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Finally, the Continuing Disclosure Agreement and the Rule also require CMMPA to <br /> express its understanding that your municipality currently prepares its financial statements in <br /> accordance with generally accept accounting principles for governmental units as prescribed by <br /> the Governmental Accounting Standards Board. If your municipality modifies the accounting <br /> principles to be followed in preparing its financial statements, as required by federal or state <br /> legal requirements,please provide notice of such modification promptly to CMMPA, including a <br /> reference to the specific federal or state law or regulation describing such accounting principles, <br /> or other description thereof, together with a comparison between the financial statements or <br /> information prepared on the basis of the new accounting principles and those prepared on the <br /> basis of the former accounting principles. Such comparison should include a qualitative and, to <br /> the extent reasonably feasible, quantitative discussion of the differences in the accounting <br /> principles and the impact of the change in accounting principles on the presentation of financial <br /> information. <br /> CMMPA requests your utility to confirm, by acknowledgment of this letter, that your <br /> utility will supply the information described above to CMMPA annually through the term of the <br /> Transmission Project Agreement. By acknowledgment of this letter, your municipality also <br /> confirms that since July 3, 1995, it has not failed to comply with a similar continuing disclosure <br /> obligation that your municipality might have entered into in connection with a separate <br /> financing. <br /> Please acknowledge receipt of this letter by executing the acknowledgment in the <br /> signature box indicated below and return to CMMPA as soon as possible. Thank you for your <br /> cooperation. <br /> Sincerely, <br /> Steven M. Thompson <br /> Chief Executive Officer <br /> Central Minnesota Municipal Power Agency <br /> Receipt of the foregoing is acknowledged: <br /> ELK RIVER MUNICIPAL UTILITIES <br /> By: <br /> Title: t t . I .„ e,- <br /> Dated: 44 , 2012 <br /> 590097.DOCX <br />