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STATEMENT FROM CALPERS ON CLAIMS BY ASSURED GUARANTY


(The following is a reformatted version of a statement issued by the California Public Employees’ Retirement System and received via e-mail. The release was confirmed by the sender.)

“As a successful long term investor with an average annual return rate of 9% over the past 30 years, the California Public Employees’ Retirement System is committed to working with the City of Stockton and other public agencies during these turbulent economic times. Throughout the bankruptcy process, CalPERS has provided information and other forms of assistance to the City to assist its leaders in making difficult financial choices. CalPERS remains committed to protecting City’s pension plan with the system and the pension benefits that are constitutionally-protected rights of the City’s employees and retirees, many of whom have spent their entire careers in public service. It is unfortunate that Assured Guaranty has publicly criticized the bankruptcy process and forecast exclusion of the City from the capital markets. The obligations owed to the public workers of the City have priority over those of general unsecured creditors including bondholders. Unlike insurance companies, policemen, firefighters, and other public employees are not in a position to evaluate credit risk of their employers. Assured Guaranty is in the business of evaluating these risks. CalPERS is committed to working within the legal system to reach resolution of these difficult issues.”

- Peter Mixon, CalPERS General Counsel

(sgp) NY

#<695502.14078.3.0.2.9.76>#

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