FOR BROKER DEALER USE ONLY

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1 KOVACK SECURITIES - FIXED INCOME TRADING FOR MORE INFORMATION CONTACT: Ken Forester, Director of Fixed Income Trading Direct: or ken@kovacksecurities.com FOR BROKER DEALER USE ONLY **** U.S. TREASURY BONDS - ON THE RUN **** ***** BROKERAGE CD RATES ***** * USD 30YR - 2YR SWAP SPREAD SUMMARY * 2YR T 1 ⅛ 01/31/ % 1YR 1.05% LAST: YR T 1 ⅜ 01/15/ % 3YR 1.75% 5YR T 1 ⅞ 01/31/ % 5YR 2.25% 30YR - 2YR CURVE STEEPENER FORMULA 7YR T 2 ¼ 01/31/ % 7YR 2.50% 10YR T /15/ % 10YR 2.80% 30YR (LONG BOND) T 2 ⅞ 11/15/ % 15YR 2.95% EX : USSW 30YR -2YR bps x 5 = 1.37% KOVACK SECONDARY AGENCY OFFERS ***PRICES ON AX SHEET WILL BE ADJUSTED TO CURRENT MARKET OR NEGOTIATED*** SIZE 000 (PIECES WORK) AGENCY STRUCTURE COUPON % MATURITY NEXT CALL PRICE $ Moody's S&P CUSIP NOTES 282 FFCB Y/1M 1.40% 2/24/2020 2/24/ Aaa AA+ 3133EFZT7 1%-2.50% FFCB y/1yr 2.65% 1/17/2024 1/17/ Aaa AA+ 3133EG3Q % 7000 FHLB / % 3/7/2025 3/7/ Aaa AA+ 3130A7G %-5% 2000 FHLB 2¾ y/2m 2.75% 3/2/2026 3/2/ Aaa AA+ 3130A7F %-3%

2 KOVACK HIGH YIELD (HY) CORPORATE BOND OFFERS ***PRICES ON AX SHEET WILL BE ADJUSTED TO CURRENT MARKET OR NEGOTIATED *** SIZE (PIECES WORK ) COMPANY TICKER COUPON % MATURITY PX YTW Moody'S S&P BBID NOTES minimum = 10M 50M + SPRINT CAPITAL CORP S 6.90% 05/01/19 $ % B3 B EC M + ALLY FINANCIAL INC ALLY 3.75% 11/18/19 $ % Ba3 BB+ EK M + BANCO BTG PACTUAL / CAYMAN BTGPBZ 4.00% 01/16/20 $ % Ba3 BB- EJ M + LEXMARK INTL INC LXK 5.13% 03/15/20 $ % Ba2 BB EJ M + HERTZ CORP HTZ 5.875% 10/15/20 $ % B2 B EJ M+ ICAHN ENTERPRISES IEP 5.875% 02/01/22 $ % Ba3 BBB- EK M+ WINDSTREAM SERVICES LLC WIN 7.500% 06/01/22 $ % B2 B+ EJ M+ ANGLOGOLD HOLDINGS PLC ANGSJ 5.125% 08/01/22 $ % Baa3 BB+ EJ SPLIT RATED 50M+ BRISTOW GROUP INC BRS 6.25% 10/15/22 $ % B2 BB- EJ M + BANCO DO BRASIL / CAYMAN BANBRA 5.875% 01/19/23 $ % Ba3 B EJ M + CARPENTER TECHNOLOGY CRS 4.45% 03/01/23 $ % Ba2 BBB EJ SPLIT RATED 50M + GERDAU S.A. GGBRBZ 4.75% 04/15/23 $ % Ba3 BBB- EJ SPLIT RATED 50M+ RR DONNELLEY & SONS CO RRD 6.50% 11/15/23 $ % B2 B+ EJ M+ ROYAL BANK OF SCOTLAND GRP PLC RBS 5.125% 05/28/24 $ % Ba2 BB EK Subordinated 50M+ DAVITA INC DVA 5.125% 07/15/24 $ % B1 B+ EK M + ENSCO PLC ESV 5.20% 03/15/25 $ % B1 BB EK M + DEUTSCHE BANK AG DB 4.50% 04/01/25 $ % Ba1 BB+ EK Subordinated 50M+ TALEN ENERGY SUPPLY LLC TLN 6.50% 06/01/25 $ % Ba3 BB- JV M + MICRON TECHNOLOGY INC MU 5.625% 01/15/26 $ % Ba3 BB EK M + HUGHES SATELLITE SYSTEMS SATS 5.25% 08/01/26 $ % Ba2 BBB- LW M + ST MARYS CEMENT INC VOTORA 5.75% 01/28/27 $ % Ba2 BB+ QZ M + FRONTIER CALIFORNIA INC FTR 6.75% 05/15/27 $ % N/A BB+ DD Fitch BB+ 50M + AHLAND GLOBAL / HERCULES LLC ASH 6.50% 06/30/29 $ % Ba2 BB ED M + CF INDUSTRIES INC CF 5.15% 03/15/34 $ % Baa3 BB+ EK M + TELECOM ITALIA CAPITAL TITIM 6.00% 09/30/34 $ % Ba1 BB+ EF M + L BRANDS INC LB 7.60% 07/15/37 $ % Ba2 BB- EG M + LEUCADIA NATIONAL CORP LUK 6.625% 10/23/43 $ % Ba2 BBB- EJ SPLIT RATED 50M + YUM! BRANDS INC YUM 5.350% 11/01/43 $ % B2 B+ EJ

3 KOVACK ---- INVESTMENT GRADE (IG) CORPORATE BOND OFFERS ***PRICES ON AX SHEET WILL BE ADJUSTED TO CURRENT MARKET OR NEGOTIATED*** SIZE (PIECES WORK ) COMPANY TICKER COUPON % MATURITY PX YTW Moody's S&P BBID NOTES minimum = 10M 50M+ CITIGROUP INC C 2.05% 12/07/18 $ % Baa1 BBB+ AH M+ AT&T INC T 4.45% 05/15/21 $ % Baa1 BBB+ EI M+ XEROX CORPORATION XRX 4.50% 05/15/21 $ % Baa3 BBB- EI M+ PFIZER INC PFE 2.20% 12/15/21 $ % A1 AA+ AL M+ SELECT INCOME REIT SIR 4.15% 02/01/22 $ % Baa2 BBB- EK M+ METHANEX CORP MXCN 5.25% 03/01/22 $ % Baa3 BB+ EJ SPLIT RATED 50M+ APPLE INC AAPL 2.70% 05/13/22 $ % Aa1 AA+ EK M+ DEVELOPMENT BANK OF KAZAAKHSTAN DBKAZ 4.125% 12/10/22 $ % Baa3 BBB- EJ M+ SEAGATE TECHNOLOGIES STX 4.75% 06/01/23 $ % Baa3 BBB- EJ M+ PITNEY BOWES INC PBI 4.625% 03/15/24 $ % Baa3 BBB- EK M+ BARCLAYS BANK PLC BACR 4.375% 09/11/24 $ % Baa3 BB+ EK SPLIT RATED 50M+ ARCONIC INC ARNC 5.125% 10/01/24 $ % Ba2 BBB- EK Alcoa Spin-off 50M+ TRINITY INDUSTRIES INC TRN 4.55% 10/01/24 $ % Ba1 BBB- EK SPLIT RATED 50M+ SEAGATE TECHNOLOGIES STX 4.75% 01/01/25 $ % Baa3 BBB- EK M+ CBRE GROUP INC CBG 5.25% 03/15/25 $ % Baa3 BBB- EK M+ CREDIT AGRICOLE SA ACAFP 4.38% 03/17/25 $ % Baa2 BBB EK M+ HOLLYFRONTIER CORP HFC 5.875% 04/01/26 $ % Baa3 BBB- JK M+ VALERO ENERGY CORP VLO 3.40% 09/15/26 $ % Baa2 BBB QZ M+ HESS CORP HES 4.30% 04/01/27 $ % Ba1 BBB- QZ SPLIT RATED 50M+ MORGAN STANLEY MS 3.95% 04/23/27 $ % Baa2 BBB+ EK M+ SEAGATE TECHNOLOGIES STX 4.875% 06/01/27 $ % Baa3 BBB- EK M+ MOSAIC CO MOS 5.45% 11/15/33 $ % Baa1 BBB EJ M+ ZIMMER BIOMET HOLDINGS ZBH 4.25% 08/15/35 $ % Baa3 BBB EK M+ MCDONALD'S CORP MCD 4.70% 12/09/35 $ % Baa1 BBB+ JV M+ GILEAD SCIENCES INC GILD 4.00% 09/01/36 $ % A3 A QZ M+ SOUTHERN COPPER CORP SCCO 5.25% 11/08/42 $ % Baa2 BBB EJ M+ BED BATH & BEYOND INC BBBY 5.165% 08/01/44 $ % Baa1 BBB+ EK M+ TIFFANY & CO TIF 4.90% 10/01/44 $ % Baa2 BBB+ EK M + GOLDMAN SACHS GROUP INC GS 5.15% 05/22/45 $ % Baa2 BBB- EK M + ECOPETROL SA ECOPET 5.875% 05/28/45 $ % Baa3 BBB EK M + ABBVIE INC ABBV 4.450% 05/14/46 $ % Baa2 A- LW

4 KOVACK ---- MUNICIPAL BOND OFFERS ***PRICES ON AX SHEET WILL BE ADJUSTED TO CURRENT MARKET OR NEGOTIATED*** STATE ISSUER COUPON MATURITY QUANTITY PRICE YTW % Moody's S&P BBID NOTES % (000) $$$ (YIELD TO WORST) (PIECES WORK) % KS KANSAS ST DEV FIN AUTH REVENUE 4 6/1/ A1 A M84 IL CHICAGO IL 5 1/1/ Ba1 BBB GU7 TX FULSHEAR MUNI UTILITY DIST NO /1/ A DK0 FL MANATEE CNTY FL SCH BRD COPS /1/ A2 AA 56185NFH6 NJ NEW JERSEY ST EDUCTNL FACS AUT 4 7/1/ A2 A J9 MO PIEDMONT MO WTRWKS & SEWAGE SY 6 10/1/ BBB 72017PAC8 NJ NEW JERSEY ST ECON DEV AUTH RE 5 6/15/ A3 BBB Y5 NJ SOMERSET CNTY NJ /15/ Aaa AAA Q80 TX S BUDA TX WC&ID # /1/ AA HF3 TX FORT BEND CNTY TX MUNI UTILITY 2.5 9/1/ A2 AA 34683DHM9 NJ WEST WINDSOR TWP NJ 2 10/15/ AAA MF7 KS KANSAS ST DEV FIN AUTH REVENUE /1/ Aa3 A P3 WA PORT OF SEATTLE WA REVENUE 5 3/1/ A1 A VM7 TX LOWER COLORADO RIVER TX AUTH R 5 5/15/ A 54811GC81 TX S TX CMNTY CLG DIST /15/ Aa2 AA 84055QFX3 TX FULSHEAR MUNI UTILITY DIST NO /1/ A DQ7 NJ NEW JERSEY ST ECON DEV AUTH RE /15/ A3 BBB BUE2 CO JEFFERSON CNTY CO SCH DIST #R- 5 12/15/ Aa3 A GJ8 TX LEVELLAND TX CONSOL INDEP SCHD /15/ AAA JU4 CA CALIFORNIA STWD CMNTYS DEV AUT 5 7/1/ A SDU5 TX WILLIAMSON CNTY TX MUNI UTILIT /15/ AA RJA5 TX FULSHEAR MUNI UTILITY DIST NO /1/ A DR5 IL EVANSTON IL /1/ Aa AP1 TX MIDTOWN TX REDEV AUTH TAX INCR 3.5 1/1/ A2 AA GC5 PA NEW WILMINGTON PA MUNI AUTH RE /1/ BBB 64920RBE2 TX S BUDA TX WC&ID # /1/ AA HL0 TX FULSHEAR MUNI UTILITY DIST NO /1/ A DS3 CA PALM DESERT CA REDEV AGY SUCCE /1/ AA BY0 CA INDIO CA PUBLIC FING AUTH 3 11/1/ A LCD7 TX S BUDA TX WC&ID # /1/ AA HM8

5 TX MARBLE FALLS TX INDEP SCH DIST 3 8/15/ AAA WF5 MA MASSACHUSETTS ST DEV FIN AGY 5 8/15/ A XFR7 TX FULSHEAR MUNI UTILITY DIST NO /1/ A DT1 FL CAPE CORAL FL SPL OBLIG REVENU /1/ Aa3 AA KGS9 PA MONTGOMERY CNTY PA /15/ Aa A6 CA CALIFORNIA ST HLTH FACS FING A 4 3/1/ A 13033LS65 CA SANTA MARIA BONITA CA SCH DIST 4 6/1/ AA EL2 CA LOS ANGELES CA DEPT WTR & PWRR 5 7/1/ Aa2 AA H49 CA KINGSBURG CA JT UNION HIGH SCH /1/ AA FV0 TX LITTLE ELM TX /1/ AA TV3 TX MARBLE FALLS TX INDEP SCH DIST 3 8/15/ AAA WG3 CA ROCKLIN CA PUBLIC FING AUTH LE 3 11/1/ AA 77373PAS0 IL ILLINOIS ST FIN AUTH REVENUE 6 5/1/ WR NR 45200FU72 NJ NEW JERSEY ST 4 6/1/ A2 A VN4 NJ NEW JERSEY ST HLTH CARE FACS F 3.5 7/1/ A1 A FN1 CA SAN MATEO CNTY CA JT PWRS FING 3 7/15/ Aa1 AA NFS4 TX LITTLE ELM TX /1/ AA TW1 PA GETTYSBURG PA MUNI AUTH CLG RE /15/ A2 A DM7 CA FONTANA CA UNIF SCH DIST COPS 3 9/1/ AA EE7 UT HERRIMAN CITY UT SALES & FRANC 3.5 8/1/ AA BR6 CA ORANGE CNTY CA WTR DIST REVENU /15/ AAA 68442CBE5 IL EVANSTON IL /1/ Aa AU0 TN PIGEON FORGE INDL DEV BRD TN 4.5 6/1/ AA AU7 MD MARYLAND ST HLTH & HGR EDUCTNL /1/ A2 A V67 KS LEAVENWORTH KS /1/ Aa FK4 CA OAKLAND CA /15/ Aa2 AA TZ1 MA NEWTON MA 3.5 2/1/ Aaa AAA E0 TX LITTLE ELM TX /1/ AA TZ4 TX S BUDA TX WC&ID # /1/ AA HS5 TX MARBLE FALLS TX INDEP SCH DIST /15/ AAA WL2 CA FAIRFAX CA ELEM SCH DIST /1/ AA 30377QBT0 CA ARVIN CA UNION SCH DIST /1/ AA HJ8 MA NEWTON MA 3.5 2/1/ Aaa AAA F7 TN WILSON CNTY TN 3.5 4/1/ AA PMU0 TX S BUDA TX WC&ID # /1/ AA HT3 CA OAKLAND CA /15/ Aa2 AA UA4 TX BELLAIRE TX 3.5 2/15/ AAA E1

CA SAN FRANCISCO CITY & CNTY CA C 4 9/1/2039 105 104.4 3.25 Aa2 AA 79765DQ86 IL ILLINOIS ST FIN AUTH REVENUE 4 1/1/2040 250 97.793 4.15 A 45204ERN0 MI MICHIGAN ST FIN AUTH REVENUE 5 1/1/2040 100 109.

6 CA SAN FRANCISCO CITY & CNTY CA C 4 9/1/ Aa2 AA 79765DQ86 IL ILLINOIS ST FIN AUTH REVENUE 4 1/1/ A 45204ERN0 MI MICHIGAN ST FIN AUTH REVENUE 5 1/1/ A2 A PTG6 TN WILSON CNTY TN 3.5 4/1/ AA PMV8 MA MASSACHUSETTS ST 4 5/1/ Aa1 AA RDE3 IL ILLINOIS ST FIN AUTH REVENUE /15/ BBB 45204EQN1 WA PEND OREILLE CNTY WA PUBLIC UT /1/ Baa BN2 LA LOUISIANA ST PUBLIC FACS AUTH 5 10/1/ Baa1 BBB P28 CA ARVIN CA UNION SCH DIST /1/ AA HK5 AL DE KALB CNTY AL EMERGENCY COMM /1/ AA AV2 CA FOOTHILL ESTRN TRANSPRTN CORRI 5 1/15/ A2 AA HB9 TX BELLAIRE TX 3.5 2/15/ AAA H4 WY LARAMIE CNTY WY HOSP REVENUE 5 5/1/ A CT3 TX S BUDA TX WC&ID # /1/ AA HX4 TX WILLIAMSON CNTY TX MUNI UTILIT /15/ AA RJN7 MN CHATFIELD MN INDEP SCH DIST # /1/ AA ES9 NJ NEW JERSEY ST EDUCTNL FACS AUT /1/ A3 AA FA3 TX S BUDA TX WC&ID #1 4 8/1/ AA JB0 PA PENNSYLVANIA ST HGR EDUCTNL FA 5 11/1/ A 70917SXW8 MI MICHIGAN ST FIN AUTH REVENUE 4 12/1/ Aa3 AA TPR MUNICIPAL BOND INSURER RATINGS Insurer Moody's Rating Moody's Outlook S&P Rating S&P Outlook ACA Not Rated -- NR -- Ambac WR -- NR -- Assured Gty (AGC) A3 NEG AA STABLE BAM Not Rated -- AA STABLE BHAC Aa1 STABLE AA+ STABLE CIFG WR -- NR -- FGIC WR -- NR -- AGM A2 STABLE AA STABLE NATL A2 NEG AA- STABLE MAC Not Rated -- AA STABLE Radian WR -- NR -- XLCA (Syncora) WR -- NR -- **WD = Rating Withdrawn SCALE ----

8 Source: Yieldbook, S&P LCD

9 *** GENERIC U.S. GOVERNMENT 10YR ***

10 AA RATED MUNICIPAL BOND SPREADS OVER U.S. TREASURIES

11 FUTURE IMPLIED PROBABILITY OF FED RATE HIKE

USAA CALIFORNIA BOND FUND

USAA CALIFORNIA BOND FUND 00037CTK6 ABAG CA FIN AUTH FOR NONPROFIT 1,500,000.00 $1,572,150.00 00037CVB3 ABAG CA FIN AUTH FOR NONPROFIT 4,235,000.00 $4,691,998.85 006797BY9 ADELANTO CA PUBLIC UTILITY AUT 2,000,000.00 $2,284,100.00