$756,955,000
TOBACCO SECURITIZATION AUTHORITY
Minnesota Tobacco Settlement Revenue Bonds, Series 2011

Consisting of:

• $74,685,000
• Minnesota Tobacco Settlement Revenue Bonds,
• Taxable Series 2011A

• $682,270,080
• Minnesota Tobacco Settlement Revenue Bonds,
• Tax-Exempt Series 2011B

DISCLAIMER

This web site contains an Official Statement, dated November 17, 2011 (the "Official Statement"), relating to the Tobacco Securitization Authority (“TSA”) Revenue Bonds (Bonds). The information and expression of opinion in the Official Statement are subject to change without notice. The availability of the Official Statement on this web site does not create any implication that there have been no changes in the affairs of the parties described in the Official Statement or that the other information or opinions therein are correct as of any time subsequent to its date. Maintenance of the Official Statement on this web site is not intended as a republication of the information therein on any date subsequent to the date set forth in the Official Statement. All of such Bonds will be sold by the TSA and the inclusion of the Official Statement on the web site does not constitute an offer to sell or the solicitation of an offer to buy such Bonds.

By choosing to proceed and view the electronic version of the Official Statement, you acknowledge that you have read and understood this Notice.