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The City of Portland, Oregon

Office of Management & Finance

Bureau of Revenue and Financial Services

Phone: 503-823-5288

Fax: 503-823-5384

1120 SW 5th Avenue, Rm 1040, Portland, OR 97204

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SEC Municipal Advisor Rule - Evidence of IRMA Exception

By publicly posting the written disclosure contained in the link below, the City of Portland, Oregon intends that market participants receive and use it for purposes of the independent registered municipal advisor exemption to Rule 158 of the Securities and Exchange Commission regarding Registration of Municipal Advisors (the SEC Municipal Advisor Rule).