NSCC Addendum H

Addendum H of the National Securities Clearing Corporation Rules and Procedures:

http://www.dtcc.com/legal/rules_proc/nscc_rules.pdf

More links:

http://www.dtcc.com/legal/rule_filings/

Key paragraph:

The Corporation has determined at this time that, due to the current nature of municipal data within the Corporation's possession and control, release without restriction could be susceptible to misunderstanding and/or misuse. In order to avoid problems that such release, in general, could cause to the municipal securities industry, the Corporation has determined that at this time Municipal
Clearing Data in general shall only be released to regulatory organizations and self regulatory organizations who have demonstrated to the Corporation the necessity for obtaining such data in furtherance of the regulatory purpose of such organization.

ADDENDUM H. INTERPRETATION OF THE BOARD OF DIRECTORS RELEASE OF CLEARING DATA (pg. 278)

ADDENDUM H
INTERPRETATION OF THE BOARD OF DIRECTORS
RELEASE OF CLEARING DATA
Pursuant to Rule 33, the Board of Directors is authorized to prescribe Procedures and
other regulations in respect of the business of the Corporation. The Board of Directors
hereby adopts the following interpretation as a regulation of the Corporation:
RELEASE OF CLEARING DATA TO REGULATORY AND SELF-REGULATORY
ORGANIZATIONS
The purpose of this interpretation is to limit the extent to which Clearing Data pertaining
to municipal bond transactions may be obtained by regulatory or self regulatory
organizations and others pursuant to Rule 49.
Pursuant to Rule 49, the Corporation may release Clearing Data to regulatory and self regulatory
organizations and others.

The Corporation has determined at this time that,
due to the current nature of municipal data within the Corporation's possession and
control, release without restriction could be susceptible to misunderstanding and/or
misuse. In order to avoid problems that such release, in general, could cause to the
municipal securities industry, the Corporation has determined that at this time Municipal
Clearing Data in general shall only be released to regulatory organizations and self regulatory
organizations who have demonstrated to the Corporation the necessity for
obtaining such data in furtherance of the regulatory purpose of such organization.

The Corporation, consistent with this interpretation, has determined to facilitate the
provision of inter-dealer and customer (i.e., institutional and retail) municipal securities
transaction data to the Municipal Securities Rulemaking Board (AMSRB@), who has
advised the Corporation that the provision of this data serves regulatory purposes,
namely to provide transparency in the municipal securities market and to assist
compliance by participants with the MSRB's Rules.

The Corporation will also permit the release of Municipal Clearing Data to other
responsible entities for non-regulatory purposes but only in the limited format as
described below.

Regulatory and self-regulatory organizations to whom the Corporation has consented to
release data may, in writing, request that Municipal Clearing Data be provided to a third
party in addition to or in lieu of themselves, upon a demonstration satisfactory to the
Corporation, that such release to a third party would further the regulatory purpose of
the regulatory organization or the self-regulatory organization.

With respect to the release of Municipal Clearing Data other than for regulatory
purposes, the Corporation will release only a ranking of a pre-selected group of
municipal bonds compared by the Corporation during a predetermined period of time to
responsible entities. Such ranking shall be based upon the aggregate total of the par
value of bonds compared by the Corporation during such period.

The Corporation specifically reserves the right to deny any request where it has determined that with
regard to providing data with respect to the pre-selected group of bonds, the provision
of such data could disclose, whether patently or in easily discernible format, proprietary
and/or confidential financial, operational or trading data of a particular participant.
The foregoing notwithstanding, this interpretation is not intended to, nor shall it be
deemed to be in contravention, or a limitation, of the Corporation=s obligations pursuant
to its Shareholders Agreement.