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PERMITTED INVESTMENT GUILDLINES <br />(1) direct obligations of the United States of America <br />and securities fully.and unconditionally guaranteed <br />as to the timely payment of principal and interest by <br />the United States of America ("Direct obligations")# <br />(2) direct obligations I and fully guaranteed certificates <br />of beneficial interest of the Export -Import Bank of <br />the United States# senior debt obligations of the <br />Federal Home Loan Bankst debentures of the Federal <br />Housing Administrations guaranteed mortgage-backed <br />bonds and guaranteed pass-through obligations of the <br />Government National Mortgage Corporations# guaranteed <br />Title XI financing of the U.S. Maritime <br />Administrations mortgage-backed securities and senior <br />debt obligations of the Federal National Mortgage <br />Association# and participation certificates and <br />senior debt obligations of the Federal Home Loan <br />Mortgage Corporation (collectively, "Agency <br />obligations")t <br />(3) direct obligations of any state of the -United States <br />of America or any subdivision or agency thereof whose <br />unsecured general obligation debt is rated "A3" or <br />better by Moody's Investors Service and "A-" or <br />batter by Standard & Poor's CorporatTon, or any <br />obligation fully and unconditionally guaranteed by <br />any state, subdivision or agency whose unsecured <br />general obligation debt is rated "A3" or better by <br />Moody's Investors Service and "A-" or better by <br />Standard & Poorts CorporatTonl <br />(4) commercial paper rated "Prime -1" by Moody's Investors <br />Service and "A-1" or better by Standard & Poor's <br />corporatlo`n t <br />(S) obligations rated 11A3" or better by Moody's Investors <br />Service and "A-" or better by Standard & Poor's <br />corporates; <br />(b) deposits, Federal funds or bankers acceptances of any <br />domestic bank, including a branch office of a foreign <br />bank which branch office is located in the United <br />States, provided legal opinions are received to the <br />effect that full and timely payment of such deposit <br />or similar obligation is enforceable against the <br />principal office or any branch of such bank, which; <br />a. has an unsecured, uninsured and unguaranteed <br />obligation rated "Prime -1" or 11A3" or better by <br />Moody's Investors Service and "A-1" or "A-" or <br />better by Standard & Poor'e Corporation, or <br />Lxhibit A <br />Pare 1 of <br />