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Agenda 02/24/2026 Item #16F 5 (Amendment to Agreement No. 12-5957, “Financial Advisory Services” with PFM Financial Advisors LLC.)2/24/2026 Item # 16.F.5 ID# 2026-167 Executive Summary Recommendation to approve an Amendment to Agreement No. 12-5957, “Financial Advisory Services” with PFM Financial Advisors LLC, extending the agreement through May 31, 2028, as an exemption to the competitive process in the not-to-exceed amount of $150,000 per fiscal year. OBJECTIVE: To extend the current agreement term for PFM Financial Advisors, LLC (“PFM”) to provide the County with financial advisory services including but not limited to ongoing services without regard to specific bond issues or capital financing; public offerings of securities; public sale of bonds; and negotiated sale of bonds through May 31, 2028. CONSIDERATIONS: The County procured its services with PFM through a competitive Request for Proposals process, which culminated with the Board approving Agreement No. 12-5957 (the "Agreement") with PFM on May 28, 2013 (Agenda item 16.F.3). On April 25, 2017, the Board approved an Extension of the Agreement through May 31, 2020 (Agenda item 16.F.2), followed by an Assumption, Assignment, and Extension of the Agreement on April 28, 2020 (Agenda item 16.F.1) (to formalize the assignment of the Agreement to an affiliate), followed by an Extension of the Agreement on April 12, 2022 (Agenda item 16.F.1) through May 31, 2024, and a further Extension on December 12, 2023 (Agenda item 16.F.8). The Agreement is currently scheduled to expire on May 31, 2026, unless further action is taken. Collier County Procurement Ordinance No. 2025-34, Section 12, Subsection 2, Exemptions to the Competitive Process, provides an exemption to the competitive process to procure financial services under category (q) when it is in the best interest of the County. The County Manager has determined and is recommending that it is in the best interest of the County to extend the Agreement through May 31, 2028, for financial advisory services from PFM, as allowed by the Ordinance. No changes to the Agreement's rates and provisions are requested. PFM is an independent financial advisor. The firm's substantial experience in public finance and public debt placement, coupled with knowledge of the County's debt structure and statewide clientele, has proved extremely valuable in assisting with management of the County's debt portfolio. Maintaining the continuity that exists currently between Corporate Financial Management Services Division staff, Clerk's finance staff, bond counsel, and the financial advisor is critical to an effective working relationship, one that will continue to benefit the County as debt restructuring is evaluated and new financing is considered. This item is consistent with the Collier County strategic plan objective to safeguard taxpayer money by promoting fiscal stewardship and sound budget oversight FISCAL IMPACT: Funding for these services is budgeted annually by the Office of Corporate Financial and Management Services. GROWTH MANAGEMENT IMPACT: There is no growth management impact associated with this action. LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires majority vote for Board approval. —SRT RECOMMENDATION(S): To approve an Amendment to Agreement No. 12-5957, “Financial Advisory Services” with PFM Financial Advisors LLC ("PFM"), extending the agreement through May 31, 2028, as an exemption to the competitive process in the not-to-exceed amount of $150,000 per fiscal year, and authorize the Chairman to sign the attached amendment. PREPARED BY: Christopher Johnson, Director - Corporate Financial and Management Services. Page 1955 of 3023 2/24/2026 Item # 16.F.5 ID# 2026-167 ATTACHMENTS: 1. 12-5957 PFM First Amendment 2. 12-5957 PFM Contract 3. 12-5957 PFM First Extension 4. 12-5957 PFM Second Extension 5. 12-5957 PFM Third Extension 6. 12-5957 PFM Fourth Extension 7. 26-335-EM PFM Exemption 8. 12-5957 PFM Affidavit 9. 12-5957 PFM COI Page 1956 of 3023 Page 1957 of 3023 Sergio Masvidal, Managing Director 1/21/2026 Page 1958 of 3023 Page 1959 of 3023 Page 1960 of 3023 Page 1961 of 3023 Page 1962 of 3023 Page 1963 of 3023 Page 1964 of 3023 Page 1965 of 3023 Page 1966 of 3023 Page 1967 of 3023 Page 1968 of 3023 Page 1969 of 3023 Page 1970 of 3023 Page 1971 of 3023 Page 1972 of 3023 Page 1973 of 3023 Page 1974 of 3023 Page 1975 of 3023 Page 1976 of 3023 Page 1977 of 3023 Page 1978 of 3023 Page 1979 of 3023 Page 1980 of 3023 Page 1981 of 3023 Page 1982 of 3023 Page 1983 of 3023 Page 1984 of 3023 Page 1985 of 3023 Page 1986 of 3023 Page 1987 of 3023 Page 1988 of 3023 Page 1989 of 3023 Page 1990 of 3023 Page 1991 of 3023 Page 1992 of 3023 Page 1993 of 3023 Page 1994 of 3023 Page 1995 of 3023 Page 1996 of 3023 Page 1997 of 3023 Page 1998 of 3023 Page 1999 of 3023 Page 2000 of 3023 Page 2001 of 3023 Page 2002 of 3023 Page 2003 of 3023 Page 2004 of 3023 Page 2005 of 3023 Page 2006 of 3023 Page 2007 of 3023 Page 2008 of 3023 Page 2009 of 3023 Page 2010 of 3023 ASSUMPTION,ASSIGNMENT AND EXTENSION OF AGREEMENT NO. 12-5957 FOR FINANCIAL ADVISORY SERVICES This Assumption, Assignment and Extension of Agreement No. 12-5957 is made and entered into on this 2844N of April, 2020 by and between Public Financial Management, Inc. Consultant")and Collier County, a political subdivision of the State of Florida(the"County"). WHEREAS,on May 28, 2013 (Agenda Item No. 16.F.3)the County awarded Agreement No. 12-5957 for Financial Advisory Services, hereinafter referred to as the"Agreement;" and WHEREAS, on April 25, 2017, the Consultant and the County entered into an extension to the Agreement, which extended the term through May 31, 2020. A copy of the Agreement together with the extension is attached hereto as Exhibit"A"; and WHEREAS,the Consultant and the County wish to extend the term of the Agreement to May 31, 2022; and WHEREAS, on October 4, 2016, the Consultant, through two pieces of correspondence of that same date,notified the County that in an effort to better align the services it provides to the County with its most regulatory appropriate affiliate, its affiliate entity PFM Financial Advisors, LLC ("PFM"), a municipal advisor registered with the SEC, the MSRB and registered to conduct business in the State of Florida, would be providing future services under the Agreement to the County. Copies of the Consultant's correspondence is attached hereto as Exhibit B; and WHEREAS, the County Manager's Office acknowledged this ministerial change in the County's relationship with the Consultant's affiliate, PFM,by countersigning the October 4, 2016 correspondence; and WHEREAS, the Consultant hereby represents to the County that by virtue of its realignment of the provision of financial services through its affiliate PFM, PFM is the successor in interest in relation to the Agreement; and WHEREAS, the parties wish to formalize PFM's assumption of rights and obligations under the Agreement effective as of the date first above written. NOW THEREFORE, IN CONSIDERATION of the mutual promises in this Assumption, Assignment and Extension Agreement, and for other good and valuable consideration,the receipt and sufficiency of which are acknowledged by the parties, it is agreed as follows: 1. PFM Financial Advisors, LLC,accepts and assumes all rights,duties,benefits,and obligations of the Consultant under the Agreement, including all existing and future obligations to perform under the Agreement. Page 1 of 3 GA Page 2011 of 3023 2. PFM Financial Advisors, LLC, will promptly deliver to the County evidence of insurance consistent with the Agreement. 3. The term of Agreement No. 12-5957 is hereby extended to May 31,2022. 4. All future renewals of Agreement No. 12-5957 are subject to approval by the Board of County Commissioners. 5. Except as stated herein, all other terms and conditions of the Agreement shall remain in full force and effect. 6. Further supplements to, or modifications of, the Agreement shall be approved in writing by both parties. 7. Notice required under the Agreement to be sent to PFM shall be directed to: PFM Financial Advisors,LLC: Attention: Sergio Masvidal, Managing Director PFM Financial Advisors LLC 2222 Ponce De Leon Boulevard, Third Floor Coral Gables, Florida 33134 masvidals@pfm.com /phone: 786.671.7480 8. The County hereby consents to PFM Financial Advisors,LLC's assumption of the Agreement in order to continue the services provided under Agreement No. 12-5957. No waivers of performance are granted or authorized. The County will treat PFM Financial Advisors, LLC as the Consultant for all purposes under the Agreement. Except as provided herein,all other terms and conditions of the Agreement remain in full force and effect. Signature page to follow] Remainder of page intentionally left blank****** Page 2 of 3 Page 2012 of 3023 IN WITNESS WHEREOF,the undersigned have executed and delivered this Assumption, Assignment and Extension of Agreement No. 12-5957 effective as of the date first above written. ATTEST: Crystal K. Kinzel, Clerk of Court& BOARD OF COUNTY COMMISSIONERS Comptroller COLLIER COUNTY, FLORIDA By: A. 4/ By: c Burt L. Saunders, Chairman Dated: SEAL) Attestas tot airman's signature only. Consultant: PFM Financial Advisors, LLC By: Signature SERGIO D. MASVIDAL, MANAGING DIRECTOR TType/print signature and titleT March 24, 2020 Date Ap roved a o F a egality: De ty County Attorney Print Name Page 3 of 3 ic Page 2013 of 3023 EXTENSION OF AGREEMENT NO. 12-5957 FOR FINANCIAL ADVISORY SERVICES This Extension of Agreement No. 12-5957 is made and entered into on this I2' k of Apr;' 2022 by and between PFM Financial Advisors, LLC ("PFM" or Consultant") and Collier County, a political subdivision of the State of Florida (the "County") collectively the"Parties"). WHEREAS, on May 28, 2013 (Agenda Item No. 16.F.3)the County awarded Agreement No. 12-5957 for "Financial Advisory Services" (the "Agreement") with Public Financial Management, Inc.; and WHEREAS, on April 25, 2017, the Consultant and the County entered into an extension to the Agreement, which extended the Agreement term through May 31, 2020; and WHEREAS, on April 28, 2020 (Agenda Item No. 16.F.1),the Consultant and the County entered into an Assumption, Assignment and Extension to the Agreement, formalizing PFM Financial Advisors, LLC's assumption of the rights and obligations under the Agreement as an affiliate of Public Financial Management, Inc., and extended the term through May 31, 2022; and WHEREAS, the Consultant and the County wish to further extend the term of the Agreement through and including May 31, 2024; and NOW THEREFORE, IN CONSIDERATION of the mutual promises in this Extension of Agreement No. 12-5957, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged by the Parties, it is agreed as follows: 1. The term of Agreement No. 12-5957 is hereby extended through and including May 31, 2024. 2. All future renewals of Agreement No. 12-5957 are subject to approval by the Board of County Commissioners. 3. Except as stated herein, all other terms and conditions of the Agreement shall remain in full force and effect. Signature page to follow on next page] Page l of 2 Extension of Agreement No. 12-5957 C?. Page 2014 of 3023 IN WITNESS WHEREOF,the undersigned have executed and delivered this Extension of Agreement No. 12-5957 effective as of the date first above written. ATTEST: Crystal K. Kinnel, Clerk ai-the Circuit BOARD OF COUNTY COMMISSIONERS Court & Comptroller COLLIER COUNTY, FLORIDA I : AtifihjAva,..., cc By: ( 1)11140/ 1 tiPA41° i Wi.am L. Mc ianiel, Jr., Ch.irman Dated: all4d SEA!:) Consultant's Witnesses: Consultant: PFM Financial Advisors LLC tt First Witness By: Signature TType/print witness nameT S1r ,p /44 'vi,H , ,14/(z,iont4 i2/,Lt'G Tli_, TType/print signature and titleT Seond lA Witness (-3 4e It VZ Z Dat yp int i ess meT A rov d to F nd egality:R County Attorney ali R / L Print Name c.___,)A Page2of2 0ExtensionofAgreementNo. 12-5957 Page 2015 of 3023 pfm CERTIFICATE OF AUTHORITY February 22, 2022 As Secretary and Managing Director of PFM Financial Advisors LLC ("PFM"), I affirm that Sergio Masvidal is a Managing Director of this company, and as such, is authorized to make, enter into, sign, seal and deliver on behalf of this company a contractual document in connection with the operations of the company. PFM FINANCIAL ADVISORS LLC Chery(D. .9 taddox 02/23/2022 11:33 AM EST Cheryl D. Maddox Secretary and Managing Director State of Florida County of Broward The foregoing instrument was acknowledged before me by means of online notarization, this 23td day of February 2022, by Cheryl D. Maddox of PFM Financial Advisors LLC, a Delaware Limited Liability company, on behalf of the company, and he/she is personally known to me or has produced N/A as identification. In witness hereof, I hereunto set my hand and official seal. Ch Pesaes DIGTAttY 02/23/2022 y sin 11:37 AM EST Cynthia Pesantes, Notary Public oi Y°ie`', CYNTHIA PESANTES My commission expires: 11.11.2024 _%•`_- Notary Publlc-Stele of Florida @ Commission 0 HH 62537 F O!OF •' My Comm.Expires Nov 11,2024 Online Notary Public.This notarial act involved the use of online audio/video communication technology. Page 2016 of 3023 2/7/22,1:53 PM Detail by Entity Name DIVISION OF CORPORATIONS I D AO!I of 7/1I org ' ; •1 rJ L9,7run,iifrol/II. Department of State / Division of Corporations / Search Records / Search by Entity Name / Detail by Entity Name Foreign Limited Liability Company PFM FINANCIAL ADVISORS LLC Filing Information Document Number M16000004976 V FEI/EIN Number 81-1642787 / Date Filed 06/21/2016 State DE Status ACTIVE Principal Address 1735 MARKET STREET, 43RD FLOOR PHILADELPHIA, PA 19103 Mailing Address 1735 MARKET STREET,43RD FLOOR PHILADELPHIA, PA 19103 Registered Agent Name&Address REGISTERED AGENT SOLUTIONS, INC. 155 OFFICE PLAZA DRIVE, SUITE A TALLAHASSEE, FL 32301 Authorized Person(s)Detail Name&Address Title MEMBER, Manager Bonow, John 1735 MARKET STREET,43RD FLOOR PHILADELPHIA, PA 19103 Title MEMBER, MANAGER HARTMAN, DANIEL 1735 MARKET STREET,43RD FLOOR PHILADELPHIA, PA 19103 Title Manager MADDOX, CHERYL A' https://search.sunbiz.org/Inquiry/CorporationSearch/SearchResultDetail?inquirytype=EntityName&directionType=1 nitial&search NameOrder=PFM FI NA... 1/2 Page 2017 of 3023 2/7/22,1:53 PM Detail by Entity Name 1735 MARKET STREET, 43RD FLOOR PHILADELPHIA, PA 19103 Annual Reports Report Year Filed Date 2019 01/23/2019 2020 04/14/2020 2021 04/30/2021 Document Images 04/30/2021—ANNUAL REPORT View image in PDF format 04/14/2020--ANNUAL REPORT View image in PDF format 08/21/2019—AMENDED ANNUAL REPORT View image in PDF format 02/21/2019—AMENDED ANNUAL REPORT View image in PDF format 01/23/2019--ANNUAL REPORT View image in PDF format 05/02/2018—AMENDED ANNUAL REPORT View image in PDF format 01/12/2018—ANNUAL REPORT View image in PDF format 01/09/2017—ANNUAL REPORT View image in PDF format 06/21/2016—Foreign Limited View image in PDF format Honda DePartrnent of State,DiveSon of Corperabone https://search.sunbiz.org/Inquiry/CorporationSearch/Search ResultDetail?inqu irytype=EntityName&d irectionType=Initial&search NameOrder=PFM FI NA... 2/2 Page 2018 of 3023 16F8 EXTENSION OF AGREEMENT NO. 12-5957 FOR FINANCIAL ADVISORY SERVICES This Extension of Agreement No. 12-5957 is made and entered into on this 12N of 0 C ce"Ab Q r , 2023 by and between PFM Financial Advisors LLC ("PFM" or Consultant") and Collier County, a political subdivision of the State of Florida (the "County") collectively the "Parties"). WHEREAS, on May 28, 2013 (Agenda Item No. 16.F.3),the County awarded Agreement No. 12-5957 for "Financial Advisory Services" (the "Agreement") to Public Financial Management, Inc.; and WHEREAS, on April 25, 2017, the Consultant and the County entered into an extension to the Agreement, which extended the Agreement term through May 31, 2020; and WHEREAS, on April 28, 2020 (Agenda Item No. 16.F.1), the Consultant and the County entered into an Assumption, Assignment and Extension to the Agreement, formalizing PFM Financial Advisors, LLC's assumption of the rights and obligations under the Agreement as an affiliate of Public Financial Management, Inc., and extended the term through May 31, 2022; and WHEREAS, on April 12, 2022, the Consultant and the County entered into an extension to the Agreement, which extended the Agreement term through May 31, 2024; and WHEREAS, the Consultant and the County wish to further extend the term of the Agreement an additional two years with a new expiration date of May 31, 2026. NOW THEREFORE, IN CONSIDERATION of the mutual promises in this Extension Agreement, and for other good and valuable consideration,the receipt and sufficiency of which is acknowledged by the Parties, it is agreed as follows: 1. The above recitals are hereby incorporated into this Extension Agreement as if fully set forth herein. 2. The term of Agreement No. 12-5957 is hereby extended to May 31, 2026. 3. All future renewals and extensions of Agreement No. 12-5957 are subject to approval by the Board of County Commissioners. 4. Except as stated herein, all other terms and conditions of the Agreement, as previously amended, shall remain in full force and effect. Page 1 of 2 Extension of Agreement No. 12-5957 CAOPage 2019 of 3023 16F8 IN WITNESS WHEREOF,the undersigned have executed and delivered this Extension of Agreement No. 12-5957 effective as of the date first above written. ATTEST: Crystal K.Kinzel,Clerk of the Circuit BOARD OF COUNTY COMMISSIONERS Court&Comptroller COLLIER COUNTY, FLORIDA n,. By. f, L _ . . ,, y, Rick LoCastro, Chairman Dated: 1 A, r b SEAL) ,Attes ,as to airman's gnature only Consultant's Witnesses: Consultant: PFM Financial Advisors LLC irst Witness By: Signature TType/print witness nameT 6 TType/print signature and titlet bge j!' Second Witness Le.-.)11Th Or A S r Da 2‘/02 TType$rint witness nameT App oved as to F rm a egali : S Teach,Deputy County Attorney n ame 4 Page 2 of 2 Extension of Agreement No. 12-5957 Page 2020 of 3023 Exemption Request Form EXEMPTION REQUEST FORM Revised September 2025 Page 1 of 2 Instructions The following procurement categories may be eligible for exemption from the competitive process per Procurement Ordinance, Section Twelve, Subsection 2, Exemptions to the Competitive Process; based upon the determination of the Procurement Services Division Director or designee that approval of such an exemption is in the best interest of the County. Purchases greater than $250,000 will require final approval by the Board of County Commissioners. Complete all sections of this form prior to submitting it to Procurement. Any quotes and/or documentation submitted must be dated within the last thirty (30) days. If applicable, submit with the form associated terms and conditions or agreements. Disclaimer: Exemptions are not active until the Procurement Director or designee approves the request or the requested start date, whichever is later. Additionally, if a contract agreement is in place, the start and end dates will follow the agreement. Exemptions that require review by the Board of County Commissioners are not valid until Board approval is received. No purchase order requests will be processed until formal approval has been received. Submit Exemption requests to Procurement Services via the Jira Ticketing System. Exemption Category: (Select ONLY ONE from Drop Down) SECTION ONE Division: Requested Not-to-Exceed Expenditure Per FY: Vendor Corporate Name: Summary of Item(s)/Service(s): SECTION TWO One-Time Purchase Multiple Purchases Is there an agreement associated with this waiver? (Provide vendor Terms and Conditions including those contained in hyperlinks.) Yes No If yes, attach documentation. Quote/Proposal: If Yes, attach. Yes No Price List/ Fee Schedule: If Yes, attach. Yes No SECTION THREE Detailed Description of Purchase.Enter a description of the item(s) that will be purchased under this exemption. Detailed Public Purpose. Include why this purchase is essential to County operations. CFMS $150,000 PFM FINANCIAL ADVISORS LLC FINANCIAL ADVISORY SERVICES ✔ ✔ ✔✔ Financial Advisory Services To continue County financial advisory services to include, but not limited to the following: Ongoing services without regard to specific bond or capital financing, public offerings of securities, public sale of bonds, and negotiated sale of bonds. q) Financial Instruments Page 2021 of 3023 EXEMPTION REQUEST FORM Revised September 2025 Page 2 of 2 SECTION FOUR Information Technology: Select Yes if the products/services are related to Information Technology. If yes, provide the Purchasing Compliance Code (PCC) number and email approval documentation. Yes No If yes, provide the PCC#: SECTION FIVE Requester: Signature: Division Director: Signature: Department Head (Required if over $250,000): Signature: Procurement Strategist: Signature: Procurement Director or Designee: Signature: PROCUREMENT USE ONLY Historic Spend: Additional Commentary: P-Card PO Non-Contract Exemption #: Start Date: End Date: Contract Exemption #: Contract #: Start Date: End Date: Contingent Upon Board Approval: Yes No Agenda #: ________________________________ Approval Date: ____________________________ ✔ Edward Ahleman AhlemanEdward Digitally signed by AhlemanEdward Date: 2026.02.03 08:07:13 -05'00' Christopher Johnson JohnsonChristopher Digitally signed by JohnsonChristopher Date: 2026.02.03 08:46:57 -05'00' Radoslava Edreva EdrevaRadoslava Digitally signed by EdrevaRadoslava Date: 2026.02.04 23:20:19 -05'00' Sandra Srnka SrnkaSandra Digitally signed by SrnkaSandra Date: 2026.02.04 16:43:58 -05'00' No spend since 2014 ✔ Prior Exemption 24-038-EX for $100,000 expires 5/31/26 (BCC approved 12/12/23 16.F.8) associated with agreement 12-5957. N/A N/A N/A 26-335-EM 12-5957 6/01/2026 5/31/2028 ✔ Page 2022 of 3023 CONTRACT RENEWAL OR EXTENSION REQUEST FORM Version: 2025.1 AFFIDAVIT REGARDING LABOR AND SERVICES AND CONTRACTING WITH ENTITIES OF FOREIGN COUNTRIES OF CONCERN PROHIBITED (൵HFWLYH-XO\SXUVXDQWWR)ORULGD6WDWXWHVZKHQDFRQWUDFWLVH[HFXWHGUHQHZHGRUH[WHQGHGEHWZHHQD QRQJRYHUQPHQWDOHQWLW\DQGDJRYHUQPHQWDOHQWLW\WKHQRQJRYHUQPHQWDOHQWLW\PXVWSURYLGHWKHJRYHUQPHQWDOHQWLW\ZLWKDQ D൶GDYLW VLJQHG E\ DQ R൶FHU RU D UHSUHVHQWDWLYH RI WKH QRQJRYHUQPHQWDO HQWLW\ XQGHU SHQDOW\ RI SHUMXU\ DWWHVWLQJ WKDW WKH QRQJRYHUQPHQWDOHQWLW\GRHVQRWXVHFRHUFLRQIRUODERURUVHUYLFHV EIIHFWLYH-DQXDU\DJRYHUQPHQWDOHQWLW\PD\QRWDFFHSWDELGRQDSURSRVDOIRURUDUHSO\WRRUHQWHULQWRDFRQWUDFWZLWK DQHQWLW\ZKLFKZRXOGJUDQWWKHHQWLW\DFFHVVWRDQLQGLYLGXDO¶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¶VSHUVRQDOLGHQWLI\LQJLQIRUPDWLRQWKHHQWLW\PXVWSURYLGHWKHJRYHUQPHQWDOHQWLW\ZLWKDQDIILGDYLWVLJQHGE\DQ RIILFHURUUHSUHVHQWDWLYHRIWKHHQWLW\XQGHUSHQDOW\RISHUMXU\DWWHVWLQJWKDWWKHHQWLW\GRHVQRWPHHWDQ\RIWKHFULWHULDLQSDUDJUDSKV D-F)ORULGD6WDWXWHV 1RQJRYHUQPHQWDO(QWLW\¶V1DPH $GGUHVV 3KRQH1XPEHU $XWKRUL]HG5HSUHVHQWDWLYH¶V1DPH $XWKRUL]HG5HSUHVHQWDWLYH¶V7LWOH (PDLO$GGUHVV , 1DPHRI$XWKRUL]HG5HSUHVHQWDWLYHDVDXWKRUL]HGUHSUHVHQWDWLYHDWWHVW XQGHU SHQDOW\RISHUMXU\WKDW__________________________ 1DPHRI1RQJRYHUQPHQWDO(QWLW\GRHVQRWXVH FRHUFLRQIRUODERURUVHUYLFHVDVGH¿QHGLQ)ORULGD6WDWXWHVDQGWKHQRQJRYHUQPHQWDOHQWLW\LVQRWDRZQHGE\ DJRYHUQPHQWRIDIRUHLJQFRXQWU\RIFRQFHUQEWKDWDIRUHLJQFRXQWU\RIFRQFHUQGRHVQRWKDYHDFRQWUROOLQJLQWHUHVWLQWKH HQWLW\DQGFWKDWWKHHQWLW\LVQRWRUJDQL]HGXQGHUWKHODZVRIRUKDVLWVSULQFLSDOSODFHRIEXVLQHVVLQDIRUHLJQFRXQWU\RI FRQFHUQDOODVSURKLELWHGXQGHU)ORULGD6WDWXWHV 8QGHUSHQDOW\RISHUMXU\IGHFODUHWKDWIKDYHUHDGWKHIRUHJRLQJ$൶GDYLWDQGWKDWWKHIDFWVVWDWHGLQLWDUHWUXH 6LJQDWXUHRIDXWKRUL]HGUHSUHVHQWDWLYH 'DWH 67$7(2) &2817<2) 6ZRUQWRRUD൶UPHGDQGVXEVFULEHGEHIRUHPHE\PHDQVRIտSK\VLFDOSUHVHQFHRUտRQOLQHQRWDUL]DWLRQWKLV GD\RI E\ 1DPHRI$൶DQWZKRSURGXFHGKLV)ORULGD'ULYHU¶V/LFHQVHDV LGHQWL¿FDWLRQ 1RWDU\3XEOLF &RPPLVVLRQ([SLUHV 3HUVRQDOO\.QRZQտ253URGXFHG,GHQWL¿FDWLRQտ 7\SHRI,GHQWL¿FDWLRQ3URGXFHG PFM Financial Advisors LLC 2222 Ponce De Leon Blvd., 3rd Floor, Coral Gables, FL 33134 786-671-7480 Sergio Masvidal masvidals@pfm.com Sergio Masvidal Florida December 25 Sergio Masvidal Cynthia Silva November 11, 2028 PFM Financial Advisors LLC Broward Managing Director 11th Page 2023 of 3023 Page 2024 of 3023 Page 2025 of 3023 Page 2026 of 3023