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CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN DISTRICT SPECIAL BOARD MEETING AGENDA

Board of Directors: Up For Re-Election: Russell Grant, President May 2020 Calvin Bills, Vice President May 2020 Frank Strand, Secretary / Treasurer May 2020 Steve Luthy, Assistant Secretary / Treasurer May 2020 VACANT, Assistant Secretary / Treasurer May 2020 Date: October 3, 2019 Time: 12:30 p.m. Place: Castle Rock Library James H. Larue Conference Room 100 S. Wilcox Street Castle Rock, CO 80104 1. Call to Order

________________________________________________________________________ 2. Declaration of Quorum/Director Qualifications/Disclosure of Conflicts

A. If needed, motion to excuse Director absence ________________________________________________________________________

3. Approval of Agenda ________________________________________________________________________ 4. Community Comments

________________________________________________________________________

5. Discuss Potential Refinancing of 2010 Bonds/Consider Engagement of Investment Banking Firm

________________________________________________________________________

6. Discuss Traffic Calming Devices _______________________________________________________________

7. Discuss Rules and Regulations

________________________________________________________________________

8. Discuss Bell Mountain Equestrian Center Easements ________________________________________________________________________

9. Other Items ________________________________________________________________________

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Consolidated BMR Metropolitan District Agenda – October 3, 2019 Page 2

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NEXT SCHEDULED REGULAR BOARD MEETING

Tuesday, November 5, 2019 – 2020 Budget Public Hearing at 6:30 p.m.

Lowell Ranch 2330 South I-25

Castle Rock, CO 80104

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CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN DISTRICT

1 Ser. 2019 G.O. Refunding, Taxable Loan Converting to Tax-Free Loan, 2039 Maturity

Ser. 2010 Ser. 2019

As'ed Value Debt Svc $14,710,000 Par $11,570,000 Par Cumulative SeniorBiennial Mill Levy Total S.O. Taxes [Net $14.041 MM] [Net $0.000 MM] Total Funds on Hand Annual Mill Levy Stab. Debt/

Reasses'mt Total [73.417 Cap] Collections Collected Net Available Net Debt [Escr $11.928 MM] Net Debt used as Surplus Fund Balance AssessedYEAR @ 2.0% Assessed Value [63.869 target] @ 98% @ 6% for Debt Service Service Net Debt Service Service Source $0 Target Ratio

2010 17,843,860 63.869 1,116,876 67,013 1,183,889 $608,217 $608,2172011 17,836,940 62.119 1,085,853 65,151 1,151,004 923,876 923,876 n/a n/a 102%2012 13,888,190 62.119 845,466 50,728 896,194 911,626 911,626 n/a n/a 100%2013 13,868,770 62.119 844,284 50,657 894,941 914,501 914,501 n/a n/a 98%2014 13,829,910 62.119 841,918 50,515 892,433 911,389 911,389 n/a n/a 95%2015 13,873,240 62.119 844,556 50,673 895,229 912,389 912,389 n/a n/a 80%2016 16,203,110 57.500 913,045 54,783 967,828 912,314 912,314 n/a n/a 78%2017 16,234,510 50.000 795,491 47,729 843,220 911,914 911,914 n/a 547,405 72%2018 17,166,410 50.000 841,154 50,469 891,623 910,776 910,776 n/a 497,443 70%2019 17,105,770 50.000 838,183 50,291 888,474 913,451 $0 913,451 470,000 (494,978) 2,465 61%2020 19,118,950 39.633 742,587 44,555 787,142 [ Ref'd by Ser. 2019 ] 787,148 787,148 (7) 2,459 59%2021 19,118,950 39.608 742,118 44,527 786,645 786,654 786,654 (8) 2,450 55%2022 382,379 19,501,329 38.901 743,449 44,607 788,056 788,047 788,047 8 2,459 53%2023 19,501,329 38.700 739,607 44,376 783,984 783,977 783,977 7 2,466 50%2024 390,027 19,891,356 38.011 740,969 44,458 785,427 785,432 785,432 (5) 2,460 47%2025 19,891,356 37.978 740,325 44,420 784,745 784,754 784,754 (9) 2,451 44%2026 397,827 20,289,183 37.219 740,040 44,402 784,443 784,447 784,447 (4) 2,446 41%2027 20,289,183 37.183 739,324 44,359 783,684 783,676 783,676 8 2,454 38%2028 405,784 20,694,966 36.660 743,504 44,610 788,114 788,105 788,105 9 2,463 35%2029 20,694,966 36.775 745,836 44,750 790,586 790,588 790,588 (1) 2,462 32%2030 413,899 21,108,866 35.941 743,500 44,610 788,110 788,116 788,116 (6) 2,456 29%2031 21,108,866 35.807 740,728 44,444 785,172 785,180 785,180 (8) 2,448 26%2032 422,177 21,531,043 35.198 742,693 44,562 787,254 787,251 787,251 3 2,451 23%2033 21,531,043 34.997 738,451 44,307 782,759 782,763 782,763 (4) 2,446 20%2034 430,621 21,961,664 34.553 743,665 44,620 788,284 788,281 788,281 4 2,450 17%2035 21,961,664 34.322 738,693 44,322 783,014 783,026 783,026 (11) 2,439 13%2036 439,233 22,400,897 33.629 738,253 44,295 782,549 782,560 782,560 (11) 2,427 10%2037 22,400,897 33.776 741,480 44,489 785,969 785,970 785,970 (0) 2,427 7%2038 448,018 22,848,915 33.235 744,196 44,652 788,848 788,859 788,859 (12) 2,416 4%2039 22,848,915 36.484 816,947 49,017 865,964 865,976 865,976 (12) 2,404 0%

__________ __________ __________ _________ _________ _________ _________ _________ _________3,729,965 23,873,192 1,432,392 25,305,584 8,830,453 15,800,810 24,631,263 470,000 (495,039)

[DSep3019 19txr10D]

9/30/2019 D CBMRMD Fin Plan basic 19 TXL Refg Fin PlanPrepared by D.A. Davidson & Co.

Draft: For discussion purposes only. 1

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Sep 30, 2019 2:52 pm Prepared by D.A. Davidson & Co Quantitative Group~CJ (Consol Bell Mountain Ranch MD 18:DSEP3019-19TXR10D,19TXR10D)

SOURCES AND USES OF FUNDS

CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN DISTRICTTAXABLE LOAN REFUNDING ISSUE, SERIES 2019(*Taxable converting to Tax-Exempt on 9/5/2020)

Full Advance Refunding of Series 2010, 2039 Amortization[ Preliminary -- for discussion only ]

Dated Date 12/18/2019Delivery Date 12/18/2019

Sources:

Bond Proceeds:Par Amount 11,570,000.00

Other Sources of Funds:Ser. 2010 DSRF 92,387.63District Funds on Hand 470,000.00

562,387.63

12,132,387.63

Uses:

Refunding Escrow Deposits:Cash Deposit 0.09Securities Purchases 11,927,999.00

11,927,999.09

Cost of Issuance:Other Cost of Issuance 200,000.00

Other Uses of Funds:Rounding Amount 4,388.54

12,132,387.63

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Sep 30, 2019 2:52 pm Prepared by D.A. Davidson & Co Quantitative Group~CJ (Consol Bell Mountain Ranch MD 18:DSEP3019-19TXR10D,19TXR10D)

SUMMARY OF REFUNDING RESULTS

CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN DISTRICTTAXABLE LOAN REFUNDING ISSUE, SERIES 2019(*Taxable converting to Tax-Exempt on 9/5/2020)

Full Advance Refunding of Series 2010, 2039 Amortization[ Preliminary -- for discussion only ]

Dated Date 12/18/2019Delivery Date 12/18/2019Arbitrage yield 3.172850%Escrow yield 1.785008%Value of Negative Arbitrage 152,948.56

Bond Par Amount 11,570,000.00True Interest Cost 3.172850%Net Interest Cost 3.158414%Average Coupon 3.158414%Average Life 11.578

Par amount of refunded bonds 11,585,000.00Average coupon of refunded bonds 4.844750%Average life of refunded bonds 12.004

PV of prior debt to 12/18/2019 @ 3.172850% 13,447,348.20Net PV Savings 1,319,349.11Percentage savings of refunding bonds 11.403190%

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Sep 30, 2019 2:52 pm Prepared by D.A. Davidson & Co Quantitative Group~CJ (Consol Bell Mountain Ranch MD 18:DSEP3019-19TXR10D,19TXR10D)

SAVINGS

CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN DISTRICTTAXABLE LOAN REFUNDING ISSUE, SERIES 2019(*Taxable converting to Tax-Exempt on 9/5/2020)

Full Advance Refunding of Series 2010, 2039 Amortization[ Preliminary -- for discussion only ]

Present ValuePrior Refunding Annual to 12/18/2019

Date Debt Service Debt Service Savings Savings @ 3.1728497%

06/01/2020 272,125.63 216,603.26 55,522.37 54,736.6112/01/2020 642,125.63 570,545.08 71,580.55 127,102.92 69,465.5206/01/2021 264,725.63 172,851.97 91,873.66 87,766.6612/01/2021 649,725.63 613,801.71 35,923.92 127,797.58 33,782.1006/01/2022 257,025.63 166,067.42 90,958.21 84,199.4212/01/2022 657,025.63 621,979.88 35,045.75 126,003.96 31,935.0006/01/2023 248,825.63 159,051.57 89,774.06 80,527.9612/01/2023 663,825.63 624,925.48 38,900.15 128,674.21 34,348.7906/01/2024 240,214.38 152,716.04 87,498.34 76,054.4012/01/2024 670,214.38 632,716.04 37,498.34 124,996.68 32,084.9106/01/2025 231,184.38 144,480.19 86,704.19 73,028.6412/01/2025 681,184.38 640,274.04 40,910.34 127,614.53 33,919.5906/01/2026 221,509.38 136,847.57 84,661.81 69,098.6212/01/2026 691,509.38 647,599.48 43,909.90 128,571.71 35,278.3706/01/2027 210,640.63 128,983.65 81,656.98 64,580.8512/01/2027 700,640.63 654,692.35 45,948.28 127,605.26 35,772.0706/01/2028 199,309.38 121,552.67 77,756.71 59,590.4912/01/2028 714,309.38 666,552.67 47,756.71 125,513.42 36,027.8106/01/2029 187,400.00 112,484.85 74,915.15 55,633.6312/01/2029 727,400.00 678,102.90 49,297.10 124,212.25 36,037.4006/01/2030 174,912.50 103,772.86 71,139.64 51,192.7012/01/2030 739,912.50 684,343.04 55,569.46 126,709.10 39,363.7906/01/2031 161,846.88 94,829.58 67,017.30 46,731.7412/01/2031 751,846.88 690,350.63 61,496.25 128,513.55 42,212.2006/01/2032 147,465.63 86,125.65 61,339.98 41,447.4012/01/2032 767,465.63 701,125.65 66,339.98 127,679.96 44,125.8806/01/2033 132,353.13 76,172.06 56,181.07 36,785.1312/01/2033 777,353.13 706,590.58 70,762.55 126,943.62 45,608.9606/01/2034 116,631.25 66,457.81 50,173.44 31,833.5312/01/2034 796,631.25 721,822.96 74,808.29 124,981.73 46,722.3906/01/2035 100,056.25 56,358.07 43,698.18 26,866.0012/01/2035 810,056.25 726,667.73 83,388.52 127,086.70 50,467.3206/01/2036 82,750.00 46,279.94 36,470.06 21,727.2512/01/2036 827,750.00 736,279.94 91,470.06 127,940.12 53,642.8106/01/2037 64,125.00 35,387.63 28,737.37 16,589.9112/01/2037 849,125.00 750,582.06 98,542.94 127,280.31 55,999.8406/01/2038 44,500.00 24,362.72 20,137.28 11,264.8712/01/2038 869,500.00 764,496.58 105,003.42 125,140.70 57,822.0306/01/2039 23,875.00 12,952.33 10,922.67 5,920.8412/01/2039 978,875.00 853,023.50 125,851.50 136,774.17 67,154.78

18,347,952.62 15,800,810.14 2,547,142.48 2,547,142.48 1,877,348.20

Savings Summary

PV of savings from cash flow 1,877,348.20Less: Prior funds on hand -562,387.63Plus: Refunding funds on hand 4,388.54

Net PV Savings 1,319,349.11

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Sep 30, 2019 2:52 pm Prepared by D.A. Davidson & Co Quantitative Group~CJ (Consol Bell Mountain Ranch MD 18:DSEP3019-19TXR10D,19TXR10D)

BOND SUMMARY STATISTICS

CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN DISTRICTTAXABLE LOAN REFUNDING ISSUE, SERIES 2019(*Taxable converting to Tax-Exempt on 9/5/2020)

Full Advance Refunding of Series 2010, 2039 Amortization[ Preliminary -- for discussion only ]

Dated Date 12/18/2019Delivery Date 12/18/2019First Coupon 06/01/2020Last Maturity 12/01/2039

Arbitrage Yield 3.172850%True Interest Cost (TIC) 3.172850%Net Interest Cost (NIC) 3.158414%All-In TIC 3.362605%Average Coupon 3.158414%

Average Life (years) 11.578Weighted Average Maturity (years) 11.578Duration of Issue (years) 9.371

Par Amount 11,570,000.00Bond Proceeds 11,570,000.00Total Interest 4,230,810.14Net Interest 4,230,810.14Bond Years from Dated Date 133,953,638.89Bond Years from Delivery Date 133,953,638.89Total Debt Service 15,800,810.14Maximum Annual Debt Service 865,975.83Average Annual Debt Service 791,910.30

Underwriter's Fees (per $1000) Average Takedown Other Fee

Total Underwriter's Discount

Bid Price 100.000000

AveragePar Average Average Maturity PV of 1 bp

Bond Component Value Price Coupon Life Date change

Taxable Loan due 2039 11,570,000.00 100.000 3.158% 11.578 07/16/2031 17,007.90

11,570,000.00 11.578 17,007.90

All-In ArbitrageTIC TIC Yield

Par Value 11,570,000.00 11,570,000.00 11,570,000.00 + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense -200,000.00 - Other Amounts

Target Value 11,570,000.00 11,370,000.00 11,570,000.00

Target Date 12/18/2019 12/18/2019 12/18/2019Yield 3.172850% 3.362605% 3.172850%

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Sep 30, 2019 2:52 pm Prepared by D.A. Davidson & Co Quantitative Group~CJ (Consol Bell Mountain Ranch MD 18:DSEP3019-19TXR10D,19TXR10D)

DETAILED BOND DEBT SERVICE

CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN DISTRICTTAXABLE LOAN REFUNDING ISSUE, SERIES 2019(*Taxable converting to Tax-Exempt on 9/5/2020)

Full Advance Refunding of Series 2010, 2039 Amortization[ Preliminary -- for discussion only ]

Taxable Loan due 2039

Period AnnualEnding Principal Coupon Interest Debt Service Debt Service

06/01/2020 216,603.26 216,603.2612/01/2020 360,000 4.060% 210,545.08 570,545.08 787,148.3406/01/2021 172,851.97 172,851.9712/01/2021 440,000 4.060% 173,801.71 613,801.71 786,653.6806/01/2022 166,067.42 166,067.4212/01/2022 455,000 4.060% 166,979.88 621,979.88 788,047.3006/01/2023 159,051.57 159,051.5712/01/2023 465,000 4.060% 159,925.48 624,925.48 783,977.0506/01/2024 152,716.04 152,716.0412/01/2024 480,000 4.060% 152,716.04 632,716.04 785,432.0806/01/2025 144,480.19 144,480.1912/01/2025 495,000 4.060% 145,274.04 640,274.04 784,754.2306/01/2026 136,847.57 136,847.5712/01/2026 510,000 4.060% 137,599.48 647,599.48 784,447.0506/01/2027 128,983.65 128,983.6512/01/2027 525,000 4.060% 129,692.35 654,692.35 783,676.0006/01/2028 121,552.67 121,552.6712/01/2028 545,000 4.060% 121,552.67 666,552.67 788,105.3406/01/2029 112,484.85 112,484.8512/01/2029 565,000 4.060% 113,102.90 678,102.90 790,587.7506/01/2030 103,772.86 103,772.8612/01/2030 580,000 4.060% 104,343.04 684,343.04 788,115.9006/01/2031 94,829.58 94,829.5812/01/2031 595,000 4.060% 95,350.63 690,350.63 785,180.2106/01/2032 86,125.65 86,125.6512/01/2032 615,000 4.060% 86,125.65 701,125.65 787,251.3006/01/2033 76,172.06 76,172.0612/01/2033 630,000 4.060% 76,590.58 706,590.58 782,762.6406/01/2034 66,457.81 66,457.8112/01/2034 655,000 4.060% 66,822.96 721,822.96 788,280.7706/01/2035 56,358.07 56,358.0712/01/2035 670,000 4.060% 56,667.73 726,667.73 783,025.8006/01/2036 46,279.94 46,279.9412/01/2036 690,000 4.060% 46,279.94 736,279.94 782,559.8806/01/2037 35,387.63 35,387.6312/01/2037 715,000 4.060% 35,582.06 750,582.06 785,969.6906/01/2038 24,362.72 24,362.7212/01/2038 740,000 4.060% 24,496.58 764,496.58 788,859.3006/01/2039 12,952.33 12,952.3312/01/2039 840,000 4.060% 13,023.50 853,023.50 865,975.83

11,570,000 4,230,810.14 15,800,810.14 15,800,810.14

Bond Variable Rate Table

Begin End InterestDate Date Rate

12/18/2019 09/05/2020 4.060%09/05/2020 12/01/2039 3.050%

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Sep 30, 2019 2:52 pm Prepared by D.A. Davidson & Co Quantitative Group~CJ (Consol Bell Mountain Ranch MD 18:DSEP3019-19TXR10D,19TXR10D)

SUMMARY OF BONDS REFUNDED

CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN DISTRICTTAXABLE LOAN REFUNDING ISSUE, SERIES 2019(*Taxable converting to Tax-Exempt on 9/5/2020)

Full Advance Refunding of Series 2010, 2039 Amortization[ Preliminary -- for discussion only ]

Maturity Interest Par Call CallBond Date Rate Amount Date Price

Ser 2010 Insd BBB P&C Refg of 99A&B and 03s, 2039 mat (callable 12/1/20):SERIAL 12/01/2020 4.000% 370,000.00

12/01/2021 4.000% 385,000.00 12/01/2020 100.00012/01/2022 4.100% 400,000.00 12/01/2020 100.00012/01/2023 4.150% 415,000.00 12/01/2020 100.00012/01/2024 4.200% 430,000.00 12/01/2020 100.00012/01/2025 4.300% 450,000.00 12/01/2020 100.000

TERM30 12/01/2026 4.625% 470,000.00 12/01/2020 100.00012/01/2027 4.625% 490,000.00 12/01/2020 100.00012/01/2028 4.625% 515,000.00 12/01/2020 100.00012/01/2029 4.625% 540,000.00 12/01/2020 100.00012/01/2030 4.625% 565,000.00 12/01/2020 100.000

TERM35 12/01/2031 4.875% 590,000.00 12/01/2020 100.00012/01/2032 4.875% 620,000.00 12/01/2020 100.00012/01/2033 4.875% 645,000.00 12/01/2020 100.00012/01/2034 4.875% 680,000.00 12/01/2020 100.00012/01/2035 4.875% 710,000.00 12/01/2020 100.000

TERM39 12/01/2036 5.000% 745,000.00 12/01/2020 100.00012/01/2037 5.000% 785,000.00 12/01/2020 100.00012/01/2038 5.000% 825,000.00 12/01/2020 100.00012/01/2039 5.000% 955,000.00 12/01/2020 100.000

11,585,000.00

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Sep 30, 2019 2:52 pm Prepared by D.A. Davidson & Co Quantitative Group~CJ (Consol Bell Mountain Ranch MD 18:DSEP3019-19TXR10D,19TXR10D)

ESCROW REQUIREMENTS

CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN DISTRICTTAXABLE LOAN REFUNDING ISSUE, SERIES 2019(*Taxable converting to Tax-Exempt on 9/5/2020)

Full Advance Refunding of Series 2010, 2039 Amortization[ Preliminary -- for discussion only ]

Period PrincipalEnding Principal Interest Redeemed Total

06/01/2020 272,125.63 272,125.6312/01/2020 370,000.00 272,125.63 11,215,000.00 11,857,125.63

370,000.00 544,251.26 11,215,000.00 12,129,251.26

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Sep 30, 2019 2:52 pm Prepared by D.A. Davidson & Co Quantitative Group~CJ (Consol Bell Mountain Ranch MD 18:DSEP3019-19TXR10D,19TXR10D)

PRIOR BOND DEBT SERVICE

CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN DISTRICTTAXABLE LOAN REFUNDING ISSUE, SERIES 2019(*Taxable converting to Tax-Exempt on 9/5/2020)

Full Advance Refunding of Series 2010, 2039 Amortization[ Preliminary -- for discussion only ]

Period AnnualEnding Principal Coupon Interest Debt Service Debt Service

06/01/2020 272,125.63 272,125.6312/01/2020 370,000 4.000% 272,125.63 642,125.63 914,251.2606/01/2021 264,725.63 264,725.6312/01/2021 385,000 4.000% 264,725.63 649,725.63 914,451.2606/01/2022 257,025.63 257,025.6312/01/2022 400,000 4.100% 257,025.63 657,025.63 914,051.2606/01/2023 248,825.63 248,825.6312/01/2023 415,000 4.150% 248,825.63 663,825.63 912,651.2606/01/2024 240,214.38 240,214.3812/01/2024 430,000 4.200% 240,214.38 670,214.38 910,428.7606/01/2025 231,184.38 231,184.3812/01/2025 450,000 4.300% 231,184.38 681,184.38 912,368.7606/01/2026 221,509.38 221,509.3812/01/2026 470,000 4.625% 221,509.38 691,509.38 913,018.7606/01/2027 210,640.63 210,640.6312/01/2027 490,000 4.625% 210,640.63 700,640.63 911,281.2606/01/2028 199,309.38 199,309.3812/01/2028 515,000 4.625% 199,309.38 714,309.38 913,618.7606/01/2029 187,400.00 187,400.0012/01/2029 540,000 4.625% 187,400.00 727,400.00 914,800.0006/01/2030 174,912.50 174,912.5012/01/2030 565,000 4.625% 174,912.50 739,912.50 914,825.0006/01/2031 161,846.88 161,846.8812/01/2031 590,000 4.875% 161,846.88 751,846.88 913,693.7606/01/2032 147,465.63 147,465.6312/01/2032 620,000 4.875% 147,465.63 767,465.63 914,931.2606/01/2033 132,353.13 132,353.1312/01/2033 645,000 4.875% 132,353.13 777,353.13 909,706.2606/01/2034 116,631.25 116,631.2512/01/2034 680,000 4.875% 116,631.25 796,631.25 913,262.5006/01/2035 100,056.25 100,056.2512/01/2035 710,000 4.875% 100,056.25 810,056.25 910,112.5006/01/2036 82,750.00 82,750.0012/01/2036 745,000 5.000% 82,750.00 827,750.00 910,500.0006/01/2037 64,125.00 64,125.0012/01/2037 785,000 5.000% 64,125.00 849,125.00 913,250.0006/01/2038 44,500.00 44,500.0012/01/2038 825,000 5.000% 44,500.00 869,500.00 914,000.0006/01/2039 23,875.00 23,875.0012/01/2039 955,000 5.000% 23,875.00 978,875.00 1,002,750.00

11,585,000 6,762,952.62 18,347,952.62 18,347,952.62

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Sep 30, 2019 2:52 pm Prepared by D.A. Davidson & Co Quantitative Group~CJ (Consol Bell Mountain Ranch MD 18:DSEP3019-19TXR10D,19TXR10D)

ESCROW STATISTICS

CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN DISTRICTTAXABLE LOAN REFUNDING ISSUE, SERIES 2019(*Taxable converting to Tax-Exempt on 9/5/2020)

Full Advance Refunding of Series 2010, 2039 Amortization[ Preliminary -- for discussion only ]

Modified Yield to Yield to Perfect Value ofTotal Duration Receipt Disbursement Escrow Negative Cost of

Escrow Cost (years) Date Date Cost Arbitrage Dead Time

11,927,999.09 0.933 1.785008% 1.785008% 11,775,050.52 152,948.56 0.01

11,927,999.09 11,775,050.52 152,948.56 0.01

Delivery date 12/18/2019Arbitrage yield 3.172850%

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