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Safety Report May 2019 Incidents Reported Date Injury Description: Causes: Prevention: Rubbed something into eye and tried to Be aware of irritating substances on hands, wash 4/3/19 Eye Dirty hands flush it, eye became irritated and

  1. o 20% Wholesale Price Increase o 20% Wholesale Price Decrease o No Retail Load Increase Post-2019 o No Retail Load Increase Post-2019 and -20% Wholesale Price Decrease o Zero Rate Increases o Fiber buildout completed by 2023 • Scenarios and Debt Service Coverage (Appendix E) o Debt Service Coverage (DSC) is adversely affected in all scenarios through 2024 except higher wholesale energy prices. o No Load growth scenario when combined with low wholesale energy prices creates the largest negative impact to DSC, indicating that growing profitable loads is a key controllable business driver. • Scenarios and Excess Liquidity (Appendix F) o Excess liquidity dropping below $0 in any year would require the District to raise rates, cut expenses and/or borrow more to avoid consuming working capital and reserves. o Minimum cash accumulation scenario adds $111 million from 2019 through 2024. o The highest threat to excess liquidity is No Load Growth when combined with low wholesale energy prices. Conclusions and Path Forward: • Growing profitable loads is a key controllable business success driver. • Lower wholesale prices are a threat in the 2019-2024 period, particularly when combined with no or low load growth. • Accumulating excess cash instead of utilitizing a debt reduction strategy, results in lower earnings, lower DSC, and inhibits meeting the Return on Assets metric. Recommendation: • For your information. 2

  2. EXHIBIT A – Summary of Budget Items (in thousands of dollars) Exhibit A - Summary of Budget Items Budget 2019 2019 2020 2021 2022 2023 2024 TOTAL O&M 122,104 126,234 126,117 129,828 131,294 133,608 139,825 TAXES 17,713 17,812 18,693 19,829 20,564 21,187 21,581 ELECTRIC CAPITAL 63,276 56,868 61,307 43,094 36,132 29,370 29,974 PRP CAPITAL 81,278 78,048 99,983 62,145 78,158 82,703 84,932 DEBT SERVICE (net of rebates) 87,544 87,498 88,497 91,345 91,530 87,361 89,105 TOTAL EXPENDITURES 371,913 366,460 394,597 346,243 357,677 354,230 365,417 Expenditure offsets for deduction Contributions in Aid of Construction (3,652) (3,652) (1,202) (1,207) (1,212) (1,218) (1,223) Sales to Power Purchasers at Cost (26,365) (29,819) (22,699) (13,835) (14,289) (14,056) (14,731) Net Power (+ Expense, - Revenue) (49,383) (58,375) (62,000) (74,933) (82,481) (74,086) (68,661) Conservation Loans (125) (125) (125) (125) (125) (125) (125) TOTAL EXPENDITURE OFFSETS (79,526) (91,971) (86,025) (90,100) (98,108) (89,485) (84,740) TOTAL BUDGETED EXPENDITURES 292,388 274,489 308,571 256,142 259,569 264,746 280,676 3

  3. EXHIBIT B – Consolidated Operational Performance (in thousands of dollars) Exhibit B Budget Forecast CONSOLIDATED OPERATIONAL PERFORMANCE 2019 2019 2020 2021 2022 2023 2024 Sales to Power Purchasers at Cost 26,365 29,819 22,699 13,835 14,289 14,056 14,731 Retail Energy Sales 211,334 213,101 227,371 244,908 256,266 265,809 271,582 Net Power (Net Wholesale+Other Power Revenue) 49,383 58,375 62,000 74,933 82,481 74,086 68,661 Fiber Optic Network Sales 8,900 8,900 9,643 10,238 10,672 10,995 11,231 Other Revenues 1,809 1,809 1,825 1,841 1,857 1,873 1,890 Operating Expenses (122,104) (126,234) (126,117) (129,828) (131,294) (133,608) (139,825) Taxes (17,713) (17,812) (18,693) (19,829) (20,564) (21,187) (21,581) Net Operating Income(Loss) Before Depreciation 157,975 167,958 178,727 196,098 213,708 212,024 206,689 Depreciation and amortization (73,481) (72,928) (76,277) (76,447) (75,168) (76,798) (78,182) Net Operating Income (Loss) 84,493 95,031 102,450 119,651 138,541 135,226 128,507 Other Revenues (Expenses) Interest, debt and other income (30,188) (27,810) (27,663) (32,496) (31,119) (29,503) (27,957) CIAC 3,652 3,652 1,202 1,207 1,212 1,218 1,223 Change in Net Position 57,957 70,873 75,989 88,362 108,634 106,941 101,774 Budget Forecast 2019 2019 2020 2021 2022 2023 2024 NET INCOME 57,957 70,873 75,989 88,362 108,634 106,941 101,774 LIQUIDITY (measured at year end) Elect System Liquidity (Rev + R&C) 111,386 112,320 115,682 118,178 120,617 122,960 125,351 Excess Liquidity 59,041 80,621 113,689 150,546 198,541 244,093 288,817 Days Cash On Hand 576 611 697 425 536 584 622 LEVERAGE Consolidated DSC 1.91 2.04 2.10 2.25 2.37 2.37 2.43 Consolidated Debt/Plant Ratio 60% 59% 59% 58% 57% 56% 56% PROFITABILITY Cons. Return on Net Assets (chg. in net assets / net plant) 2.7% 3.3% 3.4% 3.9% 4.7% 4.6% 4.3% Retail Op Ratio (assumes baseline capital) 107% 106% 104% 104% 101% 97% 98% 4

  4. EXHIBIT C- District Annual Financial Metric Targets Metric Target 2019 2020 2021 2022 2023 2024 >$155M > Maintain Maintain Maintain Maintain Maintain Maintain Liquid Cash 250 days above target above target above target above target above target above target Consolidated Maintain Maintain Maintain Maintain Maintain Maintain Debt Service >1.80x above target above target above target above target above target above target Coverage Maintain Maintain Maintain Maintain Maintain Debt to Net Plant <60% Debt 59% below target below target below target below target below target Return on Net Maintain Maintain >4% 3.3% 3.4% 3.9% 4.7% Assets below target below target Retail Operating Maintain <100% 106% 104% 104% 101% 97% Ratio below target Red denotes not achieving metric in current forecast Yellow denotes achieving interim metric, but not final metric target 5

  5. EXHIBIT D- Comparison between 2019 Budget and Q1 2019 Financial Forecast Q1 2019 Base - Final Target 2019 2020 2021 2022 2023 2024 NET INCOME 70,873 75,989 88,362 108,634 106,941 101,774 LIQUIDITY (measured at year end) Elect System Liquidity (Rev + R&C) $155 MM 112,320 115,682 118,178 120,617 122,960 125,351 Excess Liquidity 80,621 113,689 150,546 198,541 244,093 288,817 Days Cash On Hand > 250 611 697 425 536 584 622 LEVERAGE Consolidated DSC >1.8x 2.04 2.10 2.25 2.37 2.37 2.43 Consolidated Debt/Plant Ratio ≤ 60% 58.79% 58.85% 58.24% 57.43% 56.24% 55.58% PROFITABILITY Rate of Return (chg. in net assets / net plant) >4% 3.28% 3.39% 3.89% 4.70% 4.56% 4.27% Retail Op Ratio (assumes baseline capital) ≤ 100% 106.15% 104.20% 104.02% 100.58% 97.07% 98.12% 2019 Budget FINAL Target 2019 2020 2021 2022 2023 2024 NET INCOME 57,957 55,265 62,632 64,473 65,448 65,720 LIQUIDITY (measured at year end) Elect System Liquidity (Rev + R&C) $155 MM 111,386 114,781 117,598 120,550 123,526 126,578 Finance Plan Reserve 59,041 60,988 62,879 67,529 73,595 80,218 Days Cash On Hand > 250 576 562 387 429 428 419 LEVERAGE Consolidated DSC >1.8x 1.91 1.89 1.99 1.96 1.99 2.07 Consolidated Debt/Plant Ratio ≤ 60% 59.71% 59.29% 58.26% 57.44% 56.32% 55.58% PROFITABILITY Rate of Return (chg. in net assets / net plant) >4% 2.67% 2.45% 2.74% 2.77% 2.77% 2.73% Retail Op Ratio (assumes baseline capital) ≤ 100% 106.82% 106.39% 107.45% 105.81% 102.34% 102.86% 6

  6. EXHIBIT D- Comparison between 2019 Budget and Q1 2019 Financial Forecast (con’t) Difference Target 2019 2020 2021 2022 2023 2024 NET INCOME 12,916 20,724 25,730 44,162 41,493 36,053 LIQUIDITY (measured at year end) Elect System Liquidity (Rev + R&C) $155 MM 934 901 580 67 (565) (1,227) Excess Liquidity 21,580 52,701 87,667 131,012 170,499 208,599 Days Cash On Hand > 250 36 135 38 107 156 203 LEVERAGE Consolidated DSC >1.8x 0.13 0.21 0.26 0.41 0.39 0.36 Consolidated Debt/Plant Ratio ≤ 60% -0.92% -0.45% -0.02% -0.01% -0.08% -0.01% PROFITABILITY Rate of Return (chg in net assets / net plant) >4% 0.61% 0.94% 1.15% 1.93% 1.79% 1.54% Retail Op Ratio (assumes baseline capital) ≤ 100% -0.66% -2.19% -3.43% -5.23% -5.28% -4.74% 7

  7. EXHIBIT E- Scenarios: Debt Service Coverage Ratios Debt Service Coverage by Year and Scenario (Q1 2019) 2.60 Target 2.50 Q1 2019 Base - Final 2.40 Q1 2019 Scenario: +20% Price 2.30 2.20 Q1 2019 Scenario: -20% Price 2.10 Q1 2019 Scenario: No Load Growth Post-2019 2.00 Q1 2019 Scenario: -20% Prices 1.90 and No Load Growth Q1 2019 Scenario: Zero Rate 1.80 Increases 1.70 Q1 2019 Base - Fiber By 2023 1.60 2019 2020 2021 2022 2023 2024 Debt Service Coverage (DSC) 2019 2020 2021 2022 2023 2024 Target 1.80 1.80 1.80 1.80 1.80 1.80 Q1 2019 Base - Final 2.04 2.10 2.25 2.37 2.37 2.43 Q1 2019 Scenario: +20% Price 2.00 2.14 2.33 2.49 2.49 2.54 Q1 2019 Scenario: -20% Price 2.08 2.06 2.17 2.24 2.26 2.33 Q1 2019 Scenario: No Load Growth Post-2019 1.97 2.08 2.16 2.30 2.33 2.40 Q1 2019 Scenario: -20% Prices and No Load Growth 2.02 2.02 2.05 2.12 2.14 2.22 Q1 2019 Scenario: Zero Rate Increases 2.04 2.07 2.19 2.31 2.31 2.36 Q1 2019 Base - Fiber By 2023 2.04 2.10 2.24 2.35 2.35 2.40 8

  8. EXHIBIT F- Scenarios: Excess Liquidity Excess Liquidity by Year and Scenario (Q1 2019) Millions $320.0 Q1 2019 Base - Final $270.0 Q1 2019 Scenario: +20% Price Q1 2019 Scenario: -20% Price $220.0 Q1 2019 Scenario: No Load Growth Post-2019 Q1 2019 Scenario: -20% Prices and No $170.0 Load Growth Q1 2019 Scenario: Zero Rate Increases Q1 2019 Base - Fiber By 2023 $120.0 $70.0 2019 2020 2021 2022 2023 2024 Excess Liquidity - figures in millions of USD 2019 2020 2021 2022 2023 2024 Q1 2019 Base - Final $ 80.6 $ 113.7 $ 150.5 $ 198.5 $ 244.1 $ 288.8 Q1 2019 Scenario: +20% Price $ 76.7 $ 113.5 $ 157.9 $ 218.7 $ 275.5 $ 330.6 Q1 2019 Scenario: -20% Price $ 84.6 $ 113.9 $ 143.1 $ 178.4 $ 212.7 $ 247.0 Q1 2019 Scenario: No Load Growth Post-2019 $ 74.4 $ 105.0 $ 133.0 $ 174.5 $ 215.9 $ 257.6 Q1 2019 Scenario: -20% Prices and No Load Growth $ 78.5 $ 103.5 $ 120.7 $ 143.8 $ 165.9 $ 189.4 Q1 2019 Scenario: Zero Rate Increases $ 80.6 $ 110.5 $ 141.5 $ 183.4 $ 222.4 $ 260.3 Q1 2019 Base - Fiber By 2023 $ 80.6 $ 99.2 $ 137.0 $ 177.2 $ 215.6 $ 256.2 9

  9. EXHIBIT G- Scenarios: Return On Net Assets Return on Net Assets by Year and Scenario (Q1 2019) 5.50% Target 5.25% Q1 2019 Base - Final 5.00% Q1 2019 Scenario: +20% Price 4.75% 4.50% Q1 2019 Scenario: -20% Price 4.25% Q1 2019 Scenario: No Load Growth Post-2019 4.00% Q1 2019 Scenario: -20% Prices and No 3.75% Load Growth 3.50% Q1 2019 Scenario: Zero Rate Increases 3.25% Q1 2019 Base - Fiber By 2023 3.00% 2.75% 2.50% 2019 2020 2021 2022 2023 2024 Return on Net Assets (RONA) 2019 2020 2021 2022 2023 2024 Target 3.60% 3.80% 4.00% 4.00% 4.00% 4.00% Q1 2019 Base - Final 3.28% 3.39% 3.89% 4.70% 4.56% 4.27% Q1 2019 Scenario: +20% Price 3.10% 3.55% 4.22% 5.25% 5.04% 4.70% Q1 2019 Scenario: -20% Price 3.47% 3.22% 3.55% 4.15% 4.08% 3.83% Q1 2019 Scenario: No Load Growth Post-2019 3.00% 3.28% 3.50% 4.42% 4.38% 4.14% Q1 2019 Scenario: -20% Prices and No Load Growth 3.18% 3.03% 3.03% 3.62% 3.56% 3.38% Q1 2019 Scenario: Zero Rate Increases 3.28% 3.24% 3.63% 4.43% 4.28% 3.98% Q1 2019 Base - Fiber By 2023 3.28% 3.33% 3.79% 4.55% 4.35% 4.08% 10

  10. Treasury Quarterly Report May 2019, Thru Quarter Ending 03/31/19 Powering our way of life.

  11. Treasury Scope of Operations I. Cash & Investment Management II. Accounts Payable III. Debt Management 2

  12. Cash & Investment Management • District financial assets are managed in accordance to policy, state law, and internal strategy • Resolution 8712 sets banking and cash management authority and reporting requirements • Resolution 8745 sets authority for investment policy updates, roles and reporting requirements • District policy updated as needed and reflects authorities set within the state of Washington, IOC reviews, and monitors performance against strategy • Incumbency Certificate (01/08/19) approved annually by Commission for District Officers (used for financial matters) • WA state RCW defines legal requirements and Treasurer’s authorities • State Investment Policy sets parameters under WA state law for authorized investment, banking, and cash management protocol which are mirrored in internal protocol • Key portfolio notes • Derived from the above, the portfolio is managed within concentration and diversification boundaries and targeted ranges • Diversification mitigates risk to the District holdings, per policy decisions are made on the basis of legality, safety, liquidity and yield (in order) • Portfolio categories are benchmarked against the industry for performance comparisons 3

  13. Cash & Investments -Quarter Review P • Ending cash/investments (market value) • Upcoming significant cash events: O $511.4M • May: Internal cash transfer of $110M from Elec Rev Fund to PRP Construction • Decrease from prior period of $33M R • July: Bi-annual debt service payment $45M • Par value of portfolio at 3/31 = $500M, $12.5M is market/accrual adjustments T F O L I O 4

  14. Cash & Investments -Quarter Review Shown in thousands $000 Diversification P Key policy components By Type: Policy Target Current • Prudence - investments are Max Range (%) Par Type O made with the intention to hold Treasuries 100% 20%-40% 22.5% $ 112,200 Agencies 50% 5%-15% 13.4% 67,033 to maturity, not for speculation Supras 50% 5%-15% 12.2% 60,990 R Muni Bonds 50% 25%-40% 36.7% 183,270 1. Legality 25% (1) Corp Notes 5%-10% 4.5% 22,525 25% (1) CP 5%-10% 4.8% 24,000 T 2. Safety Securities Subtotal Par 94% $ 470,018 Varies (2) WA LGIP 100% 3.4% 17,138 REPO 100% < $9,000 0.8% 3,800 3. Liquidity Shown in thousands $000 By Broker/Dealer: F Cash N/A < $3,000 1.6% 7,952 Long Term Investments Total Cash & Investments Par 100% $ 498,908 4. Return (%) (5) Accrual and Market Adjustments Par Broker | Dealer $ 12,532 Total Cash & Investments $ 511,440 O Vining Sparks $ 135,038 29% • District policy is to diversify by Stifel, Nicholas 90,832 19% security type, investment type, Wells Fargo 75,913 16% Diversification for investment type is measured against the L and maturity Piper Jaffray 52,945 11% total par amount of the portfolio per policy. 2019 reporting measures against the full portfolio including cash and short UBS Securities 42,100 9% • Policy specifies max term investments. Oppenheimer 32,175 7% I concentration by type Keybanc 24,815 5% Diversification within the investment types for which Others (6) 16,200 3% broker/dealers are used (long term investments) are O • Strategy sets an optimal Securities Subtotal Par $ 470,018 100% measured within that respective subtotal. target range by type Report Footnotes: (1) WSIB combined <= 25%, (2) includes large energy deposits, (3 & 4) as of purchase date, (5) <= 50% per B/D, (6) Aggregate <2.5% combined 5

  15. Cash & Investments -Quarter Review P Key policy components Maturities within 1 Year O • Return targeted to achieve a market average considering ' Par $ Par % economic cycles, risk constraints, arbitrage, and cash flows R 1 Year or less * $ 187,688 39.9% • A minimum of 20% of the total portfolio will be comprised > than 1 Year $ 282,330 60.1% Grand Total $ 470,018 100.0% of investments maturing within 1 year T Policy constraint (1) 20% | $94 • Special provisions for bond related funds F • Benchmarking is done to provide information against similarly diversified portfolio categories O • The Sharpe Ratio is monitored as a measurement of the performance of the portfolio adjusting for risk. L I Portfolio Sharpe Ratio – thru 3/31/19 1.17 O Benchmark Sharpe Ratio- thru 3/31/19 1.30 *Sharpe Ratio = Difference of the portfolio’s return and risk free return (3 month Treasury Bill) by the standard deviation of the portfolio’s return. 6

  16. Cash & Investments -Quarter Review Investment Return - YTD and Annual P shown in millions Year-To-Date Full Year (projected 2019) a b (a+b) a b (a+b) O Realized Unrealized Total Return Realized Unrealized Total Return (Cash) (Mark-to- (Cash) (Mark-to- Market) Market) R 2019 $'s $ 3.3 $ 2.8 $ 6.2 $ 14.0 $ 2.8 $ 16.8 *Projected 2019 Results 2019 %'s 3.31% 2.69% 0.62% 3.31% *Projected 2019 Results 2018 $'s $ 2.4 $ (2.4) $ (0.0) $ 12.6 $ (3.0) $ 9.6 T 2018 %'s 1.45% 2.60% -0.64% 1.96% Q1 Par Value YE Par Value F 2019 $ 498.9 2019 $ 498.9 2018 $ 505.8 2018 $ 530.0 O Portfolio Status YTD Current Prior Year Period Same Qtr. L Book Yield 2.69% 2.05% I PB Yield 2.47% 1.80% Book income includes cash flows (interest earnings) plus adjustments for discounts/ premium Effective Duration 1.59 1.86 PB Duration 2.53 2.31 O 7

  17. Cash & Investments -Quarter Review Interest Matching - ALM M ALM Statistics thru TYTD Q1, 2019 • The Fed Funds are currently set at a max of 2.50 (range of 2.25-2.50) Liquidity in Elec Rev/R&C $286.5M Fund (Par) A • The overnight rate underwent 4 hikes in 2018 (0.25 ea.), which Interest Earnings on above 2.61% / $3.1M followed a steady incline of increases the 4 quarters prior to. funds R • While not certain, the most recent press releases speak to stability Short Term Debt Program $150M in the rate over the upcoming FOMC meetings. (Par) K Interest Expense on Short 2.07%/$0.8M • Over the past year, Treasuries have experienced a flattening and Term Debt Program decline away from the traditional yield curve. E • District policy and strategy focuses outcomes based on fund principles T and not on market expectations. The District’s Asset/Liability Matching program is designed to mitigate fluctuations in market results for US Treasuries Yields: 1 mo. to 30 yr. a portion of the cash/investment portfolio by hedging interest earnings and interest expense. *The above graph assumes a reduction in future liquidity per implementation of pending recommendation; interest and yields are based upon current market conditions and current terms issued bonds. 8

  18. Banking Quarter Review B • Banking and other updates A A • The District closed the Columbia Bank Account in March of 2019 due to the local office deposits being serviced by the vault service (armored car) N • Transition of authorized District staff K • Continuous improvement efforts to consolidate accounts, evaluation of banking agreements • Successful implementation of ResNexus (recreation booking/payment system) I • Implementation of automated bank reconciliation program that improves accuracy, improves internal controls, N and creates internal efficiencies • Worked with Customer Accounting to set up American Express as a payment option for customers G 9

  19. Accounts Payable Methods of Payment- • District processes a large amount of Dollars outflows annually • Capital, O&M % of Dollars Processed Electronically • Taxes, Debt Service Elect $ Check $ • (Payroll is processed thru 2017 FY 2017 2018 Treasury via a different Methods of Payment- process) Quantity 2018 FY • Significant intentional progress has been made to reduce risk, increase efficiency, and reduce manual 2019 (YTD) efforts Elect- Qty Check - Qty 90% 92% 94% 96% 98% 100% • The District updated the approach 2017 2018 to vendor terms, taking discounts beginning in Q1. This is expected Vendor Payments ACH vs Check 2017-Current Q1 - Dollars 2017 2018 2019 Q1 to create significant value for the ACH/Wire (Electronic) 353,541,860 330,306,791 118,230,676 District. Check 19,413,739 13,010,747 3,773,647 ACH% 95% 96% 97% • District is kicking off a cross Vendor Payments ACH vs Check 2017-Current Q1 – Item Count departmental Procure to Pay 2017 2018 2019 Q1 project to focus on additional ACH/Wire (Electronic) 6,551 7,239 1,690 Check 2,999 1,690 569 efficiencies ACH% 68% 74% 75% 10

  20. Debt Management Quarter End Statistics: Total Consolidate Outstanding Debt $1,269,395,000 • Total outstanding external debt: $1.3B • Last debt issuance (new money) was Q4 of 2017 • Next debt issuance is anticipated late 2020 or early 2021 • Total par Junior Lien Bonds (JLB) internal repayment of PRP cash financed capital (to Electric) = $216.2M • May 2019 $110M transfer to fund capital for the next 9 months • Debt to Equity Ratio • 2018 year end: 62% 11

  21. Debt- Refunding • District policy on refunding for savings: Aggregate 3% savings with a 50% escrow o efficiency • Tax legislation in 2017 greatly reduced refunding options for the District Amount Callable Series Meeting Criteria PV Savings Efficiency Call Date PV Savings Tax exempt- must within 90 days of call date o PRP 2010-A 4,275,000 4% 98% 1/1/2020 223,023 PRP 2012-A 12,725,000 7% 67% 7/1/2022 688,337 PRP 2013-A 58,950,000 5% 48% 7/1/2023 3,238,483 • Currently no qualified exempt candidates PRP 2013-Z 20,585,000 10% 64% 7/1/2023 2,156,289 ES 2013-J 54,340,000 5% 47% 7/1/2023 2,681,118 6,225,000 3% PRP 2014-A 36% 7/1/2024 206,666 Exempt bonds can be refunded ahead of call o PRP 2014-B 6,070,000 4% 37% 7/1/2024 212,388 *above calculations assume delivery as of 06/2019 (taxable refunding) date as taxable via a qualified defeasance escrow • District is evaluating other market opportunities to add value to refunding options paired with long term financial strategies 12

  22. Debt Program Activity • The current short term debt program consists of three products of • The District refunded the ES 2016-L short term variable $50 million each = $150 million program debt note in April of 2019 1. ES 2017-M: Senior Lien- Fixed – 9/20 maturity • 27 month maturity (ahead of LIBOR index transition) 2. ES 2017-N: Subordinate Lien- Variable/Libor – 12/20 maturity and to maintain staggered remarketing/more favorable issuance time 3. *ES 2019-P: Subordinate Lien- Variable/Libor – 7/21 maturity • Estimated savings to District of ~ $1.4M-$2.2M *refunded in April 2019 compared to other short term options (at time of decision) • A portion of this included ~ $185k reduced transaction costs and additional staff efficiencies • The District’s short term debt program is intended to hedge overall market conditions (interest/expense) from a “net interest” perspective • Strategies include diversification of portfolio, market averaging/timing, par balanced to liquid cash program 13

  23. Debt Service Payments • Debt Service includes principal payments (due Jan 1 st on fixed rate debt) annually • With exception the CREBS principal of $242M is self managed in sinking funds up to the maturity dates • Short term debt (both fixed and variable) contain specific provisions on principal repayment Interest payments are due on Jan 1 st / July 1 st for • fixed rate date and monthly on variable rate debt • CREB’s and BAB’s interest rebates return to the District following the Jan/July interest payments • Current sequestration rate of 6.2%, estimated 2019 rebate = $10.5M • The District targets 1.8x consolidated minimum debt service coverage as a financial metric • Specific coverage and other requirements for individual liens/notes 14

  24. Debt Management- Credit Ratings • The District maintains ratings from the three national agencies • Electric and PRP are rated as separate charge of lien • Ratings are updated when public debt is issued or when the agency takes action • S&P and Fitch have recently updated their criteria which will be reflected in our next rating • The last District discussion with the agencies was in October of 2018 15

  25. Powering our way of life.

  33. Public Utility District No. 2 of Grant County Quarterly Treasurer's Report Historical Cash and Investments Summary | Liquidity and Restricted ($ in thousands) Cash Cash & Investm Investments nts 3/31/ 31/2017 2017 6/ 6/30/ 30/2017 2017 9/ 9/30/ 30/2017 2017 12/ 12/31/ 31/2017 2017 3/ 3/31/ 31/2018 2018 6/ 6/30/ 30/2018 2018 9/30/ 30/2018 2018 12/ 2/31/ 31/2018 018 3/31/ 1/2019 2019 Liquidity ‐ ES R&C Fund (1) $ 126,813.2 $ 127,805.2 $ 128,510.9 $ 122,030.7 $ 121,692.6 $ 122,023.7 $ 122,318.8 $ 124,201.3 $ 126,043.9 Liquidity ‐ ES Revenue Fund (2) (4) 114,933.8 112,107.3 130,326.7 52,113.8 82,825.2 104,154.7 126,127.2 133,651.3 152,637.6 Other DCOH Funds (3) 68,918.3 51,466.1 48,138.1 51,182.4 46,819.3 44,041.2 33,671.9 35,469.5 45,822.5 Liquidity and Other DCOH Funds $ 310,665.2 $ 291,378.7 $ 306,975.7 $ 225,326.9 $ 251,337.1 $ 270,219.7 $ 282,117.9 $ 293,322.1 $ 324,503.9 Restricted ‐ Construction Funds (4) 74,617.3 57,732.4 64,886.9 137,822.1 108,223.3 72,069.8 51,896.7 27,422.9 11,607.7 Restricted ‐ DS Reserve Funds 61,613.7 62,040.7 62,313.3 54,768.7 54,589.9 54,749.2 54,827.9 55,636.0 56,618.9 Restricted ‐ DS P&I Funds 28,771.5 51,114.2 53,015.3 74,216.2 29,739.2 53,834.1 54,303.7 87,998.4 30,475.4 Restricted ‐ DS CREBs Sinking Funds 50,600.9 58,939.7 55,452.8 63,120.6 59,327.3 66,922.4 63,360.1 61,450.4 69,991.5 Restricted ‐ Habitat Funds 15,659.2 15,473.0 15,348.8 15,211.9 17,394.5 16,920.8 16,563.1 16,224.4 18,242.2 All Restricted Funds $ 231,262.6 $ 245,299.9 $ 251,017.0 $ 345,139.5 $ 269,274.2 $ 264,496.4 $ 240,951.5 $ 248,732.1 $ 186,935.7 Total Total $ 541,927.8 $ 536,678.5 $ 557,992.7 $ 570,466.4 $ 520,611.3 $ 534,716.0 $ 523,069.4 $ 542,054.2 $ 511,439.6 (1) Electric System R&C Fund $120M + interest earnings. (2) Electric System Revenue Fund $35M. Excess funds above liquidity target used for equity financing of PRP capital (Junior Lien Bonds, see Note 4). (3) Other funds used in Days Cash On Hand metric include PRP Revenue, PRP Supplemental R&C, Service System, and Customer Deposits. (4) Construction funds comprised of bond issues during the above time frame: $25.9M (Q2, 2017) and $100.0M (Q4, 2017). Electric System $50.0M (Q2, 2016) and $50.0M (Q3, 2017). Beginning balances in Construction funds were related to bond issuances dated prior to above time frame. $700 $570.5 $558.0 $600 $541.9 $542.1 All Restricted Funds $536.7 $534.7 $523.1 $520.6 $511.4 $500 Other DCOH Funds (3) $400 $ in millions Liquidity ‐ ES Revenue Fund (2) (4) $300 $200 Liquidity ‐ ES R&C Fund (1) $100 Total $ ‐ 3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019

  34. PUBLIC UTILITY DISTRICT NO. 2 OF GRANT COUNTY 4/17/2019 Cash & Investment Report 1:32 PM As of Sunday, March 31, 2019 Cash Investments Total Electric and Service Systems Detail of Restricted Funds 1002 - ES Reserve & Contingency 1,112,512 124,931,342 126,043,854 1009 - ES Fiscal Agent 11,237 11,237 1101 - ES 2013J Debt Service Reserve 4,270 6,239,073 6,243,343 1102 - ES 2017O Debt Service Reserve, 4,736 5,361,750 5,366,485 1252 - ES Fiber Construction 142,496 928,914 1,071,409 1303 - ES 2016L Principal/Interest 397,002 397,002 1304 - ES 2017M Principal/Interest 400,446 400,446 1499 - ES Set-Aside Interest 2,843 1,904,695 1,907,538 4040 - SS Insurance Reserve 30,073 1,097,794 1,127,866 Total Restricted Funds 2,105,614 140,463,567 142,569,181 Detail of Unrestricted Funds 1001 - ES Revenue 4,549,870 148,087,688 152,637,558 1008 - ES Customer Deposits 47,107 13,918,358 13,965,465 4030 - SS Operating 510,475 10,807,080 11,317,555 Total Unrestricted Funds 5,107,453 172,813,125 177,920,578 Total Electric and Service System Funds 7,213,067 313,276,692 320,489,759 Priest Rapids Project Detail of Restricted Funds 7003 - PRP RR&C 45,825 12,083,955 12,129,780 7005 - PRP 2010 Debt Service Reserve 13,531 23,696,713 23,710,245 7106 - PRP 2012 Debt Service Reserve 5,820 5,466,066 5,471,886 7107 - PRP 2013A Debt Service Reserve 11,656 4,063,954 4,075,610 7108 - PRP 2013Z Debt Service Reserve 4,739 1,661,129 1,665,868 7109 - PRP 2014A Debt Service Reserve 4,142 7,410,204 7,414,345 7110 - PRP 2014B Debt Service Reserve 458 2,670,619 2,671,078 7033 - PRP 10M Principal/Interest 15,693 46,972,283 46,987,976 7250 - PRP BF Const Fnd 268,649 10,267,687 10,536,335 7307 - PRP 12M Principal/Interest 3,540 13,547,290 13,550,830 7316 - PRP 2015M Principal/Interest 4,434 9,448,272 9,452,706 7399 - PRP Set-Aside Principal 32,247 8,536,277 8,568,524 7499 - PRP Set-Aside Interest 11,176 19,150,960 19,162,136 7601 - Habitat No Net Impact 32,986 6,475,561 6,508,547 7602 - Habitat Supplemental 38,327 7,311,096 7,349,422 7603 - Habitat 44,708 2,706,342 2,751,050 7604 - Habitat Native Resident Fish 22,120 1,366,024 1,388,144 7605 - Habitat Wildlife Mgmt Plan 16,005 229,028 245,034 PRP Principal & Interest Sinking Funds 28,531 0 28,531 Total Restricted Funds 604,587 183,063,460 183,668,047 Detail of Unrestricted Funds 7001 - PRP Revenue 134,471 7,147,353 7,281,824 Total Unrestricted Funds 134,471 7,147,353 7,281,824 Total PRP Funds 739,057 190,210,813 190,949,871 Total Consolidated Restricted Funds 2,710,201 323,527,027 326,237,227 Total Consolidated Unrestricted Funds 5,241,923 179,960,479 185,202,402 Total District Consolidated Funds 7,952,124 503,487,505 511,439,629

  35. Public Utility District No. 2 of Grant County Treasury Operations Investing Strategy Guidelines & Month End Report As of March 31, 2019 Diversification ($ in thousands) By Type: Ratings: By Issuer: By Broker/Dealer: Policy Target Policy Target Current Target Policy Target Min (3) Max (4) (%) (5) Max Range (%) Par Min Max Exception Par Broker | Dealer Type Treasuries 100% 20% ‐ 40% 22.5% $ 112,200 N/A TSY N/A N/A No Vining Sparks $ 135,038 29% Agencies 50% 5% ‐ 15% 13.4% 67,033 N/A N/A N/A 20% No Stifel, Nicholas 90,832 19% Supras 50% 5% ‐ 15% 12.2% 60,990 N/A AA+ N/A 20% No Wells Fargo 75,913 16% Muni Bonds 50% 25% ‐ 40% 36.7% 183,270 A ‐ AA ‐ N/A 5% No Piper Jaffray 52,945 11% 25% (1) Corp Notes 5% ‐ 10% 4.5% 22,525 A ‐ AA ‐ 3% N/A No UBS Securities 42,100 9% 25% (1) CP 5% ‐ 10% 4.8% 24,000 A1/P1 A1/P1 3% N/A No Oppenheimer 32,175 7% Securities Subtotal Par 94% $ 470,018 Keybanc 24,815 5% Varies (2) Others (6) WA LGIP 100% 3.4% 17,138 N/A TSY N/A N/A N/A 16,200 3% REPO 100% < $9,000 0.8% 3,800 N/A TSY N/A N/A N/A Securities Subtotal Par $ 470,018 100% Cash N/A < $3,000 1.6% 7,952 N/A N/A N/A N/A N/A Total Cash & Investments Par 100% $ 498,908 $ 12,532 Accrual based accounting adjustments for GAAP reporting (mark ‐ to ‐ market and accrued interest) Total Cash & Investments $ 511,440 (1) WSIB policy, combined < 25% (3) As of purchase (4) Based on total portfolio size (5) Per policy, no more than 50% per B/D (6) Others comprised of various B/D's each with less than 2.5% (2) $5.0M + Large Energy Deposits date as of purchase date Duration, Yield, Benchmark & Strategy ($ in thousands) Effective Duration: Market Value & Yield: Performance Benchmark: Strategy: Book Policy Target Eff Market Mkt PB PB Duration | Maturity Approach Yield (8) Indices (9) | Weights % Max Range Dur Value Yield Yield Dur Bullet | Callables Makeup Purpose Operating Laddered. 6 Yrs (7) 0.5 ‐ 1.0 0.47 164,446 2.54% 2.48% 2.52% 0.52 Bullets and callables. Funds ML 0 ‐ 1 Treasury | 40% Construction ML 0 ‐ 1 Agency | 60% Forecasted spenddowns. 6 Yrs (7) 0.2 ‐ 1.0 0.30 6,489 1.94% 2.38% 2.52% 0.52 Funds Primarily bullets to meet cash flows. Weights updated 11/2017 DS Set ‐ Aside Not to exceed debt service due dates. 6 Yrs (7) 0.1 ‐ 1.0 0.22 29,164 2.45% 2.44% 2.52% 0.52 Primarily bullets to meet cash flows. Funds Other R&C Laddered. ML 1 ‐ 3 Gov't | 60% N/A 1.0 ‐ 2.0 1.62 12,695 2.35% 2.52% 2.74% 1.87 Funds Bullets and callables. ML 1 ‐ 3 AAA/AA Corp | 40% Habitat Laddered or forecasted spenddowns. 6 Yrs (7) 0.5 ‐ 1.5 0.35 17,005 2.49% 2.54% 2.74% 1.87 Weights updated 11/2017 Funds Bullets and callables. ES R&C Barbell (1 ‐ 2 yrs & 5 ‐ 7 yrs). ML 3 ‐ 5 Gov't | 25% N/A 2.5 ‐ 3.5 1.92 124,977 2.70% 2.66% 2.34% 3.75 Fund Bullets and callables (cushion/kickers). ML 3 ‐ 5 AAA/AA Corp | 75% DS Reserve Barbell (1 ‐ 2 yrs & 5 ‐ 7 yrs). < final maturity. N/A 3.0 ‐ 5.0 2.73 54,923 2.92% 2.66% 2.34% 3.75 Weights updated 11/2017 Funds Bullets and callables (cushion/kickers). 2010 CREBs Within targeted range. < 1/2027 maturity. N/A 4.0 ‐ 6.0 3.55 46,350 3.21% 2.53% 2.56% 5.45 Sinking Fund Bullets and callables (cushion/kickers). ML 5 ‐ 7 Gov't | 15% 2012 CREBs ML 5 ‐ 7 AAA/AA Corp | 85% Within targeted range. < 1/2032 maturity. N/A 5.0 ‐ 7.0 3.44 13,157 3.24% 2.61% 2.56% 5.45 Sinking Fund Bullets and callables (cushion/kickers). Weights updated 11/2017 2015 CREBs Within targeted range. < 1/2040 maturity. N/A 6.0 ‐ 8.0 5.01 9,511 2.79% 2.84% 2.56% 5.45 Bullets and callables (cushion/kickers). Sinking Fund Total 1.59 $ 478,718 2.69% 2.56% 2.47% 2.53 (7) Eff dur < 6 yrs at purchase; (8) Weighted Ave Yield ‐ to ‐ Worst (9) ML indices source: Bank of America Merrill Lynch unless pre ‐ approved by IOC. Daily Cash Positioning Portfolio Income & Total Return ($ in thousands) ($ in thousands) 2019 YTD Prior Month YTD Prior Year $ 5,000 0.70% $ 3,344 $ 2,056 $ 12,608 Cash/Repo | Target Repo Min Rate Book Income 1,000 1 day 2,806 289 (2,962) BofA Sweep | Cushion Repo Min Maturity Market Gain/(Loss) 1,000 5 days 6,150 2,346 9,646 Repo Min (2 ‐ 5 days) Repo Max Maturity Total Income 2,000 Repo Min (1 day) Total Return 3.31% 2.75% 1.96%

  36. Public Utility District No. 2 of Grant County Treasury Operations Investment Portfolio Summary Report Portfolio Snapshot ($ in thousands) Current Month End Prior Month End Prior Year End Prior YTD —— 3/31/2019 —— —— 3/31/2019 —— — 2/28/2019 — — 2/28/2019 — — 12/31/2018 — 12/31/2018 — — 3/31/2018 — 3/31/2018 — Par Value $ 470,018 $ 462,182 $ 441,735 $ 485,759 Market Value $ 478,717 $ 468,562 $ 448,578 $ 495,926 Mark ‐ to ‐ Market Adjustment $ (3,306) $ (5,823) $ (6,111) $ (5,547) YTD Unrealized Gain(Loss) $ 2,806 $ 289 $ (2,960) $ (2,396) YTD Book Income $ 3,344 $ 2,056 $ 12,608 $ 2,371 YTD Total Return $ $ 6,150 $ 2,345 $ 9,648 $ (24) Annualized Total Return % 3.31% 2.75% 1.96% 1.45% Market Yield % 2.56% 2.77% 2.77% 2.33% Portfolio Book Yield % 2.69% 2.67% 2.60% 2.05% Benchmark Yield % 2.47% 2.45% 2.38% 1.80% Portfolio Sharpe Ratio (1) 1.17 0.96 0.05 0.20 Benchmark Sharpe Ratio 1.30 0.93 ‐ 0.25 ‐ 0.62 Portfolio Effective Duration (2) 1.60 1.82 1.80 1.86 Benchmark Effective Duration 2.55 2.55 2.60 2.31 Portfolio WAL (3) 2.06 2.08 2.03 1.97 Market Rates Fed Funds (Lower Bound) 2.25% 2.25% 2.25% 1.25% Overnight Repurchase 2.15% 2.15% 2.15% 1.40% WA LGIP 2.52% 2.51% 2.37% 1.58% US Treasury — 1 Year 2.40% 2.54% 2.63% 2.09% US Treasury — 2 Year 2.27% 2.52% 2.48% 2.27% US Treasury — 5 Year 2.23% 2.52% 2.51% 2.56% US Treasury — 10 Year 2.41% 2.73% 2.69% 2.74% (1) Sharpe Ratio: Measures the performance of a portfolio by adjusting for its risk. Divides the difference of the portfolio's return and a risk-free return (3 mo T-Bill) by the standard deviation of the portfolio's return. (2) Effective Duration: Measures the sensitivity of a bonds market price to parallel shifts in the yield curve. Indicates a % change in price or value with a 100 bps parallel shift in interest rates. (3) Weighted Average Life: The weighted average time to receipt of principal payments. For callable bonds, the average life is based on the call date if the bond is currently trading to the call. US Treasuries Yields: 1 mo to 30 yr Source: https://www.wsj.com/market-data/bonds

  41. Public Utility District No. 2 of Grant County Debt Management Outstanding Consolidated Debt Summary - as of March 31, 2019 Subordinate Debt Electric System (ES) Outstanding Par Outstanding Call Series Amount Mode Tax Status Purpose Coupon Range Call Date Amount Serial/Term Final Maturity 2016L $ 50,000,000 Variable Tax Exempt New Money 43.5bps plus LIBOR 4/1/2019 $ 50,000,000 Term 4/1/2019 2017M $ 50,000,000 Variable Tax Exempt New Money 47.5bps plus LIBOR 9/18/2020 $ 50,000,000 Term 9/18/2020 Total $ 100,000,000 $ 100,000,000 Total Subordinate Debt $ 100,000,000 $ 100,000,000 Senior Debt Electric System (ES) Outstanding Par Outstanding Call Series Amount Mode Tax Status Purpose Coupon Range Call Date Amount Serial/Term Final Maturity 2013J $ 67,625,000 Fixed Tax Exempt Refunding 5.00% 7/1/2023 $ 67,625,000 Serial 1/1/2041 2017N $ 49,865,000 Fixed Tax Exempt Refunding 2.00% 1/1/2020 $ 49,865,000 Put 1/1/2044 2017O $ 64,545,000 Fixed Tax Exempt Adv Refunding 5.00% 1/1/2028 $ 48,925,000 Serial/Term 1/1/2047 Total $ 182,035,000 $ 166,415,000 Wanapum (WAN) Outstanding Par Outstanding Call Series Amount Mode Tax Status Coupon Range Call Date Amount Serial/Term Final Maturity 2003Z $ 3,645,000 Fixed Taxable New Money 5.48% Non Callable Term 1/1/2021 2006Z Fixed Taxable New Money/Refunding 5.15% - 5.42% Make-Whole Term 1/1/2043 $ 80,070,000 Total $ 83,715,000 $ - Priest Rapids (PR) Outstanding Par Outstanding Call Series Amount Mode Tax Status Coupon Range Call Date Amount Serial/Term Final Maturity 2003Z $ 3,340,000 Fixed Taxable New Money 0.0548 Non Callable Term 1/1/2021 2005Z $ 21,890,000 Fixed Taxable New Money/Refunding 5.29% - 5.50% Make-Whole Term 1/1/2033 2006Z Fixed Taxable New Money/Refunding 5.15% - 5.33% Make-Whole Term 1/1/2036 $ 27,425,000 Total $ 52,655,000 $ - Priest Rapids Project (PRP) Outstanding Par Outstanding Call Series Amount Mode Tax Status Coupon Range Call Date Amount Serial/Term Final Maturity 2010A Fixed Tax Exempt New Money/Refunding 3.00% - 5.00% 1/1/2020 $ 6,265,000 Serial 1/1/2020 $ 8,175,000 2010L Fixed BAB New Money 4.361% - 5.83% Non Callable Serial/Term 1/1/2040 $ 167,725,000 2010M $ 90,000,000 Fixed CREB New Money 5.63% Non Callable Term 1/1/2027 2010Z Fixed Taxable New Money/Refunding 3.90% - 5.83% Make-Whole Serial/Term 1/1/2040 $ 31,225,000 2012A Fixed Tax Exempt Refunding 5.00% 1/1/2022 $ 22,440,000 Serial/Term 1/1/2035 $ 35,715,000 2012B $ 7,115,000 Fixed AMT Refunding 5.00% 1/1/2022 $ 1,905,000 Serial 1/1/2032 2012M $ 42,395,000 Fixed CREB New Money 3.91% Non Callable Term 1/1/2032 2012Z Fixed Taxable Refunding 1.49% - 5.00% Make-Whole Serial/Term 1/1/2035 $ 11,225,000 2013A $ 69,690,000 Fixed Tax Exempt New Money 4.00% - 5.00% 7/1/2023 $ 65,635,000 Serial/Term 1/1/2043 2013Z $ 27,245,000 Fixed Taxable New Money 1.55% - 5.63% 1/1/2024 $ 24,590,000 Serial/Term 1/1/2043 2014A Fixed Tax Exempt New Money/Refunding 3.00% - 5.00% 7/1/2024 $ 110,360,000 Serial/Term 1/1/2044 $ 133,620,000 2014B $ 47,720,000 Fixed AMT Refunding 3.00% - 5.00% 7/1/2024 $ 39,040,000 Serial/Term 1/1/2038 2015A $ 67,205,000 Fixed Tax Exempt Refunding 2.00% - 5.00% 1/1/2026 $ 47,250,000 Serial/Term 1/1/2043 2015B Fixed AMT Refunding 3.00% - 5.00% 1/1/2026 $ 7,630,000 Serial 1/1/2033 $ 14,950,000 2015M $ 90,000,000 Fixed CREB New Money 0.04584 Non Callable Serial 1/1/2040 2017B $ 6,985,000 Fixed AMT Refunding 0.0265 1/1/2028 $ 2,570,000 Serial 12/1/2031 Total $ 850,990,000 $ 327,685,000 Total Senior Debt $ 1,169,395,000 $ 494,100,000 Percentage of Statistics: Outstanding Outstanding Par Par Amount Amount Variable Rate, Subordinate Debt 7.88% $ 100,000,000 Senior Debt: Tax Exempt, Fixed Rate Bonds 39.11% $ 496,440,000 Taxable, Fixed Rate Bonds (includes AMT) 22.28% $ 282,835,000 CREBs/BABs (taxable with qualified tax exemption) 30.73% $ 390,120,000 100.00% $ 1,269,395,000 $ 1,169,395,000.00 Weighted Avg. Coupon Interest Rate* 4.93% (senior outstanding debt only) Weighted Avg. Life of Portfolio as of 3/31/2019 (yrs.)* 12.85 (senior outstanding debt only) (*) excludes CREBs and BABs subsidy payments received from the IRS, CREBs bullet payments, JLB bonds and Variable Rate bonds; Includes CREBs sinking funds Definitions: Serial Bonds - bonds that gradually mature and are payable at regular intervals Term Bonds - bonds whose principal is payable in bulk at maturity (referred to as bullet bonds) Mode - Fixed rate : same interest rate for the life of the bond Variable rate : an interest rate that is adjusted at specific intervals during the life of the bond; based upon the Index Floating Rate Spread 1 Senior Debt - debt that is first in priority to be paid back to bond holders in the event of a bankruptcy or insolvency Subordinate Debt debt that is second in priority to any senior debt to be paid back to bond holders in the event of a bankruptcy or insolvency

  42. Public Utility District No. 2 of Grant County Debt Management Outstanding Consolidated Debt Summary - as of March 31, 2019 Total Consolidated Outstanding Debt $1,269,395,000 Total Consolidated Outstanding Debt (total outstanding debt included in the consolidated financial statements) Total Senior Debt Total Subordinate Debt Total Subordinate Debt $100,000,000 8% Total Senior Debt $1,169,395,000 92% Senior Debt - debt that is first in priority to be paid back to bond holders in the event of a bankruptcy or insolvency Subordinate Debt - debt that is second in priority to be paid back to bond holders in the event of a bankruptcy or insolvency Total Senior Outstanding Debt $1,169,395,000 Senior Outstanding Debt Summary by System Senior Outstanding Debt Statistics CREBs/BABs Electric System (ES) (taxable with $182,035,000 16% qualified tax Tax Exempt, Fixed exemption) Rate Bonds $390,120,000 $496,440,000 Wanapum (WAN) 33% 43% $83,715,000 7% Priest Rapids (PR) Taxable, Fixed Rate $52,655,000 4% Bonds (includes AMT) $282,835,000 Priest Rapids 24% Project (PRP) $850,990,000 73% Electric System (ES) Tax Exempt, Fixed Rate Bonds Wanapum (WAN) Taxable, Fixed Rate Bonds (includes AMT) Priest Rapids (PR) CREBs/BABs (taxable with Priest Rapids Project (PRP) qualified tax exemption) Total Subordinate Outstanding Debt $100,000,000 Subordinate Outstanding Debt 2016L 2017M Electric System Series 2017M $50,000,000 50% Electric System Series 2016L $50,000,000 50% 2

  43. Public Utility District No. 2 of Grant County Debt Management Outstanding Internal Financing (Junior Lien Bond) Debt Summary as of March 31, 2019 Internal Financing-Junior Lien Bonds Priest Rapids Project (PRP) Outstanding Call Series Outstanding Par Amount Mode Tax Status* Purpose Coupon Range Call Date Amount Serial/Term Final Maturity 2014JLB $ 41,245,000 Fixed Taxable New Money 2.38% - 4.25% Anytime $ 41,245,000 Serial/Term 1/1/2044 2015JLB $ 27,040,000 Fixed Taxable New Money 5.034% Anytime $ 27,040,000 Term 1/1/2045 2015JLB B $ 7,625,000 Fixed Taxable New Money 5.213% Anytime $ 7,625,000 Term 1/1/2045 2016JLB $ 29,925,000 Fixed Taxable New Money 2.85% - 4.92% Anytime $ 29,925,000 Serial/Term 1/1/2046 2017A JLB $ 25,290,000 Fixed Taxable New Money 2.87% - 5.00% Anytime $ 25,290,000 Serial/Term 1/1/2047 2017B JLB $ 85,035,000 Fixed Taxable New Money 2.90% - 4.93% Anytime $ 85,035,000 Term 1/1/2048 Total $ 216,160,000 $ 216,160,000 Total Junior Lien Debt $ 216,160,000 $ 216,160,000 Percentage of Outstanding Par Outstanding Statistics: Amount Par Amount Taxable, Fixed Rate Bonds 100.00% 216,160,000 Total Internal Financing-Junior Lien Bonds 100.00% 216,160,000 * The District does not pay federal income tax and does not need tax-exempt interest. Taxable debt avoids complying with all tax requirements plus reimbursement rules Total Consolidated Debt versus Internal Financing-JLBs Internal Financing - JLB $216,160,000 15% Internal Financing - JLB Outstanding Consolidated Debt Outstanding Consolidated Debt $1,269,395,000 85% Definitions: Serial Bonds - bonds that gradually mature and are payable at regular intervals Term Bonds - bonds whose principal is payable in bulk at maturity (referred to as bullet bonds) Mode - Fixed rate : same interest rate for the life of the bond Variable rate : an interest rate that is adjusted at specific intervals during the life of the bond; based upon the Index Floating Rate Spread plus the Internal Financing-JLB - an investment held by the Elec System repaid by PRP annually over 30 years 3

  44. Public Utility District No. 2 of Grant County Debt Management Callable Senior Debt Status as of March 31, 2019 Callable Debt Make - Whole (Callable) NonCallable Series Par Amount Year Callable Series Par Amount Callable Series Par Amount Type ES2016L $ 50,000,000 2019 PR2005Z $ 21,890,000 Any time prior to maturity PR2003Z $ 3,340,000 Non-Callable PRP2010A $ 6,265,000 2020 PR2006Z $ 27,425,000 Any time prior to maturity WAN2003Z $ 3,645,000 Non-Callable ES2017M $ 50,000,000 2020 WAN2006Z $ 80,070,000 Any time prior to maturity PRP2010A $ 1,910,000 Non-Callable PRP2012A $ 22,440,000 2023 PRP2010Z $ 31,225,000 Any time prior to maturity PRP2010L $ 167,725,000 Non-Callable PRP2012B (AMT) $ 1,905,000 2023 PRP2012Z $ 11,225,000 Any time prior to maturity PRP2010M $ 90,000,000 Non-Callable PRP2013A $ 65,635,000 2024 PRP2013Z $ 2,655,000 Any time prior to maturity PRP2012A $ 13,275,000 Non-Callable PRP2013Z $ 24,590,000 2024 PRP2012B $ 5,210,000 Non-Callable ES2013J $ 67,625,000 2024 PRP2012M $ 42,395,000 Non-Callable PRP2014A $ 110,360,000 2025 PRP2013A $ 4,055,000 Non-Callable PRP2014B (AMT) $ 39,040,000 2025 PRP2014A $ 23,260,000 Non-Callable PRP2015A $ 47,250,000 2026 PRP2014B $ 8,680,000 Non-Callable PRP2015B $ 7,630,000 2026 PRP2015A $ 19,955,000 Non-Callable PRP2017B $ 2,570,000 2028 PRP2015B $ 7,320,000 Non-Callable ES2017N $ 49,865,000 2020 PRP2015M $ 90,000,000 Non-Callable ES2017O $ 48,925,000 2029 PRP2017B $ 4,415,000 Non-Callable ES2017O 15,620,000 Non-Callable $ 594,100,000 $ 174,490,000 $ 500,805,000 Callable Bonds: Bonds that can be redeemed before their maturity date. Make-Whole Bonds: Bonds that are callable anytime prior to their maturity date with a redemption price equal to 100% of the principal amount due plus any make-whole premium due. Make-Whole Premium: a. the present value of each interest payment that would have been payable up to the bonds maturity date b. the present value of the principal amount that would have been payable on the maturity date Current Refunding: Bonds that are refunded within 90 days or less of their call date. Advance Refunding: Bonds that are refunded with more than 90 days to their call date. As of 12/31/2017, advance refunding will no longer be allowed per the Tax Reform Bill. Amount Callable per Series Year Callable By Series Callable Make-Whole 120,000 2029 2028 Year Callable 100,000 2027 2026 2025 80,000 Amount Callable (000's) 2024 2023 60,000 2022 2021 40,000 2020 2019 20,000 0 Series Series Total Callable VS. Non-Callable Debt Amount Non-Callable By Series Callable Non-Callable Non-Callable Amounts Make -Whole 180,000 Make -Whole $174,490,000 160,000 14% 140,000 120,000 100,000 80,000 Callable $594,100,000 60,000 47% 40,000 20,000 0 Non-Callable $500,805,000 Series 39% 4

  45. Public Utility District No. 2 of Grant County Debt Management Callable Senior Debt Refunding Candidates as of March 29, 2019 Grant County Public Utility District - Refunding Summary of Callable Candidates Rates as of March 29, 2019 Assumes SLGS funded escrow, $5/bond COI and delivery date of June 15, 2019 *Refunding Criteria is minimum 3% PV savings PV Savings of PV Savings of Candidates Candidates Candidates Candidates Tax Exempt Meeting Meeting Taxable Meeting Meeting Candidates Criteria* Criteria Candidates Criteria* Criteria Project Series Priest Rapids Project 2010-A 6,265,000 4,275,000 223,023 Priest Rapids Project 2012-A - - - 22,440,000 12,725,000 688,337 Priest Rapids Project 2012-B - - - 1,905,000 - - Priest Rapids Project 2013-A - - - 69,690,000 58,950,000 3,238,483 Electric System 2013-J - - - 67,625,000 54,340,000 2,681,118 Priest Rapids Project 2013-Z - - - 24,590,000 20,585,000 2,156,289 Priest Rapids Project 2014-A 110,360,000 6,225,000 206,666 Priest Rapids Project 2014-B - - - 39,040,000 6,070,000 212,388 Priest Rapids Project 2015-A - - - 51,655,000 - - Priest Rapids Project 2015-B 7,630,000 Electric System 2017-O - - - 48,925,000 - - Total - - - 450,125,000 163,170,000 9,406,304 Amount Callable Meeting Criteria Series PV Savings* Efficiency** Call Date PRP 2010-A 4,275,000 4% 98% 1/1/2020 12,725,000 7% PRP 2012-A 67% 7/1/2022 PRP 2013-A 58,950,000 5% 48% 7/1/2023 PRP 2013-Z 20,585,000 10% 64% 7/1/2023 ES 2013-J 54,340,000 5% 47% 7/1/2023 6,225,000 3% PRP 2014-A 36% 7/1/2024 PRP 2014-B 6,070,000 4% 37% 7/1/2024 Senior Debt Refunding Candidates 12% 120% 10% 100% 8% 80% 6% 60% 4% 40% 2% 20% 0% 0% PRP 2010-A PRP 2012-A PRP 2013-A PRP 2013-Z ES 2013-J PRP 2014-A PRP 2014-B PV Savings* Efficiency** * Savings are calculated as the difference between the coupon rate of a bond and the current market rates. ** Efficiency calculation = PV savings/PV savings + negative arbitrage (negative arbitrage is the amount earned on the investment of the bond proceeds that is less than what is owed to the bond holders) 5

  46. Public Utility District No. 2 of Grant County Debt Management Historical Market Index Rates as of March 31, 2019 Historical Market Rates 4.50 4.00 3.50 3.00 PERCENT 2.50 2.00 1.50 1.00 0.50 0.00 2015 2016 2017 2018 2019 YEARS SIFMA Index (%) 30 Yr AAA MMD (%) LIBOR (%) SIFMA: Tax-exempt variable rate debt reset weekly on Wednesday. District pays obligations monthly. LIBOR: Taxable variable rate debt reset monthly for the following month. District pays obligations monthly. The municipal market relies on the 30 year Municipal Market Data (MMD) benchmark curve. The District's current rating is AA and pricing for future issuances are based off of the AAA MMD curve. The District's interest rates are fixed based on this index at the time of issuance and do not float as rates get updated. Projected MMD Yields 3/29/2019 2Q19 3Q19 4Q19 1Q20 1.49% 1.55% 2Y 1.70% 1.70% 1.75% 1.57% 1.65% 5Y 1.75% 1.75% 1.80% 1.86% 2.00% 10Y 2.15% 2.20% 2.20% 30Y 2.60% 2.75% 2.90% 2.90% 2.95% Taxable Yields Fed Funds 2.41% 2.40% 2.40% 2.40% 2.40% 2.60% 2.60% 3-Month LIBOR 2.55% 2.65% 2.55% Source: US Fixed Income Markets Weekly - Municipals, US Fixed Income Markets Weekly - US Interest Rate Forecast, as of 3/29/2019; Thomas Reuters Municpal Market Data, Bloomberg as of 3/29/2019, current rates as of 3/29/2019 6

  47. Public Utility District No. 2 of Grant County Debt Management District Debt Service Requirements Annual Required Debt Service Due Bond Holders (includes Internal Financing-JLBs and CREBs/BABs bullet payments) $200 $180 $160 $140 Millions $120 Make-Whole $100 $80 $60 $40 Make-Whole $20 $0 2019 2024 2029 2034 2039 2044 Elec System Wanapum PR PRP CREBs/BABs Bullets Total Annual Debt Service with Projected Sinking Fund Deposits (includes Internal Financing-JLBs) $120 $100 Make-Whole $80 Millions $60 47,250,000.00 7010000 $40 $20 $0 2019 2024 2029 2034 2039 2044 Elec System Wanapum PR PRP CREBs/BABs SF Electric System Variable Debt: variable rate debt service schedules are updated annually each January using the effective interest rate at the end of the prior year. CREBs/BABs: Sinking fund deposits are made in 1/12 monthly deposits for the bullet payments of $90M, $42.395M and $90M due in years 2027, 2032 and 2040 respectively. The sinking funds are analyzed and updated 2x annually. Debt service payments are gross interest obligations and do not include federal interest rate subsidy payments received for the 2010, 2012 and 2015 CREBs funds. Forecasted Federal Interest Rebates after sequestration $12 $10 $8 Millions $6 $4 $2 $0 7/1/19 12/31/22 12/31/25 12/31/28 12/31/31 12/31/34 12/31/37 1/1/2040 PRP2010 BABs PRP2010 CREBs PRP2012 CREBs PRP2015 CREBs CREBs and BABs are tax credit bonds which have a 70% and 35% interest rate subsidy respectively. The federal government has the ability to sequester a portion of the rebate. The following sequester percentages have been applied each year: 2013 - 8.7%, 2014 - 7.2%, 2015 - 7.3%, 2016 - 6.8%, 2017 - 6.9%, 2018 - 6.6%. In July 2018, the IRS announced that the sequestration rate for 2019 will be 6.2%. These rates change periodically when updates are received by the federal government. 7

  48. Public Utility District No. 2 of Grant County Debt Management Finance Plan ‐ January 30, 2019 2019  Priest Rapids Project - $80 million in forecasted capital expenditures ─ Internal Equity Financing (JLBs) ▪ $25M from 2017 issuance ▪ $55M from 2019 issuance ─ New money issuance based on finance plan analysis  Electric System - $61.7 million in forecasted capital expenditures ─ $61.7 million revenue financed ─ $ 8.9 million forecasted fiber expenditures for 2019 ─ No New Money issuances expected  Funding Strategies TBD ─ A portion of capital expenditures will be financed with a combination of both debt and equity  Refundings ─ Electric System 2016L Variable Rate Program - Scheduled to be remarketed April 19, 2019 2020  Priest Rapids Project - $99.4million in forecasted capital expenditures ─ Internal Equity Financing (JLBs) ▪ $55M from 2019 issuance ▪ $44.4M from 2020 issuance ─ New money issuance based on finance plan analysis  Electric System - $61.8 million in forecasted capital expenditures at the Electric System ─ $61.8 million revenue financed ─ No New Money issuances expected  Funding Strategies TBD ─ A portion of capital expenditures will be financed with a combination of both debt and equity  Refunding ─ Electric System 2017M Variable Rate Program Remarketing (Sept) ─ Electric System 2017N Variable Rate Program Remarketing (December) 8

  49. Public Utility District No. 2 of Grant County Debt Management Fixed Rate Negotiated Deal Underwriter Pool April 2015, the District conducted an RFQ process to set a pool of banks that would be eligible for selection on future negotiated transactions. ✸ JP Morgan Chase Bank Citibank ✸ ✸ Goldman Sachs Barclays Bank ✸ ✸ Key Bank RBC - Royal Bank of Canada ✸ Date Transaction Underwriter Team 2015 PRP Series A,B Revenue and Refunding Bonds and Series M CREBs Senior Manager - JP Morgan Revenue Bonds- Negotiated Market Sale Co-Senior Manager - Citigroup Co-Manager - Goldman Sachs 2016 Electric System Revenue Bond Series 2016 L - Direct Purchase, Bank of America Variable Rate Bond 2017 PRP Series B (AMT) Revenue Refunding Bond - Direct Purchase, Key Bank Fixed Rate Bond 2017 Electric System Revenue Bond Series 2017-M - Direct Purchase, Wells Fargo Variable Rate Bond 2017 Electric System Revenue Refunding Bond Series 2017-N Senior Manager - Goldman Sachs Negotiated Market Sale, Short-term 3-year Put Bond, Refunded Electric System Series 2014K 2017 Electric System Revenue Refunding Bond Series 2017-O Senior Manager - JP Morgan Negotiated Market Sale Co-Senior Manager - Goldman Sachs Advance Refunded Electric System Series 2011-I Co-Manager - Citigroup 9

  50. Public Utility District No. 2 of Grant County Debt Management Grant PUD Top Bond Holders 10

  52. Bonnie Overfield To: Bonnie Overfield Subject: RE: IOC: Updated Investment Policy | Approved by IOC, now ready for GM review and approval From: Bonnie Overfield Sent: Monday, May 13, 2019 10:13 AM To: Bonnie Overfield <Boverfi@gcpud.org> Subject: RE: IOC: Updated Investment Policy | Approved by IOC, now ready for GM review and approval Bonnie Overfield Senior Manager of Finance & Treasurer Grant County Public Utility District boverfi@gcpud.org (509) 754-7218 office From: Randalynn Hovland Sent: Thursday, May 9, 2019 10:52 AM To: Bonnie Overfield <Boverfi@gcpud.org> Subject: RE: IOC: Updated Investment Policy | Approved by IOC, now ready for GM review and approval Attached is the signed memo. Hard copy with full packet is on its way to Tina!  Bonnie Overfield Senior Manager of Finance & Treasurer Grant County Public Utility District boverfi@gcpud.org (509) 754-7218 office From: Bonnie Overfield Sent: Thursday, April 18, 2019 8:09 AM To: Kevin Nordt (Knordt@gcpud.org) <Knordt@gcpud.org> Cc: Jeffrey Bishop <jbishop@gcpud.org>; Dru McMackin <Dmcmack@gcpud.org>; Randalynn Hovland <Rhovla1@gcpud.org> Subject: FW: IOC: Updated Investment Policy | Approved by IOC, now ready for GM review and approval Kevin‐ 1

  53. Attached is the updated Investment Policy that the IOC is recommending to approve. Jeff, Dru and myself have been working on these changes for the past several months and we approved the version on March 20 (see attached signed memo). As you recall in 2014 the attached resolution provides for the IOC with GM approval to make changes to the policy as needed going forward. We are requesting that you review the updated policy and approve when you are able to, the affected changes are noted below in Dru’s summary. Most of these are updated wording clarifications, we did add an annual process to review broker/dealers and a certification of staff performing investment execution to ensure no related party interests. Please let any of us three know if you have questions (Jeff, Bonnie, Dru). If you are in agreement to approve please reply with an approval or initial the memo for our records. We will provide an update and summary review at the May FAC meeting. Thanks, Bonnie Bonnie Overfield Senior Manager of Finance & Treasurer Grant County Public Utility District boverfi@gcpud.org (509) 754-7218 office From: Dru McMackin Sent: Wednesday, April 17, 2019 3:29 PM To: Bonnie Overfield <Boverfi@gcpud.org> Subject: IOC: Updated Investment Policy | Approved by IOC, now ready for GM review and approval The Investment Oversight Committee (IOC) has done a routine review of the District’s Investment Policy and recommends updates. Please see bullets further below summarizing the updates that the IOC is pleased to bring forth. A signed policy update memo from the IOC is attached. The IOC has approved the attached final draft of the District’s Investment Policy. Per District resolution 8745 (attached), the GM also needs to review and approve. Once approved, corresponding updates will be provided to the FAC and commission. The .docx version reflects updates in track changes whereas the PDF is a clean updated version. Updated Sections Summary:  Delegation of Authority – Clarifies the Investment Oversight Committee engagement on providing support for overall portfolio strategy in addition to the development and monitoring of the investment program. Also, clarifies reference of authorized staff for investment execution per the Treasurer’s approval. 2

  54.  Prudence – Added emphasis that the investment program does not speculate or time the market.  Ethics and Conflicts of Interest – Added an annual independence disclosure form for investment officers and staff to disclose any material financial interests or investment positions that could impact the performance of the investment portfolio.  Authorized Financial Dealers and Institutions – Added an annual review of WA registrations for broker/dealer investment firms and representatives.  Authorized Investments – To update and clarify authorized investments pursuant to WA state RCW’s. Includes removing mutual and money market funds pursuant to RCW 39.59.030 was has been repealed.  Performance Standards – Added reference to Investment Oversight Committee actively reviewing overall portfolio strategy.  Reporting – Added reference to benchmark performance reporting.  Investment Policy Adoption and Modification – Update to replace FMOC with FAC.  Appendix Glossary – Added Sharpe Ratio definition. Please let me know if you have any questions, comments/suggestions, or need anything further. Thank you, 3

  55. For Your Information MEMORANDUM March 20, 2019 TO: Board of Commissioners Kevin Nordt, General Manage Jeffrey Bishop, Chief Finance Officer VIA: Bonnie Overfield, Director of Finance /Treasurer Dru McMackin, Financial Analyst ^'lA_ FROM: Investment Policy - Updated March 20,2019 SUBJECT: Purpose: To provide a copy of the District's Investment Policy as updated on March 20, 2019, pursuant to District Resolution 8745. Background: The Investment Oversight Committee has done a routine review the District's Investment Policy and recommends updates in the following sections: ^ Delegation of Authority - Clarifies the Investment Oversight Committee engagement on providing support for overall portfolio strategy in addition to the development and monitoring of the investment program. Also, clarifies reference of authorized staff for investment execution per the Treasurer's approval. Prudence - Added emphasis that the investment program does not speculate or time the market. Ethics and Conflicts of Interest - Added an annual independence disclosure form for investment officers and staff to disclose any material financial interests or investment positions that could impact the performance of the investment portfolio. Authorized Financial Dealers and Institutions - Added an annual review of WA registrations for broker/dealer investment firms and representatives. ^ Authorized Investments - To update and clarify authorized investments pursuant to WA state RCW's. Includes removing mutual and money market funds pursuant to RCW 39.59.030 was has been repealed. v' Performance Standards - Added reference to Investment Oversight Committee actively reviewing overall portfolio strategy. Y' Reporting - Added reference to benchmark performance reporting. Y' Investment Policy Adoption and Modification - Update to replace FMOC with FAC. / Appendix Glossary - Added Sharpe Ratio definition. Recommendation: For your informalion.

  56. INVESTMENT POLICY Resolution 8745 March 20, 2019

  57. Table of Contents Policy Statement 1 Scope 1 Delegation of Authority 1 Prudence 2 Ethics and Conflicts of Interest 2 Objectives 3 Authorized Financial Dealers and Institutions 3 Authorized Investments 4 Collateralization 5 Safekeeping and Custody 5 Diversification 5 Maturities 6 Internal Controls 6 Performance Standards 7 Reporting 7 Investment Policy Adoption and Modification 7 Appendix: Glossary 8

  58. Policy Statement It is the policy of the Public Utility District No. 2 of Grant County (the District, herein) to invest public funds in a manner which will provide the highest investment return after ensuring safety thresholds are satisfied while meeting the daily cash flow demands of the District. The priority of investment criteria for the District is legality first, followed by safety, then liquidity and lastly investment return. The investment guidelines and practices of the District must conform to all applicable Federal and State of Washington laws and regulations, bond covenants, bond insurance policies, and prudent money management philosophy. The overall program shall be designed and managed with a degree of professionalism that is worthy of public trust. Scope These investment guidelines apply to all financial assets of the District except: The policy for the Washington State Public Employees' Retirement System will be as determined by the appropriate Board of Administration and is not covered by this guideline statement. District employees' deferred compensation assets will be invested as directed by the individual employee within the allowable options defined by the administrator and programs as approved by the District. Monies set aside for advance and current refundings of District bond obligations will be invested in accordance with the appropriate bond documents and Federal and State law and not necessarily in compliance with this guideline statement. Financial instruments used to hedge commodity risk covered under the Energy Risk Management Policy. If applicable, investments of the District shall be in compliance with bond resolutions and other debt constraints, Federal and State of Washington law, and related legal interpretations. Should such requirements be more restrictive than this policy, the financial assets will be invested in accordance with the more restrictive regulations. Monies subject to the 1986 Tax Reform Act, and subsequent arbitration regulations, shall be invested in compliance with the appropriate regulations. Delegation of Authority Authority to manage the District's investment program is derived from the Revised Code of the State of Washington, as well as various District resolutions. The Treasurer of the District has direct management responsibility for implementing the investment program. The investment program shall 1 | P a g e

  59. be developed, strategized and monitored by an Investment Oversight Committee comprised of District staff as designated by the Chief Finance Officer. The Investment Oversight Committee shall oversee the establishment of procedures for the operation of the investment program consistent with this investment policy and portfolio strategy. Procedures will include specific investment tasks and explicit delegation of authority to persons responsible for activities necessary to carry out the investment program. No person shall engage in an investment transaction except for those staff as approved by the Treasurer and in accordance to the terms of this policy and the procedures as established by the Investment Oversight Committee. The Treasurer shall be responsible for all transactions undertaken and shall implement a system of controls to regulate the activities of subordinate officials and District employees. Prudence Investments shall be made with judgment and care, under circumstances then prevailing, which a person of prudence, discretion and intelligence would exercise in the management of their own affairs. Securities shall not be purchased or sold for speculation (i.e. market timing), but for investment, considering the probable safety of capital as well as the probable income to be derived. Purchases and sales in accordance with the Policy Statement priorities of legality first, followed by safety, then liquidity and lastly investment return. The standard of prudence to be used by investment decision makers shall be the "prudent person" standard and be applied in the context of managing an overall portfolio. Investment decision makers acting in accordance with written procedures and the investment policy and exercising due diligence, in so far as allowed by State Law, shall be relieved of personal responsibility for an individual security's credit risk or market price changes, provided deviations from expectations are reported in a timely fashion and appropriate action is taken to control adverse developments. All participants in the investment program shall seek to act responsibly as custodians of the public trust. The investment portfolio is subject to public scrutiny and evaluation. The investment program shall be designed and administered with a degree of professionalism worthy of the public trust. Investment decision makers shall refrain from knowingly entering into transactions which might impair public confidence in the District. Ethics and Conflicts of Interest Officers and employees involved in the investment process shall refrain from personal business activity that could conflict with the proper execution of the investment program, or which could impair their ability to make impartial investment decisions. Annually, such employees and investment decision makers shall disclose to the Treasurer any material financial interest in financial institutions that conduct business within the county, and they shall further disclose any large personal financial/investment positions that could be related to the performance of the District's portfolio. Investment decision makers and employees will at all times comply with the District's Code of Ethics as it pertains to the investment process. 2 | P a g e

  60. Objectives The primary objectives, in order of priority, of the District investment activities are: Legality The District's investments will be in accordance with all statutes governing the investment of public funds as well as applicable provisions of bond resolutions. Safety Investments of the District shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. To attain this objective, diversification is an important cornerstone. The District seeks to optimize protection afforded by the FDIC and Public Deposit Protection Commission on its demand depository accounts. Liquidity The District's portfolio will remain sufficiently liquid to enable the District to meet all operating requirements which might be reasonably anticipated. Investment maturities shall be matched to anticipated cash flow requirements whenever possible. Return on Investment The District's investment portfolio shall be designed with the objective of attaining a market rate of return throughout the budgetary and economic cycles, taking into account the District's investment risk constraints, arbitrage limitations and the cash flow characteristics of the portfolio. Authorized Financial Dealers and Institutions The Treasurer will maintain a list of financial institutions authorized to provide investment services to the District. The list will include broker/dealers to provide investment services in the State of Washington and to the District. The selection process for inclusion in this list is determined by the Investment Oversight Committee in separate written procedures, but includes such items as proof of Washington registration and acceptable financial condition. The Treasurer, or designee, will conduct an annual review of the Washington registration of the broker/dealer firm and designated representatives of the District’s account as well as the financial condition of the broker dealer firm. Employees of any firm or financial institutions offering securities or investments to the District are expected to be trained in the precautions appropriate to the public sector, be knowledgeable of permissible investments and other State of Washington regulations, and be familiar with the District's investment objectives, policies and constraints. Dealers providing investments services to the District are expected to make reasonable efforts to preclude imprudent transactions involving the District's funds. No public deposit shall be made except in a qualified public depository as established by Revised Code of the State of Washington, except for bond funds which have been authorized by bond resolution to be deposited in out-of-state financial institutions. 3 | P a g e

  61. Authorized Investments The District is currently empowered by the Revised Code of the State of Washington to invest in the following types of authorized investments: Investment deposits with qualified public depositories. Obligations of the US Government and its agencies as specified in RCW 39.59.040. Banker's Acceptances purchased on the secondary market. District policy is underlying bank rating must be either Al or PI. Commercial Paper pursuant with RCW 39.59.040 and with the Washington State Investment board policy on Commercial Paper. Corporate Notes in accordance with RCW 39.59.040 and with the Washington State Investment Board policy on Corporate Notes. Supranational Institutions with the United States government as its largest shareholder in accordance with RCW 39.59.040. Bonds of the State of Washington, or local governments within the State of Washington, which have at the time of investment one of the three highest credit ratings of a nationally recognized rating agency. General obligation bonds of a state other than the State of Washington and general obligation bonds of a local government of a state other than the State of Washington, which bonds have at the time of investment one of the three highest credit ratings of a nationally recognized rating agency. State of Washington Local Government Investment Pool. Repurchase agreements, with direct US Government obligations as collateral, provided the collateral is held in safekeeping on a delivery-versus-payment basis and that a Master Repurchase Agreement is signed with the primary dealer. Non-negotiable Certificates of Deposit of financial institutions which are qualified public depositories as defined by RCW 39.58.010 and in accordance with the restrictions therein. Collateralization Collateralization is required on all repurchase agreements. Collaterization level, measured by market value of principal and accrued interest, must be at least 102 percent of the repurchase amount. 4 | P a g e

  62. Securities purchased in the repurchase agreement must be direct obligations of the U.S. Government. If the term of the repurchase exceeds 10 calendar days, the terms of the specific transaction must be approved by the Treasurer and collaterization level may be set higher than 102 percent. The Treasurer may also approve specific transactions wherein repurchase agreement securities purchased are other than direct government obligation; however, the securities purchased must be of a type eligible as authorized investments. Securities purchased must be held by a trust department of a third party custodian chosen by the District and acting as the District's safekeeping agent. For each financial institution the District negotiates a repurchase agreement, there must be a signed Master Repurchase Agreement and District monies are to be released on a delivery-versus-payment basis only. A clearly marked evidence of ownership (safekeeping receipt) must be supplied in the District's name. The right of securities substitution is granted subject to District approval of each individual substitution transaction. Safekeeping and Custody All security transactions, including collateral for repurchase agreements, entered into by the District shall be conducted on a delivery-versus-payment basis. Securities will be held by a third party custodian designated by the District and evidenced by safekeeping receipts. Diversification The District will diversify its investments by security type, institution and maturity. The District's investment portfolio will be restricted by investment type. It is expected that diversification levels are as follows: With the exception of direct US Government obligations, repurchase agreements collaterized by the same, and the state investment pool; the investment portfolio shall not be more than:  Fifty percent (50%) invested in Supranational Institutions.  Fifty percent (50%) invested in Government Sponsored Agencies.  Fifty percent (50%) invested in Municipal Bonds.  Twenty-five percent (25%) invested in Banker's Acceptances from banks outside the United States.  Twenty-five percent (25%) invested in Commercial Paper and Corporate Notes (combined). No more than fifty percent (50%) of the total portfolio par value purchased from a single financial institution 5 | P a g e

  63. or dealer. Maturities The District's expects to hold most investments to maturity. To the extent possible, the District will attempt to match its investments with anticipated cash flow requirements for certain funds such as operating, construction, habitat and current year debt service set aside accounts. Other funds such as reserve and contingency, debt service reserves, and long-term sinking fund accounts are invested within targeted effective duration parameters as determined by the Investment Oversight Committee. Investment sales are expected to occur only if cash flow needs change from as originally anticipated. However, the District may sell investments early to meet unexpected cash flow needs, mitigate risk associated with a security type or issuer, or to capture increased yield or income when appropriate. To further mitigate risk of selling investments early to meet unexpected cash flow needs, a minimum of twenty percent (20%) of the total portfolio will be comprised of investments maturing within a year. With the exception of debt service reserve funds, long-term principal sinking funds, and reserve and contingency funds, the District will not invest in securities with an effective duration of more than six years from the date of purchase unless authorized by the Investment Oversight Committee for specific transactions. The District may collaterize its repurchase agreements with investments not to exceed thirty years to maturity. Reserve funds may be invested in securities not to exceed the maximum due date of the bond issue. Bond resolutions may specify maximum maturity for certain funds and, if more restrictive than this policy, shall be adhered to. Refunded debt monies will be invested in maturities as required to comply with the refunding parameters and agreements. Internal Controls The District shall obtain an annual financial statement audit by an independent party. The audit will be conducted by either the State Auditor or an external, nationally recognized audit firm. Periodic internal reviews may also be made by District employees. These reviews will provide internal control by assuring compliance with policies, procedures and prudent industry practices. Day-to-day procedures concerning investment management and accounting are a management function outside the scope of this policy. The Treasurer will be responsible for implementing controls designed to prevent loss of public funds due to fraud, error, misrepresentation or imprudent actions by employees or officers. 6 | P a g e

  64. Performance Standards The investment portfolio will be managed in accordance with the parameters specified within this policy. The investment portfolio will be designed to obtain a market average rate of return during budgetary and economic cycles, taking into consideration the District's investment risk constraints, arbitrage requirements, and cash flow needs. A series of appropriate benchmarks reflective of the actual securities being purchased, the risks undertaken, and which have a similar weighted average maturity as the portfolio will be used as a composite benchmark to evaluate overall performance. Yield considerations are secondary to legality, safety and liquidity concerns. The investment program does seek to obtain the best possible return consistent with prudent investment principles and the risk limitations identified herein. Overall portfolio strategy is actively reviewed and discussed by the Investment Oversight Committee. Reporting The Treasurer or his/her designee is charged with the responsibility to prepare monthly reports for the District’s Investment Oversight Committee, on the investment activity and positions of the District. At a minimum, such reporting shall include month end asset allocation by issuer type, purchases by broker/dealer, effective durations, yields, and par amounts at a summarized level within the portfolio. In addition, realized and unrealized portfolio income (total return), and benchmark performance shall be reported. The Investment Oversight Committee targets to meet monthly. Investment Policy Adoption and Modification Per District Resolution 8745, the Board of Commissioners delegates authority to update future policies as needed and approved by the General Manager and Investment Oversight Committee with corresponding updates provided to the Financial Advisory Committee (FAC) and the Board of Commissioners. In the event any State of Washington, Federal legislation, bond resolution, contract or regulation sets forth restrictions more severe than contained herein, such restrictions shall be deemed to be immediately incorporated into this policy. 7 | P a g e

  65. Appendix: Glossary ACCRUED INTEREST – The interest accumulated on a bond since issue date or the last coupon payment. The buyer of the bond pays the market price and accrued interest, which is payable to the seller. AMORTIZATION – In portfolio accounting, periodic charges made against interest income on premium bonds in anticipation of receipt of the call price at call or of par value at maturity. ASSET – Available property, as for payment of debts. AVERAGE MATURITY – A weighted average of the expiration dates for a portfolio of debt securities. An income fund's volatility can be managed by shortening or lengthening the average maturity of its portfolio. BANKERS ACCEPTANCES (BAs) – A short-term debt instrument issued by a firm that is guaranteed by a commercial bank. These instruments are similar to Treasury Bills and are frequently used in money markets funds. BAs trade at a discount from face value on the secondary market. The date of maturity typically ranges between 30 and 180 days from the date of issue. BASIS POINT – A measure of an interest rate, i.e., 1/100 of 1 percent, or .0001. BENCHMARK – A standard against which the performance of a security, fund or investment manager can be measured. Generally, broad market and market-segment indexes are used for this purpose. BID – The indicated price at which a buyer is willing to purchase a security or commodity. When selling a security a bid is obtained. (See Offer) BOND – A long-term debt security, or IOU, issued by a government or corporation that generally pays a stated rate of interest and returns the face value on the maturity date. BOOK ENTRY SECURITIES – U.S. government and federal agency securities that do not exist in definitive (paper) form; they exist only in computerized files maintained by the Federal Reserve Bank. BOOK VALUE – The amount at which an asset is carried on the books of the owner. The book value of an asset does not necessarily have a significant relationship to market value. BROKER – A broker brings buyers and sellers together for a commission paid by the initiator of the transaction or by both sides. CALLABLE SECURITY – A security with an embedded call provision that allows the issuer to repurchase or redeem the security by a specified date. Since the holder of a callable security is exposed to the risk of the security being repurchased, the callable security is generally less expensive than comparable securities that do not have a call provision. 8 | P a g e

  66. CERTIFICATES OF DEPOSIT (CDs) – Certificates issued against funds deposited in a bank for a definite period of time and earning a specified rate of return. CDs bear rates of interest in line with money market rates current at the time of issuance. COLLATERAL – Property (as securities) pledged by a borrower to protect the interest of the lender. COMMERCIAL PAPER – An unsecured, short-term debt instrument issued by a corporation. Maturities on commercial paper rarely range longer than 270 days. COMPETITIVE BID PROCESS – A process by which three or more institutions are contacted to obtain prices/yields for specific securities. CORPORATE NOTES – Debt obligations issued by corporations. Investors would consider this type of investment as they are designed to provide higher interest rates than many other alternatives like FDIC- insured savings accounts, short term certificates of deposit, and money market funds. CREDIT QUALITY – The measurement of the financial strength of a bond issuer. This measurement helps an investor to understand an issuer’s ability to make timely interest payments and repay the loan principal upon maturity. Generally, the higher the credit quality of a bond issuer, the lower the interest rate paid by the issuer because the risk of default is lower. Credit quality ratings are provided by nationally recognized rating agencies. CREDIT RISK – The risk that another party to an investment transaction will not fulfill its obligations. Credit risk can be associated with the issuer of a security, a financial institution holding the entity's deposit, or a third party holding securities or collateral. Credit risk exposure can be affected by a concentration of deposits or investments in any one investment type or with any one party. CUSTODIAN – An independent third party (usually bank or trust company) that holds securities in safekeeping as an agent for the county. DEALER – A dealer, as opposed to a broker, acts as a principal in all transactions, buying and selling for his own account. DELIVERY – The providing of a security in an acceptable form to the District or to an agent acting on behalf of the District and independent of the seller. Acceptable forms can be physical securities or the transfer of book entry securities. The important distinction is that the transfer accomplishes absolute ownership control by the District. DELIVERY VS PAYMENT – There are two methods of delivery of securities: Delivery vs. payment and delivery vs. receipt (also called free). Delivery vs. payment is delivery of securities with an exchange of money for the securities. Delivery vs. receipt is delivery of securities with an exchange of a signed receipt for the securities. DISCOUNT – The price of a bond that is lower than par. The discount equals the difference between the price paid for a security and the security’s par value. 9 | P a g e

  67. DIVERSIFICATION – Distribution of available funds among a variety of securities and institutions so as to minimize market risk. DURATION – A measure of the sensitivity of the price of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices. The greater the duration, the greater the interest- rate risk or reward for bond prices. EFFECTIVE DURATION – The duration for a bond with an embedded option when the value is calculated to include the expected change in cash flow caused by the option as interest rates change. This measures the responsiveness of a bond's price to interest rate changes, and illustrates the fact that the embedded option will also affect the bond's price. FACE VALUE – The value of a bond stated on the bond certificate; thus, the redemption value at maturity. Most bonds have a face value, or par, of $1,000. FEDERAL FUNDS RATE – The rate of interest at which Fed Funds are traded between banks. Fed Funds are excess reserves held by banks that desire to invest or lend them to banks needing reserves. The particular rate is heavily influenced through the open market operations of the Federal Reserve Board. Also referred to as the "Fed Funds rate." FEDERAL RESERVE SYSTEM – The central bank of the United States which has regulated credit in the economy since its inception in 1913. Includes the Federal Reserve Bank, 14 district banks and the member banks of the Federal Reserve, and is governed by the Federal Board. GOVERNMENT SPONSORED ENTERPRISE (AGENCIES) – A privately held corporation with public purposes created by the U.S. Congress to reduce the cost of capital for certain borrowing sectors of the economy. GSE’s carry the implicit backing of the U.S. government but are not direct obligations of the U.S. government. Examples of GSEs include: Federal Home Loan Bank, Federal Home Loan Mortgage Corporation, Federal Farm Credit Bank and Federal National Mortgage Association. Securities issued by GSEs are known as agency securities. LIQUIDATION – Conversion into cash. LIQUIDITY – Refers to the ease and speed with which an asset can be converted into cash without a substantial loss in value. LOSS – The excess of the cost or book value of an asset over selling price. LOCAL GOVERNMENT INVESTMENT POOL (LGIP) – The aggregate of all funds from political subdivisions that are placed in the custody of the State Treasurer for investment and reinvestment. MARK‐TO‐MARKET – An adjustment in the valuation of a securities portfolio to reflect the current market values of the respective securities in the portfolio. 10 | P a g e

  68. MARKETABILITY – Ability to sell large blocks of money market instruments quickly and at competitive prices. MARKET RISK – The risk associated with declines or rises in interest rates which cause an investment in a fixed-income security to increase or decrease in value. The risk that the market value of an investment, collateral protecting a deposit, or securities underlying a repurchase agreement will decline. MARKET VALUE – The price at which a security is trading and could presumably be sold. MASTER REPURCHASE AGREEMENT – An agreement between the investor and the dealer or financial institute. This agreement defines the nature of the transactions, identifies the relationship between the parties, establishes normal practices regarding ownership and custody of the collateral securities during the term of the investment, provides for remedies in the event of a default by either party and otherwise clarifies issues of ownership. MATURITY – The time when a security becomes due and at which time the principal and interest or final coupon payment is paid to the investor. OFFER – The indicated price at which a seller is willing to sell a security or commodity. (See BID) When buying a security an offer is obtained. PAR VALUE – The nominal or face value of a debt security; that is, the value at maturity. PORTFOLIO – Collection of securities held by an investor. PREMIUM – The amount by which a bond sells above its par value. PRIMARY DEALERS – Primary government dealers are a group of banks and investment dealers authorized to buy and sell government securities in direct dealings with the Federal Reserve Bank of New York in the executing of Federal Open Market Operations. Such dealers must be qualified in terms of reputation, capacity and adequacy of staff and facilities. PRUDENCE – The ability to govern and discipline oneself by the use of reason; shrewdness in the management of affairs; able to use skill and good judgment in the use of resources. Also refers to the suitability of investments for the risk and return profile and the time horizon of a given investor. REPURCHASE AGREEMENT (REPO) – The Repo is a contractual transaction between an investor and an issuing financial institution (not a secured loan). The investor exchanges cash for temporary ownership of specific securities, with an agreement between the parties that on a future date, the financial institution will repurchase the securities at a prearranged price. SAFEKEEPING – A service to customers rendered by banks for a fee whereby all securities and valuables of all types and descriptions are held in the bank's vaults for protection, or in the case of book entry securities, are held and recorded in the customer's name and are inaccessible to anyone else. 11 | P a g e

  69. SECURITIES – Bonds, notes, mortgages, or other forms of negotiable or non-negotiable instruments. SETTLEMENT DATES – The day on which payment is due for a securities purchase. SHARPE RATIO – A measure that indicates the average return minus the risk-free return divided by the standard deviation of return on an investment. SPREAD – (a) Difference between the best buying price and the best selling price for any given security. (b) Difference between yields on or prices of two securities of differing quality or differing maturities. (c) In underwriting, difference between price realized by the issuer and price paid by the investor. SUPRANATIONAL INSTITUTIONS – International development institutions that provide financial, advisory services, and/or other financial services to their member countries to achieve overall goal of improving living standards through sustainable economic growth. THIRD‐PARTY SAFEKEEPING – A safekeeping arrangement whereby the investor has full control over the securities being held and the dealer or bank investment department has no access to the securities being held. TREASURY BILLS – Treasury bills are short-term debt obligations of the U.S. government. They offer maximum safety of principal since they are backed by the full faith and credit of the U.S. government. Treasury bills, commonly called "T-Bills," account for the bulk of government financing, and are the major vehicle used by the Federal Reserve System in the money market to implement national monetary policy. T-Bills are sold in three, six, nine, and twelve-month bills. Because treasury bills are considered to be very low risk, these instruments generally yield the lowest returns in the major money market instruments. TREASURY NOTES – A marketable U.S. government debt security with a fixed interest rate and a maturity between one and ten years. Treasury notes are considered low-risk, since they are backed by the full faith and credit of the U.S. government. Because they are lower risk and highly liquid they are generally deliver a lower return than other securities having comparable maturities. UNDERLYING SECURITIES – Securities transferred in accordance with a repurchase agreement. WEIGHTED AVERAGE MATURITY (WAM) – A weighted average of the expiration dates for a portfolio of debt securities. An income fund’s volatility can be managed by shortening or lengthening the average maturity of its portfolio. YIELD – The rate at which an investment pays out interest or dividend income, expressed in percentage terms and calculated by dividing the amount paid by the price of the security and annualizing the result. 12 | P a g e

  70. Energy Independence Act Summary (I-937) Powering our way of life. February 26, 2019

  71. Energy Independence Act or I-937 Washington’s Energy Independence Act (EIA), effective January 1, 2010, enacted a renewable portfolio standard commonly referred to as ‘Initiative 937” which requires Washington electric utilities serving 25,000+ customers • Undertake all cost-effective energy conservation; and • Obtain a specified portion of their electricity from new renewable resources.

  72. Partnership with Microsoft Three projects saved a combined 71,579,211 kWh towards Grant PUDs I-937 target and future roll-over savings. • These projects were eligible for a total rebate of $480,000. • This is the lowest cost conservation that Grant PUD has ever achieved at $0.0067/kWh saved. • Historically, Grant PUD has paid between $0.06 and $0.10/kWh for projects similar to this. • The cost savings to Grant PUD are between 3.8 and 6.6 million dollars based on historical rebate amounts.

  73. Grant PUD’s Potential and Achieved Targets Biennium Target MWh Total Target Met MWh Cost per MWh 2020 / 2021 36,792 (anticipated) 2018 / 2019 32,149 90,174 (unfinished) $10.35 2016 / 2017 27,419 35,223 (unaudited) $84.01 2014 / 2015 34,251 37,701 (audited) $95.65 2012 / 2013 99,843 118,695 (audited) $69.71 2010 / 2011 52,543 104,921 (audited) $76.46

  74. Continued Partnership Energy Services is excited to continue this partnership with Microsoft as they continue to expand their campuses. This will achieve the most conservation savings at the lowest cost to Grant PUD while giving back to the rest of the community.

  75. Benefits of the Pay it Forward Partnership:

  76. Pay it Forward Partnership explained:

  77. Recommendation for dispersing funds: $400,000 be provided to the Big Bend Foundation through the Columbia Basin Foundation to cover the costs of developing an industrial mechanic program in the college’s new Workforce Education Building.

  78. Staff recommendation for dispersing funds: $50,000 provided to the Columbia Basin Foundation to develop a fund that will provide financial grants to develop a program to provide Grant County-grown produce for families of school-age children in need.

  79. Staff recommendation for dispersing funds: $20,000 provided to the Columbia Basin Foundation to develop a fund that will provide grants to help Grant County school districts cover the transportation costs of bringing sixth-grade students to a hydro-power outreach educational event at Wanapum Dam.

  80. Staff recommendation for dispersing funds: $10,000 for Share the Warmth, a Grant PUD administered fund to help customers in need pay their power bills.

  81. Powering our way of life.

  82. Load Gr ad Growth i h in Gr Grant C Coun unty May 23 rd 2019, Grant PUD Commission Meeting Powering our way of life.

  83. Ove verview • Review of last Commission meeting • Continue to move forward on analysis of transmission expansion to facilitate growth • Long term benefits for core customers • Preview of discussion today • Generic rate impact – Dave Churchman • Current status of applications – Shane Lunderville • 8768 Policy check in – Dave Churchman

  84. Grant County Public Utility District Draft Transmission Expansion Levelized Rate Impacts Amortization Period - $140 m Investment Total Load 20-years 30-years 40-years MW $/kWh $/kWh $/kWh 400 MW 0.00377 0.00322 0.00299 500 MW 0.00301 0.00257 0.00239 550 MW 1/ 0.00274 0.00234 0.00218 650 MW 2/ 0.00232 0.00198 0.00184 800 MW 0.00188 0.00161 0.00150 900 MW 3/ 0.00167 0.00143 0.00133 1/ Represents the system average of approximately 550 MW. 2/ Represents the approximate system average of 550 MW plus the Current Application Pipeline of 100 MW for total of 650 MW. 3/ Represents the approximate system average of 550 MW plus the Current Application Pipeline of 100 MW plus the General Application Quene of 250 MW. Calculation Example: Average Cost Impact if transmission investment is recovered over 20-years and adds 350 MW of new load. Example: Average Cost Impact Monthly kWh Usage 1,000 Estimated Rate Increase $0.00167 Estimated Monthly Cost Impact $1.67 /1000 kWh

  85. Large S e Service ce App ppli licati tion S Statu tus By Shane Lunderville Powering our way of life.

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