Proposed Tax-Exempt, Negotiated New Issue City of Montrose, Colorado $55,000,000* Certificate of Participation Series 2025 Expected Maturities: 12/01/2025 - 12/01/2054* Anticipated Pricing Date: May 15, 2025* S&P Rating 'A+' In the opinion of bond counsel, the interest on the Certificates will be exempt from present federal income taxes and Colorado state income taxes. The Certificates are subject to availability and to the acceptance of an offer to purchase. This is neither an offer to sell nor a solicitation of an offer to buy any of these securities. The offering of these securities is made only by the Official Statement, copies of which are available from D.A. Davidson & Co. For further information or a copy of the preliminary official statement, please contact the following: D.A. Davidson & Co. (970) 822-4570 (Grand Junction) (970) 822-4572 (Fruita) DA DAVIDSON FIXED INCOME CAPITAL MARKETS D.A. Davidson & Co. member SIPC and FINRA 360 West Park Dr, Ste 200 | Grand Junction, CO 81505 138 S. Park Square, Ste. 204 | Fruita, CO 81521 * Preliminary; subject to change. You must evaluate whether municipal bonds are consistent with your investment objectives, risk tolerance and financial circumstances. Bond values will generally decline in a rising interest rate environment and you may lose some of your principal if sold prior to maturity. Proposed Tax - Exempt , Negotiated New Issue City of Montrose , Colorado $ 55,000,000 * Certificate of Participation Series 2025 Expected Maturities : 12/01/2025 - 12 / 01 / 2054 * Anticipated Pricing Date : May 15 , 2025 * S & P Rating ' A + ' In the opinion of bond counsel , the interest on the Certificates will be exempt from present federal income taxes and Colorado state income taxes . The Certificates are subject to availability and to the acceptance of an offer to purchase . This is neither an offer to sell nor a solicitation of an offer to buy any of these securities . The offering of these securities is made only by the Official Statement , copies of which are available from D.A. Davidson & Co. For further information or a copy of the preliminary official statement , please contact the following : D.A. Davidson & Co. ( 970 ) 822-4570 ( Grand Junction ) ( 970 ) 822-4572 ( Fruita ) DA DAVIDSON FIXED INCOME CAPITAL MARKETS D.A. Davidson & Co. member SIPC and FINRA 360 West Park Dr , Ste 200 | Grand Junction , CO 81505 138 S. Park Square , Ste . 204 | Fruita , CO 81521 * Preliminary ; subject to change . You must evaluate whether municipal bonds are consistent with your investment objectives , risk tolerance and financial circumstances . Bond values will generally decline in a rising interest rate environment and you may lose some of your principal if sold prior to maturity .