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STIFEL <br />Q2 '21* <br />$152,000,000 <br />ElSegundo <br />2021 POBs <br />2 <br />Co -Senior <br />Kim <br />Q2 '21* <br />92500,000 <br />Manhattan Beach <br />2021 POBs <br />2 <br />Co -Senior <br />Kim <br />42 '21' <br />272,000,000 <br />Corona <br />2021 POBs <br />1 <br />Sole <br />Brown <br />3/17/21* <br />363,620,000 <br />Huntington Beach <br />2021 POBs <br />3 <br />Senior <br />Kim, Jacob <br />03/03/21 <br />286,485,000 <br />Orange <br />2021 POBs <br />2 <br />Senior <br />I(im, Jacob, Brown <br />02/10/21 <br />350,025,000 <br />Chula Vista <br />2021 POBs <br />1 <br />Sole <br />Brown <br />02/02/21 <br />106,335,000 <br />Monterey Park <br />2021 POBs <br />2 <br />Co -Manager <br />Jacob <br />11/09/20 <br />101,490,000 <br />Gardena <br />2020 POBs <br />3 <br />Co -Senior <br />Kim <br />10/29/20 <br />52,950,000 <br />Placentia <br />2020 Lease Rev Bonds <br />1 <br />Sole <br />10/27/20 <br />90,000,000 <br />Arcadia <br />2020 POBs <br />1 <br />Sole <br />Jacob, Kim <br />02/05/20 <br />131,805,000 <br />Pasadena <br />2020 Retunding POBs <br />2 <br />Senior <br />Jacob, Kim <br />08/22/19 <br />64,420,000 <br />Glendora <br />2020 POBs <br />1 <br />Sole <br />Jacob <br />12/04/18 <br />15,325,000 <br />Fairfield <br />2018 Refunding POBs <br />1 <br />Sole <br />Senior: <br />$1,972,620,000 <br />12 Transactions <br />Co: <br />$106,335,000 <br />1 Transaction <br />'Gmently onnerwny. <br />Our Proven Track Record of Setting the Lowest POB <br />Credit Spreads. As the most <br />active POB underwriter <br />for California <br />public agencies, <br />Stifel has consistently set the lowest rates on its California <br />POBs. <br />The list below highlights <br />all the long- <br />term POB transactions <br />sold in <br />California over the past <br />3 years, sorted by "credit <br />spread" (sec explanation below). <br />03/03/21 <br />Orange <br />$286.49 <br />AA <br />2044 <br />2.74% <br />2.27% <br />0.47% <br />Stifel/Citi <br />02/11/21 <br />Chula Vista <br />3S0.03 <br />AA <br />204S <br />2.51% <br />1.94`Yo <br />0.57% <br />Stifel <br />08/22/19 <br />Glendora <br />64.42 <br />AAA <br />2044 <br />2.85% <br />2.11°% <br />0.74°% <br />Stifel <br />02/02/21 <br />Monterey Park <br />106.34 <br />AA <br />2043 <br />2.67% <br />1.87% <br />0.80% <br />Ramirez/Stifel <br />02/09/21 <br />Downey <br />113.59 <br />AA <br />2044 <br />2.75% <br />1.95"% <br />0.80% <br />BofA <br />02/05/20 <br />Pasadena <br />131.81 <br />AAA <br />2045 <br />3.06% <br />2.14% <br />0.92% <br />Stifel/BofA <br />01/13/21 <br />LI Cajon <br />14/.21 <br />AA <br />2043 <br />2.84% <br />1.82°% <br />1.02°% <br />BofA <br />12/17/20 <br />Ukiah <br />/19.86 <br />A+ <br />2019 <br />2.77% <br />1.68% <br />1.09% <br />Piper <br />10/27/20 <br />Arcadia <br />90 <br />AAA <br />2040 <br />2.70% <br />1.57% <br />1.13°% <br />Stifel <br />07/25/18 <br />La Verne <br />54.27 <br />AA+ <br />2044 <br />4.26% <br />3.06% <br />1.20% <br />Hilltop <br />The "credit spread" represents the risk premium that bond underwriters add to the daily US Treasury rates when setting <br />the taxable interest rates for a particular POB issue. The POB credit spread is heavily dependent on the credit rating of the <br />public dgency (higher rdlings lead to lower spreads), market perception of the public agency's ndrTre value, overall investor <br />demand (i.e. how many investors are competing for the bonds), prepayment provisions, bond size (larger deals attract <br />lower spreads) and relative US Treasury levels at the time of sale (when UST rates are law, the credit spread tends to be <br />lower). An underwriter's abilitytD managethese factors simultaneously and bethe best advocateforthe proposed pricing <br />levels for the POB determines how low the credit spread can be set. <br />We are proud of achieving the following track record in just the last three years: <br />• Set the lowest POB credit spread to US Treasuries (+0.47%) for Orange ("AA" rating) on March 3, 2021; <br />• Top 3 lowest POB credit spreads (Orange, Chula Vista, and Glendora); <br />• 5 of the top 10 lowest POB credit spreads were negotiated by Stifel (no other firm has more than two deals); and <br />Achieved the lowest all -in TIC (2.51%) for a California, long-term POB (for Chula Vista). <br />City Council <br />23 — 208 <br />5/18/2021 <br />4:ily of Santa Ana I Proposal to Provide Underwriting Services Page 6 <br />