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HomeMy WebLinkAbout(0093) 2021B_GP(2021GOBB) General Purpose Refunding Bonds, Taxable Series 2021B_03.26.2021.pdfHilltopSecurities A Hilltop Holdings Company TABLE OF CONTENTS City of Fort Worth, Texas General Purpose Refunding Bonds, Taxable Series 2021E Taxable Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Report Page General Purpose Refunding Bonds, Taxable Series 2021E Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . 2 Sources and Uses of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Bond Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Summary of Bonds Refunded . . . . . . . . . . . . . . . . . . . . . . . . . 9 Escrow Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Escrow Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Escrow Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Escrow Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Escrow Sufficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Escrow Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Prior Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 General Purpose Refunding Bonds, Taxable Series 2021B_(CR: Ser'21B Notes) Savings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . 18 Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Prior Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 General Purpose Refunding Bonds, Taxable Series 2021B_(AR: Ser'13B COs) Savings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Summary of Refunding Results . . . . . . . . . . . . . . . . . . . . . . . . 24 Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Bond Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Prior Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Unrefunded Bond Debt Service . . . . . . . . . . . . . . . . . . . . . . . . 29 Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) HilltopSecurities A Hilltop Holdings Company SAVINGS City of Fort Worth, Texas General Purpose Refunding Bonds, Taxable Series 2021E Taxable Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Date Prior Debt Service Prior Receipts Prior Net Cash Flow Refunding Debt Service Savings 09/30/2021 316,857.25 316,857.25 09/30/2022 5,750,774.50 5,750,774.50 2,242,291.24 3,508,483.26 09/30/2023 5,699,294.50 5,699,294.50 2,153,747.50 3,545,547.00 09/30/2024 6,165,677.50 6,165,677.50 2,666,999.50 3,498,678.00 09/30/2025 6,114,351.00 6,114,351.00 2,652,122.50 3,462,228.50 09/30/2026 6,066,765.00 6,066,765.00 2,636,047.50 3,430,717.50 09/30/2027 838,659.50 838,659.50 2,614,676.50 -1,776,017.00 09/30/2028 840,034.50 840,034.50 2,592,413.75 -1,752,379.25 09/30/2029 838,662.00 838,662.00 2,565,951.00 -1,727,289.00 09/30/2030 839,355.75 839,355.75 2,536,239.00 -1,696,883.25 09/30/2031 838,303.00 838,303.00 2,503,645.00 -1,665,342.00 09/30/2032 840,379.00 840,379.00 2,473,064.50 -1,632,685.50 09/30/2033 840,459.00 840,459.00 2,434,461.25 -1,594,002.25 09/30/2034 1,619,093.75 -1,619,093.75 09/30/2035 1,582,208.00 -1,582,208.00 09/30/2036 1,544,007.25 -1,544,007.25 09/30/2037 1,503,768.25 -1,503,768.25 09/30/2038 1,461,819.75 -1,461,819.75 09/30/2039 1,419,871.25 -1,419,871.25 09/30/2040 1,377,922.75 -1,377,922.75 09/30/2041 1,335,974.25 -1,335,974.25 35,989,572.50 316,857.25 35,672,715.25 41,916,324.49 -6,243,609.24 Savings Summary Savings PV date PV of savings from cash flow Net PV Savings Note: Preliminary, for illustrative purposes only. 07/13/2021 -611,887.38 -611,887.38 Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Pagel HilltopSecurities A Hilltop Holdings Company SUMMARY OF REFUNDING RESULTS City of Fort Worth, Texas General Purpose Refunding Bonds, Taxable Series 2021E Taxable Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Dated Date 07/13/2021 Delivery Date 07/13/2021 Arbitrage yield 2.593618% Escrow yield 0.078386% Value of Negative Arbitrage 365,846.37 Bond Par Amount 33,555,000.00 True Interest Cost 2.667416% Net Interest Cost 2.692688% All -In TIC 2.759966% Average Coupon 2.629376% Average Life 9.477 Weighted Average Maturity 9.477 Par amount of refunded bonds 32,635,000.00 Average coupon of refunded bonds 2.629809% Average life of refunded bonds 3.629 Remaining weighted average maturity of refunded bonds 3.629 Net PV Savings-611,887.38 Percentage savings of refunded bonds-1.874942% Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 2 HilltopSecurities A Hilltop Holdings Company SOURCES AND USES OF FUNDS City of Fort Worth, Texas General Purpose Refunding Bonds, Taxable Series 2021E Taxable Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Dated Date 07/13/2021 Delivery Date 07/13/2021 General General Purpose Purpose Refunding Refunding Bonds, Taxable Bonds, Taxable Series Series 2021B_(CR:Ser 2021B_(AR:Ser Sources: '21B Notes) '13B COs) Total Bond Proceeds: Par Amount 26,355,000.00 7,200,000.00 33,555,000.00 Other Sources of Funds: Transfer from Debt Service Fund 157,300.00 159,557.25 316,857.25 26,512,300.00 7,359,557.25 33,871,857.25 General General Purpose Purpose Refunding Refunding Bonds, Taxable Bonds, Taxable Series Series 2021B_(CR:Ser 2021B_(AR:Ser Uses: '21B Notes) '13B COs) Total Refunding Escrow Deposits: Cash Deposit 0.69 0.96 1.65 SLGS Purchases 26,156,941.00 7,261,953.00 33,418,894.00 26,156,941.69 7,261,953.96 33,418,895.65 Delivery Date Expenses: Cost of Issuance 196,356.73 53,643.27 250,000.00 Underwriter's Discount 158,130.00 43,200.00 201,330.00 354,486.73 96,843.27 451,330.00 Other Uses of Funds: Additional Proceeds 871.58 760.02 1,631.60 26,512,300.00 7,359,557.25 33,871,857.25 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 3 HilltopSecurities A Hilltop Holdings Company BOND DEBT SERVICE City of Fort Worth, Texas General Purpose Refunding Bonds, Taxable Series 2021E Taxable Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 03/01/2022 1,425,000 0.440% 458,473.49 1,883,473.49 09/01/2022 358,817.75 358,817.75 09/30/2022 2,242,291.24 03/01/2023 1,440,000 0.540% 358,817.75 1,798,817.75 09/01/2023 354,929.75 354,929.75 09/30/2023 2,153,747.50 03/01/2024 1,965,000 0.800% 354,929.75 2,319,929.75 09/01/2024 347,069.75 347,069.75 09/30/2024 2,666,999.50 03/01/2025 1,970,000 1.220% 347,069.75 2,317,069.75 09/01/2025 335,052.75 335,052.75 09/30/2025 2,652,122.50 03/01/2026 1,980,000 1.420% 335,052.75 2,315,052.75 09/01/2026 320,994.75 320,994.75 09/30/2026 2,636,047.50 03/01/2027 1,990,000 1.740% 320,994.75 2,310,994.75 09/01/2027 303,681.75 303,681.75 09/30/2027 2,614,676.50 03/01/2028 2,005,000 1.990% 303,681.75 2,308,681.75 09/01/2028 283,732.00 283,732.00 09/30/2028 2,592,413.75 03/01/2029 2,020,000 2.130% 283,732.00 2,303,732.00 09/01/2029 262,219.00 262,219.00 09/30/2029 2,565,951.00 03/01/2030 2,035,000 2.280% 262,219.00 2,297,219.00 09/01/2030 239,020.00 239,020.00 09/30/2030 2,536,239.00 03/01/2031 2,050,000 2.380% 239,020.00 2,289,020.00 09/01/2031 214,625.00 214,625.00 09/30/2031 2,503,645.00 03/01/2032 2,070,000 2.530% 214,625.00 2,284,625.00 09/01/2032 188,439.50 188,439.50 09/30/2032 2,473,064.50 03/01/2033 2,085,000 2.630% 188,439.50 2,273,439.50 09/01/2033 161,021.75 161,021.75 09/30/2033 2,434,461.25 03/01/2034 1,315,000 2.730% 161,021.75 1,476,021.75 09/01/2034 143,072.00 143,072.00 09/30/2034 1,619,093.75 03/01/2035 1,315,000 2.880% 143,072.00 1,458,072.00 09/01/2035 124,136.00 124,136.00 09/30/2035 1,582,208.00 03/01/2036 1,315,000 2.930% 124,136.00 1,439,136.00 09/01/2036 104,871.25 104,871.25 09/30/2036 1,544,007.25 03/01/2037 1,315,000 3.190% 104,871.25 1,419,871.25 09/01/2037 83,897.00 83,897.00 09/30/2037 1,503,768.25 03/01/2038 1,315,000 3.190% 83,897.00 1,398,897.00 09/01/2038 62,922.75 62,922.75 09/30/2038 1,461,819.75 03/01/2039 1,315,000 3.190% 62,922.75 1,377,922.75 09/01/2039 41,948.50 41,948.50 09/30/2039 1,419,871.25 03/01/2040 1,315,000 3.190% 41,948.50 1,356,948.50 Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 4 Hilltop5ecurities A Hilltop Holdings Company BOND DEBT SERVICE City of Fort Worth, Texas General Purpose Refunding Bonds, Taxable Series 2021E Taxable Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 09/01/2040 20,974.25 20,974.25 09/30/2040 1,377,922.75 03/01/2041 1,315,000 3.190% 20,974.25 1,335,974.25 09/30/2041 1,335,974.25 33,555,000 8,361,324.49 41,916,324.49 41,916,324.49 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by Hilltop5ecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Pages HilltopSecurities A Hilltop Holdings Company BOND DEBT SERVICE City of Fort Worth, Texas General Purpose Refunding Bonds, Taxable Series 2021E Taxable Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Period Ending Principal Coupon Interest Debt Service 09/30/2022 1,425,000 0.440% 817,291.24 2,242,291.24 09/30/2023 1,440,000 0.540% 713,747.50 2,153,747.50 09/30/2024 1,965,000 0.800% 701,999.50 2,666,999.50 09/30/2025 1,970,000 1.220% 682,122.50 2,652,122.50 09/30/2026 1,980,000 1.420% 656,047.50 2,636,047.50 09/30/2027 1,990,000 1.740% 624,676.50 2,614,676.50 09/30/2028 2,005,000 1.990% 587,413.75 2,592,413.75 09/30/2029 2,020,000 2.130% 545,951.00 2,565,951.00 09/30/2030 2,035,000 2.280% 501,239.00 2,536,239.00 09/30/2031 2,050,000 2.380% 453,645.00 2,503,645.00 09/30/2032 2,070,000 2.530% 403,064.50 2,473,064.50 09/30/2033 2,085,000 2.630% 349,461.25 2,434,461.25 09/30/2034 1,315,000 2.730% 304,093.75 1,619,093.75 09/30/2035 1,315,000 2.880% 267,208.00 1,582,208.00 09/30/2036 1,315,000 2.930% 229,007.25 1,544,007.25 09/30/2037 1,315,000 3.190% 188,768.25 1,503,768.25 09/30/2038 1,315,000 3.190% 146,819.75 1,461,819.75 09/30/2039 1,315,000 3.190% 104,871.25 1,419,871.25 09/30/2040 1,315,000 3.190% 62,922.75 1,377,922.75 09/30/2041 1,315,000 3.190% 20,974.25 1,335,974.25 33,555,000 8,361,324.49 41,916,324.49 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021G066-20216_GP) Page 6 HilltopSecurities A Hilltop Holdings Company BOND SUMMARY STATISTICS City of Fort Worth, Texas General Purpose Refunding Bonds, Taxable Series 2021E Taxable Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Dated Date 07/13/2021 Delivery Date 07/13/2021 First Coupon 03/01/2022 Last Maturity 03/01/2041 Arbitrage Yield 2.593618% True Interest Cost (TIC) 2.667416% Net Interest Cost (NIC) 2.692688% All -In TIC 2.759966% Average Coupon 2.629376% Average Life (years) 9.477 Weighted Average Maturity (years) 9.477 Duration of Issue (years) 8.252 Par Amount 33,555,000.00 Bond Proceeds 33,555,000.00 Total Interest 8,361,324.49 Net Interest 8,562,654.49 Bond Years from Dated Date 317,996,500.00 Bond Years from Delivery Date 317,996,500.00 Total Debt Service 41,916,324.49 Maximum Annual Debt Service 2,666,999.50 Average Annual Debt Service 2,134,957.10 Underwriter's Fees (per $1000) Average Takedown Other Fee 6.000000 Total Underwriter's Discount 6.000000 Bid Price 99.400000 Par Average Average PV of 1 by Bond Component Value Price Coupon Life change Serial Bond 26,980,000.00 100.000 2.308% 7.489 17,897.30 Term Bond 2041 6,575,000.00 100.000 3.190% 17.633 9,533.75 33,555,000.00 9.477 27,431.05 All -In Arbitrage TIC TIC Yield Par Value 33,555,000.00 33,555,000.00 33,555,000.00 + Accrued Interest + Premium (Discount) Underwriter's Discount -201,330.00 -201,330.00 Cost of Issuance Expense -250,000.00 Other Amounts Target Value 33,353,670.00 33,103,670.00 33,555,000.00 Target Date 07/13/2021 07/13/2021 07/13/2021 Yield 2.667416% 2.759966% 2.593618% Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 7 HilltopSecurities A Hilltop Holdings Company BOND PRICING City of Fort Worth, Texas General Purpose Refunding Bonds, Taxable Series 2021E Taxable Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Maturity Bond Component Date Amount Rate Yield Price Principal Cost Serial Bond: Term Bond 2041: 03/01/2022 1,425,000 0.440% 0.440% 100.000 1,425,000.00 03/01/2023 1,440,000 0.540% 0.540% 100.000 1,440,000.00 03/01/2024 1,965,000 0.800% 0.800% 100.000 1,965,000.00 03/01/2025 1,970,000 1.220% 1.220% 100.000 1,970,000.00 03/01/2026 1,980,000 1.420% 1.420% 100.000 1,980,000.00 03/01/2027 1,990,000 1.740% 1.740% 100.000 1,990,000.00 03/01/2028 2,005,000 1.990% 1.990% 100.000 2,005,000.00 03/01/2029 2,020,000 2.130% 2.130% 100.000 2,020,000.00 03/01/2030 2,035,000 2.280% 2.280% 100.000 2,035,000.00 03/01/2031 2,050,000 2.380% 2.380% 100.000 2,050,000.00 03/01/2032 2,070,000 2.530% 2.530% 100.000 2,070,000.00 03/01/2033 2,085,000 2.630% 2.630% 100.000 2,085,000.00 03/01/2034 1,315,000 2.730% 2.730% 100.000 1,315,000.00 03/01/2035 1,315,000 2.880% 2.880% 100.000 1,315,000.00 03/01/2036 1,315,000 2.930% 2.930% 100.000 1,315,000.00 26,980,000 26,980,000.00 03/01/2037 1,315,000 3.190% 3.190% 100.000 1,315,000.00 03/01/2038 1,315,000 3.190% 3.190% 100.000 1,315,000.00 03/01/2039 1,315,000 3.190% 3.190% 100.000 1,315,000.00 03/01/2040 1,315,000 3.190% 3.190% 100.000 1,315,000.00 03/01/2041 1,315,000 3.190% 3.190% 100.000 1,315,000.00 6,575,000 6,575,000.00 33,555,000 33,555,000.00 Dated Date Delivery Date First Coupon Par Amount Original Issue Discount Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds Note: Preliminary, for illustrative purposes only. 07/13/2021 07/13/2021 03/01/2022 33,555,000.00 33, 555, 000.00 100.000000 % -201,330.00-0.600000% 33,353,670.00 99.400000% 33,353,670.00 Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 8 HilltopSecurities A Hilltop Holdings Company SUMMARY OF BONDS REFUNDED City of Fort Worth, Texas General Purpose Refunding Bonds, Taxable Series 2021E Taxable Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Maturity Interest Par Call Call Bond Date Rate Amount Date Price $11,140,000 Combination Tax & Revenue Certificates of Obligation, Taxable Series 2013B, 2013B, TERM_28: 03/01/2028 4.580% 2,920,000.00 03/01/2023 100.000 $11,140,000 Combination Tax & Revenue Certificates of Obligation, Taxable Series 2013B, 2013B, TERM_33: 03/01/2033 4.990% 3,715,000.00 03/01/2023 100.000 $26,000,000 Tax Notes, Taxable Series 2021B_Key Bank_FINAL, 21_132K, TERM_26: 03/01/2026 0.990% 26,000,000.00 09/01/2021 100.000 32,635,000.00 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021G066-20216_GP) Page 9 HilltopSecurities A Hilltop Holdings Company ESCROW REQUIREMENTS City of Fort Worth, Texas General Purpose Refunding Bonds, Taxable Series 2021E Taxable Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Period Ending Interest Principal Redeemed Total 09/01/2021 316,857.25 26,000,000.00 26,316,857.25 03/01/2022 159,557.25 159,557.25 09/01/2022 159,557.25 159,557.25 03/01/2023 159,557.25 6,635,000.00 6,794,557.25 795,529.00 32,635,000.00 33,430,529.00 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 10 HilltopSecurities A Hilltop Holdings Company ESCROW DESCRIPTIONS City of Fort Worth, Texas General Purpose Refunding Bonds, Taxable Series 2021E Taxable Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Type of Type of Maturity First Int Par Max Security SLGS Date Pmt Date Amount Rate Rate Jul 13, 2021: SLGS Certificate 09/01/2021 09/01/2021 26,316,498 0.010% 0.010% SLGS Certificate 03/01/2022 03/01/2022 155,128 0.040% 0.040% SLGS Note 09/01/2022 09/01/2021 156,107 0.070% 0.070% SLGS Note 03/01/2023 09/01/2021 6,791,161 0.100% 0.100% 33,418,894 SLGS Summary SLGS Rates File Total Certificates of Indebtedness Total Notes Total original SLGS Note: Preliminary, for illustrative purposes only. 26MAR21 26,471,626.00 6,947,268.00 33,418,894.00 Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 11 HilltopSecurities A Hilltop Holdings Company ESCROW COST City of Fort Worth, Texas General Purpose Refunding Bonds, Taxable Series 2021E Taxable Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Type of Maturity Par Total Security Date Amount Rate Cost SLGS 09/01/2021 26,316,498 0.010% 26,316,498.00 SLGS 03/01/2022 155,128 0.040% 155,128.00 SLGS 09/01/2022 156,107 0.070% 156,107.00 SLGS 03/01/2023 6,791,161 0.100% 6,791,161.00 33,418,894 33,418,894.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost 07/13/2021 33,418,894 1.65 33,418,895.65 33,418,894 1.65 33,418,895.65 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 12 HilltopSecurities A Hilltop Holdings Company ESCROW CASH FLOW City of Fort Worth, Texas General Purpose Refunding Bonds, Taxable Series 2021E Taxable Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Date Principal Interest Net Escrow Receipts 09/01/2021 26,316,498.00 1,298.06 26,317,796.06 03/01/2022 155,128.00 3,489.49 158,617.49 09/01/2022 156,107.00 3,450.22 159,557.22 03/01/2023 6,791,161.00 3,395.58 6,794,556.58 33,418,894.00 11,633.35 33,430,527.35 Escrow Cost Sum Purchase date Purchase cost of securities Note: Preliminary, for illustrative purposes only. 07/13/2021 33,418,894.00 Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 13 HilltopSecurities A Hilltop Holdings Company ESCROW SUFFICIENCY City of Fort Worth, Texas General Purpose Refunding Bonds, Taxable Series 2021E Taxable Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 07/13/2021 1.65 1.65 1.65 09/01/2021 26,316,857.25 26,317,796.06 938.81 940.46 03/01/2022 159,557.25 158,617.49 -939.76 0.70 09/01/2022 159,557.25 159,557.22 -0.03 0.67 03/01/2023 6,794,557.25 6,794,556.58 -0.67 33,430,529.00 33,430,529.00 0.00 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 14 HilltopSecurities A Hilltop Holdings Company ESCROW STATISTICS City of Fort Worth, Texas General Purpose Refunding Bonds, Taxable Series 2021E Taxable Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Modified Yield to Yield to Perfect Value of Total Duration Receipt Disbursement Escrow Negative Cost of Escrow Escrow Cost (years) Date Date Cost Arbitrage Dead Time General Purpose Refunding Bonds, Taxable Series 2021B_(CR: Ser'21B Notes): TDSF 157,300.00 0.133 0.010251% 0.010251% 156,762.60 537.40 BP 25,999,641.69 0.133 0.010274% 0.010274% 25,910,817.06 88,824.63 General Purpose Refunding Bonds, Taxable Series 2021B_(AR: Ser'13B COs): TDSF 159,557.25 0.133 0.010294% 0.010294% 159,012.12 545.10 0.03 BP 7,102,396.71 1.599 0.099169% 0.099165% 6,826,445.48 275,939.24 11.99 33,418,895.65 33,053,037.26 365,846.37 12.02 Delivery date 07/13/2021 Arbitrage yield 2.593618% Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 15 HilltopSecurities A Hilltop Holdings Company PRIOR BOND DEBT SERVICE City of Fort Worth, Texas General Purpose Refunding Bonds, Taxable Series 2021E Taxable Rates as of 03/25/2021 (+25 bps) (AA+/AA/AA) Period Ending Principal Coupon Interest Debt Service 09/30/2021 316,857.25 316,857.25 09/30/2022 5,200,000 0.990% 550,774.50 5,750,774.50 09/30/2023 5,200,000 0.990% 499,294.50 5,699,294.50 09/30/2024 5,730,000 ** % 435,677.50 6,165,677.50 09/30/2025 5,755,000 ** % 359,351.00 6,114,351.00 09/30/2026 5,785,000 ** % 281,765.00 6,066,765.00 09/30/2027 610,000 4.580% 228,659.50 838,659.50 09/30/2028 640,000 4.580% 200,034.50 840,034.50 09/30/2029 670,000 4.990% 168,662.00 838,662.00 09/30/2030 705,000 4.990% 134,355.75 839,355.75 09/30/2031 740,000 4.990% 98,303.00 838,303.00 09/30/2032 780,000 4.990% 60,379.00 840,379.00 09/30/2033 820,000 4.990% 20,459.00 840,459.00 32,635,000 3,354,572.50 35,989,572.50 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 16 HilltopSecurities A Hilltop Holdings Company SAVINGS City of Fort Worth, Texas General Obligation Refunding Bonds, Series 2021E (Current Refunding of Series 2021B Tax Notes) *** Tax Supported Debt *** Date Prior Debt Service Prior Prior Receipts Net Cash Flow Refunding Debt Service Savings 09/30/2021 157, 300.00 157,300.00 09/30/2022 5,431,660.00 5,431,660.00 1,982,625.60 3,449,034.40 09/30/2023 5,380,180.00 5,380,180.00 1,897,860.00 3,482,320.00 09/30/2024 5,328,700.00 5,328,700.00 1,889,016.00 3,439,684.00 09/30/2025 5,277,220.00 5,277,220.00 1,875,684.00 3,401,536.00 09/30/2026 5,225,740.00 5,225,740.00 1,858,260.00 3,367,480.00 09/30/2027 1,837,404.00 -1,837,404.00 09/30/2028 1,812,786.00 -1,812,786.00 09/30/2029 1,785,594.00 -1,785,594.00 09/30/2030 1,756,488.00 -1,756,488.00 09/30/2031 1,725,732.00 -1,725,732.00 09/30/2032 1,693,326.00 -1,693,326.00 09/30/2033 1,654,335.75 -1,654,335.75 09/30/2034 1,619,093.75 -1,619,093.75 09/30/2035 1,582,208.00 -1,582,208.00 09/30/2036 1,544,007.25 -1,544,007.25 09/30/2037 1,503,768.25 -1,503,768.25 09/30/2038 1,461,819.75 -1,461,819.75 09/30/2039 1,419,871.25 -1,419,871.25 09/30/2040 1,377,922.75 -1,377,922.75 09/30/2041 1,335,974.25 -1,335,974.25 26,800,800.00 157,300.00 26,643,500.00 33,613,776.60 -6,970,276.60 Savings Summary Savings PV date Savings PV rate PV of savings from cash flow Net PV Savings Note: Preliminary, for illustrative purposes only. 07/13/2021 2.843465 -1,236,938.92 -1,236,938.92 Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 17 HilltopSecurities A Hilltop Holdings Company SUMMARY OF REFUNDING RESULTS City of Fort Worth, Texas General Obligation Refunding Bonds, Series 2021E (Current Refunding of Series 2021B Tax Notes) *** Tax Supported Debt *** Dated Date 07/13/2021 Delivery Date 07/13/2021 Arbitrage yield 2.593618% Escrow yield 0.010274% Value of Negative Arbitrage 89,362.03 Bond Par Amount 26,355,000.00 True Interest Cost 2.755410% Net Interest Cost 2.779778% All -In TIC 2.843465% Average Coupon 2.720513% Average Life 10.124 Weighted Average Maturity 10.124 Par amount of refunded bonds 26,000,000.00 Average coupon of refunded bonds 0.990000% Average life of refunded bonds 2.633 Remaining weighted average maturity of refunded bonds 2.633 PV of prior debt to 07/13/2021 @ 2.843465% 24,920,874.35 Net PV Savings-1,236,938.92 Percentage savings of refunded bonds-4.757457% Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 18 HilltopSecurities A Hilltop Holdings Company BOND DEBT SERVICE City of Fort Worth, Texas General Obligation Refunding Bonds, Series 2021E (Current Refunding of Series 2021B Tax Notes) *** Tax Supported Debt *** Period Ending Principal Coupon Interest Debt Service 09/30/2022 1,320,000 0.440% 662,625.60 1,982,625.60 09/30/2023 1,320,000 0.540% 577,860.00 1,897,860.00 09/30/2024 1,320,000 0.800% 569,016.00 1,889,016.00 09/30/2025 1,320,000 1.220% 555,684.00 1,875,684.00 09/30/2026 1,320,000 1.420% 538,260.00 1,858,260.00 09/30/2027 1,320,000 1.740% 517,404.00 1,837,404.00 09/30/2028 1,320,000 1.990% 492,786.00 1,812,786.00 09/30/2029 1,320,000 2.130% 465,594.00 1,785,594.00 09/30/2030 1,320,000 2.280% 436,488.00 1,756,488.00 09/30/2031 1,320,000 2.380% 405,732.00 1,725,732.00 09/30/2032 1,320,000 2.530% 373,326.00 1,693,326.00 09/30/2033 1,315,000 2.630% 339,335.75 1,654,335.75 09/30/2034 1,315,000 2.730% 304,093.75 1,619,093.75 09/30/2035 1,315,000 2.880% 267,208.00 1,582,208.00 09/30/2036 1,315,000 2.930% 229,007.25 1,544,007.25 09/30/2037 1,315,000 3.190% 188,768.25 1,503,768.25 09/30/2038 1,315,000 3.190% 146,819.75 1,461,819.75 09/30/2039 1,315,000 3.190% 104,871.25 1,419,871.25 09/30/2040 1,315,000 3.190% 62,922.75 1,377,922.75 09/30/2041 1,315,000 3.190% 20,974.25 1,335,974.25 26,355,000 7,258,776.60 33,613,776.60 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 19 HilltopSecurities A Hilltop Holdings Company BOND SUMMARY STATISTICS City of Fort Worth, Texas General Obligation Refunding Bonds, Series 2021E (Current Refunding of Series 2021B Tax Notes) *** Tax Supported Debt *** Dated Date 07/13/2021 Delivery Date 07/13/2021 First Coupon 03/01/2022 Last Maturity 03/01/2041 Arbitrage Yield 2.593618% True Interest Cost (TIC) 2.755410% Net Interest Cost (NIC) 2.779778% All -In TIC 2.843465% Average Coupon 2.720513% Average Life (years) 10.124 Weighted Average Maturity (years) 10.124 Duration of Issue (years) 8.677 Par Amount 26,355,000.00 Bond Proceeds 26,355,000.00 Total Interest 7,258,776.60 Net Interest 7,416,906.60 Bond Years from Dated Date 266,816,500.00 Bond Years from Delivery Date 266,816,500.00 Total Debt Service 33,613,776.60 Maximum Annual Debt Service 1,982,625.60 Average Annual Debt Service 1,712,076.91 Underwriter's Fees (per $1000) Average Takedown Other Fee 6.000000 Total Underwriter's Discount 6.000000 Bid Price 99.400000 Par Average Average PV of 1 by Bond Component Value Price Coupon Life change Serial Bond 19,780,000.00 100.000 2.360% 7.628 13,257.40 Term Bond 2041 6,575,000.00 100.000 3.190% 17.633 9,533.75 26,355,000.00 10.124 22,791.15 All -In Arbitrage TIC TIC Yield Par Value + Accrued Interest + Premium (Discount) Underwriter's Discount Cost of Issuance Expense Other Amounts Target Value Target Date Yield Note: Preliminary, for illustrative purposes only. 26,355,000.00 -158,130.00 26,196,870.00 07/13/2021 2.755410% 26,355,000.00 -158,130.00 -196,356.73 26,000,513.27 07/13/2021 2.843465 % 26,355,000.00 26,355,000.00 07/13/2021 2.593618% Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 20 HilltopSecurities A Hilltop Holdings Company PRIOR BOND DEBT SERVICE City of Fort Worth, Texas General Obligation Refunding Bonds, Series 2021E (Current Refunding of Series 2021B Tax Notes) *** Tax Supported Debt *** $26,000,000 Tax Notes, Taxable Series 2021B Key Bank FINAL (21 62K) Annual Period Debt Debt Ending Principal Coupon Interest Service Service 09/01/2021 157,300 157,300 09/30/2021 157,300 03/01/2022 5,200,000 0.990% 128,700 5,328,700 09/01/2022 102,960 102,960 09/30/2022 5,431,660 03/01/2023 5,200,000 0.990% 102,960 5,302,960 09/01/2023 77,220 77,220 09/30/2023 5,380,180 03/01/2024 5,200,000 0.990% 77,220 5,277,220 09/01/2024 51,480 51,480 09/30/2024 5,328,700 03/01/2025 5,200,000 0.990% 51,480 5,251,480 09/01/2025 25,740 25,740 09/30/2025 5,277,220 03/01/2026 5,200,000 0.990% 25,740 5,225,740 09/30/2026 5,225,740 26,000,000 800,800 26,800,800 26,800,800 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 21 HilltopSecurities A Hilltop Holdings Company PRIOR BOND DEBT SERVICE City of Fort Worth, Texas General Obligation Refunding Bonds, Series 2021E (Current Refunding of Series 2021B Tax Notes) *** Tax Supported Debt *** $26,000,000 Tax Notes, Taxable Series 2021B Key Bank FINAL (21 62K) Period Ending Principal Coupon Interest Debt Service 09/30/2021 157,300 157,300 09/30/2022 5,200,000 0.990% 231,660 5,431,660 09/30/2023 5,200,000 0.990% 180,180 5,380,180 09/30/2024 5,200,000 0.990% 128,700 5,328,700 09/30/2025 5,200,000 0.990% 77,220 5,277,220 09/30/2026 5,200,000 0.990% 25,740 5,225,740 26,000,000 800,800 26,800,800 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 22 HilltopSecurities A Hilltop Holdings Company SAVINGS City of Fort Worth, Texas General Obligation Refunding Bonds, Series 2021E (Advance Refunding of Taxable Series 2013B COs) *** Supported By Convention Center Revenues *** Prior Prior Prior Refunding Date Debt Service Receipts Net Cash Flow Debt Service Savings 09/30/2021 159, 557.25 159,557.25 09/30/2022 319,114.50 319,114.50 259,665.64 59,448.86 09/30/2023 319,114.50 319,114.50 255,887.50 63,227.00 09/30/2024 836,977.50 836,977.50 777,983.50 58,994.00 09/30/2025 837,131.00 837,131.00 776,438.50 60,692.50 09/30/2026 841,025.00 841,025.00 777,787.50 63,237.50 09/30/2027 838,659.50 838,659.50 777,272.50 61,387.00 09/30/2028 840,034.50 840,034.50 779,627.75 60,406.75 09/30/2029 838,662.00 838,662.00 780,357.00 58,305.00 09/30/2030 839,355.75 839,355.75 779,751.00 59,604.75 09/30/2031 838,303.00 838,303.00 777,913.00 60,390.00 09/30/2032 840,379.00 840,379.00 779,738.50 60,640.50 09/30/2033 840,459.00 840,459.00 780,125.50 60,333.50 9,188,772.50 159,557.25 9,029,215.25 8,302,547.89 726,667.36 Savings Summary Savings PV date Savings PV rate PV of savings from cash flow Net PV Savings Note: Preliminary, for illustrative purposes only. 07/13/2021 2.349178% 625,051.54 625,051.54 Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 23 HilltopSecurities A Hilltop Holdings Company SUMMARY OF REFUNDING RESULTS City of Fort Worth, Texas General Obligation Refunding Bonds, Series 2021E (Advance Refunding of Taxable Series 2013B COs) *** Supported By Convention Center Revenues *** Dated Date 07/13/2021 Delivery Date 07/13/2021 Arbitrage yield 2.593618% Escrow yield 0.099169% Value of Negative Arbitrage 276,484.34 Bond Par Amount 7,200,000.00 True Interest Cost 2.233391% Net Interest Cost 2.238663% All -In TIC 2.349178% Average Coupon 2.154255% Average Life 7.108 Weighted Average Maturity 7.108 Par amount of refunded bonds 6,635,000.00 Average coupon of refunded bonds 4.876730% Average life of refunded bonds 7.531 Remaining weighted average maturity of refunded bonds 7.531 PV of prior debt to 07/13/2021 @ 2.349178% 7,887,765.52 Net PV Savings 625,051.54 Percentage savings of refunded bonds 9.420521% Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 24 HilltopSecurities A Hilltop Holdings Company BOND DEBT SERVICE City of Fort Worth, Texas General Obligation Refunding Bonds, Series 2021E (Advance Refunding of Taxable Series 2013B COs) *** Supported By Convention Center Revenues *** Period Ending Principal Coupon Interest Debt Service 09/30/2022 105,000 0.440% 154,665.64 259,665.64 09/30/2023 120,000 0.540% 135,887.50 255,887.50 09/30/2024 645,000 0.800% 132,983.50 777,983.50 09/30/2025 650,000 1.220% 126,438.50 776,438.50 09/30/2026 660,000 1.420% 117,787.50 777,787.50 09/30/2027 670,000 1.740% 107,272.50 777,272.50 09/30/2028 685,000 1.990% 94,627.75 779,627.75 09/30/2029 700,000 2.130% 80,357.00 780,357.00 09/30/2030 715,000 2.280% 64,751.00 779,751.00 09/30/2031 730,000 2.380% 47,913.00 777,913.00 09/30/2032 750,000 2.530% 29,738.50 779,738.50 09/30/2033 770,000 2.630% 10,125.50 780,125.50 7,200,000 1,102,547.89 8,302,547.89 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 25 Hilltop5ecurities A Hilltop Holdings Company BOND SUMMARY STATISTICS City of Fort Worth, Texas General Obligation Refunding Bonds, Series 2021E (Advance Refunding of Taxable Series 2013B COS) *** Supported By Convention Center Revenues *** Dated Date 07/13/2021 Delivery Date 07/13/2021 First Coupon 03/01/2022 Last Maturity 03/01/2033 Arbitrage Yield 2.593618% True Interest Cost (TIC) 2.233391% Net Interest Cost (NIC) 2.238663% All -In TIC 2.349178% Average Coupon 2.154255% Average Life (years) 7.108 Weighted Average Maturity (years) 7.108 Duration of Issue (years) 6.578 Par Amount 7,200,000.00 Bond Proceeds 7,200,000.00 Totallnterest 1,102,547.89 Net Interest 1,145,747.89 Bond Years from Dated Date 51,180,000.00 Bond Years from Delivery Date 51,180,000.00 Total Debt Service 8,302,547.89 Maximum Annual Debt Service 780,357.00 Average Annual Debt Service 713,686.07 Underwriter's Fees (per $1000) Average Takedown Other Fee 6.000000 Total Underwriter's Discount 6.000000 Bid Price 99.400000 Par Average Average PV of 1 by Bond Component Value Price Coupon Life change Serial Bond 7,200,000.00 100.000 2.154% 7.108 4,639.90 7,200,000.00 7.108 4,639.90 Par Value + Accrued Interest + Premium (Discount) Underwriter's Discount Cost of Issuance Expense Other Amounts Target Value Target Date Yield Note: Preliminary, for illustrative purposes only. TIC 7,200,000.00 -43,200.00 7,156,800.00 07/13/2021 2.233391 % All -In TIC 7,200,000.00 -43,200.00 -53,643.27 7,103,156.73 07/13/2021 2.349178 % Arbitrage Yield 7,200,000.00 7,200,000.00 07/13/2021 2.593618% Mar 26, 2021 12:18 pm Prepared by Hilltop5ecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 26 HilltopSecurities A Hilltop Holdings Company PRIOR BOND DEBT SERVICE City of Fort Worth, Texas General Obligation Refunding Bonds, Series 2021E (Advance Refunding of Taxable Series 2013E COs) *** Supported By Convention Center Revenues *** $11,140,000 Combination Tax & Revenue Certificates of Obligation, Taxable Series 2013B (2013B) Period Annual Ending Principal Coupon Interest Debt Service Debt Service 09/01/2021 159,557.25 159,557.25 09/30/2021 159,557.25 03/01/2022 159,557.25 159,557.25 09/01/2022 159,557.25 159,557.25 09/30/2022 319,114.50 03/01/2023 159,557.25 159,557.25 09/01/2023 159,557.25 159,557.25 09/30/2023 319,114.50 03/01/2024 530,000 4.580% 159,557.25 689,557.25 09/01/2024 147,420.25 147,420.25 09/30/2024 836,977.50 03/01/2025 555,000 4.580% 147,420.25 702,420.25 09/01/2025 134,710.75 134,710.75 09/30/2025 837,131.00 03/01/2026 585,000 4.580% 134,710.75 719,710.75 09/01/2026 121,314.25 121,314.25 09/30/2026 841,025.00 03/01/2027 610,000 4.580% 121,314.25 731,314.25 09/01/2027 107,345.25 107,345.25 09/30/2027 838,659.50 03/01/2028 640,000 4.580% 107,345.25 747,345.25 09/01/2028 92,689.25 92,689.25 09/30/2028 840,034.50 03/01/2029 670,000 4.990% 92,689.25 762,689.25 09/01/2029 75,972.75 75,972.75 09/30/2029 838,662.00 03/01/2030 705,000 4.990% 75,972.75 780,972.75 09/01/2030 58,383.00 58,383.00 09/30/2030 839,355.75 03/01/2031 740,000 4.990% 58,383.00 798,383.00 09/01/2031 39,920.00 39,920.00 09/30/2031 838,303.00 03/01/2032 780,000 4.990% 39,920.00 819,920.00 09/01/2032 20,459.00 20,459.00 09/30/2032 840,379.00 03/01/2033 820,000 4.990% 20,459.00 840,459.00 09/30/2033 840,459.00 6,635,000 2,553,772.50 9,188,772.50 9,188,772.50 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 27 HilltopSecurities A Hilltop Holdings Company PRIOR BOND DEBT SERVICE City of Fort Worth, Texas General Obligation Refunding Bonds, Series 2021E (Advance Refunding of Taxable Series 2013B COs) *** Supported By Convention Center Revenues *** $11,140,000 Combination Tax & Revenue Certificates of Obligation, Taxable Series 2013B (2013B) Period Ending Principal Coupon Interest Debt Service 09/30/2021 159,557.25 159,557.25 09/30/2022 319,114.50 319,114.50 09/30/2023 319,114.50 319,114.50 09/30/2024 530,000 4.580% 306,977.50 836,977.50 09/30/2025 555,000 4.580% 282,131.00 837,131.00 09/30/2026 585,000 4.580% 256,025.00 841,025.00 09/30/2027 610,000 4.580% 228,659.50 838,659.50 09/30/2028 640,000 4.580% 200,034.50 840,034.50 09/30/2029 670,000 4.990% 168,662.00 838,662.00 09/30/2030 705,000 4.990% 134,355.75 839,355.75 09/30/2031 740,000 4.990% 98,303.00 838,303.00 09/30/2032 780,000 4.990% 60,379.00 840,379.00 09/30/2033 820,000 4.990% 20,459.00 840,459.00 6,635,000 2,553,772.50 9,188,772.50 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021GOBB-2021B_GP) Page 28 HilltopSecurities A Hilltop Holdings Company UNREFUNDED BOND DEBT SERVICE City of Fort Worth, Texas General Obligation Refunding Bonds, Series 2021E (Advance Refunding of Taxable Series 2013E COs) *** Supported By Convention Center Revenues *** $11,140,000 Combination Tax & Revenue Certificates of Obligation, Taxable Series 2013B (2013B) Annual Period Debt Debt Ending Principal Coupon Interest Service Service 09/01/2021 19,010 19,010 09/30/2021 19,010 03/01/2022 490,000 3.700% 19,010 509,010 09/01/2022 9,945 9,945 09/30/2022 518,955 03/01/2023 510,000 3.900% 9,945 519,945 09/30/2023 519,945 1,000,000 57,910 1,057,910 1,057,910 Note: Preliminary, for illustrative purposes only. Mar 26, 2021 12:18 pm Prepared by HilltopSecurities (aml) (Finance 8.600 FORT WORTH:2021G066-20216_GP) Page 29