Regular Meeting of the Board of Directors/Commissioners Wednesday, June 27, 2018, 2:00 P.M

REGULAR MEETING OF THE BOARD OF DIRECTORS/COMMISSIONERS WEDNESDAY, JUNE 27, 2018, 2:00 P.M.

New Orleans Public Facility Management, Inc. Agenda

Regular Meeting of the Board of Directors New Orleans Public Facility Management, Inc. Wednesday, June 27, 2018, 2:00 PM

AGENDA

I. Call to Order by Chairman – Roll Call

II. Public Comment

III. Approval of NOPFMI Board Meeting Minutes of May 23, 2018

IV. Finance & Audit Committee

A. Contracts

Professional/Request for Proposal/Public Works:

1. Empire – Janitorial and Ground Maintenance

2. H.P.D. Special Detail Fund II – Security Detail Services

3. Howard Industries, Inc. – Software and Hardware Support

Procurements:

1. Blackstar Diversified; Gehr Power Systems; Nu-Lite – Electrical Supplies

V. Sales & Marketing

VI. Other Business

VII. Next Regular Scheduled Meeting: Wednesday, July 25, 2018 at 2:00 P.M.

VIII. Motion to Adjourn

New Orleans Public Facility Management, Inc. Minutes

MEETING MINUTES OF THE BOARD OF DIRECTORS NEW ORLEANS PUBLIC FACILITY MANAGEMENT, INC.

A Meeting of New Orleans Public Facility Management, Inc. was held on Wednesday, May 23, 2018 in the Board Room at the Ernest N. Morial Convention Center – New Orleans, 900 Convention Center Boulevard, New Orleans, Louisiana.

Chairman Rodrigue called the meeting to order at 2:03 p.m. and asked for a roll call. The results were as follows: Dottie Belletto Present Ryan F. Berni Absent Robert Bray Present Alfred L. Groos Present Ronald Guidry Present Robert Hammond Present Eddie Jacobs Present Darren G. Mire Absent Steve Pettus Absent Bonita Robertson Absent Melvin J. Rodrigue Present Michael Smith Absent

The total number present at roll call was seven (7).

Chairman Rodrigue asked the audience for public comment of agenda items. There were none.

Chairman Rodrigue requested a motion to approve the NOPFMI Board Meeting Minutes of April 25, 2018. Secretary Groos moved approval, seconded by Director Guidry. Motion approved with no additions, corrections, deletions or changes noted.

Director Belletto moved approval to contract with Julia Mines Coaching for Executive Coaching. Motion seconded by Vice Chairman Bray. Motion approved.

Director Belletto moved approval to contract with Pivotal Perspectives Coaching for Executive Coaching. Motion seconded by Vice Chairman Bray. Motion approved.

Director Jacobs moved approval to contract with HUB International Gulf South for Insurance Brokerage for Medical Benefits Services. Motion seconded by Director Guidry. Motion approved.

Vice Chairman Bray moved approval to contract with Peter D. Rigney dba Annunciation Interactive for Website Design and Development Services. Motion seconded by Director Hammond. Motion approved.

Director Belletto moved approval to ratify Engineering Services for Level 1 Energy Audit with Damien W. Serauskas, P.E. and to ratify Furnish & Install Entrance Door for Centerplate with Siemens Industry, Inc. Motion seconded by Director Hammond. Motion approved.

Mr. Tim Hemphill, Vice President of Sales & Marketing, gave the Sales & Marketing and Communications reports.

With no other business to come before the Board, Chairman Rodrigue asked for a motion to adjourn. Vice Chairman Bray moved adjournment, seconded by Director Hammond. Motion approved and the meeting adjourned at 2:20 p.m.

ATTEST: ______AL GROOS, SECRETARY

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Finance & Audit

Committee

Contracts

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION

1 Contract Number & Type of Contract: C-0755 Service 2 Contract Title: Provide Janitorial and Grounds Maintenance

3 Contractor Information: Empire Janitorial Sales & Services, LLC 1820 L&A Road Metairie, LA 70001 4 Contract Term: Six Month Contract Extension

July 1, 2018 – December 31, 2018 5 Contract Rate: $12.15 per hour

6 Pricing Details: Services provided:  Janitorial Services (routine and periodical cleaning)  Event Setup Labor (any event labor)  Labor (any general labor project)

7 Budget: This project is part of the approved 2018 Operating Budget and monitored by staff.

8 Contract History :  Contract originally executed in 2008  Contract was extended in 2014 with a Base Year and four (4) Renewal Options Base Year total $ 2,550,161.00 Option No.1 total $ 2,783,445.00 Option No.2 total $ 3,018,143.05 Option No.3 total $ 2,979,910.68 2018 Contract Extension total $ 1,408,574.23 (as of May 2018)

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION

1 Contract Number & Type of Contract: C-1412 Service 2 Contract Title: Provide Security Detail Services

3 Contractor Information: H.P.D. Special Detail Fund II 1 Third Street New Orleans, LA 70130

4 Contract Term: One (1) Year July 1, 2018 – June 30, 2019 5 Contract Amount: $33.00 per hour rate Plus Approved Overtime by Owner

6 Budget: This project was budgeted for in the 2018 Operating Budget.

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION-Page 1 of 3

1 Contract Number & Type of Contract: C-1425 Service 2 Contract Title: Provide Hardware and Software Support for Xirrus Wireless Access Points

3 Contractor Information: Howard Industries, Inc. DBA: Howard Technology Solutions P.O. Box 1588 Laurel, MS 39441

4 Contract Term: One Year June 2018 – June 2019

5 Pricing Details: See page 2 and 3 for pricing details

6 Contract Amount: $60,341.00

7 Budget: The total budget for this project is $62,000.00 and was approved as part of the 2018 Operating Budget.

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION-Page 2 of 3

Company Name Howard Industries, Inc. Company Address P.O. Box 1588 Laurel, MS 39441 SEB Certified (Hudson Initiative) No

Item Item Description Qty. Unit Price Extended Price No.

1 1 Year Premium Software and 30 $61.00 $1,830.00 Hard ware Support for XD4 Wireless Access Point 2 1 Year Premium Software and Hardware Support for XD4 1 $113.00 $113.00 Wireless Access Point 3 1 Year Premium Software and Hardware Support for XR-2400 13 $55.00 $715.00 Wireless Access Point 4 1 Year Premium Software and Hardware Support for XR-2400 1 $153.00 $153.00 Wireless Access Point 5 1 Year Premium Software and Hardware Support for XR-2400 5 $97.00 $485.00 Wireless Access Point 6 1 Year Premium Software and 2 $41.00 $82.00 Hardware Support for XR-500 Wireless Access Point 7 1 Year Premium Software and 48 $83.00 $3,984.00 Hardware Support for XR-4800 AP

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION-Page 3 of 3

Company Name Howard Industries, Inc. Company Address P.O. Box 1588 Laurel, MS 39441 SEB Certified (Hudson Initiative) No

Item Item Description Qty. Unit Price Extended Price No. 8 1 Year Premium Software and Hardware Support for XR-4800 122 $190.00 $23,180.00 Wireless Access Point 9 1 Year Premium Software and Hardware Support for XR-4800 109 $163.00 $17,767.00 Wireless Access Point 10 1 Year Premium Software and Hardware Support for XR-500 170 $20.00 $3,400.00 Wireless Access Point 11 1 Year Premium Software and Hardware Support for XR-500 2 $41.00 $82.00 Wireless Access Point 12 1 Year Premium Support for XMS-9000-XMS Software for 2850 $3.00 $8,550.00 radios

Procurements

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION – Page 1 of 15

1 Contract Number & Type of Contract: C-1406 Procurement 2 Contract Title: Procurement of Electrical Supplies

3 Contractor Information:

Blackstar Diversified Gehr Power Systems, LLC Nu-Lite Electrical Enterprises, LLC 7400 E. Slauson Ave. Wholesalers LLC 11131 Winchester Park Dr. Commerce, CA 90040 850 Edwards Ave. New Orleans, LA 70128 Harahan, LA 70123

4 Contract Amount: $1,500.00 $1,500.00 $150,000.00 5 Contract Term: One (1) Year July 1, 2018 – June 30, 2019 6 Pricing Details: Please see pages 2 - 15 for details 7 Budget: The project is part of the approved 2018 Operating Budget for Lighting System.

8 Advertisement/Outreach:  This project was advertised in the Advocate and Times Picayune  This project was published on the Exhallnola.com web page  Four (4) companies were invited to review bid documents  Four (4) companies submitted bids  Three (3) companies submitted responsive bids  Blackstar Diversified Enterprises LLC, Gehr Power Systems LLC and Nu-Lite Electrical Wholesalers LLC submitted the lowest responsive bids for items listed below.

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION – Page 2 of 15 C-1406 - Procurement

Nu-Lite Electrical Blackstar Diversified Company Name Gehr Power Systems, LLC Enterprises, LLC Wholesalers LLC

11131 Winchester Park Dr. 7400 E. Slauson Avenue 850 Edwards Avenue Company Address New Orleans, LA 70128 Commerce, CA 90040 Harahan, LA 70123

SEB Certified (Hudson Initiative) Yes No No

ITEM ITEM DESCRIPTION QTY UNIT PRICE UNIT PRICE UNIT PRICE NO.

1 Camlock 1/0-4/0 white, male 1 $26.31 $12.50 $10.12

2 Camlock 1/0-4/0 white, female 1 $26.31 $12.50 $10.12

3 Camlock 1/0-4/0 green, male 1 $26.31 $12.50 $10.12

4 Camlock 1/0-4/0 green, female 1 $26.31 $12.50 $10.12

5 Camlock #2-2/o white, female 1 $26.31 $12.50 $10.12

6 Camlock #2-2/o white, male 1 $26.31 $12.50 $10.12

7 Camlock #2-2/o green, female 1 $26.31 $12.50 $10.12

8 Camlock #2-2/o green, male 1 $26.31 $12.50 $10.12

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION – Page 3 of 15 C-1406 - Procurement

Nu-Lite Electrical Blackstar Diversified Company Name Gehr Power Systems, LLC Enterprises, LLC Wholesalers LLC

11131 Winchester Park Dr. 7400 E. Slauson Avenue 850 Edwards Avenue Company Address New Orleans, LA 70128 Commerce, CA 90040 Harahan, LA 70123

SEB Certified (Hudson Initiative) Yes No No

ITEM ITEM DESCRIPTION QTY UNIT PRICE UNIT PRICE UNIT PRICE NO.

9 Camlock #2-2/o black, female 1 $26.31 $12.50 $10.12

10 Camlock #2-2/o black, male 1 $26.31 $12.50 $10.12

11 Camlock #2-2/o blue, female 1 $26.31 $12.50 $10.12

12 Camlock #2-2/o blue, male 1 $26.31 $12.50 $10.12

13 Camlock #2-2/o red, female 1 $26.31 $12.50 $10.12

14 Camlock #2-2/o red, male 1 $26.31 $12.50 $10.12

15 Camlock 1/0-4/0 black, male 1 $26.31 $12.50 $10.12

16 Camlock 1/0-4/0 black, female 1 $26.31 $12.50 $10.12

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION – Page 4 of 15 C-1406 - Procurement

Nu-Lite Electrical Blackstar Diversified Company Name Gehr Power Systems, LLC Enterprises, LLC Wholesalers LLC

11131 Winchester Park Dr. 7400 E. Slauson Avenue 850 Edwards Avenue Company Address New Orleans, LA 70128 Commerce, CA 90040 Harahan, LA 70123

SEB Certified (Hudson Initiative) Yes No No

ITEM ITEM DESCRIPTION QTY UNIT PRICE UNIT PRICE UNIT PRICE NO.

17 Camlock 1/0-4/0 red, male 1 $26.31 $12.50 $10.12

18 Camlock 1/0-4/0 red, female 1 $26.31 $12.50 $10.12

19 Camlock 1/0-4/0 blue, male 1 $26.31 $12.50 $10.12

20 Camlock 1/0-4/0 blue female 1 $26.31 $12.50 $10.12

PROTECTIVE CAPS (CAM 21 1 $13.19 $9.09 $10.12 LOCKS) FEMALE

22 NEMA Plug L 21-30 P 1 $31.79 $9.09 $9.00

23 NEMA Plug L 21-30 R 1 $40.95 $10.00 $15.50

24 NEMA Plug L 21-30 C 1 $42.74 $9.09 $11.90

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION – Page 5 of 15 C-1406 - Procurement

Nu-Lite Electrical Blackstar Diversified Company Name Gehr Power Systems, LLC Enterprises, LLC Wholesalers LLC

11131 Winchester Park Dr. 7400 E. Slauson Avenue 850 Edwards Avenue Company Address New Orleans, LA 70128 Commerce, CA 90040 Harahan, LA 70123

SEB Certified (Hudson Initiative) Yes No No

ITEM ITEM DESCRIPTION QTY UNIT PRICE UNIT PRICE UNIT PRICE NO.

25 NEMA Plug L 21-20 P 1 $27.13 $7.45 $10.12

26 NEMA Plug L 21-20 R 1 $30.48 $10.00 $10.82

27 NEMA Plug L 21-20 C 1 $45.29 $8.64 $17.43

28 NEMA Plug L 16-30 P 1 $29.16 $10.00 $6.43

29 NEMA Plug L 16-30 R 1 $38.92 $16.00 $11.97

30 NEMA Plug L 16-30 C 1 $59.25 $9.09 $9.00

31 NEMA Plug L 15-30 P 1 $28.99 $8.91 $9.75

32 NEMA Plug L 15-30 R 1 $38.78 $9.82 $12.50

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION – Page 6 of 15 C-1406 - Procurement

Nu-Lite Electrical Blackstar Diversified Company Name Gehr Power Systems, LLC Enterprises, LLC Wholesalers LLC

11131 Winchester Park Dr. 7400 E. Slauson Avenue 850 Edwards Avenue Company Address New Orleans, LA 70128 Commerce, CA 90040 Harahan, LA 70123

SEB Certified (Hudson Initiative) Yes No No

ITEM ITEM DESCRIPTION QTY UNIT PRICE UNIT PRICE UNIT PRICE NO.

33 NEMA Plug L 15-30 C 1 $57.63 $12.73 $21.50

34 NEMA Plug L 15-20 P 1 $22.95 $7.18 $7.30

35 NEMA Plug L 15-20 R 1 $25.12 $8.82 $7.10

36 NEMA Plug L 15-20 C 1 $29.46 $9.09 $12.20

37 NEMA Plug L 14-30 P 1 $28.76 $7.27 $6.40

38 NEMA Plug L 14-30 R 1 $38.55 $7.09 $7.75

39 NEMA Plug L 14-30 C 1 $57.46 $10.91 $8.10

40 NEMA Plug L 14-20 P 1 $21.56 $6.55 $7.15

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION – Page 7 of 15 C-1406 - Procurement

Nu-Lite Electrical Blackstar Diversified Company Name Gehr Power Systems, LLC Enterprises, LLC Wholesalers LLC

11131 Winchester Park Dr. 7400 E. Slauson Avenue 850 Edwards Avenue Company Address New Orleans, LA 70128 Commerce, CA 90040 Harahan, LA 70123

SEB Certified (Hudson Initiative) Yes No No

ITEM ITEM DESCRIPTION QTY UNIT PRICE UNIT PRICE UNIT PRICE NO.

41 NEMA Plug L 14-20 R 1 $25.04 $7.11 $8.00

42 NEMA Plug L 14-20 C 1 $29.38 $10.00 $12.15

43 NEMA Plug L 6-30 P 1 $22.17 $6.55 $5.10

44 NEMA Plug L 6-30 R 1 $27.56 $6.00 $6.30

45 NEMA Plug L 6-30 C 1 $43.44 $9.64 $7.90

46 NEMA Plug L 6-20 P 1 $14.88 $5.45 $4.70

47 NEMA Plug L 6-20 R 1 $18.72 $5.91 $5.45

48 NEMA Plug L 6-20 C 1 $22.02 $6.36 $6.35

49 NEMA Plug L 5-30 P 1 $22.02 $6.82 $7.45

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION – Page 8 of 15 C-1406 - Procurement

Nu-Lite Electrical Blackstar Diversified Company Name Gehr Power Systems, LLC Enterprises, LLC Wholesalers LLC

11131 Winchester Park Dr. 7400 E. Slauson Avenue 850 Edwards Avenue Company Address New Orleans, LA 70128 Commerce, CA 90040 Harahan, LA 70123

SEB Certified (Hudson Initiative) Yes No No ITEM ITEM DESCRIPTION QTY UNIT PRICE UNIT PRICE UNIT PRICE NO.

50 NEMA Plug L 5-30 R 1 $25.28 $6.36 $5.90

51 NEMA Plug L 5-30 C 1 $41.88 $8.18 $8.40

52 NEMA Plug L 5-20 P 1 $14.88 $4.84 $5.40

53 NEMA Plug L 5-20 R 1 $18.64 $6.18 $5.45

54 NEMA Plug L 5-20 C 1 $22.02 $5.45 $5.95

55 NEMA Plug 5-15 P 1 $10.82 $3.00 $3.20

56 NEMA Plug 5-15 C 1 $17.99 $4.27 $4.95

57 NEMA Plug 5-20 P 1 $14.14 $5.45 $4.40

58 NEMA Plug 5-20 C 1 $22.99 $9.45 $6.35

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION – Page 9 of 15 C-1406 - Procurement

Nu-Lite Electrical Blackstar Diversified Company Name Gehr Power Systems, LLC Enterprises, LLC Wholesalers LLC

11131 Winchester Park Dr. 7400 E. Slauson Avenue 850 Edwards Avenue Company Address New Orleans, LA 70128 Commerce, CA 90040 Harahan, LA 70123

SEB Certified (Hudson Initiative) Yes No No

ITEM ITEM DESCRIPTION QTY UNIT PRICE UNIT PRICE UNIT PRICE NO.

175 WATT METAL HALIDE 59 1 $20.00 NB $11.40 BULB COATED

45MRC16/IRC/NFL24-20-PK 60 1 $9.75 NB $4.70 LAMP F2

F54T5/ 830/ HO-ALTO 61 1 $6.00 NB $3.70 54W FLR LA

62 Pl-C13W/ 30/ 4P 1 $5.25 NB $3.45

FBO31/ 841 Lumilux cool white 63 1 $11.00 NB $5.50 U type lamp

FBO31/ 841 Lumilux cool white 64 1 $11.00 NB $5.50 U type lamp Electrically Stabilized LED 65 Power Supply 0.9W-75W 1 $42.00 NB $75.00 Primary 120/277 Volt PWM LED Dimmer 5A Max 10- 66 1 $32.00 NB $75.00 24V Input OT DIM

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION – Page 10 of 15 C-1406 - Procurement

Nu-Lite Electrical Blackstar Diversified Company Name Gehr Power Systems, LLC Enterprises, LLC Wholesalers LLC

11131 Winchester Park Dr. 7400 E. Slauson Avenue 850 Edwards Avenue Company Address New Orleans, LA 70128 Commerce, CA 90040 Harahan, LA 70123

SEB Certified (Hudson Initiative) Yes No No

ITEM ITEM DESCRIPTION QTY UNIT PRICE UNIT PRICE UNIT PRICE NO.

ULT B454PUNV-E010C 4/3 67 1 $37.00 NB $29.60 F54T5HO BA 120/277 VOLT

68 Philips LED PAR38 Lamp 1 $20.50 NB $8.90

69 Wire Nuts - Blue 1 $0.10 NB $0.61

70 Wire Nuts - Yellow 1 $0.10 NB $0.08

71 PHILIPS F32 T8/TL941 1 $2.75 NB $1.60

72 PHILIPS F32T8/TL930 1 $2.75 NB $1.60

PHILIPS CDM-T T6 Lamp 73 1 $34.00 NB $21.00 Model No.: CDM150/T6/942 PHILIPS CDM-T Elite MW Lamp 74 1 $82.00 NB $49.00 Model No.: CDM T12 Elite 210W/942/U/O

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION – Page 11 of 15 C-1406 - Procurement

Nu-Lite Electrical Blackstar Diversified Company Name Gehr Power Systems, LLC Enterprises, LLC Wholesalers LLC

11131 Winchester Park Dr. 7400 E. Slauson Avenue 850 Edwards Avenue Company Address New Orleans, LA 70128 Commerce, CA 90040 Harahan, LA 70123

SEB Certified (Hudson Initiative) Yes No No

ITEM ITEM DESCRIPTION QTY UNIT PRICE UNIT PRICE UNIT PRICE NO. MC/AC Cable Connector, 75 Snap-in, 3/8”, Insulated, Zinc 1 $1.59 NB $0.68 Die Cast Fluorescent Lamp 76 1 $4.90 NB $3.70 F54T5/830/HO-ALTO

Fluorescent Lamp 77 1 $4.90 NB $3.70 F54T5/841/HO-ALTO GE 3000K LED GU-10 BULB 78 Model No.: 1 $10.00 NB $6.29 LED6D/GU10/NFLTP 5.5W Spectrum lighting Track Light Head Model 79 1 $47.00 NB $52.00 No.: SPTB112/MR16/E1/BK/TM3 LEVITON 3WAY TGL 80 Model No.: 1223-2I 20A 120 1 $477.00 $4.62 $2.55 277V GE SPX41/ECO2 68852 SLIM 81 L Model No.: 1 $2.90 NB $1.60 F32T8/ SPX41 GE SPX30/ECO2 68852 SLIM 82 L Model 1 $2.90 NB $1.60 No.: F32T8/SPX30

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION – Page 12 of 15 C-1406 - Procurement

Nu-Lite Electrical Blackstar Diversified Company Name Gehr Power Systems, LLC Enterprises, LLC Wholesalers LLC

11131 Winchester Park Dr. 7400 E. Slauson Avenue 850 Edwards Avenue Company Address New Orleans, LA 70128 Commerce, CA 90040 Harahan, LA 70123

SEB Certified (Hudson Initiative) Yes No No

ITEM ITEM DESCRIPTION QTY UNIT PRICE UNIT PRICE UNIT PRICE NO. COOPER CPL 2X4 Flat Panel 6600 LUMENS Model No.: 83 1 $77.00 NB $54.00 24FP6440C 2X4 FPANEL 6400L 40 COOPER CPL 2X2 Flat Panel 4500 LUMENS Model No.: 84 1 $62.00 NB $33.00 22FP4240C 2X2 FPANEL 4200L 40 1-INCH DUPLEX TANDEM CIRCUIT BREAKER. Model 85 1 $31.74 $50.28 $90.00 No.: BR3030 TYPE BR Manufacturer: EATON HUBW HBL2816 FLGD OUTLET 86 1 $88.21 $8.00 $55.00 Model No.: NM L21-30R Manufacturer: Hubbell 1-INCH DUPLEX TANDEM 87 1 $13.01 $14.48 $30.00 CIRCUIT BREAKER 1000W 120V ULT 88 1 $120.52 NB $115.00 S1000MLTAC5M500K 120V 1000W T 89 1 $2.50 NB $2.95 Q1000T3/CL/120V

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION – Page 13 of 15 C-1406 - Procurement

Nu-Lite Electrical Blackstar Diversified Company Name Gehr Power Systems, LLC Enterprises, LLC Wholesalers LLC

11131 Winchester Park Dr. 7400 E. Slauson Avenue 850 Edwards Avenue Company Address New Orleans, LA 70128 Commerce, CA 90040 Harahan, LA 70123

SEB Certified (Hudson Initiative) Yes No No

ITEM ITEM DESCRIPTION QTY UNIT PRICE UNIT PRICE UNIT PRICE NO.

PLUG BLACK-WHITE 90 Model No.: 2821, L22-30P 1 $31.38 $16.73 $19.00 Manufacturer: LEVITON

CONN BLACK-WHITE 91 Model No.: 2823 L22-30R 1 $22.69 $30.55 $28.00 Manufacturer: LEVITON GE QUARTZ LINE 92 Model No.: GEL Q250MC- 1 $19.99 NB $3.50 120 43695 Hatch Electronic Fluorescent 93 Ballast Model 1 $42.00 NB $18.00 No.: FR1800 EATON METALUX LED 4ft. LED Strip light, UNV 94 1 $80.75 NB $60.00 Model No.: 4SLSTP4040DD- UNV EATON METALUX LED 8ft. LED Strip light, UNV 95 1 $120.75 NB $94.45 Model No.: 8SLSTP8040DD- UNV

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION – Page 14 of 15 C-1406 - Procurement

Nu-Lite Electrical Blackstar Diversified Company Name Gehr Power Systems, LLC Enterprises, LLC Wholesalers LLC

11131 Winchester Park Dr. 7400 E. Slauson Avenue 850 Edwards Avenue Company Address New Orleans, LA 70128 Commerce, CA 90040 Harahan, LA 70123

SEB Certified (Hudson Initiative) Yes No No

ITEM ITEM DESCRIPTION QTY UNIT PRICE UNIT PRICE UNIT PRICE NO. EATON METALUX LED Light Fixture Sensor + 4ft. LED 96 1 $120.75 NB $95.00 Strip light, UNV Model No.: 4SLSTP4040CS EATON METALUX LED Light Fixture Sensor + 8ft. LED 97 1 $152.19 NB $116.00 Strip light, UNV Model No.: 8SLSTP8040CS EATON METALUX Hanging 98 Chain Set w/V Hooks Model 1 $8.56 NB $4.70 No.: AYC-CHAIN/SET=36" LITHONIA Light vapor tight LED Model No.: 99 1 $112.00 NB $95.00 FEM L48 4000LM LPAFL MD MVOLT GZ10 40K 80CRI Occupancy Sensor Multi Technology Wall Switch 100 1 $55.00 NB $42.50 Model No.: OSSMT-GDx No Neutral TCP 2 X 4 LED FLAT PANEL 101 Model No.: 1 $77.00 NB $54.00 TCPFP4UZD5041K TCP 2X2 LED FLAT PANEL 102 1 $52.00 NB $34.00 Model No.: TCPFP2UZD3641K

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION – Page 15 of 15 C-1406 - Procurement

Nu-Lite Electrical Blackstar Diversified Company Name Gehr Power Systems, LLC Enterprises, LLC Wholesalers LLC

11131 Winchester Park Dr. 7400 E. Slauson Avenue 850 Edwards Avenue Company Address New Orleans, LA 70128 Commerce, CA 90040 Harahan, LA 70123

SEB Certified (Hudson Initiative) Yes No No

ITEM ITEM DESCRIPTION QTY UNIT PRICE UNIT PRICE UNIT PRICE NO. EATON METALUX 4ft Stairway fixture Model No.: 4SWLED-LD4- 103 1 $202.00 NB $157.00 40SL-LW-UNV-L840-CD1- SVPD3-U With Occupancy Sensor Programming Remote for Integrated Sensor Model 104 No.: ISHH-01 1 $54.50 NB $40.00 Manufacturer: EATON METALUX Personal Control Remote for Integrated Sensor Model 105 No.: ISHH-02 1 $54.50 NB $40.00 Manufacturer: EATON METALUX EATON METALUX 4ft Stairway fixture Model No.: 4SWLED-LD4- 106 40SL-LW-UNV-L840-CD1-U 1 $152.00 NB $118.00 Without Occupancy Sensor

Sales & Marketing

Booking & Occupancy Report

SALES AND MARKETING DEPARTMENT Summary of Booking Activity Definite Bookings — May 2018

Occupied Dates Event Attendees Room Nights Space Days 01/19/19-01/20/19 New Orleans Jazz Invite 3,500 750 4 02/05/19-02/07/19 Underwater Intervention Expo 1,000 3,300 9 04/10/19-04/11/19 NSC Southern Conference & Expo 300 125 4 Events that became 05/04/19-05/09/19 ICLR 2019 Conference 2,200 7,805 18 firm last month are 11/11/19-11/13/19 WJTA-IMCA Conference & Expo 1,200 735 8 projected to generate 12/13/21-12/17/21 AGU Fall Meeting 20,000 43,816 110 $160.8 million in 01/12/24-01/15/24 Halloween & Party Expo 6,500 10,540 27 economic impact to 12/15/25-12/19/25 AGU Fall Meeting 20,000 43,860 110 the New Orleans 05/13/27-05/16/27 Clean Show New Orleans 14,000 14,320 89 metro area. 06/18/28-06/21/28 SHRM Annual Conference & Exposition 20,000 32,500 84 Totals: Events - 10 88,700 157,751 463

Notes: Occupied Space Days (“OSD”) represent the total number of days a hall and/or ballroom is in active event-related use. Projected economic impact reflects expenditures by visitors on hotel rooms, meals, bars, shopping, transportation, gambling, and entertainment predicated upon a 2016 Economic Impact Analysis performed by the University of New Orleans (“UNO”). Summary of Booking Activity Events Booked as Tentative — May 2018

Occupied Dates Event Attendees Room Nights Space Days 10/06/18-10/09/18 ESRI- 2018 Esri South Central User Conference 350 344 8 11/07/18-11/09/18 NN-SELECT 2 Monitor & Investigator Meeting 500 1,455 0 11/09/18-11/14/18 OATH- 2018 Conference 1,500 4,465 12 Tentative events 01/10/19-01/12/19 FA-AAP Annual Meeting 1,600 3,670 6 posted last month are 03/29/19-03/31/19 REP.US-Unrig the System Summit 1,500 750 5 projected to generate 04/25/19-05/03/19 JDW-Confidential California Tech 2,000 5,800 36 $309.8 million in 05/13/19-05/15/19 HH-Hedera Hashgraph Annual Conference 2019 3,000 8,916 12 economic impact to 07/13/19-07/20/19 GMWA-Annual National Convention 4,000 6,425 8 the New Orleans 07/22/19-07/26/19 LDOE-Teacher Leader Summit 7,500 3,300 25 metro area. 08/02/19-08/04/19 AVON-RepFest 10,000 7,684 31 08/19/19-08/23/19 MT-Confidential West Coast Client 13,000 38,450 104 01/30/20-01/31/20 HD- Retail Readiness Event 2,300 3,500 16 02/05/20-02/07/20 NABE-Annual International Education Conference 4,000 2,135 10 03/20/20-03/28/20 SAP-SAP Ariba Live 2020 5,000 8,805 30 03/22/20-03/24/20 Education Conference & Expo 700 1,725 5 05/12/20-05/16/20 ILX- Next 2020 350 0 5 06/26/20-06/28/20 Annual Conference 1,000 1,500 18 04/12/21-04/15/21 GF-WorkHuman 6,000 11,280 28 04/13/21-04/18/21 NADSDA-iServe BAYDA Youth Congress 8,000 4,344 10 10/13/21-10/22/21 CAT- Annual Tradeshow 5,500 17,120 70 06/21/22-06/24/22 IEEE-Int'l Conf on Computer Vision & Pattern Recognition 6,000 10,735 52 01/07/23-01/13/23 AIAA SciTech Forum 3,000 7,080 14 01/09/23-01/11/23 EQX- Connect Global Sales Kick-off Meeting & Event 2023 2,318 12,258 31 07/14/23-07/21/23 GMWA-Annual National Convention 4,000 6,425 8 01/08/24-01/10/24 EQX- Connect Global Sales Kick-off Meeting & Event 2024 2,340 12,258 32 10/16/24-10/17/24 IFMA-Facility Management World Workplace 5,000 6,988 28 03/17/28-03/25/28 NACE-The Corrosion Show 5,500 12,800 44 01/27/31-01/30/31 NCBA-Cattle Industry Convention & Trade Show 9,000 13,233 42 10/01/31-10/03/31 NASS-Annual Meeting 4,450 13,121 62

Notes: Occupied Space Days (“OSD”) represent the total number of days a hall and/or ballroom is in active event-related use. Projected economic impact reflects expenditures by visitors on hotel rooms, meals, bars, shopping, transportation, gambling, and entertainment predicated upon a 2016 Economic Impact Analysis performed by UNO. Summary of Booking Activity Events Booked as Tentative — May 2018 (continued)

Occupied Dates Event Attendees Room Nights Space Days 10/08/31-10/10/31 NASS-Annual Meeting 4,450 13,121 62 01/27/32-01/29/32 NCBA-Cattle Industry Convention & Trade Show 9,000 13,233 42 01/25/33-01/27/33 NCBA-Cattle Industry Convention & Trade Show 9,000 13,233 42 Tentative events 04/05/33-04/14/33 AACR-Annual Meeting 22,000 43,823 140 posted last month are 01/24/34-01/26/34 NCBA-Cattle Industry Convention & Trade Show 9,000 13,233 42 projected to generate Totals: Events - 34 172,858 323,209 1,080 $309.8 million in economic impact to the New Orleans metro area.

Notes: Occupied Space Days (“OSD”) represent the total number of days a hall and/or ballroom is in active event-related use. Projected economic impact reflects expenditures by visitors on hotel rooms, meals, bars, shopping, transportation, gambling, and entertainment predicated upon a 2016 Economic Impact Analysis performed by UNO. Summary of Booking Activity Events Lost or Cancelled — May 2018

Dates Event Reason Attendees Room Nights 07/15/18-07/20/18 IGS-Confidential Government NOLA-Geographic Preference 3,200 9,305 11/02/18-11/04/18 MT-Monat Winter Incentive NR-No Client Response 6,000 9,353 11/06/18-11/10/18 Ochsner CR-Selected NO for Alternate Date/Space 1,400 0 12/16/18-12/23/18 GNOSF Confidential BD-Board Management Decision 3,000 2,599 01/07/19-01/20/19 CM-Confidential End User NOLA-Geographic Preference 4,000 12,600 03/07/19-03/23/19 CU Winter Commencement Ceremony CR-Too Early to return/Rotation 7,000 1,572 03/31/19-04/03/19 Netchex OTH-Release Pencil Hold/ENMCC Hold 400 50 05/04/19-05/10/19 CHOICE-Choice Hotels 2019 CR-Researching Alternate Year 6,000 8,106 05/05/19-05/09/19 Wells Fargo-Community Bank National Recognition CR-Selected Alternate NO Venue 4,000 5,682 06/02/19-06/28/19 LF- Cloud Foundry NA 2019 CR-Preferred dates/Pattern unavailable 2,000 605 06/13/19-06/14/19 Booker T. Washington Alumni Assn. CR-Not Able to Decide 3,000 100 07/28/19-08/01/19 LC-Sales Kick Off 2019 BD-Board Management Decision 2,600 9,765 09/08/19-09/13/19 NAASPL-Annual Conference & Tradeshow NOLA-Lack of Industy Base/Local Suppt 850 1,739 10/09/19-10/12/19 TZ-2019 Net Impact Conference CR-Preferred dates/Pattern unavailable 2,500 1,465 12/15/19-12/22/19 GNOSF Confidential BD-Board Management Decision 3,000 2,599 05/13/20-05/16/20 NOWFE CR-Changed Dates 2,000 300 05/28/20-06/05/20 PBC- Family Reunion BD-Board Management Decision 2,500 10,360 08/15/20-08/21/20 PBC- Family Reunion NOLA-Geographic Preference 2,600 10,360 09/03/20-09/19/20 Toyota Motor Sales, USA BD-Board Management Decision 5,000 9,470 02/27/21-03/03/21 2021 Annual ABRF Meeting FR-Rental Rates too High 800 1,930 04/16/21-04/25/21 ATS- Customer Event OTH-No Reason Given 6,000 16,000 08/01/21-08/08/21 Younique Annual Conference BD-Board Management Decision 14,000 11,016 08/12/21-08/18/21 NMA-Convention & Scientific Symposium CR-Changed Dates 3,300 4,705 12/05/21-12/07/21 USARF-Rice Federation CR-Selected Alternate NO Venue 750 1,395 02/05/22-02/13/22 NATM- Convention and Tradeshow NOLA-Geographic Preference 750 2,355 04/30/22-05/07/22 NAMA-National Expo Show CR-Selected NO for Alternate Date/Space 3,000 4,254 05/03/22-05/09/22 IMMUNOLOGY, AAI Annual Meeting CR-Too Early to return/Rotation 4,200 7,515 07/07/22-07/10/22 NATM-NATM ERR-Issued in Error 750 2,355 11/29/22-12/03/22 Independent Schools Ppl of Color & Student Diversity Leadership Conf BD-Board Management Decision 5,500 6,532 03/24/23-04/01/23 NAMA-National Expo Show CR-Selected NO for Alternate Date/Space 3,000 4,254 07/27/23-08/05/23 General Council BD-Board Management Decision 28,000 19,360 02/27/24-03/03/24 AWP24-Association of Writers FR-First Option Group Confirmed 12,000 10,000 01/09/25-01/12/25 VBL-2025 New Orleans Blastoff - PH OTH-Release Pencil Hold/ENMCC Hold 6,500 1,500 01/30/25-02/11/25 North American Association of Food Equipment Manuf OTH-Release Pencil Hold/ENMCC Hold 1 0 04/29/27-05/07/27 AACN-Annual AACN Conference CR-Researching Alternate Year 11,000 18,900 10/28/28-11/05/28 ASN Kidney Week BD-Board Management Decision 14,000 28,995 07/13/30-07/21/30 AA-(Confidential) International Convention of AA CR-Preferred dates/Pattern unavailable 50,000 42,000 04/10/32-04/19/32 ACP-Internal Medicine CR-Preferred dates/Pattern unavailable 10,000 25,359 Totals: Events - 38 234,601 304,455 Summary of Event Statistics 2018-2022

Firm Events As of 05/31/18 Total Event Statistics Estimated Visitor Spend OSD-Based Occupancy OSFD-Based Occupancy Year Events Rental Revenue Total Attendees Room Nights Lodging Spend Non-Lodging Spend Halls Ballrooms Halls Ballrooms 2018 127 $8,241,891 898,199 729,078 $341,078,590 $542,070,070 56.9% 47.2% 56.8% 45.2% 2019 86 $6,936,453 659,175 632,566 $280,543,745 $445,863,130 50.3% 33.4% 50.2% 32.7% 2020 49 $6,385,470 454,125 541,246 $177,723,162 $282,452,226 41.8% 18.9% 41.7% 18.2% 2021 29 $4,890,940 252,571 415,904 $127,567,223 $202,740,294 31.7% 19.9% 32.6% 17.3% 2022 28 $3,976,153 313,400 608,531 $158,290,412 $251,568,107 34.6% 27.6% 35.0% 28.6%

Tentative Events As of 05/31/18 Total Event Statistics Estimated Visitor Spend OSD-Based Occupancy OSFD-Based Occupancy Year Events Rental Revenue Total Attendees Room Nights Lodging Spend Non-Lodging Spend Halls Ballrooms Halls Ballrooms 2018 7 NA 7,450 6,939 $3,011,508 $4,786,135 1.2% 0.7% 0.9% 1.0% 2019 37 NA 258,225 96,075 $60,255,412 $95,762,843 11.1% 10.8% 11.2% 14.6% 2020 52 NA 390,850 230,410 $163,631,577 $260,056,724 21.6% 18.9% 21.7% 24.8% 2021 55 NA 540,664 286,085 $194,877,519 $309,715,337 27.2% 13.7% 26.2% 14.3% 2022 46 NA 471,962 251,062 $166,301,907 $264,300,632 24.9% 17.2% 23.8% 19.9%

All Events As of 05/31/18 Total Event Statistics Estimated Visitor Spend OSD-Based Occupancy OSFD-Based Occupancy Year Events Rental Revenue Total Attendees Room Nights Lodging Spend Non-Lodging Spend Halls Ballrooms Halls Ballrooms 2018 134 NA 905,649 736,017 $344,090,097 $546,856,206 58.1% 47.9% 57.8% 46.3% 2019 123 NA 917,400 728,641 $340,799,157 $541,625,973 61.4% 44.2% 61.4% 47.3% 2020 101 NA 844,975 771,656 $341,354,739 $542,508,950 63.4% 37.8% 63.4% 43.0% 2021 84 NA 793,235 701,989 $322,444,742 $512,455,632 58.9% 33.6% 58.8% 31.6% 2022 74 NA 785,362 859,593 $324,592,320 $515,868,738 59.5% 44.7% 58.8% 48.5%

Notes: “OSD” = “Occupied Space Days”; “OSFD” = “Occupied Square Footage Days” “Lodging Spend” reflects money spent by visitors on hotel rooms and is predicated upon a 2016 Economic Impact Analysis performed by UNO. “Non-Lodging Spend” reflects money spent on meals, bars, shopping, transportation, gambling, and entertainment and is predicated upon a 2016 Economic Impact Analysis performed by UNO. Summary of Event Statistics 2018-2022 Occupancy Occupied Space Days (OSD) - All Events

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0% 2018 2019 2020 2021 2022 Ballrooms 47.9% 44.2% 37.8% 33.6% 44.7% Halls 58.1% 61.4% 63.4% 58.9% 59.5%

• Hall Day Occupancy is projected to average 60.3% for 2018-2022

Firm Events Tentative Events As of 05/31/18 OSD-Based Occupancy As of 05/31/18 OSD-Based Occupancy Year Halls Ballrooms Year Halls Ballrooms 2018 56.9% 47.2% 2018 1.2% 0.7% 2019 50.3% 33.4% 2019 11.1% 10.8% 2020 41.8% 18.9% 2020 21.6% 18.9% 2021 31.7% 19.9% 2021 27.2% 13.7% 2022 34.6% 27.6% 2022 24.9% 17.2% Summary of Event Statistics 2018-2022 Occupancy Occupied Square Footage (OSFD) - All Events

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0% 2018 2019 2020 2021 2022 Ballrooms 46.3% 47.3% 43.0% 31.6% 48.5% Halls 57.8% 61.4% 63.4% 58.8% 58.8%

• 60.0% of NOMCC exhibit hall square footage is expected to be occupied between 2018-2022 Firm Events Tentative Events As of 05/31/18 OSFD-Based Occupancy As of 05/31/18 OSFD-Based Occupancy Year Halls Ballrooms Year Halls Ballrooms 2018 56.8% 45.2% 2018 0.9% 1.0% 2019 50.2% 32.7% 2019 11.2% 14.6% 2020 41.7% 18.2% 2020 21.7% 24.8% 2021 32.6% 17.3% 2021 26.2% 14.3% 2022 35.0% 28.6% 2022 23.8% 19.9% Summary of Event Statistics 2018-2022 Visitation Visitation Statistics - All Events

1,000,000

900,000

800,000

700,000

600,000

500,000

400,000

300,000

200,000

100,000

0 2018 2019 2020 2021 2022 Room Nights 736,017 728,641 771,656 701,989 859,593 Total Attendees 905,649 917,400 844,975 793,235 785,362

• Events in 2018 are anticipated to be flat with 2017, at 134, while driving 1.5% more attendees and 3.1% more room nights. Firm Events Tentative Events As of 05/31/18 Total Event Statistics As of 05/31/18 Total Event Statistics Year Events Rental Revenue Total Attendees Room Nights Year Events Rental Revenue Total Attendees Room Nights 2018 127 $8,241,891 898,199 729,078 2018 7 NA 7,450 6,939 2019 86 $6,936,453 659,175 632,566 2019 37 NA 258,225 96,075 2020 49 $6,385,470 454,125 541,246 2020 52 NA 390,850 230,410 2021 29 $4,890,940 252,571 415,904 2021 55 NA 540,664 286,085 2022 28 $3,976,153 313,400 608,531 2022 46 NA 471,962 251,062 Summary of Event Statistics 2018-2022 Economic Impact Estimated Economic Impact - All Events

$900,000,000

$800,000,000

$700,000,000

$600,000,000

$500,000,000

$400,000,000

$300,000,000

$200,000,000

$100,000,000

$0 2018 2019 2020 2021 2022 Lodging Spend $344,090,097 $340,799,157 $341,354,739 $322,444,742 $324,592,320 Non-Lodging Spend $546,856,206 $541,625,973 $542,508,950 $512,455,632 $515,868,738

• Events anticipated over the next 5 years are projected to generate nearly $4.3 billion in economic activity for the New Orleans metro area Firm Events Tentative Events As of 05/31/18 Estimated Visitor Spend As of 05/31/18 Estimated Visitor Spend Notes: Year Lodging Spend Non-Lodging Spend Year Lodging Spend Non-Lodging Spend “Lodging Spend” reflects money spent by visitors on hotel rooms and is 2018 $341,078,590 $542,070,070 predicated upon a 2016 Economic Impact Analysis performed by UNO. 2018 $3,011,508 $4,786,135 2019 $280,543,745 $445,863,130 2019 $60,255,412 $95,762,843 2020 $177,723,162 $282,452,226 “Non-Lodging Spend” reflects money spent on meals, bars, shopping, 2020 $163,631,577 $260,056,724 2021 $127,567,223 $202,740,294 transportation, gambling, and entertainment and is predicated upon a 2021 $194,877,519 $309,715,337 2022 $158,290,412 $251,568,107 2016 Economic Impact Analysis performed by UNO. 2022 $166,301,907 $264,300,632 Summary of Event Activity Firm Events thru August 2018 Occupied Dates Event Attendees Room Nights Space Days 06/06/18-06/07/18 NACE Conference & Expo 2,400 3,782 12 06/10/18-06/12/18 Annual National Convention 8,100 12,425 120 06/10/18-06/13/18 Marketplace & Academy 1,500 2,000 38 06/15/18-06/16/18 Dancer's Pointe Dance Recital 2,500 0 4 Estimated Economic 06/17/18-06/19/18 NSA Annual Conference 4,000 5,000 28 Impact 06/18/18-06/28/18 American Library Association 11,000 42,480 88 ($ in Millions) 06/20/18-06/24/18 National PTA Convention & Expo 1,500 2,670 12 06/20/18-06/21/18 Ochsner System Leadership Meeting 1,500 0 6 06/23/18-06/30/18 NATA Clinical Symposia & AT Expo 11,500 15,920 42 $400.0 07/05/18-07/08/18 Essence Festival 125,000 35,000 73 07/11/18-07/13/18 Billiard & Home Leisure Expo 1,500 1,250 14 $350.0 $108.3 07/12/18-07/15/18 International Moose Convention 6,000 14,079 13 07/13/18-07/15/18 Confidential Event 8,000 250 8 $300.0 07/18/18-07/22/18 Grand Boulé 3,500 5,011 28 $250.0 07/18/18-07/21/18 The Church Network 62nd Annual Conference 1,000 2,580 15 07/20/18-07/24/18 Omega Psi Phi Fraternity 3,500 3,000 14 $200.0 07/23/18-07/25/18 Basketball on The Bayou 4,000 3,250 18 $280.3 07/24/18-07/28/18 Gideons International Convention 4,000 5,985 16 $150.0

07/24/18-07/28/18 Imagine National Dance Challenge 1,325 600 6 $100.0 08/02/18-08/04/18 Netroots Nation 1,000 2,537 13 08/04/18-08/06/18 LRA EXPO Foodservice & Hospitality Marketplace 13,000 912 21 $50.0 08/06/18-08/10/18 ESA 102nd Annual Meeting 4,500 4,705 14 08/06/18-08/09/18 GSA Smartpay Training Forum 3,000 2,000 8 $0.0 08/15/18-08/16/18 Gold Medal Chefs Gala 500 0 2 08/16/18-08/19/18 New Orleans Gift and Jewelry Show 15,000 250 16 08/20/18-08/22/18 125th Imperial Council Session 6,000 22,536 8 Lodging Spend 08/21/18-08/28/18 140TH NGAUS General Conference & Exhibition 4,000 11,200 39 Non-Lodging Spend 08/23/18-08/24/18 Power of One, Power of the Practice 2,800 1 4 Totals: Events - 28 251,625 199,423 680

Notes: “Occupied Space Days” represent the total number of days a hall and/or ballroom is in active event-related use. “Lodging Spend” reflects money spent by visitors on hotel rooms and is predicated on 2016 Economic Impact Analysis performed by UNO. “Non-Lodging Spend” reflects money spent on meals, bars, shopping, transportation, gambling, and entertainment and is predicated on 2016 Economic Impact Analysis performed by UNO.

Farm to Table Marketing

MCCNO Marketing

Media Impact Report

Media Report May 2018

Outlet Name Impressions Headline/ Summary Date Convention Center Coverage Exhibit City News 15,000 Exhibition Hall Authority Board Funded Expansion of 24/7 Crime Monitoring Center 5/1/2018 The Meeting Magazine 14,524 The New Orleans Ernest N. Morial Convention Center Receives ‘Safest 70′ Award 5/14/2018 IAVM Blog 1,621 Ernest N. Morial Convention Center Gets “Safest 70” Award 5/15/2018 IAVM May Newsletter 1,621 Darren G. Mire appointed to New Orleans Ernest N. Morial Exhibition Hall Authority Board 5/15/2018 USAE News 46,000 The New Orleans Ernest N. Morial Convention Center Receives ‘Safest 70′ Award 5/21/2018 New Orleans Advocate 34,764 Photos of Exhibition Hall Authority Board Meeting 5/23/2018 The Times-Picayune/nola.com 3,821,360 NOLA Media Group Top Workplaces Awards 2018 celebrates 50 local companies 5/24/2018 New Orleans City Business Online 54,727 Ernest N. Morial Convention Center to undergo renovations, add hotel 5/25/2018 New Orleans Advocate 34,764 After Round 1 stalled, New Orleans convention center officials restart talks for Omni Hotel 5/27/2018

Subtotals: 4,024,381

Farm and Table Coverage BestofNewOrleans/Gambit 190,792 Promo: Chefs Taste Challenge 2018 - Battle of the Gulf 5/25/2018

Subtotals: 190,792

TOTALS: Articles/News Segments: 10 Media Impressions: 4,215,173 MCCNO Website Impressions: 38,397 Facebook Likes: 13,496

News Releases & Publications

FOR IMMEDIATE RELEASE CONTACT: Communications Department May 24, 2018 Phone: 504.582.3027, E-mail: [email protected]

Exhibition Hall Authority Board Adopts Five-Year Convention Center Capital Improvement Plan

Moves Forward With Negotiations for New Headquarter Hotel

The Ernest N. Morial New Orleans Exhibition Hall Authority (“the Authority”) adopted a $557 million five-year capital improvement plan that includes renovations of the 34-year old Morial Convention Center (“Center”), as well as lays the foundation for development of new facilities that include a Convention Center Headquarter Hotel with a physical connection to the Center.

Other major capital improvement projects approved by the Authority Board at Wednesday’s meeting include development of a 7.5 acre pedestrian park that spans the length of the Center along Convention Center Boulevard, creating a safer and more diverse experience for both visitors and residents. The pedestrian park project scope includes creation of a transportation center connected to the Center via a covered walkway as well as outdoor entertainment spaces, seating areas, public art and water features. Construction on Convention Center Boulevard is scheduled to begin this summer with expected completion in 2020.

Additional enhancements to the facility include meeting room and public area renovations to modernize the Center using a more contemporary design commensurate with newer facilities developed around the U.S. The five-year capital improvement plan includes annual capital investments to ensure the Center is maintained to a first-class facility standard.

“The Ernest N. Morial New Orleans Exhibition Hall Authority’s exclusive mission is to finance, construct, and operate facilities in order to attract and conduct conventions, trade shows, and other events that support and expand the economy of both the State of Louisiana and New Orleans Region,” said Melvin Rodrigue, Authority President. “It is extremely important that we continue to invest in our existing facility as well as critical new facilities in the surrounding district to ensure that New Orleans retains its position as one of the very best convention destinations in the entire world.” Rodrigue continued.

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Exhibition Hall Authority Board Approves Five-Year Capital Improvement Plan May 23, 2018 Page Two of Three

In recent months the Authority has made critical investments towards city-wide projects totaling $76 million that include public safety infrastructure, educational opportunities for hospitality employees, and new recreational enhancements and public access along the Mississippi River. The Authority has provided $23 million in funding toward French Quarter security enhancements that includes the addition of 30 state police officers, security cameras, and strategically-placed bollards on Bourbon Street that are meant to prevent vehicular threats to pedestrian activity. Also included in the Authority’s significant financial contribution to the City’s public safety program is $5 million in funding for the Real Time Crime Monitoring Center.

Late last year, the Authority purchased a five story, 93,000 square foot building at 725 Howard Avenue at a cost of $12 million that will soon open as the New Orleans Culinary Hospitality Institute (“NOCHI”). NOCHI will provide programs critical to training the workforce necessary, both now and in the future, for New Orleans to maintain its reputation as a tier-one visitor destination. Real-world training by New Orleans’s best culinarians and hospitality professionals will accelerate the student’s upward mobility within the industry.

To help celebrate the tricentennial, the Authority is funding the complete renovation to Spanish Plaza and more recently, in partnership with the Audubon Institute, the Authority agreed to contribute $9 million toward the purchase of the Governor Nichols Street and Esplanade Avenue Wharfs that will serve as a new recreational area for local citizens and visitors alike.

“These critical investments in the New Orleans community and in the Convention Center are in complete alignment with our vision to be a leading-edge organization known for innovative delivery of exceptional event experiences in a world-class destination,” says Michael Sawaya, President and General Manager of the New Orleans Ernest N. Morial Convention Center. “The Authority is committed to ensuring that the Convention Center remains viable as a strong economic engine for New Orleans and the State of Louisiana.”

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Exhibition Hall Authority Board Approves Five-Year Capital Improvement Plan May 23, 2018 Page Three of Three

About the New Orleans Ernest N. Morial Convention Center With 1.1 million square feet of prime exhibit space, in an entirely contiguous hall, the New Orleans Ernest N. Morial Convention Center provides the largest single exhibit space in the country. The New Orleans Ernest N. Morial Convention Center features an award winning staff and first class amenities, and is the sixth largest convention center in the nation. A consistent Top 10 host of the largest conventions and tradeshows in the nation annually, the Convention Center is also one of the city’s “Top Workplaces.” A leading contributor to the city’s robust tourism economy, the Convention Center’s event activity has produced $81.7 billion in economic impact since its 1985 opening, including $5.1 billion in new tax revenue for state and local governments.

About the Ernest N. Morial New Orleans Exhibition Hall Authority The Ernest N. Morial New Orleans Exhibition Hall Authority’s (Authority) exclusive mission is to finance, construct and operate facilities in order to attract and conduct conventions, trade shows and other events that support and expand the economy of both the State of Louisiana and New Orleans Region. The Authority is composed of a 12-member board of commissioners, nine appointed by the Governor of Louisiana, and three appointed by the Mayor of New Orleans. Since 1985, event activity at the New Orleans Ernest N. Morial Convention Center has produced $81.7 billion in economic impact since its 1985 opening, including $5.1 billion in new tax revenue for state and local governments.

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FOR IMMEDIATE RELEASE CONTACT: Communications Department May 30, 2018 Phone: 504.582.3027, E-mail: [email protected]

New Orleans Ernest N. Morial Convention Center Receives “Equity Ally Award” from Good Work Network

The New Orleans Ernest N. Morial Convention Center received the “Equity Ally Award” from The Good Work Network, a nonprofit that helps minority and women-owned small businesses develop the necessary talents and skills to succeed.

The award was presented during the Good Work Network’s annual meeting on May 22, and formally recognizes the New Orleans Ernest N. Morial Convention Center for their efforts in making New Orleans more small business friendly.

“The New Orleans Ernest N Morial Convention Center was an easy choice not only for their commitment to the work, but the many ways in which they have proven to be quite thoughtful in their approach,” said Hermione Malone, Executive Director of the Good Work Network. “Their work isn't a flash-in-the-pan burst of effort, but a steady drumbeat of working to create a more equitable economy for all New Orleanians. From making it easier to access information on bid opportunities, to meeting with small businesses to better understand their capabilities and clarify how to do business at the Convention Center, this team has been a phenomenal partner and they’re always looking for ways to do more.”

“This award is special. It shows that the Convention Center’s attention to the small and emerging business sector is one of the most important investments we can make,” said Michael Sawaya, President and General Manager of the New Orleans Ernest N. Morial Convention Center. “We see the positive impact that small businesses have on growing our local economy, and we are committed to making the process of doing business with women and minority- owned companies as accessible as possible.”

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New Orleans Ernest N. Morial Convention Center Receives “Equity Ally Award” Page Two of Two May 30, 2018

Employees of the Good Work Network presented Convention Center representatives with a framed print from famed New Orleans artist Terrance Osborne

(Right To Left) Adele London, Business Councilor of the Good Work Network; Chanel Labat, Contract Manager of the New Orleans Ernest N. Morial Convention Center; Hermione Malone, Executive Director of the Good Work Network; Michael Sawaya, President and General Manager of the New Orleans Ernest N. Morial Convention Center; Melissa Jones of Mackie One; and Jessica Goins Williams, Contract Agent at the New Orleans Ernest N. Morial Convention Center.

About the New Orleans Ernest N. Morial Convention Center With 1.1 million square feet of contiguous exhibit space, an award winning staff and first class amenities, the New Orleans Ernest N. Morial Convention Center (MCCNO) is the sixth largest convention center in the nation, a consistent Top 10 host of the largest number of conventions and tradeshows annually, and one of the city’s “Top Workplaces.” A leading rainmaker of the city’s hospitality industry, MCCNO event activity has produced $81.7 billion in economic impact since its 1985 opening, including $5.1 billion in new tax revenue for state and local governments.

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FOR IMMEDIATE RELEASE CONTACT: Communications Department May 24, 2018 Phone: 504.582.3027, E-mail: [email protected]

New Orleans Convention Center Named a “Top Workplace”

NEW ORLEANS – The New Orleans Ernest N. Morial Convention Center has been selected as one of the city’s Top Workplaces by The Times-Picayune. This is the third time the Convention Center has received the prestigious honor.

The Top Workplaces are determined based solely on the results of an employee feedback survey administered by Energage, LLS (formerly Workplace Dynamics), a leading provider of technology-based employee engagement tools. Several aspects of the workplace culture were measured, including Alignment, Execution, and Connection.

“Top Workplaces is more than just recognition,” said Doug Claffey, CEO of Energage. “Our research shows organizations that earn the award attract better talent, experience lower turnover, and are better equipped to deliver bottom-line results. Their leaders prioritize and carefully craft a healthy workplace culture that supports employee engagement.”

“It is truly a testament to all of our employees, whom we consider internal customers, in helping maintain a work environment where internal customer satisfaction is among our highest priorities. We are indeed honored that the Convention Center has been recognized as a Top Workplace. When our SPICE Customer Service Program was implemented ten years ago, one of the goals was to make the Convention Center a place where our internal customers/employees would sincerely feel good about doing their jobs, and in turn create a positive experience for our external customers/patrons,” said Michael J. Sawaya, President and General Manager of the New Orleans Ernest N. Morial Convention Center. “Our employees truly understand and appreciate the role they play and the positive affect they have on the state and local economy.”

All 500 full-time and part-time employees are required to attend regular training on the five Customer Service Standards that are the guiding philosophy of the program. These standards are reinforced during a daily SPICE Rack meeting. During SPICE Rack, employees are encouraged to recognize fellow employees for exceptional acts of service. The Convention Center also holds motivational, educational and teambuilding events for employees during the year, to reinforce the program.

The program was named “SPICE” to reflect the celebrated culinary heritage of New Orleans. The acronym SPICE stands for:

S - Serve with flexibility and a sense of urgency; P - Perform with pride and passion; I – Identify issues and provide solutions; C – Convey a positive attitude; E – Exceed expectations always.

“Our efforts have been successful, and our external customers, our clients, have taken notice. The Convention Center has received numerous industry awards and letters from clients praising the heightened level of service. Our employees truly make a difference in our success,” Sawaya added.

The Times-Picayune published the complete list of Top Workplaces on May 25, 2018. For more information about the Top Workplaces lists and Energage, please visit www.topworkplaces.com and www.energage.com.

For more information about job opportunities at the New Orleans Ernest N. Morial Convention Center, or to apply online, please visit the Careers section of our website: http://www.mccno.com/careers/.

Executives and staff celebrate the New Orleans Ernest N. Morial Convention Center being named one of the “Top Places to Work” by The Times-Picayune.

Michael Sawaya, President and General Manager of the New Orleans Ernest N. Morial Convention Center (right) accepts the “Top Places to Work” award from Matthew Guidry of NOLA Media Group (Left)

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RESCON Marketing

Ernest N. Morial New Orleans Exhibition Hall Authority Agenda

Regular Meeting of the Board of Commissioners Ernest N. Morial New Orleans Exhibition Hall Authority Wednesday, June 27, 2018, 2:00 PM

AGENDA

I. Call to Order by President – Roll Call

II. Public Comment

III. Approval of ENMNOEHA Board Meeting Minutes of May 23, 2018

IV. Finance & Audit Committee

A. Resolution:

1. Resolution to Engage and Employ Special Counsel to Advise and Represent the Authority In Connection With the Hotel Component of the Convention Center District Development Project

B. Contracts: Professional/Request for Proposal/Public Works:

1. Heritage – Remove and Replace Atrium Walk-In Coolers

2. Associated Office Systems – Furnish & Install DIRTT Panels

3. HVS – Land Use Plan and Hotel Occupancy Tax Benchmarking Analysis

Ratifications:

1. Guidepost Solutions, LLC – Design Services for Video Surveillance and Parking Controls

2. ARCCO Company Service, Inc. – Auto Light Controllers

3. VSA, Inc. – Screen Kits and Cases

C. Investment Policy

D. April 2018 Financial Reports

V. Other Business

VI. Next Regular Scheduled Meeting: Wednesday, July 25, 2018 at 2:00 PM

VII. Motion to Adjourn

900 Convention Center Blvd., New Orleans, LA 70130 Phone: 504-582-3001

Ernest N. Morial New Orleans Exhibition Hall Authority Minutes MEETING MINUTES OF THE BOARD OF COMMISSIONERS ERNEST N. MORIAL NEW ORLEANS EXHIBITION HALL AUTHORITY

A Meeting of Ernest N. Morial New Orleans Exhibition Hall Authority was held on Wednesday, May 23, 2018 in the Board Room at the Ernest N. Morial Convention Center – New Orleans, 900 Convention Center Boulevard, New Orleans, Louisiana.

President Rodrigue called the meeting to order at 2:20 p.m. and asked for a roll call. The results were as follows:

Dottie Belletto Present Ryan F. Berni Absent Robert Bray Present Alfred L. Groos Present Ronald Guidry Present Robert Hammond Present Eddie Jacobs Present Darren G. Mire Absent Steve Pettus Absent Bonita Robertson Absent Melvin J. Rodrigue Present Michael Smith Absent

The total number present at roll call was seven (7).

President Rodrigue asked the audience for public comment of agenda items. There were none.

President Rodrigue requested a motion to approve the ENMNOEHA Board Meeting Minutes of April 25, 2018. Vice President Bray moved approval, seconded by Commissioner Guidry. Motion approved with no additions, corrections, deletions or changes noted.

Commissioner Guidry moved approval of the Board Resolution – Execution of a Cooperative Endeavor Agreement between the City of New Orleans and the Ernest N. Morial New Orleans Exhibition Hall Authority for Public Safety and Homeland Security Enhancements. Motion seconded by Commissioner Belletto. Motion approved.

Commissioner Jacobs moved approval of the Board Resolution – Authorization to Negotiate and Execute All Preliminary Agreements to Move Forward with Hotel Component of the Convention Center District Development Project. Motion seconded by Commissioner Guidry. Motion approved.

1 Commissioner Belletto moved approval to contract with Alack Refrigeration Company, Inc. to Furnish and Install Food and Beverage Equipment for Kitchen. Motion seconded by Vice President Bray. Motion approved.

Vice President Bray moved approval to contract with Chaffe McCall, L.L.P. for Labor and Employment Legal Services. Motion seconded by Secretary Groos. Motion approved.

Vice President Bray moved approval to contract with Roedel Parsons Koch Blanche Balhoff & McCollister for General Counsel Legal Services. Motion seconded by Secretary Groos. Motion approved.

Vice President Bray moved approval to procure Rigging Equipment with Barber Marketing, Inc. dba BMI Supply. Motion seconded by Treasurer Pettus. Motion approved.

Commissioner Belletto moved approval to procure Tables with Mity-Lite, Inc. Motion seconded by Commissioner Guidry. Motion approved.

Commissioner Belletto moved approval to procure 80’ Boom Lift with OER Services, LLC. Motion seconded by Secretary Groos. Motion approved.

Commissioner Guidry moved approval to ratify the contract with W.W, Grainger, Inc. for Tilt Carts and to ratify the contract with Projector SuperStore, LLC for Projectors. Motion seconded by Vice President Bray. Motion approved.

Executive Vice President Michael Sawaya presented the Five Year Capital Plan to the Exhibition Hall Authority.

Commissioner Robertson entered the meeting at 2:55 p.m.

Commissioner Guidry moved approval for the Five Year Capital Plan. Motion seconded by Commissioner Hammond. Motion approved.

Ms. Alita Caparotta, Vice President of Finance & Administration reviewed the March 2018 Financial Reports. Vice President Bray moved approval, seconded by Commissioner Hammond. Motion approved.

Ms. Caparotta presented the Worker’s Compensation Program.

Commissioner Robertson moved for the Board to go into Executive Session for discussion of the following pending litigation pursuant to La. R.S: 42:17(A)(2): J. Caldarera & Co., Inc. versus Ernest N. Morial Exhibition Hall Authority and Melvin J. Rodrigue in His Official Capacity as President of the Ernest N. Morial Exhibition Hall Authority Board: Civil District Court for the Parish of Orleans; Case No.: 18-3204; Division “M-13”. Motion seconded by Vice President Bray. Motion unanimously approved. Executive session began at 3:08 p.m.

Vice President Bray motioned for the Board to return to the regular board meeting at 3:25 p.m. Motion seconded by Commissioner Guidry. Motion approved.

Commissioner Robertson stated that the Good Work Network Equity Ally Award was presented to the Convention Center on May 22nd.

With no other business to come before the Board, President Rodrigue asked for a motion to adjourn. Commissioner Hammond moved adjournment, seconded by Vice President Bray. Motion approved and the meeting adjourned at 3:28 p.m.

ATTEST: ______AL GROOS, SECRETARY

:dj

Finance & Audit

Committee

Resolution

ERNEST N. MORIAL NEW ORLEANS EXHIBITION HALL AUTHORITY

The following motion and resolution was offered by Commissioner ______and seconded by Commissioner ______at the ______, 2018 regular meeting of the Board of Commissioners of the Ernest N. Morial New Orleans Exhibition Hall Authority:

RESOLUTION NO. 2018.08

A RESOLUTION TO ENGAGE AND EMPLOY SPECIAL COUNSEL TO ADVISE AND REPRESENT THE AUTHORITY IN CONNECTION WITH THE HOTEL COMPONENT OF THE CONVENTION CENTER DISTRICT DEVELOPMENT PROJECT.

WHEREAS, Louisiana Revised Statute 42:263 authorizes retention of special counsel in special matters upon declaring a real necessity and obtaining approval by the Attorney General;

WHEREAS, a real necessity exists for the Ernest N. Morial New Orleans Exhibition Hall Authority, a body politic and corporate and political subdivision of the state of Louisiana (the “Authority”), to retain special counsel with specialized experience and expertise representing public bodies in the structuring, drafting and negotiation of complex commercial transactions on convention center hotel development projects similar to the Hotel component of the Authority’s estimated $557.5 million Convention Center District Development Project (“Hotel Project”);

WHEREAS, more specifically, the Authority has a real need to retain counsel with specialized experience and expertise in convention center hotel development specific projects to represent it in connection with the structuring, drafting, and negotiation of the legal agreements necessary for the development, construction, financing, lease, and operation of the Hotel Project;

WHEREAS, attorney Ron Erlichman and the law firm of Bracewell LLP. (“Bracewell”), have extensive experience representing public entities in commercial transactions nearly identical to those needed on this Hotel Project—the development, financing, construction, leasing, and operation of convention center hotel projects. For example:  Bracewell represented the City of San Antonio, Texas, in connection with the approximately $263 million development, construction, lease, and operation of the Grand Hyatt Convention Center Hotel, including a subsequent condominiumization and recapitalization of the project.  Bracewell represented the City of Irving, Texas, in the development of a convention center hotel and performing arts venue, which involved the use of hotel occupancy taxes and the innovative use of state revenues made available to the project under specialized legislation, and which financing structure is very similar to the structure being proposed on the Hotel Project.  Bracewell is representing the sponsor in connection with a proposed development of a new 250-room hotel, convention center, and parking facilities in the Boardwalk District of Katy, Texas, pursuant to a Public-Private Partnership with the City of Katy, under which the City was to contribute certain funds and land, and the

1 developer was to develop and own the hotel and portion of the parking facilities and develop and operate the convention and the balance of the parking facilities for the benefit of the City. Like the Hotel component of the Authority’s Convention Center District Development Project, this Katy hotel and convention center development was to serve as the anchor for additional components of the Boardwalk District development.

WHEREAS, Bracewell’s extensive experience representing public entities in the highly specialized area of convention center hotel development projects and other major public infrastructure projects is critical to ensuring that the Authority’s Hotel Project is successful, that public funds are preserved and spent prudently, that the Authority and the State are properly protected from the substantial perils and risks involved with financing, development, construction, and operation of an estimated $557.5 million public infrastructure project like the Hotel Project, and that the State and the City of New Orleans become positioned as one of the top convention destinations in the world;

WHEREAS, Bracewell has agreed to represent the Authority in the structuring, drafting, and negotiation of the legal documents necessary for the development, construction, financing, lease, operation and maintenance of the Hotel Project in accordance with Bracewell’s Engagement Letter and Contract attached hereto and made a part of this Resolution (“Bracewell Contract”);

WHEREAS, pursuant to the Bracewell Contract, Bracewell has specifically agreed to represent the Authority in connection with the Hotel Project at the discounted hourly rates and levels listed below:

ATTORNEY HOURLY RATE (15% Discount Applied) Ron I. Erlichman (Partner) $837.25 Nick J. Sarad (Partner) $816.00 Robert R. Collins, III (Partner) $637.50 Kristen Wong (Senior Associate) $522.75 Other Counsel $510.00 - $722.50 Other Senior Associates $488.75 - $637.50 Other Associates $335.75 - $467.50

WHEREAS, the Authority finds that the hourly rates listed above are reasonable in light of the complex, high-stakes nature, volume, and technical aspects of the commercial transactions required for the Hotel Project, Bracewell’s vast experience and specialized expertise in commercial project transactions, including convention center hotel developments very similar to the Authority’s Hotel Project and other major public infrastructure projects, the substantial cost of the Hotel Project (estimated to be $557.5 million), and the significance of the Hotel Project to the economy of the Greater New Orleans region and State of Louisiana;

WHEREAS, the Authority desires to retain Bracewell as special counsel at the hourly rates listed above and pursuant to the Bracewell Contract attached hereto and made a part of this Resolution;

WHEREAS, this Resolution shall take effect immediately;

2 NOW, THEREFORE, BE IT RESOLVED that the Authority, pursuant to La. R.S. 42:263, does hereby retain and employ Bracewell, L.L.P., as special counsel to advise and represent the Authority in connection with the Hotel Project; and

BE IT FURTHER RESOLVED that this Resolution and proposed Bracewell Contract described herein, attached hereto, and made part of this Resolution be submitted to the Attorney General for the State of Louisiana for approval.

The foregoing Resolution having been submitted to a vote, the vote resulted as follows:

Member Yea Nay Absent Abstaining Dottie Belletto Ryan F. Berni Robert C. Bray Alfred L. Groos Ronald Guidry, Sr. Robert Hammond Edward L. Jacobs, Jr. Darren G. Mire Steve Pettus Bonita A. Robertson Melvin J. Rodrigue Michael O. Smith

Whereupon this Resolution was declared adopted by the Ernest N. Morial New Orleans Exhibition Hall Authority on this _____ day of ______, 2018.

Date MELVIN J. RODRIGUE, President

3 STATE OF LOUISIANA

PARISH OF ORLEANS

CERTIFICATION

I, ALFRED L. GROOS, Secretary of the Ernest N. Morial New Orleans Exhibition Hall Authority, hereby certify the above and foregoing to be a true and exact copy of the resolution adopted by the Authority at its meeting held ______, 2018, at which a quorum was present, and the same has not been revoked, rescinded or altered in any manner, and is in full force and effect.

Witness my hand this ______day of ______, 2018.

Date ALFRED L. GROOS, Secretary

June 5, 2018

New Orleans Ernest N. Morial Convention Center 900 Convention Center Boulevard New Orleans, Louisiana 70130 Attention: Michael J. Sawaya, President & General Manager

Re: Engagement Letter – Convention Center Hotel

Dear Mike:

Thank you for engaging us to represent Ernest N. Morial New Orleans Exhibition Hall Authority, a political subdivision of the State of Louisiana ("Client") to serve as counsel in connection with the matter described below. We appreciate the confidence you have shown in Bracewell LLP ("Bracewell" or "Firm") and we look forward to this opportunity to represent your interests.

It is our practice to confirm the terms and conditions of our engagements, and that is the purpose of this engagement letter and the attached Terms of Engagement (collectively, this “Engagement Letter”). This engagement has been approved by Bracewell subject to the terms and conditions described in this Engagement Letter.

Scope of Engagement

Bracewell will represent Client in connection with the negotiation of agreements related to the proposed development of a convention center hotel on land owned by Client (the “Project”) as follows: (i) attending a kick-off meeting in New Orleans with the proposed developer on June 7, 2018 (the “Kick-off Meeting”), (ii) providing advice with respect to the legal structuring of the Project and proposed documentation based on the results of the Kick-off Meeting for the period of time commencing on Friday, June 15, 2018 through the close of business on Friday, July 6, 2018, including providing a general outline for a Pre-Development Agreement related to the development and financing of the Project (the “Limited Scope of Work”) and (iii) preparing and negotiating the Pre-Development Agreement and definitive agreements related to Client’s participation in the development and financing of the Project, which definitive agreements are expected to consist of a Ground Lease, Hotel Development Agreement, Master Development Agreement and a Room Blocking Agreement and other ancillary documents related thereto (the “Full Scope of Work”). However, notwithstanding the foregoing, as of the date of this Engagement Letter and absent written confirmation from us, Bracewell’s scope of work shall be limited solely to attending the Kick-off Meeting and the Limited Scope of Work.

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Client acknowledges that it has retained local counsel for this Project to address issues specific to Louisiana law and that Bracewell’s scope of work will not, in any circumstance, include advice concerning issues of Louisiana law, which will be the sole responsibility of local counsel or other counsel retained by Client. Further, client acknowledges that the Bracewell attorneys working on this matter are licensed to practice law in New York and Texas, and thus will not be advising or representing Client regarding issues specific to Louisiana law or undertaking the practice of law in Louisiana.

This Engagement Letter may be supplemented to reflect new matters or issues that deviate from the current engagement in scope, billing arrangements, complexity, risk, or that otherwise require a substantial change in terms and conditions. Notwithstanding the limited scope of this engagement with respect to the Initial Scope of Work, this Engagement Letter (excluding the Estimate and Retainer as provided below), will govern all projects and engagements for Client, including any Additional Scope of Work that may be agreed to between Bracewell and Client.

Staffing the Project

I will be your primary contact for this engagement but will most likely delegate parts of the work on this engagement to other lawyers, paralegals and professionals as appropriate for the efficient staffing of the project. As the project progresses, I may involve one of my partners, Nicolai “Nick” Sarad, who has extensive experience in the public-private partnership space.

Fees, Expenses and Billing

I will travel to and attend the Kick-off Meeting for a flat fee of US $2,750.00 (which amount includes all travel expenses).

Our professional fees (but not reimbursable expenses) in connection with performing the Limited Scope of Work will be billed at a flat fee of US $25,000.00 for the period of Limited Scope of Work, which will not extend beyond Friday, July 6, 2018.

In the event that Client requests Bracewell to undertake the Full Scope of Work, and such engagement is approved by us (including the specific scope of work to be performed), fees will be based primarily on an hourly charge in accordance with the terms of this Engagement Letter as determined by the amount of time devoted by Bracewell professionals to perform the legal services contemplated by this engagement. Other factors authorized by Rule 1.5(a) of the ABA Model Rules of Professional Conduct also may be considered when determining the fees charged by Bracewell.

As the details with respect to the Full Scope of Work are not known at this time, I have provided a staffing and rate chart that only identifies myself, Nick Sarad, Bob Collins and Kristen Wong. For the remainder of the team, I have attorneys by category of attorney, i.e. counsel, senior associate, associate, and a range of rates for such category. As the deal progresses, I will

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involve such other attorneys as necessary based on the transactions needs, but in all events in an effort to be as efficient as possible and after consultation with you for any attorneys who will perform any substantive work on the transaction.

Staffing may be supplemented or revised as the project progresses to ensure the right expertise is being utilized to service Client and to efficiently handle the matter. Please note the rate chart reflects a fifteen (15%) discount.

Transaction Category of Base Hourly Rate or Attorney Hourly Rate (15% Attorney Range Discount Applied)

Partner Ron I. Erlichman $985.00 $837.25

Partner Nick Sarad $960.00 $816.00

Partner Bob Collins $750.00 $637.50

Counsel TBD $600.00 - $850.00 $510.00 - $722.50

Senior Associate Kristen Wong $615.00 $522.75

Senior Associate TBD $575.00 – 750.00 $488.75 - $637.50

Associate TBD $395.00 – 550.00 $335.75 - $467.50

In addition to legal fees, Client will be responsible for expenses incurred by the Firm on its behalf. Expenses charged by third-parties that are incurred specifically on your behalf (e.g., filing fees and expert's fees) will be billed at cost. Other expenses for which the Firm contracts in bulk (e.g., online research, imaging, facsimile and litigation support) will include a reasonable allocation of overhead for clients using those services. In appropriate cases, reimbursable expenses will also include charges for dedicated services of staff, overtime charges for assistants and other staff but will not include charges for meals and taxis relating to attorney overtime.

Matters involving the production of electronically stored information may result in additional fees and expenses being incurred by the Firm and/or by third-party vendors on behalf of Client. See the attached Terms of Engagement for more details.

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An invoice for fees and expenses will be submitted on a periodic basis, generally monthly, and payment is due upon receipt. It is important for you to bring any question regarding the fees or reimbursable expenses charged in this matter to my attention within thirty (30) calendar days after receipt.

Hourly billing rates and reimbursable expenses are set, reviewed and adjusted by the Firm on an annual basis and will appear on the periodic invoices provided for this engagement.

Conflicts of Interest

Bracewell is a general service law firm that has represented, now represents, and will continue to represent clients in a broad range of industries and in a wide variety of matters. Because of the nature of our practice, we may be asked to represent other clients whose interests are adverse to Client’s. Under the applicable rules of professional responsibility, such adverse representations may give rise to conflicts of interest. We recognize that we shall be disqualified from representing any other client with interests materially and directly adverse to Client’s: (i) in any matter which is substantially related to our representation of Client and (ii) with respect to any matter where there is a reasonable probability the confidential information furnished to us could be used to Client’s disadvantage (unless we are able to protect the confidential information by erecting an ethical wall). Client understands and agrees that, with those exceptions, we are free to represent other clients, including clients whose interests may conflict with Client in litigation, business transactions, or other legal matters.

We understand and agree that this is not an exclusive agreement, and Client is free to retain any other counsel of Client’s choosing. Although Client may revoke this consent as to future matters at any time, such revocation will not affect any matters undertaken by Bracewell in reliance on this consent and prior to receipt of notice of the revocation.

Alternative Dispute Resolution and Arbitration of Disputes

Bracewell and Client agree that any and all disputes arising under or pertaining to this engagement, including disputes regarding billing and fees, scope and nature of services, and breach of any duty or obligation hereunder, shall be resolved, if possible, by non-binding mediation conducted by a mutually acceptable mediator in the State of Louisiana. The mediation process may be initiated by a written request with a list of acceptable mediators, with preference given to neutral former state or federal judges.

Bracewell and Client also agree that in the event that mediation is not successful, any and all disputes arising under or pertaining to this engagement, including disputes regarding billing and fees, scope and nature of services, and breach of any duty or obligation hereunder, shall be conducted according to the Federal Arbitration Act and, to the extent not inconsistent, under the "2007 Rules for Non-Administered Arbitration" adopted by the International Institute for Conflict Prevention & Resolution (www.cpradr.org).

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The arbitration will be conducted by three arbitrators, with preference given to neutral former state or federal judges, and will take place in the State of Louisiana. Bracewell and Client agree and recognize that the arbitration process includes, among other things, a waiver of the right to a jury trial, waiver of the right to an appeal, waiver of the right to broad discovery under the Federal Rules of Civil Procedure, and will involve upfront costs and expenses.

Conclusion

Client is encouraged to discuss the terms of this Engagement Letter with your in-house counsel and independent counsel of your choice. Please call me if you wish to discuss any aspect of this engagement or representation.

If this Engagement Letter is acceptable, please sign the enclosed copy and return it to me.

Thank you again for the opportunity to represent Client in this matter.

Very truly yours,

Bracewell LLP

Ron Erlichman

Attachments

AGREED AND ACCEPTED:

[●]

By: Name: Michael J. Sawaya Its: President Date:

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BRACEWELL LLP TERMS OF ENGAGEMENT

Introduction

These are the Terms of Engagement adopted by Bracewell LLP ("Bracewell") and the addressee of the preceding Engagement Letter ("Client") and referred to in our Engagement Letter as the basis for our representation. Because they are an integral part of our agreement to provide representation, we ask that you review this document carefully and retain it for your files. If you have any questions after reading it, please promptly inform your principal contact at the Firm.

Client of the Firm

Because Bracewell has been engaged to represent Client only, the engagement does not include Client's family members, affiliated or related entities, or their respective individual officers, directors, partners, equity owners or employees.

Unless otherwise specifically stated in the Engagement Letter, our representation does not include any parent, subsidiary, or affiliated entity; employee, officer, director, shareholder, member or partner of an entity; or, any commonly owned entity. For any trade association, our representation does not include any member of the trade association; and for individuals, our representation does not include any employer, partner, spouse, sibling, or other family member. In the event we are asked to undertake representation of any other entity in connection with this engagement, we will do so only by agreement defined in the Engagement Letter.

Our Relationship with Others and Conflicts of Interest

We have performed a conflicts check on the names you provided to Bracewell. Based on a check of these names, and under the applicable standards in the governing rules of professional conduct, we believe Bracewell is free to undertake the matter. If we identify a conflict after work on this matter has begun, you agree to use reasonable efforts to help us resolve the conflict to the satisfaction of all parties.

Bracewell accepts this engagement on the understanding that our representation of you will not preclude us from accepting another engagement from a new or existing client provided that (1) such engagement is not substantially related to the subject matter of services we provide to you and (2) such other engagement would not impair the confidentiality of related client information.

Billing Arrangements and Terms of Payment

Fees for professional services and expenses are not contingent on the outcome of the project, unless expressly stated in the Engagement Letter.

Bracewell issues invoices on a periodic basis, normally each month, for fees and expenses. Invoices are due on receipt and are considered past due 30 days after receipt.

Clients frequently ask us to estimate the fees and other charges they are likely to incur in connection with a particular matter. Any estimate is based on professional judgment and facts and

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circumstances that appear at the time. As such, any estimate is subject to the understanding that, unless we agree otherwise in writing, it does not represent a maximum, minimum, or fixed-fee quotation. The ultimate cost frequently is more or less than the amount estimated.

It may be necessary for us to retain third parties, such as consultants, experts and investigators, in order to represent you adequately. In that event, you will be responsible for the prompt payment of the invoices of those third parties. Although we may advance third-party disbursements in reasonable amounts, we will ask you to pay larger third-party invoices (usually those over $500) directly to the third party providing the services.

If the representation will require a concentrated period of activity, such as a trial, arbitration, or hearing, we reserve the right to require the payment of all amounts owed and the prepayment of the estimated fees and expenses to be incurred in completing the trial, arbitration, or hearing, as well as arbitration fees likely to be assessed. If you fail to pay timely the estimated fees and expenses, we will have the right to cease performing further work and the right to withdraw from the representation, subject to any applicable rules of court or other applicable tribunal.

Although an insurer's payment of defense costs may be applied to billings of the firm, the payment obligation remains with you. Failure of any insurer to pay all or part of the billings for this project does not relieve you from the obligation to pay billings in full and in a timely manner.

Matters Involving e-Discovery

Many matters require the handling or production of electronically stored information (“ESI”). In litigation, the rules of civil procedure in federal court, as well as in many other jurisdictions, address the gathering and production of ESI (“e-Discovery”). Failure to comply with the rules governing e-Discovery can subject Client and the Firm to possible discovery sanctions. The Firm has developed an e-Practice Department (the “e-Department”) to assist the Firm’s clients in litigation matters that involve e-Discovery issues. The e-Department head, a lawyer who specializes in e-Discovery matters (“e-Practice Counsel”), and the e-Practice Project Managers will assist Client in handling e-Discovery projects that may arise in connection with the Firm’s representation of Client.

The Firm has identified a number of preferred e-Discovery providers that it can recommend to Client (“Outside Vendors”). Client will make the ultimate decision on which Outside Vendor to retain on a matter. Client will contract directly with and will be invoiced by the Outside Vendor for e-Discovery services. In most cases, the Outside Vendor will handle the collection, processing, hosting, and production of Client’s ESI. The Firm’s e-Department professionals will serve as a liaison between Client, the Outside Vendor and the Firm’s attorneys throughout the process, and the Firm will bill Client for that time. Unless other arrangements are made between the Firm and Client, the Firm’s lawyers will handle the review of Client’s ESI before production.

Certain matters involving less than 5GB of ESI can be handled by the Firm internally, rather than by an Outside Vendor. In such matters, and upon prior agreement between Client and the Firm, an Outside Vendor will collect Client’s ESI and deliver to the Firm for processing, hosting, review and production. Client will contract directly with the provider for the collection of the ESI. The Firm will charge Client from $150 to $250 per GB for processing, depending on the format of the

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data, and from $20 to $40 per GB per month for hosting/storage, depending on the volume of the data.

It is anticipated that the Firm’s e-Department professionals will assist Client in both e-Discovery matters handled by Outside Vendors and those handled by the Firm internally. The Firm will bill Client for the time of these professionals.

The hourly rate of the Firm’s e-Practice Counsel is $450 per hour. The range of hourly rates for the Firm’s e-Practice Project Managers is $225 - $300 per hour. The hourly billing rates of the Firm’s e-Department professionals are set, reviewed and adjusted by Bracewell on an annual basis and will appear on the periodic invoice provided for this engagement.

Interest on Past Due Accounts

If Client fails to pay any invoice when due, the past due amount shall accrue interest at the rate of six percent (6%) per annum, beginning on the date due until paid in full. Such interest shall be calculated based upon a year of 365/366 days (as applicable) for the actual number of days the invoice has been outstanding beyond the due date, and shall be compounded monthly. Such interest shall be payable upon demand and will be invoiced separately. The total interest due on past due invoices is available upon inquiry.

Taxes

Client agrees that all payments under the Engagement Letter shall be payable to Bracewell in U.S. Dollars, free and clear of any and all present and future taxes, levies, imposts, duties, deductions, withholdings, fees, liabilities and similar charges (the "Taxes"). If any Taxes are required to be withheld or deducted from any amount payable under the Engagement Letter, then the amount payable under the Engagement Letter shall be increased to the amount which, after deduction from such increased amount of all Taxes required to be withheld or deducted therefrom, will yield to Bracewell the amounts stated to be payable to Bracewell under the Engagement Letter.

Termination

Because Bracewell has been engaged to provide services in connection with the representation specifically defined in our Engagement Letter, the attorney-client relationship terminates upon our completion of those services.

You may terminate the engagement at any time, with or without cause, by notifying us in writing. The firm also can terminate the engagement before the completion of its representation of you in the specified matter if (a) the continued representation would result in a violation of the applicable rules of professional conduct or other law; (b) the termination can be accomplished without material adverse effect on your interests; (c) you persist in a course of action that Bracewell reasonably believes is criminal or fraudulent, or you have used our services to perpetrate a crime or fraud, (d) the firm has a fundamental disagreement with the objective or tactics in this engagement; (e) you deliberately and substantially fail to discharge an obligation regarding this engagement, including the payment of fees and expenses and the duty of cooperation as provided in the Terms of Engagement; or (f) other good cause for termination exist. In the event that the

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firm intends to terminate the engagement, the firm will give reasonable notice and allow you access to your files relating to this engagement.

For purposes of this Engagement Letter, this engagement terminates upon written notice of termination by Client or by Bracewell, or 120 days after the date of Bracewell's last substantive legal service billed to Client's account, whichever may first occur.

The termination of our services will not affect your responsibility for payment of legal services rendered and other charges incurred before termination and in connection with an orderly transition of the project.

After completion of the representation, however, changes may occur in the applicable laws or regulations that could affect your future rights and liabilities in regard to the matter. Bracewell has no continuing obligation to give advice with respect to any future legal developments that may relate to the project.

Disposition and Retention of Materials

Bracewell has adopted and implemented an information governance and records management program including a comprehensive policy and records retention schedule. At the close of any matter Bracewell may return Client documents and property, send them to a storage facility for a limited time, or have them destroyed according to our records retention schedule. At Client’s request, Client documents and property will be returned to you upon receipt of payment for outstanding fees and costs. Your request must be specific and designate your representative to receive the files. Client is responsible for paying the reasonable cost to retrieve, duplicate and deliver Client files. Your request for return of Client files must be delivered to Bracewell no later than 120 days after the last substantive service relating to the closed matter. A substantive service does not include audit letter research and preparation, or any other service that does not directly relate to the substantive discharge of a Client engagement.

You agree that Bracewell owns and retains its own files, inclusive of related electronically stored information, pertaining to the engagement. You will not have the right or ability to require us to deliver such files (or copies thereof) to you. Examples of Bracewell files are: firm administrative materials, financial files and documents, time and expense reports, personnel and staffing materials, credit and accounting records, electronic mail correspondence (other than such correspondence which was sent to you by a member of our firm) and internal lawyer's work product, such as drafts, notes, memoranda and legal and factual research, including investigative reports prepared by or for the internal use of lawyers.

It is important for Client to alert Bracewell in advance of special treatment, sensitive information, retention requirements and other unique conditions pertaining to Client files. Client agrees that it will notify Bracewell in a timely, written and specific manner, concerning any requirement for special or unusual handling or attention of its Client files. This includes any statutory or regulatory requirements relating to confidentiality and retention of Client files.

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Disclaimer

We cannot guarantee the outcome of any matter. Any expression of our professional judgment regarding your matter or the potential outcome is, of course, limited by our knowledge of the facts and based on the law at the time of expression. It is also subject to any unknown or uncertain factors or conditions beyond our control.

Either at the commencement or during the course of the representation, we may express opinions or beliefs about the matter or various courses of action and the results that might be anticipated. Any expressions on our part concerning the outcome of the representation, or any other legal matters, are based on our professional judgment and are not guarantees.

By signing the Engagement Letter or otherwise indicating your acceptance of the Engagement Letter, you acknowledge that Bracewell has made no promises or guarantees to you about the outcome of the representation, and nothing in these Terms of Engagement shall be construed as such a promise or guarantee.

Your Cooperation

To enable us to provide effective representation, you agree to: (1) disclose to us fully, accurately and on a timely basis, all facts and documents that are or might be material or that we may request; (2) keep us apprised on a timely basis of all developments relating to the representation that are or might be material; (3) attend meetings, conferences, and other proceedings when it is reasonable to do so; (4) provide updated information for conflicts purposes, if necessary; and (5) cooperate fully with us in all matters relating to the engagement.

Modification of Our Agreement

The Terms of Engagement reflect our agreement on the terms of all engagements, and are not subject to any oral agreements, modifications, or understandings. Any change in these Terms of Engagement must be made in writing signed by both Bracewell and Client.

In Conclusion

If you have questions or concerns, at any time, relating to the terms and conditions of this engagement, the services or advice provided by Bracewell, or the fees and expenses reflected in the invoices, please bring them to the attention of your principal contact at our firm, or Bracewell's General Counsel or Managing Partner.

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About Bracewell

Bracewell LLP (“Bracewell”) is a leading law and government relations firm primarily serving the projects, finance and technology industries throughout the world. Our focus results in comprehensive state-of-the-art knowledge of the commercial, legal and governmental challenges faced by our clients and enables us to provide innovative solutions to facilitate transactions and resolve disputes. We have considerable strength in all requisite practice areas including real estate, public law, public finance, government relations, strategic communications, and tax.

Bracewell is a nationally recognized leader and its lawyers have been recognized as influential innovators in the field of law. Third party accolades include the following:

U.S. News and Best Lawyers

U.S. News - Best Lawyers 2017 Best Law Firms has recognized 23 of Bracewell practices nationally and 13 in their top tier – project finance law; banking and finance law; corporate law; employment law - management; litigation - labor and employment; securities/capital markets law; financial services regulation law, environment law; energy law; oil & gas law; natural resources law; and trademark law. In total, Bracewell was recognized in 100 categories.

Legal 500

In 2017, The Legal 500 United States recognized 29 Bracewell practices and recommended 64 of the firm’s lawyers in its rankings. The firm’s real estate, construction, finance, project finance, antitrust, litigation: appellate, litigation: general commercial, capital markets, structured finance, corporate restructuring, energy (litigation, regulatory and transactional), environmental (litigation, regulatory and transactional), intellectual property (trademarks), fund formation: alternative/hedge funds, immigration, tax, employee benefits and executive compensation, mergers and acquisitions (M&A) and technology practices were highlighted.

Chambers USA

Chambers & Partners recognized 53 of the firm's lawyers and 22 Bracewell practices in their 2017 Chambers USA guide. Recognized practices included construction, real estate, banking, finance, energy, tax, litigation, intellectual property, technology, environmental, labor and employment, corporate/M&A and financial restructuring.

Bracewell LLP 1 Experience and Qualifications

Our projects lawyers have been involved in every stage of the life-cycle of a wide array of major public infrastructure projects – from inception, to construction and financing, and ultimately the day-to-day operations and maintenance. Additionally, our projects lawyers are experienced in structuring economic development and other comparable agreements to achieve the development objectives of these projects. This experience includes the structuring and negotiation of all aspects of the agreements related to the development, construction, financing, ownership and maintenance of these projects, including hospitality projects, tourism facilities, sports and entertainment venues, transportation assets (including parking facilities), energy proejcts, social infrastructure facilities, green space venues, and housing and educational institution projects.

Our lawyers also assist clients in the formulation of strategies to produce the most optimal economic results for projects, including structuring revenue generation components of major infrastructure projects such as naming rights, sponsorship and exclusivity arrangements for hospitality, tourism, recreation and entertainment venues. We frequently prepare development and lease contracts that include both public and private financing funding in the form of debt and equity and are very familiar with the variety of economic structures associated with these projects, such as revenue shares, milestone payments and hybrid mechanisms.

We have experience working with governmental entities, non-profits, sponsors, lenders, private investment funds, developers, multi-national public and private corporations, educational institutions, and family offices/ foundations. Our clients include municipalities, state agencies, Major League Baseball and National Basketball Association teams, the world’s largest rodeo, private entertainment venue operators, infrastructure funds, museums, medical centers, educational institutions, and family offices and foundations.

Our projects lawyers are very familiar with the development, construction, financing and operation of projects throughout the United States. Recognizing that the legal and political regime of the local jurisdiction is critical to the success of a project, our projects lawyers are very experienced with partnering with existing or to-be-selected local counsel to ensure the success of each project.

A sample of our representative experience in the projects space is provided below.

Notable Matters

City of San Antonio, Texas - Grand Hyatt Convention Center Hotel Bracewell represented the City in connection with the approximately $263 million development, construction, lease and operation of a convention center hotel, including a subsequent condominiumization and recapitalization of the project. Bracewell initially advised the City in in connection with all aspects of the public procurement and award of a Public-Private Partnership related to the development of the approximately 1,000- room convention center headquarters hotel and the subsequent conveyance of the air rights above the hotel and condominiumization of the project.

Since that time, Bracewell has continued to advise the City in connection with various restructurings of the financing and ownership of the equity of the project, including several mezzanine financings and ultimately the sale of 100 percent of the equity in the project to the hotel operator. matter is significant as the development of this hotel was critical to the City’s ability to position itself as one of the top convention destinations in the U.S.

Bracewell LLP 2 City of Irving, Texas ‐ Convention Center Hotel and Performing Arts Venue Bracewell represents the City of Irving, Texas in the development of a convention center hotel and performing arts venue. The project involves the use of hotel occupancy taxes and the innovative use of state revenues made available to the project under the “Brimer Bill.”

KBH Venture (Seuba USA Corp.) ‐ Convention Center and Hotel Bracewell represents the sponsor in connection with the proposed development of a new 250‐room hotel, convention center and parking facilities in the Boardwalk District of Katy, Texas, pursuant to a Public‐Private Partnership with the City of Katy under which the City will contribute certain funds and land, and the developer will develop and own the hotel and portion of the parking facilities and develop and operate the convention center and the balance of the parking facilities for the benefit of the City. This development will anchor the Boardwalk District development, which is anticipated to have an aggregate value of more than $200 million.

Texas Medical Center ‐ TMC3 Campus (including Hotel) Bracewell represents Texas Medical Center in connection with the approximately $1.5 billion development of a 28‐acre biomedical innovation and commercialization campus known as TMC3, which will include a hotel development to support this campus. The facility will be a cooperative development between the medical center and four public medical institutions, including a world‐renowned cancer center and a major public university’s health center. Texas Medical Center will also be entering into a participation agreement with a private party for the development, lease and operation of a hotel and conference room facility to serve the Texas Medical Center and the TMC3 project.

Museum of Fine Arts Houston ‐ Campus Redevelopment Bracewell represents the Museum of Fine Arts Houston in connection served with the approximately $325 million expansion and redevelopment of its current campus, including structuring an economic development agreement in connection with the project. This project was named as 2015 Deals of the Year by Houston Business Journal.

Spurs Sports & Entertainment ‐ AT&T Center, Toyota Field, STAR Soccer Complex Bracewell represented Spurs Sports & Entertainment (SS&E) in connection with the Public‐Private Partnership between San Antonio FC, the City of San Antonio and Bexar County, Texas, in connection with the acquisition of and lease rights related to Toyota Field and the STAR Soccer Complex, which includes two long‐term lease agreements, private and public financing, parking agreements, naming rights and other facility agreements. Bracewell also represented SS&E in connection with the recent publically funded $100 million modernization of AT&T Center.

City of Arlington, Texas ‐ Dallas Cowboys AT&T Stadium Bracewell represented the City of Arlington, Texas, in connection with the approximately $1.1 billion development and funding agreement between the Dallas Cowboys NFL football club and the City setting forth the terms, conditions and obligations of the City and the Dallas Cowboys for the development and financing of the Dallas Cowboys Stadium. T

City of Arlington, Texas ‐ Texas Rangers Stadium Bracewell is currently representing the City of Arlington, Texas in connection with the development of a new retractable‐roof stadium for the Texas Rangers. The proposed project involves the use of many of the same public funding mechanisms as the Dallas Cowboys stadium project outlined above.

Bracewell LLP 3 Kinder Foundation ‐ Bayou Greenways Bracewell represented the Kinder Foundation in connection with the $215 million Public‐Private Partnership for the development and financing of the Bayou Greenways 2020 project to create an interconnected park and trail system along each of the ten bayous located in Houston, Texas, including the structuring of a first of its kind synthetic Tax Increment Reinvestment Zone financing mechanism.

Houston Livestock and Rodeo, Inc. ‐ NRG Stadium and Complex Bracewell represents the Houston Livestock Show & Rodeo (HLSR) in connection with the proposed modernization of NRG Park (including NRG Stadium, NRG Center and NRG Arena) as well as the potential redevelopment of NRG Astrodome. Bracewell initially represented HLSR in connection with all aspects of the approximately $700 million redevelopment, financing, construction, leasing, naming and sponsorship of NRG Park (previously Reliant Park). The Astrodome was considered at its time of construction to be the “Eighth Wonder of the World” and, as such, its redevelopment is under intense public scrutiny and debate.

Houston Astros ‐ Minute Maid Park Bracewell represented the Houston Astros in the development, financing and operation of Minute Maid Park which involved a Public‐Private Partnership with the Harris County Houston Sports Authority, a then newly formed joint venture governmental entity involving a municipality and county. Kinder Foundation ‐ Buffalo Bayou Project Bracewell represented the Kinder Foundation in connection with the approximately $75 million Public‐Private Partnership for the development and financing of the Buffalo Bayou project in Houston, Texas which redeveloped a 10‐mile segment of Buffalo Bayou starting in downtown Houston from primarily being a water management facility to a destination entertainment and park venue utilizing a comprehensive operating and maintenance agreement with the City and Tax Increment Reinvestment Zone funding. Additional Public Projects Below is a selection of additional representative matters undertaken on behalf of municipalities and governmental entities:  Tower of the Americas Redevelopment  Dynamo Stadium (professional soccer stadium) and surrounding infrastructure  Spring Skate Park  East Side Sports Complex  Dal‐Mac Hotel Project  La Mansion  Emily Morgan Hotel  Watermark Hotel  Houston Street Redevelopment Project  Crockett Street Redevelopment  Tax increment financing for downtown Texas A&M University – San Antonio  Holiday Inn Hotel  Riverwalk Trolley Station

Bracewell LLP 4  Courtyard by Marriott Hotel  Valencia Hotel and River Access  Marina Garage  Riverbend Garage  Mid‐City Garage

Bracewell LLP 5 Ron I. Erlichman Partner

New York T: +1.212.508.6113 F: +1.212.938.3813 E: [email protected]

About Ron

Ron Erlichman focuses his practice on all phases of the financing and development of infrastructure and energy projects, including hospitality projects, social infrastructure projects, sports and entertainment venues, parks and green space projects, thermal power generational facilities, renewable energy projects, chemical and petrochemical facilities, terminals and transportation projects. Ron also advises on matters related to tax equity investment in renewable projects. His clients include governmental entities, developers, lenders, private equity funds, sponsors, trading houses and contractors.

Recent Notable Matters

City of San Antonio, Texas — $263 million development, construction, lease and operation of the Grand Hyatt Convention Center Hotel in San Antonio, Texas, including a subsequent condominiumization and recapitalization of the project

San Antonio Spurs Entertainment — $100 million modernization of AT&T Center and the acquisition of lease and development rights for Toyota Field and the STAR Soccer Complex, home and practice facility to San Antonio FC

Houston Livestock Show and Rodeo Inc. — initial development, leasing, financing and sponsorship of NRG Stadium (then Reliant Stadium), as well as ongoing matters related to the further development of NRG Park and redevelopment of NRG Astrodome

Texas Medical Center — development and construction of the proposed $1.5 billion TMC3 research translation campus

Museum of Fine Arts Houston — approximately $325 million expansion and redevelopment of the current museum campus, including structuring an economic development agreement with the City of Houston in connection with the project

Kinder Foundation — $215 million Public-Private Partnership for the development and financing of the Bayou Greenways 2020 project to create an interconnected park and trail system along each of the ten bayous located in Houston, Texas, including the structuring of a synthetic TIRZ financing mechanism

Kinder Foundation — $75 million Public-Private Partnership for the development and financing of the Buffalo Bayou project in Houston, Texas

Bracewell LLP 6 South Field Energy LLC — development, construction, commercial arrangements, finance and hedging of an approximately $1.4 billion 1,170 MW natural gas power generation facility to be located in Eastern Ohio

Lenders — construction loan and post-construction senior secured revolver and letter of credit facility for an approximately 200 MW wind farm with both an energy and basis hedge in ERCOT

MUFG — construction loan for second largest solar project in New York located on a former public golf course in Long Island

IPP Sponsor — pre-development advice, including project financing considerations, with respect to an approximately 1,000 MW greenfield natural gas combined cycle generation facility in PJM

Major E&P Company — development of a wind power generation facility in Texas, including tax equity structuring

Unregulated subsidiary of a public utility — acquisition of four wind farm developments located in the Southern United States totaling $1.5 billion in acquisition cost and approximately 832 MW of generation capacity

Sumitomo Mitsui Banking Corporation — financing of the 121 MW dual fueled, combined cycle power generation facility located in Florida with an expiring tolling agreement, as sole lead arranger, administrative agent and collateral agent

Macquarie Bank Limited — project financing of a diverse portfolio of roof-top solar installations for Just Energy Group Inc.'s subsidiary, Hudson Solar

Basalt Infrastructure Partners — investment in Texas Microgrid, a supplier of natural gas backup generation facilities to commercial and industrial customers, including structuring for a portfolio project financing

Yuhuang Chemical, Inc. — project development and financing of a $1.85 billion greenfield methanol project in Louisiana

Brookfield Infrastructure Group — sale of Cross Sound Cable, a HVDC submerged transmission line connecting New England and Long Island, New York

Macquarie Bank Limited — project financing of Juniper GTL, gas-to-liquids plant in Westlake, LA

Apex Compressed Air Energy Storage LLC — development, construction and financing of an approximately 317 MW compressed air energy storage development project to be located in Texas

Entergy Corporation and its subsidiaries — purchase of the 2,200 MW Union Power Station near El Dorado, Arkansas

Freeport Power Limited LLC — refinancing of the 440 MW gas-fired combined cycle power plant located in Freeport, Texas

Publications and Speeches

"PJM - Where is the Market Headed," Speaker, Projects & Money Conference, New Orleans, LA, 2018

"Energy Storage - The Next Frontier," Speaker, Renewable Energy Symposium, Houston, TX, 2018

Bracewell LLP 7 "Funding the Gap: Five Important Considerations in Mezzanine Lending," New York Law Journal, August 12, 2013.

Education

The University of Texas School of Law, J.D. 1998

The University of Texas at Austin, B.B.A. 1995 – high honors

Noteworthy

The Legal 500 United States, Project Finance: Advice to Lender, 2017; Project Finance: Advice to Sponsor, 2017

Euromoney Institutional Investor PLC, IFLR1000 Financial & Corporate Guide, 2018

Affiliations

Houston Downtown Park Corporation, General Counsel

Bar Admissions

New York Texas

Contracts

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION

1 Contract Number & Type of Contract: C-1416 Service

2 Contract Title: Remove and Replace Atrium Walk-In Coolers

3 Contractor Information: Heritage Food Service Group, Inc. 5130 Executive Boulevard Fort Wayne, IN 76808

4 Contract Term: All work shall be completed by August 31, 2018

5 Contract Amount: $57,412.00

6 Budget: The total budget for this project is $34,000.00 and was approved as part of the 2018 Capital Budget Project Code 7105. The overage will be taken from another line.

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION

1 Contract Number & Type of Contract: PO10003273 Public Works 2 Contract Title: Furnish & Install DIRTT Panels

3 Contractor Information: Associated Office Systems of Louisiana, Inc. 400 Poydras Street, Suite 1700 New Orleans, LA 70130

4 Contract Amount: $64,926.42

5 Pricing Details: Description Total DIRTT Wall Solutions $35,512.98 Metal Signage $6,630.00 DIRTT Solution Elevator Cab Thermofoil $6,887.22 DIRTT Solution Elevator Vestibule Thermofoil $15,248.21 Etched film with Lettering Removed $648.01 6 Contract Term: Project shall be completed on or before June 26, 2018.

7 Budget: The total budget for this project is $140,000.00 was approved as part of the 2018 Capital Budget Project Code 7328.

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT AUTHORIZATION

1 Contract Number & Type of Contract: C-1419 Professional Service 2 Contract Title: Provide Updated Land Use Plan for the Development Site and Hotel Occupancy Tax Benchmarking Analysis 3 Contractor Information: HVS Convention, Sport & Entertainment Facilities Consulting 205 West Randolph, Suite 1650 Chicago, IL 60606

4 Contract Term: Project shall be completed on or before December 31, 2018

5 Contract Amount: $80,000.00 Plus Approved Reimbursable Expenses

6 Pricing Details: Description Total Hotel Market Study $17,500.00 Entertainment District Market Assessment $25,000.00 Convention Center Operations Impact Analysis $17,500.00 Economic Impact Analysis $10,000.00 Hotel Occupancy Tax Benchmarking Analysis $10,000.00 7 Budget: The budget for this project is from the approved Convention Center District Development Project Budget.

NEW ORLEANS ERNEST N. MORIAL CONVENTION CENTER CONTRACT REPORTING

Capital Contracts May 2018

As per Board Resolution #2013.2 The Executive Vice President/President/General Manager executed the following Contracts which were included in the board approved 2018 annual capital budget and are under $50,000 in total.

CONTRACT DETAILS:

CONTRACT NUMBER & CONTRACT CONTRACT BUDGET AMOUNT VENDOR NAME DESCRIPTION AMOUNT & PROJECT CODE

PO10003028 Provide Design Services for Guidepost Solutions, LLC Video Surveillance and Parking $30,580.00 $190,000.00 415 Madison Avenue, 11th Floor Controls in Lots B, F and J (7078) New York, NY 10017

PO10002946

ARCCO Company Service, Inc. Procurement of Audio Light $26,660.65 $50,000.00 9424 North Interstate Drive Controllers (7092) Baton Rouge, LA 70809

PO10002900

VSA, Inc. Procurement of Screen Kits and $23,984.40 $27,500.00 6929 Seward Avenue Cases (7097) Lincoln, NE 68507

Investment Policy

INVESTMENT POLICY FOR THE ERNEST N. MORIAL NEW ORLEANS EXHIBITION HALL AUTHORITY

Approved on: xxxxx xx, xxxx

Table of Contents

PAGE I. PURPOSE 3

II. SCOPE 3

III. INVESTMENT OBJECTIVES 3

IV. DELEGATION OF AUTHORITY 4

V. STANDARDS OF PRUDENCE 4

VI. ETHICS AND CONFLICTS OF INTEREST 4

VII. INTERNAL CONTROLS AND INVESTMENT PROCEDURES 5

VIII. CONTINUING EDUCATION 5

IX. AUTHORIZED INVESTMENT INSTITUTIONS AND DEALERS 5

X. MATURITY AND LIQUIDITY REQUIREMENTS 6

XI. INVESTMENT DIVERSIFICATION 6

XII. MASTER REPURCHASE AGREEMENT 6

XIII. COMPETITIVE SELECTION OF INVESTMENT INSTRUMENTS 6

XIV. AUTHORIZED INVESTMENTS INSTRUMENTS AND PORTFOLIO COMPOSITION 7

XV. DERIVATIVES AND REVERSE REPURCHASE AGREEMENTS 11

XVI. PERFORMANCE MEASUREMENTS 11

XVII. CRITERIA FOR INVESTMENT MANAGER REVIEW 11

XVIII. REPORTING 11

XIX. THIRD-PARTY CUSTODIAL AGREEMENTS 12

XX. INVESTMENT POLICY APPROVAL 12

ATTACHMENT A: Glossary of Cash and Investment Management Terms 13 ATTACHMENT B: Investment Pool/Fund Questionnaire 26

PFM 2018.02.27 New Orleans Exhibition Hall Authority Investment Policy Page 2

Investment Policy Ernest N. Morial New Orleans Exhibition Hall Authority

I. PURPOSE

The purpose of this investment policy (hereinafter “Policy”) is to set forth the investment objectives and parameters for the management of public funds of the Ernest N. Morial New Orleans Exhibition Hall Authority (hereinafter “Authority”). This Policy is designed to safeguard the Authority’s funds, ensure the availability of operating and capital funds when needed, and provide for an investment return competitive with comparable funds and financial market indices.

II. SCOPE

In accordance with Section 33:2955, Louisiana Revised Statutes, this Policy applies to all cash not required to meet an obligation for at least 45 days, and investments held or controlled by the Authority with the exception of the Authority’s funds related to the issuance of debt where there are other existing policies or indentures in effect for such funds. Additionally, this Policy does not apply to funds not under investment control of the Authority, including funds held in escrow or agency funds.

III. INVESTMENT OBJECTIVES

Safety of Principal The foremost objective of this investment program is the safety of the principal of those funds within the portfolios. Investment transactions shall seek to keep capital losses at a minimum, whether they are from securities defaults or erosion of market value. To attain this objective, diversification is required in order that potential losses on individual securities do not exceed the income generated from the remainder of the portfolios.

Maintenance of Liquidity The portfolios shall be managed in such a manner that funds are available to meet reasonably anticipated cash flow requirements in an orderly manner. Periodic cash flow analyses will be completed in order to ensure that the portfolios are positioned to provide sufficient liquidity.

Return on Investment Portfolios shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account the investment risk constraints and liquidity needs. Return on investment is of least importance compared to the safety and liquidity objectives described above. However, return is attempted through active management where the investment advisor utilizes a total return strategy (which includes both realized and unrealized gains and losses in the portfolio). This total return strategy seeks to increase the value of the portfolios through reinvestment of income and capital gains. The core of investments is limited to relatively low risk securities in anticipation of earning a fair return relative to the risk being assumed. Despite this, an investment advisor may trade to recognize a loss from time to time to achieve a perceived relative value based on its potential to enhance the total return of the portfolio.

PFM 2018.02.27 New Orleans Exhibition Hall Authority Investment Policy Page 3

IV. DELEGATION OF AUTHORITY

Responsibility for the administration of the investment program is vested in the Vice President of Finance & Administration. The Vice President of Finance & Administration shall exercise authority to regulate the administration of the investment program through the Financial Services Division, Reporting Department. No person may engage in an investment transaction except as stated in the internal controls of the Authority. The Authority may employ one or more investment advisor(s) to assist in managing the Authority’s portfolios. Any investment advisor must be registered under the Investment Adviser’s Act of 1940.

V. STANDARDS OF PRUDENCE

The standard of prudence to be used by investment officials shall be the “Prudent Person” standard and shall be applied in the context of managing the overall investment program. Investment officers acting in accordance with written procedures and this Policy and exercising due diligence shall be relieved of personal responsibility for an individual security’s credit risk or market price changes, provided deviations from expectation are reported to the Vice President of Finance & Administration and the Authority’s Finance & Audit Committee in a timely fashion and the liquidity and the sale of securities are carried out in accordance with the terms of this Policy. The “Prudent Person” rule states the following:

Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived from the investment.

While the standard of prudence to be used by investment officials who are officers or employees is the Prudent Person standard, any person or firm hired or retained to invest, monitor, or advise concerning these assets shall be held to the higher standard of “Prudent Expert”. The standard shall be that in investing and reinvesting moneys and in acquiring, retaining, managing, and disposing of investments of these funds, the contractor shall exercise: the judgment, care, skill, prudence, and diligence under the circumstances then prevailing, which persons of prudence, discretion, and intelligence, acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims by diversifying the investments of the funds, so as to minimize the risk, considering the probable income as well as the probable safety of their capital.

VI. ETHICS AND CONFLICTS OF INTEREST

Employees involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment program, or which could impair their ability to make impartial investment decisions. Also, the above personnel involved in the investment process shall disclose to the Finance & Audit Committee any material financial interests in financial institutions that conduct business with the Authority, and they shall further disclose any material personal financial/investment positions that could be related to the performance of the Authority’s investment program. Investment related officers and personnel shall refrain from undertaking personal investment transactions with the same individual with whom business is conducted on behalf of their entity.

PFM 2018.02.27 New Orleans Exhibition Hall Authority Investment Policy Page 4

VII. INTERNAL CONTROLS AND INVESTMENT PROCEDURES

As delegated by the Vice President of Finance & Administration, the Vice President of Finance & Administration or designee shall establish a system of internal controls and operational procedures that are in writing and made a part of the Authority’s finances operational procedures. The internal controls should be designed to prevent losses of funds, which might arise from fraud, employee error, and misrepresentation by third parties, or imprudent actions by employees. The written procedures should include reference to safekeeping, repurchase agreements, separation of transaction authority from accounting and recordkeeping, wire transfer agreements, banking service contracts, collateral/depository agreements, and “delivery-vs-payment” procedures. No person may engage in an investment transaction except as authorized under the terms of this Policy.

Independent auditors as a normal part of the annual financial audit to the Authority shall conduct a review of the system of internal controls to ensure compliance with policies and procedures.

VIII. CONTINUING EDUCATION

The Vice President of Finance & Administration and any other personnel responsible for overseeing investments or designee shall annually complete 4 hours of continuing education in subjects or courses of study related to investment practices and products.

IX. AUTHORIZED INVESTMENT INSTITUTIONS AND DEALERS

The Vice President of Finance & Administration or designee shall only purchase securities from Qualified Institutions, as defined in this section, or from investment institutions which are designated as primary dealers by the Federal Reserve Bank of New York (source of information: https://www.newyorkfed.org/markets/primarydealers.html). The Vice President of Finance & Administration or designee shall only enter into repurchase agreements with financial institutions that are Qualified Institutions and primary dealers as designated by the Federal Reserve Bank of New York. The Vice President of Finance & Administration or designee shall maintain a list of financial institutions and broker/dealers that are approved for investment purposes and only firms meeting the following requirements will be eligible to serve as Qualified Institutions:

1) Regional dealers that qualify under Securities and Exchange Commission Rule 15C3-1 (uniform net capital rule); 2) Capital of no less than $10,000,000; 3) Registered as a dealer under the Securities Exchange Act of 1934; 4) Member of the Financial Industry Regulatory Authority, Inc. (FINRA); 5) Registered to sell securities in Louisiana; 6) The firm and assigned broker have been engaged in the business of effecting transactions in U.S. government and agency obligations for at least five (5) consecutive years;

The Authority’s investment advisor shall utilize and maintain their own list of approved primary and non- primary dealers.

PFM 2018.02.27 New Orleans Exhibition Hall Authority Investment Policy Page 5

X. MATURITY AND LIQUIDITY REQUIREMENTS

To the extent possible, an attempt will be made to match investment maturities with known cash needs and anticipated cash flow requirements. Investments of current operating funds (short term portfolio) shall have maturities no longer than twenty-four (24) months.

Investments of non-current operating funds (core funds) shall have a term appropriate to the need for funds but in no event shall exceed five (5) years from the date of settlement. The maximum effective duration of the entire portfolio shall not exceed three (3) years. The maturities of the underlying securities of a repurchase agreement will follow the requirements of the Securities Industry and Financial Markets Association (SIFMA) Master Repurchase Agreement.

XI. INVESTMENT DIVERSIFICATION

Assets held shall be diversified to control risks resulting from over concentration of assets in a specific maturity, issuer, instruments, dealer, or bank through which these instruments are bought and sold. The Vice President of Finance & Administration shall determine diversification strategies within the established guidelines.

XII. MASTER REPURCHASE AGREEMENT

The Vice President of Finance & Administration will require all approved institutions and dealers transacting repurchase agreements to execute and perform as stated in the SIFMA Master Repurchase Agreement. All repurchase agreement transactions will adhere to requirements of the SIFMA Master Repurchase Agreement.

XIII. COMPETITIVE SELECTION OF INVESTMENT INSTRUMENTS

After the Vice President of Finance & Administration or designee and/or the Authority’s investment advisor has determined the approximate maturity date based on cash flow needs and market conditions and has analyzed and selected one or more optimal types of investments, a minimum of three (3) qualified banks and/or approved broker/dealers must be contacted and asked to provide bids/offers on securities in questions. Bids will be held in confidence until the bid deemed to best meet the investment objectives is determined and selected.

However, if obtaining bids/offers are not feasible and appropriate, securities may be purchased/sold utilizing the comparison to current market price method on an exception basis. Acceptable current market price providers include, but are not limited to:

A. TradeWeb

B. Bloomberg Information Systems

C. Wall Street Journal or a comparable nationally recognized financial publication providing daily market pricing

D. Daily market pricing provided by the Authority’s custodian or their correspondent institutions

The Vice President of Finance & Administration or designee and/or the Authority’s investment advisor shall utilize the competitive bid process to select the securities to be purchased or sold. Selection by comparison to a current market price, as indicated above, shall only be utilized when, in judgment of the Vice President of Finance & Administration or designee or the Authority’s investment advisor, competitive bidding would inhibit the selection process.

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Examples of when this method may be used include:

A. When time constraints due to unusual circumstances preclude the use of the competitive bidding process

B. When no active market exists for the issue being traded due to the age or depth of the issue

C. When a security is unique to a single dealer, for example, a private placement

D. When the transaction involves new issues or issues in the “when issued” market

Overnight sweep investment instruments will not be bid, but may be placed with the Authority’s depository bank relating to the demand account for which the investment instrument was purchased.

XIV. AUTHORIZED INVESTMENTS AND PORTFOLIO COMPOSITION

Investments should be made subject to the cash flow needs and such cash flows are subject to revisions as market conditions and the Authority’s needs change. However, when the invested funds are needed in whole or in part for the purpose originally intended or for more optimal investments, the Vice President of Finance & Administration or designee and/or the Authority’s investment advisor may sell the investment at the then-prevailing market price and place the proceeds into the proper account at the Authority’s custodian.

The following are the investment requirements and allocation limits on security types, issuers, and maturities as established by the Authority. Diversification strategies within the established guidelines shall be reviewed and revised periodically as necessary by the Vice President of Finance & Administration. The Vice President of Finance & Administration, and/or Authority’s investment advisor shall have the option to further restrict investment percentages from time to time based on market conditions, risk and diversification investment strategies. The percentage allocations requirements for investment types and issuers are calculated based on the original cost of each investment, at the time of purchase. Investments not listed in this Policy are prohibited. The following requirements do not apply to funds derived from the sale of debt.

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Permitted Investments

Sector Per Issuer Maximum Sector Maximum Maximum Minimum Ratings Requirement1 Maturity (%) (%)

U.S. Treasury 100% 5 Years (5 Years GNMA 100% 40% N/A avg. life4 Other U.S. Government 10% for GNMA) Guaranteed Federal Instrumentalities/GSE: 40%3 FNMA, FHLMC, FHLB, FFCB* 80% N/A 5 Years Federal Instrumentalities/GSE 10% other than those above Two Highest LT Rating Categories Corporates 50%2 5% 5 Years (AA-/Aa3 or equivalent) Highest ST or Three Highest LT Rating Categories Municipals 25% 5% 5 Years (SP-1/MIG 1, A-/A3, or equivalent) Agency Mortgage-Backed 5 Years 25% 40%3 N/A Securities (MBS) Avg. Life4 Non-Negotiable Certificates $250,000 if of Deposit and Savings 50%2 not fully N/A 5 Years Accounts collateralized Highest ST Rating Category Commercial Paper (CP) 50%2 5% 270 Days (A-1/P-1, or equivalent) Counterparty (or if the counterparty is not rated by an NRSRO, then the counterparty’s parent) must Repurchase Agreements be rated in the Highest ST Rating Category 40% 20% 1 Year (Repo or RP) (A-1/P-1, or equivalent) If the counterparty is a Federal Reserve Bank, no rating is required Money Market Funds Highest Fund Rating by all NRSROs who rate the 25% 25% N/A (MMFs) fund (AAAm/Aaa-mf, or equivalent) Highest Fund Quality and Volatility Rating Local Government 25% 25% Categories by all NRSROs who rate the LGIP, N/A Investment Pools (LGIP) (AAAm/AAAf, S1, or equivalent) Notes: 1 Rating by at least one SEC-registered Nationally Recognized Statistical Rating Organization (“NRSRO”), unless otherwise noted. ST=Short-term; LT=Long-term. 2 Maximum allocation to all corporate and bank credit instruments is 50% combined. 3 Maximum exposure to any one Federal agency, including the combined holdings of Agency debt and Agency MBS, is 40%. 4 The maturity limit for MBS is based on the expected average life at time of settlement, measured using Bloomberg or other industry standard methods. * Federal National Mortgage Association (FNMA); Federal Home Loan Mortgage Corporation (FHLMC); Federal Home Loan Bank or its District banks (FHLB); Federal Farm Credit Bank (FFCB).

1) U.S. Treasury & Government Guaranteed - U.S. Treasury obligations, and obligations the principal and interest of which are backed or guaranteed by the full faith and credit of the U.S. Government. The Authority cannot invest in United States Agency for International Development (AID) securities.

2) Federal Agency/GSE - Debt obligations, participations or other instruments issued or fully guaranteed by any U.S. Federal agency, instrumentality or government-sponsored enterprise (GSE).

3) Corporates – U.S. dollar denominated corporate notes, bonds or other debt obligations issued or guaranteed by a domestic corporation, financial institution, non-profit, or other entity. PFM 2018.02.27 New Orleans Exhibition Hall Authority Investment Policy Page 8

4) Municipals – Obligations, including both taxable and tax-exempt, issued or guaranteed by any State, territory or possession of the United States, political subdivision, public corporation, agency board, instrumentality or other unit of local government of any State or territory.

5) Agency Mortgage Backed Securities - Mortgage-backed securities (MBS), backed by residential, multi- family or commercial mortgages, that are issued or fully guaranteed as to principal and interest by a U.S. Federal agency or government sponsored enterprise, including but not limited to pass-throughs, collateralized mortgage obligations (CMOs) and REMICs.

6) Non-Negotiable Certificate of Deposit and Savings Accounts - Non-negotiable interest bearing time certificates of deposit, or savings accounts in banks organized under the laws of this state or in national banks organized under the laws of the United States and doing business in this state, provided that any such deposits are secured. In addition, the interest rate at the time of investment shall be a rate not less than fifty basis points below the prevailing market interest rate on direct obligations of the United States Treasury with a similar length of maturity.

7) Commercial Paper – U.S. dollar denominated commercial paper issued or guaranteed by a domestic corporation, company, financial institution, trust or other entity, only unsecured debt permitted.

8) Repurchase Agreements - Repurchase agreements (Repo or RP) that meet the following requirements: a. Must be governed by a written SIFMA Master Repurchase Agreement which specifies securities eligible for purchase and resale, and which provides the unconditional right to liquidate the underlying securities should the Counterparty default or fail to provide full timely repayment. b. Counterparty must be a Federal Reserve Bank, a Primary Dealer as designated by the Federal Reserve Bank of New York, or a nationally chartered commercial bank. c. Securities underlying repurchase agreements must be delivered to a third party custodian under a written custodial agreement and may be of deliverable or tri-party form. Securities must be held in the Authority’s custodial account or in a separate account in the name of the Authority. d. Acceptable underlying securities include only securities that are direct obligations of, or that are fully guaranteed by, the United States or any agency of the United States, or U.S. Agency-backed mortgage related securities. e. Underlying securities must have an aggregate current market value of at least 102% (or 100% if the counterparty is a Federal Reserve Bank) of the purchase price plus current accrued price differential at the close of each business day. f. Final term of the agreement must be 1 year or less.

9) Money Market Funds - Shares in open-end and no-load money market mutual funds, provided such funds are registered under the Investment Company Act of 1940 and operate in accordance with Rule 2a- 7.

A thorough investigation of any money market fund is required prior to investing, and on an annual basis. Attachment B is a questionnaire that contains a list of questions, to be answered prior to investing, that cover the major aspects of any investment pool/fund. A current prospectus must be obtained.

10) Local Government Investment Pools – Any local governmental investment pool created pursuant to Louisiana statutes, such as the Louisiana Asset Management Pool (“LAMP”).

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A thorough investigation of any intergovernmental investment pool is required prior to investing, and on an annual basis. Attachment B is a questionnaire that contains a list of questions, to be answered prior to investing, that cover the major aspects of any investment pool/fund. A current prospectus must be obtained.

General Investment and Limits 1. General investment limitations: a. Investments must be denominated in U.S. dollars and issued for legal sale in U.S. markets. b. Minimum ratings are based on the highest rating by any one Nationally Recognized Statistical Ratings Organization (“NRSRO”), unless otherwise specified. c. All limits and rating requirements apply at time of purchase. d. Should a security fall below the minimum credit rating requirement for purchase, the investment advisor will notify the Vice President of Finance & Administration. e. The maximum maturity (or average life for MBS) of any investment is 5 years. Maturity and average life are measured from settlement date. The final maturity date can be based on any mandatory call, put, pre-refunding date, or other mandatory redemption date. 2. General portfolios limitations: a. The maximum effective duration of the aggregate portfolios is 3 years. 3. Investment in the following are permitted, provided they meet all other Policy requirements: a. Callable, step-up callable, called, pre-refunded, putable and extendable securities, as long as the effective final maturity meets the maturity limits for the sector b. Variable-rate and floating-rate securities c. Subordinated, secured and covered debt, if it meets the ratings requirements for the sector d. Zero coupon issues and strips, excluding agency mortgage-backed Interest-only structures (I/Os) e. Treasury TIPS 4. The following are NOT PERMITTED investments, unless specifically authorized by statute and with prior approval of the governing body: a. Trading for speculation b. Derivatives (other than callables and traditional floating or variable-rate instruments) c. Mortgage-backed interest-only structures (I/Os) d. Inverse or leveraged floating-rate and variable-rate instruments e. Currency, equity, index and event-linked notes (e.g. range notes), or other structures that could return less than par at maturity f. Private placements and direct loans, except as may be legally permitted by Rule 144A or commercial paper issued under a 4(2) exemption from registration g. Convertible, high yield, and non-U.S. dollar denominated debt h. Short sales i. Use of leverage j. Futures and options k. Mutual funds, other than fixed-income mutual funds and ETFs, and money market funds l. Equities, commodities, currencies and hard assets

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XV. DERIVATIVES AND REVERSE REPURCHASE AGREEMENTS

The Authority may not invest in investment products that include the use of derivatives, unless otherwise stated in Section XIV. A “derivative” is defined as a financial instrument the value of which depends on, or is derived from, the value of one or more underlying assets or indices or asset values. Reverse repurchase agreements are not permitted by this Policy.

XVI. PERFORMANCE MEASUREMENTS

In order to assist in the evaluation of the portfolios’ performance, the Authority will use performance benchmarks for short-term and long-term portfolios. The use of benchmarks will allow the Authority to measure its returns against other investors in the same markets.

A. The short-term portfolios shall be designed with the annual objective of exceeding the weighted average return (net book value rate of return) of the S&P Rated GIP Index Government 30-Day Gross of Fees Yield.

B. The long-term portfolios shall be designed with the annual objective of exceeding the return of the Bank of America Merrill Lynch 1-3 Year U.S. Treasury Index compared to the portfolio’s total rate of return. The Bank of America Merrill Lynch 1-3 Year U.S. Treasury Index represents all U.S. Treasury securities maturing over one year, but less than three years. This maturity range is an appropriate benchmark based on the objectives of the Authority.

The Authority may utilize another benchmark index if either index listed above is dissolved, terminated, or impaired in any way so that it no longer represents the investing strategy of the Authority.

XVII. CRITERIA FOR INVESTMENT MANAGER REVIEW

A. The Authority wishes to adopt standards by which judgements of the ongoing performance of a discretionary investment manager may be made. Each investment manager will be evaluated by the Authority regarding portfolios the investment manager had discretion over throughout the evaluation period, and if they are not meeting the following criteria the Authority reserves the right to terminate the contract.

1. A three year rolling investment return below the appropriate benchmark

2. A significant change in professional staff or changes in ownership or control

3. Any change in fundamental investment philosophy by the investment manager

4. Failure to follow investment guidelines stated in this policy

XVIII. REPORTING

A. The Vice President of Finance & Administration and/or investment advisor shall provide quarterly investment reports on the Authority’s investments to the Finance & Audit Committee. Schedules in the quarterly report should include but not be limited to the following:

1. A listing of individual securities held at the end of the reporting period

2. Percentage of funds represented by each investment type

3. Coupon, discount or earning rate

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4. Average life or duration and final maturity of all investments

5. Par value and market value

B. Annual Investment Report

On an annual basis, the Vice President of Finance & Administration and/or investment advisor shall submit to the Exhibition Hall Authority Board a written report on all invested funds. The annual report shall provide all, but not limited to, the following: a complete list of all invested funds, name or type of security in which the funds are invested, the amount invested, the maturity date, earned income, the book value, the market value and the yield on each investment. The annual report will show performance on both a book value and total rate of return basis and will compare the results to the above-stated performance benchmarks. All investments shall be reported at fair value per Governmental Accounting Standards Board (“GASB”) standards. Investment reports shall be available to the public.

XIX. THIRD-PARTY CUSTODIAL AGREEMENTS

Securities, with the exception of certificates of deposits, shall be held with a third party custodian; and all securities purchase by, and all collateral obtained by the Authority should be properly designated as an asset of the Authority. The securities must be held in an account separate and apart from the assets of the financial institution. A third party custodian is defined as any bank depository chartered by the Federal Government, the State of Louisiana, or any other state or territory of the United States which has a branch or principal place of business in the State of Louisiana, or by a national association organized and existing under the laws of the United States which is authorized to accept and execute trusts and which is doing business in the State of Louisiana. Certificates of deposits will be placed in the provider’s safekeeping department for the term of the deposit.

The custodian shall accept transaction instructions only from those persons who have been duly authorized by the Vice President of Finance & Administration and which authorization has been provided, in writing, to the custodian. No withdrawal of securities, in whole or in part, shall be made from safekeeping, shall be permitted unless by such a duly authorized person.

Monthly, the custodian shall provide the Vice President of Finance & Administration or designee and/or the Authority’s investment advisor with detail information on the securities held by the custodian. Security transactions between a broker/dealer and the custodian involving the purchase or sale of securities by transfer of money or securities must be made on a “delivery vs. payment” basis, if applicable, to ensure that the custodian will have the security or money, as appropriate, in hand at the conclusion of the transaction. Only after receiving written authorization from the Vice President of Finance & Administration shall authorized securities be delivered “free.” Securities held as collateral shall be held free and clear of any liens.

XX. INVESTMENT POLICY APPROVAL

The Vice President of Finance & Administration shall review the Policy annually. The Authority to issue and/or revise this Policy is reserved for the Exhibition Hall Authority Board.

______Vice President of Finance & Administration

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Attachment A Glossary of Cash and Investment Management Terms

The following is a glossary of key investing terms, many of which appear in the Ernest N. Morial New Orleans Exhibition Hall Authority investment policy. This glossary clarifies the meaning of investment terms generally used in cash and investment management. This glossary has been adapted from the GFOA Sample Investment Policy and the Association of Public Treasurers of the United States and Canada’s Model Investment Policy.

Accrued Interest. Interest earned but which has not yet been paid or received.

Agency. See "Federal Agency Securities."

Ask Price. Price at which a broker/dealer offers to sell a security to an investor. Also known as “offered price.”

Asset Backed Securities (ABS). A fixed-income security backed by notes or receivables against assets other than real estate. Generally issued by special purpose companies that “own” the assets and issue the ABS. Examples include securities backed by auto loans, credit card receivables, home equity loans, manufactured housing loans, farm equipment loans, and aircraft leases.

Average Life. The average length of time that an issue of serial bonds and/or term bonds with a mandatory sinking fund feature is expected to be outstanding.

Bankers' Acceptance (BA's). A draft or bill of exchange drawn upon and accepted by a bank. Frequently used to finance shipping of international goods. Used as a short-term credit instrument, bankers' acceptances are traded at a discount from face value as a money market instrument in the secondary market on the basis of the credit quality of the guaranteeing bank.

Basis Point. One hundredth of one percent, or 0.01%. Thus 1% equals 100 basis points.

Bearer Security. A security whose ownership is determined by the holder of the physical security. Typically, there is no registration on the issuer’s books. Title to bearer securities is transferred by delivery of the physical security or certificate. Also known as “physical securities.”

Benchmark Bills: In November 1999, FNMA introduced its Benchmark Bills program, a short-term debt securities issuance program to supplement its existing discount note program. The program includes a schedule of larger, weekly issues in three- and six-month maturities and biweekly issues in one-year for Benchmark Bills. Each issue is brought to market via a Dutch (single price) auction. FNMA conducts a weekly auction for each Benchmark Bill maturity and accepts both competitive and non-competitive bids through a web based auction system. This program is in addition to the variety of other discount note maturities, with rates posted on a daily basis, which FNMA offers. FNMA's Benchmark Bills are unsecured general obligations that are issued in book- entry form through the Federal Reserve Banks. There are no periodic payments of interest on Benchmark Bills, which are sold at a discount from the principal amount and payable at par at maturity. Issues under the Benchmark program constitute the same credit standing as other FNMA discount notes; they simply add organization and liquidity to the short-term Agency discount note market.

Benchmark Notes/Bonds: Benchmark Notes and Bonds are a series of FNMA “bullet” maturities (non-callable) issued according to a pre-announced calendar. Under its Benchmark Notes/Bonds program, 2, 3, 5, 10, and 30- year maturities are issued each quarter. Each Benchmark Notes new issue has a minimum size of $4 billion, 30- year new issues having a minimum size of $1 billion, with re-openings based on investor demand to further enhance liquidity. The amount of non-callable issuance has allowed FNMA to build a yield curve in Benchmark Notes and Bonds in maturities ranging from 2 to 30 years. The liquidity emanating from these large size issues has facilitated favorable financing opportunities through the development of a liquid overnight and term repo market. Issues under the Benchmark program constitute the same credit standing as other FNMA issues; they simply add organization and liquidity to the intermediate- and long-term Agency market.

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Benchmark. A market index used as a comparative basis for measuring the performance of an investment portfolio. A performance benchmark should represent a close correlation to investment guidelines, risk tolerance, and duration of the actual portfolio's investments.

Bid Price. Price at which a broker/dealer offers to purchase a security from an investor.

Bond. Financial obligation for which the issuer promises to pay the bondholder (the purchaser or owner of the bond) a specified stream of future cash-flows, including periodic interest payments and a principal repayment.

Book Entry Securities. Securities that are recorded in a customer’s account electronically through one of the financial markets electronic delivery and custody systems, such as the Fed Securities wire, DTC, and PTC

(as opposed to bearer or physical securities). The trend is toward a certificate-free society in order to cut down on paperwork and to diminish investors’ concerns about the certificates themselves. The vast majority of securities are now book entry securities.

Book Value. The value at which a debt security is reflected on the holder's records at any point in time. Book value is also called “amortized cost” as it represents the original cost of an investment adjusted for amortization of premium or accretion of discount. Also called “carrying value.” Book value can vary over time as an investment approaches maturity and differs from “market value” in that it is not affected by changes in market interest rates.

Broker/Dealer. A person or firm transacting securities business with customers. A “broker” acts as an agent between buyers and sellers, and receives a commission for these services. A “dealer” buys and sells financial assets from its own portfolio. A dealer takes risk by owning inventory of securities, whereas a broker merely matches up buyers and sellers. See also "Primary Dealer."

Bullet Notes/Bonds. Notes or bonds that have a single maturity date and are non-callable.

Call Date. Date at which a call option may be or is exercised.

Call Option. The right, but not the obligation, of an issuer of a security to redeem a security at a specified value and at a specified date or dates prior to its stated maturity date. Most fixed-income calls are a par, but can be at any previously established price. Securities issued with a call provision typically carry a higher yield than similar securities issued without a call feature. There are three primary types of call options (1) European - one-time calls, (2) Bermudan - periodically on a predetermined schedule (quarterly, semi-annual, annual), and (3) American - continuously callable at any time on or after the call date. There is usually a notice period of at least 5 business days prior to a call date.

Callable Bonds/Notes. Securities which contain an imbedded call option giving the issuer the right to redeem the securities prior to maturity at a predetermined price and time.

Certificate of Deposit (CD). Bank obligation issued by a financial institution generally offering a fixed rate of return (coupon) for a specified period of time (maturity). Can be as long as 10 years to maturity, but most CDs purchased by public agencies are one year and under.

Collateral. Investment securities or other property that a borrower pledges to secure repayment of a loan, secure deposits of public monies, or provide security for a repurchase agreement.

Collateralization. Process by which a borrower pledges securities, property, or other deposits for securing the repayment of a loan and/or security.

Collateralized Mortgage Obligation (CMO). A security that pools together mortgages and separates them into short, medium, and long-term positions (called tranches). Tranches are set up to pay different rates of interest depending upon their maturity. Interest payments are usually paid monthly. In “plain vanilla” CMOs, principal is not paid on a tranche until all shorter tranches have been paid off. This system provides interest and principal in a

PFM 2018.02.27 New Orleans Exhibition Hall Authority Investment Policy Page 14 more predictable manner. A single pool of mortgages can be carved up into numerous tranches each with its own payment and risk characteristics.

Commercial Paper. Short term unsecured promissory note issued by a company or financial institution. Issued at a discount and matures for par or face value. Usually a maximum maturity of 270 days and given a short-term debt rating by one or more NRSROs.

Convexity. A measure of a bond's price sensitivity to changing interest rates. A high convexity indicates greater sensitivity of a bond's price to interest rate changes.

Corporate Note. A debt instrument issued by a corporation with a maturity of greater than one year and less than ten years.

Counterparty. The other party in a two party financial transaction. "Counterparty risk" refers to the risk that the other party to a transaction will fail in its related obligations. For example, the bank or broker/dealer in a repurchase agreement.

Coupon Rate. Annual rate of interest on a debt security, expressed as a percentage of the bond’s face value.

Current Yield. Annual rate of return on a bond based on its price. Calculated as (coupon rate / price), but does not accurately reflect a bond’s true yield level.

Custody. Safekeeping services offered by a bank, financial institution, or trust company, referred to as the “custodian.” Service normally includes the holding and reporting of the customer's securities, the collection and disbursement of income, securities settlement, and market values.

Dealer. A dealer, as opposed to a broker, acts as a principal in all transactions, buying and selling for his/her own account.

Delivery Versus Payment (DVP). Settlement procedure in which securities are delivered versus payment of cash, but only after cash has been received. Most security transactions, including those through the Fed Securities Wire system and DTC, are done DVP as a protection for both the buyer and seller of securities.

Depository Trust Company (DTC). A firm through which members can use a computer to arrange for securities to be delivered to other members without physical delivery of certificates. A member of the Federal Reserve System and owned mostly by the New York Stock Exchange, the Depository Trust Company uses computerized debit and credit entries. Most corporate securities, commercial paper, CDs, and BAs clear through DTC.

Derivatives. (1) Financial instruments whose return profile is linked to, or derived from, the movement of one or more underlying index or security, and may include a leveraging factor, or (2) financial contracts based upon notional amounts whose value is derived from an underlying index or security (interest rates, foreign exchange rates, equities, or commodities). For hedging purposes, common derivatives are options, futures, interest rate swaps, and swaptions.

Derivative Security. Financial instrument created from, or whose value depends upon, one or more underlying assets or indexes of asset values.

Designated Bond. FFCB’s regularly issued, liquid, non-callable securities that generally have a 2 or 3 year original maturity. New issues of Designated Bonds are $1 billion or larger. Re-openings of existing Designated Bond issues are generally a minimum of $100 million. Designated Bonds are offered through a syndicate of two to six dealers. Twice each month the Funding Corporation announces its intention to issue a new Designated Bond, reopen an existing issue, or to not issue or reopen a Designated Bond. Issues under the Designated Bond program constitute the same credit standing as other FFCB issues; they simply add organization and liquidity to the intermediate- and long-term Agency market.

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Discount Notes. Unsecured general obligations issued by Federal Agencies at a discount. Discount notes mature at par and can range in maturity from overnight to one year. Very large primary (new issue) and secondary markets exist.

Discount Rate. Rate charged by the system of Federal Reserve Banks on overnight loans to member banks. Changes to this rate are administered by the Federal Reserve and closely mirror changes to the “fed funds rate.”

Discount Securities. Non-interest bearing money market instruments that are issued at discount and redeemed at maturity for full face value. Examples include: U.S. Treasury Bills, Federal Agency Discount Notes, Bankers' Acceptances, and Commercial Paper.

Discount. The amount by which a bond or other financial instrument sells below its face value. See also "Premium."

Diversification. Dividing investment funds among a variety of security types, maturities, industries, and issuers offering potentially independent returns.

Dollar Price. A bond’s cost expressed as a percentage of its face value. For example, a bond quoted at a dollar price of 95 ½, would have a principal cost of $955 per $1,000 of face value.

Duff & Phelps. One of several NRSROs that provide credit ratings on corporate and bank debt issues.

Duration. The weighted average maturity of a security’s or portfolio’s cash-flows, where the present values of the cash-flows serve as the weights. The greater the duration of a security/portfolio, the greater its percentage price volatility with respect to changes in interest rates. Used as a measure of risk and a key tool for managing a portfolio versus a benchmark and for hedging risk. There are also different kinds of duration used for different purposes (e.g. MacAuley Duration, Modified Duration).

Fannie Mae. See "Federal National Mortgage Association."

Fed Money Wire. A computerized communications system that connects the Federal Reserve System with its member banks, certain U. S. Treasury offices, and the Washington D.C. office of the Commodity Credit Corporation. The Fed Money Wire is the book entry system used to transfer cash balances between banks for themselves and for customer accounts.

Fed Securities Wire. A computerized communications system that facilitates book entry transfer of securities between banks, brokers and customer accounts, used primarily for settlement of U.S. Treasury and Federal Agency securities.

Fed. See "Federal Reserve System."

Federal Agency Security. A debt instrument issued by one of the Federal Agencies. Federal Agencies are considered second in credit quality and liquidity only to U.S. Treasuries.

Federal Agency. Government sponsored/owned entity created by the U.S. Congress, generally for the purpose of acting as a financial intermediary by borrowing in the marketplace and directing proceeds to specific areas of the economy considered to otherwise have restricted access to credit markets. The largest Federal Agencies are GNMA, FNMA, FHLMC, FHLB, FFCB, SLMA, and TVA.

Federal Deposit Insurance Corporation (FDIC). Federal agency that insures deposits at commercial banks, currently to a limit of $250,000 per depositor per bank.

Federal Farm Credit Bank (FFCB). One of the large Federal Agencies. A government sponsored enterprise (GSE) system that is a network of cooperatively-owned lending institutions that provides credit services to farmers, agricultural cooperatives and rural utilities. The FFCBs act as financial intermediaries that borrow money in the capital markets and use the proceeds to make loans and provide other assistance to farmers and farm-affiliated businesses. Consists of the consolidated operations of the Banks for Cooperatives, Federal

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Intermediate Credit Banks, and Federal Land Banks. Frequent issuer of discount notes, agency notes and callable agency securities. FFCB debt is not an obligation of, nor is it guaranteed by the U.S. government, although it is considered to have minimal credit risk due to its importance to the U.S. financial system and agricultural industry. Also issues notes under its “designated note” program.

Federal Funds (Fed Funds). Funds placed in Federal Reserve Banks by depository institutions in excess of current reserve requirements, and frequently loaned or borrowed on an overnight basis between depository institutions.

Federal Funds Rate (Fed Funds Rate). The interest rate charged by a depository institution lending Federal Funds to another depository institution. The Federal Reserve influences this rate by establishing a "target" Fed Funds rate associated with the Fed's management of monetary policy.

Federal Home Loan Bank System (FHLB). One of the large Federal Agencies. A government sponsored enterprise (GSE) system, consisting of wholesale banks (currently twelve district banks) owned by their member banks, which provides correspondent banking services and credit to various financial institutions, financed by the issuance of securities. The principal purpose of the FHLB is to add liquidity to the mortgage markets. Although FHLB does not directly fund mortgages, it provides a stable supply of credit to thrift institutions that make new mortgage loans. FHLB debt is not an obligation of, nor is it guaranteed by the U.S. government, although it is considered to have minimal credit risk due to its importance to the U.S. financial system and housing market. Frequent issuer of discount notes, agency notes and callable agency securities. Also issues notes under its “global note” and “TAP” programs.

Federal Home Loan Mortgage Corporation (FHLMC or "Freddie Mac"). One of the large Federal Agencies. A government sponsored public corporation (GSE) that provides stability and assistance to the secondary market for home mortgages by purchasing first mortgages and participation interests financed by the sale of debt and guaranteed mortgage backed securities. FHLMC debt is not an obligation of, nor is it guaranteed by the U.S. government, although it is considered to have minimal credit risk due to its importance to the U.S. financial system and housing market. Frequent issuer of discount notes, agency notes, callable agency securities, and MBS. Also issues notes under its “reference note” program.

Federal National Mortgage Association (FNMA or "Fannie Mae"). One of the large Federal Agencies. A government sponsored public corporation (GSE) that provides liquidity to the residential mortgage market by purchasing mortgage loans from lenders, financed by the issuance of debt securities and MBS (pools of mortgages packaged together as a security). FNMA debt is not an obligation of, nor is it guaranteed by the U.S. government, although it is considered to have minimal credit risk due to its importance to the U.S. financial system and housing market. Frequent issuer of discount notes, agency notes, callable agency securities and MBS. Also issues notes under its “benchmark note” program.

Federal Reserve Bank. One of the 12 distinct banks of the Federal Reserve System.

Federal Reserve System (the Fed). The independent central bank system of the United States that establishes and conducts the nation's monetary policy. This is accomplished in three major ways: (1) raising or lowering bank reserve requirements, (2) raising or lowering the target Fed Funds Rate and Discount Rate, and (3) in open market operations by buying and selling government securities. The Federal Reserve System is made up of twelve Federal Reserve District Banks, their branches, and many national and state banks throughout the nation. It is headed by the seven member Board of Governors known as the “Federal Reserve Board” and headed by its Chairman.

Financial Industry Regulatory Authority, Inc. (FINRA). A private corporation that acts as a self-regulatory organization (SRO). FINRA is the successor to the National Association of Securities Dealers, Inc. (NASD). Though sometimes mistaken for a government agency, it is a non-governmental organization that performs financial regulation of member brokerage firms and exchange markets. The government also has a regulatory arm for investments, the Securities and Exchange Commission (SEC).

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Fiscal Agent/Paying Agent. A bank or trust company that acts, under a trust agreement with a corporation or municipality, in the capacity of general treasurer. The agent performs such duties as making coupon payments, paying rents, redeeming bonds, and handling taxes relating to the issuance of bonds.

Fitch Investors Service, Inc. One of several NRSROs that provide credit ratings on corporate and municipal debt issues.

Floating Rate Security (FRN or “floater”). A bond with an interest rate that is adjusted according to changes in an interest rate or index. Differs from variable-rate debt in that the changes to the rate take place immediately when the index changes, rather than on a predetermined schedule. See also “Variable Rate Security.”

Freddie Mac. See "Federal Home Loan Mortgage Corporation."

Ginnie Mae. See "Government National Mortgage Association."

Global Notes: Notes designed to qualify for immediate trading in both the domestic U.S. capital market and in foreign markets around the globe. Usually large issues that are sold to investors worldwide and therefore have excellent liquidity. Despite their global sales, global notes sold in the U.S. are typically denominated in U.S. dollars.

Government National Mortgage Association (GNMA or "Ginnie Mae"). One of the large Federal Agencies. Government-owned Federal Agency that acquires, packages, and resells mortgages and mortgage purchase commitments in the form of mortgage-backed securities. Largest issuer of mortgage pass-through securities. GNMA debt is guaranteed by the full faith and credit of the U.S. government (one of the few agencies that are actually full faith and credit of the U.S. government).

Government Securities. An obligation of the U.S. government, backed by the full faith and credit of the government. These securities are regarded as the highest quality of investment securities available in the U.S. securities market. See "Treasury Bills, Notes, Bonds, and SLGS."

Government Sponsored Enterprise (GSE). Privately owned entity subject to federal regulation and supervision, created by the U.S. Congress to reduce the cost of capital for certain borrowing sectors of the economy such as students, farmers, and homeowners. GSEs carry the implicit backing of the U.S. government, but they are not direct obligations of the U.S. government. For this reason, these securities will offer a yield premium over U.S. Treasuries. Examples of GSEs include: FHLB, FHLMC, FNMA, and SLMA.

Government Sponsored Enterprise Security. A security issued by a Government Sponsored Enterprise. Considered Federal Agency Securities.

Index. A compilation of statistical data that tracks changes in the economy or in financial markets.

Interest-Only (IO) STRIP. A security based solely on the interest payments from the bond. After the principal has been repaid, interest payments stop and the value of the security falls to nothing. Therefore, IOs are considered risky investments. Usually associated with mortgage-backed securities.

Internal Controls. An internal control structure ensures that the assets of the entity are protected from loss, theft, or misuse. The internal control structure is designed to provide reasonable assurance that these objectives are met. The concept of reasonable assurance recognizes that 1) the cost of a control should not exceed the benefits likely to be derived and 2) the valuation of costs and benefits requires estimates and judgments by management. Internal controls should address the following points:

1. Control of collusion - Collusion is a situation where two or more employees are working in conjunction to defraud their employer.

2. Separation of transaction authority from accounting and record keeping - A separation of duties is achieved by separating the person who authorizes or performs the transaction from the people who record or otherwise account for the transaction. PFM 2018.02.27 New Orleans Exhibition Hall Authority Investment Policy Page 18

3. Custodial safekeeping - Securities purchased from any bank or dealer including appropriate collateral (as defined by state law) shall be placed with an independent third party for custodial safekeeping.

4. Avoidance of physical delivery securities - Book-entry securities are much easier to transfer and account for since actual delivery of a document never takes place. Delivered securities must be properly safeguarded against loss or destruction. The potential for fraud and loss increases with physically delivered securities.

5. Clear delegation of Authority to subordinate staff members - Subordinate staff members must have a clear understanding of their Authority and responsibilities to avoid improper actions. Clear delegation of Authority also preserves the internal control structure that is contingent on the various staff positions and their respective responsibilities.

6. Written confirmation of transactions for investments and wire transfers - Due to the potential for error and improprieties arising from telephone and electronic transactions, all transactions should be supported by written communications and approved by the appropriate person. Written communications may be via fax if on letterhead and if the safekeeping institution has a list of authorized signatures.

7. Development of a wire transfer agreement with the lead bank and third-party custodian - The designated official should ensure that an agreement will be entered into and will address the following points: controls, security provisions, and responsibilities of each party making and receiving wire transfers.

Inverse Floater. A floating rate security structured in such a way that it reacts inversely to the direction of interest rates. Considered risky as their value moves in the opposite direction of normal fixed-income investments and whose interest rate can fall to zero.

Investment Advisor. A company that provides professional advice managing portfolios, investment recommendations, and/or research in exchange for a management fee.

Investment Adviser Act of 1940. Federal legislation that sets the standards by which investment companies, such as mutual funds, are regulated in the areas of advertising, promotion, performance reporting requirements, and securities valuations.

Investment Grade. Bonds considered suitable for preservation of invested capital, including bonds rated a minimum of Baa3 by Moody’s, BBB- by Standard & Poor’s, or BBB- by Fitch. Although “BBB” rated bonds are considered investment grade, most public agencies cannot invest in securities rated below “A.”

Liquidity. Relative ease of converting an asset into cash without significant loss of value. Also, a relative measure of cash and near-cash items in a portfolio of assets. Additionally, it is a term describing the marketability of a money market security correlating to the narrowness of the spread between the bid and ask prices.

Local Government Investment Pool (LGIP). An investment by local governments in which their money is pooled as a method for managing local funds, (e.g., Louisiana Asset Management Pool).

Long-Term Core Investment Program. Funds that are not needed within a one-year period.

Market Value. The fair market value of a security or commodity. The price at which a willing buyer and seller would pay for a security.

Mark-to-market. Adjusting the value of an asset to its market value, reflecting in the process unrealized gains or losses.

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Master Repurchase Agreement. A widely accepted standard agreement form published by the Securities Industry and Financial Markets Association (SIFMA) that is used to govern and document Repurchase Agreements and protect the interest of parties in a repo transaction.

Maturity Date. Date on which principal payment of a financial obligation is to be paid.

Medium Term Notes (MTN's). Used frequently to refer to corporate notes of medium maturity (5-years and under). Technically, any debt security issued by a corporate or depository institution with a maturity from 1 to 10 years and issued under an MTN shelf registration. Usually issued in smaller issues with varying coupons and maturities, and underwritten by a variety of broker/dealers (as opposed to large corporate deals issued and underwritten all at once in large size and with a fixed coupon and maturity).

Money Market. The market in which short-term debt instruments (bills, commercial paper, bankers’ acceptance, etc.) are issued and traded.

Money Market Mutual Fund (MMF). A type of mutual fund that invests solely in money market instruments, such as: U.S. Treasury bills, commercial paper, bankers' acceptances, and repurchase agreements. Money market mutual funds are registered with the SEC under the Investment Company Act of 1940 and are subject to “rule 2a- 7” which significantly limits average maturity and credit quality of holdings. MMF’s are managed to maintain a stable net asset value (NAV) of $1.00. Many MMFs carry ratings by a NRSRO.

Moody's Investors Service. One of several NRSROs that provide credit ratings on corporate and municipal debt issues.

Mortgage Backed Securities (MBS). Mortgage-backed securities represent an ownership interest in a pool of mortgage loans made by financial institutions, such as savings and loans, commercial banks, or mortgage companies, to finance the borrower's purchase of a home or other real estate. The majority of MBS are issued and/or guaranteed by GNMA, FNMA, and FHLMC. There are a variety of MBS structures with varying levels of risk and complexity. All MBS have reinvestment risk as actual principal and interest payments are dependent on the payment of the underlying mortgages which can be prepaid by mortgage holders to refinance and lower rates or simply because the underlying property was sold.

Mortgage Pass-Through Securities. A pool of residential mortgage loans with the monthly interest and principal distributed to investors on a pro-rata basis. The largest issuer is GNMA.

Municipal Note/Bond. A debt instrument issued by a state or local government unit or public agency.The vast majority of municipals are exempt from state and federal income tax, although some non-qualified issues are taxable.

Mutual Fund. Portfolio of securities professionally managed by a registered investment company that issues shares to investors. Many different types of mutual funds exist (e.g., bond, equity, and money market funds); all except money market funds operate on a variable net asset value (NAV).

Negotiable Certificate of Deposit (Negotiable CD). Large denomination CDs ($100,000 and larger) that are issued in bearer form and can be traded in the secondary market.

Net Asset Value. The market value of one share of an investment company, such as a mutual fund. This figure is calculated by totaling a fund's assets including securities, cash, and any accrued earnings, then subtracting the total assets from the fund's liabilities, and dividing this total by the number of shares outstanding. This is calculated once a day based on the closing price for each security in the fund's portfolio. (See below.)

[(Total assets) - (Liabilities)]/(Number of shares outstanding)

NRSRO. A “Nationally Recognized Statistical Rating Organization” (NRSRO) is a designated rating organization that the SEC has deemed a strong national presence in the U.S. NRSROs provide credit ratings on

PFM 2018.02.27 New Orleans Exhibition Hall Authority Investment Policy Page 20 corporate and bank debt issues. Only ratings of a NRSRO may be used for the regulatory purposes of rating. Includes Moody’s, S&P, Fitch, and Duff & Phelps.

Offered Price. See also "Ask Price."

Open Market Operations. A Federal Reserve monetary policy tactic entailing the purchase or sale of government securities in the open market by the Federal Reserve System from and to primary dealers in order to influence the money supply, credit conditions, and interest rates.

Par Value. The face value, stated value, or maturity value of a security.

Physical Delivery. Delivery of readily available underlying assets at contract maturity.

Portfolio. Collection of securities and investments held by an investor.

Premium. The amount by which a bond or other financial instrument sells above its face value. See also "Discount."

Primary Dealer. A designation given to certain government securities dealer by the Federal Reserve Bank of New York. Primary dealers can buy and sell government securities directly with the Fed. Primary dealers also submit daily reports of market activity and security positions held to the Fed and are subject to its informal oversight. Primary dealers are the largest buyers and sellers by volume in the U.S. Treasury securities market.

Prime Paper. Commercial paper of high quality. Highest rated paper is A-1+/A-1 by S&P and P-1 by Moody’s.

Principal. Face value of a financial instrument on which interest accrues. May be less than par value if some principal has been repaid or retired. For a transaction, principal is par value times price and includes any premium or discount.

Prudent Expert Rule. Standard that requires that a fiduciary manage a portfolio with the care, skill, prudence, and diligence, under the circumstances then prevailing, that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. This statement differs from the “prudent person” rule in that familiarity with such matters suggests a higher standard than simple prudence.

Prudent Investor Standard. Standard that requires that when investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. More stringent than the “prudent person” standard as it implies a level of knowledge commensurate with the responsibility at hand.

Qualified Public Depository - Per Subsection 280.02(26), F.S., “qualified public depository” means any bank, savings bank, or savings association that:

1. Is organized and exists under the laws of the United States, the laws of this state or any other state or territory of the United States.

2. Has its principal place of business in this state or has a branch office in this state which is authorized under the laws of this state or of the United States to receive deposits in this state.

3. Has deposit insurance under the provision of the Federal Deposit Insurance Act, as amended, 12 U.S.C. ss.1811 et seq.

4. Has procedures and practices for accurate identification, classification, reporting, and collateralization of public deposits. PFM 2018.02.27 New Orleans Exhibition Hall Authority Investment Policy Page 21

5. Meets all requirements of Chapter 280, F.S.

6. Has been designated by the VICE PRESIDENT OF FINANCE & ADMINISTRATION as a qualified public depository.

Range Note. A type of structured note that accrues interest daily at a set coupon rate that is tied to an index. Most range notes have two coupon levels; a higher accrual rate for the period the index is within a designated range, the lower accrual rate for the period that the index falls outside the designated range. This lower rate may be zero and may result in zero earnings.

Rate of Return. Amount of income received from an investment, expressed as a percentage of the amount invested.

Realized Gains (Losses). The difference between the sale price of an investment and its book value. Gains/losses are “realized” when the security is actually sold, as compared to “unrealized” gains/losses which are based on current market value. See “Unrealized Gains (Losses).”

Reference Bills: FHLMC’s short-term debt program created to supplement its existing discount note program by offering issues from one month through one year, auctioned on a weekly or on an alternating four-week basis (depending upon maturity) offered in sizeable volumes ($1 billion and up) on a cycle of regular, standardized issuance. Globally sponsored and distributed, Reference Bill issues are intended to encourage active trading and market-making and facilitate the development of a term repo market. The program was designed to offer predictable supply, pricing transparency, and liquidity, thereby providing alternatives to U.S. Treasury bills. FHLMC’s Reference Bills are unsecured general corporate obligations. This program supplements the corporation’s existing discount note program. Issues under the Reference program constitute the same credit standing as other FHLMC discount notes; they simply add organization and liquidity to the short-term Agency discount note market.

Reference Notes: FHLMC’s intermediate-term debt program with issuances of 2, 3, 5, 10, and 30-year maturities. Initial issuances range from $2 - $6 billion with re-openings ranging $1 - $4 billion.

The notes are high-quality bullet structures securities that pay interest semiannually. Issues under the Reference program constitute the same credit standing as other FHLMC notes; they simply add organization and liquidity to the intermediate- and long-term Agency market.

Repurchase Agreement (Repo). A short-term investment vehicle where an investor agrees to buy securities from a counterparty and simultaneously agrees to resell the securities back to the counterparty at an agreed upon time and for an agreed upon price. The difference between the purchase price and the sale price represents interest earned on the agreement. In effect, it represents a collateralized loan to the investor, where the securities are the collateral. Can be DVP, where securities are delivered to the investor’s custodial bank, or “tri-party” where the securities are delivered to a third party intermediary. Any type of security can be used as “collateral,” but only some types provide the investor with special bankruptcy protection under the law. Repos should be undertaken only when an appropriate Securities Industry and Financial Markets Association (SIFMA) approved master repurchase agreement is in place.

Reverse Repurchase Agreement (Reverse Repo). A repo from the point of view of the original seller of securities. Used by dealers to finance their inventory of securities by essentially borrowing at short-term rates. Can also be used to leverage a portfolio and in this sense, can be considered risky if used improperly.

Safekeeping. Service offered for a fee, usually by financial institutions, for the holding of securities and other valuables. Safekeeping is a component of custody services.

Secondary Market. Markets for the purchase and sale of any previously issued financial instrument.

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Securities Industry and Financial Markets Association (SIFMA). The bond market trade association representing the largest securities markets in the world. In addition to publishing a Master Repurchase Agreement, widely accepted as the industry standard document for Repurchase Agreements, the SIFMA also recommends bond market closures and early closes due to holidays.

Securities Lending. An arrangement between and investor and a custody bank that allows the custody bank to “loan” the investors investment holdings, reinvest the proceeds in permitted investments, and shares any profits with the investor. Should be governed by a securities lending agreement. Can increase the risk of a portfolio in that the investor takes on the default risk on the reinvestment at the discretion of the custodian.

Sinking Fund. A separate accumulation of cash or investments (including earnings on investments) in a fund in accordance with the terms of a trust agreement or indenture, funded by periodic deposits by the issuer (or other entity responsible for debt service), for the purpose of assuring timely availability of moneys for payment of debt service. Usually used in connection with term bonds.

Spread. The difference between the price of a security and similar maturity U.S. Treasury investments, expressed in percentage terms or basis points. A spread can also be the absolute difference in yield between two securities. The securities can be in different markets or within the same securities market between different credits, sectors, or other relevant factors.

Standard & Poor's. One of several NRSROs that provide credit ratings on corporate and municipal debt issues.

STRIPS (Separate Trading of Registered Interest and Principal of Securities). Acronym applied to U.S. Treasury securities that have had their coupons and principal repayments separated into individual zero-coupon Treasury securities. The same technique and "strips" description can be applied to non-Treasury securities (e.g., FNMA strips).

Structured Notes. Notes that have imbedded into their structure options such as step-up coupons or derivative- based returns.

Supranational. Supranational organizations are international financial institutions that are generally established by agreements among nations, with member nations contributing capital and participating in management. These agreements provide for limited immunity from the laws of member countries. Bonds issued by these institutions are part of the broader class of Supranational, Sovereign, and Non-U.S. Agency (SSA) sector bonds. Supranational bonds finance economic and infrastructure development and support environmental protection, poverty reduction, and renewable energy around the globe. For example, the World Bank, International Finance Corporation (IFC), and African Development Bank (AfDB) have “green bond” programs specifically designed for energy resource conservation and management. Supranational bonds, which are issued by multi-national organizations that transcend national boundaries. Examples include the World Bank, African Development Bank, and European Investment Bank.

Swap. Trading one asset for another.

TAP Notes: Federal Agency notes issued under the FHLB TAP program. Launched in 6/99 as a refinement to the FHLB bullet bond auction process. In a break from the FHLB’s traditional practice of bringing numerous small issues to market with similar maturities, the TAP Issue Program uses the four most common maturities and reopens them up regularly through a competitive auction. These maturities (2, 3, 5, and 10 year) will remain open for the calendar quarter, after which they will be closed and a new series of TAP issues will be opened to replace them. This reduces the number of separate bullet bonds issued, but generates enhanced awareness and liquidity in the marketplace through increased issue size and secondary market volume.

Tennessee Valley Authority (TVA). One of the large Federal Agencies. A wholly owned corporation of the United States government that was established in 1933 to develop the resources of the Tennessee Valley region in order to strengthen the regional and national economy and the national defense. Power operations are separated from non-power operations. TVA securities represent obligations of TVA, payable solely from TVA's net power proceeds, and are neither obligations of nor guaranteed by the United States. TVA is currently

PFM 2018.02.27 New Orleans Exhibition Hall Authority Investment Policy Page 23 authorized to issue debt up to $30 billion. Under this authorization, TVA may also obtain advances from the U.S. Treasury of up to $150 million. Frequent issuer of discount notes, agency notes, and callable agency securities.

Total Return. Investment performance measured over a period of time that includes coupon interest, interest on interest, and both realized and unrealized gains or losses. Total return includes, therefore, any market value appreciation/depreciation on investments held at period end.

Treasuries. Collective term used to describe debt instruments backed by the U.S. government and issued through the U.S. Department of the Treasury. Includes Treasury bills, Treasury notes, and Treasury bonds. Also a benchmark term used as a basis by which the yields of non-Treasury securities are compared (e.g., "trading at 50 basis points over Treasuries").

Treasury Bills (T-Bills). Short-term direct obligations of the United States government issued with an original term of one year or less. Treasury bills are sold at a discount from face value and do not pay interest before maturity. The difference between the purchase price of the bill and the maturity value is the interest earned on the bill. Currently, the U.S. Treasury issues 4-week, 13-week, and 26-week T-Bills.

Treasury Bonds. Long-term interest-bearing debt securities backed by the U.S. government and issued with maturities of ten years and longer by the U.S. Department of the Treasury.

Treasury Notes. Intermediate interest-bearing debt securities backed by the U.S. government and issued with maturities ranging from one to ten years by the U.S. Department of the Treasury. The Treasury currently issues 2- year, 3-year, 5-year, and 10-year Treasury Notes.

Trustee. A bank designated by an issuer of securities as the custodian of funds and official representative of bondholders. Trustees are appointed to insure compliance with the bond documents and to represent bondholders in enforcing their contract with the issuer.

Uniform Net Capital Rule. SEC Rule 15c3-1 that outlines the minimum net capital ratio (ratio of indebtedness to net liquid capital) of member firms and non-member broker/dealers.

Unrealized Gains (Losses). The difference between the market value of an investment and its book value. Gains/losses are “realized” when the security is actually sold, as compared to “unrealized” gains/losses which are based on current market value. See also “Realized Gains (Losses).”

Variable-Rate Security. A bond that bears interest at a rate that varies over time based on a specified schedule of adjustment (e.g., daily, weekly, monthly, semi-annually, or annually). See also “Floating Rate Note.”

Weighted Average Maturity (or just “Average Maturity”). The average maturity of all securities and investments of a portfolio, determined by multiplying the par or principal value of each security or investment by its maturity (days or years), summing the products, and dividing the sum by the total principal value of the portfolio. A simple measure of risk of a fixed-income portfolio.

Weighted Average Maturity to Call. The average maturity of all securities and investments of a portfolio, adjusted to substitute the first call date per security for maturity date for those securities with call provisions.

Yield Curve. A graphic depiction of yields on like securities in relation to remaining maturities spread over a time line. The traditional yield curve depicts yields on U.S. Treasuries, although yield curves exist for Federal Agencies and various credit quality corporates as well. Yield curves can be positively sloped (normal) where longer-term investments have higher yields, or “inverted” (uncommon) where longer-term investments have lower yields than shorter ones.

Yield to Call (YTC). Same as “Yield to Maturity,” except the return is measured to the first call date rather than the maturity date. Yield to call can be significantly higher or lower than a security’s yield to maturity.

Yield to Maturity (YTM). Calculated return on an investment, assuming all cash-flows from the security are reinvested at the same original yield. Can be higher or lower than the coupon rate depending on market rates and

PFM 2018.02.27 New Orleans Exhibition Hall Authority Investment Policy Page 24 whether the security was purchased at a premium or discount. There are different conventions for calculating YTM for various types of securities.

Yield. There are numerous methods of yield determination. In this glossary, see also "Current Yield,” "Yield Curve," "Yield to Call," and "Yield to Maturity."

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Attachment B Investment Pool/Deposit/Fund Questionnaire

1. A description of eligible investment securities, and a written statement of investment policy and objectives.

2. A description of interest calculations and how it is distributed, and how gains and losses are treated.

3. Does the pool have a stable net asset value or floating net asset value?

4. What are the liquidity gates and fees?

5. A description of how the securities are safeguarded (including the settlement processes), and how often the securities are priced and the program audited.

6. A description of who may invest in the program, how often, what size deposit and withdrawal are allowed.

7. A schedule for receiving statements and portfolio listings.

8. Are reserves, retained earnings, etc. utilized by the pool/fund?

9. A fee schedule, and when and how is it assessed.

10. Is the pool/fund eligible for bond proceeds and/or will it accept such proceeds?

PFM 2018.02.27 New Orleans Exhibition Hall Authority Investment Policy Page 26

April 2018 Financial Reports

ERNEST N. MORIAL NEW ORLEANS EXHIBITION HALL AUTHORITY STATEMENT OF NET POSITION APRIL, 2018 AND 2017

ASSETS AND DEFERRED OUTFLOWS OF RESOURCES 2018 2017 1 Current assets: 2 Cash $ 119,810,663 $ 103,964,753 3 Investments 21,314,770 30,229,861 4 Accounts receivable, net 3,168,322 2,275,865 5 Interest receivable 214,351 173,811 6 Prepaid expenses and other assets 2,066,143 1,830,880 7 Total current assets 146,574,249 138,475,171 8 Designated and restricted assets: 9 Cash, designated for construction 13,958 13,958 10 Cash, designated by Board for future specified use 46,300,000 35,600,000 11 Cash, restricted primarily for construction and debt service 5,420,659 5,427,036 12 Cash, restricted to satisfy Cooperative Endeavor Agreements 44,042,458 35,291,039 13 Investments, designated by Board for future specified use 40,995,405 40,995,405 14 Investments, restricted to satisfy Cooperative Endeavor Agreements - 16,633,826 15 Investments, restricted primarily for debt services 21,627,823 21,035,931 16 Interest Receivable 108,067 107,085 17 Taxes receivable 17,393,292 12,875,211 18 Total designated and restricted assets 175,901,662 167,979,490 19 Property, buildings and equipment, net 344,860,034 354,925,629 20 Total assets $ 667,335,945 $ 661,380,290 21 Deferred outflows of resources 22 Unamortized loss on bond refinancing 1,899,736 2,162,167 23 Total assets and deferred outflows of resources $ 669,235,681 $ 663,542,457 24 LIABILITIES AND NET POSITION 25 Current liabilities (payable from current assets): 26 Accounts payable $ 4,172,689 $ 3,589,904 27 Other payables 941,833 967,041 28 Unearned revenue 3,563,861 4,115,444 29 Compensated absences, current portion 515,977 491,734 30 Total unrestricted current liabilities 9,194,360 9,164,123 31 Current liabilities (payable from restricted assets): 32 Other Liabilities 2,373,472 173,457 33 Current portion of accrued bond interest 1,212,987 1,302,528 34 Current portion of bonds payable and other long term liabilities 8,495,000 8,175,000 35 Total restricted current liabilities 12,081,459 9,650,985 36 Total current liabilities 21,275,819 18,815,108 37 Long-term liabilities: 38 Compensated absences, less current portion 357,958 311,921 39 Bonds payable and other long term liabilities, less current portion, net 89,602,562 99,311,278 40 Unearned revenue, less current portion 1,060,010 1,030,967 41 Total long-term liabilities 91,020,530 100,654,166 42 Total liabilities 112,296,349 119,469,274 43 Net position: 44 Invested in capital assets, net of related debt 248,662,208 249,601,518 45 Restricted primarily for debt service, construction, and CEA 85,005,840 89,894,142 46 Unrestricted 223,271,284 204,577,523 47 Total net position 556,939,332 544,073,183 48 Total liabilities and net position $ 669,235,681 $ 663,542,457

1 of 3 ERNEST N. MORIAL NEW ORLEANS EXHIBITION HALL AUTHORITY STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR THE PERIOD ENDING APRIL 2018 AND APRIL 2017

2018 ACTUALS 2017 - AUDITED 2018 ORIGINAL BUDGET Prior Percent Budget Variance Percent Month to Date Year to Date Year to Date Variance Variance Year to Date To Actual YTD Variance 1 Operating revenues: 2 User fees $ 1,889,031 $ 9,952,720 $ 9,105,535 $ 847,185 9.30%$ 8,814,109 $ 1,138,611 12.92% 3 Food Service Commissions and Fees 476,253 2,626,506 2,510,012 116,494 4.64% 2,515,106 111,400 4.43% 4 Other: 5 The UPS Store 41,596 121,722 117,666 4,056 3.45% 115,568 6,154 5.33% 6 Rental 2,586 58,246 58,758 (512) -0.87% 66,914 (8,668) -12.95% 7 Miscellaneous 931 11,671 800 10,871 1358.60% 1,875 9,796 522.45% 8 Total operating revenues 2,410,397 12,770,865 11,792,771 978,094 8.29% 11,513,572 1,257,293 10.92% 9 Operating expenses: 10 General and administrative 792,879 2,367,272 2,208,319.64 (158,952) -7.20% 2,311,806 (55,466) -2.40% 11 Sales and marketing 192,710 764,650 860,249.55 95,600 11.11% 1,002,983 238,333 23.76% 12 CVB 252 136,276 192,956.95 56,681 29.37% 115,251 (21,025) -18.24% 13 Event services 160,178 596,892 503,371.14 (93,521) -18.58% 567,003 (29,889) -5.27% 14 Food services 69,531 237,217 209,345.53 (27,871) -13.31% 234,946 (2,271) -0.97% 15 Building operations 1,893,164 7,858,203 7,505,727.63 (352,475) -4.70% 7,585,872 (272,332) -3.59% 16 Public safety 543,396 1,901,505 1,764,207.73 (137,297) -7.78% 1,766,346 (135,159) -7.65% 17 Production services 173,744 845,917 784,941.94 (60,975) -7.77% 767,572 (78,345) -10.21% 18 Technology services 336,015 1,236,412 1,008,880.59 (227,531) -22.55% 1,315,586 79,174 6.02% 19 The UPS Store 33,014 112,802 107,404.07 (5,398) -5.03% 106,339 (6,463) -6.08% 20 Total operating expenses 4,194,883 16,057,146 15,145,404.77 (911,740) -6.02% 15,773,704 (283,443) -1.80% 21 Income (Loss) from operations before depreciation and non-capital, one-time projects (1,784,486) (3,286,281) (3,352,634) 66,353 1.98% (4,260,132) 973,851 22.86% 22 Non-capital, one-time projects 34,539 89,151 - (89,151) 0.00% 150,000 60,849 40.57% 23 Depreciation 1,383,583 5,520,010 5,536,189 16,179 0.29% 5,494,600 (25,410) -0.46% 24 Income (Loss) before nonoperating revenues (expenses) and capital contributions (3,202,608) (8,895,442) (8,888,823) (6,619) -0.07% (9,904,732) 1,009,290 10.19% 25 Nonoperating revenues (expenses): 26 Tax revenues 6,473,416 23,265,151 22,016,474 1,248,677 5.67% 22,481,231 783,920 3.49% 27 Investment income/(expenses) 233,083 907,244 713,453 193,791 27.16% 579,776 327,468 56.48% 28 Interest expense (267,293) (1,069,172) (1,171,505) 102,333 8.74% (1,386,264) 317,092 22.87% 29 Distribution to government agencies (444,727) (10,396,549) - (10,396,549) 0.00% (7,132,000) (3,264,549) 0.00% 30 Total nonoperating revenues (expenses) 5,994,479 12,706,674 21,558,421 (8,851,747) -41.06% 14,542,743 (1,836,069) -12.63% 31 Increase (Decrease) in net position $ 2,791,871 $ 3,811,232 $ 12,669,599 $ (8,858,367) -69.92%$ 4,638,011 $ (826,779) -17.83% 32 Net position: 33 Balance, beginning of year 553,128,100 531,403,584 - 553,128,100 - 34 Balance, end of year $ 556,939,332 $ 544,073,183 $ (8,858,367) $ 557,766,111 $ (826,779)

2 of 3 ERNEST N. MORIAL NEW ORLEANS EXHIBITION HALL AUTHORITY STATEMENT OF CASH FLOWS FOR THE PERIODS ENDING APRIL 2018 AND APRIL 2017

2018 2017 1 Cash flows from operating activities: 2 Cash received from user fees $ 9,695,562 $ 8,704,474 3 Cash received from other sources 3,851,570 2,548,308 4 Cash paid to employees and for related expenses (9,499,940) (9,132,552) 5 Cash paid to suppliers (7,688,513) (8,402,184)

6 Net cash used in operating activities (3,641,321) (6,281,954) 7 Cash flows from noncapital financing activities: 8 Cash received from taxes 20,775,679 20,842,832 9 Distributions to Government Agencies (9,101,895) - 10 Net cash provided by noncapital financing activities 11,673,784 20,842,832 11 Cash flows from capital and related financing activities: 12 Acquisition and construction of capital assets (5,582,932) (10,453,302) 13 Interest paid (2,079,400) (2,232,900) 14 Net cash used in capital and related financing activities (7,662,332) (12,686,202) 15 Cash flows from investing activities: 16 Purchases of investment securities (31,164,592) (32,638,701) 17 Investment sales and maturities 33,806,222 33,824,155 18 Interest payments received 1,111,842 738,522 19 Net cash provided by (used in) investing activities 3,753,472 1,923,976

20 Net increase (decrease) in cash and cash equivalents 4,123,603 3,798,652 21 Cash and cash equivalents at beginning of year 211,464,135 176,498,134 22 Cash and cash equivalents at month end $ 215,587,738 $ 180,296,786

23 Reconciliation of loss from operations to net cash used in operating activities: 24 Loss from operations $ (8,895,442) $ (8,888,823) 25 Adjustments to reconcile loss from operations to net cash used in operating activities: 26 Depreciation 5,520,010 5,536,189 27 Increase and decrease in: 28 Accounts receivable 595,875 (436,938) 29 Prepaid and other assets (1,515,142) (814,760) 30 Accounts payable and accrued expenses 472,986 (1,574,570) 31 Unearned revenue 180,392 (103,052)

32 Net cash used in operating activities $ (3,641,321) $ (6,281,954)

33 Reconciliation to Statements of Net Position 34 Cash - current assets $ 119,810,663 $ 103,964,753 35 Cash, designated for construction 13,958 13,958 36 Cash, designated by Board for future specified use 46,300,000 35,600,000 37 Cash, restricted primarily for construction and debt service 5,420,659 5,427,036 38 Cash, restricted to satisfy Cooperative Endeavor Agreements 44,042,458 35,291,039 39 Total cash $ 215,587,738 $ 180,296,786

3 of 3 April Tax Collections $25,000,000.00

$20,000,000.00

$15,000,000.00

$10,000,000.00

$5,000,000.00

$- YTD 2014 YTD 2015 YTD 2016 YTD 2017 YTD 2018

Hotel Hotel Occ/F&B Svc Cont/Tour RTA State Econ Annual Budget = $62,725,000 April Hotel Statistics

Monthly Year to Date Monthly Year to Date ADR ADR Hotel Occ % Hotel Occ % $215 $215 90.0% 90.0%

88.0% 88.0% $210 $210 86.0% 86.0%

$205 $205 84.0% 84.0%

82.0% 82.0% $200 $200

80.0% 80.0%

$195 $195 78.0% 78.0%

76.0% $190 $190 76.0%

74.0% 74.0% $185 $185 72.0% 72.0%

$180 $180 70.0% 70.0% 2017 2018 2017 2018 2017 2018 2017 2018

2017 YTD Rev/Par = $155.28; 2018 YTD Rev/Par = $161.62