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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 />92,500,000
<br />Manhattan Beach 2021 POBs
<br />2
<br />Co -Senior
<br />Kim
<br />Q2 '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 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 />Kim, 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 Co
<br />-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 Refunding 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 />*Currently underway.
<br />Our Proven Track Record of Setting
<br />the Lowest POB Credit Spreads. As the most active POB underwriter for California
<br />public agencies,
<br />Stifel has consistently set the
<br />lowest rates on its California
<br />POBs. The list below highlights
<br />all the long-
<br />term POB transactions
<br />sold in California over the
<br />past 3 years, sorted by "credit spread" (see explanation
<br />below).
<br />.. Performing
<br />(Lowest Spread)
<br />California Pension Issues Since 2018
<br />Sale Date
<br />Is!
<br />P Maturity Rate
<br />30-Yr LIST
<br />Spread
<br />Firm(s)
<br />03/03/21
<br />Orange
<br />$286.49
<br />AA 2044 2.74%
<br />2.27%
<br />0.47%
<br />Stifel/Citi
<br />02/11/21
<br />Chula Vista
<br />350.03
<br />AA 2045 2.51%
<br />1.94%
<br />0.57%
<br />Stifel
<br />08/22/19
<br />Glendora
<br />64.42
<br />AAA 2044 2.85%
<br />2.11%
<br />0.74%
<br />Stifel
<br />02/02/21
<br />Monterey Park
<br />106.34
<br />AA 2043 2.67%
<br />1.87%
<br />0.80%
<br />Ramirez/Stifel
<br />02/09/21
<br />Downey
<br />113.59
<br />AA 2044 2.75%
<br />1.95%
<br />0.80%
<br />BofA
<br />02/05/20
<br />Pasadena
<br />131.81
<br />AAA 2045 3.06%
<br />2.14%
<br />0.92%
<br />Stifel/BofA
<br />01/13/21
<br />El Cajon
<br />147.21
<br />AA 2043 2.84%
<br />1.82%
<br />1.02%
<br />BofA
<br />12/17/20
<br />Ukiah
<br />49.86
<br />A+ 2049 2.77%
<br />1.68%
<br />1.09%
<br />Piper
<br />10/27/20
<br />Arcadia
<br />90
<br />AAA 2040 2.70%
<br />1.57%
<br />1.13%
<br />Stifel
<br />07/25/18
<br />La Verne
<br />54.27
<br />AA+ 2044 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 agency (higher ratings lead to lower spreads), market perception of the public agency's name 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 low, the credit spread tends to be
<br />lower). An underwriter's ability to manage these factors simultaneously and be the best advocate for the 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 of Santa Ana I Proposal to Provide Underwriting Services Page 6
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