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REV: 11-14-24 MI <br />Credit Review Process <br />Consultant employs an extensive issuer review process built upon its independent <br />and in- depth analysis of nongovernmental issuers. Consultant’s Credit Committee <br />is the cornerstone of its issuer review process. The Committee is responsible for <br />approving new issuers, monitoring existing holdings, and maintaining Consultant’s <br />approved issuer list. Issuers are added to Consultant’s approved list only if they: <br />(1)Meet stringent credit requirements, <br />(2)Have stable or improving credit fundamentals, <br />(3)Are frequent issuers, and <br />(4)Offer yields, which represent value in their respective sector and industry. <br />(Page intentionally left blank) <br />ATTY/AGR.2024/Amend.No.1/PFM Asset Management (PFM Asset Management_Amendment No.1) (Page 7 of 10)