Northland Securities, Inc.

Northland Securities provides financial advisory, bond underwriting and investment services to Minnesota municipal utilities and local governments. Northland specializes in the planning, issuance and management of debt for infrastructure and other capital projects. Northland provides unique insights from the bond market to help issuers find the most effective means to achieve their financing objectives. Northland is the leading underwriter (based on number of issues) of new long-term municipal bonds in Minnesota (2013 Thomson Reuters). Northland also provides consulting services for rate studies, financial planning and economic development.