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<b><span style="font-size:48.0pt;font-family:"Brush Script MT";color:#4F7135">Season’s Greetings<o:p></o:p></span></b></p>
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<span style="font-size:24.0pt;font-family:"Freestyle Script";color:#4F7135">During this season, we take time to reflect upon the good things we have…like our relationship with you. We appreciate working with you</span><span style="font-size:24.0pt;font-family:"Freestyle Script";color:#17365D"><br>
</span><span style="font-size:24.0pt;font-family:"Freestyle Script";color:#4F7135">to achieve long term financial security for Oregon, and we hope that the holidays and the coming year bring you much happiness and success.<o:p></o:p></span></p>
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<b><span style="font-size:24.0pt;color:#4F7135">Oregon State Treasury<o:p></o:p></span></b></p>
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<p class="MsoNormal" align="center" style="text-align:center"><span style="font-size:9.0pt;font-family:Wingdings;color:#4F7135">w</span><span style="font-size:9.0pt;color:#4F7135">
<i>PFM Asset Management LLC Serves as Transfer Agent for the Oregon Local Government Investment Pool
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<p class="MsoNormal" align="center" style="text-align:center"><span style="font-size:9.0pt;color:#4F7135">350 Winter Street NE, Suite 100 | Salem, OR 97301-3896 | Phone (503) 378-4000 |
</span><a href="http://www.oregon.gov/treasury"><span style="font-size:9.0pt;color:#4F7135;text-decoration:none">www.oregon.gov/treasury</span></a><span style="color:#4F7135"><o:p></o:p></span></p>
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<p class="MsoNormal" align="center" style="text-align:center"><a href="http://listsmart.osl.state.or.us/mailman/listinfo/treasury-news"><span style="font-size:9.0pt;color:#4F7135">Manage Your Subscription or Unsubscribe</span></a><span style="font-size:9.0pt;color:#4F7135"><o:p></o:p></span></p>
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