7.6% The YOY percent increase in Nevada taxable sales in August--up $259 million from August 2011.

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Jan-03 Jun-03 Nov-03 Apr-04 Sep-04 Feb-05 Jul-05 Dec-05 May-06 Oct-06 Mar-07 Aug-07 Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Dec-10 May-11 Oct-11 Aug-12 Index Municipal Investment Management In This

President & Chief Investment Officer rick.phillips@ftnmainstreet.com Main Street's Nevada Economic Index* 107.86 106.22 102.91 1.5% 4.8% NV Taxable Sales (Bil.) $3.67 $3.55 $3.41 3.3% 7.

1 Jan-03 Jun-03 Nov-03 Apr-04 Sep-04 Feb-05 Jul-05 Dec-05 May-06 Oct-06 Mar-07 Aug-07 Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Dec-10 May-11 Oct-11 Aug-12 Index Municipal Investment Management In This Issue Page 1 NV Economic Index Page 2 Taxable Sales Page 3 Gaming Revenue Page 4 Employment Page 5 Hotel & Occupancy Page 6 Real Estate Page 7 Airport Traffic Page 8 The Markets Rick Phillips, CCM President & Chief Investment Officer rick.phillips@ftnmainstreet.com Main Street's Nevada Economic Index* % 4.8% NV Taxable Sales (Bil.) $3.67 $3.55 $ % 7.6% NV Gaming Revenue (Mil.) $859.2 $1,005.9 $ % -3.1% NV Unemployment 12.1% 12.0% 13.8% 0.1PP -1.7PP Clark Med. Exist. Home Price (Thous.) $125.7 $122.5 $ % 17.5% Washoe Med. Ex. Home Price (Thous.) $175.0 $165.0 $ % 13.6% Washoe Vis. Volume (Thous.) % 6.4% Clark Vis. Volume (Mil.) % 10.6% *6MMA % The percent increase in Nevada taxable sales in August--up $259 million from August Nevada Economic Index Nevada Economic Index Components Monthly % Change PP Stands for Percentage Points 10.6% The percent increase in Clark County visitors in August--up 350,000 from August NV Index 6MMA % Change Nick Strobelt Portfolio Manager & Analyst nick.strobelt@ftnmainstreet.com FTN Financial Main Street Advisors 6525 W. Warm Springs Rd. Las Vegas, NV ftnmainstreet.com

2 Billions Millions Billions Taxable Sales--Nevada $4.4 $4.2 $4.0 $3.8 $3.6 $3.4 $3.2 $3.0 $2.8 $2.6 $3.2 $3.0 Taxable Sales--Clark Co. $600 $550 Taxable Sales--Washoe Co. $2.8 $2.6 $2.4 $500 $450 $2.2 $400 $2.0 $350 Taxable Sales--Major Sectors (Millions $) Nevada 3, , , % 7.6% Clark County 2, , , % 8.1% Durable Goods % 12.0% Vehicle Parts & Dealers % 22.0% Clothing Stores % 10.0% General Merchandise Stores % 5.6% Accom. & Food Svs/Drink Plcs % 2.4% Washoe County % 10.5% Durable Goods % -7.5% Vehicle Parts & Dealers % 21.4% Food & Beverage % -2.5% Clothing Stores % 13.5% General Merchandise Stores % 12.8% Food Service & Drinking Places % 0.6% Source: Nevada Department of Taxation ftnmainstreet.com Page 2 of 8 Nevada taxable sales improved in August, as Motor Vehicle & Parts Dealers' sales were up 21.6% statewide. Washoe County taxable sales jumped 10.5% in August, as all major categories except Durable Goods and Food & Beverage Stores improved.

3 Millions Millions Millions $1,100 $1,050 Nevada Gaming Revenue $1,000 $950 $900 $850 $800 $750 Clark County Gaming Revenue Washoe County Gaming Revenue $950 $75 $900 $70 $850 $800 $65 $750 $60 $700 $650 $55 $600 $50 Gaming Revenue (Millions $) Statewide % -3.1% Clark Co % -3.4% LV Strip % -1.2% Downtown LV % -8.4% N. Las Vegas % -13.0% Laughlin % -2.3% Washoe Co % 5.1% Reno % 4.7% Sparks % 5.8% South Lake Tahoe % -19.4% Elko Co % -1.9% *Gaming revenue Includes markers or loans given to customers. Source: Nevada Gaming Commission ftnmainstreet.com Page 3 of 8 Nevada gaming revenue fell in August, as Clark County activity slid. Washoe County gaming revenue improved modestly in August, as Reno and Sparks had increases.

4 Jan-00 Oct-00 Jul-01 Apr-02 Jan-03 Oct-03 Jul-04 Apr-05 Jan-06 Oct-06 Jul-07 Apr-08 Jan-09 Oct-09 Apr-11 Jan-00 Oct-00 Jul-01 Apr-02 Jan-03 Oct-03 Jul-04 Apr-05 Jan-06 Oct-06 Jul-07 Apr-08 Jan-09 Oct-09 Apr-11 Jan-90 Aug-90 Mar-91 Oct-91 May-92 Dec-92 Jul-93 Feb-94 Sep-94 Apr-95 Nov-95 Jun-96 Jan-97 Aug-97 Mar-98 Oct-98 May-99 Dec-99 Jul-00 Feb-01 Sep-01 Apr-02 Nov-02 Jun-03 Jan-04 Aug-04 Mar-05 Oct-05 May-06 Dec-06 Jul-07 Feb-08 Sep-08 Apr-09 Nov-09 Jun-10 Jan-11 Aug-11 15% 13% 11% 9% 7% 5% 3% 1% -1% -3% -5% U.S. and Nevada Monthly Unemployment Rates Variance Nevada U.S. NV Professional & Business Services Employment--SA NV Government Employment--SA 170, , , , , , , , , , , , , , , ,000 Nevada Labor Force (Thousands) Sep 12 Aug 12 Sep 11 Total Labor Force 1, , , % -1.3% Unemployment % -14.2% Total Employment 1, , , % 0.7% Hotels & Gaming % 0.5% Trade & Transp % 1.2% Government % 0.2% Service Industries % 0.6% Education & Health % 3.4% Construction % -9.4% Source: Nevada Dept. of Employee Training and Rehabilitation, Bureau or Labor Statistics ftnmainstreet.com Page 4 of 8 The Nevada labor force fell by 1,920 in September from the previous month, as the number of unemployed decreased by 4,310--causing the unemployment rate to drop.3 percentage points to 11.8% for September.

5 Millions Thousands Clark Co. Room Rental Rate Washoe Co. Room Rental Rate $120 $90 $115 $85 $110 $80 $105 $75 $100 $70 $95 $90 $85 $80 $65 $60 $55 $ Clark County Visitor Volume Washoe County Visitor Volume Clark County Visitor Volume (Mil.) % 1.5% Room Occupancy Rate 87.7% 90.4% 88.5% -2.7PP -0.8PP Room Rental Rate $ $ $ % 6.3% Conventions Held 1,236 1,316 1, % 17.3% Convention Attend. (Thous.) % 15.9% Washoe County Indicators Visitor Volume (Thous.) % 6.4% Occupancy Rate 71.0% 69.1% 67.8% 1.9PP 3.2PP Room Rental Rate $84.17 $75.67 $ % -1.3% Source: Las Vegas Convention & Visitors Authority, Reno-Sparks Convention & Visitors Authority. PP Stands for Percentage Points. ftnmainstreet.com Page 5 of 8 Visitor volume in Clark and Washoe County increased in August. Washoe County occupancy rates increased modestly in August, while room rates fell slightly.

6 Jan-10 Mar-10 May-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 May-12 Jul-12 Sep-12 Jan-10 Mar-10 May-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 May-12 Jul-12 Sep-12 Thousands Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 May-12 Jul-12 % Change Home Price (Thousands) 30% 20% Clark County Median Existing Home Sale Price & Percent Change % Chg Price $275 10% 0% -10% -20% -30% -40% $225 $175 $125-50% $75 6,000 5,000 4,000 Home Sales--Clark County Existing Home New Home Clark County Existing Home Inventory 3,000 2, , Clark County Sep 12 Aug 12 Sep 11 Home Inventory 16,775 17,047 21, % -23.3% New Home Sales % 132.8% New Home Median Price 199, , , % -2.7% Existing Home Sales 3,544 4,285 4, % -17.2% Existing Home Median Price 129, , , % 19.8% Washoe County Home Inventory & Sales Home Inventory New Home Sales New Home Median Price Existing Home Sales Existing Home Median Price $178.0 $175.0 $ % 18.7% Source: NV Small Busin. Dev. Center, Greater LV Assoc. of Realtors, CBER, S. NV Home Builders Association, Bloomberg, and CoreLogic. ftnmainstreet.com Page 6 of 8 Clark County existing home sales fell 17.2% in September, as existing home inventory continued to decline. New home sales reached 922 in September-- the highest since September 2008.

7 McCarran Airport Passenger Volume Reno-Tahoe Airport Passenger Volume 3,800, ,000 3,700,000 3,600, ,000 3,500, ,000 3,400,000 3,300,000 3,200, , ,000 3,100,000 3,000,000 2,900,000 2,800, , , ,000 32,000 30,000 N. Las Vegas Airport Passenger Volume 24,000 22,000 Henderson Executive Airport Passenger Volume 28,000 20,000 26,000 18,000 24,000 16,000 22,000 14,000 20,000 12,000 18,000 10,000 McCarran Airport Passenger Volume (Mil.) % 0.3% Cargo (Mil. of lbs.) % 18.3% Internl. Passengers (Thous.) % 11.5% N. Las Vegas Airport Passenger Volume (Thous.) % 2.5% Henderson Ex. Airport Passenger Volume (Thous.) % 5.8% Reno-Tahoe Airport Airport Volume Passenger Volume (Thous.) % -2.9% Cargo (Mil. of lbs.) % 7.8% Source: Clark County Dept. of Aviation, Reno-Tahoe Airport Authority. ftnmainstreet.com Page 7 of 8 McCarran Airport volume was nearly unchanged in August, although international travel jumped. The Reno-Tahoe Airport passenger volume fell slightly in August, partially because there were "fewer conventions and events in the Reno/Sparks region".

8 Sep 10 Nov 10 Jan 11 Mar 11 May 11 Jul 11 Sep 11 Nov 11 Jan 12 Mar 12 May 12 Jul 12 Sep 12 Sep 10 Nov 10 Jan 11 Mar 11 May 11 Jul 11 Sep 11 Nov 11 Jan 12 Mar 12 May 12 Jul 12 Sep 12 Percent Sep 10 Nov 10 Jan 11 Mar 11 May 11 Jul 11 Sep 11 Nov 11 Jan 12 Mar 12 May 12 Jul 12 Sep 12 Sep 10 Nov 10 Jan 11 Mar 11 May 11 Jul 11 Sep 11 Nov 11 Jan 12 Mar 12 May 12 Jul 12 Sep 12 Per Gallon Percent Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Index Percent 14,000 13,500 13,000 12,500 12,000 11,500 11,000 10,500 10,000 9,500 9,000 Dow Jones Industrial Average Oct 26th 13, Yr Treasury vs. Fed Funds 2Yr Tsy Fed Funds Rate Oct 26th 0.30 $4.2 $4.0 $3.8 Gasoline Prices--Retail Yr Treasury vs. 30-Yr Mortgage 3.88 $ $3.4 $3.2 $3.0 $2.8 $2.6 $2.4 $ Yr Tsy Mortgage Rates 1.55 Inflation--CPI Annualized % Change Gold Price Per Troy Ounce 4.5 $1, $1,800 $1,700 $1, $1,500 $1,400 $1,300 $1, $1,200 The Dow Jones Industrial Average is up 7.28% year-to-date. The 2-Yr T-Note currently has a 5 basis point spread above the target Fed Funds rate. The retail gasoline price is up 9.2%. The 30-Yr Mortgage rate is down.90 percentage points. The CPI fell 1.9 percentage points in September, and gold is up 9.1%. Source: Moody s Analytics, Bloomberg This report represents the opinions of FTN Financial Main Street Advisors, LLC and should not be considered predictive of any future market performance. Opinions are subject to change without notice. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered investment advice or a recommendation of any particular security, investment strategy, or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. FTN Financial Group, FTN Financial Capital Markets, and FTN Financial Portfolio Advisors are divisions of First Tennessee Bank National Association (FTB). FTN Financial Securities Corp (FFSC), FTN Financial Main Street Advisors, LLC, and FTN Financial Capital Assets Corporation are wholly owned subsidiaries of FTB. FFSC is a member of FINRA and SIPC FTN Financial Group, through FTB or its affiliates, offers investment products and services. FTN Financial is not registered as a ftnmainstreet.com Page 8 of 8

CBER Economic Indexes for Nevada and Southern Nevada

CBER Economic Indexes for Nevada and Southern Nevada Published December 19, 2017 Stephen M. Miller, PhD, Director Nicolas Prada, M.A., Graduate Research Assistant Summary of CBER s Nevada Indexes Coincident