Member Firm FIRST RIVER ADVISORY L.L.C. 241 SOUTH 6 TH STREET, SUITE 1705 PHILADELPHIA, PENNSYLVANIA 19106-3733 OFFICE TELEPHONE – (215) 568-9303 SHELLEY J. ARONSON ' aronson@firstriver.com ANNE S. MORSE ' morse@firstriver.com CLIENT SPOTLIGHT First River Advisory has served as Financial Advisor to Hillsdale Hospital since the issuance of its Series 1998 Bonds. Hillsdale operates a community hospital in a small town in south-central Michigan which recorded $61 million of operating revenue in its fiscal year (FY) ended in June 2016. During that FY, Hillsdale admitted over 2,500 inpatients and delivered over 12,000 days of care to residents of its skilled nursing units. SERIES 1998 BONDS Hillsdale’s Series 1998 Bonds were long-term, fixed-rate obligations sold to both institutional and in

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