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Leader in California Redevelopment Finance. Stifel's
<br />bankers, underwriters and sales professionals have a long
<br />history of structuring, marketing and selling more California
<br />tax allocation bonds ( "TABS ") than any other firm. Stifel's
<br />predecessor firms, Stone & Youngberg (acquired in 20 t 1) and
<br />De La Rosa & Co. (acquired in 2014), each ranked among the
<br />top two Firms underwriting California redevelopment bonds in
<br />the years prior to dissolution, Post - dissolution, Stifel has
<br />continued to build on this experience and now, as a combined
<br />entity, remains the most active underwriter of post - dissolution
<br />tax - exempt and taxable California TABS. The graph to the
<br />tight illustrates the firm's dominance of this market with 47
<br />senior - managed transactions totaling $1.48 billion, Stifel's 47
<br />senior - managed issues represent almost 57% of the $2,6
<br />billion in par issued since AB 1484 was passed. Stifel has
<br />been particularly active locally in Southern California having
<br />underwritten post dissolution tax allocation refunding bonds for
<br />successor agencies in Azusa, Brea, Carson, Coachella,
<br />Irwindale, Rancho Mirage, Rialto, Riverside, and Walnut as
<br />well as for the counties of Los Angeles, Orange and Riverside,
<br />Forward Calendar. Stifel is actively engaged on 17 financings,
<br />representing more than $1,1 billion, expected to come to market
<br />by early 2015. A list of these transactions is presented to Fit
<br />light Please note that many of these are interest rate sensitive of
<br />have legal or structuring challenges that may alter the schedule.
<br />We believe that Stifel's forward calendar is a strong advantage Qt 2015 Debuo SuccessurAgeney, 13,000.,70
<br />to the Agency's proposed transaction. Because our sales people 2015 CulverCily SuccesanrAgeney 90.00kow
<br />and underwriters will be speaking to credit analysts and 2015 IndusirySucemsorAgency 5rroain10co
<br />2015 Arcadia Suceessor Agency 0.050so
<br />portfolio manager's every week on similar credits, we will have 2015 Lt County Redev. Re&Authorky(MUkipk) 130,00000,
<br />their attention and can push them to review the Agency's -rhat tending TAD Volume 51,079,920,000
<br />Bonds. Despite what seems like a busy calendar, there is still Total Pendng TAD Transactions 17
<br />significant pent up demand from investors — both retail and
<br />institutional. °rhe reality is that most of the supply that has come over the past year has been refundings. The result is
<br />net negative issuance. In other words, the supply is not really creating much new municipal debt to meet the inflows
<br />into the bond funds. Consequently, most of the bond funds and a large number of our individual retail investors are
<br />sitting with uninvested cash..
<br />C. 2014 Stifel7AB bVpreads
<br />Provide a listing 9f Tay. flilocation Bonds issued in 2014 herd include the sproad to MMl7 for each transaction.
<br />A listing of our 2014 transactions with spreads to MMD is shown in Appendix A.
<br />D. Harketing and Distribution Capabilities
<br />lndi de a el"cripthnr ofyourjinn's marketing and distribution capabilities.
<br />Sales & D!StributIOD Capabilities. Stifel has one of the most comprehensive, most balanced municipal distribution
<br />platforms in the industry. Our platform includes our own network of Private Client sales professionals located in
<br />California and other parts of the county and a large team of institutional sales professionals located in all the major
<br />financial hubs. The two groups, working almost in competition to place the bonds the firm originates, allow Stifel to
<br />employ an exhaustive approach to marketing municipal issues, For our issuer clients, Stifel's distribution network --
<br />combined with the firm's frequency in underwriting California municipal bonds— provides insight on market
<br />conditions generally, intelligence regarding specific sector developments that are unique to an individual credit type,
<br />and an understanding of shifting institutional investment strategies. `File graphic and paragraphs below summarize the
<br />two main parts of our distribution platform as they relate to the sale and distribution of the Agency's Bonds,
<br />CITY OF SANTA ANA 3 —1 39 Page 2
<br />Top 5 Underwriters of Post- Dissohtdon TADS
<br />Ranked by Par Amount
<br />$1,606
<br />47
<br />$1,400
<br />Qmnge(Cay of) SuccessorAgency
<br />$1}00
<br />of 2014
<br />$ sl,006
<br />45,000,000
<br />5 $$no
<br />nuibankSuccessorAgency
<br />86W
<br />042014
<br />$40 a
<br />z to
<br />4
<br />a7a6
<br />Huntington Pa&SursussorAgency
<br />so
<br />—
<br />lughlind SuecessarAgeney
<br />SWO sambwen aamluys Cid Mmgon.similey
<br />We believe that Stifel's forward calendar is a strong advantage Qt 2015 Debuo SuccessurAgeney, 13,000.,70
<br />to the Agency's proposed transaction. Because our sales people 2015 CulverCily SuccesanrAgeney 90.00kow
<br />and underwriters will be speaking to credit analysts and 2015 IndusirySucemsorAgency 5rroain10co
<br />2015 Arcadia Suceessor Agency 0.050so
<br />portfolio manager's every week on similar credits, we will have 2015 Lt County Redev. Re&Authorky(MUkipk) 130,00000,
<br />their attention and can push them to review the Agency's -rhat tending TAD Volume 51,079,920,000
<br />Bonds. Despite what seems like a busy calendar, there is still Total Pendng TAD Transactions 17
<br />significant pent up demand from investors — both retail and
<br />institutional. °rhe reality is that most of the supply that has come over the past year has been refundings. The result is
<br />net negative issuance. In other words, the supply is not really creating much new municipal debt to meet the inflows
<br />into the bond funds. Consequently, most of the bond funds and a large number of our individual retail investors are
<br />sitting with uninvested cash..
<br />C. 2014 Stifel7AB bVpreads
<br />Provide a listing 9f Tay. flilocation Bonds issued in 2014 herd include the sproad to MMl7 for each transaction.
<br />A listing of our 2014 transactions with spreads to MMD is shown in Appendix A.
<br />D. Harketing and Distribution Capabilities
<br />lndi de a el"cripthnr ofyourjinn's marketing and distribution capabilities.
<br />Sales & D!StributIOD Capabilities. Stifel has one of the most comprehensive, most balanced municipal distribution
<br />platforms in the industry. Our platform includes our own network of Private Client sales professionals located in
<br />California and other parts of the county and a large team of institutional sales professionals located in all the major
<br />financial hubs. The two groups, working almost in competition to place the bonds the firm originates, allow Stifel to
<br />employ an exhaustive approach to marketing municipal issues, For our issuer clients, Stifel's distribution network --
<br />combined with the firm's frequency in underwriting California municipal bonds— provides insight on market
<br />conditions generally, intelligence regarding specific sector developments that are unique to an individual credit type,
<br />and an understanding of shifting institutional investment strategies. `File graphic and paragraphs below summarize the
<br />two main parts of our distribution platform as they relate to the sale and distribution of the Agency's Bonds,
<br />CITY OF SANTA ANA 3 —1 39 Page 2
<br />Q42014
<br />Qmnge(Cay of) SuccessorAgency
<br />$70,000,000
<br />of 2014
<br />Suisun City: Successor Agency
<br />45,000,000
<br />Q42014
<br />nuibankSuccessorAgency
<br />45,000,000
<br />042014
<br />Anesie SuccessorAgcay
<br />11,945,000
<br />04.20144
<br />Huntington Pa&SursussorAgency
<br />3500.000
<br />Q42014
<br />lughlind SuecessarAgeney
<br />30,000,IXq
<br />Q42014
<br />Calexico Succmar Agency
<br />17,006,00
<br />Q42014
<br />South take Tothoe, SuceessorAgency
<br />70,000.000
<br />Q12014
<br />LA County Rider'. Ref. Aut7rarRy(Coline)
<br />&30,00
<br />of 2015
<br />LA County Redev. Ref. Authnnty (lanca ;ter)
<br />19A75,00
<br />012015
<br />Coherence Successorhgetmy
<br />52,0X00
<br />Q12015
<br />Vern Connunity Dewlapnent COtuilesan
<br />27,900,(X0
<br />We believe that Stifel's forward calendar is a strong advantage Qt 2015 Debuo SuccessurAgeney, 13,000.,70
<br />to the Agency's proposed transaction. Because our sales people 2015 CulverCily SuccesanrAgeney 90.00kow
<br />and underwriters will be speaking to credit analysts and 2015 IndusirySucemsorAgency 5rroain10co
<br />2015 Arcadia Suceessor Agency 0.050so
<br />portfolio manager's every week on similar credits, we will have 2015 Lt County Redev. Re&Authorky(MUkipk) 130,00000,
<br />their attention and can push them to review the Agency's -rhat tending TAD Volume 51,079,920,000
<br />Bonds. Despite what seems like a busy calendar, there is still Total Pendng TAD Transactions 17
<br />significant pent up demand from investors — both retail and
<br />institutional. °rhe reality is that most of the supply that has come over the past year has been refundings. The result is
<br />net negative issuance. In other words, the supply is not really creating much new municipal debt to meet the inflows
<br />into the bond funds. Consequently, most of the bond funds and a large number of our individual retail investors are
<br />sitting with uninvested cash..
<br />C. 2014 Stifel7AB bVpreads
<br />Provide a listing 9f Tay. flilocation Bonds issued in 2014 herd include the sproad to MMl7 for each transaction.
<br />A listing of our 2014 transactions with spreads to MMD is shown in Appendix A.
<br />D. Harketing and Distribution Capabilities
<br />lndi de a el"cripthnr ofyourjinn's marketing and distribution capabilities.
<br />Sales & D!StributIOD Capabilities. Stifel has one of the most comprehensive, most balanced municipal distribution
<br />platforms in the industry. Our platform includes our own network of Private Client sales professionals located in
<br />California and other parts of the county and a large team of institutional sales professionals located in all the major
<br />financial hubs. The two groups, working almost in competition to place the bonds the firm originates, allow Stifel to
<br />employ an exhaustive approach to marketing municipal issues, For our issuer clients, Stifel's distribution network --
<br />combined with the firm's frequency in underwriting California municipal bonds— provides insight on market
<br />conditions generally, intelligence regarding specific sector developments that are unique to an individual credit type,
<br />and an understanding of shifting institutional investment strategies. `File graphic and paragraphs below summarize the
<br />two main parts of our distribution platform as they relate to the sale and distribution of the Agency's Bonds,
<br />CITY OF SANTA ANA 3 —1 39 Page 2
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