1. www.IPAIT.org 800.872.4024 Iowa Public Agency Investment Trust Program Overview

2. www.IPAIT.org A Cash Management Program Exclusively for Iowa’s Public Institutions Presenter Dan Zomermaand Public Fund Services, Market Consultant 515-224-2723 dzomermaand@miles-capital.com Anita Tracy Senior Fund Services Administrator 515-224-2725 atracy@miles-capital.com

3. www.IPAIT.org A Cash Management Program Exclusively for Iowa’s Public Institutions IPAIT Overview  IPAIT was established in 1987 to provide a soundly managed, pooled investment vehicle for Iowa’s public entities, designed to accrue benefits through aggregation of funds and follow the framework and safeguards established for local governments of Iowa.  IPAIT Currently has two investment options  Diversified Fund  FTA Program P 3

4. www.IPAIT.org A Cash Management Program Exclusively for Iowa’s Public Institutions IPAIT Overview (cont’d.)   IPAIT is governed by an independent board made up of representatives from Iowa cities, counties, and municipal utilities. The board hires third party vendors to carry out the management and administration of the fund, currently including the following: Service Providers : Investment AdvisorMiles Capital, Inc. Program AdministratorMiles Capital, Inc. Program MarketerMiles Capital, Inc. CustodianWells Fargo Bank, N.A. Legal CounselAhlers & Cooney, P.C. AuditorKPMG, LLP P 4

5. www.IPAIT.org A Cash Management Program Exclusively for Iowa’s Public Institutions IPAIT – Legal Considerations / Sponsorships   Investments within IPAIT adhere to Iowa Code Section 12B.10   The Diversified Fund has been registered with the Securities and Exchange Commission since 1993   IPAIT has legal counsel and a chief compliance officer that monitor the program.   Sponsored by:   Iowa State Association of Counties (ISAC)   Iowa League of Cities (ILC)   Iowa Association of Municipal Utilities (IAMU) P 5

6. www.IPAIT.org A Cash Management Program Exclusively for Iowa’s Public Institutions IPAIT Goals Safety of Principal, Maintenance of Liquidity, Provision of Yield   Safety of Principal   Sound investment framework   Professional management   Legal framework and Chief Compliance Officer   Account-level security and professional administration   Maintenance of Liquidity   Active cash flow monitoring   Maintain portion in overnight investments, collateralized at 102%   Yield   Designed to maximize yield opportunities within Permitted Investments and liquidity constraints P 6

7. www.IPAIT.org A Cash Management Program Exclusively for Iowa’s Public Institutions IPAIT Investment Vehicle Options IPAIT Diversified Fund  Daily liquidity  Pooled investment  Designed for the investment of Operating Funds IPAIT FTA Program  Longer-term maturities  Individual direct investment  Potentially offers more advantageous yield  Investments include CD’s or Gov’t Securities P 7

8. www.IPAIT.org A Cash Management Program Exclusively for Iowa’s Public Institutions IPAIT’s Team Dan, Anita, Ryan, Amy, Laurie, Gwen or a combination are ready to assist in multiple ways, such as:   To present to your governing boards or councils   To answer questions regarding permissible investment practices of your entity   To assist in initiating transactions online or over the phone   To understand investment options presented to your entity   To develop or evaluate your entity’s Investment Policy Statement P 8

9. www.IPAIT.org A Cash Management Program Exclusively for Iowa’s Public Institutions IPAIT Administration Working with your IPAIT Accounts   Unlimited sub-accounts   Unlimited authorized users   No minimum balance required   No minimum or maximum dollar amount of transaction   No minimum or maximum number of transactions per month   Tenured team to answer inquiries and assist with transactions   Direct deposits from the state or your county into your account(s)   Interest accrues daily and posts monthly   See your daily interest and month-to-date interest total   Monthly reinvest into your account   Or, monthly receive a cash payment P 9

10. www.IPAIT.org A Cash Management Program Exclusively for Iowa’s Public Institutions IPAIT Administration Initiating Transactions   Call an IPAIT administrator on the 800# or login to IPASonline   For same business day settlement, initiate the transaction before 10:00 a.m. ► ► Same day transactions require a wire money movement ► ► There are no charges from IPAIT for a wire, but there may be a charge from your local bank to send or receive a wire ► ► If sending a wire to IPAIT, you must initiate the wire with your local bank   For next business day settlement, initiate the transaction before 3:00 p.m.   Next day transactions normally utilize the ACH money movement method   There are no charges on ACH transactions   The IPAIT administrator will initiate the ACH to move money to and from your local bank P 10

11. www.IPAIT.org A Cash Management Program Exclusively for Iowa’s Public Institutions IPAIT Administration Transaction Security and Documentation   Each entity provides IPAIT with authorized users with the authority to initiate transactions via phone or online   The IPAIT administrator verifies the caller by requesting their unique userid   The IPASonline system verifies the user by their unique userid and password   Passwords are required to be changed every 90 days   Audit Trail   All transactions initiated by phone are recorded   All transactions initiated online are logged with the authorized official logged in and remain associated with the transaction   All supporting documentation for each transaction is maintained, i.e. instructions via email   Bank Account   Redemptions from IPAIT can only be directed to pre-authorized bank accounts   Bank account changes require two authorized officials signatures P 11

12. www.IPAIT.org A Cash Management Program Exclusively for Iowa’s Public Institutions IPAIT Administration IPASonline – IPAIT’s Participant Recordkeeping System   24/7 access   Daily rate information   Enter / view / modify transactions, current and future date up to 30 days out   View balances, historical transactions, daily and month-to-date interest accruals and monthly postings P 12

13. www.IPAIT.org A Cash Management Program Exclusively for Iowa’s Public Institutions IPAIT Administration IPASonline – IPAIT’s Participant Recordkeeping System   Daily transaction confirmations and monthly transaction statements in PDF format   Export data for easy use in your accounting system   Vendor Pay ► ► Pay vendors directly from your IPAIT account ► ► Vendors receive an email with the details of the ACH payment P 13

14. www.IPAIT.org A Cash Management Program Exclusively for Iowa’s Public Institutions IPAIT Administration www.IPAIT.org   Portal for IPASonline   Daily and 7-Day Rates   Newsletters   Contact Information   Forms & Reports ► ► Financial Reports ► ► Information Statement ► ► Additional Sub-accounts Form ► ► Bank Account Change ► ► Authorized User form P 14

15. www.IPAIT.org A Cash Management Program Exclusively for Iowa’s Public Institutions Question / Answer Any questions we can answer? P 15

16. www.IPAIT.org A Cash Management Program Exclusively for Iowa’s Public Institutions Disclosures An investment in the Fund is not insured or guaranteed by the FDIC or any other govern­ment agency. Although the Fund seeks to preserve the value of your investment at $1.00/share, it is possible to lose money by investing in the Fund. An investor should consider the Fund’s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the Fund’s Information Statement. To obtain a copy of the Information Statement, please call 800-872-4024or visit www.IPAIT.org. Please read the Information Statement carefully before investing.www.IPAIT.org IPAIT’s unique, internet-based proprietary reporting system offers real-time account inquiry, and transaction capabilities via the internet. Participants may invest, withdraw funds, check balances and transaction history, and make vendor payments with this service. There is also toll-free phone access to experienced administrators who can personally assist you with any IPAIT-related inquiry. There is no limit on the number of individual accounts, no minimum balance requirement, and no limits on the number of transactions per month. Please contact us today to learn more about the additional benefits IPAIT has to offer you. This document is provided by IPAIT. Accordingly, the presentation may not be produced in whole or part, and may not be delivered to any other persons without the consent of IPAIT. This Presentation is not a solicitation of an offer to buy or sell any security or other financial instrument or to participate in any trading strategy. P 16