Disclosure of Conflicts of Interest and Legal or Disciplinary Events

Pursuant to Municipal Securities Rulemaking Board (“MSRB”) Rule G-42 (Duties of Non-Solicitor Municipal Advisors), Municipal Advisors are required to make certain written disclosures to clients that include, amongst other things, Conflicts of Interest and any Legal or Disciplinary events of Live Oak Public Finance and its associated persons.

Conflicts of Interest


Live Oak Public Finance represents that in connection with the issuance of municipal securities, Live Oak Public Finance may receive compensation from an Issuer or Obligated Person for services rendered that is contingent upon the successful closing of a transaction and/or is based on the size of a transaction. Consistent with the requirements of MSRB Rule G-42, Live Oak public Finance hereby discloses that such contingent and/or transactional compensation may present a potential conflict of interest regarding Live Oak Public Finance's ability to provide unbiased advice to enter into such transaction. Live Oak Public Finance represents that this potential conflict of interest will not impair our ability to render unbiased and competent advice or to fulfill its fiduciary duty to the Issuer. If Live Oak Public Finance becomes aware of any additional potential or actual conflicts of interest after this disclosure, Live Oak Public Finance will disclose the detailed information in writing to the Issuer in a timely manner.

Legal or Disciplinary Events


Live Oak Public Finance does not have any legal events or disciplinary history on NHA’s Form MA and Form MA-I, which includes information about any criminal actions, regulatory actions, investigations, terminations, judgments, liens, civil judicial actions, customer complaints, arbitrations and civil litigation. Live Oak Public Finance's most recent Form MA and each most recent Form MA-I filed with the SEC may be accessed electronically at the following website: www.sec.gov/edgar/searchedgar/companysearch.html There have been no material changes to a legal or disciplinary event disclosure on any Form MA or Form MA-I filed with the SEC. If any material legal or regulatory action is brought against Live Oak Public Finance, Live Oak Public Finance will provide complete disclosure to the Issuer in detail allowing the Issuer to evaluate Live Oak Public Finance, its management, and personnel.