

64) PAGE 62 Part Eight Municipal Market Average Daily Number of Trades by Issue Type, 2011–2014

65) PAGE 63 Municipal Market Average Daily Number of Trades by Issue Type Security Type1 and Trade Size, 2011–2014 Average daily number of trades 2011 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 Total 39,789 37,276 41,070 34,383 38,260 34,504 33,173 31,778 0–$25,000 21,257 18,803 21,709 17,656 20,061 17,686 17,086 15,906 $25,001–$50,000 7,708 7,371 8,153 6,715 7,451 6,697 6,507 6,238 $50,001–$75,000 1,625 1,671 1,837 1,559 1,691 1,558 1,522 1,471 $75,001–$100,000 3,017 2,963 3,019 2,546 2,804 2,575 2,416 2,401 $100,001–$500,000 4,485 4,677 4,568 4,168 4,399 4,239 4,012 4,034 $500,001–$1,000,000 785 827 777 778 798 790 739 785 $1,000,001–$2,000,000 421 445 447 443 460 435 419 458 More than $2,000,000 490 519 560 518 596 525 472 486 Bond Long Note Total 278 276 225 190 167 193 177 222 0–$25,000 52 47 39 34 31 32 31 42 $25,001–$50,000 38 35 30 25 22 24 22 30 $50,001–$75,000 12 12 11 9 8 8 9 11 $75,001–$100,000 35 33 24 20 18 20 19 23 $100,001–$500,000 85 89 71 59 53 61 53 70 $500,001–$1,000,000 22 23 18 16 14 17 14 19 $1,000,001–$2,000,000 13 14 12 10 9 11 10 13 More than $2,000,000 22 22 19 16 12 20 18 15 Short Note Total 45 40 29 28 22 31 23 36 0–$25,000 5 6 4 4 4 5 3 5 $25,001–$50,000 5 5 3 3 3 3 2 3 $50,001–$75,000 2 2 1 1 1 1 1 2 $75,001–$100,000 6 4 3 3 2 3 2 4 15 13 10 9 7 10 8 12 $500,001–$1,000,000 4 3 2 2 2 2 2 4 $1,000,001–$2,000,000 3 2 2 2 1 2 2 2 More than $2,000,000 5 4 4 3 2 4 3 4 1,068 877 811 715 694 724 746 695 110 69 64 72 63 61 95 70 $25,001–$50,000 48 33 30 36 29 31 46 40 $50,001–$75,000 16 12 11 11 11 10 12 12 $75,001–$100,000 88 67 64 63 59 64 68 63 $100,001–$500,000 207 165 158 135 133 134 138 133 $500,001–$1,000,000 105 84 77 63 63 64 63 62 $1,000,001–$2,000,000 108 90 78 64 67 64 62 63 More than $2,000,000 388 357 328 270 270 296 263 251 $100,001–$500,000 Variable (Long and Short) Total 0–$25,000 Commercial Paper Total 61 51 43 35 38 39 32 32 0–$25,000 <1 <1 <1 <1 <1 <1 — <1 $25,001–$50,000 <1 — <1 <1 — <1 — — $50,001–$75,000 — — <1 <1 — <1 — — $75,001–$100,000 1 1 1 <1 1 1 <1 <1 $100,001–$500,000 3 2 3 1 2 2 1 1 $500,001–$1,000,000 3 2 1 1 1 1 1 1 $1,000,001–$2,000,000 4 3 2 2 2 2 2 1 More than $2,000,000 51 43 36 31 33 33 29 29 Other2 17 25 10 10 10 13 9 8 S  ecurity definition available on page 109. 2 Includes issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

66) PAGE 64 Municipal Market Average Daily Number of Trades by Issue Type Coupon Type and Trade Size, 2011–2014 Average daily number of trades 2011 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 1,068 877 811 715 694 724 746 695 110 69 64 72 63 61 95 70 $25,001–$50,000 48 33 30 36 29 31 46 40 $50,001–$75,000 16 12 11 11 11 10 12 12 Variable Rate Total 0–$25,000 $75,001–$100,000 88 67 64 63 59 64 68 63 $100,001–$500,000 207 165 158 135 133 134 138 133 $500,001–$1,000,000 105 84 77 63 63 64 63 62 $1,000,001–$2,000,000 108 90 78 64 67 64 62 63 More than $2,000,000 388 357 328 270 270 296 263 251 Fixed Rate Total 38,417 35,710 39,750 33,159 36,853 33,247 31,933 30,778 0–$25,000 20,558 18,057 21,034 17,051 19,388 17,048 16,479 15,399 $25,001–$50,000 7,388 7,003 7,850 6,434 7,140 6,408 6,222 6,000 $50,001–$75,000 1,533 1,564 1,751 1,479 1,600 1,477 1,444 1,403 $75,001–$100,000 2,897 2,813 2,905 2,442 2,680 2,472 2,313 2,315 $100,001–$500,000 4,365 4,515 4,452 4,045 4,245 4,121 3,883 3,941 $500,001–$1,000,000 772 810 765 764 780 776 721 779 $1,000,001–$2,000,000 416 437 442 437 452 429 410 457 More than $2,000,000 487 511 553 507 569 515 462 484 Zero Coupon Total 1,694 1,882 1,574 1,442 1,595 1,481 1,440 1,258 0–$25,000 756 799 718 644 708 675 641 553 $25,001–$50,000 363 408 336 308 336 316 309 271 $50,001–$75,000 105 122 98 90 101 90 88 82 $75,001–$100,000 161 188 142 126 144 126 125 112 $100,001–$500,000 176 220 264 196 192 214 189 191 $500,001–$1,000,000 39 44 33 33 35 33 35 28 $1,000,001–$2,000,000 22 25 20 18 18 18 20 15 More than $2,000,000 30 34 31 31 40 33 31 21 Other1 78 76 53 45 48 52 41 40 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

67) PAGE 65 Municipal Market Average Daily Number of Trades by Issue Type Coupon and Trade Type, 2011–2014 Average daily number of trades 2011 Variable Rate Total 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 1,068 877 811 715 694 724 746 695 Customer Bought 497 393 353 329 307 335 358 316 Customer Sold 472 394 361 293 305 315 282 273 Inter-Dealer 100 90 97 93 82 75 106 107 Fixed Rate Total 38,417 35,710 39,750 33,159 36,853 33,247 31,933 30,778 Customer Bought 18,361 15,239 17,205 13,977 16,066 14,298 13,048 12,598 7,743 7,633 8,866 7,239 7,983 7,465 6,903 6,643 12,313 12,838 13,679 11,943 12,804 11,484 11,982 11,537 Customer Sold Inter-Dealer Zero Coupon Total 1,694 1,882 1,574 1,442 1,595 1,481 1,440 1,258 Customer Bought 752 758 607 531 626 561 512 428 Customer Sold 349 415 359 319 341 343 316 275 Inter-Dealer 593 709 608 592 628 576 612 555 78 76 53 45 48 52 41 40 Other1 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

68) PAGE 66 Municipal Market Average Daily Number of Trades by Issue Type Variable Rate Demand Obligations1 Trade Type and Size, 2011–2014 Average daily number of trades 2011 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 786 662 603 478 494 517 452 449 25 16 11 8 9 9 7 6 $25,001–$50,000 9 6 4 3 4 3 2 2 $50,001–$75,000 4 3 2 1 2 2 1 1 $75,001–$100,000 61 47 44 36 38 39 33 32 Total 0–$25,000 $100,001–$500,000 153 121 112 84 91 90 77 79 $500,001–$1,000,000 90 71 63 49 50 52 47 48 $1,000,001–$2,000,000 96 80 69 55 58 56 52 55 More than $2,000,000 348 319 298 242 242 266 235 226 Customer Bought Total 369 302 259 211 211 228 202 202 11 6 4 3 4 4 3 3 $25,001–$50,000 4 3 2 1 2 2 1 1 $50,001–$75,000 2 1 1 1 1 1 0 0 $75,001–$100,000 21 16 15 12 13 14 11 9 $100,001–$500,000 62 48 40 30 32 30 28 28 $500,001–$1,000,000 42 32 25 20 20 21 20 20 $1,000,001–$2,000,000 49 39 31 26 27 26 25 27 More than $2,000,000 179 158 142 118 113 131 114 113 Customer Sold Total 388 326 298 236 247 259 223 217 13 10 6 4 5 5 3 3 $25,001–$50,000 5 3 2 1 2 2 1 1 $50,001–$75,000 2 1 1 1 1 1 0 1 $75,001–$100,000 36 28 25 21 21 22 20 20 $100,001–$500,000 82 65 61 47 50 53 43 43 $500,001–$1,000,000 44 34 32 25 26 27 24 24 $1,000,001–$2,000,000 44 38 34 26 28 28 24 25 More than $2,000,000 162 148 136 111 114 122 108 100 0–$25,000 0–$25,000 Inter-Dealer Total 29 34 46 31 35 30 28 30 0–$25,000 <1 <1 1 <1 <1 1 <1 <1 $25,001–$50,000 <1 <1 <1 <1 <1 <1 <1 <1 $50,001–$75,000 <1 <1 <1 <1 <1 <1 <1 <1 $75,001–$100,000 4 3 5 3 4 3 3 3 $100,001–$500,000 9 9 11 7 8 7 6 7 $500,001–$1,000,000 4 4 6 4 4 4 3 4 $1,000,001–$2,000,000 3 4 5 3 4 3 3 3 More than $2,000,000 7 13 19 13 14 13 13 13 Based on data submitted to the MSRB’s Short-Term Obligation Rate Transparency (SHORT) System. May exclude submissions that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

69) PAGE 67 Municipal Market Average Daily Number of Trades by Issue Type Auction Rate Securities1 Trade Type and Size, 2011–2014 Average daily number of trades 2011 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 Total 81 69 64 48 53 49 45 46 0–$25,000 14 11 9 7 7 7 7 5 $25,001–$50,000 10 8 7 5 6 6 4 4 $50,001–$75,000 4 3 3 2 2 3 2 2 $75,001–$100,000 9 10 9 10 9 10 11 10 $100,001–$500,000 23 22 21 17 18 17 14 17 $500,001–$1,000,000 7 6 6 4 4 4 3 4 $1,000,001–$2,000,000 4 3 2 1 2 1 1 1 More than $2,000,000 9 6 5 2 4 2 2 2 Customer Bought Total 23 19 20 15 19 15 14 13 0–$25,000 4 3 3 2 2 2 2 1 $25,001–$50,000 3 2 2 2 2 2 1 1 $50,001–$75,000 1 1 1 1 1 1 1 1 $75,001–$100,000 2 2 2 2 2 2 2 2 $100,001–$500,000 7 6 7 6 7 5 5 5 $500,001–$1,000,000 2 2 2 1 2 2 1 1 $1,000,001–$2,000,000 1 1 1 1 1 <1 <1 1 More than $2,000,000 4 2 2 1 2 1 1 1 Customer Sold Total 27 24 21 16 17 16 16 16 0–$25,000 5 4 3 2 2 2 2 2 $25,001–$50,000 4 3 2 2 2 2 1 1 $50,001–$75,000 1 1 1 1 1 1 1 1 $75,001–$100,000 3 4 4 5 4 5 6 5 $100,001–$500,000 7 7 7 5 5 5 4 5 $500,001–$1,000,000 2 2 2 1 1 1 1 1 $1,000,001–$2,000,000 1 1 1 <1 <1 <1 1 <1 More than $2,000,000 3 2 2 1 1 1 1 1 Inter-Dealer Total 30 26 23 17 17 17 15 17 0–$25,000 6 4 4 3 3 3 2 2 $25,001–$50,000 4 3 3 2 2 2 2 2 $50,001–$75,000 2 1 1 1 1 1 1 1 $75,001–$100,000 3 3 3 3 3 3 3 3 10 9 8 6 6 6 5 7 $500,001–$1,000,000 2 3 2 1 1 2 1 1 $1,000,001–$2,000,000 1 1 1 <1 <1 <1 <1 <1 More than $2,000,000 2 2 1 1 1 <1 <1 <1 $100,001–$500,000 Based on data submitted to the MSRB’s Short-Term Obligation Rate Transparency (SHORT) System. May exclude submissions that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

70) PAGE 68 Municipal Market Average Daily Number of Trades by Issue Type Source of Repayment and Trade Size, 2011–2014 Average daily number of trades 2011 General Obligation Total 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 13,403 12,842 13,621 12,048 13,090 12,120 11,757 11,277 0–$25,000 6,438 5,859 6,635 5,712 6,328 5,716 5,596 5,236 $25,001–$50,000 2,677 2,572 2,766 2,388 2,591 2,381 2,347 2,243 $50,001–$75,000 570 588 630 555 584 556 550 531 $75,001–$100,000 1,156 1,132 1,111 986 1,072 1,004 950 923 $100,001–$500,000 1,846 1,941 1,790 1,717 1,783 1,769 1,661 1,660 $500,001–$1,000,000 334 356 313 319 331 325 304 317 $1,000,001–$2,000,000 176 184 171 173 182 171 163 176 More than $2,000,000 207 211 204 198 218 198 186 191 Revenue Total 26,457 24,424 27,158 22,025 24,728 22,033 21,136 20,329 0–$25,000 14,379 12,538 14,503 11,456 13,161 11,447 11,033 10,263 $25,001–$50,000 4,873 4,640 5,187 4,154 4,653 4,130 3,995 3,860 $50,001–$75,000 1,031 1,055 1,170 969 1,068 962 940 913 $75,001–$100,000 1,876 1,833 1,894 1,551 1,712 1,558 1,462 1,478 $100,001–$500,000 2,747 2,803 2,834 2,471 2,639 2,480 2,359 2,414 $500,001–$1,000,000 548 548 535 509 517 515 484 521 $1,000,001–$2,000,000 350 351 355 330 341 325 315 341 More than $2,000,000 653 657 682 584 636 616 549 539 DoubleBarrel Total 1,280 1,196 1,347 1,236 1,312 1,288 1,225 1,123 0–$25,000 606 532 679 600 670 621 587 524 $25,001–$50,000 249 234 264 237 260 246 235 209 $50,001–$75,000 53 55 60 56 59 59 55 53 $75,001–$100,000 110 104 105 95 98 99 92 89 $100,001–$500,000 193 201 181 183 169 196 191 176 $500,001–$1,000,000 31 33 27 31 28 32 30 32 $1,000,001–$2,000,000 16 17 13 16 12 16 15 19 More than $2,000,000 22 19 17 19 18 18 19 22 117 81 63 52 60 62 44 42 Other1 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

71) PAGE 69 Municipal Market Average Daily Number of Trades by Issue Type Source of Repayment and Coupon Type, 2011–2014 Average daily number of trades 2011 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 13,403 12,842 13,621 12,048 13,090 12,120 11,757 11,277 118 102 92 87 84 83 104 75 12,469 11,840 12,773 11,264 12,252 11,340 10,933 10,577 815 895 755 697 754 695 718 623 1 6 1 2 <1 2 1 2 26,457 24,424 27,158 22,025 24,728 22,033 21,136 20,329 889 740 692 609 588 616 624 607 24,739 22,745 25,696 20,724 23,354 20,692 19,836 19,137 823 928 764 689 783 723 671 584 5 11 5 3 3 3 4 3 1,280 1,196 1,347 1,236 1,312 1,288 1,225 1,123 16 12 11 8 7 10 9 7 1,208 1,125 1,281 1,171 1,247 1,215 1,164 1,064 Zero Coupon 56 59 55 56 59 63 51 52 Other <1 1 <1 <1 — <1 — 1 Other1 117 81 63 52 60 62 44 42 General Obligation Total Variable Rate Fixed Rate Zero Coupon Other Revenue Total Variable Rate Fixed Rate Zero Coupon Other Double Barrel Total Variable Rate Fixed Rate I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

72) PAGE 70 Municipal Market Average Daily Number of Trades by Issue Type Tax Status and Trade Size, 2011–2014 Average daily number of trades 2011 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 Tax Exempt Total 36,547 34,404 38,050 32,008 35,482 31,963 31,007 29,741 0–$25,000 18,587 16,563 19,296 15,789 17,909 15,692 15,367 14,286 $25,001–$50,000 7,172 6,876 7,666 6,320 7,011 6,278 6,130 5,894 $50,001–$75,000 1,510 1,561 1,724 1,463 1,589 1,453 1,428 1,387 $75,001–$100,000 2,941 2,874 2,936 2,484 2,724 2,504 2,366 2,353 $100,001–$500,000 4,335 4,462 4,392 4,015 4,219 4,064 3,883 3,904 $500,001–$1,000,000 457 805 763 760 771 772 728 772 $1,000,001–$2,000,000 779 473 468 455 468 451 431 469 More than $2,000,000 768 790 806 722 791 750 675 677 Taxable Total 2,996 2,910 2,842 2,459 2,589 2,599 2,361 2,295 0–$25,000 1,629 1,541 1,626 1,384 1,485 1,470 1,321 1,263 $25,001–$50,000 421 411 382 345 351 360 347 324 $50,001–$75,000 106 105 102 97 96 103 97 90 $75,001–$100,000 156 155 134 118 123 126 111 112 $100,001–$500,000 389 422 356 310 316 334 290 299 71 115 95 83 88 83 76 83 $1,000,001–$2,000,000 118 65 57 50 53 46 48 53 More than $2,000,000 107 97 90 74 77 78 71 69 AMT Total 1,651 1,203 1,280 882 1,102 926 783 728 0–$25,000 1,207 825 895 595 765 623 527 475 $25,001–$50,000 206 159 169 113 143 119 101 92 $50,001–$75,000 38 32 33 21 25 21 20 19 $75,001–$100,000 47 41 41 31 36 33 29 26 $100,001–$500,000 65 64 60 48 57 49 39 48 $500,001–$1,000,000 18 20 18 17 18 19 15 15 $1,000,001–$2,000,000 18 16 16 16 16 16 15 15 More than $2,000,000 52 46 47 41 41 45 38 38 Other1 63 27 16 12 18 15 10 7 $500,001–$1,000,000 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

73) PAGE 71 Municipal Market Average Daily Number of Trades by Issue Type Tax Status and Coupon Type, 2011–2014 Average daily number of trades 2011 Tax Exempt Total Variable Rate Fixed Rate Zero Coupon Other Taxable Total Variable Rate Fixed Rate Zero Coupon Other AMT Total Variable Rate Fixed Rate Zero Coupon 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 36,547 34,404 38,050 32,008 35,482 31,963 31,007 29,741 901 765 725 648 622 652 683 635 34,071 31,877 35,851 30,025 33,366 29,946 28,998 27,947 1,523 1,703 1,434 1,303 1,461 1,330 1,298 1,131 52 58 40 32 32 36 29 29 2,996 2,910 2,842 2,459 2,589 2,599 2,361 2,295 35 28 22 14 15 15 14 14 2,788 2,700 2,676 2,302 2,437 2,430 2,201 2,149 168 176 138 137 133 149 141 126 5 6 6 5 5 5 6 6 1,651 1,203 1,280 882 1,102 926 783 728 90 67 55 48 49 53 46 45 1,557 1,133 1,223 832 1,051 871 734 681 3 3 2 2 2 2 2 1 Other <1 1 <1 <1 <1 <1 <1 <1 Other1 63 27 16 12 18 15 10 7 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

74) PAGE 72 Municipal Market Average Daily Number of Trades by Issue Type Sector and Coupon Type, 2011–2014 Average daily number of trades 2011 Total 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 41,257 38,544 42,188 35,361 39,190 35,504 34,161 32,771 Education 9,430 8,855 9,620 8,283 8,945 8,532 8,104 7,585 Health 3,780 3,308 3,692 2,872 3,322 2,857 2,629 2,702 Housing 1,048 828 872 726 796 775 635 700 Tax-Revenue 3,635 3,718 4,111 3,620 4,156 3,522 3,589 3,235 Transportation 3,807 3,309 3,869 3,025 3,555 2,933 2,844 2,793 Utility 5,375 5,359 6,063 4,990 5,354 4,868 4,975 4,777 Various Purpose 4,044 3,601 4,230 3,846 4,244 3,795 3,695 3,668 10,140 9,567 9,730 8,000 8,818 8,221 7,691 7,312 Other Variable Rate Total 1,068 877 811 715 694 724 746 695 Education 160 131 133 119 116 119 120 121 Health 210 195 180 141 134 145 136 149 Housing 68 56 49 42 43 48 39 36 Tax-Revenue 36 26 23 21 21 23 19 19 Transportation 42 35 35 47 30 38 70 50 Utility 82 68 63 72 59 75 81 74 Various Purpose 77 64 49 46 44 44 53 42 395 302 278 227 246 232 227 204 Other Fixed Rate Total 38,417 35,710 39,750 33,159 36,853 33,247 31,933 30,778 Education 8,519 7,873 8,805 7,530 8,151 7,780 7,328 6,895 Health 3,527 3,061 3,472 2,694 3,144 2,676 2,457 2,520 954 747 801 668 735 708 580 651 Tax-Revenue 3,409 3,445 3,878 3,394 3,900 3,284 3,369 3,043 Transportation 3,593 3,066 3,660 2,808 3,340 2,709 2,609 2,596 Utility 5,155 5,155 5,877 4,815 5,168 4,692 4,797 4,617 Various Purpose 3,904 3,483 4,073 3,707 4,109 3,650 3,546 3,542 Other 9,356 8,878 9,184 7,543 8,306 7,747 7,247 6,913 Zero Coupon Total 1,694 1,882 1,574 1,442 1,595 1,481 1,440 1,258 750 846 681 632 676 632 655 568 Health 44 50 40 37 45 36 36 32 Housing 25 23 22 16 17 19 15 13 Tax-Revenue 190 245 209 205 235 215 201 172 Transportation 171 207 174 170 185 186 165 147 Utility 138 134 122 102 127 101 97 84 63 53 108 93 91 101 96 84 Other 314 323 218 186 219 192 177 158 Other1 78 76 53 45 48 52 41 40 Housing Education Various Purpose I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

75) PAGE 73 Municipal Market Average Daily Number of Trades by Issue Type Remaining Maturity and Coupon Type, 2011–2014 Average daily number of trades 2011 Variable Rate Total 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 1,068 877 811 715 694 724 746 695 0–9 Months 3 11 9 9 10 9 10 9 >9 Months–2 Years 7 6 8 6 5 6 6 5 31 27 29 21 21 21 23 19 52 >2 Years–5 Years >5 Years–10 Years 79 69 68 61 66 65 63 >10 Years–15 Years 155 125 119 99 99 101 100 96 >15 Years–20 Years 209 158 139 139 136 134 149 137 >20 Years–30 Years 472 390 370 298 292 302 294 304 More than 30 Years 101 81 69 80 64 81 102 74 Unavailable 13 10 1 2 1 5 0 0 Fixed Rate Total 38,417 35,710 39,750 33,159 36,853 33,247 31,933 30,778 803 840 873 833 849 854 669 962 >9 Months–2 Years 1,617 1,528 1,572 1,438 1,463 1,374 1,466 1,448 >2 Years–5 Years 4,431 4,007 4,433 3,980 4,236 4,095 3,737 3,866 >5 Years–10 Years 7,948 7,133 8,375 7,109 8,051 7,237 6,744 6,450 >10 Years–15 Years 6,991 6,621 7,359 6,373 7,074 6,318 6,260 5,870 >15 Years–20 Years 6,440 6,108 6,701 5,356 5,900 5,311 5,290 4,947 >20 Years–30 Years 9,096 8,368 9,276 7,210 8,304 7,172 6,993 6,421 More than 30 Years 1,086 1,097 1,153 857 974 881 771 808 5 7 8 4 2 3 3 6 1,694 1,882 1,574 1,442 1,595 1,481 1,440 1,258 42 43 39 40 41 43 37 40 >9 Months–2 Years 100 90 96 90 96 81 96 85 >2 Years–5 Years 266 259 245 212 238 218 212 181 >5 Years–10 Years 419 414 374 315 359 327 313 264 >10 Years–15 Years 337 374 301 293 324 310 294 244 >15 Years–20 Years 246 328 253 226 250 226 224 203 >20 Years–30 Years 225 298 213 207 215 209 211 193 More than 30 Years 60 75 52 59 71 67 53 47 Unavailable <1 <1 <1 <1 <1 <1 <1 <1 Other1 78 76 53 45 48 52 41 40 0–9 Months Unavailable Zero Coupon Total 0–9 Months I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

76) PAGE 74 Municipal Market Average Daily Number of Trades by Issue Type Rating1 and Trade Type, 2013–2014 Average daily number of trades 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 Total 42,188 35,361 39,190 35,504 34,161 32,771 AAA 3,717 3,250 3,549 3,310 3,125 3,030 AA 18,532 16,652 17,921 16,982 16,200 15,568 A 10,652 7,762 9,408 7,805 6,928 6,986 2,794 1,335 1,964 1,174 1,213 1,014 507 1,474 1,284 1,271 1,959 1,370 5,985 4,889 5,064 4,962 4,736 4,804 Total 18,207 14,873 17,036 15,235 13,953 13,375 AAA 1,526 1,362 1,522 1,408 1,300 1,226 AA 7,897 7,070 7,950 7,266 6,733 6,377 A 4,682 3,215 4,002 3,297 2,783 2,818 BBB 1,144 563 819 522 512 410 All Trades BBB Below Investment-Grade Unavailable 2 Customer Bought Below Investment-Grade 158 393 382 389 456 345 2,799 2,269 2,361 2,351 2,170 2,199 Total 9,594 7,857 8,636 8,130 7,506 7,196 AAA 904 726 801 757 663 688 AA 4,243 3,610 3,809 3,824 3,454 3,366 A 2,223 1,677 2,050 1,753 1,478 1,447 643 295 416 270 266 231 146 410 338 347 555 394 1,436 1,139 1,222 1,180 1,089 1,070 Total 14,387 12,632 13,519 12,139 12,702 12,201 AAA 1,288 1,161 1,226 1,145 1,161 1,116 AA 6,393 5,971 6,163 5,892 6,014 5,825 A 3,746 2,870 3,357 2,755 2,666 2,721 BBB 1,008 477 729 382 434 374 Unavailable2 Customer Sold BBB Below Investment-Grade Unavailable 2 Inter-Dealer Below Investment-Grade Unavailable2 1 2 203 671 564 535 948 631 1,749 1,481 1,481 1,431 1,478 1,534 Credit ratings provided by Standard & Poor’s Financial Services LLC and Fitch Solutions, Inc. Credit ratings based on the lowest available rating as provided by the two rating agencies. Credit rating not available or security not rated M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

77) PAGE 75 Municipal Market Average Daily Number of Trades by Issue Type State1, 2011–2014 Average daily number of trades 2011 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 Alabama 474 485 520 458 465 392 527 445 Alaska 106 93 110 99 112 93 83 108 Arizona 771 660 755 616 677 657 542 592 Arkansas 181 232 208 200 172 204 175 248 California 6,268 6,352 6,173 5,042 5,622 5,035 5,014 4,524 Colorado 676 626 723 562 608 595 535 512 Connecticut 575 528 594 546 556 544 554 531 89 79 90 73 85 72 68 68 262 206 254 191 220 200 174 169 1,514 Delaware District of Columbia Florida 2014:Q4 2,457 2,075 2,139 1,703 2,009 1,775 1,530 Georgia 917 743 837 618 683 616 632 543 Hawaii 196 148 181 132 151 124 119 135 Idaho 91 81 91 81 81 95 81 66 1,814 1,646 1,695 1,531 1,694 1,633 1,456 1,351 Indiana 610 533 635 536 588 524 523 510 Iowa 239 226 243 223 231 269 197 197 Kansas 324 295 341 292 289 296 326 255 Kentucky 403 377 419 385 421 419 361 340 Louisiana 391 380 474 394 440 393 372 374 Maine 138 129 148 124 127 125 131 114 Illinois Maryland 643 534 659 537 602 551 509 489 Massachusetts 1,092 935 1,050 937 1,080 922 870 881 Michigan 1,129 1,036 1,128 867 903 962 854 752 Minnesota 613 547 570 537 560 511 551 525 Mississippi 161 151 177 150 164 167 133 137 Missouri 653 583 654 581 596 599 505 625 Montana 71 56 66 51 57 55 42 52 Nebraska 257 255 286 229 222 224 242 228 Nevada 327 295 330 260 312 272 232 225 New Hampshire 120 115 117 87 99 87 74 89 1,783 1,609 1,752 1,564 1,542 1,513 1,537 1,663 New Jersey New Mexico 142 120 147 134 162 137 125 114 4,263 3,917 4,373 3,820 4,436 3,815 3,570 3,488 North Carolina 745 678 808 615 714 643 556 554 North Dakota 60 63 71 66 49 88 52 75 1,244 1,156 1,304 1,068 1,125 1,104 961 1,086 Oklahoma 245 222 258 246 282 271 213 218 Oregon 488 383 505 364 429 381 334 314 Pennsylvania 1,921 1,705 1,890 1,551 1,720 1,569 1,436 1,489 Puerto Rico New York Ohio 1,278 1,808 1,834 1,645 2,126 1,298 1,915 1,257 Rhode Island 161 134 151 122 141 129 95 124 South Carolina 534 467 581 432 476 438 393 423 South Dakota 55 58 62 57 51 52 52 70 401 406 433 364 405 372 354 326 3,264 3,001 3,514 3,038 3,233 3,039 2,990 2,897 194 162 206 168 202 171 144 157 Vermont 65 73 69 53 53 41 57 59 Virgin Islands 36 42 67 48 54 43 63 32 Virginia 763 697 837 656 715 675 608 629 Washington 894 821 960 757 838 769 744 681 West Virginia 112 98 107 81 88 85 83 71 Wisconsin 486 452 505 409 432 411 397 395 Wyoming 35 33 39 25 33 24 26 18 Unavailable 39 37 47 38 56 25 41 30 Tennessee Texas Utah I ncludes Puerto Rico, Virgin Islands and the District of Columbia. Data classified as unavailable when state designation is absent. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

78) PAGE 76 Part Nine Municipal Market Average Daily Number of Unique Securities Traded by Issue Type, 2011–2014

79) PAGE 77 Municipal Market Average Daily Number of Unique Securities Traded by Issue Type Security Type1 and Trade Size, 2011–2014 Average daily number of securities 2011 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 Bond Total 14,488 13,656 14,924 12,616 13,673 13,058 12,033 11,756 0–$25,000 8,630 7,743 8,817 7,304 8,098 7,552 7,020 6,588 $25,001–$50,000 3,737 3,464 3,812 3,166 3,512 3,274 3,014 2,881 $50,001–$75,000 932 906 1,001 848 925 870 816 786 $75,001–$100,000 1,566 1,480 1,516 1,289 1,415 1,341 1,206 1,199 $100,001–$500,000 2,146 2,160 2,122 1,939 2,020 2,010 1,846 1,884 $500,001–$1,000,000 431 437 415 416 422 425 392 424 $1,000,001–$2,000,000 247 253 256 252 258 250 239 259 More than $2,000,000 262 266 284 267 305 270 246 250 Long Note Total 109 114 102 92 81 94 87 106 0–$25,000 22 21 19 17 16 16 16 21 $25,001–$50,000 19 19 16 14 13 14 13 16 $50,001–$75,000 7 8 7 6 5 6 6 7 $75,001–$100,000 18 18 14 13 11 13 13 14 $100,001–$500,000 42 46 39 34 30 35 31 40 $500,001–$1,000,000 12 13 11 10 9 11 10 12 $1,000,001–$2,000,000 8 9 8 7 6 7 7 9 More than $2,000,000 11 12 11 10 8 13 11 10 Short Note Total 17 21 15 15 11 16 13 20 0–$25,000 3 3 2 2 2 3 2 3 $25,001–$50,000 3 3 2 2 2 2 1 2 $50,001–$75,000 1 2 1 1 1 1 1 1 $75,001–$100,000 3 3 2 2 1 2 1 2 $100,001–$500,000 7 8 6 6 4 6 5 8 $500,001–$1,000,000 2 2 2 2 1 2 2 3 $1,000,001–$2,000,000 2 1 1 1 1 1 1 2 More than $2,000,000 3 3 3 2 2 2 2 3 Variable (Long and Short) Total 556 480 425 352 361 384 337 328 0–$25,000 47 35 30 26 29 26 26 23 $25,001–$50,000 23 17 16 13 15 13 13 12 $50,001–$75,000 9 7 6 6 6 5 5 6 $75,001–$100,000 62 48 44 38 38 41 38 36 $100,001–$500,000 137 110 101 80 85 85 76 77 $500,001–$1,000,000 79 64 58 46 47 49 45 46 $1,000,001–$2,000,000 83 70 60 50 51 51 48 49 More than $2,000,000 246 232 208 171 169 197 166 154 Commercial Paper Total 39 34 29 25 26 26 23 24 0–$25,000 <1 <1 <1 <1 <1 <1 - <1 $25,001–$50,000 — — <1 <1 - <1 - - $50,001–$75,000 — — <1 <1 - <1 - - $75,001–$100,000 <1 <1 <1 <1 <1 <1 <1 <1 $100,001–$500,000 2 1 1 1 1 1 1 1 $500,001–$1,000,000 2 1 1 1 <1 1 <1 <1 $1,000,001–$2,000,000 3 2 1 1 1 1 1 1 More than $2,000,000 34 30 26 23 24 24 22 22 8 10 5 4 5 5 3 4 Other2 S  ecurity definition available on page 109. Includes issues that could not be categorized based on available data. 1 2 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

80) PAGE 78 Municipal Market Average Daily Number of Unique Securities Traded by Issue Type Coupon Type and Trade Size, 2011–2014 Average daily number of securities 2011 Variable Rate Total 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 328 556 480 425 352 361 384 337 0–$25,000 47 35 30 26 29 26 26 23 $25,001–$50,000 23 17 16 13 15 13 13 12 $50,001–$75,000 9 7 6 6 6 5 5 6 $75,001–$100,000 62 48 44 38 38 41 38 36 $100,001–$500,000 137 110 101 80 85 85 76 77 $500,001–$1,000,000 79 64 58 46 47 49 45 46 $1,000,001–$2,000,000 83 70 60 50 51 51 48 49 More than $2,000,000 246 232 208 171 169 197 166 154 Fixed Rate Total 13,945 13,065 14,408 12,163 13,163 12,574 11,577 11,393 0–$25,000 8,297 7,397 8,501 7,033 7,803 7,257 6,748 6,363 $25,001–$50,000 3,574 3,283 3,660 3,032 3,362 3,130 2,880 2,773 $50,001–$75,000 881 849 955 807 876 826 776 753 $75,001–$100,000 1,504 1,406 1,460 1,239 1,356 1,289 1,157 1,161 $100,001–$500,000 2,093 2,094 2,077 1,892 1,957 1,962 1,798 1,855 $500,001–$1,000,000 426 431 412 413 416 422 387 426 $1,000,001–$2,000,000 245 251 255 252 256 250 238 263 More than $2,000,000 261 265 284 266 296 271 246 253 Zero Coupon Total 668 725 634 560 602 594 556 490 0–$25,000 358 370 337 291 313 313 290 249 $25,001–$50,000 185 203 170 149 165 160 148 126 $50,001–$75,000 59 68 54 49 55 51 47 42 $75,001–$100,000 83 94 72 64 71 67 62 54 $100,001–$500,000 102 120 90 87 97 90 84 77 $500,001–$1,000,000 19 21 16 15 16 16 16 13 $1,000,001–$2,000,000 11 12 10 8 9 9 9 7 More than $2,000,000 15 16 13 13 18 14 13 9 Other1 48 43 34 29 31 31 26 28 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

81) PAGE 79 Municipal Market Average Daily Number of Unique Securities Traded by Issue Type Coupon and Trade Type, 2011–2014 Average daily number of securities 2011 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 Variable Rate Total 556 480 425 352 361 384 337 328 Customer Bought 364 299 264 221 223 236 213 213 Customer Sold 374 318 289 236 248 254 222 220 57 53 58 46 48 45 45 46 Inter-Dealer Fixed Rate Total 13,945 13,065 14,408 12,163 13,163 12,574 11,577 11,393 Customer Bought 9,795 8,889 10,055 8,509 9,382 8,771 8,022 7,907 Customer Sold 6,787 6,519 7,615 6,231 6,857 6,431 5,896 5,774 Inter-Dealer 6,352 6,367 6,864 6,421 6,541 6,216 6,478 6,451 Zero Coupon Total 668 725 634 560 602 594 556 490 Customer Bought 452 477 415 367 405 391 358 316 Customer Sold 310 350 313 276 297 294 273 240 Inter-Dealer 311 357 307 309 303 298 324 310 48 43 34 29 31 31 26 28 Other1 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

82) PAGE 80 Municipal Market Average Daily Number of Unique Securities Traded by Issue Type Source of Repayment and Trade Size, 2011–2014 Average daily number of securities 2011 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 General Obligation Total 5,357 5,084 5,413 4,646 4,937 4,840 4,422 4,403 0–$25,000 2,839 2,551 2,888 2,445 2,654 2,526 2,366 2,245 $25,001–$50,000 1,341 1,248 1,343 1,144 1,242 1,187 1,094 1,059 $50,001–$75,000 329 325 349 304 324 312 295 286 $75,001–$100,000 617 584 575 506 547 530 478 473 $100,001–$500,000 931 948 884 829 848 877 779 813 $500,001–$1,000,000 190 200 176 178 178 185 165 182 $1,000,001–$2,000,000 107 112 104 103 103 105 97 107 More than $2,000,000 119 123 118 114 118 117 109 111 Revenue Total 9,283 8,691 9,510 7,932 8,671 8,186 7,564 7,346 0–$25,000 5,604 5,017 5,691 4,650 5,212 4,803 4,452 4,163 $25,001–$50,000 2,316 2,140 2,373 1,934 2,171 1,991 1,835 1,751 $50,001–$75,000 589 568 633 526 580 537 503 486 $75,001–$100,000 970 909 945 784 867 812 731 731 1,296 1,271 1,288 1,135 1,203 1,156 1,081 1,103 $500,001–$1,000,000 314 298 294 279 284 283 266 285 $1,000,001–$2,000,000 220 211 213 197 205 195 189 201 More than $2,000,000 376 370 372 323 349 350 302 293 Double Barrel Total 507 489 539 493 512 521 481 459 0–$25,000 259 235 289 255 280 268 247 227 $25,001–$50,000 125 116 130 117 128 125 112 102 $50,001–$75,000 31 31 34 31 33 33 30 29 $75,001–$100,000 60 55 56 50 52 54 48 47 $100,001–$500,000 102 105 95 95 86 103 98 94 $500,001–$1,000,000 18 19 16 17 16 18 17 18 $1,000,001–$2,000,000 10 10 8 9 8 10 9 11 More than $2,000,000 13 12 10 11 11 10 12 11 Other1 69 50 40 33 37 36 29 30 $100,001–$500,000 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

83) PAGE 81 Municipal Market Average Daily Number of Unique Securities Traded by Issue Type Source of Repayment and Coupon Type, 2011–2014 Average daily number of securities 2011 General Obligation Total Variable Rate Fixed Rate Zero Coupon Other Revenue Total Variable Rate Fixed Rate Zero Coupon Other Double Barrel Total Variable Rate Fixed Rate 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 5,357 5,084 5,413 4,646 4,937 4,840 4,422 4,403 54 50 45 38 38 41 36 36 4,968 4,664 5,043 4,321 4,591 4,497 4,099 4,112 335 367 324 287 307 302 287 254 1 2 1 <1 <1 <1 <1 1 9,283 8,691 9,510 7,932 8,671 8,186 7,564 7,346 471 412 367 304 311 331 292 284 8,499 7,941 8,854 7,373 8,084 7,582 7,020 6,843 311 334 287 253 274 270 250 218 2 4 2 2 2 2 2 1 507 489 539 493 512 521 481 459 7 6 5 4 3 5 4 3 477 459 511 469 487 495 458 438 Zero Coupon 23 24 23 20 21 22 19 18 Other <1 <1 <1 <1 — <1 — <1 Other1 69 50 40 33 37 36 29 30 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

84) PAGE 82 Municipal Market Average Daily Number of Unique Securities Traded by Issue Type Tax Status and Trade Size, 2011–2014 Average daily number of securities 2011 Tax Exempt Total 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 13,774 12,932 14,111 11,942 12,950 12,362 11,369 11,140 0–$25,000 7,780 6,939 7,957 6,615 7,364 6,818 6,356 5,962 $25,001–$50,000 3,491 3,237 3,585 2,978 3,312 3,072 2,830 2,714 $50,001–$75,000 869 847 940 796 872 813 765 740 $75,001–$100,000 1,540 1,447 1,484 1,264 1,385 1,313 1,185 1,179 $100,001–$500,000 2,119 2,102 2,073 1,887 1,964 1,954 1,795 1,839 $500,001–$1,000,000 452 449 426 421 424 432 398 431 $1,000,001–$2,000,000 290 291 286 275 281 277 261 282 More than $2,000,000 454 464 460 413 445 441 389 381 Taxable Total 871 955 982 856 865 892 835 832 0–$25,000 519 567 621 527 544 557 511 496 $25,001–$50,000 192 193 188 167 169 177 165 157 $50,001–$75,000 58 59 56 53 52 57 53 50 $75,001–$100,000 82 81 71 62 64 67 59 60 $100,001–$500,000 179 195 168 150 148 159 143 148 $500,001–$1,000,000 61 59 50 44 45 44 41 46 $1,000,001–$2,000,000 38 34 31 27 27 24 26 29 More than $2,000,000 50 45 40 34 35 34 33 34 AMT Total 537 413 399 300 332 322 287 261 0–$25,000 402 297 291 208 237 222 198 177 $25,001–$50,000 99 74 74 51 60 55 47 41 $50,001–$75,000 22 18 18 12 14 12 11 10 $75,001–$100,000 25 21 20 15 17 17 14 13 $100,001–$500,000 32 29 27 23 26 24 19 23 $500,001–$1,000,000 12 11 10 10 10 11 9 9 $1,000,001–$2,000,000 12 10 10 9 10 10 9 9 More than $2,000,000 33 28 28 25 25 28 24 23 Other1 35 14 9 7 10 8 5 4 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

85) PAGE 83 Municipal Market Average Daily Number of Unique Securities Traded by Issue Type Tax Status and Coupon Type, 2011–2014 Average daily number of securities 2011 Tax Exempt Total Variable Rate Fixed Rate Zero Coupon Other Taxable Total Variable Rate Fixed Rate Zero Coupon Other AMT Total Variable Rate Fixed Rate Zero Coupon 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 13,774 12,932 14,111 11,942 12,950 12,362 11,369 11,140 460 412 373 310 316 338 297 291 12,664 11,814 13,126 11,098 12,054 11,456 10,545 10,385 618 672 586 514 557 546 509 445 33 34 26 20 22 22 18 19 871 955 982 856 865 892 835 832 21 17 12 9 9 8 8 9 798 883 919 798 809 832 776 775 49 52 47 45 44 48 47 44 3 3 4 4 4 4 4 4 537 413 399 300 332 322 287 261 53 44 35 31 31 35 30 28 483 368 362 268 300 286 256 233 2 1 1 1 1 1 1 1 Other <1 <1 <1 <1 <1 <1 <1 <1 Other1 35 14 9 7 10 8 5 4 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

86) PAGE 84 Municipal Market Average Daily Number of Unique Securities Traded by Issue Type Sector and Coupon Type, 2011–2014 Average daily number of securities 2011 Total 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 15,217 14,314 15,501 13,104 14,157 13,583 12,496 12,238 Education 3,841 3,635 3,848 3,280 3,521 3,439 3,129 3,043 Health 1,193 1,103 1,190 980 1,077 1,015 935 899 391 309 319 260 280 279 240 242 Tax-Revenue 1,326 1,345 1,463 1,304 1,446 1,323 1,255 1,198 Transportation 1,200 1,101 1,201 1,011 1,112 1,037 961 938 Utilities 1,971 1,918 2,181 1,808 1,944 1,844 1,742 1,709 Various Purpose 1,426 1,288 1,548 1,379 1,484 1,423 1,283 1,332 Other 3,870 3,616 3,751 3,083 3,293 3,223 2,950 2,877 556 480 425 352 361 384 337 328 89 76 73 60 62 64 56 57 104 101 91 72 71 80 71 67 Housing 45 38 32 28 30 33 26 25 Tax-Revenue 18 15 13 12 13 14 11 11 Transportation 23 19 17 16 15 18 17 15 Utilities 44 38 35 34 32 35 34 33 Various Purpose 31 29 21 18 18 19 18 18 202 165 143 112 120 121 104 104 Housing Variable Rate Total Education Health Other Fixed Rate Total 13,945 13,065 14,408 12,163 13,163 12,574 11,577 11,393 Education 3,442 3,211 3,481 2,958 3,181 3,099 2,810 2,756 Health 1,070 982 1,083 893 990 920 850 819 334 259 278 224 242 238 207 212 Tax-Revenue 1,237 1,244 1,375 1,222 1,357 1,235 1,177 1,127 Transportation 1,120 1,012 1,124 937 1,039 955 887 872 Utilities 1,868 1,822 2,094 1,733 1,863 1,765 1,668 1,641 Various Purpose 1,367 1,237 1,486 1,326 1,433 1,367 1,229 1,281 Other 3,508 3,298 3,487 2,869 3,059 2,995 2,750 2,685 Zero Coupon Total 668 725 634 560 602 594 556 490 Education 309 347 293 261 278 276 262 230 Health 19 20 17 15 17 15 15 13 Housing 12 10 10 7 8 8 7 6 Tax-Revenue 70 85 75 69 77 74 67 60 Transportation 57 70 59 58 58 64 58 51 Utilities 59 57 52 42 48 44 40 35 Various Purpose 28 23 41 35 34 37 36 33 Other 114 113 87 73 83 77 71 62 Other1 48 43 34 29 31 31 26 28 Housing I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

87) PAGE 85 Municipal Market Average Daily Number of Unique Securities Traded by Issue Type Remaining Maturity and Coupon Type, 2011–2014 Average daily number of securities 2011 Variable Rate Total 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 556 480 425 352 361 384 337 328 0–9 Months 1 6 5 6 6 6 6 6 >9 Months–2 Years 4 4 5 3 3 4 3 3 >2 Years–5 Years 18 17 15 11 12 12 12 10 >5 Years–10 Years 44 40 39 33 36 36 32 29 >10 Years–15 Years 81 68 58 46 48 49 44 44 >15 Years–20 Years 100 84 77 75 72 79 74 73 >20 Years–30 Years 250 215 192 146 152 164 135 133 More than 30 Years 50 43 33 31 31 32 30 30 Unavailable 7 4 <1 1 <1 2 <1 <1 Fixed Rate Total 13,945 13,065 14,408 12,163 13,163 12,574 11,577 11,393 0–9 Months 408 413 421 398 416 416 313 450 >9 Months–2 Years 785 733 757 714 717 700 714 725 >2 Years–5 Years 2,062 1,843 2,012 1,794 1,921 1,865 1,645 1,750 >5 Years–10 Years 3,446 3,085 3,578 2,924 3,284 3,048 2,727 2,656 >10 Years–15 Years 2,663 2,548 2,817 2,361 2,565 2,438 2,286 2,167 >15 Years–20 Years 2,070 2,049 2,195 1,814 1,913 1,867 1,789 1,692 >20 Years–30 Years 2,302 2,210 2,443 1,984 2,166 2,052 1,928 1,801 More than 30 Years 207 181 182 172 180 187 172 150 2 3 3 2 1 1 2 2 Unavailable Zero Coupon Total 668 725 634 560 602 594 556 490 0–9 Months 23 22 20 21 23 24 18 19 >9 Months–2 Years 49 42 45 41 44 37 43 38 >2 Years–5 Years 117 112 105 89 99 95 88 76 >5 Years–10 Years 173 169 152 124 138 132 121 106 >10 Years–15 Years 123 137 118 110 114 120 110 94 >15 Years–20 Years 90 119 98 83 84 87 86 75 >20 Years–30 Years 76 102 79 74 77 79 72 67 More than 30 Years 18 23 17 19 22 22 17 15 Unavailable <1 <1 <1 <1 <1 <1 <1 <1 Other1 48 43 34 29 31 31 26 28 I ncludes municipal commercial paper and issues that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

88) PAGE 86 Municipal Market Average Daily Number of Unique Securities Traded by Issue Type State1, 2011–2014 Average daily number of securities 2011 2012 2013 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 169 172 192 168 165 154 180 172 Alaska 43 39 47 40 43 40 36 39 Arizona 305 262 294 237 258 257 215 220 Alabama Arkansas 64 81 75 77 68 84 70 84 California 2,376 2,410 2,318 1,946 2,154 2,048 1,865 1,728 Colorado 257 243 276 215 224 227 209 202 Connecticut 227 212 231 204 206 202 206 200 Delaware 34 32 36 30 33 31 27 27 District of Columbia 79 75 88 72 81 73 67 67 Florida 901 762 801 652 728 694 607 585 Georgia 324 274 309 233 256 238 230 210 Hawaii 74 65 77 57 67 58 50 55 Idaho 35 32 37 30 30 35 28 28 Illinois 593 565 606 526 567 563 503 471 Indiana 231 216 240 202 212 208 188 199 98 98 99 92 93 111 82 82 Kansas 130 123 132 114 117 112 125 104 Kentucky 155 152 161 153 167 162 144 141 Louisiana 126 123 148 130 147 137 122 117 52 50 58 49 48 52 51 43 Maryland 246 211 251 204 220 218 186 193 Massachusetts 410 364 408 356 403 363 324 335 Michigan 403 386 410 318 339 329 313 293 Minnesota 264 241 240 216 208 211 224 221 Mississippi 68 63 74 62 69 63 55 60 Missouri 231 217 231 202 205 209 191 204 Montana 21 22 23 19 21 21 17 17 Nebraska 86 91 102 82 84 87 77 78 126 114 124 102 116 109 92 92 51 47 50 37 42 39 31 36 677 594 608 556 551 570 546 556 Iowa Maine Nevada New Hampshire New Jersey New Mexico 64 55 63 55 62 56 50 51 1,536 1,379 1,525 1,341 1,480 1,400 1,249 1,245 North Carolina 290 271 321 246 275 256 224 231 North Dakota 23 24 28 26 22 31 24 30 464 429 488 394 411 416 363 386 New York Ohio Oklahoma 95 88 101 95 104 106 86 84 Oregon 187 168 211 150 178 155 137 131 Pennsylvania 680 634 673 568 618 596 527 534 Puerto Rico 322 380 438 387 475 329 429 319 61 50 57 44 51 48 37 42 202 180 201 160 174 167 146 154 Rhode Island South Carolina South Dakota Tennessee Texas 20 21 22 21 20 21 20 23 158 159 175 144 155 149 138 136 1,215 1,169 1,329 1,179 1,225 1,202 1,139 1,153 Utah 85 75 89 72 84 75 61 70 Vermont 24 26 26 21 23 18 20 21 Virgin Islands 10 12 13 14 14 13 17 12 Virginia 302 283 336 267 291 273 251 254 Washington 344 325 390 311 334 329 295 288 39 34 40 32 33 32 34 29 Wisconsin 208 193 205 175 179 183 170 167 Wyoming 14 12 15 11 14 12 11 9 Unavailable 13 12 11 12 13 10 13 10 West Virginia I ncludes Puerto Rico, Virgin Islands and the District of Columbia. Data classified as unavailable when state designation is absent. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

89) PAGE 87 Part Ten Municipal Market Coupon and Yield Distributions, 2014

90) PAGE 88 Municipal Market Coupon and Yield Distributions Customer Trade and Size of Tax Exempt, Fixed Rate Securities, 2014 Average daily yields 2014 2014:Q1 2014:Q2 2014:Q3 2014:Q4 All Trades Total 2.70 3.06 2.65 2.64 2.41 0–$25,000 2.91 3.28 2.84 2.82 2.60 $25,001–$50,000 2.62 2.96 2.57 2.54 2.36 $50,001–$75,000 2.50 2.82 2.44 2.45 2.24 $75,001–$100,000 2.35 2.66 2.31 2.29 2.12 $100,001–$500,000 2.24 2.50 2.19 2.24 2.04 $500,001–$1,000,000 2.46 2.78 2.43 2.48 2.18 $1,000,001–$2,000,000 2.64 2.97 2.62 2.72 2.27 More than $2,000,000 3.00 3.44 2.99 3.10 2.45 Customer Bought Total 2.61 3.00 2.57 2.48 2.30 0–$25,000 2.78 3.20 2.74 2.62 2.44 $25,001–$50,000 2.55 2.92 2.51 2.41 2.27 $50,001–$75,000 2.40 2.77 2.36 2.31 2.11 $75,001–$100,000 2.32 2.66 2.27 2.21 2.07 $100,001–$500,000 2.19 2.46 2.14 2.15 1.99 $500,001–$1,000,000 2.39 2.66 2.38 2.42 2.15 $1,000,001–$2,000,000 2.60 2.87 2.60 2.69 2.29 More than $2,000,000 2.81 3.25 2.78 2.87 2.38 Customer Sold Total 2.90 3.17 2.81 2.94 2.63 0–$25,000 3.17 3.46 3.06 3.21 2.91 $25,001–$50,000 2.77 3.02 2.70 2.79 2.54 $50,001–$75,000 2.66 2.90 2.58 2.70 2.45 $75,001–$100,000 2.43 2.65 2.39 2.45 2.20 $100,001–$500,000 2.36 2.59 2.29 2.41 2.12 $500,001–$1,000,000 2.59 2.99 2.52 2.60 2.23 $1,000,001–$2,000,000 2.71 3.12 2.67 2.78 2.23 More than $2,000,000 3.37 3.74 3.39 3.56 2.59 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

91) PAGE 89 Municipal Market Coupon and Yield Distributions Daily Yield of Customer Trades of Tax Exempt, Fixed Rate Securities, 2014 30-day trailing average Average Daily Yield, 2014 30-day trailing average by customer trade 3.5% 3.0% 2.5% 1.5% 1.0% 0.5% Customer Bought Dec.14 Nov.14 Oct.14 Sep.14 Aug.14 Jul.14 Jun.14 May.14 Apr.4 Mar.14 0% Feb.14 Yield 2.0% Customer Sold M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

92) 5,838.5 4,805.4 1,363.4 1,295.3 501.9 154.8 99.0 55.2 40.3 19.2 15.9 7.5 7.4 1.4 0.6 0.5 4.0 24.6 2,872.6 54.4 4.1 1.5 0.8 0.5 5.9 6.7 2.9 6.1 0.8 190.6 0.6 0.2 — 0.0 1.0 20,221.7 37 57 26 20 6 >3%–3.25% >3.25%–3.5% >3.5%–3.75% >3.75%–4% >4%–4.25% Unavailable >5% 1,314 102 2 34 >2.75%–3% >4.75%–5% 56 >2.5%–2.75% 3 16 >2.25%–2.5% — 23 >2%–2.25% >4.5%–4.75% 48 >1.75%–2% >4.25%–4.5% 65 512 >1%–1.5% >1.5%–1.75% 6,556 >0.5%–1% 10,692 0–0.5% 142 127 10 9 19 69 88 172 262 482 858 1,331 2,314 6,087 11,329 11,032 29,069 30,560 18,969 >1%–2% 30,973.0 94,815.9 0–1% >1%–2% 0–1% Yield Unavailable >5% >4.75%–5% >4.5%–4.75% >4.25%–4.5% >4%–4.25% >3.75%–4% >3.5%–3.75% >3.25%–3.5% >3%–3.25% >2.75%–3% >2.5%–2.75% >2.25%–2.5% >2%–2.25% >1.75%–2% >1.5%–1.75% >1%–1.5% >0.5%–1% 0–0.5% Yield 234 271 135 584 1,789 4,000 6,488 10,089 17,200 59,483 68,179 37,328 35,391 28,142 16,911 14,297 32,403 43,632 23,691 >2%–3% 57.2 11.2 6.2 30.7 105.7 227.3 300.8 537.4 1,018.4 4,566.9 5,377.6 3,880.1 3,902.1 3,070.8 1,954.5 1,685.0 3,528.7 5,474.2 7,532.3 >2%–3% 81 806 1,057 2,925 5,136 8,643 14,064 47,305 88,342 65,431 15,045 7,960 5,691 4,743 4,086 3,733 8,411 9,029 4,933 >3%– 3.5% 17.0 192.3 56.7 131.7 225.4 387.6 777.3 3,217.9 5,995.7 4,273.0 1,248.8 649.8 472.1 346.7 355.8 234.4 498.6 705.4 964.0 >3%– 3.5% 279 6,642 5,021 10,544 17,549 78,978 141,616 94,199 49,772 38,202 30,766 29,352 29,160 29,453 29,022 30,188 75,299 93,217 51,672 >3.5%– 4% 90.9 523.1 342.8 728.2 1,639.5 10,397.7 11,950.0 9,136.7 7,182.5 6,518.4 4,332.2 3,585.3 3,403.9 3,287.7 2,958.0 3,007.9 7,092.3 9,737.4 13,382.4 >3.5%– 4% 112 5,659 2,050 4,567 21,140 40,566 18,447 12,053 10,832 10,342 8,886 8,068 8,048 8,212 8,341 8,196 20,638 23,356 13,042 >4%– 4.25% 5.6 283.2 128.0 457.2 2,346.0 2,797.7 879.4 539.0 520.4 440.7 375.3 353.4 331.2 362.0 373.5 416.0 968.3 1,232.3 1,378.9 >4%– 4.25% 23.9 1,071.3 584.5 777.2 293.4 298.7 394.7 383.1 467.0 343.2 311.0 262.1 288.1 258.5 271.4 288.9 554.2 670.5 1,185.7 >4.5%– 4.75% Coupon 536.2 21,807.8 7,704.7 8,601.5 15,328.1 21,622.4 25,051.7 33,121.6 36,090.1 36,214.2 30,490.5 34,345.5 34,320.7 29,269.6 22,998.4 20,462.5 40,130.6 39,657.5 65,033.7 >4.75%– 5% 97 11,150 5,537 23,726 29,095 16,077 15,397 16,230 16,639 15,991 14,187 13,041 13,282 13,453 12,561 11,869 27,454 26,113 14,328 >4.25%– 4.5% 175 12,426 11,844 13,785 6,940 7,058 7,631 7,652 7,725 7,441 6,965 6,213 6,093 5,807 5,362 4,912 11,119 9,741 7,780 >4.5%– 4.75% Coupon 1,205 116,534 42,016 27,672 36,220 51,739 59,043 71,200 84,650 100,525 98,590 108,502 116,225 115,620 103,296 101,775 223,082 243,752 165,569 >4.75%– 5% >5%– 5.25% 1,014 77,675 7,652 7,883 9,553 11,584 12,299 12,850 13,500 13,337 12,638 11,729 11,963 12,008 10,959 10,486 23,006 22,407 20,992 >5%– 5.25% 85.9 17,660.5 1,448.5 2,217.5 1,922.9 3,179.8 2,567.6 1,973.2 2,168.2 1,879.3 1,379.7 1,267.1 1,515.0 1,356.4 1,153.7 1,128.6 2,639.9 2,314.1 6,431.5 Total number of trades 3.5 1,204.1 342.1 1,611.1 1,939.0 732.9 902.3 877.4 910.3 772.5 666.4 587.9 602.1 650.9 639.7 754.3 1,741.4 1,591.0 1,572.3 >4.25%– 4.5% Par amount traded in $ millions 582 48,566 3,889 4,536 5,468 6,095 5,850 5,553 5,614 5,719 5,772 5,414 5,384 5,577 5,054 5,018 11,277 10,024 8,250 >5.25%– 5.5% 91.6 9,970.6 977.6 1,099.8 1,287.0 1,172.4 754.8 613.9 596.0 652.0 624.2 659.2 499.0 568.6 513.4 524.8 1,377.7 1,234.5 2,868.6 >5.25%– 5.5% 333 16,969 1,220 1,518 1,787 2,116 2,208 2,315 2,327 2,619 2,578 2,193 2,139 2,182 1,982 1,803 3,865 2,541 3,021 >5.5%– 5.75% 42.3 5,736.6 136.6 159.6 195.7 159.5 129.7 172.8 221.0 345.8 231.2 204.3 253.5 171.7 164.8 213.4 446.7 294.8 1,057.1 >5.5%– 5.75% 687 21,263 1,217 1,067 1,187 1,485 1,597 1,649 1,732 1,718 1,614 1,644 1,703 1,547 1,553 1,319 2,578 1,990 1,921 >5.75%– 6% 111.2 8,909.4 157.1 98.1 114.5 112.5 147.4 206.1 275.7 136.8 119.5 144.6 258.8 175.3 171.6 148.8 220.8 225.0 940.9 >5.75%– 6% 1,021 19,708 1,355 1,483 1,602 1,753 1,793 1,781 1,853 1,682 1,537 1,318 1,230 1,365 1,226 1,123 2,501 2,100 2,139 >6%–7% 260.1 5,759.0 396.8 250.1 508.9 540.2 315.4 214.2 188.2 178.5 140.6 106.7 86.8 156.7 167.3 124.8 262.5 274.3 656.9 >6%–7% 1,091 11,755 131 81 113 118 150 203 201 151 160 139 101 66 109 202 486 552 669 >7%–8% 191.7 14,798.8 66.6 16.6 9.0 4.6 13.4 13.1 8.4 8.6 9.7 11.7 14.5 41.0 4.3 12.6 100.7 103.7 229.7 >7%–8% 619 1,508 17 14 9 18 19 18 17 30 18 31 28 14 30 34 86 112 173 >8% 44.1 498.3 0.7 1.5 0.1 0.2 0.7 0.2 0.4 4.1 0.8 3.6 0.6 0.3 1.7 0.6 39.8 50.5 51.0 >8% Coupon and Yield Distribution of Tax Exempt, Fixed Rate Securities - Customer Trades, 2014 242 17 — — 2 — 1 — 1 10 — 1 1 2 — — 1 4 500 Unavailable 2,644.8 4.0 — — 0.0 — 0.0 — 0.1 0.3 — 1.0 0.4 0.5 — — 28.1 30.5 8,159.1 Unavailable PAGE 90 Municipal Market Coupon and Yield Distributions M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

93) PAGE 91 Part Eleven Municipal Market Variable Securities Rate Resets, 2011–2014

94) PAGE 92 Municipal Market Variable Securities Rate Resets Number of Variable Rate Demand Obligations Rate Resets1, 1, 2011–2014 Number of Variable Rate Demand Obligation Rate Resets 2011–2014 100,000 Number of Resets 80,000 60,000 40,000 20,000 Jan. 11 Feb. 11 Mar. 11 Apr. 11 May 11 Jun. 11 Jul. 11 Aug. 11 Sep. 11 Oct. 11 Nov. 11 Dec. 11 Jan.12 Feb. 12 Mar. 12 Apr. 12 May 12 Jun. 12 Jul. 12 Aug. 12 Sep. 12 Oct. 12 Nov. 12 Dec. 12 Jan.13 Feb. 13 Mar. 13 Apr. 13 May 13 Jun. 13 Jul. 13 Aug. 13 Sep. 13 Oct. 13 Nov. 13 Dec. 13 Jan.14 Feb. 14 Mar. 14 Apr. 14 May 14 Jun. 14 Jul. 14 Aug. 14 Sep. 14 Oct. 14 Nov. 14 Dec. 14 0 Month 2011 2012 2013 2014 January 72,931 68,397 67,301 52,990 February 71,196 73,179 56,522 49,149 March 86,529 68,735 57,192 50,575 April 71,194 65,300 60,275 57,074 May 72,930 77,245 64,570 50,700 June 80,901 65,174 54,712 49,452 July 68,871 66,318 63,405 57,074 August 82,159 73,366 55,671 48,459 September 70,337 60,206 52,463 49,649 October 67,915 70,934 62,293 53,362 November 77,389 61,200 50,770 44,071 December 68,959 60,764 58,262 53,458 B  ased on data submited to the MSRB’s Short-Term Obligation Rate Transparency (SHORT) System. May exclude submissions that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

95) PAGE 93 Municipal Market Variable Securities Rate Resets Number of Variable Rate Demand Obligations by Period1, 2013–2014 1, 2013–2014 Number of VRDO Resets Rate Resets by Period 50,000 Number of Resets 40,000 30,000 20,000 10,000 1 Day 1 Day Jan. 13 Feb. 13 Mar. 13 Apr. 13 May 13 Jun. 13 Jul. 13 Aug. 13 Sep. 13 Oct. 13 Nov. 13 Dec. 13 45,264 37,006 36,755 38,194 42,669 35,026 42,406 35,080 33,811 41,720 32,909 38,689 Dec. 14 Nov. 14 Oct. 14 Sep. 14 Aug. 14 Jul. 14 Jun. 14 May 14 Apr. 14 Mar. 14 7 Days 7 Days 17,621 15,487 15,409 18,149 16,984 15,639 16,267 16,019 14,977 16,874 12,259 14,035 Feb. 14 Jan. 14 Dec. 13 Nov. 13 Oct. 13 Sep. 13 Aug. 13 Jul. 13 Jun. 13 May 13 Apr. 13 Mar. 13 Feb. 13 Jan. 13 0 1 Day Jan. 14 Feb. 14 Mar. 14 Apr. 14 May 14 Jun. 14 Jul. 14 Aug. 14 Sep. 14 Oct. 14 Nov. 14 Dec. 14 7 Days 14,690 13,732 15,422 15,444 14,486 15,306 15,905 14,203 14,834 14,640 10,289 13,420 33,750 31,815 31,585 38,082 31,807 30,629 37,684 29,949 31,430 34,559 28,656 35,049 Based on data submitted to the MSRB’s Short-Term Obligation Rate Transparency (SHORT) System. May exclude submissions that could not be categorized based on available data.  The remaining 102,796 resets were for securities with other periodic reset frequencies. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

96) PAGE 94 Municipal Market Variable Securities Rate Resets Number of Variable Rate Demand Obligations Tax Status1, 2013–2014 1, 2013–2014 Number of VRDO Resets by Rate Resets by Tax Status 60,000 50,000 Number of Resets 40,000 30,000 20,000 10,000 Tax Exempt AMT Taxable 45,960 49,027 46,663 44,323 51,925 44,515 45,028 49,735 40,750 47,805 41,327 41,032 17,402 18,780 17,196 16,375 19,832 16,277 16,786 18,684 15,412 18,321 15,797 15,737 4,183 4,512 4,052 3,892 4,688 3,765 3,907 4,304 3,568 4,289 3,651 3,604 Dec. 14 Nov. 14 Oct. 14 Sep. 14 Aug. 14 Jul. 14 Jun. 14 May 14 Apr. 14 Mar. 14 Feb. 14 Jan. 14 Dec. 13 Taxable Tax Exempt Jan. 13 Feb. 13 Mar. 13 Apr. 13 May 13 Jun. 13 Jul. 13 Aug. 13 Sep. 13 Oct. 13 Nov. 13 Dec. 13 Nov. 13 Oct. 13 Sep. 13 Aug. 13 Jul. 13 Jun. 13 May 13 Apr. 13 Mar. 13 Feb. 13 Jan. 13 0 AMT Tax Exempt Jan. 14 Feb. 14 Mar. 14 Apr. 14 May 14 Jun. 14 Jul. 14 Aug. 14 Sep. 14 Oct. 14 Nov. 14 Dec. 14 AMT Taxable 44,549 37,874 38,595 40,899 43,380 36,957 42,433 37,580 35,357 41,544 34,145 38,904 17,930 14,677 14,689 15,396 16,861 14,163 16,715 14,504 13,785 16,715 13,462 15,674 4,030 3,315 3,274 3,403 3,712 3,095 3,694 3,137 3,000 3,681 2,928 3,434 B  ased on data submitted to the MSRB’s Short-Term Obligation Rate Transparency (SHORT) System. May exclude submissions that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

97) PAGE 95 mum Municipal Market Variable Securities Rate Resets Number of Auction Rate Securities Rate Resets11,, 2011–2014 Number of Auction Rate Securities Rate Resets 2011–2014 2,500 88% 86% 2,000 80% 78% 1,000 76% 74% 500 72% 70% 0 Jan. 11 Feb. 11 Mar. 11 Apr. 11 May 11 Jun. 11 Jul. 11 Aug. 11 Sep. 11 Oct. 11 Nov. 11 Dec. 11 Jan. 12 Feb. 12 Mar. 12 Apr. 12 May 12 Jun. 12 Jul. 12 Aug. 12 Sep. 12 Oct. 12 Nov. 12 Dec. 12 Jan. 13 Feb. 13 Mar. 13 Apr. 13 May 13 Jun. 13 Jul. 13 Aug. 13 Sep. 13 Oct. 13 Nov. 13 Dec. 13 Jan. 14 Feb. 14 Mar. 14 Apr. 14 May 14 Jun. 14 Jul. 14 Aug. 14 Sep. 14 Oct. 14 Nov. 14 Dec. 14 Number of Resets 82% 1,500 Month Rate Resets1 % of Rates Reset at Maximum 2011 2012 2013 2014 January 1,970 1,719 1,524 1,092 February 1,927 1,727 1,326 980 March 2,278 1,714 1,336 1,044 April 1,866 1,658 1,417 1,112 May 2,012 1,796 1,443 1,049 June 1,985 1,539 1,226 1,027 July 1,762 1,662 1,401 1,104 August 2,072 1,706 1,286 992 September 1,859 1,352 1,144 953 October 1,760 1,524 1,337 1,034 November 1,878 1,479 1,117 834 December 1,816 1,478 1,245 936 B  ased on data submitted to the MSRB’s Short-Term Obligation Rate Transparency (SHORT). May exclude submissions that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K % of Rates Reset at Maximum 84%

98) PAGE 96 Municipal Market Variable Securities Rate Resets Number of Auction RateARS ResetsRate Resets by Type1, 2013–2014 Number of Securities by Type1, 2013–2014 1,400 1,200 Number of Resets 1,000 800 600 400 200 Auction Maximum Hold 201 175 177 186 182 161 179 176 150 180 155 167 1,273 1,109 1,120 1,172 1,204 1,014 1,163 1,044 944 1,095 915 1,018 50 42 39 59 57 51 59 66 50 62 47 60 Dec. 14 Nov. 14 Oct. 14 Sep. 14 Aug. 14 Jul. 14 Jun. 14 May 14 Apr. 14 Mar. 14 Feb. 14 Jan. 14 Maximum Auction Jan. 13 Feb. 13 Mar. 13 Apr. 13 May 13 Jun. 13 Jul. 13 Aug. 13 Sep. 13 Oct. 13 Nov. 13 Dec. 13 Dec. 13 Nov. 13 Oct. 13 Sep. 13 Aug. 13 Jul. 13 Jun. 13 May 13 Apr. 13 Mar. 13 Feb. 13 Jan. 13 0 Hold Auction Maximum Hold Jan. 14 Feb. 14 Mar. 14 Apr. 14 May 14 Jun. 14 164 144 146 157 155 146 886 802 849 903 843 831 42 34 49 52 51 50 Jul. 14 Aug. 14 Sep. 14 Oct. 14 Nov. 14 Dec. 14 176 147 146 167 136 165 876 798 762 820 668 735 52 47 45 47 30 36 B  ased on data submitted to the MSRB’s Short-Term Obligation Rate Transparency (SHORT) System. May exclude submissions that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

99) PAGE 97 Municipal Market Variable Securities Rate Resets 1 Number of Auction Rateof ARS Resets by Period1, 2013–2014 Number Securities Rate Resets by Period , 2013–2014 35 Days 1,000 28 Days 800 7 Days Number of Resets 1 Day 600 400 200 1 Day 7 Days 28 Days 922 814 799 924 917 744 859 800 751 864 638 735 186 149 149 142 160 146 163 158 142 160 125 126 262 216 216 248 233 223 239 229 194 206 140 164 Dec. 14 Nov. 14 Oct. 14 Sep. 14 Aug. 14 Jul. 14 Jun. 14 May 14 Apr. 14 Mar. 14 28 Days 35 Days 84 76 80 82 66 60 65 44 39 44 37 41 Feb. 14 Jan. 14 Dec. 13 7 Days 1 Day Jan. 13 Feb. 13 Mar. 13 Apr. 13 May 13 Jun. 13 Jul. 13 Aug. 13 Sep. 13 Oct. 13 Nov. 13 Dec. 13 Nov. 13 Oct. 13 Sep. 13 Aug. 13 Jul. 13 Jun. 13 May 13 Apr. 13 Mar. 13 Feb. 13 Jan. 13 0 35 Days 1 Day Jan. 14 Feb. 14 Mar. 14 Apr. 14 May 14 Jun. 14 Jul. 14 Aug. 14 Sep. 14 Oct. 14 Nov. 14 Dec. 14 7 Days 28 Days 35 Days 41 38 42 42 42 41 42 37 38 40 30 39 692 630 696 698 671 656 731 641 648 676 478 605 146 117 127 114 126 128 125 114 113 112 63 48 168 152 163 168 159 171 169 152 133 130 105 129 B  ased on data submitted to the MSRB’s Short-Term Obligation Rate Transparency (SHORT) System. May exclude submissions that could not be categorized based on available data. The remaining 821 resets were for securities with other periodic reset frequencies. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

100) PAGE 98 Municipal Market Variable Securities Rate Resets Number of Auction Rate Securities Rate Resets by Tax Status1, 2013–2014 Number of Auction Rate Securities Rate Resets by Tax Status1, 2013–2014 1,000 Number of Resets 800 600 400 200 Tax Exempt AMT Taxable 872 769 777 823 823 722 841 762 686 816 671 738 298 247 250 277 290 231 267 248 214 238 199 217 354 308 309 317 329 272 293 276 244 283 247 288 Dec. 14 Nov. 14 Oct. 14 Sep. 14 Aug. 14 Jul. 14 Jun. 14 May 14 Apr. 14 Mar. 14 Feb. 14 Jan. 14 Taxable Tax Exempt Jan. 13 Feb. 13 Mar. 13 Apr. 13 May 13 Jun. 13 Jul. 13 Aug. 13 Sep. 13 Oct. 13 Nov. 13 Dec. 13 Dec. 13 Nov. 13 Oct. 13 Sep. 13 Aug. 13 Jul. 13 Jun. 13 May 13 Apr. 13 Mar. 13 Feb. 13 Jan. 13 0 AMT Tax Exempt Jan. 14 Feb. 14 Mar. 14 Apr. 14 May 14 Jun. 14 Jul. 14 Aug. 14 Sep. 14 Oct. 14 Nov. 14 Dec. 14 AMT Taxable 657 600 630 685 646 629 698 627 610 667 569 689 190 163 182 197 176 170 168 143 129 136 114 125 244 216 231 228 226 226 237 221 213 230 150 122 B  ased on data submitted to the MSRB’s Short-Term Obligation Rate Transparency (SHORT) System. May exclude submissions that could not be categorized based on available data. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

101) PAGE 99 Part Twelve Municipal Market Disclosures, 2013–2014

102) PAGE 100 Municipal Market Disclosures Number of Primary Market Submissions1, 2013–2014 Number of Primary Market Submissions1, 2013–2014 By number of submissions By number of submissions 1,600 1,522 1,368 1,400 Number of Submissions 1,071 1,000 800 1,227 1,193 1,200 897 771 1,040 840 1,027 1,218 1,169 1,144 1,001 1,188 1,124 1,129 1,105 996 975 1,010 966 836 824 600 400 200 0 er January February March April May June July August 2013 September October November December 2014 2013 2014 897 771 February 1,071 840 March 1,040 824 April 1,193 1,027 May 1,368 1,144 June 1,227 1,522 July 1,001 1,169 August 975 1,105 September 836 996 October 1,010 1,218 November 1,124 1,129 December 966 1,188 12,708 12,933 January Total E xcludes remarketings. 1 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

103) PAGE 101 Municipal Market Disclosures Continuing Disclosures Submissions, 2014 By number of documents Continuing Disclosures Submissions, 2014 By number of documents Continuing Disclosures Submissions, 2014 Other 10% Failure to Provide Annual Fin. Info 4% Budget 2% By number of documents Bond Call 26% Defeasance 2% Other 10% Quarterly/Monthly Fin. Info 7% Failure to Provide Annual Fin. Info 4% Budget 2% Bond Call 26% Rating Change2% Defeasance 9% Quarterly/Monthly Fin. Info 7% Audited Fin. Statements or CAFR 22% Annual Fin. Info and Oper. Data 18% Rating Change 9% Audited Fin. Statements or CAFR 22% Annual Fin. Info and Oper. Data 18% By state1 Washington 3,155 Montana 616 Oregon 1,770 Idaho 999 Washington 3,155 Nevada Oregon 767 1,770 Alaska 331 Wyoming 309 Montana 616 North Dakota 620 Minnesota 5,5061 South Dakota 867 North Dakota Nebraska 620 2,244 Iowa 3,534 Wisconsin 3,961 Michigan 5,527 New Hampshire New York 11,0311,103 Vermont 338 Pennsylvania 10,157 Ohio Utah Illinois Indiana 5,410 Wisconsin 6,204 West Idaho 1,739 7,317 Colorado Minnesota New York 3,961 South Dakota Virginia 999 Virginia 11,031 3,905 5,5061 867 Kansas Michigan 689 Wyoming Missouri 2,047 Kentucky 2,510 California 5,527 309 4,294 3,574 19,766 North Pennsylvania Iowa Carolina Nebraska 10,157 3,534 Tennessee 1,770 Nevada 2,244 Ohio 2,676 Oklahoma Arizona South 767 Arkansas 2,900 Illinois Indiana 5,410 Carolina New Mexico 3,390 Utah West 2,356 6,204 1,739 7,317 1,057 Colorado 1,746 Virginia 3,905 Georgia 689 Virginia Kansas Missouri 2,047 Kentucky 2,922 2,510 California 4,294 Mississippi Alabama 3,574 19,766 North 2,643 Texas 1,510 Carolina 13,354 Tennessee 1,770 Louisiana 2,676 Oklahoma Arizona South 2,453 Arkansas 2,900 New Mexico 3,390 Carolina 2,356 1,057 1,746 Florida Georgia 9,194 2,922 Mississippi Alabama 2,643 Texas 1,510 13,354 Hawaii Puerto Rico Virgin Islands Louisiana 349 283 90 2,453 Alaska 331 Hawaii 349 Maine 442 Massachusetts 3,374 Maine 442 Rhode Island 765 Connecticut 1,369 Massachusetts New Jersey 3,374 9,512 Rhode Delaware Island 765 1,016 Connecticut Maryland 1,369 1,754 New Jersey Washington, DC 9,512 543 Delaware 1,016 Maryland 1,754 Washington, DC 543 Florida 9,194 B  ased on information derived from CUSIP Service Bureau. 1 New Hampshire 1,103 Vermont 338 Puerto Rico 283 Virgin Islands 90 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

104) PAGE 102 Municipal Market Disclosures 16,000 14,000 4 Number of Documents 12,000 10,797 10,753 10,000 8,000 7,943 8,305 7,834 8,125 By number of documents 7,388 16,000 6,000 5,689 6,169 7,157 6,481 6,086 Number of Documents 9,790 7,571 6,809 6,397 6,141 5,290 4,593 4,174 12,000 2,000 4,308 13,691 10,797 10,753 10,000 0 8,000 9,838 All Financial Disclosures, 2013–2014 9,086 14,000 4,000 8,305 January 7,943 8,125 February 7,834 March 6,000 April 5,689 6,169 9,086 May June 7,388 9,838 July 6,481 6,086 2013 September October 7,571 6,809 6,397 2014 9,790 November December 6,141 5,290 4,593 4,174 2,000 August 7,157 4,000 4,308 All Financial Disclosures, 2013–2014 By number of documents 0 January February March April May June July 2013 August September October November December 2014 All Financial Disclosures, 2013–2014 By number CAFR Submissions, 2013–2014 Audited Financial Statements orof documents Audit Financial Statements or CAFR Submissions, 2013–2014 ByBy number of documents number of documents 6,000 5,631 5,000 Number of Documents 4,272 4,410 4,273 4,000 3,463 3,591 3,000 3,676 Audit Financial Statements or CAFR Submissions, 2013–2014 2,823 2,801 2,358 6,000 2,605 By number of documents 2,834 2,413 2,666 1,650 1,000 4,272 3,000 3,463 2,111 5,631 1,733 1,440 4,273 3,676 3,591 January 2,240 4,410 4,000 0 2,408 1,951 2,000 3,342 2,859 2,604 5,000 Number of Documents 3 13,691 February 2,823 2,801 March April 2,358 2,605 May 2,413 June 2,666 2,834 July September 2,604 2013 2,000 August 2,408 2014 1,951 1,650 October 2,859 2,240 3,342 November December 2,111 1,733 1,440 1,000 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K 0 January February March April May June July August September October November December

105) PAGE 103 Municipal Market Disclosures 6,000 5,192 Number of Documents 5,000 4,700 4,000 3,000 Annual Financial Information and Operating Data Submissions, 2013–2014 2,661 2,564 2,719 2,663 2,604 2,305 6,000 2,000 1,633 4,700 2,249 2,010 1,837 1,809 1,635 1,683 1,383 1,326 929 4,419 1,389 5,192 1,275 866 4,000 0 3,000 3,571 By number3,218 documents of 5,000 1,000 Number of Documents 4,419 3,571 January 2,661 February 2,564 March April 3,218 May June July August 2013 1,633 2,305 1,635 2,249 2014 November December 2,010 1,837 1,809 1,683 1,383 1,326 929 1,000 January October 2,719 2,000 0 September 2,663 2,604 1,389 1,275 866 Annual Financial Information and Operating Data Submissions, 2013–2014December February March April May June July August September October November By number of documents 2013 2014 Quarterly/Monthly Financial Information Submissions, 2013–2014 Quarterly/Monthly Financial Information Submissions, 2013–2014 By and Operating Data Submissions, 2013–2014 documents Annual Financial Information number ofof documents By number By number of documents 2,000 1,800 Number of Documents 1,391 1,400 1,200 1,447 1,440 874 800 2,000 644 530 Number of Documents 1,391 January 499 1,661 400 200 0 February 644 525 904 646 451 March April 1,428 May June 530 499 July 932 1,496 August 731 525 451 425 514 1,419 September 907 2013 688 1,730 427 1,447 1,440 874 800 600 1,419 731 688 200 1,400 1,000 1,496 By number of documents 907 932 400 1,600 0 1,200 1,428 Quarterly/Monthly Financial Information Submissions, 2013–2014 1,027 1,000 600 1,800 1,730 1,661 1,600 October 1,027 November December 904 2014 646 427 425 514 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

106) PAGE 104 Municipal Market Disclosures Other Financial Disclosures, 2013–2014 Financial disclosures By number of documents 2013 2014 BUDGET 2,605 4,452 CHANGE IN ACCOUNTING STANDARD 3 CONSULTANT REPORTS 5 20 CHANGE IN FISCAL YEAR/TIMING OF ANNUAL DISCLOSURE 43 155 254 2,528 FAILURE TO PROVIDE ANNUAL FINANCIAL INFORMATION 7,325 INFORMATION PROVIDED TO RATING AGENCY, CREDIT/LIQUIDITY PROVIDER OR OTHER THIRD PARTY 174 274 INTERIM/ADDITIONAL FINANCIAL INFORMATION/OPERATING DATA 713 1,216 INVESTMENT/DEBT/FINANCIAL POLICY OTHER FINANCIAL/OPERATING DATA 158 185 5,977 7,807 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

107) PAGE 105 All Event Disclosures, 2013–2014 Municipal Market Disclosures By number of documents 9,000 8,000 8,254 7,704 7,522 Number of Documents Number of Documents 6,000 5,821 4,000 9,000 3,000 8,000 2,000 7,000 1,000 6,000 0 5,000 5,541 4,868 5,000 7,550 7,119 7,000 7,088 6,322 5,919 6,449 6,283 All Event Disclosures, 2013–2014 5,370 5,351 5,291 All Event Disclosures, 2013–2014 By number of documents By number of documents 3,910 3,914 6,365 5,725 5,665 5,665 5,049 4,093 8,254 7,704 7,522 5,821 4,868 January February 5,541 March 7,550 7,119 7,088 6,322 5,919 April May June 6,283 July August September 5,665 5,049 October November December October November December 4,093 3,910 3,914 4,000 6,365 5,725 5,665 5,370 5,351 5,291 6,449 2013 3,000 2014 2,000 1,000 0 January February March April May June July 2013 August September 2014 Bond Call Submissions, 2013–2014 Bond Call Submissions, 2013–2014 By number of documents By number of documents 6,000 5,527 4,979 5,000 4,575 Number of Documents 4,000 4,066 3,825 3,777 3,000 3,258 2,881 2,958 By number of documents 2,414 5,527 4,979 4,575 January 4,066 3,825 3,777 February 3,705 3,397 March 3,247 April May June 4,125 4,027 3,743 July 2013 4,007 August 2,820 2,414 4,810 4,509 4,268 4,244 Number of Documents 4,278 3,941 Bond Call Submissions, 2013–2014 5,000 1,000 2,000 3,743 4,007 3,247 2,820 6,000 2,000 3,000 4,125 4,027 3,705 3,397 4,000 0 4,509 4,268 4,244 4,810 4,278 3,941 September 2,881 2,958 October 3,258 November December 2014 1,000 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K 0

108) PAGE 106 Rating Change Submissions, 2013–2014 Disclosures Municipal Market By number of documents 3,500 3,030 3,000 Number of Documents 2,500 2,557 Rating Change Submissions, 2013–2014 1,994 Rating Change Submissions, 2013–2014 By number of documents 2,000 1,645 1,500 3,500 500 2,500 0 2,000 By number of documents 1,513 1,401 1,204 1,125 919 3,030 1,000 3,000 Number of Documents 1,750 2,557 723 573 356 343 1,078 1,070 649 614 423 340 420 358 305 318 1,994 January February March April 1,645 May 1,750 1,500 June July August September 1,401 1,204 2013 1,000 October 2014 1,125 723 573 356 343 649 614 423 340 1,078 1,070 919 500 November December 1,513 420 358 305 318 0 January February March April May June July 2013 August September October November December 2014 Defeasance, 2013–2014 Defeasance, 2013–2014 By number of documents By number of documents 700 593 Number of Documents 600 500 465 394 400 300 700 300 200 231 185 155 228 212 593 162 465 January 424 401 394 February March 295 356 April May 329 July 353 372 August September 345 October 2013 213 2014 231 185 155 November December 317 283 268 202 360 357 June 100 0 317 283 213 100 500 0 400 345 329 268 202 200 600 Number of Documents 360 357 353 By number of documents 356 295 424 Defeasance, 2013–2014372 401 228 212 162 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K January February March April May June July August September October November December

109) PAGE 107 Municipal Market Disclosures Other Event Disclosures, 2013–2014 Event Disclosures By number of documents 2013 2014 ADVERSE TAX OPINION OR EVENT AFFECTING TAX-EXEMPT STATUS 11 9 AMENDMENT TO CONTINUING DISCLOSURE UNDERTAKING 44 175 BANKRUPTCY, INSOLVENCY, RECEIVERSHIP 83 119 213 109 CAPITAL OR OTHER FINANCING PLAN 24 35 CHANGE IN OBLIGATED PERSON 19 24 CHANGE OF TENDER AGENT, REMARKETING AGENT, OR OTHER ON-GOING PARTY 97 72 COMMUNICATION FROM THE INTERNAL REVENUE SERVICE 72 34 BID FOR AUCTION RATE OR OTHER SECURITIES DERIVATIVE OR OTHER SIMILAR TRANSACTION 1 2 LITIGATION/ENFORCEMENT ACTION 55 51 MERGER, CONSOLIDATION, ACQUISITION AND SALE OF ASSETS 70 107 MODIFICATION TO THE RIGHTS OF SECURITY HOLDERS 73 49 175 206 NON-PAYMENT RELATED DEFAULT NOTICE TO INVESTOR PURSUANT TO BOND DOCUMENTS 757 RELEASE, SUBSTITUTION OR SALE OF PROPERTY 4,539 254 P&I PAYMENT DELINQUENCY 683 3,926 OTHER EVENT-BASED DISCLOSURES 212 53 62 SUBSTITUTION OF CREDIT OR LIQUIDITY PROVIDER OR ITS FAILURE TO PERFORM 197 187 SUCCESSOR, ADDITIONAL OR CHANGE IN TRUSTEE 227 309 TENDER OFFER/SECONDARY MARKET PURCHASES 363 399 UNSCHEDULED DRAW ON CREDIT ENHANCEMENT 53 33 UNSCHEDULED DRAW ON DEBT SERVICE RESERVE 180 147 M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

110) PAGE 108 Part Thirteen Definitions of Terms Used

111) PAGE 109 Definitions of Terms Used Alternative Minimum Tax (AMT) Municipal Security—A tax-exempt bond, interest on which is subject to the alternative minimum tax. Auction Rate Securities (ARS)—Variable rate bonds whose interest rate is reset periodically under the Dutch auction process. Final Maturity—Time remaining between original issue date and the stated final maturity date of the security. Final maturity does not take into account possible call and put options and rate reset frequencies as is the case with certain types of variable rate securities, such as auction rate securities and variable rate demand obligations. Bond—A security with two years or more in maturity (maturity date less dated date) with fixed or zero interest rate. Fixed Rate—An interest rate on a security that does not change for the remaining life of the security. Commercial Paper—Short-term, unsecured promissory notes, usually backed by a line of credit with a bank, that mature within 270 days. CUSIP number (Committee on Uniform Securities Identification Procedures)—An identification number assigned to each maturity of an issue intended to help facilitate the identification and clearance of securities. General Obligation Municipal Security—A security that is secured by the full faith, credit and taxing power of an issuer. General obligation securities issued by local units of government are typically secured by a pledge of the issuer’s “ad valorem” taxing power; general obligation securities issued by states are generally based upon appropriations made by the state legislature for the purposes specified. Customer Bought—A municipal trade in which a customer bought the security from a brokerdealer or bank. Inter-Dealer—A municipal securities trade between two broker-dealers, including dealer banks or broker’s brokers. Customer Sold—A municipal trade in which a customer sold the security to a broker-dealer or bank. Long Note—A security with over nine months in maturity, but under two years in maturity (maturity date less dated date) with fixed or zero interest rate. Customer Trade—A municipal securities trade between a broker-dealer (including a dealer bank or broker’s broker), acting as agent in an agency trade or as purchaser or seller in a principal trade, and a contra-party that is not a broker-dealer (including a dealer bank or broker’s broker). Dated Date—The date of an issue from which interest on the issue usually starts to accrue, even though the issue may actually be delivered at some later date. Double Barrel Municipal Security—A security with characteristics of both revenue and general obligation instruments. Remaining Maturity—Time remaining between the trade date and the stated final maturity date of the security. Remaining maturity does not take into account possible call and put options and rate reset frequencies as is the case with certain types of variable rate securities, such as auction rate securities and variable rate demand obligations. Revenue Municipal Security—A security that is payable from a specific source of revenue and to which the full faith and credit of an issuer with taxing power is not pledged. Revenue bonds are payable from identified sources of revenue and do not permit the bondholders to compel taxation or legislative appropriation of funds not pledged for payment of debt service. RULE 15c2-12—An SEC rule under the Securities Exchange Act of 1934 setting forth certain obligations of (i) underwriters to receive, review and disseminate official statements prepared by issuers of most primary offerings of municipal securities, (ii) underwriters to obtain continuing disclosure agreements from issuers and other obligated persons to provide material event disclosures and annual financial information on a continuing basis, and (iii) broker-dealers to have access to such continuing disclosure in order to make recommendations of municipal securities in the secondary market. Sale Date or Award—The official acceptance by the issuer of a bid or offer to purchase a new issue of municipal securities by an underwriter. The date of the award is generally considered the “sale date” of an issue. Sector—Transactions according to the security’s use of proceeds, i.e., issuer’s intended use of the capital raised by the offering, according to definitions provided by Standard & Poor’s Securities Evaluations, Inc. The top seven most active sectors based on par amount are displayed, as well as an “Other” category that includes the remaining sectors and trades for which the sector information was not available. Short Note—A security with nine months or less in maturity (maturity date less dated date) with fixed or zero interest rate. Tax Exempt—Interest on most municipal secu­ rities is excluded from gross income for federal income tax purposes and may or may not be exempt from state income or personal property taxation in the jurisdiction where issued or in other jurisdictions. If the bond is exempt from state income tax, it possesses “double exemption” status. “Triple exemption” bonds are exempt from municipal, local income or other special taxes, as well as from federal and state income tax. M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

112) PAGE 110 Taxable—Bonds or other securities issued by a municipal issuer for which interest or other investment return is included in gross income for federal income tax purposes. A municipal security may be issued on a taxable basis because the intended use of proceeds does not meet federal tax law requirements for the exclusion from gross income (e.g., private activity bonds that are not qualified bonds) or because certain other federal tax law requirements are not met (e.g., insufficient volume cap). Variable (Long and Short)—Variable interest rate securities with interest reset periods. Over 99 percent of these securities are short variable (interest reset period of nine months or less) as opposed to long variables (interest reset period longer than nine months). Variable Rate—An interest rate, sometimes referred to as a “floating rate,” on a security that changes at intervals accord­ng to market condii tions or a predetermined index or formula. Variable Rate Demand Obligation (VRDO)— Floating rate obligations that have a nominal long-term maturity but have a coupon rate that is reset periodically (e.g., daily or weekly). The investor has the option to put the issue back to the trustee or tender agent at any time with specified (e.g., seven days’) notice. Zero Coupon—An original issue discount bond on which no periodic interest payments are made but which is issued at a deep discount from par, accreting (at the rate represented by the offering yield at issuance) to its full value at maturity. Continuing Disclosure Definitions FINANCIAL/OPERATING-BASED DISCLOSURES Rule 15c2-12-Based Financial/Operating Data Annual Financial Information and Operating Data—issuer’s/obligated person’s financial information or operating data, of the type included in the original official statement, provided on at least an annual basis—see Exchange Act Rule 15c2-12(b)(5)(i)(A), 15c2-12(d)(2)(ii)(A) and 15c2-12(f)(9). Audited Financial Statements or CAFR— issuer’s/obligated person’s audited financial statements or Comprehensive Annual Financial Report, if not included in annual financial information and operating data—see Exchange Act Rule 15c2-12(b)(5)(1)(B). Failure to Provide Annual Financial Information— notice that issuer’s/obligated person’s annual financial information and operating data not submitted by date specified in the continuing disclosure undertaking—see Exchange Act Rule 15c2-12(b)(5)(i)(A). Additional/Voluntary Financial/Operating Data Quarterly/Monthly Financial Information— issuer’s/obligated person’s financial information p ­ rovided on a quarterly or monthly basis. Information Provided to Rating Agency, Credit/Liquidity Provider or Other Third Party— information that issuer/obligated person has p ­ rovided to a rating agency, provider of a credit or liquidity facility or other entity that the issuer/ obligated person wishes to be made available publicly. Consultant Reports—report prepared for or about an issuer/obligated person by a third-party in connection with the issuer’s/obligated person’s issue of securities or other financial or operating matters. Other Financial/Operating Data—any financial information or operating data of the issuer/obligated person not otherwise described in another category. EVENT-BASED DISCLOSURES Change in Fiscal Year/Timing of Annual Disclosure—notice that issuer’s/obligated person’s fiscal year has changed or the date specified in the continuing disclosure undertaking for submitting annual financial information and operating data has changed. Change in Accounting Standard—notice that issuer’s/obligated person’s accounting standards pursuant to which it prepares its financial information have changed. Interim/Additional Financial Information/ Operating Data—additional financial or operating data of issuer/obligated person supplementing annual financial information or operating data or providing such information or data on an interim basis in addition to the annual submission. Budget—issuer’s/obligated person’s budget doc­ ­ u ment or other information relating to its budget. Investment/Debt/Financial Policy—issuer’s/ obligated person’s policy on its investment activities, debt incurrence or other financial matters. Rule 15c2-12 Material Event Notices P&I Payment Delinquency—a delinquency in scheduled payment of principal of or interest on municipal securities—see Exchange Act Rule 15c2-12(b)(5)(i)(C)(1). Non-payment Related Default—a default relating to municipal securities other than a delinquency in payment of principal or interest, if material— see Exchange Act Rule 15c2-12(b)(5)(i)(C)(2). Unscheduled Draw on Debt Service Reserve— an unscheduled draw on any debt service reserve fund/account that reflects financial difficulties of the issuer/obligated person or in connection with the municipal securities—see Exchange Act Rule 15c2-12(b)(5)(i)(C)(3). Unscheduled Draw on Credit Enhancement— an unscheduled draw on credit enhancement for municipal securities reflecting financial difficulties of the issuer/obligated person or in connection with the municipal securities—see Exchange Act Rule 15c2-12(b)(5)(i)(C)(4). M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K

113) PAGE 111 Substitution of Credit or Liquidity Provider or Its Failure to Perform—a change in the entity providing any credit enhancement or liquidity support for the municipal securities, or any failure by such entity to perform its obligations under such credit enhancement or liquidity support— see Exchange Act Rule 15c2—12(b)(5)(i)(C)(5). Adverse Tax Opinion or Event Affecting Tax— Exempt Status—notice of an adverse tax opinion, issuance by the Internal Revenue Service of proposed or final determination of taxability, Notice of Proposed Issue (IRS Form 5701—TEB) or other material notice of determination with respect to the tax status of the municipal securities, or other material event affecting the tax status of the municipal securities—see Exchange Act Rule 15c2—12(b)(5)(i)(C)(6). Modification to the Rights of Security Holders— a modification to the rights of holders of the municipal securities, if material—see Exchange Act Rule 15c2—12(b)(5)(i)(C)(7). Bond Call—a notice that municipal securities are called for redemption, if material—see Exchange Act Rule 15c2—12(b)(5)(i)(C)(8). Tender Offer/Secondary Market Purchases—a notice that the issuer/obligated person is seeking offers to tender municipal securities for purchase or redemption by the issuer/obligated person, or that the issuer/obligated person has or seeks to purchase its securities in the secondary market— see Exchange Act Rule 15c2—12(b)(5)(i)(C)(8). Defeasance—a notice that municipal securities have been defeased, typically by establishment of an escrow to pay principal and interest and the release of the covenants and original security lien—see Exchange Act Rule 15c2—12(b)(5)(i)(C) (9). Release, Substitution or Sale of Property—a notice that there has been a release, substitution or sale of property securing repayment of the municipal securities, if material—see Exchange Act Rule 15c2—12(b)(5)(i)(C)(10). Rating Change—a notice that a rating assigned by a rating agency on the municipal securities, the issuer of municipal securities, an obligated person or other rating relating to the municipal securities has been changed—see Exchange Act Rule 15c2—12(b)(5)(i)(C)(11). Communication From the Internal Revenue Service—a notice of any communication from the Internal Revenue Service to the issuer/obligated person other than the items covered by “Adverse Tax Opinion or Event Affecting Tax—Exempt Status” above. Bankruptcy, Insolvency, Receivership—a notice of bankruptcy, insolvency, receivership or similar event of the issuer/obligated person—see Exchange Act Rule 15c2—12(b)(5)(i)(C)(12). Bid for Auction Rate or Other Securities— a notice of a bid placed by the issuer/obligated person to purchase auction rate securities through the auction rate setting procedure or the purchase of any other of its securities. Merger, Consolidation, Acquisition and Sale of Assets—a notice of the consummation of a merger, consolidation, or acquisition involving an issuer/obligated person, or the sale of all or substantially all of the assets of the issuer/obligated person, if material—see Exchange Act Rule 15c2—12(b)(5)(i)(C)(13). Successor, Additional or Change in Trustee— a notice of the appointment of a successor or additional trustee, or the change of name of a trustee, if material—see Exchange Act Rule 15c2—12(b)(5)(i)(C)(14). Additional/Voluntary Event—Based Disclosures Amendment to Continuing Disclosure Undertaking—a notice that the issuer/obligated person has amended the continuing disclosure undertaking relating to its municipal securities. Change in Obligated Person—a notice that a new obligated party for whom continuing dis­ closures will be provided has been added with respect to municipal securities and, if applicable, an existing obligated person has been released from its continuing disclosure obligation. Notice to Investor Pursuant to Bond Documents— a notice required or authorized to be provided under the legal documents relating to the municipal securities. Capital or Other Financing Plan—disclosure regarding an issuer’s/obligated person’s capital improvement plans or other financing or refinancing plans. Litigation/Enforcement Action—disclosure regarding any litigation involving the issuer/obligated person or any other relevant party that has the potential to have a material impact on the municipal securities, or any regulatory enforcement action that may have such an impact. Change of Tender Agent, Remarketing Agent, or Other On—Going Party—a notice of a change in the tender agent, remarketing agent, or other market participant that provides on— going services in connection with the issuer’s/obligated person’s municipal securities. Derivative or Other Similar Transaction—any notice, disclosure or other document relating to derivatives or other financial products or structures used in connection with the issuer’s/obligated person’s municipal securities. Other Event—Based Disclosures—any notice, disclosure or other document relating to the occurrence of an event or other non—financial matter relating to the issuer’s/obligated person’s municipal securities not otherwise described in another category. M U N I C I PA L S E C U R I T I E S R U L E M A K I N G B OA R D 2 0 14 FAC T B O O K