Equus Book 6.15.2018

A Colorado and California Municipal Bond Specialist

Thank you for taking the time to consider Equus for your municipal bond investments. My
team and I are grateful to have served the needs of our clients for over 10 years, and we
understand that our business would not exist without the trust of our clients.


Equus was founded on the belief that under-researched bond markets provide a great
investment opportunity. Through our in-depth research process, my team and I are able to
uncover opportunities that large national firms may not consider.


With $175 million in assets under management and growing, I have been able to steadily
increase resources to aid our research efforts. Local knowledge takes effort to acquire, so
my team and I have traveled extensively in California and Colorado to see our investments
with our own eyes.


In addition to providing research opportunities, my travels have shown me the powerful
impact of client investments. I have seen projects ranging from new transportation
corridors to charter schools leave a positive and lasting mark on local communities.


After working at a larger national firm for 21 years before starting Equus, I can attest to the
flexibility, nimbleness, and focus on client objectives that my firm can bring to your
financial goals.


In the following pages you will find more detailed information on our strategies, our
research process, and most importantly, our people.


Sincerely yours,


Ron Speaker

55 N. 4th Street [email protected] 970.963.9254



The Equus Research Process

Structure Evaluation Financial Analysis

We conduct front end We review financials and
analysis of coupons, modeling future outcomes
duration, maturity, ratings, to gauge issuer and
portfolio suitability and project risks.
breadth of ownership.
Site Visits
Management Interview
Site visits provide
We make great efforts to additional insight into the
contact and build location, significance, and
attributes that influence a
relationships with municipal credit rating.
management teams.
External Consulting
ESG Review
We reach out to our
We analyze each network of industry experts
investment under an for insight into the unique
environmental, social and segments of the market.

governance lens to Credit Surveillance
gauge additional risks.
Our initial analysis is just
Credit Opinion the beginning, and we
continue to monitor our
After following our process, investments through
we write a summary news filings and our
opinion of a credit to contact network.
determine suitability.

California Opportunity

The California municipal market is large, highly fragmented, and under researched. The market is
roughly $585 billion in size with 61 unique sectors. The top 10 issuers of the market only command
21% of the total market share, and beneath these larger issuers are over 98,000 securities that
represents over 6,700 issuers. We believe that the size and complexity of the market creates a
tremendous opportunity in lower and non-rated bonds.

MARKET PRIMARY INDEX
COMPOSITION SECTORS COMPOSITION

39% 17%

32% Avg Yrs to Maturity 13.5yrs

Mod Duration 5.25yrs

15% Avg Yield to Worst 2.48%

54% 3%4% 4% 8% Avg Coupon 4.61%
12% 12%
Avg Rating Aa3

Revenue Bond Education Health Index Members 7759
General Obligation Transport Utility
Tax Allocation Tobacco State GO Market Value 254.4 B
COP Other

BARCLAYS CALIFORNIA INDEX RETURN

15% 13.18% 12.25%
10%
5% 10.62%
0%
-5% 8.89%
-10%
5.7%

2.71% 4.02%

0.28%

-1.84%

-5.63%

2008
2009
2010
2011
2012
2013
2014
2015
2016
2017

Disclosure: Index returns are for illustrative purposes only. Index performance does not reflect any management fees, transactions
costs, or expenses. Indexes are not managed, and an investor cannot invest directly in an index. Past performance does not
guarantee future results. Actual performance of client portfolios may be above or below index returns. Index data as of 3/31/2018.

Colorado Opportunity

The Colorado municipal market is large, highly fragmented, and under researched. The market is
roughly $65 billion in size with 30 unique sectors. The top 10 issuers of the market only command
38% of the total market share, and beneath these larger issuers are over 13,500 securities that
represents over 1,000 issuers. We believe that the size and complexity of the market creates a
tremendous opportunity in lower and non-rated bonds.

MARKET PRIMARY INDEX
COMPOSITION SECTORS COMPOSITION

25% 14% 30%

Avg Yrs to Maturity 14.5yrs

6% Mod Duration 5.51yrs

65% 11% Avg Yield to Worst 2.81%

10% 11% 16% Avg Coupon 4.59%
12%
Health Avg Rating Aa3
Education Utility
Revenue Bond Transport COP Index Members 978
General Obligation Housing
Certificate of Participation Other Market Value 24.4 B

BARCLAYS COLORADO INDEX RETURN

15% 13.61%
10%
10.7% 11.27%
5%
0% 8.75%
-5%
6.21%

2.78% 3.55%

0.85%

-3.21% -3%

2008
2009
2010
2011
2012
2013
2014
2015
2016
2017

Disclosure: Index returns are for illustrative purposes only. Index performance does not reflect any management fees, transactions
costs, or expenses. Indexes are not managed, and an investor cannot invest directly in an index. Past performance does not
guarantee future results. Actual performance of client portfolios may be above or below index returns. Index data as of 3/31/2018.

Equus Municipal Strategies

Equus offers two main Colorado and California strategies to support our clients’ goals

The “Short-Term” strategy is designed to control interest risk by limiting the weighted
average portfolio duration to 3.5 years. The strategy has the flexibility to use varying credit
quality issuers to achieve attractive short-term yields. We will limit any single issuer to 15%
and industry exposures to 30%.

Minimum Account Size: $3.0mm

Management Fee: 0.40%

The “Municipal-Credit” strategy will employ a full range of credit quality and duration
profiles to achieve the highest total returns. This strategy focuses on higher yielding
credits that we feel have improving profiles which could lead to a rating upgrade or an
early refinancing from their stated maturity date. Our laddered portfolios’ overall duration
exposures will be reflective of the Barclays Colorado index with over and underweights
based on our interest rate expectations.

Minimum Account Size: $2.0mm

Management Fee: 0.50%

Disclosure (note): Each strategy can be further customized to better accommodate individual risk tolerances
and portfolio objectives. For further detail, please see our Form ADV II brochure which is available upon
request or on our website.

Our ESG Framework

ESG is the process of considering how environmental, social, and governance risks impact
an investment. The ESG process has become trendy in the investment world, but as
municipal investors, we have been incorporating these risks into our analysis for over a
decade. Some of the characteristics we analyze include social impact, sustainability plans,
financial transparency, and management teams that support these initiatives.

Environmental

We analyze how a municipal issuer impacts
the local and global environment. Certain
sectors, such as utilities, transportation,
housing, and city projects require an extra
layer of review to understand whether the
issuer has an environmental risk framework.

Social

Municipal bonds were created for positive
social impact. We dig down to comprehend
exactly who and how an issuer benefits a
community. Does this issue support job
growth and income equality? Is there
public support for the project?

Governance

We interview and scrutinize management
teams to confirm that they have sound
governance practices in place. Is the issuer
reporting on time? Is there any data missing?
Do they value diversity?

Social Impact

Municipal bond investments naturally align with making positive social impacts in our communities.
Municipal bonds are issued by states, municipalities, communities, and non-profit entities to help
serve public interest and development. We are able to witness the success that our clients'
investments have had on many communities. Some sample sectors are listed below.

Healthcare Education

Supporting non-profit hospitals and Providing rural and low-income
medical facilities that serve children, communities with alternative
lower-income households, and educational services.
patients with mental illness.

Affordable Housing Enterprise Development

Allowing communities to build Supporting states and local
neighborhoods for low and governments with job creation
moderate-income families. and workforce growth.

Neighborhood Rejuvenation Community Health

Investing to help low-income Providing affordable access to
neighborhoods and communities gyms, recreation centers, and
that are seeking to revitalize health services.
outdated amenities and public
spaces. Senior Living

Arts & Culture Offering affordable senior
housing and a variety of
Supporting organizations that services to support elderly
provide affordable access to the members of the community.
arts and student art programs.
Rural Development
Environmental Sustainability
Aiding rural communities in
Providing assistance for infrastructure, housing, and
communities to conduct utility development to enhance
sustainability assessments and quality of life.
implement sustainable
practices.

Impact Investment Stories

Denver Urban Renewal Authority Themes Denver, Colorado

Education Enterprise
Neighborhood
Affordable
Environmental
Development Revitalization Housing Sustainability

The Denver Urban Renewal Authority (DURA) was created in 1958 to improve poorly maintained
communities and to prevent deterioration of at-risk communities. DURA has assisted over 17,000
Denver residents who were in need of home renovations and emergency repairs by providing
deferred loans to repair utilities that pose immediate danger to the homeowner’s health and safety.
DURA also provides a grant program for residents with disabilities who need home accessibility
improvements. In addition, DURA funds Environmental Protection Agency grants, which have
provided over $900,000 for environmental assessments of brownfield sites along the Colfax
Corridor and West Corridor light rail.

One of the larger projects supported by DURA is the redevelopment of Stapleton. The Stapleton
area was home to Stapleton International Airport until 1995. Since 1995, the area has worked on
reshaping the surrounding neighborhoods and reusing the airport land. This is the largest
redevelopment project in the state of Colorado and includes over 14,000 residential homes, with an
affordable component, and commercial development to support local job growth and creation.

Windsor Mobile Homes Themes Windsor, California

Affordable
Rural
Senior
Healthy

Housing Development Living Communities

Windsor Mobile Country Club is a non-profit 55+ senior living mobile home park located in
Sonoma County. The club’s non-profit status has allowed the organization to offer rent-
controlled spaces for members whose adjusted family income is less than 50% of the area’s
average. The home mix consists of 311 double wide units and 25 single wide units. Since
becoming a non-profit, the community has added health amenities for its residents that include
a park clubhouse and swimming pool. The community has also utilized the municipal market
to upgrade electrical and water systems to better meet the growing needs of residents. Equus
has personally visited the mobile home park and met with management. The management
team understands the services required by the club's members and works diligently with the
homeowner’s association to continue to upkeep the facilities, health amenities, and social
program’s for the residents while maintaining affordability.





The Road Less Traveled

2 ½ Days. 1000+ Miles. 22 Research Visits.

The Equus team recently took a research trip to California to experience the lesser-known investment
opportunities in the California municipal market.
California’s municipal space can be divided into two spheres: coastal and interior. The coastal sphere is
well-known, heavily populated, and home to major employment centers. The coasts’ popularity is reflected
in a location premium reflected in municipal bond yields. The interior sphere features a heavy government
employee sector in the north and serves as the state’s (and nation’s) breadbasket in the south. Our goal on
this trip was to evaluate the opportunities and risks presented by investing in the interior reaches.

North

Napa and Sonoma are common names, but most people have never heard of Rohnert Park and Windsor.
The latter are just north of San Francisco along Highway 101 and serve as more affordable living
communities for commuters working in the Bay Area. A recently approved sales tax bond for light rail made
this commute easier and has helped spur growth in nearby Marin and Sonoma county communities.
Housing markets in Davis and Sacramento are also benefiting from San Francisco’s high living costs. At
4:00am, we witnessed the “flight to affordability” as Interstate 80 filled with workers making the 80 mile
commute. The exodus inland has helped our clients’ Community Facilities District bonds in Sacramento,
Roseville, and Folsom.

Central

From the state capitol, we ventured south along Highway 99 through the Central Valley. The cities of
Stockton, Fresno, and Bakersfield are nestled among thousands of square miles of almonds, olives and fruit.
We spent time in these three cities and left with varying conclusions.

Stockton is the second largest largest city in the nation to file for bankruptcy, and we remain cautious of
investing in this city. Fresno is a step up but leaves much to be desired. A new ballpark and early stage
revitalization of downtown shows promise, but a giant 1960’s-era shopping mall left vacant at the city center
highlights the fact that redevelopment will not be quick and painless.

Bakersfield shows the most promise for investment due, in part, to its proximity to Los Angeles. One broker
stated that he receives calls on a weekly basis from Los Angeles investors who are attracted to the relative
value of Bakersfield.

We must also note the construction (or lack thereof) of California’s high-speed rail. We glimpsed quarter-mile
sections north and south of Fresno that highlighted the scale of construction. However, the permitting
process required to connect the two metropolises is delaying the project and creating more expense for the
state. In our opinion, this could negatively impact the state’s finances.

West

Finally, we struck out west toward Paso Robles and north to the suburbs of San Jose. We spoke with one of
the largest fruit producers in the region who has called Santa Clara County home for more than 50 years. He
explained that, in recent years, the communities of Gilroy and Morgan Hill have transitioned from farm
communities to Silicon Valley suburbs. Like Davis and Sacramento, housing development and city finances
in these communities benefit from a healthy San Francisco.

Conclusion

When we initially announced our route for this trip, the most common response we received was, “Why?”
Our answer was simple: driving these thousand miles, speaking with locals, and experiencing the Central
Valley firsthand is far more informative than any filing or official statement we will ever read.

Yes, we understand the coast’s attraction as a place to live, work, and play. However, the interior of
California also has much to offer investors. The Central Valley serves as the nation’s agricultural supplier
and provides affordable housing. As a result of our journey, we are more attuned to the opportunities and
risks presented by investment in California’s interior.

California Baptist University 5/25/2018

Series 2017

$102,365,000
Credit Structure

Moody's Rating NR President Dr. Ronald Ellis Structure Revenue Covenants 1.10x DSC + 0.15 Liq. Analyst Scott Hanley
S&P Rating NR Min. Denom$.100,000 Contact Calvin Sparkman
Enhancements None CFO Mark Howe Industry Higher Education Call Date 11/1/2027 Phone (951) 343-4356

Dep. CFO Calvin Sparkman State California

Credit Overview

UCtreidliitzOverview - California Baptist University (CBU), located in Riverside, California, is a private university offering sixteen undergraduate, twelve graduate and three doctoral degrees. CBU,

founded in 1950, has undertaken dramatic growth during the past ten years in terms of both enrollment and capital improvements. Enrollment has grown at an annually compounded rate of 10.9%
since the 06/07 school year and currently stands at 9,674 students. Capital investments include a newly finished 153,000 square foot basketball and events center, 56,000 square foot School of
Business and 95,000 square foot Yeager Center, to name a few. CBU undertook these expansions to accommodate continuing enrollment growth of '8080 by 2020' but have now identified a new
enrollment goal of '12,000 by 2025', after having hit their initial goal five years early. CBU benefits from the continued overcrowding at California's public universities. Students within the UC/CSU
system are often unable to register for required coursework in time to graduate within the typical four year timeline. While CBU's tuition of $30,000 is higher than many universities within the
UC/CSU system, students may save money by graduating within four years versus waiting five to six years at public universities.

Management - Current management is deemed to be adequate. The current President has served since 1994 and can be attributed with much of the growth and investment in recent years.
Equus has met with management personally on two separate occasions and held numerous calls in the meantime to discuss current and future capital plans. Off balance sheet CBU related entities
have begun purchasing residential apartments surrounding the campus and may do so with additional real estate purchases in the future. While slim, management has built the endowment in
recent years, growing the fund from $5 million to $30 million since 2011.

Physical Inspection - Equus toured CBU in September 2017 and again in March 2018. The campus is located on a continuous square with typical student center, classrooms, coliseum, dormitories
and open space. The facilities are in excellent shape as new buildings are being added to the University's portfolio. The campus includes a mix of first year dormitory suites as well as on-campus
housing for juniors and seniors. As of March 31st, CBU operated 3,029 housing units with an occupancy of 97.4%. CBU competes in twenty athletic sports primarily at the NCAA Division II level but

Due Diligence - Equus originally toured the facility upon bond issuance in 2017 and has taken part in numerous calls with management since. Since tuition accounts for 85 percent of revenues,
tracking enrollment headcount is the number one priority. According to management in March 2018, enrollment neared 10,000 and is projected to surpass this milestone for the 18/19 year.
Through Q3/18, tuition revenues are ahead of budget at 89% of full year budget figures. The summer semester will help push this figure higher during Q4 to above 100% of budget. Equus will
monitor applications and enrollment projections heading into Q1.

Credit Decision & Commentary - CBU operates in a niche market with the advantage of Continued Monitoring Factors - Tuition revenues drive the profitability of CBU. The success of
graduating students on time. Strong debt coverage and stable days cash on hand are credit CBU and timely payment of debt service depends on the maintenance of stable enrollment. We will
positives. However, leverage has increased to 60% from 49% in 2012. Pro forma, CBU will continue to speak with management to gauge their appetite for growth via debt. Borrowing to grow
deleverage as enrollment grows. Equus feels the credit provides adequate compensation at non-educational amenities, while a reality in today's education system, could hinder the credit's
+94bps spread to the 4Y MMD for the 2024 maturity yielding 2.98% on May 23, 2018. operational efficiency in Equus' view.

Financial Statement Summary Enrollment & Debt/FTE

2015-16 2016-17 2017-18E 2018-19E 2019-20E 2020-21E Debt per FTE Enrollment

BALANCE SHEET $ 82,530 $ 119,683 $ 101,204 $ 92,568 $ 91,999 $ 111,928 $40,000 12,500
Cash & equivalents 22,727 26,363 33,657 33,657 33,657 33,657 $30,000 11,250
Other current assets 10,000
Noncurrent assets 337,555 399,037 434,727 462,082 472,026 454,659 8,750
Total Assets 442,811 545,083 569,587 588,307 597,681 600,243

Current liabilities 23,620 34,186 25,652 25,652 25,652 25,652
Debt outstanding
Other liabilities 263,674 334,003 336,852 336,460 321,565 306,090 $20,000
6,859 5,988 10,452 8,860 8,342 7,823
Total Liabilities
294,152 374,178 372,956 370,972 355,558 339,565
Total Net Assets $10,000

$ 148,659 $ 170,906 $ 196,632 $ 217,335 $ 242,123 $ 260,678

INCOME STATEMENT $- 7,500

Net tuition & fees $ 160,880 $ 173,513 $ 182,066 $ 195,459 $ 208,836 $ 221,517 2015-16 2016-17 2017-18E 2018-19E 2019-20E 2020-21E

Other 24,360 29,712 19,823 26,669 26,402 26,418 Days Cash on Hand & Debt Service Coverage

Revenues 185,240 203,224 201,889 222,129 235,238 247,935

Expenses 167,949 184,340 192,060 205,824 219,839 232,538 Days COH Debt Service Coverage

Operating Income $ 17,291 $ 18,884 $ 9,829 $ 16,304 $ 15,399 $ 15,397 200 3.50
175 3.25
Add Back: 150 3.00
2.75
Depreciation 12,214 12,111 17,645 20,057 20,758 19,752 Days COH
Debt Service Coverage
Interest 13,425 14,382 15,525 15,452 17,287 15,097

Other 14 (59) 9,810 267 259 249

Revs for Debt Service $ 42,944 $ 45,318 $ 52,808 $ 52,080 $ 53,703 $ 50,495

Debt Service $ 17,015 $ 18,014 $ 17,465 $ 20,152 $ 22,557 $ 20,562

Metrics 2.50
125
Enrollment (FTE) 8,406 9,082 9,535 9,987 10,410 10,799
2.25
Debt Service Coverage 2.52 2.52 3.02 2.58 2.38 2.46
100 2.00
Days Cash on Hand 193 147 197 182 169 192 2015-16 2016-17 2017-18E 2018-19E 2019-20E 2020-21E

Debt per FTE $ 31,367 $ 36,776 $ 35,328 $ 33,691 $ 30,890 $ 28,344

Liquidity Covenant 0.27 0.40 0.39 0.37 0.38 0.47

This report is for information purposes only and should not be considered a solicitation to buy or sell any security. Neither Equus Private Wealth nor any other party guarantees its accuracy or makes warranties
regarding results from its usage. Redistribution is prohibited without the express written consent of the Equus Private Wealth Management, LLC. Data for this report was obtained from the Official Statement, CBU's
financial reports, personal conversations and internal forecasting. These estimates are subject to change. For questions regarding this report, please call Scott Hanley at (970) 963-2674.

4/26/2018

SkyView Academy

Series 2014
$29,120,000

Credit Structure

Moody's Rating None CEO/ED Currently Vacant Structure Revenue Covenants 1.10x DSC & 45 DCOH Analyst Scott Hanley
S&P Rating BB Industry Charter School Lori Bachtel
Enhancements None CFO Lori Bachtel State Colorado Min. Denom$.500,000 Contact (303) 471-8439 x 247

Bd. Chair Jeremy Stahl Call Date 7/1/2024 Phone

Credit Overview

UCtreidliitzOverview - SkyView Academy, located in Highlands Ranch, Colorado, has been in operation for seven years. Originally serving kindergarten through fifth grades, the school sequentially

added middle and high school grades beginning in 2010 and reached full K-12 status for the 14/15 school year. Enrollment of 1,287 for the 17/18 school year is +1.4 percent year/year but only 80
percent of capacity. The primary miss is within the high school. Management cites enrollment underperformance due to housing affordability and inability to draw students from other K-8 charter
schools. SkyView has strong support from the school district. The school received a five year reauthorization in 2017 and is an equal recipient in mill levy override revenues. The school benefits from
its location in the affluent south Denver region. Only seven percent of the student body qualifies for 'Free & Reduced Lunch' and CMAS results are generally above the district and state averages
across grade levels. In 2017, SkyView's Junior class SAT average was 1164, well above the district and state averages of 1090 and 1015, respectively. The school had a 100 percent graduation rate in
2017 and 84 percent of students attended a four year university. The Series 2014 bonds were used to refinance existing debt as well as replace the roof and sprinkler system.

Management - Recent turnover in top management was cited as one cause for downgrade by S&P. Upon speaking with current management and board, the decision to part ways with the prior
Executive Director in July 2017 was mutual and did not result in a divided staff/student body. Management currently consists of lower and upper school principals and an operations director (Lori
Bachtel). The Board is currently evaluating head of school candidates and have finalized a list of prospects. A decision will be made before the start of the 18/19 school year.

Physical Inspection - A site visit was conducted on April 3, 2018 as well as when the bonds were issued in 2014. The Campus is a renovated Home Depot just south of C-470 and Quebec. While
along a prominent highway in the Metro Denver area, the campus is tucked behind existing commercial development and does not maintain a high visibility location. The facility is in good shape and
features similar amenities of traditional public schools: turf fields, two gymnasiums, cafeteria and library/computer lab. Three wings separate the elementary, administration and middle/high

Due Diligence - Equus originally toured the facility upon bond issuance in 2014 and has taken part in numerous individual calls with management since. A recent S&P downgrade to BB and poor
enrollment trends triggered the recent site visit. Since PPF accounts for majority of revenues, tracking enrollment ahead of October headcount is the number one priority. According to management
in April 2018, 91 percent of currently enrolled students indicated their intention to return for the 18/19 school year. Equus will monitor enrollment projections heading into the summer and early fall
months ahead of the October headcount. Performance improvements building DCOH above 75 is credit positive, too.

Credit Decision & Commentary - When compared to original projections at issuance, Continued Monitoring Factors - PPF funding accounts for nearly 80 percent of revenues. The
enrollment, DCOH and coverage ratios have disappointed. A refresh in management and success of Skyview Academy and timely payment of debt service depends on the maintenance of
promising enrollment trends and nearly two years in debt service reserves provides adequate stable enrollment. A dip below 1,245 students is a key marker in the school's ability to pay debt
compensation for the +182bps spread to the 6Y MMD provided by the 2024 maturity yielding without staff changes and cutting services. Ability to build cash reserves closer to 100 days was
3.98% on April 4, 2018. expressed by Equus and will be closely tracked.

Financial Statement Summary Enrollment & Debt/FTE

2013-2014 2014-2015 2015-16 2016-17 2017-18E 2018-19E Debt per FTE Pension Liability per FTE Enrollment
1,400
BALANCE SHEET $ 1,219 $ 1,768 $ 1,974 $ 2,018 $ 2,132 $ 2,206 $60,000 1,300
Unrestricted Cash 1,200
Restricted Cash 1,787 4,387 3,162 3,227 3,227 3,227 1,100
Other Assets
23,490 25,719 28,871 38,909 38,283 37,674

Total Assets 26,495 31,873 34,008 44,155 43,643 43,108
$40,000
Current liabilities 1,112 1,525 1,507 1,345 1,345
Debt Outstanding 25,650 29,141 29,136 29,160 28,775 1,345
28,370

Net Pension Liability - 14,135 18,383 36,057 36,057 36,057 $20,000
Total Liabilities 26,762 44,801 49,026 66,561 66,176 65,771

Total Net Assets $ (267) $ (12,928) $ (15,019) $ (22,406) $ (22,533) $ (22,663)

$- 1,000

INCOME STATEMENT 2013-2014 2014-2015 2015-16 2016-17 2017-18E 2018-19E
Per Pupil Funding $
Other 6,315 $ 8,051 $ 8,412 $ 8,776 $ 9,342 $ 10,050 Days Cash on Hand & Debt Service Coverage
Revenues
2,092 2,556 2,573 2,558 2,667 2,572 Days COH Debt Service Coverage

8,407 10,607 10,985 11,334 12,010 12,622

Expenses 7,044 8,374 9,226 9,535 9,871 10,297 100 1.75

Operating Income $ 1,363 $ 2,233 $ 1,759 $ 1,799 $ 2,139 $ 2,325 Days COH90 1.50
Debt Service Coverage801.25
Debt Service (1,437) (1,490) (1,515) (1,583) (1,875) (1,878) 70
Other Income (Expenses) 120 (258) (110) (243) - (150)
46 $ 484 $ 134 $ (27) $ 264 $ 297
Change in Assets $

Metrics 60 1.00

Enrollment 1,119 1,350 1,239 1,269 1,287 1,300 50 0.75
2013-2014 2014-2015 2015-16 2016-17 2017-18E 2018-19E
Debt Service Coverage 0.95 1.50 1.16 1.14 1.14 1.24

Days Cash on Hand 63 77 78 77 79 78

Debt per FTE $ 22,922 $ 21,586 $ 23,525 $ 22,979 $ 22,358 $ 21,823

Pension per FTE $ - $ 10,470 $ 14,843 $ 28,413 $ 28,016 $ 27,736

This report is for information purposes only and should not be considered a solicitation to buy or sell any security. Neither Equus Private Wealth nor any other party guarantees its accuracy or makes warranties regarding
results from its usage. Redistribution is prohibited without the express written consent of the Equus Private Wealth Management, LLC. Data for this report was obtained from the Official Statement, SkyView Academy's
financial reports, personal conversations and internal forecasting. These estimates are subject to change. For questions regarding this report, please call Scott Hanley at (970) 963-2674.

Disclosures

Equus Private Wealth Management LLC is an SEC registered investment advisor. All research is produced
without compensation and with no disclosed conflicts of interest. Past performance may not be indicative of
future results. No prospective or present client should assume future performance of any specific investment or
investment strategy will be profitable or equal to historic returns. The Municipal Bond Tax Equivalent Yields are
based on income tax bracket assumptions. The 3.8% Affordable Care Tax is only applicable on income
thresholds pending tax filing status: Single or Head of Household of $200,000, Married filing jointly of $2502,000,
Married filing separately $125,000, or qualifying widower with child of $250,000. The calculations for California
and Colorado assume the investor is in the highest tax bracket at both a federal level (37%) and state level
(13.3% CA & 4.63% Co). Yield levels do not take into consideration management fees. This information is
proprietary and confidential. Equus cannot guarantee the availability of similar trades in the future.

Sources:

1. Bloomberg L.P. (2017) “Search Function for Colorado & California Municipal Bonds Outstanding.” Retrieved 9/29/2017.

2. SIFMA (2017) “US Bond Market Issuance and Outstanding” Retrieved 9/29/2017.