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

January 22, 2008

The Bank of America Corporation announced on January 11, 2008 a definitive agreement to purchase 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.

The following are answers to questions you may have about our CD Account 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 this acquisition will have minimal impact on our CD Account holders.
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.

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.