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MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE <br /> ©2018 Moody's Corporation,Moody's Investors Service,Inc.,Moody's Analytics,Inc.andiar their licensors and affiliates(collectively,-' EW'S") Ail rightsreserved. <br /> CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE,INC.AND ITS RATINGS AFFIL iATES("MIS")ARE MOODY'S CUR AE IT()PINIONS OF THE RELATIVE FUTURE CREDIT <br /> RISK OF ENTITIES,CREDIT COMMITMENTS,OR DEBTOR DEBT-LIKE SECURITIES,AND MOODY'S PUBLICATIONS MAY INCLUDE MOODY'S CURRENT OPINIONS OE THE <br /> RELATIVE FUTURE CREDIT RISK OF ENTITIES,CREDIT COMMITMENTS,OR DEBT OR DEBT LIKE SECURITIES.MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY <br /> MAY NOT MEET ITS CONTRACTUAL,FINANCIAL OBLIGATIONS AS THEY COME DUE AND AN"ESTIMATED FINANCIAL LOSS IN THE EVENT saF DE-AU,S_CREDIT RATINGS <br /> DO NOT ADDRESS ANY OTHER RISK,INCLUDING BUT NOT LIMITED TO:LIQUIDITY RISC,MARIE S ALU'RICK OR PRICE, LATLLI T Y.CREDIT RAILINGS AND MOODY'S <br /> OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT OA'S PUBLICATIONS F',,?ALSO INCLUDE QUANTITATIVE <br /> MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARr'€ BLISHE BY MOODGS RNALYEEK.S,INCE_CREDIT RATINGS AND MOOD"'S <br /> PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE,AND CREDIT RATINGS AND MOODS'S PUBLICATIONS ARE NOT'F. .DC NOT <br /> PROVIDE RECOMMENDATIONS TO PURCHASE,SELL,OR HOLD PARTICULAR SECURII110.NEIT HER r Rl DrT IRST IN;,,NOR VOOD"S PUBLICATIONS COMMENT ON THE <br /> SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR.MOODY'S ISSUES if S CREDIT RATINGS AND PUBLISHES MOODY'S PUBLIELALONS WI IPI THE EXPECTATION <br /> AND UNDERSTANDING THAT EACH INVESTOR WILL,WITH DUE CARE,MAKE ITS OWN STUDY AND E'ALUAIi: v Gill EACH SELDPRI TV IHAT IS EltUDER CON`+IUERAIION FOR <br /> PURCHASE,HOLDING,OR SALE: <br /> MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE EY RETAIL_INS'ES1T'h_AND I I WESELD BE RECKLESS AND IN.APPI OPRIAI E FOR <br /> RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS OR MOODY'S PUBI_ICATIONE'WHEN''ACING AN IN INVES' IF"-'DECISION lE tia L DUB IL YOU SHOUT G CORI FACI <br /> YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CON FAINEL.HEREIN IS PROJECTED IY I_'a, IN.,. 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ant opinion as <br /> to the creditworthiness of a debt obligation of the issuer,not on the equity securities of the issder or any form of sc r u:,y 1:hat is available to cera ._sm s it would be reckless <br /> and inappropriate for retail investors to use MOODY'S credit ratings or publications when making an investment rent decision.i'in t bt yas"h„u'.d contact your financial or other <br /> professional adviser. <br /> Additional terms for Japan only:Moody's Japan K.K.("MJKK")is a wholly-owned credit rating agen y subsidiary of N'uo tys Gr up Lapan G K.,which is wholly-owned by edoody's <br /> Overseas Holdings Inc.,a wholly-owned subsidiary of MCO.Moody's SF Japan K.K.("MSFJ")is a whin/',—owned credit[ating agency,,ibsk'a Y of MJKK_MSF()is not a Nationally <br /> Recognized Statistical Rating Organization("NRSRO").Therefore,credit ratings assigned by MSF()are NIon-NRSRO Cr edit Ratings-Non-NR,RC.'Credit Ratings are assigned by an <br /> entity that is nota NRSRO and,consequently,the rated obligation will not qualify for certain types of treatment under U.S.is s.KUCK and NISEI are credit rating agencies registered <br /> with the Japan Financial Services Agency and their registration numbers are FSA Commissioner(Ratings)No.2 and 3 respectively. <br /> MJKK or MSFJ(as applicable)hereby disclose that most issuers of debt securities(including cu:po ate and municipal bonds,debentures,notes and commercial paper)and pr"e-red <br /> stock rated by MJKK or MSFJ(as applicable)have,prior to assignment of any rating agreed to pay to N.JKK or M Sf1 fasapplicable)for appraisal and rating services rendered by it fees <br /> ranging from JPY200,000 to approximately JPY350,000,000. <br /> MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. <br /> REPORT NUMBER 1136132 <br /> 5 1 August 2018 Minnesota Municipal Power Agency:Update following Moody's Upgrade to Al from A2;Outlook Stable <br /> 148 <br />