Independent Registered Municipal Advisor (IRMA) Disclosure

Independent Municipal Advisor Exemption Language

By publicly posting the following written disclosure, The University of Arizona 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 University makes no representation as to the sufficiency of this notice for such purpose and specifically disclaims any responsibility or liability with respect to compliance with the Rule by any broker-dealer or third party other than with respect to the accuracy of the representation made herein.

University of Arizona (UA) has contracted RBC Capital Markets Corporation (RBC), an independent registered municipal advisor, as its municipal advisor. The University 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. The personnel of our municipal advisor who will advise us on such matters have not been associated with any broker-dealer firm other than RBC within the two years preceding this notice. This information may be relied upon for purposes of establishing the IRMA exemption until an amendment to the disclosure is prepared.

Contact information is as follows:

University of Arizona
Steve Kelly
Assistant Vice President, Treasury
888 N Euclid Ave, Room 502
Tucson, AZ  85719
Ph: (520) 621-7780

RBC Capital Markets Inc.
Kurt M. Freund
Managing Director
2398 E Camelback Rd, Ste. #700
Phoenix, AZ  85016
Ph: (602) 381-5365