Company Background Ehlers Investment Partners, LLC ("EIP" or "Company") was formed in January 2012 when Ehlers Companies (“Holding Company”, not to be confused with the affiliates below) acquired BBE Community Investment Partners, LLC, as a wholly owned subsidiary, and renamed it, Ehlers Investment Partners. Continuing the business BBE started in 2007, EIP offers asset management, cash forecasting, treasury management consulting, and investment administration primarily to local governmental entities, i.e., counties, cities, towns, school districts and special districts. The Joint Marketing Name: Ehlers EIP and two other companies, Ehlers & Associates, Inc. ("EA"), and Bond Trust Services Corporation ("BTS"), are wholly owned subsidiaries of Holding Company, which is, in turn, ultimately owned by the Ehlers & Associates, Inc. Employee Ownership Trust (the "Ehlers Trust"). As owner of all (or virtually all) of the membership interests in EIP, Holding Company controls management of EIP and the other two affiliates, including calling of meetings to elect new officers or managers. EIP, EA, and BTS have adopted the joint marketing name of "Ehlers". We refer to the three affiliates, jointly and severally, as the "Ehlers Companies," which are owned by Holding Company. We focus on offering a range of complementary products and services intended to meet the varied needs of local governments and public agencies. Certain services and activities (such as financial management planning and debt issuance & management for municipal issuers) must be performed by a municipal advisor registered pursuant to Section 15B of the Securities Exchange Act of 1934. Similarly, there are certain activities (such as advice regarding securities, and treasury management advice) that require an adviser's services pursuant to the Investment Advisers

Act of 1940, in which case EIP will perform the activity. To meet the increasingly complex needs of our Clients, our banking affiliate, BTS, offers financial products and services regulated under state banking laws, such as paying agent services. Activities that do not require licensing or registration may be performed by any of the Ehlers Companies. EIP's Services Clients may engage EIP to manage all or a portion of their investment portfolios on a discretionary or non-discretionary basis. When assets are managed on a discretionary basis, EIP has written authority to implement investment decisions on behalf of the Client without first seeking the Client's consent. When assets are managed on a non-discretionary basis, EIP has written authority to implement investment decisions on behalf of the Client after first obtaining the Client’s consent. Clients who engage Ehlers on a discretionary basis may, at any time, request reasonable restrictions, in writing, and subject to review and approval, Ehlers will accommodate such requests (i.e., limit the types/amounts of particular securities purchased for their account, exclude the ability to purchase securities with specific investment ratings, etc.). EIP's asset management recommendations are limited by state statutes that govern investments permitted by local governmental entities; however, in certain limited situations covered by state statute (such as investments of hospital funds of governmental entities in Minnesota) EIP is permitted to invest according to the governmental entity's written investment policies and procedures, without the usual constraints applicable to investments by such governmental entity. In any event, EIP will honor the reasonable restrictions on investing in certain securities or types of securities imposed by the Client in writing. Refer to