VALLEY HEALTH DEVELOPMENT CORPORATION

Valley Health Development Corporation issued tax exempt Mortgage Revenue Bonds and holds a Mortgage Note from Valley Health Services, Inc., a not-for-profit Residential Health Care Facility. In September 2000, Valley Health Development Corporation issued $8,795,000 in tax exempt Mortgage Revenue Refunding Bonds to refinance Valley Health Services', Inc. existing debt. Valley Health Development Corporation administers the bond payments through the Bank of New York Mellon - New Albany, Ohio.