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Black & Veatch Corporation, its affiliates and subsidiaries, are not registered with the Securities and Exchange Commission as “municipal advisors” as that term is defined in Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act amendment to Section 15B of the Securities Exchange Act of 1934 and therefore may not provide recommendations for specific needs, objectives, or circumstances of a municipal entity with respect to municipal financial products or the issuance of municipal securities, including with respect to the structure, timing, terms, and other similar matters concerning such financial products or issues.

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