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Municipal Advisor Notice

VHFA is represented by Piper Jaffray & Co. (“Piper”) and relies on the advice of Piper, an independent registered municipal advisor, with respect to its outstanding municipal securities, its outstanding and any new derivatives and the issuance of future municipal securities (including investments of bond proceeds and escrow investments). VHFA is also represented by Swap Financial and relies on the advice of Swap Financial, an independent registered municipal advisor, with respect to its outstanding and any new derivatives.

VHFA intends that market participants seeking to provide advice and information to VHFA regarding its outstanding municipal securities, its outstanding or any new derivatives or the issuance of municipal securities (including investments of bond proceeds and escrow investments) may receive and rely on this representation for purposes of the independent municipal advisor exemption set forth in the Municipal Advisor Rules of the Securities and Exchange Commission.