THE MISSISSIPPI DEVELOPMENT BANK

THE MISSISSIPPI DEVELOPMENT BANK General The Mississippi Development Bank (the "Bank") was created in 1986 and is organized and existing under and by virtue of Sections 31-25-1 et seq., Mississippi Code of 1972, as amended (the "Bank Act"), as a separate body corporate and politic for the public purposes set forth in the Bank Act. The Bank is not an agency of the State of Mississippi (the "State"), is separate from the State in its corporate and sovereign capacity and has no taxing power. The Bank is granted under the Bank Act the power to borrow money and issue its bonds in such principal amounts as it shall deem necessary to provide funds to accomplish a public purpose or purposes of the State provided for under the Bank Act, including purchasing bonds, notes or evidences of indebtedness from local governmental units (as defined under the Bank Act) or making of loans to local governmental units, by entering into a loan agreement with such local governmental units secured by notes (the "Program"). Organization and Membership of the Bank The Bank is governed by a nine (9) member Board of Directors. The members of the Board of Directors are elected by the members of the Mississippi Business Finance Corporation (the "MBFC") at the time and place fixed by the MBFC's by-laws. Appointments are for terms of one year. The members of the Board of Directors are as follows: The operations of the Bank are administered by William T. Barry, Executive Director. Mr. Barry is a 1972 graduate of the University of Mississippi with a degree in Business. Name Occupation Term Mack Brewer Retired Finance Manager McComb, Mississippi N. L. Carson Owner, Carson Construction Carthage, Mississippi Richard Devoe Certified Public Accountant Oxford, Mississippi William L. Freeman, Jr. Adjutant General, State of MS Jackson, Mississippi Kim Dillon President/CEO, TeleSouth Communications, Inc. Jackson, Mississippi Gary Harkins Businessman Brandon, Mississippi Joel Horton Banker Vicksburg, Mississippi Harold Lewis Businessman Philadelphia, Mississippi William D. Sones Bank President & CEO Brookhaven, Mississippi 10/9/12-6/30/13

Prior of Bank The purpose of the Bank is to foster and promote, in accordance with the Bank Act, the borrowing of funds for public purposes by local governmental units. Under the Program, the Bank has previously issued bonds totaling in principal approximately $6,085,747,402.00 as of. Of such amount, approximately $3,139,250,089.77 was outstanding as of, as represented in the following chart. For approximately $891,945,000.00 in principal amount of bonds of the Bank outstanding, the State's Legislature may determine to appropriate funds to the extent of any deficiency in a reserve fund, if applicable, established for such outstanding Bank bonds. The Bank has presently outstanding bonds in the amounts as follows as of : The purpose of the Bank is to foster and promote, in accordance with the Act, the provision of adequate markets and facilities for the borrowing of funds for public purposes by (i) any county, municipality, utility district, regional solid waste authority, county cooperative service district or political subdivision of the State of Mississippi, (ii) the State of Mississippi or any agency thereof, (iii) the institutions of higher learning of the State of Mississippi, (iv) any education building corporation established for institutions of higher learning, or (v) any other governmental unit created under state law. The Bank has previously issued and still has outstanding the following bonds (see end of chart for * footnote): Name of Special Obligation, Series 1998 (City of Meridian, Mississippi, Combined Water and Sewer System Special Obligation, Series 1999A (Capital Projects and Equipment Acquisition Program) Special Obligation, Series 1999 (Senatobia, Mississippi Combined Water, Sewer and Gas System Special Obligation, Series 1999 (Natchez, Mississippi Convention Center Special Obligation, Series 2001 (Madison County, Mississippi General Obligation Road and Bridge Bond Special Obligation, Series 2001A (Capital Projects and Equipment Acquisition Program)* Special Obligation, Series 2001A (Indianola, Refunding Special Obligation, Series 2001B (Meridian, Taxable Special Obligation, Series 2002A (Hattiesburg, Mississippi Water and Sewer Improvements Special Obligation, Series 2002B (Hattiesburg, Mississippi Water and Sewer Improvements December 1, 1998 $ 5,300,000 $ 3,510,000 May 27, 1999 90,000,000 16,675,000 June 1, 1999 5,000,000 2,395,000 December 1, 1999 12,000,000 1,005,000 January 1, 2001 23,500,000 17,405,000 March 6, 2001 125,000,000 3,925,000 March 1, 2001 2,515,000 285,000 November 29, 2001 3,100,000 2,165,000 May 1, 2002 2,950,000 385,000 May 1, 2002 450,000 55,000

Special Obligation, Series 2002 (Booneville, Mississippi Combined Water, Sewer and Solid Waste Disposal System Special Obligation, Series 2002 (Lee County School District General Obligation Capital Improvements Bond Special Obligation, Series 2002 (Oktibbeha County, Mississippi Limited Tax and Hospital Revenue Special Obligation (West Rankin Metropolitan Sewer Authority, Series 2002 Special Obligation, Series 2003 (Jackson, Mississippi General Obligation Bond Special Obligation, Series 2003 (Marion County, Mississippi General Obligation Jail Bond Special Obligation, Series 2003 (Southaven, Mississippi Recreation Facilities Special Obligation, Series 2003A (Meridian, Refunding Special Obligation, Series 2003A (Meridian, Mississippi Performing Arts and Educational/Conference Center Parking Facilities Taxable Special Obligation, Series 2003B (Meridian, Mississippi Performing Arts and Educational/Conference Center Parking Facilities Special Obligation, Series 2003 (Adams County, Mississippi Promissory Notes Refunding Special Obligation, Series 2003 (Franklin County, Mississippi Franklin County Memorial Hospital Special Obligation (City of Flowood, Mississippi Refunding, Series 2003 Special Obligation, Series 2004 (Southaven, Mississippi Recreation Facilities Special Obligation, Series 2004 (Picayune, Mississippi Public Improvement Special Obligation, Series 2004 (Meridian, Special Obligation, Series 2004 (MSBond Program - Madison County, Mississippi General Obligation Refunding Bond Special Obligation, Series, 2004 (Mississippi Department of Rehabilitation Services Refunding August 1, 2002 8,000,000 5,985,000 September 1, 2002 19,650,000 14,155,000 November 1, 2002 16,500,000 12,255,000 December 1, 2002 6,000,000 4,545,000 January 15, 2003 20,000,000 12,395,000 March 1, 2003 2,000,000 95,000 July 1, 2003 4,000,000 2,645,000 July 15, 2003 7,590,000 1,590,000 July 31, 2003 5,500,000 3,640,000 July 31, 2003 1,500,000 1,030,000 September 1, 2003 7,960,000 5,020,000 October 1, 2003 1,500,000 985,000 October 1, 2003 6,550,000 4,590,000 March 1, 2004 4,500,000 3,175,000 April 15, 2004 3,500,000 2,455,000 April 22, 2004 2,900,000 2,040,000 June 24, 2004 12,000,000 535,000 August 25, 2004 7,215,000 2,005,000

Special Obligation, Series 2004 (Tunica County, Mississippi Refunding Bond Special Obligation, Series 2004 (Clinton, Mississippi Recreation Facilities & Municipal Buildings Special Obligation, Series 2004 (Waveland, Mississippi General Obligation Public Improvement Bond Special Obligation, Series 2004 (Jackson County, Mississippi General Obligation Capital Improvements Bond Taxable Special Obligation, Series 2004 (Pearl, Mississippi Childre Road Urban Renewal Special Obligation, Series 2005 (Tunica County, Mississippi Highway Construction Special Obligation, Series 2005 (Rankin County, Mississippi Public Improvement Special Obligation, Series 2005 (Madison County, Mississippi Public Building Special Obligation, Series 2005 (Madison, Mississippi General Obligation Public Building Bond Special Obligation, Series 2005 (Gulfport, Revenue Refunding Bond Special Obligation, Series 2005 (Hinds County, Mississippi General Obligation Public Improvements Bond Special Obligation, Series 2005 (Municipal Gas Authority of Mississippi Natural Gas Supply 2005 Series* Taxable Special Obligation, Series 2005A (Jackson County, Mississippi General Obligation Bond Taxable Special Obligation, Series 2005B (Jackson County, Mississippi General Obligation Refunding Bond Taxable Special Obligation, Series 2005 (Lowndes County, Mississippi Taxable General Obligation Industrial Development Bond Special Obligation, Series 2005 (Yalobusha County, Mississippi Yalobusha County Hospital and Nursing Home Special Obligation, Series 2005 (Monroe County, Mississippi General Obligation Jail Bond Special Obligation, Series 2005 (Grenada, August 31, 2004 11,000,000 6,800,000 November 1, 2004 7,750,000 6,030,000 November 30, 2004 5,300,000 845,000 December 1, 2004 10,000,000 3,725,000 December 1, 2004 7,500,000 5,445,000 January 6, 2005 45,000,000 6,435,000 January 26, 2005 16,870,000 14,430,000 February 9, 2005 3,500,000 2,800,000 February 9, 2005 3,500,000 3,340,000 April 7, 2005 47,565,000 36,410,000 April 15, 2005 7,500,000 725,000 May 19, 2005 424,988,000 171,708,000 June 23, 2005 11,500,000 7,165,000 June 23, 2005 2,900,000 1,810,000 July 13, 2005 12,000,000 9,458,609.09 July 18, 2005 2,725,000 1,925,000 August 31, 2005 5,340,000 3,455,000 September 15, 2005 7,650,000 6,165,000

Special Obligation, Series 2005 (Harrison County, Mississippi Highway Construction Special Obligation, Series 2005 (City of Laurel, Mississippi Highway Construction October 19, 2005 102,000,000 86,530,000 October 19, 2005 32,000,000 27,115,000 Special Obligation, Series 2005 (Horn Lake, Mississippi Water and Sewer Systems Taxable Special Obligation, Series 2005 (Tupelo, Mississippi Urban Renewal Special Obligation, Series 2006 (Petal, Special Obligation, Series 2006 (Southaven, Mississippi Water and Sewer System Special Obligation, Series 2006 (DeSoto County Regional Utility Authority Wastewater Treatment System Revenue Bond Special Obligation, Series 2006 (Natchez, Mississippi Convention Center Refunding Bond Special Obligation, Series 2006 (Tunica County, Mississippi General Obligation Refunding Bond Special Obligation, Series 2006A (Municipal Energy Agency of Mississippi Power Supply Special Obligation, Series 2006 (Hattiesburg, Mississippi Water and Sewer System Refunding and Construction Special Obligation, Series 2006 (Senatobia, Mississippi Combined Water, Sewer and Gas System Special Obligation, Series 2006 (Covington County, Mississippi Hospital/Nursing Home Taxable Special Obligation, Series 2006 (Covington County, Mississippi Hospital/Nursing Home Special Obligation, Series 2006 (Brandon, Mississippi Public Improvement Special Obligation, Series 2006 (Adams County, Mississippi Hospital Revenue Refunding and Improvement Bond Special Obligation, Series 2006 (Madison County, Mississippi Highway Construction Special Obligation Refunding, Series 2006A (Biloxi, Mississippi Refunding Project December 1, 2005 12,750,000 10,635,000 December 29, 2005 5,000,000 4,295,000 February 1, 2006 8,500,000 7,325,000 March 1, 2006 9,000,000 7,710,000 April 11, 2006 5,810,000 5,170,000 April 18, 2006 9,695,000 9,245,000 May 31, 2006 5,740,000 4,530,000 June 8, 2006 103,545,000 102,110,000 June 28, 2006 17,000,000 11,500,000 August 17, 2006 3,700,000 2,490,000 August 31, 2006 6,000,000 6,000,000 August 31, 2006 1,100,000 405,000 September 25, 2006 3,500,000 2,845,000 September 28, 2006 18,075,000 15,065,000 October 11, 2006 145,000,000 124,655,000 October 31, 2006 31,685,000 30,120,000

Special Obligation, Series 2006 (Southaven, Mississippi Recreation Facilities Refunding Bond Special Obligation, Series 2006 (City of Jackson, Mississippi, General Obligation Capital City Convention Center Special Obligation Refunding, Series 2006B (Magnolia Regional Health Center Taxable Special Obligation (Harrison County Utility Authority Wastewater Treatment System Revenue Refunding Bond Series 2006B Special Obligation, Series 2007 (City of Columbus, Mississippi Combined Water and Sewer System Refunding and Construction Special Obligation, Series 2007 (Mississippi Gulf Coast Community College District Limited Tax Obligation Capital Improvement Bond Special Obligation, Series 2007A (Hinds County, Mississippi General Obligation Public Improvements and Refunding Bond Project* Special Obligation Taxable, Series 2007B (Hinds County, Mississippi General Obligation Public Parking Special Obligation, Series 2007A (Claiborne County, Mississippi Refunding Taxable Special Obligation, Series 2007B (Claiborne County, Mississippi Taxable Refunding Special Obligation, Series 2007 (Greenville, Mississippi General Obligation Bond Special Obligation, Series 2007 (Mississippi Department of Finance and Administration Buildings Acquisition and Refunding Special Obligation, Series 2007A (State of Mississippi Mississippi Power Company Project Taxable Special Obligation, Series 2007B (State of Mississippi Mississippi Power Company Taxable Special Obligation, Series 2007 (State of Mississippi Entergy Mississippi, Inc. Special Obligation, Series 2007 (Tupelo, Mississippi Convention Center Refunding Special Obligation, Series 2007 (Tupelo, Mississippi Capital Improvement Special Obligation, Series 2007 (Canton, Mississippi General Obligation Public Improvement Bond Special Obligation, Series 2007 (Hurricane Katrina Refunding Relief Program) November 7, 2006 4,185,000 3,210,000 November 8, 2006 65,000,000 64,570,000 November 16, 2006 6,010,000 515,000 November 21, 2006 11,845,000 5,080,000 January 11, 2007 27,860,000 21,380,000 January 1, 2007 12,300,000 9,950,000 March 1, 2007 25,500,000 23,200,000 March 1, 2007 14,000,000 12,860,000 March 14, 2007 3,320,000 3,320,000 March 14, 2007 3,380,000 2,910,000 May 10, 2007 2,000,000 1,715,000 May 14, 2007 10,825,000 9,035,000 May 31, 2007 58,770,000 58,770,000 May 31, 2007 75,895,000 29,880,000 May 31, 2007 55,195,000 36,430,000 June 6, 2007 10,600,000 7,810,000 July 25, 2007 3,100,000 2,295,000 August 6, 2007 3,500,000 3,165,000 August 16, 2007 31,200,000 595,000

Special Obligation, Series 2007 (Madison, Mississippi Sewer System Special Obligation, Series 2007 (City of Flowood, Mississippi Refunding Special Obligation, Series 2007 (DeSoto County, Mississippi Highway Construction Special Obligation, Series 2007 (Marshall County Industrial Development Authority, Mississippi Highway Construction Special Obligation, Series 2007 (DeSoto County Regional Utility Authority Wastewater Treatment System Revenue Bond Taxable Special Obligation, Series 2007 (Harrison County, Mississippi Ad Valorem Tax Supported Jail Improvements Special Obligation, Series 2007 (Canton, Mississippi Landfill Construction and Refunding Special Obligation (Lowndes County, Mississippi Industrial Development, Series 2007 Special Obligation, Series 2007 (Scott County, Mississippi General Obligation Public Improvements Bond Special Obligation, Series 2007 (Pearl, Mississippi Capital Projects and Equipment Prepayment Special Obligation, Series 2007 (Petal, Taxable Special Obligation, Series 2007 (Union County, Mississippi Taxable General Obligation Industrial Development Bond Taxable Special Obligation, Series 2007 (Pontotoc County, Mississippi Taxable General Obligation Industrial Development Bond Taxable Special Obligation, Series 2007 (Lee County, Mississippi Industrial Development General Obligation Bond Special Obligation, Series 2007 (DeSoto County, Mississippi Promissory Note Refunding Special Obligation, Series 2008 (Winston- Choctaw County Regional Correctional Facility Refunding Bond Special Obligation, Series 2008 (Horn Lake, Mississippi General Obligation Bond Refunding Special Obligation, Series 2008 (Leake Refunding Bond September 1, 2007 3,500,000 2,915,000 October 4, 2007 4,255,000 3,275,000 October 18, 2007 31,000,000 28,415,000 October 18, 2007 52,000,000 47,665,000 October 18, 2007 4,190,000 3,755,000 October 24, 2007 2,700,000 1,575,000 November 6, 2007 3,020,000 2,050,000 November 15, 2007 21,290,000 18,790,000 November 15, 2007 11,880,000 9,730,000 November 27, 2007 10,525,000 9,150,000 December 13, 2007 6,500,000 5,770,000 December 18, 2007 8,760,000 8,030,000 December 18, 2007 8,760,000 8,030,000 December 18, 2007 8,760,000 8,030,000 December 20, 2007 8,755,000 6,620,000 April 1, 2008 3,815,000 2,185,000 April 1, 2008 4,410,000 3,645,000 April 25, 2008 3,755,000 2,165,000

Special Obligation (West Rankin Utility Authority, Series 2008 Special Obligation, Series 2008 (Jefferson Refunding Bond Special Obligation, Series 2008 (Issaquena Refunding Bond Special Obligation, Series 2008 (Jackson Public School District General Obligation Bond Special Obligation, Series 2008 (Greenville, Mississippi General Obligation Bond Special Obligation Variable Rate Demand Refunding, Series 2008A-1 (Harrison County, Mississippi Variable Rate General Obligation Refunding VARIABLE RATE Taxable Special Obligation Variable Rate Demand Refunding, Series 2008B (Harrison County, Mississippi Variable Rate General Obligation Refunding VARIABLE RATE Special Obligation Variable Rate Demand Refunding, Series 2008A-2 (Harrison County, Mississippi Variable Rate General Obligation Refunding VARIABLE RATE Special Obligation Fixed Rate Refunding, Series 2008C (Harrison County, Mississippi Variable Rate General Obligation Refunding Special Obligation, Series 2008 (Rankin County, Mississippi General Obligation Bond Special Obligation, Series 2009 (City of Jackson, Mississippi General Obligation Street Resurfacing Special Obligation, Series 2009 (Southaven, Mississippi Water and Sewer Special Obligation (City of Flowood, Mississippi Refunding, Series 2009* Special Obligation, Series 2009 (Hinds Community College District Capital Improvement Special Obligation, Series 2009 (Jones County Junior College District Capital Improvement Special Obligation Fixed Rate Refunding, Series 2008D (Harrison County, Mississippi Variable Rate Revenue Refunding April 1,2008 24,000,000 22,550,000 June 17, 2008 2,845,000 1,420,000 July 10, 2008 2,825,000 1,375,000 July 23, 2008 114,000,000 108,215,000 August 22, 2008 2,000,000 1,795,000 October 9, 2008 2,110,000 2,110,000 October 9, 2008 16,365,000 14,500,000 October 23, 2008 27,525,000 27,525,000 November 6, 2008 16,000,000 9,375,000 December 22, 2008 20,500,000 15,650,000 January 6, 2009 26,210,000 21,045,000 February 12, 2009 6,500,000 5,810,000 February 12, 2009 9,125,000 8,080,000 February 19, 2009 27,035,000 27,035,000 March 12, 2009 18,215,000 17,525,000 March 18, 2009 28,000,000 26,835,000

Special Obligation, Series 2009 (Forrest County, Mississippi General Obligation Public Improvement Bond Special Obligation, Series 2009 (Jackson County, Mississippi) Special Obligation, Series 2009 (Chickasaw Bond Special Obligation, Series 2009 (Ocean Springs, Mississippi Public Safety and Recreational Facilities Special Obligation, Series 2009 (Carroll- Montgomery County Regional Correctional Facility Refunding Bond Special Obligation Refunding, Series 2009 (Madison County, Mississippi Capital Projects and Equipment Acquisition Program Loan Refunding Special Obligation, Series 2009 (Gulfport, Special Obligation, Series 2009 (Marion Refunding Bond Special Obligation, Series 2009 (Holmes Refunding Bond Special Obligation, Series 2009 (Madison County, Mississippi Limited Tax Pledge Revenue Refunding Special Obligation, Series 2009 (Yazoo Bond Special Obligation, Series 2009 (Rankin County, Mississippi General Obligation Bond Special Obligation (Tallahatchie General Hospital and Extended Care Facility Special Obligation (Tallahatchie General Hospital and Extended Care Facility Special Obligation, Series 2009 (City of Columbus, Mississippi Electric System Refunding Special Obligation, Series 2009A (Harrison County, Mississippi Highway Construction Special Obligation Build America, Series 2009B (Harrison County, Mississippi Highway Construction Project Direct Payment Federally Taxable)* March 26, 2009 24,085,000 21,600,000 April 2, 2009 35,000,000 33,590,000 April 13, 2009 11,100,000 10,400,000 May 6, 2009 10,710,000 9,925,000 May 26, 2009 3,490,000 2,140,000 May 28, 2009 2,490,000 2,060,000 June 1, 2009 9,500,000 6,970,000 June 4, 2009 3,555,000 2,550,000 June 15, 2009 4,210,000 3,005,000 June 24, 2009 8,000,000 7,110,000 July 16, 2009 17,745,000 16,145,000 July 28, 2009 20,000,000 19,250,000 July 30, 2009 4,948,200 4,810,344.53 July 30, 2009 800,000 778,238.15 August 5, 2009 10,000,000 8,910,000 August 26, 2009 9,490,000 4,000,000 August 26, 2009 63,295,000 63,295,000

Special Obligation Refunding, Series 2009 (City of Laurel, Mississippi Capital Projects and Equipment Acquisition Program Loan Refunding Special Obligation, Series 2009A (Jones County, Mississippi General Obligation Bond Special Obligation Recovery Zone Economic Development, Series 2009B (Jones County, Mississippi General Obligation Recovery Zone Economic Development Bond Project Direct Payment Federally Taxable)* Special Obligation, Series 2009 (Chickasawhay Natural Gas District Special Obligation, Series 2009 (Stone Refunding Bond Special Obligation, Series 2009 (Kemper Refunding Bond Special Obligation, Series 2009 (Oktibbeha County, Mississippi General Obligation Bond Special Obligation (City of Flowood, Mississippi Tax Intercept Tax Increment Financing Special Obligation Refunding, Series 2009B- 1 (Jackson County, Mississippi Limited Tax Note) Special Obligation, Series 2009 (Alcorn Bond Special Obligation, Series 2009 (Washington Bond Special Obligation, Series 2009 (Jackson County, Mississippi Industrial Water System September 4, 2009 2,790,000 2,050,000 September 10, 2009 5,670,000 5,670,000 September 10, 2009 3,265,000 3,265,000 September 1, 2009 1,500,000 1,275,000 September 25,2009 4,105,000 2,940,000 October 6, 2009 4,020,000 2,920,000 October 14, 2009 21,000,000 20,075,000 October 21, 2009 2,700,000 2,495,000 October 27, 2009 48,340,000 40,580,000 October 30, 2009 22,700,000 21,885,000 November 5, 2009 21,435,000 20,690,000 December 15, 2009 24,000,000 24,000,000

Refunding, Series 2010A (Harrison County, Mississippi General Obligation Coliseum and Convention Center Refunding )* Variable Rate Refunding, Series 2010B (Harrison County, Mississippi General Obligation Coliseum and Convention Center Refunding )* Special Obligation Refunding, Series 2010C (Harrison County, Mississippi General Obligation Capital Projects and Equipment Acquisition Program Refunding )* Taxable Special Obligation, Series 2010D (Harrison County, Mississippi Taxable General Obligation Industrial Development Bond Special Obligation, Series 2010A (DeSoto County, Mississippi Highway Construction Special Obligation Build America, Series 2010B (DeSoto County, Mississippi Highway Construction Project Direct Payment Federally Taxable)* Taxable Special Obligation, Series 2010A (Tunica County, Mississippi Taxable General Obligation Industrial Development Bond Special Obligation, Series 2010B (Tunica County, Mississippi General Obligation Airport Bond Special Obligation, Series 2010 (D'Iberville, Revenue Refunding Special Obligation, Series 2010 (Greenville, Mississippi General Obligation Bond Special Taxable Obligation, Series 2010A (Mississippi Department of Corrections Marshall County Correctional Facility Refunding Special Taxable Obligation, Series 2010B (Mississippi Department of Corrections Wilkinson County Correctional Facility Refunding Mississippi Development Bank Special Obligation, Series 2010 (Hinds County, Mississippi General Obligation Bond Project* Mississippi Development Bank Special Obligation, Series 2010 (Tunica County, Mississippi General Obligation Refunding Bond Mississippi Development Bank Special Obligation, Series 2010 (City of Moss Point, Mississippi General Obligation Bond January 28, 2010 30,400,000 30,400,000 January 28, 2010 40,000,000 40,000,000 February 23, 2010 9,970,000 9,235,000 March 23, 2010 7,885,000 7,340,000 March 24, 2010 24,280,000 12,585,000 March 24, 2010 136,780,000 136,780,000 April 27, 2010 3,400,000 3,400,000 April 27, 2010 1,500,000 1,500,000 May 10, 2010 4,835,000 4,155,000 May 18, 2010 2,000,000 1,710,000 May 21, 2010 18,575,000 18,575,000 May 21, 2010 20,100,000 20,100,000 June 2, 2010 2,500,000 2,315,000 June 9, 2010 9,850,000 8,425,000 June 23, 2010 3,000,000 2,775,000

Special Obligation, Series 2010C (Mississippi Department of Corrections Walnut Grove Youth Correctional Facility Refunding Special Obligation, Series 2010D (Mississippi Department of Corrections East Mississippi Correctional Facility Refunding Special Obligation, Series 2010A (City of Jackson, Mississippi General Obligation Refunding Taxable Special Obligation, Series 2010B (City of Jackson, Mississippi General Obligation Refunding Special Obligation, Series 2010 (Oktibbeha County, Mississippi General Obligation Bond Special Obligation Refunding, Series 2010 (Diamond Lakes Utilities and Improvements District Refunding Special Obligation, Series 2010 (City of Columbus General Obligation Infrastructure and Refunding Bond Special Obligation (City of Flowood, Mississippi Water and Sewer System Refunding, Series 2010A* Special Obligation, Series 2010 (City of Yazoo City, Mississippi General Obligation Bond Special Obligation, Series 2010 (Tishomingo County, Mississippi General Obligation Correctional Facility Bond Special Obligation Refunding, Series 2010 (Tunica County Utility District Limited Tax Refunding Special Obligation, Series 2011 (Lowndes County, Mississippi General Obligation Bond Special Obligation, Series 2011 (D Iberville, Mississippi Combined Water and Sewer System Revenue Special Obligation Refunding, Series 2011 (Mississippi Transportation Commission Pool Loan Refunding Special Obligation, Series 2011 (George- Greene County, Mississippi Regional Correctional Facility Refunding Bond July 20, 2010 93,580,000 93,580,000 July 20, 2010 68,830,000 68,830,000 September 22, 2010 16,655,000 16,655,000 September 22, 2010 7,010,000 7,010,000 September 30, 2010 6,500,000 6,350,000 October 27, 2010 10,050,000 9,385,000 November 30, 2010 8,900,000 8,040,000 December 8, 2010 5,730,000 5,170,000 December 16, 2010 2,650,000 2,445,000 December 23, 2010 5,200,000 4,825,000 December 28, 2010 10,395,000 8,090,000 February 8, 2011 7,750,000 7,750,000 February 15, 2011 2,800,000 2,800,000 March 10, 2011 17,016,202 14,814,898 March 24, 2011 4,065,000 3,715,000

Special Obligation, Series 2011 (Hinds Community College District Capital Improvement Special Obligation, Series 2011 (Jones County, Mississippi Jones County Rest Home Taxable Special Obligation Refunding, Series 2011 (Monroe County, Mississippi Aberdeen-Monroe County Hospital Refunding Special Obligation, Series 2011A (Magnolia Regional Health Center Special Obligation, Series 2011 (Attala County, Mississippi Montfort Jones Memorial Hospital Special Obligation (Jackson Redevelopment Authority, Series 2011-A* Special Obligation (Jackson Redevelopment Authority, Taxable Series 2011-B* Special Obligation, Series 2011B (Monroe County, Mississippi Aberdeen-Monroe County Hospital Refunding Special Obligation Notes, Series 2011 (Harrison County Utility Authority Wastewater Treatment System Revenue Refunding Bond Special Obligation, Series 2011 (Jackson County, Mississippi Limited Tax Note)* Special Obligation, Series 2011A (City of Canton, Mississippi General Obligation Bond Special Obligation Refunding, Series 2011B (City of Canton, Mississippi General Obligation Refunding Bond Special Obligation Refunding Federally Taxable, Series 2011C (City of Canton, Mississippi General Obligation Refunding Bond Project, Federally Taxable)* Special Obligation, Series 2011 (D'Iberville, Mississippi General Obligation Bond Special Obligation, Series 2011A (City of Jackson, Mississippi Water and Sewer System Revenue Refunding Bond Taxable Special Obligation, Series 2011B (City of Jackson, Mississippi Water and Sewer System Revenue Refunding Bond Special Obligation, Series 2011 (Mississippi Department of Rehabilitation Services Capital Improvement March 31, 2011 18,330,000 18,330,000 April 21, 2011 5,800,000 5,800,000 April 26, 2011 3,020,000 2,725,000 May 12, 2011 82,945,000 81,590,000 May 26, 2011 6,500,000 6,500,000 June 1, 2011 7,165,000 7,165,000 June 1, 2011 2,745,000 2,735,000 June 9, 2011 1,285,000 1,190,000 June 23, 2011 113,825,000 113,825,000 July 27, 2011 36,610,000 36,610,000 August 10, 2011 4,000,000 4,000,000 600,000 600,000 2,580,000 2,580,000 August 17, 2011 4,000,000 4,000,000 August 18, 2011 46,720,000 46,720,000 2,565,000 2,565,000 September 28, 2011 7,000,000 6,680,000

Special Obligation (City of Flowood, Mississippi Refunding, Series 2011* Taxable Special Obligation (Greene County, Mississippi Hospital Taxable Special Obligation, Series 2011 (Lowndes County, Mississippi General Obligation Bond Special Obligation, Series 2011 (Pearl, Mississippi Capital Improvements Special Obligation, Series 2011 (Columbia, Mississippi General Obligation Bond Special Obligation, Series 2012 (Jones County, Mississippi Jones County Rest Home Special Obligation bonds, Series2012 (Horn Lake, Mississippi Recreation Facilities Refunding and Restructuring Revenue Bond Special Obligation, Series 2012 (Hattiesburg, Construction Special Obligation, Series 2012 (Meridian, Mississippi General Obligation Bond Special Obligation, Series 2012 (Lauderdale County, Mississippi General Obligation Bond Special Obligation, Series 2012A (Bolivar County, Mississippi Correctional Facility Refunding Special Obligation, Series 2012B (Bolivar County, Mississippi Correctional Facility Refunding Special Obligation Refunding, Series 2012 (Tunica County, Mississippi Highway Refunding Special Obligation, Series 2012 (Gulfport, Mississippi Public Improvement Special Obligation, Series 2012A (City of Jackson, Mississippi Water Sewer System Revenue Refunding Bond Project* Taxable Special Obligation, Series 2012B (City of Jackson, Mississippi Water and Sewer System Revenue Refunding Bond Special Obligation, Series 2012 (Diamondhead Water and Sewer District Revenue Bond TOTALS November 22, 2011 19,080,000 18,335,000 November 30, 2011 4,550,000 4,550,000 December 12, 2011 13,000,000 13,000,000 December 1, 2011 3,000,000 2,880,000 December 29, 2011 3,500,000 3,500,000 February 28, 2012 4,335,000 4,335,000 March 28, 2012 5,185,000 5,185,000 March 29, 2012 12,500,000 12,500,000 April 12, 2012 4,500,000 4,500,000 April 12, 2012 10,000,000 10,000,000 May 13, 2012 4,605,000 4,345,000 1,760,000 1,650,000 June 6, 2012 28,680,000 28,680,000 July 19, 2012 10,000,000 10,000,000 August 29, 2012 63,045,000 63,045,000 19,180,000 19,180,000 November 30, 2012 14,120,000 14,120,000 $4,073,862,402.00 $3,139,250,089.77

The Bank is presently considering the issuance under the Bank Act of additional special obligation bonds for other purposes authorized under the Bank Act. The faith, credit and taxing power of the State and the Bank are not pledged to the payment of the principal of, premium, if any, and interest on any of the bonds issued or planned for issuance by the Bank and all such bonds are not a debt, liability, loan of the credit or pledge of the faith and credit of the State or the Bank. The Bank has no taxing power. Operation of the Bank The purpose of the Bank is to address the financing needs of a broad array of local governmental units (as defined in the Bank Act) in accordance with the provisions of Bank Act. ButlerSnow 14840052v1