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Municipal Finance | Healthcare Group Weekly Update

July 10, 2018

Release Date Consensus PriorWednesday - -0.50%Wednesday 0.20% 0.50%Wednesday 0.40% 0.50%

Thursday 225k 231kThursday 0.20% 0.20%Thursday 2.90% 2.80%Thursday 0.20% 0.20%Thursday -$80.0b -$146.8b

Friday 0.10% 0.60%Friday 98.00 98.20

Source: Bloomberg

PPI Final Demand MoM JunePeriod End July 6

JuneImport Price Index MoM

CPI MoM June

CPI Ex Food and Energy MoM JuneCPI YoY June

May (Final)Initial Jobless Claims Period End July 7

Wholesale Inventories MoM

This week’s economic calendar will be populated principally with readings on inflation. The BLS is scheduled to report out the June Producer Price Index (PPI) onWednesday and Consumer Price Index (CPI) on Thursday. The Bloomberg Survey projects a PPI of 3.0% y/y and a CPI of 2.9% y/y. On Friday, the BLS will release itsImport Price Index for June. Other economic releases for the week include the National Federation of Independent Business’ Small Business Optimism Index, the BLS’JOLTS job openings survey for May on Tuesday, and The University of Michigan’s preliminary July Consumer Sentiment Index on Friday.

MBA Mortgage Applications

Market Update

Economic Indicators

Geopolitical concerns drove down rates at the start of the week, but the mid-week holiday kept trading in the fixed income markets muted the rest of the week. A better thanexpected June payroll report and the large July 1 municipal coupon payment provided modest additional momentum to rates. By the close of the week, US Treasuries weretwo basis points lower in the five year range, four basis points lower in the ten year range, and six basis points lower in the thirty year range. The municipal market generallyfollowed the moves in Treasury yields, but underperformed slightly in the longer maturities. The Municipal Market Data AAA yield closed the week unchanged in the two yearrange, two basis points lower in the five year range, three basis points lower in the ten, and four basis points lower in thirty years. Municipal/Treasury yield ratios closed theweek modestly higher in the ten to thirty year maturity range. Short-term tax exempt rates responded to the arrival of the July 1 coupon in strong fashion. The general markethigh grade daily average closed the week at 0.82%, compared to the 1.55% rate posted a week earlier, moving the daily rate below May’s 0.86% low. Weekly rates declinedfor the first time in four weeks, with the SIFMA index closed at 1.19% on July 4, 2018 compared to the 1.51% rate set a week earlier.

Event Period

Summary: Global trade concerns continued to dominate the news flow in last week’s holiday shortened trading. Last week’s top tier economic data took a back seat to tradeworries as market participants began calculating the cost of a trade war. Equity prices recovered and ended positive on the week, while Treasury yields moved modestlylower. Despite a non-existent municipal new issue calendar and the July 1 coupon payment, municipal yields also finished the week slightly lower in very light trading.Issuance is expected to return to more normal levels this week, but July volume is nevertheless projected to be below historic norms for the month.

New issue activity for the second half of 2018 was delayed a week because of the mid-week July 4 holiday. Issuance last week was barely perceptible with less than $100million estimated to have come to market. Volume is scheduled to pick up this week as issuance patterns return to normal. This week’s volume is slightly higher than theaverage for the month, with $8.3 billion projected to come to market. The long-term weekly average for July is approximately $7.5 billion/week, while the average for themonth is $30 billion. Nevertheless, it currently appears that July will be the seventh consecutive month of below average issuance. Municipal bond funds that report theirflows on a weekly basis posted their first week of outflows in nine weeks last week. The weekly reporting funds posted net outflows of $189 million in the week ended July 4,2018, compared to the $421 million in net inflows reported in the prior week according to the Lipper US Fund Flows service. In a departure from recent weeks, ETFs were nota major factor in last week’s top line municipal fund flow number. The high yield and intermediate municipal subsectors continued to see inflows, but at a slower pace than inrecent weeks. The remaining municipal subsectors posted net outflows. Since the beginning of the year, municipal bond funds have reported a cumulative $7.2 billion in netinflows. Tax-exempt money market funds (TEMMs) saw significant inflow, thanks to the July 1 coupon payment. According to the Lipper US Fund Flows service, TEMMsreported net inflows of $2.3 billion in the week ended July 4, 2018.

Last week’s economic calendar was abbreviated because of the July 4th holiday, but it was nevertheless populated with key statistics The Institute for Supply Management(ISM) kicked-off the reporting week on Monday with the release of its manufacturing index for June. The index exceeded market expectations with a reading of 60.2,compared to the Bloomberg Survey estimate of 58.5. Similarly, the ISM nonmanufacturing index also beat consensus with a June reading of 59.1 compared to the BloombergSurvey estimate of 58.3. May factory orders also exceeded market expectations. The US Census Bureau reported that factory orders increased 0.4% in May compared to theBloomberg Survey projection of 0.0%.The highest profile economic release of the week was Friday’s report from the US Bureau of Labor Statistics (BLS) of June nonfarmpayrolls, which beat consensus with an employment increase of 213,000 after an upwardly revised 244,000 increase in May. On the state and local government front, statenon-education employment increased 4,200 in June, while local governments added 5,900 to non-education payrolls.

JuneMonthly Budget Statement

U. of Mich. Sentiment July (Preliminary)

HEALTHCARE GROUP | WEEKLY UPDATE

Maine Health and Higher Educational Facilities AuthorityMaineHealth (ME)Kansas Development Finance AuthorityVillage Shalom (KA)Bucks County Industrial Development AuthorityPennswood Village (PA)Economic Development Authority of Hanover CountyCovenant Woods (VA)California Municipal Finance AuthorityAsian Community Center of Sacramento Valley (CA)Palm Beach CountyTuscan Gardens of Delray Beach (FL)Kansas Development Finance AuthorityVillage Shalom (KA)Palm Beach CountyTuscan Gardens of Delray Beach (FL)Maine Health and Higher Educational Facilities AuthorityMaineHealth (ME)Palm Beach CountyTuscan Gardens of Delray Beach (FL)Bucks County Industrial Development AuthorityPennswood Village (PA)Source: Bloomberg(A) Preliminary; subject to change - issues expected to price this week

Capital Market IndicationsSwap and Bond Rates(B)

Market Conditions as of close July 06, 2018Average Life (Yrs) UST ICE LIBOR

1 2.31% 2.61% 1.49% 1.53% 0.04% 1.73% 1.85% -2 2.54% 2.80% 1.64% 1.70% 0.06% 1.90% 1.97% -3 2.63% 2.85% 1.77% 1.79% 0.02% 1.99% 2.01% -4 2.70% 2.87% 1.87% 1.84% - 2.04% 2.02% -5 2.71% 2.87% 1.97% 1.90% - 2.10% 2.02% -6 2.75% 2.88% 2.08% 1.90% - 2.10% 2.03% 0.05%7 2.79% 2.88% 2.20% 1.98% - 2.18% 2.03% 0.17%8 2.80% 2.89% 2.31% 2.01% - 2.21% 2.03% 0.28%9 2.81% 2.89% 2.38% 2.04% - 2.24% 2.04% 0.34%10 2.82% 2.90% 2.43% 2.07% - 2.27% 2.05% 0.38%12 2.83% 2.92% 2.51% 2.12% - 2.32% 2.06% 0.45%15 2.84% 2.93% 2.63% 2.18% - 2.38% 2.06% 0.57%20 2.86% 2.93% 2.78% 2.22% - 2.42% 2.06% 0.72%30 2.93% 2.89% 2.90% 2.28% - 2.48% 2.04% 0.86%

(B) Will vary depending on transaction details. Source: Bloomberg, TM3*Fixed Payor rates do not include variable rate costs such as remarketing and liquidity. Rates also do not take into account any credit charges.

Interest Rate Update

Interest Rate Week End Week End Market Indicators Week End Week EndMarker 29-Jun-18 06-Jul-18 29-Jun-18 06-Jul-18

SIFMA 1.510% 1.190% DJIA 24,271 24,456SIFMA-1M ICE LIBOR Ratio 72.240% 57.040% 30 Day CP n.a. 1.96%1 Month ICE LIBOR 2.090% 2.086% Revenue Bond Index 4.36% 4.35%3 Month ICE LIBOR 2.336% 2.331% Aaa Muni Yields (20 Year) 2.84% 2.78%3 Month T-Bill 1.889% 1.910% 30-Day Visible Supply (bn) 2.02 8.03Fed Funds Target 2.000% 2.000% Source: Bloomberg, TM3

1 Year Treasury 2.245% 2.307% Ratings - Royal Bank of Canada2 Year Treasury 2.529% 2.539% Moody's S&P Fitch5 Year Treasury 2.731% 2.712% Long-Term A1 AA- AA10 Year Treasury 2.861% 2.823% Short-Term P-1 A-1+ F-1+30 Year Treasury 2.990% 2.930% Outlook Negative Stable Stable

Source: Moody's (04/30/18), S&P (06/27/18), Fitch (03/09/18)

Fixed Rate$7,000,000 Term Bonds

Source: Bloomberg

MMD AAA GO67% ICE LIBOR Spread to MMD

SIFMA Fixed Receivor

MMD Benefit to Traditional Variable Rate

(SIFMA)67% ICE LIBOR

Fixed Payor*SIFMA Fixed

Payor*

Fixed Rate$5,000,000 Serial Bonds

$172,795,000Fixed Rate

Healthcare Forward Calendar(A):

Serial and Term Bonds

$16,785,000 Term Bonds





Fixed Rate$35,000,000 Serial and Term Bonds



Fixed Rate

HEALTHCARE GROUP | WEEKLY UPDATE

Jerry Berg, Managing Director David Fields, Managing Director Jeff Appel, Director Laura Janke, DirectorOffice: (312) 559-1649 Office: (215) 832-1514 Office: (617) 725-1753 Office: (612) 371-7864Cell: (630) 207-1923 Cell: (518) 312-2336 Cell: (617) 774-7222 Cell: (612) [email protected] [email protected] [email protected] [email protected]

Rob Whitlock, Director Christopher Good, Vice President Francis Adarkwa, Vice President Blake Pinell, AssociateOffice: (215) 832-1504 Office: (212) 905-5886 Office: (213) 362-4136 Office: (212) 301-1438Cell: (215) 630-7977 Cell: (347) 721-1085 [email protected] Cell: (347) [email protected] [email protected] [email protected]

James Yang, Associate Harry Tsiagbe, Analyst Tyler Walsh, Summer AnalystOffice: (212) 858-8356 Office: (212) 519-8478 Office: (212) 299-9871Cell: (917) 583-7982 Cell: (551) 267-5062 [email protected]@rbccm.com [email protected]

John Wells, DirectorOffice: (212) 428-2331Cell: (646) [email protected]

RBC Capital Markets Healthcare Finance Group

RBC Capital Markets Corporate Banking - Healthcare Coverage

Source: http://www.rbc.com/economics/, US Census Bureau, Institute for Supply Management, US Bureau of Labor Statistics, The Bond Buyer, Securities Data, LipperUS Fund Flows, Bloomberg. Preliminary, subject to change. This announcement is not an offer, solicitation, commitment or recommendation to buy or sell the bonds anddoes not purport to be a complete statement of all material facts relating to the bonds. The offering is made only by means of the Official Statement, copies of which maybe obtained from RBC Capital Markets. This communication is not, and under no circumstances should be construed as, a solicitation to act as securities broker or dealerin any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. Products andservices are offered through RBC Capital Markets or RBC Wealth Management, as applicable. RBC Capital Markets may buy from or sell to customers on a principalbasis in the securities or related derivatives that are the subject of this communication. RBC Capital Markets has or may have proprietary positions in the securities or inrelated derivatives that are the subject of this communication. RBC Capital Markets may have been manager or co-manager of a public offering of securities of the issuerwithin the past twelve months. Additional information is available upon request. All information contained in this communication constitutes RBC Capital Markets’judgment as of the date of this communication, and is subject to change without notice and is provided in good faith but without legal responsibility. The informationcontained in this communication has been compiled by RBC Capital Markets from sources believed to be reliable, but no representation or warranty, express or implied,is made by RBC Capital Markets, its affiliates or any other person as to its accuracy, completeness or correctness. The material contained herein is not a product of anyresearch department of RBC Capital Markets or any of its affiliates. Nothing herein constitutes a recommendation of any security or regarding any issuer; nor is itintended to provide information sufficient to make an investment decision. RBC Capital Markets is not acting as a fiduciary or as a municipal, financial, commodity orinvestment adviser to the Obligated Person or any other person or entity. The information provided is not intended to be and should not be construed as “advice” withinthe meaning of Section 15B of the Securities Exchange Act of 1934. Nothing in this communication constitutes legal, accounting or tax advice or individually tailoredinvestment advice. This material has been prepared without regard to the individual financial circumstances and objectives of persons who receive it and suchinvestments or services may not be suitable for all investors. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss oforiginal capital may occur. Potential investors are advised to consult with their own legal, accounting, tax, financial and other advisors, as applicable, to the extentappropriate. This document may not be reproduced, disclosed, distributed or summarized, whole or in part, to any third party without the prior consent of RBC CapitalMarkets. To the fullest extent permitted by law neither RBC Capital Markets, nor any of its affiliates, nor any other person, accepts any liability whatsoever for any director consequential loss arising from any use of this communication or the information contained herein. This is for informational purposes only. RBC Capital Markets is theglobal brand name for the capital markets business of Royal Bank of Canada and its affiliates, including RBC Capital Markets, LLC (member FINRA, NYSE and SIPC).®/™ Trademark(s) of Royal Bank of Canada. Used under license. © Copyright 2018. All rights reserved.

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MUNICIPAL FINANCE

New Issue Healthcare PricingsPrior Four Weeks

HEALTHCARE FINANCE GROUP | WEEKLY UPDATE

Par Amount $218,550,000 $200,000,000Issuer West Virginia Hospital Finance Authority Utah County, UtahBorrower West Virginia University Health System (WV) IHC Health Services (UT)Issue Name Hospital Revenue Improvement Bonds, Series 2018A Hospital Revenue Bonds, Series 2018AIssue Rating A2/A/NR Aa1/AA+/NRUnderlying Rating A2/A/NR Aa1/AA+/NRPricing Date 06/27/2018 06/26/2018Dated Date 07/11/2018 07/17/2018Final Maturity 06/01/2052 05/15/2041Bonds Due 06/01/2051-2052 05/15/2019-2020, 2030-2039, 2041Call Provisions 06/01/2028 @ 100 05/15/2026 @ 100 (5% 2041 Maturity); 05/15/2028 @ 100 (2030-2039 and 4% 2041 Maturities)DSRF No NoCUSIP (last maty) 956622P24 917393CU2

*InterpolatedPar MMD Spread Par MMD Spread

Maturity Amount 06/26/18 Coupon Yield (Bps) Amount 06/25/18 Coupon Yield (Bps)20182019 9,600,000 1.460% 5.000% 1.510% 52020 9,575,000 1.630% 5.000% 1.700% 72021202220232024202520262027202820292030 4,425,000 2.560% 5.000% 2.860% 302031 4,395,000 2.600% 5.000% 2.950% 352032 5,390,000 2.640% 5.000% 2.990% 352033 5,360,000 2.690% 5.000% 3.040% 352034 5,330,000 2.730% 5.000% 3.080% 352035 4,270,000 2.770% 5.000% 3.120% 352036 10,385,000 2.800% 5.000% 3.150% 352037 4,200,000 2.820% 5.000% 3.190% 372038 4,160,000 2.840% 5.000% 3.210% 372039 5,140,000 2.860% 5.000% 3.230% 3720402041 89,470,000 / 38,300,000 2.890% 5.000% / 4.000% 3.260% / 3.660% 37 / 772042204320442045204620472048204920502051 138,550,000 2.970% 4.000% 4.120% 1152052 80,000,000 2.970% 5.000% 3.720% 75205320542055205620572058205920602061

*Spread to May "AAA" MMD

Source: Bloomberg, EMMA, and TM3.comNote: RBCCM makes no representation regarding RBC Capital Markets' involvement in the transactions referenced herein, or that the above listed transactions have closed or will close.

NEW ISSUE PRICING DATABASE

Week Ended 06/29/2018



Par Amount $86,200,000 $50,000,000Issuer Public Finance Authority Utah County, UtahBorrower Southminster (NC) IHC Health Services (UT)Issue Name Retirement Facilities First Mortgage Revenue Bonds, Series 2018 Hospital Revenue Bonds, Series 2018B-1Issue Rating NR/NR/BB Aa1/AA+/NRUnderlying Rating NR/NR/BB Aa1/AA+/NRPricing Date 06/27/2018 06/26/2018Dated Date 07/18/2018 07/17/2018Final Maturity 10/01/2053 05/15/2056Bonds Due 10/01/2038, 2043, 2048, 2053 08/01/2022 (Mandatory Put)Call Provisions 10/01/2028 @ 100 05/01/2022 @ 100DSRF Yes NoCUSIP (last maty) 74444VAH3 917393CW8


Maturity Amount 06/26/18 Coupon Yield (Bps) Amount 06/25/18 Coupon Yield (Bps)20182019202020212022 50,000,000 1.880% 5.000% 2.170% 292023202420252026202720282029203020312032203320342035203620372038 3,620,000 2.850% 4.250% 4.400% 15520392040204120422043 21,000,000 2.920% 5.000% 4.260% 13420442045204620472048 26,960,000 2.970% 5.000% 4.310% 13420492050205120522053 34,620,000 2.970% 5.000% 4.380% 14120542055205620572058205920602061





Par Amount $50,000,000 $32,040,000Issuer Utah County, Utah Collier County Health Facilities AuthorityBorrower IHC Health Services (UT) The Moorings (FL)Issue Name Hospital Revenue Bonds, Series 2018B-2 Residential Care Facility Revenue Bonds, Series 2018AIssue Rating Aa1/AA+/NR NR/A+/AUnderlying Rating Aa1/AA+/NR NR/A+/APricing Date 06/26/2018 06/26/2018Dated Date 07/17/2018 07/12/2018Final Maturity 05/15/2057 05/01/2048Bonds Due 08/01/2024 (Mandatory Put) 05/01/2043, 2048Call Provisions 02/01/2024 @ 100 05/01/2028 @ 100DSRF No NoCUSIP (last maty) 917393CX6 19463VAV3


Maturity Amount 06/25/18 Coupon Yield (Bps) Amount 06/25/18 Coupon Yield (Bps)2018201920202021202220232024 50,000,000 2.110% 5.000% 2.470% 362025202620272028202920302031203220332034203520362037203820392040204120422043 16,260,000 2.910% 5.000% 3.620% 7120442045204620472048 15,780,000 2.960% 5.000% 3.670% 712049205020512052205320542055205620572058205920602061




Par Amount $257,055,000 $86,340,000Issuer Colorado Health Facilities Authority Colorado Health Facilities AuthorityBorrower Adventist Health System/Sunbelt (FL) Adventist Health System/Sunbelt (FL)Issue Name Hospital Revenue Bonds, Series 2018A Hospital Revenue Bonds, Series 2018BIssue Rating Aa2/AA/NR Aa2/AA/NRUnderlying Rating Aa2/AA/NR Aa2/AA/NRPricing Date 06/20/2018 06/20/2018Dated Date 07/12/2018 07/12/2018Final Maturity 11/15/2048 11/15/2048Bonds Due 11/15/2048 11/20/2025 (Mandatory Tender)Call Provisions 05/15/2028 @ 100 Non-CallableDSRF No NoCUSIP (last maty) 19648FGP3 19648FGN8


Maturity Amount 06/19/18 Coupon Yield (Bps) Amount 06/19/18 Coupon Yield (Bps)20182019202020212022202320242025 86,340,000 2.270% 5.000% 2.620% 3520262027202820292030203120322033203420352036203720382039204020412042204320442045204620472048 117,055,000 / 140,000,000 2.960% 5.000% / 4.000% 3.410% / 3.780% 45 / 822049205020512052205320542055205620572058205920602061

*Spread to November "AAA" MMD


NEW ISSUE PRICING DATABASEWeek Ended 06/22/2018



Par Amount $76,435,000 $46,815,000Issuer Michigan State Hospital Finance Authority Palm Beach County Health Facilities AuthorityBorrower Ascension Health (MO) ACTS Retirement-Life Communities (PA)Issue Name Refunding and Project Revenue Bonds, Series 2010F-3 Retirement Communities Revenue Bonds, Series 2018AIssue Rating Aa2/AA+/AA+ NR/NR/A-Underlying Rating Aa2/AA+/AA+ NR/NR/A-Pricing Date 06/21/2018 06/20/2018Dated Date 06/29/2018 06/28/2018Final Maturity 11/15/2047 11/15/2045Bonds Due 07/01/2024 (Mandatory Put) 11/15/2045Call Provisions Non-Callable 11/15/2025 @103; 2026 @ 102; 2027 @ 101; 2028 @ 100DSRF No NoCUSIP (last maty) 59465HVL7 69650MAW9


Maturity Amount 06/20/18 Coupon Yield (Bps) Amount 06/19/18 Coupon Yield (Bps)2018201920202021202220232024 76,435,000 2.120% 4.000% 2.460% 34202520262027202820292030203120322033203420352036203720382039204020412042204320442045 46,815,000 2.930% 5.000% 3.710% 782046204720482049205020512052205320542055205620572058205920602061

*Spread to November "AAA" MMD




Par Amount $35,775,000 $21,540,000Issuer Delaware Economic Development Authority South Carolina Jobs-Economic Development AuthorityBorrower ACTS Retirement-Life Communities (PA) ACTS Retirement-Life Communities (PA)Issue Name Retirement Communities Revenue Bonds, Series 2018B Retirement Community Revenue Bonds, Series 2018CIssue Rating NR/NR/A- NR/NR/A-Underlying Rating NR/NR/A- NR/NR/A-Pricing Date 06/20/2018 06/20/2018Dated Date 06/28/2018 06/28/2018Final Maturity 11/15/2048 11/15/2047Bonds Due 11/15/2048 11/15/2047Call Provisions 11/15/2025 @103; 2026 @ 102; 2027 @ 101; 2028 @ 100 11/15/2025 @103; 2026 @ 102; 2027 @ 101; 2028 @ 100DSRF No NoCUSIP (last maty) 246371AA6 83704EAA2

Par MMD Spread Par MMD SpreadMaturity Amount 06/19/18 Coupon Yield (Bps) Amount 06/19/18 Coupon Yield (Bps)201820192020202120222023202420252026202720282029203020312032203320342035203620372038203920402041204220432044204520462047 21,540,000 2.950% 5.000% 3.700% 752048 35,775,000 2.960% 5.000% 3.670% 712049205020512052205320542055205620572058205920602061




Par Amount $11,310,000 $3,130,000Issuer City of Clarion, Iowa City of Clarion, IowaBorrower Iowa Specialty Hospital-Clarion (IA) Iowa Specialty Hospital-Clarion (IA)Issue Name Hospital Refunding Revenue Bonds, Series 2018B Hospital Refunding Revenue Bonds, Series 2018AIssue Rating Not Rated Not RatedUnderlying Rating Not Rated Not RatedPricing Date 06/19/2018 06/19/2018Dated Date 06/28/2018 06/28/2018Final Maturity 12/01/2036 06/01/2028Bonds Due 12/01/2018-2026, 2028, 2030, 2032, 2034, 2036 06/01/2019-2022, 2024-2028Call Provisions 06/01/2023 @ 100 06/01/2023 @ 100DSRF Yes YesCUSIP (last maty) 180546CW1 180546CG6

*Interpolated *InterpolatedPar MMD Spread Par MMD Spread

Maturity Amount 06/18/18 Coupon Yield (Bps) Amount 06/18/18 Coupon Yield (Bps)2018 125,000 1.530% 3.000% 3.000% 1472019 435,000 1.530% 3.250% 3.250% 172 260,000 1.470% 4.300% 4.300% 2832020 450,000 1.700% 3.500% 3.500% 180 260,000 1.660% 4.550% 4.550% 2892021 465,000 1.840% 3.625% 3.625% 179 275,000 1.810% 4.750% 4.750% 2942022 485,000 1.940% 3.750% 3.750% 181 285,000 1.900% 4.850% 4.850% 2952023 505,000 2.050% 3.875% 3.875% 1832024 525,000 2.180% 4.000% 4.000% 182 615,000 2.120% 5.000% 5.000% 2882025 545,000 2.290% 4.100% 4.100% 181 335,000 2.240% 5.150% 5.150% 2912026 565,000 2.380% 4.200% 4.200% 182 350,000 2.350% 5.250% 5.250% 2902027 365,000 2.420% 5.375% 5.375% 2962028 1,200,000 2.500% 4.300% 4.300% 180 385,000 2.480% 5.500% 5.500% 30220292030 1,310,000 2.590% 4.375% 4.375% 17920312032 1,430,000 2.650% 4.500% 4.500% 18520332034 1,565,000 2.750% 4.500% 4.600% 18520352036 1,705,000 2.830% 4.600% 4.750% 1922037203820392040204120422043204420452046204720482049205020512052205320542055205620572058205920602061

*Spread to December "AAA" MMD *Spread to June "AAA" MMD



Par Amount $387,220,000 $144,275,000Issuer Massachusetts Development Finance Agency South Carolina Jobs-Economic Development AuthorityBorrower CareGroup (MA) McLeod Health (SC)Issue Name Revenue Bonds, Series 2018J-2 Hospital Refunding and Improvemnet Revenue Bonds, Series 2018Issue Rating Baa1/A-/NR NR/AA/AA-Underlying Rating Baa1/A-/NR NR/AA/AA-Pricing Date 06/13/2018 06/12/2018Dated Date 06/26/2018 06/28/2018Final Maturity 07/01/2053 11/01/2048Bonds Due 07/01/2029-2038, 2043, 2048, 2058 11/01/2018-2036, 2043, 2048Call Provisions 07/01/2028 @ 100 05/01/2028 @ 100DSRF No NoCUSIP (last maty) 57584YJW0 83703FKV3


Maturity Amount 06/12/18 Coupon Yield (Bps) Amount 06/11/18 Coupon Yield (Bps)2018 2,600,000 1.530% 4.000% 1.500% -32019 2,230,000 1.530% 5.000% 1.680% 152020 2,345,000 1.700% 5.000% 1.850% 152021 2,465,000 1.830% 5.000% 2.010% 182022 2,590,000 1.920% 5.000% 2.140% 222023 2,725,000 2.030% 5.000% 2.280% 252024 2,865,000 2.170% 5.000% 2.470% 302025 3,010,000 2.270% 5.000% 2.600% 332026 3,165,000 2.370% 5.000% 2.720% 352027 3,325,000 2.420% 5.000% 2.800% 382028 3,495,000 2.480% 5.000% 2.880% 402029 8,115,000 2.530% 5.000% 3.200% 67 3,675,000 2.530% 5.000% 2.980% 452030 8,520,000 2.580% 5.000% 3.280% 70 3,865,000 2.580% 5.000% 3.030% 452031 8,945,000 2.620% 5.000% 3.350% 73 4,065,000 2.610% 5.000% 3.090% 482032 9,395,000 2.660% 5.000% 3.390% 73 4,270,000 2.640% 5.000% 3.120% 482033 9,860,000 2.710% 5.000% 3.440% 73 4,490,000 2.690% 5.000% 3.160% 472034 10,355,000 2.760% 5.000% 3.490% 73 4,720,000 2.740% 5.000% 3.220% 482035 10,875,000 2.800% 5.000% 3.550% 75 4,965,000 2.780% 5.000% 3.280% 502036 11,415,000 2.840% 5.000% 3.590% 75 200,000 2.820% 5.000% 3.320% 502037 11,985,000 2.860% 5.000% 3.610% 752038 12,585,000 2.880% 5.000% 3.630% 7520392040204120422043 73,025,000 2.950% 5.000% 3.700% 75 27,590,000 2.930% 5.000% 3.430% 5020442045204620472048 93,195,000 3.000% 5.000% 3.750% 75 24,320,000 / 31,300,000 2.980% 4.000% / 5.000% 3.850% / 3.480% 87 / 5020492050205120522053 118,950,000 3.000% 5.000% 3.850% 8520542055205620572058205920602061

*Spread to July "AAA" MMD *Spread to November "AAA" MMD





Par Amount $50,095,000 $45,505,000Issuer Union County Hospital Authority Massachusetts Development Finance AgencyBorrower Evangelical Community Hospital (PA) CareGroup (MA)Issue Name Hospital Revenue Bonds, Series 2018B Revenue Bonds, Series 2018J-1Issue Rating NR/A-/NR Baa1/A-/NRUnderlying Rating NR/A-/NR Baa1/A-/NRPricing Date 06/12/2018 06/13/2018Dated Date 06/21/2018 06/26/2018Final Maturity 08/01/2048 07/01/2048Bonds Due 08/01/2019-2020, 2033, 2038, 2043, 2048 07/01/2019-2025, 2027, 2029, 2031, 2033, 2035-2038, 2043, 2048Call Provisions 08/01/2025 @ 100 07/01/2028 @ 100DSRF No NoCUSIP (last maty) 906460DQ0 57584YJH3


Maturity Amount 06/11/18 Coupon Yield (Bps) Amount 06/12/18 Coupon Yield (Bps)20182019 115,000 1.500% 4.000% 1.800% 30 2,485,000 1.470% 5.000% 1.720% 252020 710,000 1.680% 5.000% 1.950% 27 2,640,000 1.660% 5.000% 1.960% 302021 2,775,000 1.810% 5.000% 2.140% 332022 2,915,000 1.900% 5.000% 2.280% 382023 3,060,000 2.000% 5.000% 2.430% 432024 3,210,000 2.130% 5.000% 2.610% 482025 3,370,000 2.250% 5.000% 2.780% 5320262027 1,240,000 2.420% 5.000% 3.070% 6520282029 1,365,000 2.530% 5.000% 3.200% 6720302031 1,505,000 2.620% 5.000% 3.350% 7320322033 1,575,000 2.690% 5.000% 3.380% 69 1,660,000 2.710% 5.000% 3.440% 7320342035 1,835,000 2.800% 5.000% 3.550% 752036 985,000 2.840% 5.000% 3.590% 752037 1,035,000 2.860% 5.000% 3.610% 752038 9,185,000 2.860% 5.000% 3.530% 67 1,085,000 2.880% 5.000% 3.630% 7520392040204120422043 14,695,000 2.930% 5.000% 3.610% 68 6,295,000 2.950% 5.000% 3.700% 7520442045204620472048 23,815,000 2.980% 5.000% 3.660% 68 8,045,000 3.000% 5.000% 3.750% 752049205020512052205320542055205620572058205920602061

*Spread to August "AAA" MMD *Spread to July "AAA" MMD




Par Amount $36,025,000 $32,900,000Issuer Washington State Housing Finance Commission City of Bethel, MinnesotaBorrower The Hearthstone (WA) The Lodge at Stillwater (DE)Issue Name Nonprofit Housing Revenue Bonds, Series 2018A Senior Housing Revenue Bonds, Series 2018Issue Rating Not Rated Not RatedUnderlying Rating Not Rated Not RatedPricing Date 06/13/2018 06/14/2018Dated Date 06/28/2018 06/21/2018Final Maturity 07/01/2053 06/01/2058Bonds Due 07/01/2023, 2028, 2038, 2048, 2053 06/01/2022-2033, 2038, 2048, 2053, 2058Call Provisions 07/01/2026 @ 102; 2027 @ 101; 2028 @ 100 06/01/2023 @ 102; 2024 @ 101; 2025 @ 100DSRF Yes YesCUSIP (last maty) 939783WS1 08676PAR1


Maturity Amount 06/12/18 Coupon Yield (Bps) Amount 06/13/18 Coupon Yield (Bps)20182019202020212022 335,000 1.900% 3.250% 3.250% 1352023 1,735,000 2.000% 3.500% 3.500% 150 345,000 2.000% 3.500% 3.500% 1502024 355,000 2.130% 3.750% 3.750% 1622025 370,000 2.250% 4.000% 4.000% 1752026 385,000 2.360% 4.000% 4.125% 1772027 400,000 2.430% 4.250% 4.250% 1822028 2,895,000 2.480% 4.500% 4.030% 155 420,000 2.500% 4.250% 4.375% 1882029 435,000 2.550% 4.500% 4.500% 1952030 455,000 2.600% 4.500% 4.550% 1952031 475,000 2.640% 4.500% 4.600% 1962032 495,000 2.680% 4.500% 4.650% 1972033 520,000 2.730% 4.500% 4.700% 19720342035203620372038 8,275,000 2.880% 5.000% 4.530% 165 3,005,000 2.900% 5.000% 4.830% 1932039204020412042204320442045204620472048 13,475,000 3.000% 5.000% 4.680% 168 8,710,000 3.020% 5.000% 4.950% 19320492050205120522053 9,645,000 3.000% 5.000% 4.720% 172 6,235,000 3.020% 5.000% 5.080% 20620542055205620572058 9,960,000 3.020% 5.250% 5.200% 218205920602061

*Spread to July "AAA" MMD *Spread to June "AAA" MMD




Par Amount $19,365,000 $8,700,000Issuer Union County Hospital Authority Washington State Housing Finance CommissionBorrower Evangelical Community Hospital (PA) The Hearthstone (WA)Issue Name Hospital Revenue Bonds, Series 2018C Nonprofit Housing Revenue Bonds, Series 2018BIssue Rating NR/A-/NR Not RatedUnderlying Rating NR/A-/NR Not RatedPricing Date 06/12/2018 06/13/2018Dated Date 06/21/2018 06/28/2018Final Maturity 08/01/2041 07/01/2023Bonds Due 08/01/2023, 2028, 2033, 2041 07/01/2023Call Provisions 08/01/2028 @ 100 07/01/2019 @ 100DSRF No YesCUSIP (last maty) 906460DU1 939783WT9

*InterpolatedPar UST Spread Par MMD Spread

Maturity Amount 06/11/18 Coupon Yield (Bps) Amount 06/12/18 Coupon Yield (Bps)201820192020202120222023 2,705,000 2.800% 3.800% 3.800% 100 8,700,000 2.000% 3.125% 3.125% 11320242025202620272028 3,330,000 2.950% 4.400% 4.400% 14520292030203120322033 4,180,000 3.090% 4.650% 4.650% 15620342035203620372038203920402041 9,150,000 3.090% 4.850% 4.850% 17620422043204420452046204720482049205020512052205320542055205620572058205920602061

*Spread to July "AAA" MMD



Par Amount $32,665,000 $24,620,000Issuer Board of Regents, State of Iowa City of St. Paul Park, MinnesotaBorrower University of Iowa Hospitals and Clinics (IA) PHS WestHealth & PHS Interlude Fridley (MN)Issue Name Hospital Revenue Bonds, Series S.U.I. 2018 Health Care Facilities Revenue Refunding BondsIssue Rating Aa2/AA/NR Not-RatedUnderlying Rating Aa2/AA/NR Not-RatedPricing Date 06/06/2018 06/04/2018Dated Date 06/01/2018 06/14/2018Final Maturity 09/01/2043 05/01/2053Bonds Due 09/01/2019-2028, 2030, 2032, 2034, 2037, 2039, 2043 05/01/2019-2033, 2038, 2043, 2048, 2053Call Provisions 09/01/2025 @ 100 05/01/2023 @ 102; 2024 @ 101; 2025 @ 100DSRF Yes YesCUSIP (last maty) 46256QJC1 85233DBF7


Maturity Amount 06/05/18 Coupon Yield (Bps) Amount 06/01/18 Coupon Yield (Bps)20182019 325,000 1.630% 5.000% 1.750% 12 275,000 1.610% 3.000% 2.300% 692020 825,000 1.750% 5.000% 1.880% 13 325,000 1.730% 3.000% 2.500% 772021 875,000 1.850% 5.000% 2.000% 15 330,000 1.830% 3.000% 2.750% 922022 925,000 1.920% 5.000% 2.100% 18 340,000 1.890% 3.000% 3.000% 1112023 975,000 2.020% 5.000% 2.200% 18 355,000 1.980% 3.150% 3.150% 1172024 1,000,000 2.150% 5.000% 2.330% 18 365,000 2.110% 3.350% 3.350% 1242025 1,050,000 2.260% 4.000% 2.450% 19 375,000 2.230% 3.600% 3.600% 1372026 1,100,000 2.350% 4.000% 2.600% 25 390,000 2.320% 3.750% 3.750% 1432027 1,150,000 2.400% 3.250% 2.750% 35 405,000 2.380% 4.000% 3.850% 1472028 1,175,000 2.450% 3.250% 2.830% 38 420,000 2.430% 4.000% 3.950% 1522029 435,000 2.480% 4.000% 4.000% 1522030 2,475,000 2.540% 3.000% 3.030% 49 455,000 2.520% 4.000% 4.050% 1532031 475,000 2.560% 4.100% 4.100% 1542032 2,650,000 2.610% 3.250% 3.250% 64 490,000 2.600% 4.150% 4.150% 1552033 510,000 2.640% 4.200% 4.200% 1562034 2,800,000 2.710% 3.375% 3.400% 69203520362037 4,575,000 2.800% 3.375% 3.500% 702038 2,940,000 2.800% 4.750% 4.250% 1452039 3,350,000 2.840% 3.500% 3.567% 732040204120422043 7,415,000 2.890% 3.500% 3.622% 73 3,725,000 2.870% 5.000% 4.270% 14020442045204620472048 4,685,000 2.920% 4.375% 4.490% 15720492050205120522053 7,325,000 2.920% 5.000% 4.470% 15520542055205620572058205920602061

*Spread to September "AAA" MMD *Spread to May "AAA" MMD





Par Amount $9,200,000Issuer Port Authority of the City of Saint PaulBorrower Lyngblomsten Care Center (MN)Issue Name Health Care Facilities Revenue Bonds, Series 2018Issue Rating Not-RatedUnderlying Rating Not-RatedPricing Date 06/04/2018Dated Date 06/21/2018Final Maturity 06/01/2043Bonds Due 06/01/2020-2028, 2031, 2035, 2039, 2043Call Provisions 06/01/2023 @ 100DSRF NoCUSIP (last maty) 79307PBE7

*InterpolatedPar MMD Spread

Maturity Amount 06/01/18 Coupon Yield (Bps)201820192020 240,000 1.740% 2.750% 2.750% 1012021 245,000 1.840% 3.000% 3.000% 1162022 250,000 1.900% 3.250% 3.250% 1352023 260,000 1.990% 3.375% 3.375% 1392024 270,000 2.120% 3.550% 3.550% 1432025 280,000 2.240% 3.700% 3.700% 1462026 290,000 2.330% 3.875% 3.875% 1552027 300,000 2.390% 4.000% 4.000% 1612028 315,000 2.440% 4.050% 4.050% 161202920302031 1,020,000 2.560% 4.250% 4.250% 1692032203320342035 1,585,000 2.730% 4.400% 4.400% 1672036203720382039 1,890,000 2.820% 4.500% 4.500% 1682040204120422043 2,255,000 2.870% 4.650% 4.650% 178204420452046204720482049205020512052205320542055205620572058205920602061

*Spread to June "AAA" MMD


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