The document summarizes a presentation given by the Financial Management Association of New Hampshire on safeguarding cash and investments during turbulent economic times. The presentation addressed the current financial crisis, economic outlook, condition of the financial industry, cash management options, and investment policy guidelines. Panelists discussed issues like capital adequacy, the future of securitization and universal banking, and strategies for preserving capital while generating yield.

1. Financial Management Association of New Hampshire Safeguarding Cash & Investments in a Turbulent Economy November 10, 2008

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18. Cash Management Options SECURITY MATURITY YIELD SECURITY RESEARCH NEEDED Treasury Bills 3 Months 0.42% U.S. Govt. 1 n.a. 6 Months 0.89% U.S. Govt. n.a. Certificates of Deposit 3 Months 2.55% FDIC 2 Bank 6 Months 3.05% FDIC Bank “ CD’s have varying maturities, rates are subject to change and availability; penalty may apply if sold prior to maturity.” Money Market- Tax Free Daily Liquidity 1.65% U.S. Tsy Temp Guar. 3 Issuer Money Market- Taxable Daily Liquidity 2.30% U.S. Tsy Temp Guar. Issuer “ Money market and other capital preservation funds are neither insured nor guaranteed by the U.S. Government or the FDIC, and there is no assurance that a $1.00 share price or book value will be maintained. Be sure to read each fund's prospectus or offering statement before making any investment decisions.” Commercial Paper 30 Days 1.80% Company 4 Credit Rating 90 Days 2.10% Company Credit Rating SECURITY 1 Treasury Bills are guaranteed by the full faith and credit of the U.S. Government 2 Congress temporarily passed legislation increasing CD deposit insurance from $100,000 to $250,000 through December 31, 2009; For more information, visit http://www.fdic.gov/news/financial/2008/fil08102a.html 3 On September 19, 2008, the U.S. Department of the Treasury (the "Treasury") announced the establishment of a temporary guarantee program (the "Program") for the U.S. money market mutual fund industry. Under the program, the Treasury will temporarily guarantee the stable net asset value of money market mutual funds that participate in the Program. The Program provides coverage to beneficial shareholders for amounts that they held in participating money market mutual funds as of the close of business on September 19,2008. The Program expires on December 18, 2008, unless extended by the U.S. Treasury. In no event will the Program extend beyond September 18, 2009. 4 Commercial Paper is backed by the issuing company

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21. Financial Management Association of New Hampshire For more information and a schedule of future events, please visit our website at: http://www.fmanh.com