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BAM Offers Secondary Municipal Bond Insurance on TMC Bonds

NEW YORK, December 10, 2013

Mutual bond insurer Build America Mutual Assurance Company (BAM) today announced the launch of a program to offer real- time quotes and electronic execution of its AA/Stable rated bond insurance on secondary municipal market trades on the TMC Bonds electronic trading platform.

“Through TMC Bonds, traders, institutional investors and retail trading desks now have the ability to purchase BAM secondary market insurance for bonds they are trading or already hold that qualify for BAM insurance,” said Seán W. McCarthy, Chief Executive Officer, BAM. “Our goal is to make BAM municipal bond insurance more broadly accessible, and we believe that electronic execution available on TMC Bonds will accomplish that.”

Thomas S. Vales, Chief Executive Officer of TMC Bonds, said: “With BAM offering insurance for municipal bonds over our system, we will continue to bring both greater transparency for market participants to get real-time insurance quotes and greater efficiency with one-click secondary insurance capability.” During the third quarter of 2013, TMC facilitated 31% of all inter-dealer trades in municipal securities.

BAM Posts Obligor Disclosure Briefs (ODBs) on Each Insured Transaction

BAM ODBs, which provide current credit information on every BAM-insured bond, are also available directly on the TMC platform for any already BAM-insured municipal bond. ODB information includes issue and series name; gross par insured

by CUSIP, maturity and coupon; sector designation and a summary of financial information with key ratios. Demographic data and economic data relevant to the obligor are also posted, when available. In addition to providing transparency on BAM-insured transactions, this information helps to ease compliance with disclosure rules for secondary market trades.

BAM has qualified a significant number of municipal credits for its secondary market insurance and will provide additional credits as new issues become available for trading. For issues not yet qualified, users can call BAM’s Secondary Market Desk at 212.235.2550.

Build America Mutual provides its guaranty on municipal bonds, exclusively, in core sectors of the market, including G.O., general fund, appropriation bonds and dedicated tax revenue bonds; utility and transportation revenue bonds; and bonds issued by public colleges and universities.

About BAM

Domiciled in New York, BAM is a mutual bond insurer of municipal securities, exclusively. BAM is rated AA/Stable by Standard & Poor’s Rating Services (S&P), the highest S&P rating in its industry, and is sponsored by the National League of Cities. For more information, go to www.buildamerica.com.

For more information, contact:

Michael Stanton

Head of Strategy and Corporate Communications 200 Liberty Street

New York, New York 10281

212-235-2575

C: 917-838-3548

mstanton@buildamerica.com