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Independent Registered Municipal Advisor Exemption Notice

October 29, 2020

By publicly posting the following written disclosure, the state of Minnesota acting by Minnesota Management and Budget ("MMB") intends that market participants receive and use it for purposes of the independent registered municipal advisor exemption to the Securities and Exchange Commission ("SEC") municipal advisory rule.

MMB will accept information provided by investment banking and related firms that contain proposals and recommendations on the issuance of municipal securities and municipal financial products that are specific to MMB. MMB has contracted with, is represented by, and relies on the advice of Public Resources Advisory Group ("PRAG") and Public Financial Management, Inc. ("PFM"), its independent registered municipal advisors. Both PRAG and PFM are Municipal Advisors as defined under the SEC rules relating to municipal advisors, in connection with those proposals and recommendations. Any proposal received by MMB may be shared with its municipal advisors.

In the event that any investment banking firm needs to correspond with or obtain certifications from MMB's municipal advisors or to know which firm is being used for a particular project or credit, please contact Jennifer Hassemer, Assistant Commissioner, at 658 Cedar Street, 400 Centennial Office Building, St. Paul, MN 55155,

MMB's contracts with PRAG and PFM extend through December 31, 2024; accordingly this notice may be relied upon until such date or until its earlier withdrawal (notice of which will be posted on this website).

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