ICMA-RC Monitoring Status of Acquisition of Countrywide Financial Corporation; CD Account Program to Continue

July 1, 2008

The Bank of America Corporation has purchased Countrywide Financial Corporation (CFC), the parent company of Countrywide Bank, FSB, the institution through which ICMA-RC’s VantageTrust Certificate of Deposit Accounts (CD Accounts) are offered. Bank of America has also indicated that Countrywide Bank, FSB will continue to operate as a wholly-owned subsidiary.

The following are answers to questions you may have about our CD Accounts program as a result of the Bank of America announcement:

1. What is ICMA-RC’s response to Bank of America’s acquisition of CFC?
   We are actively monitoring developments related to Bank of America’s acquisition of CFC and are communicating directly with Countrywide Bank to ensure that the acquisition has minimal impact on our CD Account program.
2. How will Bank of America’s purchase of CFC affect existing CD Accounts?
   Existing CD Accounts will not be affected by Bank of America’s purchase of CFC.
3. Can ICMA-RC investors continue to invest in CD Accounts?
   CD Accounts will remain available to our investors as part of our fixed income investment offerings. Each month participants will continue to have the opportunity to choose to invest in 1-, 3- and 5-year CD Accounts. In addition, all existing and future CD Account assets purchased by participants will continue to be insured by the FDIC up to $250,000 per investor.

If it becomes necessary to change the CD Account program in the future, we will provide you with detailed information concerning the potential impact of these changes. If you have further questions or would like additional information please contact Investor Services at 800-669-7400.