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Investment Authority: Except as otherwise noted, the Trustee, US Bank, has delegated investment authority to HighMark Capital Management, an SEC-registered investment adviser. Investment Manager has full investment discretion over the managed assets in the account. Investment Manager is authorized to purchase, sell, exchange, invest, reinvest and manage the designated assets held in the account, all in accordance with account's investment objectives, without prior approval or subsequent approval of any other party(ies). Investment Objectives and Constraints The goal of the Plan's investment program is to provide a reasonable level of growth which, will result in sufficient assets to pay the present and future obligations of the Plan. The following objectives are intended to assist in achieving this goal: • The Plan should seek to earn a return in excess of its policy benchmark over the life of the Plan. • The Plan's assets will be managed on a total return basis which takes into consideration both investment income and capital appreciation. While the Plan Sponsor recognizes the importance of preservation of capital, it also adheres to the principle that varying degrees of investment risk are generally rewarded with compensating returns. To achieve these objectives, the Plan Sponsor allocates its assets (asset allocation) with a strategic perspective of the capital markets. Investment Time Horizon: 2-3 years Anticipated Cash Flows: A portion of the assets in the Plan will fund the actuarial determined contribution to the CaIPERS Trust. Investment Objective: The primary objective is to generate additional income while maintaining a relatively stable asset base as the assets in this Plan will be used to fund Pension Plan obligations. Risk Tolerance: Conservative The account's risk tolerance has been rated Conservative, which demonstrates that the account can accept low price fluctuations to pursue its investment objectives. City of Pleasanton Employee Benefit Fund Pension Plan Investment Guidelines Document—HighMark Capital Management, Inc. (v. 04-18-2018-RY) 3