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City of Santa Ana Pension Obligation Bonds Scenario 1 - Base Case BOFA SECURITIES, INC. IS NOT YOUR MUNICIPAL ADVISOR OR FIDUCIARY. BofA Securities, Inc. ("BofA") is providing the information contained herein for discussion purposes only either as an underwriter or in anticipation of being engaged to serve as an underwriter. By providing the information contained herein pursuant to the participation by an independent registered municipal advisor exemption provided under SEC Rule i5Ba1.1(d)(3)(vl) and the underwriter exclusion provided under SEC Rule 350at-1(d)(2)(I), BofA Is not acting as yaw"municipal advisor" within the meaning of Section 15D of the Securities Exchange Act of 1934, as amended (the "Act"), and does not owe a fiduciary duty to you pursuant to the Act with respect to the Information and material contained in this communication. BufA Is either serving as an underwriter or is seeking to serve as an underwriter on a future transaction and not as a financial advisor or municipal advisnr. The primary mle of RnfA, as an underwriter, is to purrhase serurifies with a view to distribution in an arms -length rnmmerrial transaction between you and DofA and DofA has financial and other Interests that differ from yours. DofA Is acting for Its own interests. You should discuss any information and material contained in this communication with any and all of your own internal or external munlcipal and/or financial, legal, accounting, tax and other advisors and experts, as applicable, to the extent you deem appropriate before acting on this information or material. This material has been prepared by the Public Finance Group and is not a research report and is not a product of the fixed income research department of BofA. This material is for information purposes only, is intended solely for your use, and may not be reproduced, disseminated, quoted or referred to in whole or In part, without our written consent. This material does not constitute an offer or solicitation to sell or purchase any securities and is not a commitment by BofA Securities or any of its affiliates to provide or arrange any financing for any transaction or to purchase any security in connection therewith. The calculations contained herein are based upon assumptions and information that either you or your advisors provided to BofA or which BofA deems in its sole discretion to be appropriate. BofA makes no representation or warranty as to the accuracy or completeness of this material or these calculations and any and all liability to you or any third parties relating to this material or the calculations is expressly disclaimed. The material and calculations made available to you may not be similar to the Information generated by BofA or Its affiliates proprietary models or valuations that are used for its own purposes or to the models or valuations available from other sources including from other dealers. BofA assumes no obligation to update or otherwise revise these materials. Values generated by the data or calculations may not reflect actual prices or values that can be obtained in the market at that time and the calculations should not be relied upon for any tax, accounting, legal or other purpose. City Council 23 — 153 5/18/2021 BofA Securities - Preliminary Analysis 3/10/2021 Page 18 of 18