Disclosure by Underwriter- Crews & Assoc

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(v) the underwriter has a duty to purchase debt from the Issuer/Obligated Party at a fair and reasonable price, but must balance that duty with its duty to sell the debt to investors at prices that are fair and reasonable. (vi) the underwriter will review the official statement for the Debt in accordance with, and as part of, their respective responsibilities to investors under the federal securities laws, as applied to the facts and circumstances of each transaction. In the event Crews is serving as the senior Managing Underwriter, it is providing this letter on behalf of the other underwriters in the syndicate for the Debt. You may also receive additional separate disclosures letters from one or more co -underwriters, if any, for the Debt. Crews makes no representations with respect to any conflict disclosures provided, or required to be made to you as the Issuer / Obligated Party, by any of the other underwriters pursuant to MSRB Rule G-17 or otherwise. H. Disclosures Concerning the Underwriter's Compensation: The underwriter will be compensated by an underwriting fee or discount that will be set forth in the purchase agreement to be negotiated and entered into in connection with the issuance of the Debt. Payment or receipt of the underwriting fee or discount will be contingent on the closing of the transaction and the amount of the fee or discount may be based, in whole or in part, on a percentage of the principal amount of the Debt. While this form of compensation is customary in the municipal securities market, it presents a possible conflict of interest since the underwriter may have an incentive to recommend to the Issuer/Obligated Party a transaction that is unnecessary or to recommend that the size of the transaction be larger than is necessary. III. Additional Conflicts Disclosures: Crews, its Parent Company, and its Affiliates comprise a full -service Broker Dealer Securities firm and Commercial Bank. Crews et -al are involved in a wide range of securities transactions, relationships and financial services that from time to time involve interests that may differ from those of the Issuer or Obligor. In the normal course of its business dealings Crews et -al may (a) hold long or short positions in securities of the Issuer and through employees who do not possess non-public information relating to the particular issue relating to this letter (b) may trade or affect transactions for its own account or for the accounts of its customers in securities of the Issuer and (c) may at any time pursue or arrange or provide financing or other transaction services to other prospective participants or to other issuers. Crews acts and may be acting or act in the future, as an underwriter, placement agent, municipal financial adviser, investment banker, broker dealer, investor, or in other capacities for other clients who wish to pursue financing transactions. Crews also may contact the same potential investors or transaction counterparties on behalf of multiple persons or entities. Crews has no specific obligation to disclose to the Issuer any of such interests, transactions, activities or financial services. IV. Dealer Specific Disclosures: Crews has not identified any additional potential or actual dealer specific material conflicts that require disclosure. However, if any conflict arises, additional disclosure will be made at that time. V. Transaction Specific Disclosures: Crews has not identified any additional potential or actual dealer specific material conflicts that require disclosure. However, if any conflict arises, additional disclosure will be made at that time.