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Presentation to: NHPDIP Participants Presented by: Jo Ann Klatskin, Regional Director May 6, 2010

Presentation to: NHPDIP Participants Presented by: Jo Ann Klatskin, Regional Director May 6, 2010. Agenda. Cutwater Asset Management Interest Rate Environment / Safety / Fee Structure Pending Issues. Cutwater Asset Management.

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Presentation to: NHPDIP Participants Presented by: Jo Ann Klatskin, Regional Director May 6, 2010

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  1. Presentation to:NHPDIP Participants Presented by:Jo Ann Klatskin, Regional DirectorMay 6, 2010

  2. Agenda Cutwater Asset Management Interest Rate Environment / Safety / Fee Structure Pending Issues

  3. Cutwater Asset Management On February 8, 2010 MBIA Asset Management became Cutwater Asset Management. $42 billion of fixed income assets under management places Cutwater Asset Management as one of the top 50 fixed income specialists in the world.* We have depth of resources with 126 employees and 80 professionals dedicated to portfolio management and credit analysis. Change of MBIA, Inc. to more traditional holding company has given Cutwater Asset Management more autonomy. Cutwater Asset Management remains a well capitalized and profitable asset manager, steadily growing assets under management as a specialist in fixed income solutions for our varied and global client base. *Source: Pension & Investment magazine.

  4. New Organizational Structure Cutwater Holdings, LLC (formerly MBIA Asset Management, LLC) Cutwater Colorado Investor Services Corp. (formerly Colorado Investor Services Corp) Cutwater Investor Services Corp. (formerly MBIA Municipal Investor Services Corp) Cutwater Asset Management UK Limited (formerly MBIA Asset Management UK Limited) Cutwater Asset Management Corp. (formerly MBIA Capital Management Corp) main investment advisor broker / dealer

  5. Safety and Liquidity The NHPDIP continues to be a safe, liquid, competitive depository/investment option. Conservative investment philosophy. The Weighted Average Maturity (WAM) 90 days or less. Securities are held in a third-party custodial account in the name of the NH Public Deposit Investment Pool. Only designated officials of the Participant are permitted to direct movement of funds. A Credit Facility protects funds in the NHPDIP against loss of principal and accrued interest.

  6. NHPDIP Assets Under Management 2010 Data Through March 31, 2010 6

  7. NHPDIP Assets Under Management vs. Yield December Yields 2010 Data Through March 31, 2010 7

  8. Average Annual Yield vs. 90-Day T-Bill (Feb. ‘09 – March ‘10) Percentage 8

  9. Fees Cutwater Asset Management receives a management fee of 35 bp (or .35%) taken out of the gross return of the portfolio. Effective July 1, 2009, with approval of the NHPDIP Advisory Committee, Participant return was set at a fixed 30 bp (or .30%). Since then the fee has continued to be waived/reduced: July, 2009 through September, 2009 0 bp October, 2009 1 bp November, 2009 0 bp December, 2009 1 bp January, 2010 0 bp February, 2010 2 bp March, 2010 3.5 bp April, 2010 between 3 and 6 bp

  10. Distribution by Investment Type 10

  11. www.nhpdip.com Dedicated website for the NH Public Deposit Investment Pool (www.nhpdip.com) Easy Access to Client Connection Document Center Email Functionality NHPDIP Advisory Committee Meeting Notices New Features being considered. More and More Participants are using the website.

  12. NHPDIP Advisory Committee State Regulatory Authority (NH Banking Commissioner): The Honorable Peter C. Hildreth Statutory Members (State Treasurer and Commissioner, DRA): The Honorable Catherine A. Provencher Barbara Robinson, Commissioner’s Designee, DRA Appointed Members: James Howard, City of Concord (LGC appointee) Sue Hickey, Town of Londonderry (NHGFOA appointee) Paul Micali, Town of Merrimack (NHGFOA appointee) Gregory Wenger, Hillsborough County (NH Assoc. of Counties appointee) Duane Ford, Bow SD (NH School Boards Association appointee) Jeannette Davila, Citizens Bank (NH Bankers Association appointee) Nicole Pellenz, TD Banknorth (NH Bankers Association appointee)

  13. Pending Issues RFP regarding Program Administrator services. Responses from Proposers due within 45 days of issuance of RFP. The NHPDIP Advisory Committee will then review the proposals and make a selection. Anticipated changes to Advisory Committee Members, effective June or July, 2010: Those being replaced include: Jim Howard, Sue Hickey, and Duane Ford. DRA will continue to be represented by the Commissioner’s Designee, Barbara Robinson. The State Treasurer may also choose to have a Designee (TBD).

  14. Contact Information Jo Ann Klatskin, Regional Director Phone: 800-477-5258 Fax: 603-895-3557 Email: joann.klatskin@cutwater.com Client Services (8:00 to 5:30, all business days) Phone: 800-395-5505 Fax: 800-765-7600 Email: clientservices@cutwater.com Websites: www.nhpdip.com www.cutwater.com

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