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<br /> <br />I CHANDLER <br />! ASSET <br />I MANAGEMENT <br /> <br />COMPLIANCE WITH INVESTMENT POLICY <br /> <br />City of San Leandro <br />September 30, 2006 <br /> <br />Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy. <br /> <br />Category Standard Comment <br /> <br />Commercial Paper <br /> <br />No limitations Com lies <br />No limitations Com lies <br />40% maximum; 30% per issuer; A-rated; 180-day Complies <br />max. maturi <br />15% maximum; 10% per issuer; 270-day max. <br />maturit ; A1/P1 and A-rated if L T debt <br />30% maximum; 10% er issuer' M-rated <br />10% maximum; A-rated <br />AAAlAaa rated; assets greater than $500MM; <br />20% maximum <br />Currentl not used b adviser <br />5 ears <br /> <br />Complies <br /> <br /> <br />Ne otiable Certificates of De osit <br />Medium Terms Notes <br />Money Market Funds <br /> <br />Com lies <br />Com lies <br />Complies <br /> <br />LAIF <br />Maximum Maturit <br /> <br />Com lies <br />Com lies <br /> <br />City of San Leandro <br /> <br />The investment goals of the City of San Leandro are to preserve principal, to provide liquidity, and to attain a rate of return <br />commensurate with the City's investment risk constraints and cash flow needs. <br /> <br />Investment Report <br /> <br />Performance Objectives <br /> <br />The performance objective for the City of San Leandro is to attain a rate of return greater than the benchmark of 1-3 year <br />Treasury securities over a market cycle. <br /> <br />Strategy <br /> <br />In order to achieve these objectives, the City of San Leandro invests in US Treasury securities, federal agency securities, <br />high quality money market instruments and high quality corporate medium term notes in accordance with the City's <br />investment policy and California Government Code Section 53600 et seq. <br /> <br />4 <br />