FPA East Bay Breakfast Meeting 4/3/2013

“Update and Outlook for the California Municipal Bond Market ”

Presented By: Rafael Costas, Senior Vice President & Co-Director of Municipal Bond of Franklin Advisers, Inc.

 Wednesday, April 3, 2013       |        7:15am –9:15am         |       Roundhill Country Club, Alamo

Municipal bonds have had a remarkable run over the last decade and into the current low interest rate

environment.  What are the issues and opportunities going forward for these securities, not just in California,

but across the nation?

 Rafael Costas - co-director of Franklin Templeton's municipal bond group and responsible for the team that

manages more than $80 billion in California municipal bonds investments, will discuss the outlook for such

investments going forward

 Rafael Costas is senior vice president and co-director of the municipal bond department for the Franklin Templeton Fixed Income Group. He was previously director of municipal bond research.

 Mr. Costas joined Franklin in 1986 as a management trainee. He earned his B.A. in economics from the University of California at Santa Barbara and a master's degree in finance from Golden Gate University.

 Mr. Costas is a past member of the California Debt and Investment Advisory Commission and is also past chairman of the California Society of Municipal Analysts, a former board member of the National Federation of Municipal Analysts (NFMA) and is a former Chairman of the NFMA's Industry Practices and Procedures Committee. He also belongs to the Society of Municipal Analysts.