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CCHANDLER <br />ASSET MANAGEMENT <br />4. Investment Policy. In investing and reinvesting Client's assets, Chandler shall comply with Client's <br />Investment Policy, which is attached hereto as Exhibit A. <br />5. Authority of Chandler. Chandler is hereby granted full discretion to invest and reinvest all assets <br />under its management in any type of security it deems appropriate, subject to the instructions given <br />or guidelines set by Representative. <br />6. Notices. All reports and other communications required hereunder to be in writing shall be delivered <br />in person, or sent by first-class mail postage prepaid, by overnight courier, by confirmed facsimile <br />with original to follow or by confirmed electronic mail with proof of receipt to the addresses set forth <br />below. Either party to this Agreement may, by written notice given at any time, designate a different <br />address for the receipt of reports and other communications due hereunder. <br />Chandler Asset Management <br />Attn: Nicole Dragoo <br />6225 Lusk Boulevard <br />San Diego, CA 92121 <br />ndragoo@.,chandlerasset.com <br />City of Louisville <br />Attn: Kevin Watson, Finance Director <br />749 Main Street <br />Louisville, CO 80027 <br />Electronic Delivery. From time to time, Chandler may be required to deliver certain documents to <br />Client such as account information, notices and required disclosures. Client hereby consents to <br />Chandler's use of electronic means, such as email, to make such delivery. This delivery may include <br />notification of the availability of such document(s) on a website, and Client agrees that such <br />notification will constitute "delivery". Client further agrees to provide Chandler with Client's email <br />address(s) and to keep this information current at all times by promptly notifying Chandler of any <br />change in email address(s). <br />Client email address(s):, ,Fvaj V11=4, f �� <br />8. Proxy Voting. Chandler will vote proxies on behalf of Client unless otherwise instructed. Chandler <br />has adopted and implemented written policies and procedures and will provide Client with a <br />description of the proxy voting procedures upon request. Chandler will provide information <br />regarding how Clients' proxies were voted upon request. To request proxy policies or other <br />information, please contact us by mail at the address provided, by calling 800-317-4747 or by <br />emailing your request to info@chandlerasset.com. <br />9. Custody of Securities and Funds. Chandler shall not have custody or possession of the funds or <br />securities that Client has placed under its management. Client shall appoint a custodian to take and <br />have possession of its assets. Client recognizes the importance of comparing statements received <br />from the appointed custodian to statements received from Chandler. Client recognizes that the fees <br />expressed above do not include fees Client will incur for custodial services. <br />10. Valuation. Chandler will value securities held in portfolios managed by Chandler no less than <br />monthly. Securities or investments in the portfolio will be valued in a manner determined in good <br />faith by Chandler to reflect fair market value. <br />17 <br />