KOVACK SECURITIES - FIXED INCOME TRADING

FOR MORE INFORMATION CONTACT:

Ken Forester, Director of Fixed Income TradingDirect: 954-670-0604 or 800-711-4078Email: ken@kovacksecurities.com

***** BROKERAGE CD RATES *****2YR T 0 ¾ 09/30/18 0.85% 1YR 0.80% LAST: 0.853YR T 0 ⅞ 09/15/19 1.01% 3YR 1.64%5YR T 1 ⅛ 09/30/21 1.27% 5YR 1.82%7YR T 1 ⅜ 09/30/23 1.55% 7YR 2.13%

10YR T 1 ½ 08/15/26 1.76% 10YR 2.38%30YR (LONG BOND) T 2 ¼ 08/15/46 2.51% 15YR 2.42%

SIZE (PIECES WORK) AGENCY STRUCTURE COUPON % MATURITY NEXT CALL PRICE $ Moody's S&P CUSIP NOTES15000 FHLB  1⅛  21 5yr/6mo 1.125 11/23/21 $42,878.00 99.775 Aaa AA+ 3130A9V73 1.125-6%8925 FHLMC 1½  21 5yr/3mo 1.5 11/30/2021 2/28/2017 99.95 Aaa AA+ 3134GAUA0 1.50%-3%5905 FHLB  1¼  24 8yr/6mo 1.25 10/25/2024 4/25/2017 99.375 Aaa AA+ 3130A9MD0 1.25-8%2150 FHLB  1½  26 10yr/6mo 1.5 10/26/2026 4/26/2017 99.5 Aaa AA+ 3130A9N80 1.50%-8%2900 FHLB  1½  28 12yr/6mo 1.5 10/27/2028 4/27/2017 99.2 Aaa AA+ 3130A9ME8 1.50-10%4005 FHLB  2.85 36 20yr/3mo 2.85 10/20/1936 1/20/2017 99.825 Aaa AA+ 3130A9RK9 Fixed

KOVACK ----- SECONDARY AGENCY OFFERS***PRICES ON AX SHEET WILL BE ADJUSTED TO CURRENT MARKET OR NEGOTIATED***

**** U.S. TREASURY BONDS - ON THE RUN **** ** USD 30YR - 2YR SWAP SPREAD SUMMARY *

30YR - 2YR CURVE STEEPENER FORMULA

EXAMPLE : 30YR -2YR - .875 bps x 5 = 0%

★★★ FOR BROKER DEALER USE ONLY ★ ★★

mailto:ken@kovacksecurities.com

SIZE (PIECES WORK ) COMPANY TICKER COUPON % MATURITY PX YTW Moody'S S&P BBID NOTESminimum = 10M

50M + TRANSOCEAN INC RIG 6.00% 03/15/18 $102.000 4.48% Caa1 BB- EH111174750M + UNITED STATES STEEL CORP X 7.375% 04/01/20 $100.000 7.33% Caa1 B EI191294450M + CHS/COMMUNITY HEALTH SYS CYH 5.125% 08/15/21 $100.000 5.13% Ba3 BB- EK5190823

50M + TRANSOCEAN INC RIG 8.125% 12/15/21 $100.000 8.12% Caa1 BB- EI8943884ajustable to credit

rating50M+ WPX ENERGY INC WPX 6.00% 01/15/22 $104.500 4.96% B3 B EJ215167250M + ONEOK INC OKE 4.25% 02/01/22 $100.500 4.13% Ba1 BB+ EI997709750M + CENTURYLINK INC CTL 5.80% 03/15/22 $104.000 4.94% Ba3 BB EJ053001850M + CVR ENERGY INC CVI 6.50% 11/01/22 $97.000 7.12% B1 BB- EJ796647050M + CARPENTER TECHNOLOGY CRS 4.45% 03/01/23 $100.000 4.45% Ba2 BBB EJ5669761 SPLIT RATED50M+ BRINKER INTERNATIONAL EAT 3.875% 05/15/23 $98.500 4.13% Ba1 BB+ EJ671000250M+ CHEMOURS CO CC 6.625% 05/15/23 $100.000 6.63% B1 B+ JK794894250M+ ALCOA NEDERLAND HOLDING AA 6.750% 09/30/24 $106.000 5.54% Ba3 BB- QZ634066050M + CALPINE CORP CPN 5.75% 01/15/25 $102.000 5.35% B2 B EK376500650M + ENSCO PLC ESV 5.20% 03/15/25 $83.500 7.93% B1 BBB- EK788779850M + DEUTSCHE BANK AG DB 4.50% 04/01/25 $94.750 5.27% Ba1 BB+ EK8328065 Subordinated50M + FRONTIER CALIFORNIA INC FTR 6.75% 05/15/27 $100.000 6.75% N/A BB+ DD1174943 Fitch BB+50M + CF INDUSTRIES INC CF 5.15% 03/15/34 $92.000 5.89% Baa3 BB+ EK113427050M + GENERAL MOTORS CO GM 5.00% 04/01/35 $104.750 4.61% Ba1 BBB- EK3148336 SPLIT RATED50M + WEATHERFORD BERMUDA WFT 9.875% 03/01/39 $105.500 9.28% B2 BB- EH6767675

KOVACK ----- HIGH YIELD (HY) CORPORATE BOND OFFERS

***PRICES ON AX SHEET WILL BE ADJUSTED TO CURRENT MARKET OR NEGOTIATED***

SIZE (PIECES WORK ) COMPANY TICKER COUPON % MATURITY PX YTW Moody's S&P BBID NOTESminimum = 10M

50M+ ICAHN ENTERPRISES IEP 5.875% 02/01/22 $98.000 6.32% Ba3 BBB- EK2424753 SPLIT RATED50M+ METHANEX CORP MXCN 5.25% 03/01/22 $105.250 4.14% Baa3 BB+ EJ0388060 SPLIT RATED

250M+ PERSHING SQUARE HOLDINGS PSHNA 5.50% 07/15/22 $101.500 5.18% BBB BBB+ EK9968414REGS / 250M 

Denoms50M+ SEAGATE TECHNOLOGIES STX 4.75% 06/01/23 $100.500 4.66% Baa3 BBB- EJ680141350M+ SIGNET UK FINANCE PLC SIG 4.70% 06/15/24 $101.750 3.98% BBB- BBB EK388003750M+ BARCLAYS BANK PLC BACR 4.38% 09/11/24 $102.500 3.86% Baa3 BB+ EK3548428 SPLIT RATED50M+ ALCOA INC AA 5.125% 10/01/24 $105.75 4.24% Ba1 BBB- EK4995222 SPLIT RATED50M+ TRINITY INDUSTRIES INC TRN 4.55% 10/01/24 $101.00 4.39% Ba1 BBB- EK5088951 SPLIT RATED50M+ BARCLAYS BANK PLC BACR 5.20% 05/12/26 $101.625 4.13% Baa3 BB+ LW0429438 SPLIT RATED50M+ VALERO ENERGY CORP VLO 3.40% 09/15/26 $99.500 3.46% Baa2 BBB QZ491608150M+ MORGAN STANLEY MS 3.95% 04/23/27 $104.000 3.49% Baa2 BBB+ EK871146850M+ SEAGATE TECHNOLOGIES STX 4.875% 06/01/27 $91.750 5.93% Baa3 BBB- EK909175350M+ WESTERN UNION CO WU 6.20% 11/17/36 $106.500 5.64% Baa2 BBB EG096701850M+ HEWLETT PACKARD HP 6.00% 09/15/41 $103.500 5.73% Baa2 BBB 428236BR3 (now HP Inc.)50M+ IBM CORP IBM 4.00% 06/20/42 $10.000 3.66% Aa3 AA- EJ222340650M+ LEGG MASON INC LM 5.625% 01/15/44 $104.250 5.32% Baa1 BBB EK032619050M+ CF INDUSTRIES INC CF 5.375% 03/15/44 $89.500 6.17% Baa2 BBB- EK113439550M+ BED BATH & BEYOND INC BBBY 5.165% 08/01/44 $97.500 5.33% Baa1 BBB+ EK385476850M+ MOTOROLA SOLUTIONS INC MSI 5.50% 09/01/44 $99.000 5.62% Baa3 BBB- EK436547550M+ TIFFANY & CO TIF 4.90% 10/01/44 $101.000 4.83% Baa2 BBB+ EK855125250M + GOLDMAN SACHS GROUP INC GS 5.150% 05/22/45 $110.250 4.50% Baa2 BBB- EK9257180

KOVACK ---- INVESTMENT GRADE (IG) CORPORATE BOND OFFERS***PRICES ON AX SHEET WILL BE ADJUSTED TO CURRENT MARKET OR NEGOTIATED***

STATE ISSUER COUPON MATURITY QUANTITY PRICE YTW % Moody's S&P BBID NOTES% (000) (YIELD TO WORST)% (PIECES WORK) %

FL SANTA ROSA FL BAY BRIDGE AUTH 0.00 7/1/2019 100 92.526 2.925 A3 AA- 802576BR8MO MISSOURI ST HLTH & EDUCTNL FAC 0.00 9/1/2019 100 95.842 1.5 A2 AA- 60635R4P9NJ NEW JERSEY ST EDUCTNL FACS AUT 4.00 7/1/2020 100 109.29 1.396 A3 646065H96NY NEW YORK ST DORM AUTH REVENUES 4.00 1/1/2022 215 106.23 2.7 649907L59CA SAN DIEGO CA REDEV AGY SUCCESS 3.25 9/1/2022 100 104.88 2.35 AA- 79730WAY6MA MASSACHUSETTS ST HSG FIN AGY 3.35 12/1/2022 140 103.03 2.8 Aa3 AA- 57586NRM5CA PERRIS CA SF MTGE REVENUE 0.00 6/1/2023 125 89.441 1.7 #Aaa AA+ 714386AT6CA SAN MATEO CNTY CA CMNTY CLG DI 0.00 9/1/2023 415 89.487 1.63 Aaa AAA 799038FX7CA FOUNTAIN VLY CA PENSN OBLIG 3.25 9/1/2023 250 105.17 2.425 AA+ 350805AF4MI W MICHIGAN REGL WTR AUTH WTR S 2.50 4/1/2024 100 105.79 1.549 AA- 95444PAJ7CA CALIFORNIA ST STWD CMNTYS DEV 5.90 6/1/2024 120 108.09 3.78 Baa1 NR 130911XH8UT UTAH ST MUNI PWR AGY PWR SPLY 2.64 7/1/2024 270 101.65 2.4 A+ 91756TAM3NY NEW YORK CITY NY TRANSITIONALF 2.00 11/1/2024 200 102.04 1.642 Aa1 AAA 64971QM59NJ NEW MILFORD NJ 2.25 12/1/2024 125 104.74 1.622 AA+ 647497FM3SC SOUTH CAROLINA ST PUBLIC SVC A 5.00 12/1/2024 100 123.9 1.81 A1 AA- 837151RZ4IL MCCOOK IL 5.00 12/1/2024 100 104.83 2.61 BBB 579695CF2IL MET PIER & EXPOSITION AUTH IL 0.00 12/15/2024 120 76.024 3.4 A3 AA- 592247KR0PA PHILADELPHIA PA AUTH FOR INDL 0.00 4/15/2025 100 72.114 3.9 A3 A+ 71781LBC2CA NORTH CITY CA WEST SCH FACS FI 0.00 9/1/2025 565 79.684 2.585 A2 A 658620CK3CA CALIFORNIA ST 5.00 11/1/2025 1885 123.57 1.45 Aa3 AA- 13063CHD5PA STATE COLLEGE BORO PA 2.00 11/15/2025 100 100.65 1.849 AA- 856647LM2IL CHICAGO IL BRD OF EDU 0.00 12/1/2025 305 69.452 4.05 A3 AA- 167501UL7NY NEW YORK ST MTGE AGY HOMEOWNER 3.45 4/1/2027 100 105.02 2.65 Aa1 649883D28NY ROCKVILLE CENTRE NY UNION FREE 3.00 6/15/2027 135 105.59 2.092 Aa2 774149JN9CA IMPERIAL CA CMNTY CLG DIST 0.00 8/1/2027 200 73.753 2.85 A1 AA- 452641CW1IL CHICAGO IL BRD OF EDU 0.00 12/1/2027 100 63.407 4.15 A3 AA- 167501XC4NY NEW YORK ST MTGE AGY HOMEOWNER 3.50 4/1/2028 100 105.02 2.7 Aa1 649883D44TX LAVACA-NAVIDAD RIVER TX AUTH 3.25 8/1/2028 110 104.95 2.45 AA- 519385EX2

KOVACK ---- MUNICIPAL BOND OFFERS

***PRICES ON AX SHEET WILL BE ADJUSTED TO CURRENT MARKET OR NEGOTIATED***

CA W CONTRA COSTA CA UNIF SCH DIS 0.00 8/1/2028 120 71.363 2.89 Aa3 AA 952347UV2KS KANSAS ST DEV FIN AUTH REVENUE 2.13 11/1/2028 190 95.127 2.6 Aa3 A+ 4854297P3NJ NEW JERSEY ST TRANSPRTN TRUST 0.00 12/15/2028 190 64.405 3.66 A3 A- 646136ER8CA UNIV OF CALIFORNIA CA RGTS MED 6.46 5/15/2029 120 127.17 3.1 Aa3 AA- 913366DG2WA ENERGY N W WA WIND PROJ REVENU 4.00 7/1/2029 100 110.39 2.65 A2 29270MEP4CA WILLITS CA UNIF SCH DIST 0.00 7/15/2029 155 68.663 2.979 AA 970837BK5IN LA PORTE IN MULTI SCH BLDG COR 3.00 7/15/2029 710 101.75 2.8 AA+ 504025EW3IN 2004 PLAINFIELD IN CMNTY HIGH 3.00 7/15/2029 250 101.68 2.8 AA+ 726287AX3KS DOUGLAS CNTY KS 4.25 8/1/2029 100 112.8 2.2 Aa2 259039D93MO MISSOURI ST HLTH & EDUCTNL FAC 5.00 12/1/2029 170 119.38 2.481 A+ 60637AKC5OK WASHITA CNTY OK PUBLIC FACS AU 5.00 12/1/2029 105 108.16 2.25 BBB 94075RAR4IL MET PIER & EXPOSITION AUTH IL 0.00 12/15/2029 295 59.075 4.049 A3 AA- 592247J35MN MILACA MN INDEP SCH DIST #912 2.50 2/1/2030 190 99.438 2.55 A2 598704AN4NY NEW YORK CITY NY TRANSITIONAL 3.00 2/1/2030 100 104.47 2.399 Aa1 AAA 64971WUJ7TX SUGAR LAND TX 3.00 2/15/2030 195 102.2 2.7 AAA 864856CP2TX ROUND ROCK TX INDEP SCH DIST 5.90 8/1/2030 180 112.18 1.385 Aaa AA 779240GS3TX WYLIE TX INDEP SCH DIST 0.00 8/15/2030 320 66.444 2.2 Aaa 983068L39

WA WALLA WALLA WA 2.25 12/1/2030 100 95.754 2.612 AA 932219KX5IL EVANSTON IL 2.38 12/1/2030 135 95.078 2.8 Aa2 299228AP1IL MET PIER & EXPOSITION AUTH IL 0.00 12/15/2030 140 56.113 4.131 A3 AA- 592247J50IL MET PIER & EXPOSITION AUTH IL 0.00 6/15/2031 665 54.437 4.2 A3 AA- 592247J68KY LOGAN CNTY KY SCH DIST FIN COR 2.50 9/1/2031 100 93.471 3.05 Aa3 540790MB5PA MONTGOMERY CNTY PA 2.63 10/15/2031 100 97.273 2.85 Aa1 6135793Z2IL WILL CNTY IL CMNTY UNIT SCH DI 5.75 11/1/2031 115 118.57 1.85 Aa2 969078RA4GA MUNI ELEC AUTH OF GEORGIA 0.00 1/1/2032 200 64.121 2.95 A2 A 626207L44AR NORTH LITTLE ROCK AR SCH DIST# 3.00 2/1/2032 150 99.391 3.05 Aa2 660631XT4KY KENTUCKY ST RURAL WTR FIN CORP 3.00 8/1/2032 280 99.251 3.06 A+ 49140M3Q0TX WILLIAMSON CNTY TX MUNI UTILIT 3.00 8/15/2032 195 98.51 3.12 A2 AA 97000WCM5LA LOUISIANA ST UNCLAIMED PROPERT 5.25 9/1/2032 100 121.95 2.47 A1 AA- 54651RCG2PA MONTGOMERY CNTY PA 2.63 10/15/2032 395 95.27 3 Aa1 6135794A6KS PARK CITY KS PUBLIC BLDG COMMI 2.75 12/1/2032 200 99.985 2.751 AA- 70023PAR1NJ NEW JERSEY ST TRANSPRTN TRUST 0.00 12/15/2032 160 52.373 4.05 A3 A- 646136WP2TX SUGAR LAND TX 3.00 2/15/2033 100 99.997 3 AAA 864856CS6NY DUNKIRK NY 3.00 3/15/2033 150 101.83 2.724 A+ 265543QQ4

TN WILSON CNTY TN 3.00 4/1/2033 100 101.86 2.75 AA 97217PJF7OR CLACKAMAS CNTY OR SCH DIST #46 0.00 6/15/2033 140 58.98 3.2 AA+ 179126DA2TX WILLIAMSON CNTY TX MUNI UTILIT 2.50 8/1/2033 250 90.377 3.249 A3 AA- 970554EX5KY LOGAN CNTY KY SCH DIST FIN COR 2.75 9/1/2033 110 94.8 3.15 Aa3 540790MD1TX MONTGOMERY CNTY TX MUNI UTILIT 3.25 9/1/2033 215 101.53 3 A3 AA 61371AJP6FL LAKELAND FL HOSP SYS REVENUE 5.00 11/15/2033 100 116.29 2.73 A2 511665JK8OR CLACKAMAS CNTY OR SVC DIST #1 2.50 12/1/2033 365 93.991 2.95 AA+ 179282FX1IL CHICAGO IL 0.00 1/1/2034 345 47.754 4.35 A3 AA- 167484QZ0AR CONWAY AR SCH DIST #1 2.63 2/1/2034 150 94.974 3 Aa2 212597L89IA ST UNIV OF IOWA UNIV REVENUE 2.63 7/1/2034 185 94.882 3 Aa1 AA- 857536VX1TX WILLIAMSON CNTY TX MUNI UTILIT 2.50 8/1/2034 500 88.825 3.339 A3 AA- 970554EY3CA OXNARD CA UNION HIGH SCH DIST 3.00 8/1/2034 150 100.95 2.876 Aa3 A+ 692039NJ5TX LAZY NINE TX MUNI UTILITY DIST 2.50 9/1/2034 215 89.037 3.319 A2 AA 52109HDY6FL TAMPA FL NON-AD VALOREM REVENU 2.63 10/1/2034 100 94.163 3.05 Aa2 AA+ 875139AP2

MA BEVERLY MA 3.00 10/15/2034 100 99.654 3.025 AA 088095U28TX TARRANT CNTY TX CULTURAL EDU F 8.00 11/15/2034 345 125.94 1.385 87638REA1CA CENTINELA VLY CA UNION HIGH SC 3.00 8/1/2035 105 98.582 3.1 AA 152339QE0TX FORT BEND CNTY TX MUNI UTILITY 2.75 9/1/2035 165 95.031 3.1 A2 AA 34680CES4IL S WSTRN IL DEV AUTH 4.00 10/15/2035 145 105.39 3.3 A3 A 84552YPW5TX HARRIS CNTY TX CULTURAL EDU FA 4.00 12/1/2035 290 106.09 2.9 A1 A+ 414009GP9OR CLACKAMAS CNTY OR SVC DIST #1 2.63 12/1/2035 845 93.882 3.05 AA+ 179282FY9IL EVANSTON IL 2.75 12/1/2035 645 94.983 3.1 Aa2 299228AU0AR CONWAY AR SCH DIST #1 2.63 2/1/2036 150 91.778 3.2 Aa2 212597M21KY KENTUCKY ST RURAL WTR FIN CORP 3.13 8/1/2036 185 98.472 3.23 A+ 49140M3R8PA PENNSYLVANIA ST HGR EDUCTNL FA 3.00 11/1/2036 200 95.631 3.3 A 70917SYW7CA CALIFORNIA ST PUBLIC WKS BRD L 5.00 4/1/2037 150 114.51 2.15 A1 A+ 1306852J8MN MOORHEAD MN 3.00 2/1/2038 130 99.22 3.05 Aa3 616142KV6AR CONWAY AR SCH DIST #1 2.75 2/1/2038 250 93.095 3.2 Aa2 212597Q27AR CONWAY AR SCH DIST #1 2.75 2/1/2038 275 93.095 3.2 Aa2 212597M47PA DARBY BORO PA 5.38 12/15/2038 130 102.98 3.9 NR 237054AQ4TX PORT ARTHUR TX INDEP SCH DIST 4.75 2/15/2039 100 108.49 1 Aa3 733505JK8MA MASSACHUSETTS ST HLTH & EDUCTN 5.75 7/1/2039 140 108.99 2.263 Baa2 BBB 57586EMV0LA LOUISIANA ST LOCAL GOVT ENVRNM 5.00 10/1/2039 100 115.15 2.85 AA- 546282D35CA W KERN CA WTR DIST REVENUE COP 6.72 6/1/2040 165 130.23 4.38 AA- 95354PAM8

NV LAS VEGAS NV NEW CONVENTION & 5.50 7/1/2040 150 114.13 1.528 A1 AA 517704EA6TX GALENA PARK TX INDEP SCH DIST 3.00 8/15/2040 200 96.992 3.181 AAA 363335BX7CA JURUPA CA CMNTY SVCS DIST COPS 7.00 9/1/2040 190 140.13 3.949 AA 482092DS9TX N W HARRIS CNTY TX MUNI UTILIT 3.00 10/1/2040 205 98.652 3.08 A3 AA 66748PJZ6GA ATLANTA GA WTR & WSTWTR REVENU 5.00 11/1/2040 125 118.03 2.621 Aa3 AA- 047870NE6SD SOUTH DAKOTA ST HLTH & EDUCTNL 4.00 11/1/2040 125 105.21 3.325 A1 A+ 83755VZV9NY MET TRANSPRTN AUTH NY REVENUE 5.00 11/15/2040 150 117.19 2.73 A1 AA- 59259Y3P2WA PEND OREILLE CNTY WA PUBLIC UT 5.75 1/1/2041 110 111 2.146 Baa1 706643BP7TX GALENA PARK TX INDEP SCH DIST 3.00 8/15/2041 100 96.591 3.2 AAA 363335BY5AL UNIV OF ALABAMA AL HOSP REVENU 5.00 9/1/2041 185 101.62 -16 A1 AA- 91402JBX8AL MOBILE CNTY AL BRD OF SCH COMM 3.75 3/1/2042 100 104.19 2.897 AA- 607293BF3UT UTAH ST CHRT SCH FIN AUTH CHRT 3.25 10/15/2042 100 100.7 3.119 AA 91754TEF6MO SAINT LOUIS CNTY MO LIBRARY DI 3.00 4/1/2043 240 94.735 3.3 Aa2 AA 79152QCB6NY NEW YORK ST DORM AUTH REVENUES 5.00 7/1/2043 280 116.48 2.32 Aa3 AA- 649907WP3AR PULASKI CNTY AR PUBLIC FACS BR 5.50 7/1/2043 180 109.32 3.898 74540EAT8MA MASSACHUSETTS ST DEV FIN AGY R 4.84 9/1/2043 200 119.29 3.59 Aaa AAA 57583UA32IN INDIANA ST FIN AUTH HOSP REVEN 5.00 10/1/2044 185 109.29 3.477 Baa2 45471AMZ2AL FOLEY AL PUBLIC ATHLETIC & SPO 4.00 5/1/2045 100 106.3 3.15 Aa3 AA 34424PAZ4MO SAINT LOUIS CNTY MO LIBRARY DI 3.00 4/1/2046 235 94.377 3.3 Aa2 AA 79152QCE0UT WASHINGTON CITY UT WTR REVENUE 3.13 6/1/2046 125 97.633 3.25 AA- 937438BF5PA PENNSYLVANIA ST HGR EDUCTNL FA 5.00 11/1/2046 795 115.98 3.05 A 70917SXW8GA SANDY SPRINGS GA PUBLIC FACS A 4.00 5/1/2047 120 109.05 2.903 Aaa AA+ 80036RBA7TX WYLIE TX INDEP SCH DIST 0.00 8/15/2050 100 26.992 3.155 Aaa 9830682F3SC SOUTH CAROLINA ST PUBLIC SVC A 5.25 12/1/2055 250 118.83 2.88 A1 AA- 837151PF0

Insurer Moody's Rating Moody's Outlook S&P Rating S&P OutlookACA Not Rated -- NR --

Ambac WR -- NR --Assured Gty (AGC) A3 NEG AA STABLE

BAM Not Rated -- AA STABLEBHAC Aa1 STABLE AA+ STABLECIFG WR -- NR --FGIC WR -- NR --AGM A2 STABLE AA STABLENATL A2 NEG AA- STABLEMAC Not Rated -- AA STABLERadian WR -- NR --

XLCA (Syncora) WR -- NR --

----

**WD = Rating Withdrawn

------------------- MUNICIPAL BOND INSURER RATINGS ---------------------------------

Source: Yieldbook, S&P LCD

*** GENERIC U.S. GOVERNMENT 10YR ***

INTERNATIONAL DEBT MARKETS GO NEGATIVE

AA RATED MUNICIPAL BONDS SPREADS TRADE ON TOP OF US TRYS 7 YRS < IN

FUTURE IMPLIED PROBABILITY OF FED RATE HIKE

GLOBAL MACRO MOVERS

Sheet1