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REV: 07-22-2021 MI by the third business day following the end of the month. Reports follow GAAP and GASB 31 and 40 standards, providing market valuations as well as book values (amortized cost). Certain customized reports can be created and uploaded with online access. Performance benchmarks Consultant will hold an in-depth discussion about goals, risk and return preferences, and cash flow needs with City staff. Consultant will recommend a benchmark based on its understanding of the City’s goal for the portfolio and tolerance for risk. Additional Information on Included Services Consultant’s clients benefit from the dedicated, experienced investment professionals who are supported by the exceptional resources developed to assist clients with investment programs. Consultant will meet with the City regularly to ensure that satisfaction with investment advisor services. Consultant also offers education and training for its clients. Consultant often provides additional hours of training to staff and elected officials, as desired. In addition, clients are invited to a one-week off-site class on a wide range of public finance topics such as multi- asset class investments for pensions and OPEB, GASB updates, bond math, IRS regulations, environmental finance, and more. These sessions will update the staff on current industry best practices and relevant market information. Anticipated Constructive Assignment Consultant anticipates future change in control of Consultant. Specifically, Consultant and its affiliates are currently owned through a holding company by its senior management ("Managing Directors"). The holding company has entered into a definitive agreement to sell Consultant along with other associated entities to U.S. Bancorp Asset Management Inc. (“USBAM”), a subsidiary of U.S. Bancorp. Consultant will become a wholly-owned subsidiary of USBAM but will continue to operate as a separate registered investment adviser as PFM Asset Management, a division of USBAM. The transaction is expected to close near the end of the year 2021. These actions will not result in any change in fees under this Agreement. When the transaction closes, this Agreement under applicable law will be deemed to be assigned, because of the change in control of Consultant. The City acknowledges and consents to the constructive assignment of this Agreement to USBAM as described above. Complete fee schedule The annual fee schedule follows based on the scope of services outlined herein. First $100 million: 7 basis points (0.07%) $100 million – $150 million: 5 basis points (0.05%) Assets over $150 million: 4 basis points (0.04%) ATTY/AGR.2021.129/PFM Asset Management LLC (Investment Advisory Services) (Page 16 of 17)