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PENSION DEBT REFINANCING UPDATE AND <br />UNDERWRITER SELECTION <br />Competitive Process via RFP <br />10 proposals received, 7 interviewed in March <br />Evaluation criteria included experience, Investor Outreach, Structuring Ideas,Analysis of <br />Transaction, Marketing Plan for sale of Debt <br />Three (3) Underwriters Selected <br />Bank of America Securities, LLC (BofA) , Senior Manager (Los Angeles, CA) <br />Stifel Financial Corp. (Stifel), Co -Manager (Los Angeles, CA) <br />Ramirez & Co, Inc. (Ramirez), - Co -Manager (Los Angeles, CA) <br />Determination in selecting multiple Underwriters ("Syndicate") <br />Complementing strengths with each Underwriter <br />Increases exposure to all investor types (national, international, and government entities) <br />