*IMPORTANT NOTE FOR NEW PTIF PARTICIPANTS* After allowing approximately seven days for processing of initial pool participation application, please contact Stephanie Baldes (801-538-1470 or 1-800-395-7665) to obtain your PTIF account number and to arrange for an initial deposit into the pool.

UTAH PUBLIC TREASURERS INVESTMENT FUND (PTIF)

Providing a Competitive Yield with Safety and Liquidity

INVESTMENT FUND OBJECTIVES
The Utah Public Treasurers Investment Fund (the "Pool") invests to insure safety of principal, liquidity and high current income on short term investments.

All monies transferred to the Pool are promptly invested in securities authorized by the State Money Management Act.

Safekeeping and audit controls for all investments owned by the Pool comply with the Money Management Act.

WHO CAN INVEST
Any funds administered by a State of Utah public treasurer may be invested in the Pool. This includes funds held by Utah local governments, city and county treasurers, state boards, commissions, institutions, departments, divisions, agencies, or other similar instrumentalities, school districts, and other public bodies.

WHY INVEST IN THE POOL?
Investing in the Pool is an easy way to invest temporarily excess and idle monies more effectively. Local government or agency officials have complete discretion over their investment including the amount and the length of time funds are invested.

Professional investment personnel in the State Treasurer's Office are constantly in touch with local and national investment markets. By investing with the State Treasurer, public entities can take advantage of this expertise at no additional expense to local taxpayers.

STABILITY
Every dollar you invest today is managed to be worth a dollar tomorrow plus the income earned at competitive rates.

HIGH CURRENT RATES
The pooling of monies from many public agencies enables the State Treasurer to take advantage of higher yields offered on large denomination securities not otherwise available to many public treasurers. Larger denomination securities are exempt from certain investment service charges normally assessed by banks and brokers on small-lot purchases. Reduced cost and current market rates result in a better yield on your Pool investment. The yield will fluctuate with current interest rates.

LIQUIDITY
The immediate availability of funds from the Pool relieves the public treasurer of the burden of predicting exactly how long funds will be available for investment. The same monthly yield is paid, regardless of the length of time funds are invested. The Pool is not intended to be a substitute for a treasurer's demand checking account, sweep account, or daily repurchase agreement. While it provides daily liquidity, the Pool is intended for funds to be invested for several days or longer.The State Treasurer may invest state monies in the Pool and may withdraw such monies from time to time in the same manner as other participants.

SECURITY
All investments of the Public Treasurers Investment Fund must comply with the Money Management Act and Rules of the Money Management Council. Refer to the Money Management Act, Section 51-7-11, for details. The Pool invests primarily in money market securities including time certificates of deposit and top-rated domestic commercial paper. The maximum final maturity of any security purchased by the Pool is limited to five years. The maximum weighted average life of the portfolio will not exceed 90 days.

By Statute, investment transactions are conducted only through certified dealers, qualified depositories or directly with issuers of the securities.

All securities purchased are delivered to the custody of the Utah State Treasurer, assuring a perfected interest in the securities. For safety and convenience, the State Treasurer uses a custodial bank to take delivery of some securities. Securities owned by the Pool are completely segregated from state securities. The State of Utah has no claim on assets owned by the Pool except for any investment of State monies in the Pool. Pool deposits are not insured or otherwise guaranteed by the State of Utah.

Securities in the fund include certificates of deposit, commercial paper, short term corporate notes, obligations of the U.S. Treasury and certain agencies of the U.S. Government. These securities are issued by top rated, highly credit-worthy corporations and government agencies and represent very limited risk to the investor.

Investment activity of the State Treasurer is reviewed monthly by the Money Management Council and is audited by the Utah State Auditor.

DIVERSIFICATION
By combining the funds of many investors, the Pool can diversify among many authorized investments, thereby avoiding excessive concentration in securities of any one issuer. In accordance with Council rules, no more than 5% of the Pool may be invested with a single issuer.

NO MINIMUM BALANCE REQUIREMENT
The Pool has no minimum balance or minimum/maximum transaction requirements.

ADMINISTRATIVE CHARGES
A fee intended to cover actual operating expenses and related costs is deducted from gross earnings and is not reflected on the monthly statement. The fee is subject to adjustment from time to time based on the costs incurred. The State Treasurer has established a maximum fee of 10 basis points (one-tenth of one percent (.001)) applied to the average account balance on an annual basis. Historically, the total charge has averaged about 1 basis point (.0001). No other costs or fees are assessed by the State Treasurer. The Pool is operated as a service to local governments and does not generate any profit to the State Treasurer.

INTEREST EARNED
Accrual basis interest earnings are calculated monthly and credited to each account on the last day of the month. The monthly yield is quoted as a simple average using the actual number of days in the month and a 360 day year. As an example, an account having an average daily balance of $100,000 during June earns $333.33 at a 4% yield, calculated as follows:

$100,000 x 4.00% x 30 days/360 days

Most money market investment vehicles, such as bank money funds and Money Market Mutual Funds, quote yields based on a 365 day year and may quote a compounded "return". Using the example above, an investment that paid $333.33 would quote a yield of 4.0555% based on a 365 day year.

The monthly apportionment of earnings includes amortized gains and losses realized by the Pool and is net of all costs and fees as discussed under "ADMINISTRATIVE CHARGES". Public funds transferred to the Pool begin earning interest on the day they are received in collected funds, and continue to earn interest until withdrawn by the participant.

MONTHLY INVESTMENT STATEMENT
Monthly statements of account are provided to participants reflecting beginning and ending balances and all deposits and withdrawals. Interest earned and credited, weighted average balance, and the average yield for the month are also shown on the statement. Statements are prepared and mailed on the third or fourth business day of each month. The monthly statement should be retained as a permanent record. The State Treasurer cannot provide transaction and earning histories for specific accounts other than that provided in the monthly statements. Refer to Exhibit #1 for an example of the monthly statement.

BANK CHARGES
Note that your bank may assess a wire transfer fee for each wire transfer. If requested by the depositor, most banks will reverse wire transfer fees and "analyze" such charges against customer account balances. No wire charges are assessed by the State Treasurer.

Deposits and withdrawals can be made at no cost using ACH. Refer to "HOW TO INVEST IN THE PUBLIC TREASURERS' INVESTMENT FUND".

HOW TO INVEST
1. Deposits into Pool accounts may be made by ACH initiated by the State Treasurer, by wire transfer, by check drawn on the participant's bank account and by direct deposit of state warrants.

A. Pool participants can deposit funds in a Pool account using Automated Clearing House (ACH) transfers initiated by the State Treasurer.

1. Please complete and return the AUTHORIZATION AGREEMENT FOR AUTOMATIC DEPOSITS AND WITHDRAWALS (Form UPTIF 4/6)

2. Contact the State Treasurer's Office (801) 538-1470 or TOLL FREE 1-800-395-7665 on normal business days between the hours of 7:30 a.m. to 11:59 a.m. and give the following information:

a. date funds are to be transferred
b. amount to be transferred
c. pool account name and number
d. how funds are to be transferred (ACH)
e. name of bank and account number to be charged

3. Transfer requests made by 11:59 a.m. will receive next day ACH credit.

B. For Wire Transfer deposits:

1. Contact your depository bank and instruct them to wire funds to the account of Utah State Treasurer

2. Contact the State Treasurer's Office (801) 538-1470 or TOLL FREE 1-800-395-7665 on normal business days between the hours of 7:30 a.m. to 11:59 a.m. and give the following information:

a. date of transfer
b. amount of the transfer
c. pool account name and number
d. how funds are to be transferred (wire transfer)
e. name of bank funds are to come from

If there is no notification of wire transfers to the Pool, no investment is made and depositors will lose interest.

3. Wire transfers for which timely notification is received by the State Treasurer receive same day credit.

C. For deposits by check drawn on your depository bank:

1. Mail or hand deliver a check made payable to:

Utah State Treasurer
E 315 State Capitol Complex
Salt Lake City, Utah 84114-2315

2. Investment credit will be given effective the same date the Treasurer receives credit for collected funds. Same day credit is given for checks drawn on Wells Fargo Bank. Next day credit is given for most other banks.

D. Direct deposit of state warrants:
Public treasurers should request that state warrants payable to local government agencies be deposited directly on the day issued. This will substantially reduce the time lag and float otherwise experienced, thereby maximizing earnings for local governments.

HOW TO WITHDRAW FUNDS

1. Withdrawals from the Pool may be made by ACH, by wire transfer or by check drawn by the State Treasurer.

2. Withdrawal requests can be made between 7:30 a.m. and 11:59 a.m. each business day.

3. Participants withdrawing over $5,000,000 must give at least 48 hour notice. While the Pool is very liquid, there could be an adverse effect on yield if securities had to be sold in a disorderly fashion. Notice of large withdrawals will help us keep the Pool fully invested without maintaining an excessively large daily repurchase agreement.

4. To withdraw funds from the Pool:

A. ACH withdrawals:

1. Contact the State Treasurer's Office (801) 538-1470 or TOLL-FREE 1-800-395-7665 and provide the following information:

a. date of the withdrawal (same day or future date)
b. amount to be withdrawn
c. pool account name and number
d. bank name and account number to be credited

B. Wire transfer withdrawals:

1. Call the State Treasurer's Office (801) 538-1470 or TOLL-FREE 1-800-395-7665, and provide the following information:

a. date of the withdrawal (same day or future date)
b. amount to be withdrawn
c. pool account name and number
d. bank name and account number to be credited

C. Withdrawals by check:

1. Upon request, the State Treasurer will issue a check to withdraw funds from your Pool account. Checks can be mailed, or may be picked-up in the State Treasurer's Office.

D. Intra-fund transfers:
Upon receipt of a written request, the State Treasurer can transfer amounts between Pool accounts to pay obligations of participating public agencies. For example, property taxes collected by a county which must be distributed to a city or to a school district can be conveniently and efficiently transferred between their respective Pool accounts.

E. All funds withdrawn are delivered to the depositor or to the depositor's bank. Internal control policies adopted by the State Treasurer prohibit payments to third parties.

F. Withdrawals which would result in an overdraft in the account are not permitted. Erroneous overdrafts will be charged interest at the then-current Pool rate.