The Reserve Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Stability Facilitators. This Governance Poll will be active for three days beginning on Monday, September 4 at 16:00 UTC.

This is a binary vote.

• You may vote for a single option.
• You should vote for the option which you prefer.
• If you would accept either option, you should vote 'Abstain'.

Review

The community can vote in this poll to express support or opposition to the following JAT1 (James Asset Trust 1) to JAT2 (James Asset Trust 2) Asset Reallocation:

• Selling the ETF products within JAT1.
• Paying any proceeds from this sale after expenses in excess of 500 million USD into the surplus buffer.
• Deploying the 500 million USD towards the T-bills ladder already installed under JAT2.

To execute this asset reallocation, the following practical steps will be undertaken:

1. The Trustee will initiate a complete liquidation of all ETF holdings in the JAT1 portfolio.
2. Any proceeds from the ETF liquidation that exceed USD 500M, after accounting for any related expenses, will be converted to DAI. These DAI funds will then be paid into the MakerDAO surplus buffer.
3. The Trustee will sign an agreement that effectively transfers the remaining USD 500M from the JAT1 cash assets into JAT2.
4. Following the agreement, the Trustee will execute a transfer of the USD 500M from JAT1's cash account to JAT2's cash account.
5. The Trustee will request that the newly transferred funds be added to the existing US Treasury 6 month ladder execution arrangement with Sygnum Bank.
6. After all the funds have been moved from JAT1 to JAT2, the Trustee will proceed to formally dissolve JAT1 as it will no longer hold any assets.

Please review the discussion thread to inform your position on this issue before voting.

Outcomes

If the votes for the 'Yes' option exceed the votes for the 'No' option then the following actions will be taken:

• This set of instructions will be included in an upcoming Executive Vote.
• It is expected that this Executive Vote will take place within 30 days of this poll passing, absent external factors.

If the votes for the 'No' option equal or exceed the votes for the 'Yes' option then no further action will be taken at this time.

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Resources

If you are new to voting in the Maker Protocol, please see the voting guide to learn how voting works.

Additional information about the Governance process can be found in the Maker Operational Manual.

To add current and upcoming votes to your calendar, please see the MakerDAO Governance Calendar.