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Actuarial Certification We have prepared an actuarial valuation of the City of Pequot Lakes Other Post Employment Benefit Plans as of January 1, 2012 to enable the plan sponsor to satisfy the accounting requirements under Statements of Governmental Accounting Standards Nos. 43 and 45. The results of the valuation set forth in this report reflect the provisions of the plan communicated to us through January 1, 2012. This report should not be used for other purposes or relied upon by any other person without prior written consent from Hildi Incorporated. This valuation is based on participant and financial data provided by the City of Pequot Lakes and is summarized in this report. An audit of the financial and participant data provided was not performed, but we have checked the data for reasonableness as appropriate based on the purpose of the valuation. We have relied on all the information provided, including plan provisions and asset information, as complete and accurate. A range of results, different from those presented in this report, could be considered reasonable. The numbers are not rounded, but this is for convenience and should not imply precision. All costs, liabilities and other factors under the plan were determined in accordance with generally accepted actuarial principles and procedures using assumptions that we believe reasonably estimate the anticipated experience of the plan. The calculations reported herein are consistent with our understanding of the provisions of GASB Statements 43 and 45. Actuarial computations under Statements of Governmental Accounting Standards are for the purposes of fulfilling employer accounting requirements and trust accounting requirements. Computations for other purposes may differ significantly from the results shown in this report. We are available to answer any questions on this material, or to provide explanations or further details, as may be appropriate. The undersigned credentialed actuaries meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained in this report. JiIINJ. Urdahl, FSA Hildi incorporated 19800 Singletree Lane, Suite 305 Minneapolis, MN 55344 P 952.934.5554 November 2012 Catherine A. Erpelding, ASA City of Pequot Lakes Page 5