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,. Yf <br /> --MSRB REGISTERED <br /> MUNICIPAL <br /> ADVISOR <br /> Raftelis is a Registered Municipal Advisor within the <br /> meaning as defined in Section 15B (e) of the Securities <br /> Exchange Act of 1934 and the rules and regulations <br /> promulgated thereunder (Municipal Advisor Rule). <br /> However,except In circumstances where Raftells expressly agrees otherwise in <br /> writing,Raftells Is not acting as a Municipal Advisor,and the opinions or views <br /> contained herein are not Intended to be,and do not constitute"advice"within the <br /> meaning of the Municipal Advisor Rule. <br /> 3 <br /> i . . <br /> WaterFUnd <br /> ,„ <br /> 4 <br />