EARLY CHECK-IN

BREAKFAST IN THE BLOOMBERG KITCHEN

WELCOME & OPENING REMARKS

William Glasgall, Managing Editor, States and Municipalities, Bloomberg News

THE CONTEXT: FRAMING THE ISSUES

The Impact of the Economic Downturn on Municipal Credit: How hard have issuers been impacted? How long will their recovery be? How will it impact the overall market? Are public private partnerships a tool for dealing with declining revenue?

Natalie R. Brill, Chief of Debt Management, Office of the City Administrative Officer, City of Los Angeles
Mark Swenson
Deputy Treasurer for Strategic Planning and Research, The State of Arizona

Moderated by:
William Glasgall, Managing Editor, States and Municipalities, Bloomberg News

CALIFORNIA'S FINANCES: THE IMPACT ON LOCALITIES

Where are we today, what are the possible solutions to closing the deficit? How will spending cuts impact other municipal credits? Which sectors will be hit the hardest? Schools, healthcare, and/or transportation?]

Amy S. Doppelt, Managing Director, Fitch Ratings
John Knox, Partner, Orrick, Herrington & Sutcliffe LLP
Paul Rosenstiel, Principal, De La Rosa & Co.

Moderated by:
Cris Valerio, Host, Venture, Bloomberg Television

ARE BUILD AMERICA BONDS THE FUTURE?

An in-depth focus on Build America Bonds. Will Congress reduce subsidies on some or all classes of bonds next year? What will this mean for issuers? Do BAB issuers pay more than similarly rated corporate issuers? What role, if any, will foreign investors have in the BAB market?

John Hallacy, Head of Municipal Research, BofA Merrill Lynch Global Research

Moderated by:
Daniel Hertzberg, Executive Editor for Finance, Bloomberg News

THE SHORT TERM MARKET

Are some of the liquidity providers who left returning to the short term market? Is this market beginning to recover, or is this the new norm? What will replace auction-rate securities? Are there new structures available to issuers that may be an alternative to VRDNs? What is the impact to the Money Market investor?

Christopher Baron, Managing Director, Governments & Nonprofits Division, U.S. Bank
Joanna Brody, Prinicipal, Piper Jaffray & Co.
Kenneth Gambone, Director, Head of Short-Term Public Finance Banking, Barclays Capital

Moderated by:
Peter Shellenberger, Senior Managing Consultant, The PFM Group

DEALERS, FUNDS AND DESKS: HOW IS THE MARKET CHANGING?

Are some of the liquidity providers who left returning to the short term market? Is this market beginning to recover, or is this the new norm? What will replace auction-rate securities? Are there new structures available to issuers that may be an alternative to VRDNs? What is the impact to the Money Market investor?

Michael G. Bartolotta, Vice Chairman, First Southwest Company
Matthew Tucker, CFA, Managing Director, BlackRock, Inc.

Moderated by:
Paul Barrett, Assistant Managing Editor, Bloomberg BusinessWeek

LUNCH

WELCOME BACK

Remarks from:
Matthew Winkler, Editor-in-Chief, Bloomberg News

MUNICIPALS: MACRO VIEW

The big picture for muni investors today: what does the recent fiscal squeeze mean for the municipal bond market? Why do munis shun competitive bidding? How can munis reduce financing costs? Why is there a lack of transparency?

Thomas M. Metzold, CFA, Co-Director of Municipal Investments and Portfolio Manager, Eaton Vance Management

Interviewed by:
Matthew Winkler, Editor-in-Chief, Bloomberg News

CREDIT ANALYSIS: UNDERSTANDING RISK AND UNDERLYING VALUE

Which is the better approach – relying on ratings companies now that the municipal bond insurance has largely collapsed – or doing one’s own due diligence? We’ll look at understanding the underlying credits of bonds and the impact of the crisis on credit quality. How to spot a default, how to organize creditors, and which munis are on the verge of financial collapse.

Howard Cure, Managing Director and Director of Municipal Research, Evercore Wealth Management LLC
Gabriel Petek, CFA, Director, State and Local Government, Standard & Poor's
Melanie Tung, Senior Research Analyst, Municipals, Wells Capital Mangement

Moderated by:
David Evans, Senior Writer, Bloomberg Markets

BUY-SIDE STRATEGIES

With a shortage of tax-exempt bonds and the impact of the recession on issuers, how will the market be affected? Muni buyers will share some of the strategies they employ in evaluating municipal debt investments. Presentations and remarks from:

Thomas P. Dalpiaz, SVP and Portfolio Manager, Advisors Asset Managment
Stephen Galiani, Managing Director, Senior Portfolio Manager, Wells Capital Management
Michael G. Kobs, Portfolio Manager, The Vanguard Group, Inc.

Discussion Leader:
Cris Valerio, Host, Venture, Bloomberg Television

PUBLIC POLICY AND REGULATORY TRENDS

What changes are still on the horizon for the municipal market? The MSRB has tried to restrict political contributions by municipal bankers in the wake of recent scandals. Do the MSRB’s efforts conflict with the recent Supreme Court ruling on corporate political donations?

Joseph Fichera, Senior Managing Director and CEO, Saber Partners, LLC
Nat Singer, Managing Director, Swap Financial Group, LLC
Kit Taylor, Consultant - Financial Markets and Regulatory Policy

Moderated by:
William Glasgall, Managing Editor, States and Municipalities, Bloomberg News

GROUP DISCUSSION: WHAT ARE THE TAKEAWAYS?

CLOSING REMARKS / BRIEFING ADJOURNS

RECEPTION