City of Madison, Wisconsin

$876,000 General Obligation Promissory Notes, Series 2018-D

(Community Bonds – Olbrich Botanical Gardens Expansion)

(the "Series 2018-D Bonds")

The Series 2018-D Bonds (Community Bonds – Olbrich Botanical Gardens Expansion) were issued by the City on November 7, 2018 and were underwritten by Neighborly Securities ("Neighborly"). Due to a recent change in ownership, Neighborly will be closing and has filed for withdrawal from the Financial Industry Regulatory Authority ("FINRA"), which will be effective on or about December 27, 2019.

The City of Madison only recently became aware of the Neighborly closure announcement. While the City of Madison cannot provide investment advice, we suggest you carefully review the information in the message from Neighborly (reprinted in part below), contact Neighborly with questions about the disposition of your account, and act to transfer your account before the dates outlined in the message so as to avoid the fees described below.

If you do not already have another brokerage account, you may check with your local bank or credit union to see if they support securities holdings. You may also use FINRA’s investor webpage, to find an investment professional or investment firm in your area that can assist you in setting up a new account.

It is our understanding that Neighborly has conveyed the following message to investors:

In the interim, all investment accounts will continue to be held and custodied by Pershing, LLC ("Pershing"). However, you will need to transfer your investment holdings to another brokerage by December 27, 2019. If this process is completed by December 12, 2019, any transfer fees will be waived by Pershing. If your transfer occurs from December 13 through December 26, a $65 transfer fee may be applied. If you do not transfer your investment to a new brokerage firm by December 27, 2019, Pershing will own the account and it will become orphaned – this means that Pershing will only provide liquidation services to close your account, which may be subject to additional fees. The process for transferring your account is known as an Automated Customer Account Transfer, or ACAT. To complete the transfer, you should reach out to your individual brokerage firm to determine what account information they will need and they will take care of processing the transaction on their end.

Any questions related to the transfer of your account can be directed to Neighborly at support@neighborly.com or (866) 432-1170.