Contacts Mark P Galvin Director Mark Galvinhilltopsecurities com

Contacts Mark P. Galvin Director Mark. Galvin@hilltopsecurities. com 450 S. Orange Avenue, Suite 460 Orlando, Florida 32801 407. 426. 9611 Tel December 13, 2016 CRA and Wastewater SRF Loan Refunding Summary City of Palm Coast, Florida

State Road 100 Corridor Community Redevelopment Agency (CRA) Debt Profile CRA Redevelopment Refunding Revenue Note, Series 2012 CRA Redevelopment Refunding Revenue Note, Series 2014 (Taxable) Original Amount $5, 448, 000 $5, 839, 000 Par Outstanding $3, 795, 000 $5, 230, 000 Interest Rates 2. 29% 4. 44% Final Maturity 10/1/2024 10/1/2028 Max Annual Debt Service $527, 639 $876, 004 Payment Date @ 101% Anytime @ 101% None Purpose Refunding of Series 2009 Note and New Money Refund Certain Outstanding Promissory Notes Security CRA Revenues BB&T Ameris Bank Credit N/A Underlying Rating N/A Callable Debt Service Reserve Lead Underwriter / Lender 1 Member FINRA/SIPC © 2016 Hilltop Securities Inc. All Rights Reserved

Utility System Debt Profile – Senior Lien Debt Utility System Revenue Refunding Note, Series 2016 Utility System Improvement and Refunding Bonds, Series 2013 Original Amount $40, 193, 000 $89, 600, 000 Par Outstanding $39, 347, 000 $81, 250, 000 Interest Rates 2. 48% 2. 00%-5. 00% Final Maturity 10/1/2036 Max Annual Debt Service $2, 521, 887 $6, 805, 000 Anytime @ 100% 10/1/2023 @ 100% None Purpose Refunding of Series 2007 Bonds Refunding of Series 2003 Bonds Security Net Revenues of the Utility System Sewer System and Water System Capital Facilities Fees Ameris Bank Barclays Credit N/A None Underlying Rating N/A NR/A+/A+ Callable Debt Service Reserve Lead Underwriter / Lender 2 Member FINRA/SIPC © 2016 Hilltop Securities Inc. All Rights Reserved

Utility System Debt Profile – Subordinate Debt – Wastewater SRF Loans SRF Loan #WW 903080 2010 SRF Loan #WW 903050 2008 SRF Loan #WW 90303 S 2005 SRF Loan #WW 90302 S 2005 Original Amount $5, 999, 136 $7, 668, 560 $13, 281, 775 $2, 734, 789 Par Outstanding $3, 698, 188 $4, 871, 166 $7, 103, 524 $1, 406, 588 Interest Rates 2. 54% 2. 60% 2. 71% Final Maturity 6/15/2028 6/15/2026 12/15/2025 Max Annual Debt Service $372, 855 $491, 116 $848, 708 $177, 172 Anytime @ 100% None Purpose New Money Security Net Revenues of Utility System State Revolving Loan Fund Credit N/A N/A Underlying Rating N/A N/A Callable Debt Service Reserve Lead Underwriter / Lender *Source – City of Palm Coast Finance Department 3 Member FINRA/SIPC © 2016 Hilltop Securities Inc. All Rights Reserved