Item 23 - Pension Debt Refinancing Update and Underwriter Selection

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Funded with POBs 92% UAL Funded Ratio Structured payments to achieve specific savings targets in first ten FYs and no dis-savings relative to existing UAL ■ Prepared 50+ simulation scenarios to optimize funding level and base selection and assess reinvestment risk ■ Attended and presented at City Council meetings ■ Prepared roadshow and held one-on-one investor calls ■ Led underwriting syndicate ■ Prepared post -closing presentation Funded with POBs and Addt'I Discretionary Payments from utilities 100% UAL Funded Ratio Structured 20-year level payments ■ Helped analyze ADP funding amounts and various POB debt structures ■ Crafted rating presentation ■ Attended and presented at City Council meetings ■ Prepared investor roadshow; set priority of orders for retail ■ Prepared post -closing presentation To be funded in two POB tranches Vt tranche funded 75% Funded Ratio and 2nd tranche to fund 25% Targeted longer term bases for initial tranche to mitigate against interest rate risk ■ Helped evaluate funding levels and timing considerations ■ Helped develop and refine inaugural form of disclosure document ■ Crafted rating presentation and helped secure inaugural GF rating ■ Set priority of orders for retail ■ Prepared post -closing presentation Funded with POBs 85% UAL Funded Ratio Structured payments to achieve near -term savings in first two FYs and no dis-savings relative to existing UAL ■ Prepared 10+ simulation scenarios ■ Led discussions with CalPERS on the City's behalf ■ Optimized UAL base selection ■ Prepared investor roadshow ■ Set priority of orders for retail ■ Led underwriting syndicate vii. Identify three taxable bond issuer references for which the proposed primary Project Manager and the secondary Project Manager have carried out similar responsibilities to those contemplated under this RFP. Include contact information for each. BoWs strength in the municipal market is not only evident in the firm's strong rankings, but also in the strength of our relationships with our issuer clients. Provided below are three references for municipal clients for whom BofA recently senior managed California taxable POB offerings. Raymond Beeman City of Gardena Chief Fiscal Officer (310) 217-9502 rbeeman@cityofgardena.org $101.490 million 2020 Taxable POBs Primary: Jeffrey Bower Secondary: Holly Vocal Talika Johnson F City of Azusa \� Director Admin. Services (626) 812-5202 tjohnson@azusaca.gov $70.000 million 2020 Taxable POBs Primary: Holly Vocal Secondary: Jeffrey Bower Anil Gandhy City of Downey Director of Finance (562) 904-7265 agandhy@downeyca.org $113.585 million 2021 Taxable POBs Primary: Holly Vocal Secondary: Jeffrey Bower viii. A list of the local office's most significant engagements in the last five (5) years, indicating whether they are public or private sector, and including scope of work, date, and name and telephone number of the client contact. Frequent Engagement on Large, High Profile Financings. Over the last five years, BofA has maintained a market leading position in California, especially for California Negotiated Rankings California Average Par Senior Managed transactions sized Transactions Greater Than $500 MM Comparison of Active POB Underwriters greater than $500 Rn(RSE[VRITIE9 ��/ $12,996 $150 $137 $121 million — a threshold we citl 7 $2,888 $100 view as significant in that it differentiates which 1PMorgan 4 $2,501 $50 $27 $27 underwriters are tasked Morgan Stanley 3 $1,473 $_ with the most BofA Ramirez Stifel Raymond Ramirez 2 $1,370 James challenging offerings. As Source: Thomson Reuters. 11112016 to 311012021 Source: Thomson Reuters. 11112016 to 311012021 441 �� l Page BofA SECURITIES