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3 The City of San Leandro (the “City”), has established the City of San Leandro Other Post-Employment Benefits Trust (the “Trust”). This Trust is intended to provide funding of non-pension post- employment benefits (“OPEB”) for those employees who meet the age and service requirements. The Trustees of the Trust hereby adopt this Investment Policy Statement (“Policy Statement”) for the following purposes. Purpose The main investment objective of the Trust is to achieve long-term growth of Trust assets by maximizing long-term rate of return on investments and minimizing risk of loss to fulfill the City’s current and long-term OPEB obligations. The purpose of this Policy Statement is to achieve the following: 1. Document investment objectives, performance expectations and investment guidelines for Trust assets. 2. Establish an appropriate investment strategy for managing all Trust assets, including an investment time horizon, risk tolerance ranges and asset allocation to provide sufficient diversification and overall return over the long-term time horizon of the Trust. 3. Establish investment guidelines to control overall risk and liquidity. 4. Establish periodic performance reporting requirements to monitor investment results and confirm that the investment policy is being followed. 5. Comply with fiduciary, prudence, due diligence and legal requirements for Trust assets. Investment Authority The City Council has appointed a Plan Administrator (the “Administrator”) to oversee certain policies and procedures related to the operation and administration of the Trust. The Administrator will have authority to implement the investment policy and guidelines in the best interest of the Trust to best satisfy the purposes of the Trust. In implementing this Policy Statement, the Administrator believes it may delegate certain functions to: 1. An investment advisor (“Advisor”) to assist the Administrator in the investment process and to maintain compliance with this Policy Statement. The Administrator Advisor may assist the Administrator in establishing investment policy objectives and guidelines. The Advisor will adjust asset allocation for the Trust subject to the guidelines and limitations set forth in this Policy Statement. The Advisor will also select investment managers (“Managers”) and strategies consistent with its role as a fiduciary for the Trust. The investment vehicles allowed may include mutual funds, commingled trusts, separate accounts, limited partnerships and other investment vehicles deemed to be appropriate by the Advisor. The Advisor is also responsible for monitoring and reviewing investment managers; measuring and evaluating performance; and other tasks as deemed appropriate in its role as Advisor for Trust assets. The Advisor may