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r,
<br />NORTHLAND
<br />SECURITIES
<br />EXHIBIT F — MUNICIPAL MARKET CONDITIONS
<br />Bond Buyer's Index 2000 to Present
<br />6.25%
<br />r
<br />,,,,,,,,,,,,,,,,,,,,,, , ,,,,,, .............. „ ,,,,,,,,,,,,,,,,,,, , , , ,,,.., , , ,
<br />u
<br />6.00% a di
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<br />r «
<br />w r
<br />5.75% If
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<br />,,,,,,,,,,,,,,,
<br />........... ., ... ..,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
<br />Vj
<br />4.75%
<br />IQ
<br />j , ..
<br />r r
<br />4.50
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<br />pp��ql�
<br />i9
<br />If
<br />r A v
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<br />I1 j +
<br />u
<br />O
<br />II�4.00%
<br />v
<br />x
<br />3.75%
<br />yy r
<br />Oi�QQ ,. JD �,
<br />fl 4I t .. '
<br />3.25%
<br />! u
<br />,
<br />II ;
<br />zso%
<br />i,
<br />2.25%
<br />O O O 6 O O O O O O O O O O O O O 9 O 4
<br />ry N N N N N N N N N ry N ry N N ry N N N N N N
<br />Source: Data compifedbyNorthlandSecuritiesfrom publishedflondBuyer'sGO20-Bondlndex
<br />NOIT111LAND,
<br />:;6�f �71r IVII'"i4
<br />150 South 5th Street, Suite 3300, Minneapolis, MN 55402
<br />Main 612-851-5900 /www.northlandsecurities.com
<br />Member FINRA and SIPC, Registered with SEC and MSRB
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