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From: Team Rosendale

To: Interested Parties

RE: State of the Race Memorandum – Montana U.S. Senate

Matt Rosendale – Path to Victory

Matt Rosendale is the No-Nonsense Conservative who can beat Montana Senator Jon Tester in 2018

Matt Rosendale is a strong conservative candidate that Democrat incumbent Jon Tester has never had to contend with
before. Matt is a Rancher, Businessman, Former Legislator, and now a State Executive holding office as Montana’s State
Auditor. Montanans have seen Matt’s demonstrated conservative leadership in the State Senate, where he was selected
by his colleagues to be Majority Leader. And voters trust Matt, electing him overwhelmingly to statewide office in 2016,
defeating his Democrat opponent by 8 points.

Jon Tester and the Democrats are clearly worried about the prospect of facing Matt Rosendale in the general election. A
recent report from the Morning Consult revealed Senator Jon Tester's approval rating has dropped 18% in the last year on
the heels of Tester's opposition to tax cuts and his vote to shut down the government in support of illegal immigrants.

A strong conservative contrast in the general election, like Matt Rosendale, will force Jon Tester to justify his liberal record
to Montana voters. Expert academics and political pundits both have said that Tester’s vote to shut down the
Government puts his re-election at significant risk.

As a well-known state official seen as a tough campaigner, up against a two-term incumbent Democrat who has worn out
his welcome with Montana’s conservative electorate, Montana Political Expert Dr. David Parker asserted that Matt
Rosendale is the most qualified GOP candidate in the field, with a path to the Senate “looking suspiciously like the
incumbent’s path.”

Matt Rosendale is a unifier who has support across GOP factions, and from Libertarians, needed to win.

Montanans have demonstrated a remarkable affinity for splitting their tickets between Republican candidates for
President or U.S. Representative and Democratic candidates for U.S. Senator over the past several cycles.

Any successful Republican for U.S. Senate must have wide appeal to Republican voters from all factions to win. Matt
Rosendale has demonstrated his appeal through his successful election to statewide office, but his broad appeal is more
evident in the 30+ endorsements from state officials he has received early on in his campaign. Rosendale also has a deep
connection with the Republican grassroots across the state, with county chairs helping his campaign covering all 56

But perhaps even more important than securing full Republican support in the general election is also attracting
Libertarians, who are active in Montana and regularly achieve anywhere from 3-6% in Federal elections, pulling mostly
from Republican candidates.
The 6.5% Libertarians achieved in the 2012 Senate race was instrumental in Jon Tester’s re-election, where Republican
Denny Rehberg lost by only 4 percentage points.

By contrast, Matt Rosendale has earned the respect of many Montana Libertarians and even maintains regular contact
with Libertarian Party leaders. In 2016, the Libertarians ran candidates for Governor, Secretary of State and U.S.
Representative, but not for State Auditor. In fact, Libertarians have never placed a candidate against Matt Rosendale.

Top national political figures endorse and support Matt Rosendale

Among Rosendale’s many supporters:

U.S. Senator Ted Cruz - “Matt Rosendale has fought hard to shrink government and preserve liberty for Montana residents
during his time in the state legislature, and more recently as the State Auditor. It’s time to let Matt take that fight to
Washington. I’m proud to endorse Matt today, and I hope Montana voters will join me in supporting his campaign for

U.S. Senator Mike Lee - “I’m thrilled to endorse Matt Rosendale for Senate. Matt’s a true Montana conservative. We need
his courage, his leadership, and his no-nonsense approach now more than ever in the Senate.”

U.S. Senator Rand Paul - “Matt Rosendale is the type of fearless defender of liberty I want fighting by my side in the
Senate,” Paul said. “Matt has proven himself a bold defender of our constitutional rights and he will make an excellent
addition to the Senate.”

Ambassador John Bolton – “Matt Rosendale is a no-nonsense defender of national security who knows just how disastrous
the Iran nuclear deal was for America, and he has expressed strong support for working to prevent Iran from gaining
nuclear weapons. Supporters of our military will count him as a great ally in the Senate. His strong commitment to
President Trump’s America First agenda draws a sharp contrast to Jon Tester’s support of Obama’s weak defense

Club for Growth - “He is the kind of economic conservative we need in Washington.”

Senate Conservatives Fund – “Matt Rosendale is a full-spectrum conservative that we can count on to support and defend
the Constitution.”

Gun Owners of America - “Not only will Matt Rosendale be a massive improvement over gun-grabbing Democrat U.S.
Senator Jon Tester, Matt Rosendale is a pro-gun champion among Republicans. As The Last Best Place, Montana should be
the First Place GOA looks to for pro-gun leaders. Matt Rosendale has been that leader in Montana, and he will be that
leader in the U.S. Senate.”

Citizens United - “CUPVF is proud to support conservative change agent Matt Rosendale for U.S. Senator from Montana.
Commissioner Rosendale will come to the U.S. Senate and join the fight to reform our broken health care system, which
includes repealing and replacing Obamacare before it completely collapses. America needs a new generation of
conservative Senators who listen to their constituents and keep their promises. Montanans deserve a Senator who
represents their interests, not Chuck Schumer and Nancy Pelosi’s interests.”

Bottom Line

Demonstrated in his overwhelming election to statewide office and in recent polling, Matt Rosendale is name that
Montana voters already know and trust. Rosendale’s unmatched campaign infrastructure, his network of national
endorsements and his broad support from the state’s electorate makes him a formidable opponent to Democrat
incumbent Jon Tester in November.
Please return form via fax to: (202) 318–0262 FAX or via mail or overnight delivery:
Attn: Holloway Consulting, 1530 Wilson Blvd Suite 440, Arlington VA 22209
For inquiries, please contact: Katie Dorsey at (202) 558-6677 or via email to katie@hollowayconsulting.net
Enclosed please find the following contribution: SELF SPOUSE TOTAL
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Matt Rosendale for Montana is retiring debt from the 2014 primary election. In addition to making contributions to Rosendale’s

2018 primary and general elections, contributors that did not max out ($2,600) to the 2014 primary may contribute to debt retirement.
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