Attendees on Thursday include local and state officials

PROVIDENCE 10/28/2008 - General Treasurer Frank Caprio is set to host an important conference for local and state officials on the current state of the financial markets and its impact on municipal and state agency borrowers.

The General Treasurer's office is hosting the seminar from 8:30 AM to 11:30 AM on Thursday, October 30th at the Sheraton Airport Hotel, 1850 Post Road, Warwick, Rhode Island.

"We are expecting a large turnout for the conference on Thursday," said Treasurer Caprio. "In response to the recent events on Wall Street, my office has developed a timely program with excellent speakers to address the changes in the municipal market."

Since last December the municipal market has felt the impact of the subprime credit crisis, enduring virtually unprecedented market dislocation and volatility. "Despite the recent market turmoil, states, state agencies and municipalities still must find an effective way to finance important capital projects such as roads, schools and wastewater facilities." Caprio said.

Rating agencies have downgraded or withdrawn the ratings of most of the municipal bond insurers. Several major firms have exited the municipal business, declared bankruptcy, merged, or been acquired. Investors are revising their portfolios. Many issuers have been forced to restructure debt and/or delay bond sales.

Questions to be addressed include:

How does this change the way issuers need to enter the market? Who will invest in tax-exempt bonds? What are investors looking for? What has happened to the Municipal Bond Insurance industry?

The first session: Dealing with Volatility in the Municipal Market from an Issuer Perspective will feature Matt Fabian of Municipal Market Advisors, with a panel consisting of General Treasurer Frank Caprio, Eugene Bernardo of Partridge Snow & Hahn LLP, and Bill Fazioli of First Southwest Company.

The second session: Impact of the Economy on Municipal and State Budgets will feature Dr. Leonard J. Santow of Griggs & Santow, Inc., with a panel consisting of General Treasurer Frank Caprio and Maureen Gurghigian of First Southwest Company.

The seminar:

9:00-9:10 AM: Welcoming Remarks - General Treasurer Frank Caprio 9:10-10:10 AM: First Session: Matt Fabian - Dealing with Volatility in the Municipal Market from an Issuer Perspective. Panel: General Treasurer Caprio, Eugene Bernardo, William Fazioli 10:10-10:30 AM: Break 10:30-11:30 AM: Second Session: Len Santow - Impact of the Economy on Municipal and State Budgets. Panel: General Treasurer Caprio, Maureen Gurghigian 11:30-11:45 AM: Additional Questions and Wrap- up

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