Item 23 - Pension Debt Refinancing Update and Underwriter Selection

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STIFEL 5. Distribution Capabilities i. Taxable Marketing and Distribution Capabilities Proposers shall provide a brief summary of their firm's fixed income marketing and distribution capabilities, specifically taxable municipal bonds. Description of firm's corporate bond sales and trading capabilities shall include, but not be limited to the following: i. Number of sales and trading personnel. ii. League tables/rankings iii. Personnel assigned to sell taxable municipal bonds One of the Largest Distribution Platforms in the Industry Stifel has one of the most potent distribution platforms in the municipal origination business. The "potency" of our capabilities is evidenced in our consistent ability to achieve the best pricing levels in the sale of California municipal bonds, which is the reason why so many public agencies select Stifel as their underwriter. For more detail on our experience and pricing performance, please refer to questions 3(i), 3(ii), 3(vi), and 4(i). Institutional Investors. Stifel has 222 institutional sales professionals: 22 municipal Stifel Distribution Channel bond specialists and 200 Fixed Income Municipal Securities Group 9 Municipal Underwriters (taxable) specialists. Combined, Stifel 22 Municipal Sales People provides the City with access to over 6,000 - Denver - Los Angeles large, medium and small institutions that - New York purchase municipal bonds. - San Francisco - St Lois • 9 Municipal Traders ■ International Investor Coverage. 3 Municipal Strategists Comprised of 20 institutional Rates Group professionals based in London, 100 Sales People Frankfurt, Paris, and Madrid. As noted • 35 Strategists in our Investor Targeting Strategy Corporate Credit • 18 Corporate Credit Sales section, we plan to broaden our 10 High Yield & 7 Emerging Mkts investor outreach and complement our 'Anchor' orders with those from Stifel Europe 20 Institutional Sales People municipalities, international London, Frankfurt, Paris, Madrid Investors, among others. Private Client Group • 2,300 Advisors Individual Retail Investors. Stifel's retail sales $300 Billion Assets platform includes over 300 Private Client sales • 300+ offices Stifel Bank&Trust Investor Base Tier 1 Accounts • Municipal Bond Mutual Funds • Asset Managers • Global Banking Institutions • US Insurance Companies • Opportunity Funds with Muni Strategies • Separate Account Managers Middle Market Institutions Depository Institutions Crossover Buyers International Retail Investors • High Net Worth • Family Office • Mom and Pop offices, from which approximately 2,300 sales executives manage $300 billion in assets. In Orange County alone, we have 43 sales executives in 3 offices. Presently, the firm manages 19,422 Orange County accounts with $4.2 billion in assets under management, of which 250 million is municipal product. Three California Based Underwriters Working for the City. Stifel's capital markets team will be led by Ben Stern, from our Los Angeles desk, and Betsy Kiehn and Marcus Peters, both from our San Francisco desk. Betsy, Ben and Marcus have led all of the California underwritings that Stifel has brought to market since 2015. All together, they commit the firm's capital as senior manager on over 200 issues totaling more than $6 billion each year. Betsy Kiehn, Head of Ben Stern, Marcus Peters, Municipal Capital Markets Managing Director Vice President a San Francisco, CA 94104 Ij Los Angeles, CA 90071 San Francisco, CA 94104 bkiehn@stifel.com bstern@stifel.com mpeters@stifel.com i (415) 364-2791 (213) 443-5225 (415) 364-6842 City of Santa Ana I Proposal to Provide Underwriting Services Page 7