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table makes a comparison to two other recent Southern California "AA -" rated successor agency credits. We think Santa Ana stacks up well in this comparison. Implementing the Marketing Program. Given the audiences we have identified for the Agency's Bonds in Section 1- D, the following concrete steps represent our approach in spreading the credit story: Early Dissemination of POS. In order to ensure adequate time and attention to the Agency's credit, we recommend distributing the Preliminary Official Statement at leas[ 10 days prior to pr clog. This will allow investors to digest the Fiscal Consultant Report and enable our sales staff to spend more time with their accounts. Internal Education and "Teach In ". On a number of successor agency credits, in particular issues targeting the retail sector, we have found organizing an internal briefing for our sales team connecting our bankers with our California brokers to be an effective approach. We will likely follow up with one -on -one sessions with key sales persons. This approach is modeled on the Richmond pre - marketing work discussed in the case study. Start with Satisfied Customers. Stifel's retail investors currently account for over $2.5 million of outstanding Agency 'Nuveen Asset Management LLC $38,310 bonds, Many of these investors will be refunded their principal ;Franklin Terapletonlnvestments 25,505 with the new Bonds. We believe these individuals represent our Capital Research& Managetveht CO 9,835 first call for the marketing effort. Further, a number of major Vanguard Group Inc, Vic 8,055 institutions account for $98.7 million of Agency Bonds with an wells CapitalManagementtne 5,000 additional group already invested in the City's Gas Tax and Multiple Managing Finns 4,750 Water Revenue issues. These investors are shown in the table to Standish Wetla Asset Management 3,000 2,000 the right. All of these entities have approved Santa Ana and Waddell & Reed InvestmentNlanngemout 675 represent strong candidates in our first round of calls. Capital Guardian Trust Co sit investmcat Fixedlm one Advisors Inc 475 Direct Marketing to Local Investors. The Santa Ana name and ;Canning Asset Manegemeat `, 350 its location ht the heart of Orange County has a distinctive Brookfield Investment Management Im 250 recognition factor that lends itself to direct outreach by our retail :Delphi Capital mattaltuacna hie 200 sales force. Stifel has 162 individual investor accounts owing Opponhennerhimds 1" 150 125 $59.8 million of municipal bonds in and around the City that Zazove Associates LLC $98480 represent buyer candidates. Our retail brokers will follow up Total s, re.eMan,, with these local accounts In an "Invest local" program.. Further, Figures mprosem avrunt WnA,uldc,xof the 2003A &6TAasand 2011 TAni . we anticipate that a number of our brokers will use direct marketing by mail to prospective accounts as a way to create new accounts. R Tinning the Bond Sale Relative to Other Successor Agency Pricings We expect the volume of successor agency refinancings to pick rip over the next several months ahead of upcoming current call dates. For example, through the end of this year, we currently have 9 tax - increment financings with almost $250 million of bonds in au• year- end pipeline. It will be important to manage the timing in order to avoid selling in a week overcrowded with competing issues. Our leadership underwriting successor agency bonds will ensure that we actively guide the Agency's sale to avoid heavy sale weeks and garner the lowest rates in a potentially busy end of year calendar. C Credit Presentation Provide a credit presentaitaa yourlLafr prepared far a recenttax allocation bony! issuance (oat hmhided with the 3 page Magi), Attached in Appendix B is the credit presentation Stifel prepared for the Successor Agency to tine City of Burbank Redevelopment Agency's upcoming bond sale. We believe this document illustrates our comprehensive approach to creating a compelling credit narrative for post- dissolution tax increment credits to the rating agencies. Cl 'I Y OF SANTA ANA 1 age 7 3 -144