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 In early July 2011, First River Advisory received an urgent call from the Chief Executive Officer of Munising Memorial H o s p i t a l ( M M H ) u p o n t h e recommendation of a long-standing First River Advisory client. MMH operates a critical access hospital (CAH) in a small town on the shore of Lake Superior in Michigan’s Upper Peninsula. The CEO had just received a notice from the bond trustee that a letter of credit (LOC) was about to expire, and the investment banking firm which had arranged that financing was nowhere to be found. This LOC

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