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<p class="MsoNormal"><b><span style="font-size:23.0pt;font-family:"Arial",sans-serif;color:#003C61">Update on Delayed LGIP Transactions<o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif">The information below has been updated to reflect further delays at U.S. Bank and PFMAM impacting the Local Government Investment Pool:<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:16.0pt;font-family:"Arial",sans-serif;color:#003C61">Redemptions<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;font-family:"Georgia",serif">ACH redemptions</span></b><span style="font-size:12.0pt;font-family:"Georgia",serif"> out of the pool
<b><i>for amounts of $1 million or less</i> </b>and<b> </b>scheduled to settle today
<b>will not be credited to external bank accounts until tomorrow.</b> ACH redemptions
<i>for amounts greater than $1 million</i> and scheduled to settle today have been processed successfully as wire transfers. Participants should monitor their external bank accounts to confirm receipt of expected redemptions. Participants that incur any financial
penalties due to the delay or processing method are asked to contact PFMAM Client Services at
<a href="mailto:csgmww@pfmam.com">csgmww@pfmam.com</a> or 855.OST.LGIP.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:16.0pt;font-family:"Arial",sans-serif;color:#003C61">Purchases</span></b><span style="font-size:12.0pt;font-family:"Georgia",serif"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;font-family:"Georgia",serif">ACH purchases</span></b><span style="font-size:12.0pt;font-family:"Georgia",serif"> into the pool scheduled to settle today
<b>will not be debited from external bank accounts until tomorrow.</b> Participants should keep moneys related to delayed purchases available in external bank accounts. Despite this delay in the movement of moneys, these purchases
<i>are currently reflected in pool account balances, are earning dividends, and are available for transfer/redemption</i>.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:16.0pt;font-family:"Arial",sans-serif;color:#003C61">Transfers</span></b><span style="font-size:12.0pt;font-family:"Georgia",serif"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;font-family:"Georgia",serif">Transfers,</span></b><span style="font-size:12.0pt;font-family:"Georgia",serif"> including participant-to-participant transfers, scheduled to settle today
<b><i>were not</i> impacted by today’s processing delays.</b><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif">We regret these delays and are working closely with U.S. Bank and PFMAM to review processes and controls. We take seriously the trust you place in us and our partners each and every
day, and we are committed to ensuring that necessary actions are taken to avoid these types of errors and delays going forward.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#003C61">867 Hawthorne Ave SE<br>
Salem, OR 97301-5241<br>
<br>
<a href="http://omls.oregon.gov/mailman/listinfo/local-gov-news">Manage Your Subscription or Unsubscribe</a><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#003C61">503.378.4000<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#003C61"><a href="http://www.oregon.gov/treasury/"><span style="text-decoration:none">oregon.gov/treasury</span></a><o:p></o:p></span></p>
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