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Springsted Incorporated 380 Jackson Street, Suite 300 Saint Paul, MN 55101-2887 Tel: [PHONE REDACTED] Fax: [PHONE REDACTED] Email: [EMAIL REDACTED] www.springsted.com $750,000* CITY OF MISSOULA, MONTANA SPECIAL IMPROVEMENT DISTRICT NO. 541 BONDS (BOOK ENTRY ONLY) AWARD: D.A. DAVIDSON & CO. SALE: July 13, 2009 Standard & Poor's Rating: BBB+ Interest Net Interest True Interest Bidder Rates Price Cost Rate D.A. DAVIDSON & CO. 2.10% 2010 $739,500.00 $446,975.00 5.1248% 2.35% 2011 2.60% 2012 2.85% 2013 3.35% 2014 3.60% 2015 3.85% 2016 4.10% 2017 4.35% 2018 4.50% 2019 4.60% 2020 4.70% 2021 5.40% 2022-2029 WELLS FARGO BROKERAGE 2.50% 2010 $739,503.00 $461,890.33 5.3133% SERVICES, LLC 3.25% 2011 3.50% 2012 3.75% 2013 4.00% 2014 4.25% 2015-2018 5.125% 2019-2021 5.35% 2022-2024 5.50% 2025-2029 These Bonds are being reoffered at Par. BBI: 4.71% Average Maturity: 11.590 Years * Subsequent to bid opening, the issue size was not changed.