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Actuarial Certification <br /> We have prepared an actuarial valuation of the City of Pequot Lakes Other Post Employment Benefit <br /> Plans as of January 1,2015 to enable the plan sponsor to satisfy the accounting requirements under <br /> Statements of Governmental Accounting Standards Nos.43 and 45.The results of the valuation set <br /> forth in this report reflect the provisions of the plan communicated to us through January 1,2015. <br /> This report should not be used for other purposes or relied upon by any other person without prior <br /> written consent from Hildi Incorporated. <br /> This valuation is based on participant and financial data provided by City of Pequot Lakes and is <br /> summarized in this report.An audit of the financial and participant data provided was not <br /> performed,but we have checked the data for reasonableness as appropriate based on the purpose <br /> of the valuation.We have relied on all the information provided, including plan provisions and asset <br /> information,as complete and accurate. <br /> A range of results,different from those presented in this report,could be considered reasonable. <br /> The numbers are not rounded, but this is for convenience and should not imply precision. <br /> All costs, liabilities and other factors under the plan were determined in accordance with generally <br /> accepted actuarial principles and procedures using assumptions that we believe reasonably estimate <br /> the anticipated experience of the plan.The calculations reported herein are consistent with our <br /> understanding of the provisions of GASB Statements 43 and 45. <br /> Actuarial computations under Statements of Governmental Accounting Standards are for the <br /> purposes of fulfilling employer accounting requirements and trust accounting requirements. <br /> Computations for other purposes may differ significantly from the results shown in this report. <br /> We are available to answer any questions on this material,or to provide explanations or further <br /> details,as may be appropriate.The undersigned credentialed actuaries meet the Qualification <br /> Standards of the American Academy of Actuaries to render the actuarial opinions contained in this <br /> report. <br /> mg, 49 Itozet. <br /> A,k , u, `.. 22k/ <br /> Jill Urdahl, FSA Michael J. Born, FSA <br /> Hildi Incorporated <br /> 11800 Singletree Lane,Suite 305 <br /> Minneapolis, MN 55344 <br /> P 952.934.5554 <br /> Report finished in July 2015 <br /> City of Pequot Lakes <br /> Page 3 <br />