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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif"><img width="720" height="192" style="width:7.5in;height:2.0in" id="Picture_x0020_2" src="cid:image003.png@01DCF275.23C4D5B0"></span><span style="font-size:12.0pt;font-family:"Georgia",serif"><o:p></o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:23.0pt;font-family:"Arial",sans-serif;color:#003C61">Certain LGIP Transactions Delayed<o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif">U.S. Bank and PFMAM have confirmed the following delays 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 scheduled to settle today
<b>may be credited today to external bank accounts later than typical.</b> Because of the delay, these redemptions will be processed as either same-day ACH or wire transfer. 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>may be debited today from external bank accounts later than typical while others 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:12.0pt;font-family:"Georgia",serif"><img border="0" width="323" height="192" style="width:3.3645in;height:2.0in" id="Picture_x0020_4" src="cid:image004.png@01DCF275.23C4D5B0"></span><span style="font-size:12.0pt;font-family:"Georgia",serif"><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"><span style="color:#003C61">Manage Your Subscription or Unsubscribe</span></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="color:#003C61;text-decoration:none">oregon.gov/treasury</span></a><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Georgia",serif"><o:p> </o:p></span></p>
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