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CSQ Advisors Incorporated Proposal: Housing Financial Analytical and Advisory Services January 28, 2015 Page 15 of 25 In structuring financings based on established structures but also in evaluating newly proposed structures- and vehicles. He has provided numerous services to issuers, including structuring affordable housing developments to use Law Income Housing Tax Credit (LIHTC) syndication proceeds (both 4% and 9 %); developing bond issuance policies, performing default refunding analysis; providing advisory services on 18 single and more than 115 multifamily tax- exempt bond issues for a total par value of over $356 trillion and $1.37 billion, respectively; evacuation of potential acquisition and rehabilitation projects; feasibility analyses for public agency subordinate loans and workouts; evaluation of expiring Section -8 projects, and structuring over $100 million of HOPE VI financings. Major clients include the City of Los Angeles, the City and County of San Francisco, the City of Oakland, and the San Diego Housing Commission. Mr. Hamilton holds a Masters in City Planning from the University of California, Berkeley and Bachelor of Arts and Bachelor of Music degrees from Oberlin College. 4. Scope of Services Multi- Family Bond Financings Financial Advisor. We represent the issuer on bond transactions. Our work on multifamily bond issues would generally include; • identify major issues and concerns; create and coordinate the financing schedule, particularly to assure timely issuance of bonds within issuer approval constraints and applicable allocation expiration dates; • coordinate selection of members of the finance team such as trustees and underwriters, including drafting and distribution of solicitations arid analysis of responses; ° evaluate the proposed bond structure and credit enhancement (including analyzing and proposing alternative structures to 'minimize interest cost and maximize P roceeds) • review documents to ensure that issuer policies are fully implemented; • review the preliminary and final offering statement; • assisting in bond pricing (including analyzing market conditions and negotiating with the underwriters on the rate for each maturity), • assist with obtaining investment agreements, and • assist at bond closing, including preparation of a closing/flow of funds memorandum, good - cost/bad -cost analyses (as may be requested by counsel), etc. As a registered Municipal Advisor tinder SEC and MSRB rules, we provide independent advice to the public agency issuer on transactions and in independently reviewing proposals from bond underwriters. Additional Assistance on Private Placement Transactions. We also provide an expanded range of services, depending upon the transaction. For instance, for private placements - which have become increasingly common, particularly in California -- we manage all aspects of the transaction in lieu of an underwriter and also retain our financial advisory functions on behalf of the issuer. Where the issuer is also a subordinate lender, we review the subordinate loan documents in concert with the bond documents to ensure the relevant provisions of the subordinate loan, e.g., transfer restrictions, default and remedies, indemnifications, affordability restrictions, etc, are not vitiated by the terms of the bond documents (and are accurately reflected therein), which may be lender- (or credit enhancer -) driven and 25C -60