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								    					   	NORTHLAND	   	SECURITIES
<br />							   	ADJUSTED TABULATION OF BIDS
<br />							  	CITY OF CENTERVILLE, MINNESOTA
<br />									   	$1,485,000t
<br />					 	GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2013A
<br />		  	AWARD:										RAYMOND JAMES & ASSOCIATES, INC.
<br />		  	DATE OF SALE:									    	WEDNESDAY, MAY 22, 2013
<br />		  	S &P UNDERLYING RATING:											    	AA
<br />										  	ADJUSTED				     	TRUE
<br />										  	PURCHASE	     	NET			INTEREST
<br />		  	BIDDER							  	PRICE	   	INTEREST COST		COST (TIC)
<br />		  	RAYMOND JAMES & ASSOCIATES, INC.		 	$1,501,272.05	   	$425,225.87	  	2.4661883%
<br />		   	Memphis, TN
<br />		    	Amount		Rate     	Maturi	 	Yield		Price	 	Amoun t		Rate     	Maturi	 	Yield		Price
<br />		   	$  10,000     	1.625%    	02/01/16     	1.625%    	100.000     	$155,000     	2.125%    	02/01/23     	1.900%    	101.395
<br />		     	10,000     	1.625     	02/01/17     	1.625		100.000		160,000     	2.500     	02/01/24     	2.100		102.463
<br />		     	10,000     	1.625     	02/01/18     	1.625		100.000		160,000     	2.500     	02/01/25     	2.100		102.463
<br />		     	10,000     	1.625     	02/01/19     	1.625		100.000		165,000     	2.750     	02/01/26     	2.350		102.442
<br />		     	10,000     	1.625     	02/01/20     	1.625		100.000		170,000     	2.750     	02/01/27     	2.350		102.442
<br />		    	150,000     	2.000     	02/01/21     	1.700		101.873		170,000     	3.000     	02/01/28     	2.600		102.420
<br />		    	155,000     	2.000     	02/01/22     	1.800		101.244		150,000     	3.000     	02/01/29     	2.600		102.420
<br />										ORIGINAL BIDS
<br />																    	TRUE
<br />										  	PURCHASE	     	NET			INTEREST
<br />		  	BIDDER							  	PRICE	  	INTEREST COST		COST (TIC)
<br />		  	RAYMOND JAMES & ASSOCIATES, INC.		 	$1,524,681.55	   	$438,566.37	  	2.4881266%
<br />		   	Memphis, TN
<br />		  	ROBERT W. BAIRD & CO., INC.			   	$1,502,213.65	   	$454,546.35	  	2.5993389%
<br />		   	Milwaukee, WI
<br />		  	BOSC, INC.						   	$1,513,689.45	   	$502,418.88	  	2.8682961%
<br />		   	Menomonee Falls, WI
<br />		  	t  Par amount decreased from $1,510,000 to $1,485,000.
<br />		  	*  Bonds priced to par call.
<br />				  	Main Office 45 South 7th Street, Suite 2000, Minneapolis, Minnesota 55402 Main Office Toll Free 1- 800 - 851 -2920
<br />				     	Iowa Office 6600 Westown Parkway, Suite 255, West Des Momes, Iowa 50266, telephone: 800 - 851 -2920
<br />				    	Pennsylvania Office 214 Senate Avenue, Suite 602, Camp Hill, Pennsylvania 17011, telephone: 717 - 763 -9921
<br />								     	www.northlandsecurities.com
<br />										Member FINRA and SIPC
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