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CERTIFICATE OF REGISTRAR <br /> The undersigned hereby certifies that I am the duly qualified and acting City Clerk of the <br /> City of Pequot Lakes, Minnesota (the "Issuer"), and as such official do hereby further certify as <br /> follows: <br /> 1. I am the official charged with the responsibility of acting as Registrar for and <br /> registering the ownership and transfer of the Issuer's $176,000 General Obligation Equipment <br /> Certificate of Indebtedness, Series 2022A. <br /> 2. On the date hereof I have registered the Certificate delivered this day. <br /> 3. Attached hereto is a true and correct copy of my register for the Certificate. <br /> Dated: February 15,2022. <br /> 72511783v1 <br />