Tax-Exempt Municipal Bonds School District of Beloit Turner, Wisconsin pproximately $13,000,000* General Obligation Refunding Bonds (the"Bonds") Order Period: February 11,2019* Maturity dates from March 1, 2020 2033 Interest will be paid semiannually beginning September 1,2019 Rated AA-by S&P Global . Interest on the bonds will be excluded from federal income tax and n item of tax preference for purposes of the federal alterna minimum tax. Interest on the bonds will not be exempt from State of Wisconsin income taxes. This announcement is neither an offer to sell nor a solicitation to buy these securities, nor shall this announcement constitute an offer to sell or a solicitation of an offer to buy these securities in any state in which such offer or solicitation would be unlawful For a copy of the Preliminary Official Statement, contact a member of the finance team. Baird Janesville Office 888-792-9807 BAIRD Municipal bondslnotes are not suitable for all investors, especially those in a lower tax bracket. Ratings are measured on a scale that generally ranges from AAA or Aaa (highest) to D or C (lowest). Bondslnotes are subject to market fluctuation and interest rate risk and may be worth more or less than original cost if sold prior to maturity Preliminary. Subject to change G2019 Robert W. Baird & Co. Incorporated. Member SIPC. MC-275022