Forum on Hospital Finance Disclosure

Monday, March 13, 2000                                   Friday, March 17, 2000

New York Marriott World Trade Center           San Francisco Airport Marriott

9:00 a.m. – 9:15 a.m.        Introduction
                                        Robert Estrada (NY/SF), Estrada Hinojosa & Company; Chairman, MSRB

9:15 a.m. – 10:00 a.m.      Presentation of National Federation of Municipal Analysts’ Draft Recommended
Best Practices in Disclosure for Hospital Transactions

                                          Panelists –   Dina W. Kennedy (NY), Financial Security Assurance
                                                            Jeffrey M. Wilson (SF), Saybrook Capital, LLC
                                                            Emmeline Rocha-Sinha (NY/SF), MBIA Insurance Corporation
                                                           Thomas J. Weyl (NY/SF), Eaton Vance Management

10:15 a.m. – 11:45 a.m.    What To Tell the Market – Debating the Content of Disclosure
                                          Moderator –  John Van Gorkom (NY/SF), Washington Health Care Facilities  Authority
                                          Panelists –    Shelley J. Aronson (NY), First River Advisory L.L.C.
                                                             Jesse Bean (SF), Catholic Healthcare West
                                                             Clare M. Curley (SF), Merrill Lynch & Co.
                                                             John N. Goetz (NY), MFS Investment Management
                                                             Steven Hollis (SF), Cain Brothers & Company, LLC
                                                             Sister Geraldine Hoyler (NY), Catholic Health Initiatives
                                                             William C. Keays (NY), Salomon Smith Barney
                                                             Rob Yolland (SF), Franklin Templeton Group

11:45 a.m. – 1:15 p.m.      Luncheon
    Disclosure and the Primary Market
      Moderator –  Ernesto A. Lanza (NY/SF), MSRB
      Panelists –    Arthur J. Henkel (SF), Bear, Stearns & Co. Inc.
                         C. Gordon Howie (SF), PaineWebber Incorporated
                         Michael R. Irwin (NY), Salomon Smith Barney
                         Edward C. Malmstrom (NY), Merrill Lynch & Co.
                         Gerald J. McGovern (SF), Brown & Wood LLP
                         Albert Simons, III (NY), Orrick, Herrington & Sutcliffe LLP

1:15 p.m. – 2:15 p.m.        When and How To Tell the Market – Debating the Timing and Method of Disseminating Disclosure
Moderator –  Mary Metastasio (NY/SF), SAFECO Asset Management Co.
Panelists –    Edith F. Behr (NY), New Jersey Health Care Facilities Financing Authority
                   Nancy C. Bell (NY), Hospital and Healthsystem Association of  Pennsylvania
                   Rich Ciccarone (SF), Van Kampen Funds
                   D.R. Gardner (SF), Intermountain Health Care, Inc.
                   William Hansen (SF), Kaiser Permanente
                   Paula Stuart (NY/SF), Digital Assurance Certification
                   Jack E. Wells (NY), Van Kampen Funds

2:30 p.m. – 3:30 p.m.        Consequences of Telling (or not Telling) the Market – Debating the Legal Landscape
Moderator –  Robert Dean Pope (NY/SF), Hunton & Williams
Panelists –   Monty G. Humble (NY/SF), Vinson & Elkins L.L.P.
                   Paul S. Maco (NY/SF), Office of Municipal Securities, SEC
                  Thalia Meehan (NY), Putnam Investments
                  Stephanie Petersen (SF), Charles Schwab & Co.
                  Robert Zimmerman (NY/SF), Foley & Lardner

3:30 p.m. – 4:00 p.m.        Question and Answer Roundtable Discussion – Issues in the Current Draft: What’s Good, What’s Practical, What Else Is Needed?                                           Panelists–    Tom Weyl (NY/SF), Eaton Vance Management
                  Emmeline Rocha-Sinha (NY/SF), MBIA Insurance Corporation
                  John Van Gorkom   (NY/SF), Washington Health Care Facilities Authority
                  Mary Metastasio (NY/SF), SAFECO Asset Management Co.
                  Robert Dean Pope (NY/SF), Hunton & Williams

4:00 p.m.                           Concluding Remarks
                                          Robert A. Estrada (NY/SF), Estrada Hinojosa & Company; MSRB