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MSD IRMA_Disclosure - trs update 11-17-14 Metropolitan St. Louis Sewer District Independent Registered Municipal Advisor (IRMA) Disclosure The Metropolitan St. Louis Sewer District (the “District”) has engaged Public Financial Management, Inc. (“PFM”) as its independent registered municipal advisor. PFM is registered as a Municipal Advisor with the Securities and Exchange Commission and the Municipal Securities Rulemaking Board. The District is represented by PFM and will rely on, but is not obligated to follow, the advice of PFM concerning the issuance of municipal securities and municipal financial derivatives and escrow investments. PFM has confirmed to us that within the last two years the individuals listed below have not been an “associated person” with respect to any broker dealer. Bethany Pugh, Managing Director: pughb@pfm.com Matthew Schnackenberg, Senior Managing Consultant: schnackenbergm@pfm.com Market participants may consider this disclosure in determining whether an exemption is available to it under the SEC Municipal Advisor Rule. This disclosure may be relied upon until further notice. Tim R. Snoke Secretary-Treasurer Metropolitan St. Louis Sewer District