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SCOPE APPENDIX to Engagement Letter dated: February 14,2024 Between the City of Elk River, Minnesota and Baker Tilly US, LLP RE: Municipal Advisory Services - Debt Issuance, Arbitrage, Continuing Disclosure DATE:February 14,2024 This Scope Appendix is attached by reference to the above-namedengagement letter (the Engagement Letter) between the City of Elk River, Minnesota(the Client) and Baker Tilly US, LLP and relates to services to be provided by Baker Tilly Municipal Advisors, LLC. SCOPE OF WORK Baker Tilly Municipal Advisors, LLC (BTMA) will perform the following services: A.General Municipal Advisory Services Unless otherwise agreed to by the parties, in connection with any request for services relative to any financial topic, new project concept planning or other financially related topic or project (each referred to herein as a Project), BTMA shall perform the following services, as applicable: 1.Provide general financial advice relative to a Project. 2.Survey the resources available to determine the financial feasibility of a Project. 3.Assist in the development of a plan including alternative approaches for a particular Project that may be available and appropriate for such Project. 4.Assist the Client in selecting an approach for a Project. 5.Advise the Client generally on current market conditions, financial impacts of federal, stateor other laws, and other general information and economic data that might be relevant to a Project. 6.Assist Client, as requested, in identifying other professional services that may be necessary to a Project. 7.Assist Client in coordinating the activities of the working group for a Project as needed. 8.Assist with the review of documents provided that are relevant to the development of a plan and alternative approaches for a Project. 9.Assist the Client with other components of a Project as requested and agreed upon. B.Securities Issuance Unless otherwise agreed to by the parties, in connection with any request for services relative to any debt issuance including modifying or refunding of a prior issuance or other financings (each referred to herein as a “Transaction”), BTMA shall perform the following services, as applicable: 1.Develop a preliminary estimate of project costs and provide a financial feasibility to assist the Client in its determination of what type of financing is most suitable to meet the needs of the Client for the particular issuance (“Debt Obligation”). 2.Assist the Client in determination of an appropriate method of sale for the Debt Obligation (e.g. competitive, negotiated, private placement.) 3.Provide for the Client’s consideration an amount, the security, maturity structure, call provisions, estimated pricing, and other terms and conditions of the Debt Obligation. 4.Advise the Client on current market conditions, financial impacts of federal, state or other laws, and other general information and economic data that might normally be expected to influence the ability to borrow or interest rates of the Debt Obligation. (Scopev20230309) Page SA - 8 | 18