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Independent Regional Municipal Advisor Exemption

By publicly posting the following written disclosure, the State of Vermont (State) intends that market participants may rely on the following for purposes of establishing the independent registered municipal advisor ("IRMA") exemption to the SEC Municipal Advisor Rule.

The State has retained Public Resources Advisory Group (PRAG), an independent registered municipal advisor, as its municipal advisor. The State is represented by and will rely on its municipal advisor to provide advice with respect to proposals from financial services firms concerning the issuance of municipal securities and municipal financial products, as applicable. This information may be relied upon for purposes of establishing the IRMA exemption until December 31, 2025, unless otherwise revoked or rescinded by the State in its sole discretion.

Proposals may be provided to the State care of:

Office of the Vermont State Treasurer
Attn: Gavin Boyles or Scott Baker
Pavilion Building
109 State Street, 4th Floor
Montpelier, VT 05609-6200

Vermont will provide proposals received to its municipal advisor, at its sole discretion.