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Exhibit 1
Final Ranking Responder 1 Wells Fargo Securities 2 Bank of America 3 RBC Capital 4 Citigroup Global 5 Fifth Third Securities 6 Morgan Keegan 7 J P Morgan Securities 8 Rice Financial 9 PNC Capital 10 Loop Capital 11 Jefferies & Company 12 Siebert Brandford 13 Edward Jones 14 Estrada Hinojosa 15 Gardnyr Michael 16 Rock Fleet Score 6.0 19.0 19.5 20.5 34.0 34.5 36.0 43.5 44.5 45.5 51.5 54.0 62.0 66.0 68.0 75.5 REQUEST FOR QUALIFICATIONS RFQ 31-11 BOND UNDERWRITING SERVICES FOR THE CITY OF CLEARWATER EDWARD JONES 415A E. CHAPEL HILL STREET DURHAM, NC 27702 VICKIE LOGAN 919.690.8774 MORGAN KEEGAN & COMPANY, INC. 2800 PONCE DE LEON BLVD., SUITE 1300 CORAL GABLES, FL 33134 PERCEY R. AGUILA, JR. 305.460.2760 ESTRADA HINOJOSA & COMPANY, INC. 1717 MAIN STREET, 47TH FLOOR DALLAS, TX 75201 DEBORAH R. TRAYLOR 214.743.1384 JEFFERIES & COMPANY, INC. 200 SOUTH ORANGE AVE., SUITE 1440 ORLANDO, FL 32801 RAWN N. WILLIAMS 407.583.0856 SOUTHEAST PUBLIC FINANCE/WELLS FARGO 2363 GULF -TO -BAY BLVD., SUITE 200 CLEARWATER, FL 33765 JILLIA HARDER 727.953.1071 ROCK FLEET FINANCIAL SERVICES, INC. 515 MADISON AVENUE, 27TH FLOOR NEW YORK, NY 10022 CATHERINE M. CORRIGAN 212.888.1308 RICE FINANCIAL PRODUCTS CO. 17 STATE STREET, 40TH FLOOR NEW YORK, NY 10004 STACY ALMEYDA 212.908.9239 LOOP CAPITAL MARKETS 88 PINE STREET, 25TH FLOOR NEW YORK, NY 10005 ADAM A. LAITSAS 212.701.8737 RBC CAPITAL MARKETS 100 2ND AVE. SOUTH, SUITE 800 ST. PETESBURG, FL 33701 HELEN EWIN 727.895.8801 BANK OF AMERICA MERRILL LYNCH 101 EAST KENNEDY BLVD. TAMPA, FL 33602 PATTI GARRETT 813.225.8142 RFQ 31-11 CONTINUED: PNC CAPITAL MARKETS 1600 MARKET STREET, 21ST FLOOR PHILADELPHIA, PA 19103 JOHN B. KELLY, I11 215.585.7394 CITIGROUP GLOBAL MARKETS, INC. 100 N. TAMPA STREET, SUITE 3750 TAMPA, FL 33602 KEVIN DEMPSEY 813.227.2057 SIEBERT BRANDFORD SHANK & CO., LLC 100 WALL STREEET, 18TH FLOOR NEW YORK, NY 10128 SEAN WERDLOW 646.775.4850 ADVERTISED: ST PETERSBURG TIMES myclearwater.com 9/8/2011 -10/6/2011 JP MORGAN SECURITIES, LLC 1450 BRICKELL AVE., 33RD FLOOR MIAMI, FL 33131 T.J. WHITEHOUSE 305.579.9482 GARDNYR MICHAEL CAPITAL, INC. 2181 LEE ROAD, SUITE 105 WINTER PARK, FL 32789 JOHN MARTINEZ 407.629.4600 FIFTH THIRD SECURITIES, INC. 200 EAST ROBINSON ST., 8TH FLOOR ORLANDO, FL 32801 JOHN WHITE 407.999.3277 9/10/2011 RESOLUTION NO. 11-23 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CLEARWATER, FLORIDA, APPROVING A TEAM OF INVESTMENT BANKING FIRMS TO PROVIDE BOND UNDERWRITER SERVICES; PROVIDING FOR INCIDENTAL ACTION; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Clearwater, Florida (the "City") determined it is in the best interest of the City to assemble a team of bond underwriters to serve the City, and WHEREAS, the City issued a request for qualifications ('RFQ") to qualified investment banking firms on September 8, 2011, and received responses thereto on October 6, 2011; and WHEREAS. based on the responses received by the City and recommendations from City staff, the City now desires to select a team of investment banking firms to serve as bond underwriter to the City; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CLEARWATER, FLORIDA.. SECTION 1. This Resolution is adopted pursuant to the provisions of Article VIII, Section 2 of the Constitution of the State of Florida, Chapter 166, Florida Statutes, the Charter of the City of Clearwater, Florida and other applicable provisions of law. SECTION 2. The City hereby selects Wells Fargo Bank, National Association, Bank of America Merrill Lynch, and RBC Capital Markets, LLC, as its team of bond underwriters (the "Underwriters"). The selected Underwriters will serve the City for a period of three (3) years from the date hereof with an option to renew for two (2) additional one (1) year periods. SECTION 3. The City will, in its sole discretion, determine in connection with each negotiated financing during the term specified in Section 2 above, the number of Underwriters to use on each future negotiated financings in accordance with the authorization of the issuance of each such financing, and in each such case, designate which firm, if any, will serve as senior manager or co -manager for each transaction. SECTION 4. If any section or part of a section of this Resolution be declared invalid or unconstitutional, the validity, force and effect of any other section or part of a section of this Resolution shall not thereby be affected or impaired unless it clearly appears that such other section or part of a section of this Resolution is wholly or necessarily depended upon the section or part of a section so held to be invalid or unconstitutional. SECTION 6. All prior resolutions of the Issuer inconsistent with the provisions of this resolution are hereby modified, supplemented and amended to conform with the provisions herein contained and except as otherwise modified, supplemented and amended hereby shall remain in full force and effect. Resolution No. 1.1.-23 SECTION 6. This resolution shall become effective immediately upon its adoption. Passed and adopted by the City Council of the City of Clearwater, Florida, this 3rd day of November, 2011. (SEAL) Bv: Frank V. Ilibbard Mayor Approved as to form: ATTEST: dute Pame a K. Akin O Rosemarie Call City Attorney City Clerk Resolution No. 11-23 RFQ #31-11 Bond Underwriting Services SECTION 1: INTRODUCTION 1.1 GENERAL PURPOSE The City of Clearwater (the "City") is issuing a Request for Qualifications ("RFQ") in order to find qualified investment banking firms interested in serving as bond underwriter to the City. Upon completion of the RFQ process, the City intends to assemble a team of underwriters. it is anticipated that this team will serve the City for a period of three (3) years from the date of approval by the City Council with an option to renew for two (2) additional one (1) year periods. At this time, the City cannot guarantee the amount of negotiated issues that will be completed over this time period, if any. The City reserves the right to issue bonds competitively in the future or to issue bank loans in the future with or without using the firms that are selected as part of this underwriting team. The City will use its sole discretion to determine the number of underwriters to use on any future negotiated financings and who will serve as senior manager or co -manager, if any, for each transaction. Bidders are asked not to contact City officials, City staff members or members of the evaluation committee regarding any aspect of this RFQ until the RFQ process is completed, with the sole exception of the City's Purchasing Manager for questions or clarifications per RFQ instructions_ Such communication may disqualify the Bidder from consideration for this engagement. The City may, however, at its discretion, initiate communication with any Bidder to obtain additional information or clarification. 1.2 SCOPE OF SERVICES The services listed below will be required of the senior managing underwriter on any future negotiated financing. Co -managing underwriters will provide assistance as requested and will support in the marketing, distribution and underwriting of the bonds. The required services of the senior managing underwriter include, but are not limited to, the following: A. Participate in drafting of all bond documents, including the Official Statement. B. Assist in preparation and discussions with rating agencies and bond insurers, if requested. C. Make recommendations for important aspects of the proposed financing, including, but not limited to, the timing of the sale, the overall sales approach, the structure of the bonds, the call provisions, and the use of credit enhancement. D. Lead the underwriting team in marketing and distributing the bonds to both retail and institutional investors. in an attempt to access the largest possible selection of investors. E. Underwrite the financing based upon terms and conditions agreed to by both the City and the underwriters in the Bond Purchase Agreement. F. If requested, provide detailed and specific information as it relates to the orders and allotments on the specific financing. G. Assist with the closing of the bonds, including reviewing all closing documents and providing a post - financing report to the City which highlights the key characteristics of the financing. City of Clearwater — RFQ #31-11 Bond Underwriting Services 13 RFQ RANKING A. Proposal ranking results will be announced and all responses shall be a matter of public record. B. Criteria for evaluation are set forth in this document. These criteria will be used by the City to determine, in its judgment, the proposal it deems to be in its best interest_ C. Negotiations will proceed, if at all, with the responsible ranked firm whose proposal is determined by the City to be in its best interest The City reserves the right to reject any or all responses with or without cause. The City also reserves the right to alter the makeup of the syndicate team at a later date due to unforeseen changes in a Bidder's ownership, capital position, structure, or primary personnel. 1.4 PROPOSAI. SUBMISSION Eight (8) pmposal copies shall be delivered prior to the opening time of 4:00 p.m. on Thursday, October 6, 201 1 to: George McKibben Purchasing Manager City of Clearwater, Florida 100 South Myrtle Avenue Clearwater, Florida 33756-5520 In addition, one (I) electronic copy should be emailed (in pdf format) to the City's Purchasing Manager at(icor2c.McKihbenta:myclearwater.com prior to the stated due date and opening time. The delivery of proposals to the City of Clearwater Purchasing Office prior to the specified date and time is solely and strictly the responsibility of the proposing firm. The City shall not, under any circumstances, be responsible for delays caused by the United States Postal Service or any private delivery service, or for other delays. All responses must be manually and duly signed by an authorized corporate officer, principal, or partner with the authority to bind said firm. All responses must be marked on the outside of the box/envelope containing the proposals: City of Clearwater, Florida RFQ #31-I 1 Bond Underwriting Services Opening at 4:00 p.m. on October 6,2011 Each proposer is solely responsible for reading and completely understanding the requirements of this RFQ. The opening time shall be and must be scrupulously observed. Under no circumstances will proposals delivered after the specified delivery time be considered. Late submissions shall he returned unopened to the firm with the notation: "The proposal was received after the delivery time designated for the receipt and opening of the proposals." All proposals shall be prepared and submitted in accordance with the provisions of this RFQ. However, the City may waive any informalities, irregularities, or variances, whether technical or substantial in nature, or reject any and all proposals at its discretion. Any proposal may be withdrawn prior to the City of Clearwater — RFQ #31-1 f Bond Underwriting Services 2 indicated time for opening of proposals or authorized proponent thereof. No firm may withdraw a proposal within ninety (90) days after the actual date of the proposal's opening. 1.5 INQUIRIES AND ADDENDA Each firm shall examine all RFQ documents and shall judge all matters relating to the adequacy and accuracy of such documents. Any inquiries, suggestions or requests concerning interpretation, clarification, or additional information pertaining to the RFQ shall be made via email a minimum of five (5) working days prior to the bid opening date through the City of Clearwater's Purchasing Manager, George McKibben, at (:e,or e.McKibheniu;mvcicarwater.com, The City shall not be responsible for oral interpretations given by any City employee, representative, or others. The issuance of a written addendum is the only official method whereby interpretation, clarification, or additional information may be given. If any addenda are issued to this RFQ, the City will attempt to notify all prospective firms who have secured same. However, it shall be the ultimate responsibility of each responding firm, prior to submitting the proposal, to check for addenda on the City's websile at www.myelearwater.com. 1.6 RESPONDER PREPARATION EXPENSES Each responder preparing a proposal in response to this request shall bear all expenses associated with their preparation. Firms shall prepare a response with the understanding that no claims for reimbursement shall be submitted to the City for the expense of preparation or presentation_ 1.7 OPENNESS OF PROCUREMENT PROCESS Written responses, other submissions, coiiespondence, and all records made thereof, as well as negotiations conducted pursuant to this request, shall be handled in compliance with Chapters 119 and 286, Florida Statutes. The City gives no assurance as to the confidentiality of any portion of the proposal once submitted, 1.8 ERRORS AND OMISSIONS Once a competitive proposal is submitted, the City shall not accept any request by any proposer to correct errors or omissions in any calculations or competitive price submitted. 1.9 INFORMALITY WAIVERJREJECTION OF BIDS The City reserves the right to reject any or all responses and to waive any irregularity, variance or informality whether technical or substantial in nature, in keeping with the best interests of the City. 1.10 TIME SCHEDULE The City will utilize the following timetable with the goal of selection. This schedule may be altered solely at the City's discretion. September 8, 2011: RFQ release date September 29, 201 I : Deadline for questions October 6, 201 1: Bid due date and opening date (4:00 p.m.) October 12, 2011: Evaluation committee ranks firms October 17, 2011: Staff recommendation For agenda item City of Clearwater — RFQ #31-11 Bond Underwriting Services 3 November 3, 2011: Award of contract by City Council 1.11 ORAL PRESENTATION After the initial submittals have been reviewed, the City reserves the right to ask the top firms to appear for a presentation before City personnel to answer additional questions and/or present qualifications. 1.12 PROTEST PROCEDURES Any actual or prospective Proposer who is aggrieved in connection with the solicitation or award of a contract may seek resolution of its complaints by contacting the City of Clearwater Purchasing Manager. 1.13 NO COLLUSION By offering a submission to the RFQ, the proposer certifies the proposer has not divulged to, discussed or compared his/her competitive proposal with other proposers and has not colluded with any other proposers or parties to this competitive proposal whatsoever. 1.14 APPROPRIATIONS CLAUSE The City, as an entity of government, is subject to the appropriation of funds by its legislative body in the amount sufficient to allow continuation of its performance in accordance with the terms and conditions of this contract for each and every fiscal year following the fiscal year in which this contract shall remain in effect. Upon notice that sufficient funds are not available in the subsequent fiscal years, the City shall therefore be released of all terms and other conditions. SECTION 2: INSTRUCTIONS FOR PREPARATION OF PROPOSAL 2.1 GENERAL A. All proposers submitting proposals shall provide sufficient information and data to fully allow a complete evaluation of the competitive proposal to be made. Information and data submitted by each proposer may become a part of the proposal. Eight (8) copies of the proposal and an electronic format copy (PDF) must be submitted to the Purchasing Manager at the City of Clearwater. B. Any agreement or contract that results from acceptance of a proposal must be on forms either supplied by or approved by the City and must contain, as a minimum, applicable provisions contained in the RFQ_ C. The firm shall not assign or transfer any interest in the contract without the prior written consent of the City. D. No reports, information or data given to or prepared by the firm under the agreement or contract shall be made available to any individual or organization by the firm without the prior written approval of the City. 2.2 INDEMNIFICATION AND INSURANCE REQUIRMENTS A. indemnification: The proposer shall hold harmless, indemnify and defend the City, its elected officials, officers and employees, against any claim, action, lawsuit, loss, damage, injury (whether mental or physical, and City of Clearwater — RFQ #3 i-11 Bond Underwriting Services 4 including death to persons, or damage to property), liability, cost and expense of whatsoever kind or nature including, but not by way of limitation, attorneys' fees and court costs, caused by negligent acts or omissions of the underwriters. The City shall also be held harmless against all claims for financial Toss with respect to the provision of or failure to provide professional or other services resulting in professional malpractice, or errors or omissions liability arising out of performance of the agreement or contract, unless such claims are a result of the City's own negligence. B_Insurance: (1) Without limiting its liability under the contract, the proposer shall procure and maintain at its sole expense during the life of the contract, insurance of the types and in the minimum amounts stated. Type Professional Liability Comprehensive or Commercial General Liability Comprehensive or Business Automobile Liability Workers' Compensation Coverage as imposed by State Law Employers Liability Amount $ 2,000,000 $ 1,000,000 $ 1,000,000 $ Statutory $100,0005 100,000/S500,000 (2) The proposer comprehensive general liability policy shall include contractual liability on a blanket or specific basis to cover this indemnification_ (3) Such insurance shall he written by a company or companies licensed to do business in the State of Florida and satisfactory to the City_ Prior to commencing any work under this contract, certificates evidencing the maintenance of said insurance shall be furnished to and approved by the City's Risk Management Division. (4) The insurance coverages and conditions required shall not be suspended, voided, canceled or modified except after thirty (30) days prior written noticehas been given by certified mail, return receipt requested, to the City's Risk Management Division Office. (5) "l'he City may, at its option, require a copy of the Proposer's insurance policies. (6) All insurance policies required within this RFQ and any contract subsequently entered into between the parties shall provide full coverage from the first dollar of exposure unless otherwise stipulated. No deductibles or self-insurance retention will be accepted without prior approval from the City. The proposer's deductibles / self -insured retentions (SIRS) shall be disclosed to the City and may be disapproved by the City. They shall be reduced or eliminated at the option of the City. The proposer is responsible for the amount of any deductible or S [R. (7) Except for workers' compensation and professional liability insurance, the proposer's insurance policies shall be endorsed to name the City as an additional insured to the extent of the City's interest. (8) Insurance required of the proposer or any other insurance carried by the proposer shall be considered primary and any insurance of the City shall be considered excess as may be applicable to claims under any contract or agreement between City and proposer. (9) Any party providing services or products to the City will be expected to enter into a written agreement, contract, or purchase order with the City that incorporates, either in writing or by reference, all of the pertinent provisions relating to insurance and insurance requirements as contained herein. A failure to do so, may, at the sole discretion of the City, disqualify any party from performing services or City of Clearwater — RFQ #31-11 Bond Underwriting Services 5 selling products to the City provided, however, the City reserves the right to waive any such requirements. irements. (10) if a claims made form of professional liability coverage is provided, the retroactive date of coverage shall be no later than the inception date of claims made coverage, unless prior policy was extended indefinitely to cover prior acts. Coverage shall be extended beyond the policy year either by a supplemental extended reporting period (ERP) of as great duration as available, and with no less coverage and with reinstated aggregate limits, or by requiring that any new policy provide a retroactive date no later than the inception date of claims made coverage. 23 PROPOSAL REQUIREMETS 1) Transmittal Letter. Each response should be accompanied by a transmittal letter which summarizes key points of the responses. The transmittal letter must be signed by an officer of the firm authorized to commit the firm's resources - preferably the individual(s) who will be providing the day-to-day banking support between the City and the proposer. (2 page limit) 2) Overview of Firm. Provide a brief overview of the firm. Specifically provide an overview of the firm's Public Finance Department, including the number of offices and Public Finance bankers_ Please highlight whether your firm maintains any full-time public finance offices in Florida and the staffing IeveI at each of these offices. Please include the location from which your furn's banking support services will be provided. (2 page limit) 3) Marketing Strategy and Distribution Capabilities. Provide a discussion of the firm's marketing strategy for the City's issuance of general revenue -backed bonds (such as water and sewer or stormwater revenue) and distribution capabilities of tax-exempt securities on a national, statewide and local scale. Provide a table listing the number of the firm's retail salespeople, institutional salespeople, traders and underwriters for tax-exempt bonds both in Florida and nationally. (2 page limit) 4) Key Personnel. identify the banking and analytical personnel that will be assigned to work with the City. Provide a brief resume which describes their overall professional experience and their experience working with clients similar to the City (i.e. Florida local municipalities). Be sure to state the role that each of these individuals will play during the engagement and the title/location of each professional included. (2 page limit) 5) Underwriting Desk. Provide the location of the underwriting desk that will price future negotiated issuances for the City. Include a resume detailing the experience of the firm's principal underwriter at this location. In addition, provide the names and titles of those individuals, if any, who must approve an underwriting commitment for the firm. (2 page limit) 6) Project Experience. Provide summary tables of the firm's negotiated underwriting experience with local municipalities (i.e. cities, towns, counties, etc) issuing bonds backed by general governmental credits (i.e. general obligation, tax -backed financings, enterprise fund financings, etc.) since January 1, 2009. Provide four separate summary tables: Florida senior managed experience, Florida co - senior / co -managed experience, national (not including Florida) senior managed experience, and national (not including Florida) co -senior / co -managed experience. For each table, include an annual breakdown of number of issues and par amount as well as a total amount over this timeframe. Include detailed experience lists of these transactions as an appendix. (2 page limit) City of Clearwater— RFQ #31-I 1 Bond Underwriting Services 6 7) References. Identify three (3) Florida local municipal clients from the experience provided previously that the City can contact as references for the assigned professionals. For each reference include name, title, address, phone number, and email address. (1 page limit) 8) Capital. Describe the firm's ability and willingness to commit capital to the City's financing in order to hold bonds in inventory if necessary. Provide a table detailing the firm's total capital, equity capital, net capital, and excess net capital as of the most recent available date. Include specific case studies in which the firm committed capital to a municipal issuer during the past twelve (12) months in order to assist in bringing a deal to market. (2 page limit) 9) Additional Information. Provide any additional information that demonstrates your firm's ability to serve as a member of the City's underwriting team. Include a listing of the City's competitive financings that your firm has bid on since January 1, 2000 and if you were the winning or cover bid on any of these financings. Also include in a brief discussion of any analysis that you have provided to the City since January 1, 2009. (2 page limit) 10) Conflict of Interest. Describe any current or potential conflicts of interest that may arise from the selection of your firm as member of the City's underwriting team. 1 I) Litigation. Provide a description on any litigation or regulatory action filed against or settled by your firm relating to your firm's public finance and/or bond underwriting practice since January 1, 2009. and the resolution thereof. SECTION 3: EVALUATION CRITERIA AND RANKING PROCESS 3.1 GENERAL The evaluation and ranking of all competitive proposals received shall be accomplished utilizing the criteria described in this Section. Information and data included in the Underwriter's proposal shall be considered in the evaluation and ranking process. 3.2 COMPLETENESS OF COMPETITIVE PROPOSALS. Following the receipt of competitive proposals, the City shall review all proposals with respect to completeness and conformance with the instructions and requirements specifically indicated in this RFQ. Proposals that are deemed incomplete and/or non -conforming with instructions and requirements of this RFQ may not be given further evaluation. The City reserves the right to reject any or all proposals and to waive any irregularity, variance, or informality whether technical or substantial in nature, in keeping with the best interest of the City. 3.3 SELECTION CRITERIA All proposals shall be equally evaluated with respect to the completeness of the data provided, support for all claims made, and the overall approach taken. The following criteria will be evaluated with the weight of each evaluation criteria defined below: A. Marketing and distribution capabilities, including Local/Florida presence. (25%) B. Experience of the firm's key personnel and underwriter_ (20%) C. Experience of the firm with relevant financings. (25%) D. Ability and willingness to commit capital. (20%) E. Additional and relevant information. (10%) City of Clearwater— RFQ #31-11 Bond Underwriting Services 7 it should be noted that underwriting fees will be negotiated with the senior manager of a specific financing prior to that financing being priced. The City does not anticipate paying underwriting fees above and beyond what is being paid in the market at the time of pricing for similar transactions. 3.4 FEES AND CONTRACT LANGUAGE An evaluation will be made of the cost and fees, as well as contract language proposed, to meet the terms and conditions of this RFQ. 3.5 REFERENCES References may be called regarding the level of satisfaction with services rendered by the proposing firm, technical ability, cost, education of and presentation to governing bodies. City of Clearwater — RFQ #31-11 Bond Underwriting Services 8 STATEMENT OF NO BID RFQ #31-11 Note: If you do not intend to respond to this hid request, please complete and return this sheet to: City of Clearwater Purchasing Department P.O. Box 4748 Clearwater, FI. 33758-4748 We, the undersigned, have declined to bid on the above noted Request for Qualifications for the following reason(s): Insufficient time to respond to Invitation for Bid. _ I)o not offer this product/service. Our schedule will not permit us to perform. Unable to meet specifications. Unable to meet insurance requirements_ Specifications unclear (please explain below.) Remove us from your"Bidder Mailing List" Other (please explain below_) Remarks: We understand that if a "no bid" statement is not returned, our name may be removed from the Bidder's List of the City of Clearwater. Company Name: Address: City, State, Zip: Telephone: Name / Signature: Date: City of Clearwater — RFQ #31-11 Bond Underwriting Services 9 Proposal to Serve as Senior Managing Underwriter City of Clearwater RFQ #31-11 Bond Underwriting Services October 6, 2011 Ater 4 Together we'll go far Government & Institutional Banking Public Finance 2363 Gulf to Bay Boulevard Suite 200 Clearwater, FL 33765 October 6, 2011 Mr. George McKibben Purchasing Manager City of Clearwater, Florida 10o South Myrtle Avenue Clearwater, Florida 33756-5520 Dear Mr. McKibben: Well Fargo Bank, N.A. ("Wells Fargo") is pleased to submit our proposal to serve the City as underwriter on prospective bond financings. Wells Fargo's industry -leading financial strength, strong distribution networks, municipal utility experience, and credit expertise enable us to provide the City with the highest level of investment banking and underwriting services. One of the Best -Capitalized and Highest -Rated U.S. Banks. Wells Fargo is one of the best capitalized institutions in the nation with over $120 billion of total capital, with credit ratings of Aa3 from Moody's, AA from S&P and AA- from Fitch. Wells Fargo is a subsidiary of Wells Fargo & Company ("WFC"), one of the nation's premier financial institutions. Our strong and historically stable ratings and exceptional capital position have made us a powerful underwriter, as well as the premier credit provider for municipal issuers across the country. National Retail and Institutional Distribution. Wells Fargo has one of the nation's largest retail distribution networks and currently has over 15,00o financial advisors around the country with assets under management in excess of $1.1 trillion. We maintain 43 institutional sales offices worldwide with over 200 salespeople who cover the large Tier 1 high grade accounts, as well as a middle market network that covers 10,00o Tier 2 and Tier 3 clients. Florida Presence. Wells Fargo is an active participant in the Florida market, from public finance and government banking to retail branch operations. We have created tremendous synergy in our coverage of municipal issuers, by linking our public finance, government banking, and retail distribution networks. In Florida we have six professionals dedicated to public finance for Florida municipal issuers, all based in Clearwater. Our public finance and government banking groups work together to address the debt needs of governmental issuers, whether those are best served by capital markets or commercial bank products. This combined banking practice focuses on the customer first, a significant component of the wholesale bank at Wells Fargo. Florida Distribution Capabilities. Wells Fargo Advisors' retail distribution system is among the largest in Florida with over 1,00o financial advisors in Florida spread out across the state in 48 retail brokerage offices. In the Tampa Bay area, Wells Fargo Advisors has eight offices staffed by 233 financial advisors and licensed representatives. In Clearwater, Wells Fargo Advisors has 41 financial advisors and licensed representatives. Our significant retail brokerage presence throughout the State of Florida Wells Fargo Securities is the trade name for certain capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Bank, National Association, and Wells Fargo Securities, LLC, member NYSE, FINRA, and SIPC. Together well go far Government & Institutional Banking Public Finance 2363 Gulf to Bay Boulevard Suite 200 Clearwater, FL 33765 markedly enhances the firm's efforts to efficiently distribute Florida bonds. As evidence of our excellent distribution capabilities, as of September 2011, Wells Fargo Advisors' customers hold over $3o million in bonds issued by the City, in over boo accounts. Florida Experience. The team of Wells Fargo public finance professionals assigned to the City has relevant experience working on Florida municipal bond issues, specifically past performance for the City's financings. Mr. David Thornton has senior managed two bond issues for the City since 2009 and previously served as financial advisor at prior employer to the City for a period of approximately ten years from 1993 through 2002. Both Mr. Glenn Gough and Ms. Molly Clark have supported Mr. Thornton on both of the City's recent bond issuances. In aggregate, Wells Fargo's three primary municipal finance professionals assigned to the City have approximately $14 billion of combined experience on senior managed financings for local Florida municipalities during their careers. Support for the City's Financings. Wells Fargo (including its predecessors) has supported all of the City's past competitive bond issuances since January 1, 2000, and has won four of the City's competitive bids totaling $44.185 million in par. In addition, we have been the cover bid on two competitive issuances since January 1, 2000. Thank you again for the opportunity to present our credentials to serve the City as bond underwriter. Please do not hesitate to contact us at your convenience if you have any questions regarding our proposal. Sincerely, David R. Thornton Managing Director, Public Finance Wells Fargo Securities is the trade name for certain capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Bank, National Association, and Wells Fargo Securities, LLC, member NYSE, FINRA, and SIPC. Together we'll go far RFQ #31-11 2.. Overview of Firm. Wells Fargo Securities is the trade name for investment banking and underwriting services of Wells Fargo Bank, N.A. ("Wells Fargo"), a wholly -owned subsidiary of Wells Fargo & Company (the "Company"). Wells Fargo & Company was founded in 1852 by Henry Wells and William Fargo to provide banking and express delivery services west of the Mississippi River. The Company rapidly grew from San Francisco, California to other cities throughout the West. By 1918, Wells Fargo & Company's express and monetary services linked 10,000 locations across the country. Today, the Company serves over 7o million customers globally and employs over 280,00o people worldwide. As of June 30, 2011, Wells Fargo & Company is the fourth -largest U.S. bank by market capitalization, total assets, core deposits, and Tier 1 capital. Firm Structure. Wells Fargo & Company is a publicly held company whose stock trades on the New York Stock Exchange ("WFC"). The Company is headquartered in San Francisco, CA and is a diversified financial services company providing banking, insurance, investments, mortgage, investment banking, retail brokerage and consumer finance to clients both domestically and internationally. The Company is one of the nation's premier financial institutions with $1.3 trillion in assets across our 8o+ businesses. We ranked fourth in assets and second in market value among U.S. peers as of December 31, 2010. The configuration of the Company allows Wells Fargo Bank, N.A., the commercial and wholesale banking arm, to provide capital markets capabilities, including underwriting taxable and tax-exempt municipal bonds, as well as credit enhancement and derivative products. Wells Fargo Advisors is the firm's retail brokerage subsidiary. Government & Institutional Banking. Wells Fargo's Government and Institutional Banking ("GIB") group includes Government Banking (commercial banking) and the Municipal Products Group. The Municipal Products Group is inclusive of Public Finance Investment Banking, Bond Trading/Syndicate, Institutional Client Services, Derivatives and Structured Products, and Quantitative Analytics. Wells Fargo has developed a national presence in municipal finance based on the number and dollar volume of transactions in which we participate on an annual basis. In 2010, Wells Fargo Securities was ranked 8th among fixed-rate underwriters having senior managed 223 issues with a par value in excess of $9.1 billion. This volume of business, as well as the diversity of our engagements, continually places Wells Fargo among the experts in the municipal finance industry. Of note, unlike many of our competitors, Wells Fargo's public finance commitment has strengthened over the recent years. While many firms have been downsizing their staffing levels for municipal products, over the last three years, Wells Fargo has increased its staff from 44 professionals in September 2006 to 196 professionals currently dedicated to public finance banking, trading, underwriting, institutional sales, risk management, and analytics. A detailed description of each of the groups is provided below. Public Finance Group. Headquartered in New York, the Public Finance Group is comprised of 156 professionals located in 18 offices across the nation, and is fully dedicated to serving governmental, higher education, health care, municipal utilities, and nonprofit institutions in every facet of the municipal market. The strategic business focus and depth of our municipal finance experience has distinguished Wells Fargo as a leading bond underwriting firm throughout the nation. In Florida, Wells Fargo maintains a Public Finance office in Clearwater, Florida staffed by six full-time municipal finance professionals. The City's financings will be supported by our Clearwater, Florida office. City of Clearwater Page i Wells Fargo Securities RFQ #31-11 rinci aliOffice We] Fargo Securities 7363.Gulfto Bay'Boulevard Clearwater FL 33765 T: (727) 953 1074 F:L(727.)953 1077. Government Banking Group. Wells Fargo has one of the most strategically aligned Public Finance and Government Banking groups in the nation. Because both groups are housed in the same division and under the same leadership, there is continuity and interaction between the groups; therefore, easing the necessary processes of a transaction involving both credit and underwriting support. Municipal Bond Trading/Syndicate Group. The Municipal Bond Trading/Syndicate Group of GIB is made up of 42 professionals who aggressively underwrite negotiated and competitive municipal bond and note issues nationwide. This group is also a very active participant in the secondary market and maintains substantial positions in various types of municipal bonds. This exposure requires every member of the GIB to be intimately familiar with current market conditions and investor appetites. Institutional Client Services. Wells Fargo's Municipal Institutional Client Services Group includes 15 sales professionals that concentrate their efforts on selling municipal and structured finance products to top -tier institutional buyers throughout the United States. Wells Fargo's institutional investor base includes the 25o key national buyers of municipal securities among the firm's 425-institutional account base as well as a significant number of end and 3rd tier institutional accounts. The distribution of municipal bond issues is augmented by its service retail brokerage unit. Wells Fargo's commitment to build its retail brokerage business, which recognizes the value of this business to the Firm and many of our clients, was affirmed by Wells Fargo's strategic partnership with Prudential Securities' brokerage arm in 2003 and acquisition of A.G. Edwards in 2007. Through the merger of Wells Fargo and Wachovia, this premier "wholly -owned" national retail brokerage franchise is now called Wells Fargo Advisors and is the nation's third largest retail brokerage firm with $1.1 trillion in client assets and approximately 15,200 financial advisors. City of Clearwater Page 2 Wells Fargo Securities RFQ #31-11 .Marketing`Strategy and: Distribution Capabilities. The Wells Fargo team brings the City a thorough knowledge of the municipal market and an understanding of the different types of municipal bond investors. Because of the significant amount of volatility in the municipal market, the breakdown of investors participating in the municipal market and where on the yield curve they participate can shift rapidly. Our marketing strategy is based on recognizing those changes and adapting quickly in order to successfully execute transactions for our clients. As the table below illustrates, many investors exist in the market, but their interest in bonds of a particular maturity is not uniform. There are large numbers of buyers on the long -end of the yield curve, including retail, bond funds, and cross -over investors. Participation in the center of the curve remains limited to intermediate bond funds and insurance companies. Retail participation has fluctuated with interest rate volatility over the past two years, but they continue to play a role on both the short and long ends of the yield curve and can often be integral to the optimal execution of a pricing. Money Market Funds Corporate Cash Investment Advisors Retail Intermediate Bond Funds Bank Trust Departments Insurance Companies Long -Term Bond Funds Cross Over Buyers 211111.:111,1H111_ 11 .■1"... N N CO rn O ▪ O O O O O O O NNNN N N N N O O ri N M LO NNNINN O O O O O NNNNN V) I, CO rn N N N N O O O O N N N N 0 N M 0 O O 0 N N N N V O N N CO M ▪ M M M O O O O N N N N rn M O O The City will typically have a maturity structure in mind that is driven by factors such as the purpose of the transaction, rating agency considerations, and rate impact. Wells Fargo will provide feedback regarding that structure and how investor demand in specific areas of the curve matches it. Wells Fargo will work to achieve complete utilization of our retail and multi - tiered institutional sales forces in order to reach the entire spectrum of buyers illustrated above. The key element to Wells Fargo's marketing and distribution strategy is making as many potential investors as possible aware of a transaction, while allowing sufficient lead time for those investors to understand the transaction, and ask any questions they may have prior to purchasing bonds. Several weeks prior to a proposed bond sale, the public finance bankers will provide the underwriting desk and retail sales liaisons the Preliminary Official Statement, Sales Memorandum and other informational materials on the bond issue. As materials are distributed to the salesforce and questions arise, Wells Fargo's public finance bankers will actively participate in answering questions of potential buyers and, if necessary, arrange direct dialogue between prospective buyers and the City. Wells Fargo has found this marketing approach to be quite effective, as it alerts a large base of potential buyers, well in advance of a bond sale. Market characteristics at the time of pricing will dictate which of those buyers will, in the end, actually purchase bonds. Wells Fargo's efforts to communicate information to as large and diverse an investor base as possible consistently serve to generate investor interest on the pricing date, even under difficult or unusual market conditions. City of Clearwater Page 3 Wells Fargo Securities J RFQ #31-11 t. Wells Fargo: Securities'' Distribution) Tetwonk. National Florida Tampa Bay Area2 Clearwater Retail Sales' 15,188 1,089 233 41 Institutional Sales 19 0 0 0 Middle Market Sales 100 6 1 0 t - As represented by Wells Fargo Advisors 2 - Inclusive of Pinellas, Pasco, Hillsborough, and Sarasota Counties Institutional Sales Network. The Wells Fargo municipal institutional sales force includes 19 sales professionals that concentrate their efforts on selling municipal products to institutional buyers nationwide. Wells Fargo's institutional investor clients include the 250 top national buyers of municipal securities among the Firm's 425-institutional account base as well as a significant number of end and 3rd Tier institutional accounts. Middle Market Sales Network. This 10o person strong distribution outlet focuses on sales to middle -market institutional customers with a special emphasis on local community banks, corporate trust departments, and local insurance companies. This extensive network covers 10,000 institutions (Tier 2 and Tier 3 accounts). Wells Fargo Advisors is the third largest retail brokerage in the United States with 15,188 registered representatives in all 5o states and the District of Columbia, managing over 81.1. trillion in total client assets. Wells Fargo Advisors maintains offices in over 875 locations with many financial specialists working in bank branches across the country. Our wealth management teams target the traditional retail market, high net worth individuals, and small businesses across the country, many of whom incorporate municipal securities as a core holding in their investment portfolio. The size, productivity and market penetration of Wells Fargo Advisors and our wealth management teams enhance Wells Fargo Securities' ability to effectively distribute municipal securities to the retail investor market. Rank Brokerage Firm Total FA's Client (Series 7) Assets 1 Morgan Stanley Smith Barney 18,043 $1,669 15,498 1,480 6,796 792 2 Bank of America / Merrill Lynch 4 UBS Source: Co mpany Repo rts Florida Retail Network. Wells Fargo Advisors operates one of the largest retail brokerage businesses in Florida. We currently maintain 48 dedicated retail brokerage offices across the State staffed by 1,089 licensed professionals who manage over 914,00o retail accounts with a total retail account dollar volume of approximately $91.3 billion. In the Tampa Bay area, Wells Fargo Advisors has eight offices staffed by 233 financial advisors and licensed representatives. In Clearwater alone, Wells Fargo Advisors has 41 financial advisors and licensed representatives. In addition, Wells Fargo staffs many of its retail bank branches with financial specialists that are licensed to conduct limited investment business and able to refer Wells Fargo Bank customers to our retail brokerage network. In total, Wells Fargo has 815 bank branches located throughout Florida. Wells Fargo Advisors' significant retail brokerage presence throughout Florida is a considerable advantage in the firm's efforts to efficiently distribute bonds at aggressive pricing levels for Florida issuers. City of Clearwater Page 4 Wells Fargo Securities RFQ #31-11 4. . 'Key:Personnel. Team Member Resumes. Wells Fargo has established a team with the depth and experience to provide the City with sound execution of its financings. David Thornton, Managing Director in our Clearwater office, will serve as primary contact and team leader on behalf of Wells Fargo. Mr. Thornton will be assisted by Glenn Gough, Vice President and Molly Clark, Vice President, both located in Clearwater. Each member of the financing team has direct experience working with the City on past financings. In aggregate, Wells Fargo's three primary municipal finance professionals assigned to the City have approximately $14 billion of combined experience on senior managed financings for local Florida municipalities during their careers. Resumes for our key team members are listed below and on the following page. David Thornton Managing Director, Southeast Public Finance Responsibilities: Mr. Thornton will serve as the primary day-to-day contact for the City with respect to any active transactions or for consultation and support. In this capacity, he will coordinate the primary activities of the Wells Fargo professionals and will manage any financing as required. He will participate in developing a financing structure, consulting with rating agencies and credit enhancement providers, preparing bond and offering documents, and marshalling all of the resources necessary to successfully complete any financing pursued by the City. Qualifications: Mr. Thornton joined Wells Fargo in August 2008 after more than 21 years with other Florida investment banking firms. He maintains primary responsibility for a number of accounts including but not limited to the City of Clearwater, the City of Tampa, Florida Governmental Utility Authority, the Florida Municipal Loan Council, JEA, and the Orlando Orange County Expressway Authority. He also provides general banking support on a number of other significant accounts including but not limited to the Commonwealth of Puerto Rico, Miami -Dade County, the Florida Hurricane Catastrophe Fund, and Citizen's Property Insurance Corporation. Mr. Thornton maintains Series 7, Series 63, Series 53 (Municipal Securities Principal), and Series 24 (General Securities Principal) licenses. Relevant Experience: Since 2001, Mr. Thornton has served as lead or supervising banker on over 100 Florida municipal financings totaling more than $5.9 billion in par. His experience includes two bond issuances for the City of Clearwater totaling $156.44 million in par. In addition, Mr. Thornton represented former employers as the financial advisor to the City of Clearwater for a period of approximately ten years from 1993 through 2002. A sample of Mr. Thornton's recent senior managed experience for Florida includes: • $121.050 million — City of Tampa — Water and Sewer Systems Improvement and Refunding Revenue Bonds, Series 2011 (Sale Date: August 31, 2011) • $47.025 million — City of Clearwater — Water and Sewer Revenue Refunding Bonds, Series 2011 (Sale Date: July 28, 2011) I • $48.235 million Florida Municipal Loan Council (City of Hialeah) — Revenues Bonds, Series 2011D (Sale Date: May 11, 2011) (727) 953-1074 david.thornton Pwellsfargo. com 2363 Gulf -to -Bay Boulevard Clearwater, Florida 33765 City of Clearwater Page 5 Wells Fargo Securities RFQ #31-11 • $220.860 million — JEA — Water and Sewer System Revenue Bonds, 2010 Series D and Subordinated 2010 Series A (Sale Date: July 21, 2010) • $107.640 million — City of Jacksonville — Special Revenue Bonds, Series 2009C (Sale Date: December 2, 2009) • $45.64o million — City of Pensacola — Redevelopment Revenue Bonds, Series 2009A and 2009B (Sale Date: December io, 2009) • $109.415 million — City of Clearwater — Water and Sewer Revenue Refunding Bonds, Series 2009A and 2009B (Sale Date: May 15, 2009) Glenn Gough Vice President, Southeast Public Finance (727) 953-1076 glenn. Bough (&wellsfargo. com 2363 Gulf -to -Bay Boulevard Clearwater, Florida 33765 Responsibilities: Mr. Gough will provide project support and analytical services, and coordinate with Mr. Thornton on financing issues relevant to the City. Qualifications: Mr. Gough joined Wells Fargo in April 2009, and has more than five years of experience in public finance investment banking at prior investment banking firms. Mr. Gough's work has primarily focused on general government issuers in Florida, Georgia and Puerto Rico, and since 2005 has assisted senior bankers on more than $4 billion of senior managed municipal financings. Prior to entering the public finance business, Mr. Gough worked as an associate for KPMG's Risk Advisory Services, and supported local governments in their efforts to develop and manage public facilities. Mr. Gough graduated from the University of Florida, attaining a Master of Science Degree in Business Administration — Finance. Mr. Gough maintains Series 7 and Series 631icenses. Relevant Experience: Mr. Gough has worked on 64 senior managed financings for Florida municipalities totaling over $4.4 billion in par since 2005, including two issues for the City of Clearwater totaling $156.44 million. Molly Clark Vice President, Southeast Public Finance (727) 953-1075 molly.clark(&wellsfargo.com 2363 Gulf -to -Bay Boulevard Clearwater, Florida 33765 Ms. Clark will provide project support and analytical services, and coordinate with Mr. Thornton on financing issues relevant to the City. Ms. Clark joined Wells Fargo Securities in August 2008, and has a total of 10 years experience in public finance investment banking. Her work has focused on general governmental finance, 501c3 issues, and industrial development bond issues. She has supported senior bankers on all aspects of the financing process, from writing proposals and participating in client meetings, to preparing quantitative analysis and coordinating bond pricings. Ms. Clark has experience working on fixed and variable rate bond issues, with various forms of credit enhancement and derivative products. Ms. Clark maintains Series 7 and Series 63 licenses. Relevant Experience: Ms. Clark has worked on over $3.5 billion of senior managed financings for Florida municipalities since 2005. City of Clearwater Page 6 Wells Fargo Securities RFQ #31-11 :Underwriting Desk Wells Fargo's underwriting desk is located in Charlotte, North Carolina (address referenced below). Walker McQuage, Managing Director, will manage the underwriting of fixed rate issues and provide marketing and structuring insight and will be assisted by Nancy Andes, Director. Mr. McQuage has the authority to approve an underwriting commitment on behalf of Wells Fargo. -Unde`rwritin -'Desk-`.,.4; Wells Fargo. Securities 3.01 S'College St Charlotte, NC 28'202 Ti,_(. o'.: ):3447444 2 Walker McQuage (704) 374-4442 w alker. m cquage Pwellsfargo .com Managing Director, 3oi South College Street Municipal Underwriting Charlotte, North Carolina 28202 Mr. McQuage will coordinate the underwriting, marketing, and distribution activities for the City's offerings. Throughout the course of the financing, Mr. McQuage will provide pricing details and general updates regarding the municipal market and the impact of market movements on the City's financing. Mr. McQuage has 17 years of underwriting experience with general obligation, revenue, taxable, and corporate municipals, as well as prior experience in the financial futures markets. He is responsible for all fixed rate municipal underwriting commitments made by Wells Fargo Bank, National Association's institutional trading, sales, and underwriting operations while specializing in Florida and Southeastern credits. In the past five years, Mr. McQuage has overseen the underwriting of more than $6 billion in par of Florida senior managed financings on behalf of Wells Fargo, including more than $15o million for the City. Mr. McQuage holds a B.S. in Finance from the University of South Carolina. Nancy Andes (704) 374-4442 nancv. andes Pwellsfargo .com Director, Municipal Underwriting 3oi South College Street Charlotte, North Carolina 28202 d Ms. Andes will support Mr. McQuage in the underwriting and marketing of the City's bons. Ms. Andes is responsible for new issue execution and marketing for all fixed rate municipal transactions focusing on southeast municipalities. Nancy was previously on High Grade Debt Syndicate Desk at Wells Fargo, where she has been part of the legacy Wachovia/legacy First Union since 2001. On the Debt Capital Markets Syndicate Desk, she was accountable for the origination and execution of new issue offerings including senior notes, hybrid securities, preferred stock and Build America Bonds. Since establishing the preferred origination effort in 2003, Wells Fargo has earned a top 5 league table ranking over the last 7 years, but has held a #1 position in 2009 and 2010 for third party volume. Over the past 2 years, Nancy has also partnered with Municipal Underwriting and Public Finance Banking Teams assisting with underwriting Build America Bonds. Prior to Wells Fargo, Nancy held a portfolio management position at Banc One Investment Advisors in Columbus, Ohio. Ms. Andes previously assisted on the underwriting of the City's Series 2011 Water and Sewer Revenue Refunding Bonds. City of Clearwater Page 7 Wells Fargo Securities RFQ #31-11 6. "Project Experience. Since 2009, Wells Fargo has served as underwriter on 109 negotiated municipal financings in Florida totaling more than $15 billion in par, while nationally our experience includes 1,645 financings totaling $278 billion in par (excluding Florida). Summary tables are provided below, while a detailed list can be found in Appendix A. 2011 YTD 2010 2009 Total NWells Fargo Seemities1.Negotiated Florida MitnicipalExperience Januar-yY, 2009 to"Present :Source: SDCF(o/3/2.6140 • • Co/Co-Senior Managed Issues Par ($MM) Issues Par ($MM) Issues Par ($MM) Senior Managed 5 388.345 11 616.495 12 858.795 15 2,147.185 40 6,730.580 26 4,325.255 Aggregate 28 1,863.635 81 13,203.020 20 2,535.530 51 7,347.075 38 5,184.05o 1o9 15,066.655 Wells Fargo Securlties'°NegotiateirR tional Mtinicapal E ' -, ,- 1 e, .i — Januaryx, �oo9'totPresent io .. 2:01 Senior Managed Co/Co-Senior Managed Aggregate Issues Par ($MM) Issues Par ($MM) Issues Par ($MM) 2011 YTD 2010 2009 78 16,200.065 228 11,474.762 237 8,786.707 191 36,497.026 437 102,482.108 474 102,763.613 269 52,697.091 665 113,956.870 711 111, Total 543 36,461534 1102 241,742.747 i645 278,204.281550.320 Case Studies. Case studies for some of our relevant experience in Florida are provided below and on the page that follows. $109,415,00o City of Clearwater, Florida $47,025,00o City of Clearwater, Florida In May 2009, Wells Fargo served as senior manager on the City of Clearwater's Series 2oo9A and 2oo9B Water & Sewer Revenue Bonds. The Series 2oo9A Bonds were issued to finance capital improvement projects for Clearwater's water and sewer system, while the 20o9B Bonds refinanced outstanding Series 1998 Water and Sewer Revenue Bonds. Leading up to and at the start of the pricing period, the refunding of the Series 1998 Bonds did not produce a level of savings required by the City of Clearwater. However, as the pricing period progressed, Wells Fargo continued to monitor the savings levels of the refunding portion of the issuance. Thanks to some aggressive sales efforts, as well as fortunate market timing, we were able to tighten the scale at the end of the pricing period and create the necessary economics to complete the refunding of the 1998 Bonds. The refunding of the 1998 Bonds produced more than $1.9 million in net present value savings or 4.25% of the refunded bonds. In July 2011, Wells Fargo served as senior manager on the City of Clearwater's Series 2011 Water & Sewer Revenue Refunding Bonds. The Series 2011 Bonds were issued to refinance the City's outstanding Series 2002 Water and Sewer Revenue Bonds. The offering for the 2011 Bonds City of Clearwater Page 8 Wells Fargo Securities RFQ #31-11 attracted more than $97 million of orders from retail and institutional customers. As a result of the refunding, the City saved more than $2.85 million of present value debt service payments or 5.889% of refunded par. $68,n5,000 Palm Beach County, Florida In July 2009, Wells Fargo served as senior manager on Palm Beach County's $68.115 million issuance of Series 2009 Water & Sewer Revenue Bonds. The bonds were issued to finance the cost of acquisition and construction of certain additions to Palm Beach County's water and sewer system and to reimburse Florida Power & Light Company ("FP&L") for certain costs advanced by FP&T . Normally, the bonds would have been sold as private activity bonds, and been subject to Alternative Minimum Taxation ("AMT"). However, because of the American Recovery and Reinvestment Act of 2009, the AMT-penalty was removed and the bonds priced as tax-exempt, Non-AMT bonds. Prior to pricing, Wells Fargo organized and participated in investor net road show calls in to help market the bonds to institutional investors and answer investor questions. As a sign of Wells Fargo's distribution capabilities, during the pricing period, the bonds received more than $36o million of total orders, including $132 million of retail orders, making.the issuance more than five times oversubscribed. Further, as the final project cost for Palm Beach County and FP& T, was uncertain, $7.4 million of the issuance was sold with an extraordinary redemption provision, allowing Palm Beach County the flexibility to redeem bonds in the event the final project cost was less than the initial projection. The bonds subject to extraordinary redemption were more than 10 times oversubscribed by investors, including more than $21.6 million of retail orders. $45,640,00o City of Pensacola, Florida On December 9, 2009, Wells Fargo priced the City of Pensacola's Series 2009A and 2009B Redevelopment Revenue Bonds. Proceeds of the bonds will be used to finance public recreation, exhibition, entertainment, and exposition facilities and public infrastructure located at the Vince Whibbs Sr. Community Maritime Park; to pay costs of issuance; and to fund capitalized interest for the Bonds. The issue is secured by Tax Increment Revenues, with a backup CBA pledge. Given the unusual security for the Bonds, marketing the issue proved to be complex. Throughout the premarketing period and into the pricing, Wells Fargo stressed the strength of the City's CBA pledge to investors. Ultimately, from premarketing to final pricing, Wells Fargo was able to tighten yields approximately 25 bps, by stressing the value of the City's CBA pledge to investors. The TIC for the financing is 4.733%; the TIC for the BAB portion is 4.804%, with an average life of 22.3 years. Both the BABs and the tax-exempt bonds were sold with an optional io-year par call. $121,050,000 City of Tampa, Florida In August 2011, Wells Fargo served as senior manager on the City of Tampa's Series 2011 Water & Sewer Systems Improvement and Refunding Bonds. The Series 2011 Bonds were issued to finance capital improvement projects for the City's water and sewer system, as well as refunding refinance Series 20o1A and 2001B Bonds for economic savings. In an effort to maximize the universe of buyers interested in the Series 2011 Bonds, twelve of Series 2001 Bonds' maturities were bifurcated for retail and institutional investors. As a result, the retail order period attracted more than $117 million of retail orders, including $98.5 million of retail orders from Wells Fargo. The economic refunding portion of the transaction generated more than 12% of present value savings (as a percentage of par refunded) resulting in more than $9 million in net present value savings to the City of Tampa. City of Clearwater Page 9 Wells Fargo Securities RFQ #31-11 7. References. References for Wells Fargo's professionals are provided below. Bonnie Wise Chief Financial Administrator 601 E Kennedy Blvd Tampa, FL 33602 (813) 272-7418 wiseb phillsboroughcountv.org Sonya Little Chief Financial Officer 306 East Jackson Street Tampa, FL 33602 (813) 274-8151 sonya.little Ptampagov.net Manatee *County,;; Jim Seuffert Director, Financial Management 1112 Manatee Ave West, Suite 939 Bradenton, FL 34205 (941) 745-3760 j im.seufferV&mvmanatee.org City of Clearwater Page 10 Wells Fargo Securities RFQ #31-11 -8. ,Capital. Wells Fargo Bank, N.A. ("WFBNA") is the legal entity that provides underwriting services for Wells Fargo & Company. As a national bank, WFBNA is subject to capital definitions and standards issued by the Office of the Comptroller of the Currency, rather than net capital standards of the Securities and Exchange Commission. This distinction means that neither net capital calculations are applicable to WFBNA nor is WFBNA constrained by net capital restrictions. As of December 31, 2010, WFBNA maintained a total capital base of over $123 billion. In addition to the direct capital resources of WFBNA, the municipal underwriting team has access to capital from WFBNA's holding company, Wells Fargo & Company, a firm recognized as one of the safest and most stable financial service companies in the world. A summary of WFBNA's capital position over the last three years is presented in the chart below. �Vlle lls Far • o Barik, "IJ ► YCa .'ita'1!Position Total Capital Capital $ 57,770,000,000 $ 69,029,000,000 $123,562,000,000 Total Risk -Based Capital $ 55,355,000,000 $ 60,464,000,000 $117,273,000,000 Tier One Capital $ 32,825,000,000 $ 39,734,000,000 $ 90,234,000,000 Effective 03/20/2010, Wachovia Bank, N.A. ("WBNA") merged with Wells Fargo Bank, N.A. Capital positions prior to that date are for WBNA. When choosing an investment banking partner, the City should consider the capital strength of the investment bank. The Firm is supported by total assets of $1.3 trillion, and a market capitalization of over $122 billion as of September 30, 2011. The City can be assured that Wells Fargo has a demonstrated ability and willingness to use its balance sheet to support transactions to achieve the best possible pricing for our clients when we serve as senior manager. In many cases, temporary market dislocations due to factors unrelated to a client's specific transaction require us to use the strength of our balance sheet to support transactions. A sample of our largest underwriting commitments on public offerings during 2011 are provided on the following page. In addition to our underwriting commitments on publicly offered municipal bonds, Wells Fargo is among the national leaders of directly purchased bonds. Since the deterioration of the monoline insurers and bank facility credit providers in 2008, many municipal issuers have turned to direct purchase bonds in lieu of credit enhanced bonds in the cash market. In 2011 alone, Wells Fargo has used its balance sheet to complete over $632 million of direct purchase offerings in Florida ($1.049 billion since 2010), mating Wells Fargo not only a leading underwriter of Florida municipal bonds, but a leading investor as well. City of Clearwater Page Wells Fargo Securities RFQ #31-11 Sample of Underwriting Commitments by Wells Fargo State of NC Cap Imp Ltd Obs Deal Size $500,000,000 Trade Date 2/2/2011 Amount UW $495,860,000 State of NY Series 2o11A Tax -Exempt Deal Size $478,185,000 Trade Date 3/22/2011 Amount UW $422,165,000 VA Trans Cap Proj REVS Deal Size $60o,000,000 Trade Date 5/11/2011 Amount UW $514,715,000 FL DOTS Turnpike REVS Deal Size $150,165,000 Trade Date 6/23/2011 Amount UW $122,730,000 PA Higher Ed Facs Auth REVS Deal Size $119,085,000 Trade Date 6/29/2011 Amount UW $110,285,000 Louisville/Jefferson, KY Metro Swr Dist Deal Size $263,360,000 Trade Date 8/17/2011 Amount UW $204,105,000 City of Clearwater Page 12 Wells Fargo Securities RFQ #31-11 ,9. Additional Information. Florida Water & Sewer Experience. In addition to Wells Fargo's experience summarized previously in our response, it should be noted that Wells Fargo and its professionals have additional experience that is relevant to the City's past and future financing activities. Specifically, since January 1, 2009, Wells Fargo ranks as the #1 senior managing underwriter of Florida water and sewer bonds having completed 17 issues totaling more than $1.166 billion in par. Simply put, no firm can claim to have more recent Florida water and sewer experience than Wells Fargo. We have provided case studies of our water and sewer experience below. • FloridaSenior.Managed-Water:and Sewer Rankin. --Full to Book January 1, 2oo9:toPresent Source:•SDC-(1o/3/2oi1) Par Amount Mkt. Number of Book Runner (US$ mil) Rank Share Issues Wells Fargo & Co 1,166.5 1 21.4 17 Raymond James & Associates Inc 1,015.0 2 18.7 11 Citi 938.5 3 17.3 10 Bank of America Merrill Lynch 649.3 4 11.9 16 RBC Capital Markets 352.6 5 6.5 9 Source: Thomson Reuters SDCData *Represents negotiated and private municipal new issues underwritten for 2009 through October 3, 2011 by Wells Fargo Securities, which is the trade name for certain capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC (WFSLLC), member NYSE, FINRA and SIPC, and Wells Fargo Bank, National Association (WFBNA). Information for 2009 includes transactions that may have been underwritten by other broker/dealers that were acquired by Wells Fargo & Company and/or its predecessors. $220,860,00o JEA, Florida In July 2010, Wells Fargo served as senior manager for JEA's Water and Sewer System Revenue Bonds, 2010 Series D and Subordinated 2010 Series A. The bonds were issued for the purposes of refinancing outstanding variable rate debt, paying a swap termination payment, and refunding fixed rate bonds for economic savings. The bonds were issued with an assortment of senior lien bonds subject to 5-year and io-year par calls and subordinate lien debt. Using aggressive marketing, Wells Fargo attracted $298 million in orders during the first of a planned two-day retail order period. As a result, pricing was accelerated and JEA's economic refunding capacity was maximized. By the end of the pricing period, $1.32.07 million of JEA's outstanding bonds were refunded for present value savings of over $8.75 million (6.63% of refunded par) and more than $15o million of the bonds were placed with retail investors. The pricing of the bonds represented the most successful bond issue in JEA's history, with fixed rate yields at historic lows, and over $15o million of a $220 million issue placed with retail investors. Previously, JEA had never sold more than $ioo million to retail on any individual bond issue. $1.23,9o5,00o Florida Governmental Utility Authority In October 2010, Wells Fargo served as senior manager to the Florida Governmental Utility Authority for its Series 2oloA&B Utility Revenue Refunding Bonds. The Bonds were issued to refund prior debt of the Aloha utility system, fund capital improvements to the system, debt service reserve fund, and pay a swap termination fee. During the course of the financing, Wells Fargo worked closely with the feasibility consultant to determine a debt service stream which StLIKEIMIZIMSCI City of Clearwater Page 13 Wells Fargo Securities RFQ #31-11 could be supported by the projected revenues. After considering various alternatives, the structure was finalized, and the issue ultimately achieved an A2 rating from Moody's. The 3o- year bonds closed on October 13, 2010, with an All -in True Interest Cost of 4.18%. This excellent pricing for a Build America Bond / straight taxable financing once again highlights Wells Fargo's underwriting capabilities. Competitive Support. Since 2000, Wells Fargo (inclusive of its predecessors A.G. Edwards and Wachovia) has bid on every competitive issuance of the City, and has been the winning bidder four times totaling $44.185 million of bonds. In addition, Wells Fargo has been the cover bid on two competitive bond issuances by the City, meaning Wells Fargo (inclusive of its predecessors) was either the winning or cover bid on six of the City's ten competitive offerings since January 1, 2000. A summary of our support for the City's competitive offerings is provided below. Sale Date Par ($MM) Wells ar,"gols.Competriive'Support forathe"Ci%i ofsClearwater since January i, i000 ource ThomsonFinancial;''• Issue Description 09/12/07 3.700 Gas System Revenue Refunding Bonds, Series 2007 07/25/06 26.43o Water and Sewer Revenue Bonds, Series 2006 05/05/05 7.175 Gas System Revenue Refunding Bonds, Series 2005 04/20/05 6:885 Stormwater System Revenue.Refunding Bonds, Series 2005 08/18/04 14.35o Stormwater System Revenue Bonds, Series 2004 01/28/04 8.915 Gas System Revenue Refunding Bonds, Series 2004 10/01/03 8.415 Water and Sewer Revenue Refunding Bonds, Series 2003 08/29/02 24.685 Stormwater System Revenue Bonds, Series2002 07/10/02 58.680 Water and Sewer Revenue Bonds, Series 2002 06/07/01 46.445 Infrastructure Sales Tax Revenue Bonds, Series 2001 Bid Win Cover Yes Yes Yes No Yes No Yes Yes Yes No Yes Yes Yes No Yes Yes Yes No Yes No Prior Analyses. Since January 1, 2009, Wells Fargo has been an active contributor to the City's financing efforts through the submittal and updating of preliminary numbers of potential refunding opportunities as market conditions have changed. These have included keeping the City updated for the refunding of its Series 1998 Water and Sewer Revenue Bonds from December 2008 up through the pricing of the Series 2oo9B Water and Sewer Revenue Refunding Bonds in May 2009, and the refunding of the Series 2002 Water and Sewer Revenue Bonds from July 2010 up through the pricing of the Series 2011 Water and Sewer Refunding Revenue Bonds in July 2011. The refunding of the Series 1998 Bonds resulted in economic savings to the City of more than $1.93 million or 4.245% of refunded par and the refunding of the Series 2002 Bonds resulted in economic savings to the City of more than $2.85 million or 5.889% of refunded par. In addition, Wells Fargo has provided multiple updates to the City for the proposed refunding of its currently outstanding Series 2002 Stormwater Revenue Bonds. Our most recent analysis suggests that the City should anticipate saving approximately $1.475 million in present value or more than 7.2% of par based on market conditions on October 4, 2011. For the City's reference, we have included updated numbers for the proposed refunding of the 2002 Stormwater Bonds in Appendix B. In addition, we have also included a maturity by maturity savings analysis and a savings sensitivity analysis assuming changes in market yields. No Yes No Yes No No City of Clearwater Page 14 Wells Fargo Securities RFQ #31-11 O. Conflictof:Interest. To the best of its knowledge, the Municipal Products Group of Wells Fargo Securities is not aware of any conflicts of interest that might arise if it is selected as the underwriter by the the City. The City and/or its representatives may, in the normal course of business, maintain financial service relationships with various affiliates of Wells Fargo & Company. Any such relationships and the associated terms are negotiated directly between the client and the respective affiliates, which are separate and independent from the Municipal Products Group. Further, Wells Fargo Securities or its affiliates may be involved in providing other financial services as part of or related to the transaction that is the subject of this RFP (for example, Wells Fargo Bank, N.A. may be engaged to provide a credit or liquidity facility, or an interest rate risk management solution). The Municipal Products Group of Wells Fargo Securities does not consider any relationships or transaction participation of the kinds mentioned herein as posing a conflict of interest. City of Clearwater Page 15 Wells Fargo Securities RFQ #31-11 11. Litigation. Wells Fargo Bank N.A. ("WFBNA") is a subsidiary of Wells Fargo & Company ("WFC"), a corporation organized under the laws of Delaware. The firm responding to this request is the Wells Fargo Bank, N.A. Municipal Products Group, a separately identifiable department of WFBNA ("WFBNA MPG"). WFC's principal office is located in San Francisco, California. On December 31, 2008, WFC acquired the former Wachovia Corporation and its subsidiaries, including a predecessor firm, Wachovia Bank, N.A ("VVBNA"). On March 20, 2010, WBNA merged into WFBNA. As with any large diversified financial services company of its size in the highly -regulated banking and securities field, WFBNA MPG is subject to receiving inquiries from regulators and law enforcement from time to time, as well as being subject to civil litigation. None have resulted in any restrictions on WFBNA MPG's ability to operate its businesses, and none are or have been material to the operation of WFBNA MPG's businesses. WFBNA MPG has not been advised that it is the subject of an investigation in connection with any such inquiry. Copies of the Legal Proceedings sections from the former Wachovia Corporation's public filings and WFC are available via the internet links below. Copies of the Legal Proceedings sections from Wells Fargo & Company recent public filings are available via the internet link below https://www.wellsfargo.com/invest relations/filings Wells Fargo & Company Annual Report Link: https: f /www.wellsfargo.com/invest relations/annual City of Clearwater Page i6 Wells Fargo Securities Appendix A Deal Lists Deal Lists WelLS:Fai o`Securities"h7orida'Negotiated:MUnicipal TJiaderwriting<Expe'rience January 1,..2oo9`to-Present Source;.SDC.(o'o//.2oxx) Sale Date Par ($MM) Issuer 09/28/11 09/28/11 09/20/11 09/20/11 08/31/11 07/28/11 07/19/11 07/19/11 06/30/11 06/30/11 06/30/11 06/29/11 06/15/11 06/15/11 05/11/11 04/20/11 04/15/11 03/11/11 03/11/11 02/23/11 12/17/10 12/17/10 12/17/10 12/17/10 12/15/10 12/15/10 12/08/10 11/24/10 11/24/10 11/17/10 10/27/10 10/21/10 10/21/10 10/21/10 09/30/10 09/30/10 09/30/10 09/30/10 09/30/10 09/23/10 08/25/10 08/25/10 08/25/10 08/13/10 08/11/10 08/11/10 08/11/io 07/22/10 07/22/10 07/22/10 07/21/10 07/15/10 06/17/10 05/13/10 04/20/10 67.945 Greater Orlando Aviation Auth 40.425 Greater Orlando Aviation Auth 357.475 Jacksonville Electric Authority 7.935 Jacksonville Electric Authority 121.05o Tampa City -Florida 47.025 Clearwater City -Florida 148.920 Tampa Bay Water Auth 140.645 Tampa Bay Water Auth 645.000 Florida Citizens Prop Ins Corp 150.00o Florida Citizens Prop Ins Corp 105.000 Florida Citizens Prop Ins Corp 166.210 Palm Beach Co SD 67.905 Palm Beach Co School Board 44.52o Palm Beach Co School Board 48.235 Florida Municipal Loan Council 39.850 Manatee County School Board 54.850 St Lucie Co School Board 139.055 Miami -Dade Co School Board 137.660 Miami -Dade Co School Board 5.825 Florida Municipal Loan Council 45.30o Manatee Co -Florida 17.925 Manatee Co -Florida 8.190 Manatee Co -Florida 6.72o Manatee Co -Florida 15.14o Univ of So Florida (USF) Fin Corp 2.86o Univ of So Florida (USF) Fin Corp 40.280 Miami -Dade Co -Florida 12.535 Florida Govt Utility Auth 6.315 Florida Govt Utility Auth 38.050 Miami -Dade Co -Florida 283.610 Orlando -Orange Co Expressway Au 73.76o Jacksonville Electric Authority 45.52o Jacksonville Electric Authority 3.480 Jacksonville Electric Authority 200.310 Jacksonville Electric Authority 121.145 Florida Govt Utility Auth 79.83o Jacksonville Electric Authority 13.765 Jacksonville Electric Authority 2.76o Florida Govt Utility Auth 38.675 Tampa City -Florida 187.590 Miami -Dade Co -Florida 70.070 Sarasota Co School Board 29.670 Miami -Dade Co -Florida 27.73o Florida Municipal Loan Council 71.115 Miami -Dade Co -Florida 15.925 Miami -Dade Co -Florida 13.805 Miami -Dade Co -Florida 503.02o Miami -Dade Co -Florida 52.475 Florida Govt Utility Auth 9.965 Florida Govt Utility Auth 220.860 Jacksonville Electric Authority 81.445 Jacksonville Electric Authority 201.125 Orlando -Orange Co Expressway Au 675.92o Florida Hurricane Catastrophe Fin 40.500 Osceola Co School Board State Issue Description FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL Airport Facs Refunding Rev Bonds Airport Facs Refunding Rev Bonds Refunding Revenue Bonds Refunding Revenue Bonds Wtr & Swr Sys Imp & Ref Rev Bonds Water & Sewer Rev Ref Bonds Utility System Ref Rev Bonds Utility System Ref Rev Bonds Coastal Account Sr Secured Bonds Coastal Account Sr Secured Bonds Coastal Account Sr Secured Bonds Certificates of Participation Certificates of Participation Certificates of Participation Revenue Bonds Certificates of Participation Ref Certificates of Participation Certificates of Participation Certificates of Participation Revenue Refunding Bonds Public Utilities Rev Imp Bonds Public Utilities Rev Imp Bonds Public Utilities Rev Imp Bonds Public Utils Rev Ref & Imp Bonds Master Lease Prog Cert of Part Master Lease Prog Cert of Part Cap Asset Acq Spec Oblig Bonds Utility Revenue Refunding Bonds Utility Refunding Revenue Bonds Cap Asset Acq Spcl Oblig Bonds Revenue Bonds Water & Sewer Sys Sub & Rev Bonds Water and Sewer Sys Rev Bonds Water & Sewer System Rev Bonds Electric Sys Rev & Sub Rev Bonds Utility Refunding Revenue Bonds Electric Sys Rev & Sub Rev Bonds Electric System Sub Revenue Bonds Utility Refunding Revenue Bonds Sales Tax Refunding Revenue Bonds Transit System Sales Surtax Bonds Certificates of Participation Transit System Sales Surtax Bonds Revenue Bonds Capital Asset Actn Special Oblig Capital Asset Actn Special Oblig Capital Asset Actn Special Oblig Aviation Revenue Bonds Utility Revenue Bonds Utility Revenue Bonds Water & Sewer Sys & Sub Rev Bonds Elec Sys & Subordinated Rev Bonds Refunding Revenue Bonds Revenue Bonds Certificates of Participation Series Series 2011 D Series 2011 C Issue 2 Ser 23 & 24 Issue 2 Series 24 Series 2011 Series 2011 Series 2011 B Series 2011 A Series 2011 A-1 Series 2011 A-3 Series 2011 A-2 Series 2011 B Series 2011 A Series 2011 A Series 2011 D Series 2011 A Series 2011 A Series 2011 A Series 2011 B Series 2011 B 1-2 Series 2010 B Series 2010 A Series 2010 D Series 2010 C Series 2010 B Series 2010 A Series 2010 D Series 2010 Series 2010 Series 2010 E Series 2010 C Series 2010 B & E 2010 Series F 2010 Series G Ser 32o1oD&C Series 2010 B Ser32010E&D 2010 Series E Series 2010 A Series 2010 Series 2010 B Series 2010 B Series 2010 A Series 2010 A-D Series 2010 B Series 2010 A Series 2010 C Series 2010 B Series 2010 B Series 2010 A WFS Role CO-MGR CO-MGR CO-MGR CO-MGR SENIOR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENT OR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO -SENIOR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE 2010 Series A & D SENIOR 2010 A&B Three B&C CO-MGR Series 2010 B CO-MGR Series 2010 A CO-MGR Series 2010 A SENIOR City of Clearwater Page 1 Welts Fargo Securities Deal Lists WellsFargo;Securities'iFloirida:Negotiated.Municipal' Underwriting"E+acperienre.' .1anuary.1.,,2oo9:i`o"P,resent , •Source.'Su(°.(a.o/3/.24J .1 Sale Date Par ($MM) Issuer 04/07/10 04/07/10 03/24/10 03/24/10 03/24/10 03/19/10 03/19/10 03/18/10 03/10/10 03/09/10 02/25/10 02/23/10 02/10/10 01/14/10 01/14/10 01/14/10 12/15/09 12/10/09 12/10/09 12/09/09 12/03/09 12/02/09 12/02/09 11/19/09 11/19/09 11/06/09 09/17/09 09/17/09 08/27/09 08/27/09 08/06/09 07/29/09 07/29/09 07/13/09 07/08/09 07/01/09 07/01/09 06/02/09 05/15/09 05/14/09 05/01/09 05/01/09 04/24/09 04/21/09 04/16/09 04/16/09 04/16/09 03/31/09 03/25/09 03/13/09 03/13/09 02/27/09 02/26/09 02/20/09 71.415 Orlando Community Redev Agency 4.760 Orlando Community Redev Agency 1,550.000 Florida Citizens Prop Ins Corp 500.00o Florida Citizens Prop Ins Corp 350.000 Florida Citizens Prop Ins Corp 334.565 Orlando -Orange Co Expressway Au 97.545 Hillsborough Co School Board 48.14o Jacksonville Electric Authority 64.245 Jacksonville Electric Authority 57.155 Polk Co School Board 24.665 Florida Govt Utility Auth 594.330 Miami -Dade Co -Florida 239.755 Miami -Dade Co -Florida 83.115 Jacksonville Electric Authority 45.780 Jacksonville Electric Authority 24.220 Jacksonville Electric Authority 26.95o Lee Co School Board 38.925 Pensacola City -Florida 6.715 Pensacola City -Florida 35.165 Osceola Co School Board 56.585 Florida Municipal Power Agency 70.330 Jacksonville City -Florida 37.310 Jacksonville City -Florida 114.555 Jacksonville Electric Authority 27.675 Jacksonville Electric Authority 42.430 Duval Co School Board 251.975 Miami -Dade Co -Florida 69.765 Miami -Dade Co -Florida 40.000 Orlando City -Florida 27.915 Orlando City -Florida 62.120 Jacksonville Electric Authority 46.755 Polk Co School Board 36.985 Polk Co School Board 100.000 Miami -Dade Co -Florida 68.115 Palm Beach Co -Florida 198.970 Miami -Dade Co -Florida 10.220 Miami -Dade Co -Florida 50.135 Jacksonville Electric Authority 109.415 Clearwater City -Florida 47.065 Manatee County School Board 1,021.000 Florida Citizens Prop Ins Corp 625.00o Florida Citizens Prop Ins Corp 600.00o Miami -Dade Co -Florida 64.305 Jacksonville Electric Authority 261.545 Palm Beach Co Solid Waste Auth 154.480 Florida Municipal Power Agency 15.235 Florida Municipal Power Agency 15.000 Alachua Co -Florida 65.515 Jacksonville Electric Authority 203.800 Miami -Dade Co -Florida 75.625 Sarasota Co School Board 107.710 Florida Govt Utility Auth 185.000 Orange Co School Board 213.760 Jacksonville Electric Authority State Issue Description FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL Tax Increment Revenue Bonds Tax Increment Revenue Bonds High -Risk Acct Sr Secured Bonds High -Risk Acct Sr Secured Bonds High -Risk Acct Sr Secured Bonds Revenue Bonds Ref Certificates of Participation Bulk Power Supply Sys Rev Bonds Electric System Revenue Bonds Ref Certificates of Participation Utility Revenue Bonds Water & Sewer System Rev Bonds GO Double -Barreled Aviation Bonds Water and Sewer System Rev Bonds Water and Sewer System Rev Bonds Water and Sewer System Rev Bonds Certificates of Participation Redevelopment Revenue Bonds Redevelopment Revenue Bonds Certificates of Participation Project Revenue Bonds Special Revenue Bonds Special Revenue Bonds Electric System Sub & Rev Bonds Electric System Sub Revenue Bonds Certificates of Participation Transit System Sales Rev Bonds Transit System Sales Rev Bonds Capital Imp Special Revenue Bonds Capital Imp Spec Rev & Ref Bonds Electric System Revenue Bonds Certificates of Participation Certificates of Participation Pro Sports Facilities Rev Bonds Water & Sewer Revenue Bonds Sports Facs Tax Rev Ref Bonds Sports Facs Tax Rev Ref Bonds EIc Sys Subordinated Rev Bonds Water & Sewer Revenue & Ref Bonds Certificates of Participation High -Risk Senior Secured Bonds High -Risk Senior Secured Bonds Aviation Revenue Bonds Revenue Bonds Improvement Revenue Bonds Power Supply Proj Revenue Bonds Power Supply Proj Revenue Bonds Wild Spaces Pub Places Rev Bonds Electric System Sub Revenue Bonds General Obligation Bonds Certificates of Participation Utility Revenue Bonds Certificates of Participation E1c Sys Rev & Sub Rev Bonds Series Series 2010 B Series 2010 A Series 2010 A-1 Series 2010 A-2 Series 2010 A-3 Series 2010 A Series 2010 A Series 2010 A Series Three 2010 A Series 2010 A & B Series 2010 Series 2010 Series 2010 2010 Series A 2010 Series C 2010 Series B Series 2009 A Series 2009 B Series 2009 A Series 2009 A Series 2009 A Series 2009 C-1 Series 2009 C-2 SerThree09D&F 2009 Series G Series 2009 A Series 2009 B Series 2009 A Series 2009 C Series 2009 A & B Ser 3 o9 B,C & o9 E Series 2009 A Series 2009 B Series 2009 E Series 2009 Series 2009 A & C Series 2009 B & D 2009 Series D Series 2009 A & B Series 2009 Series 2009 A-1 Series 2009 A-2 Series 2009 A & B Iss Three Ser Three Series 2009 Series 2009 A Series 2009 B Series 2009 2009 Series C Series 2008 B-1 Series 2009 Series 2009 Series 2009 A Ser Three 09A & SerB WFS Role CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE SENIOR SENIOR CO-MGR SENIOR SENIOR SENIOR CO-MGR CO-MGR CO-MGR SENIOR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR City of Clearwater Page 2 Wells Fargo Securities Deal Lists Welk argo'Securities`Wational' Muni cipal'UnderwritingExperience (Excludi ig:Flocida) January 1,.2009 to Present :;Source::SDC (ro/3/2oi%), Sale Date Par ($MM) Issuer 09/30/11 09/30/11 09/29/11 09/29/11 09/29/11 09/29/11 09/28/11 09/28/11 09/28/11 09/27/11 09/27/11 09/22/11 09/22/11 09/21/11 09/21/11 09/20/11 09/20/11 09/20/11 09/20/11 09/20/11 09/16/11 09/15/11 09/15/11 09/15/11 09/14/11 09/14/11 09/14/11 09/14/11 09/13/11 09/09/11 09/09/11 09/09/11 09/09/11 09/07/11 09/07/11 09/07/11 08/25/11 08/25/11 08/25/11 08/25/11 08/25/11 08/25/11 08/25/11 08/24/11 08/23/11 08/19/11 08/18/11 08/18/11 08/18/11 08/18/11 08/16/11 08/16/11 08/16/11 08/16/11 o8/r6/11 08/12/11 08/12/11 08/11/11 08/11/11 08/11/11 32.055 Raleigh City -North Carolina 1.87o Raleigh City -North Carolina 56.900 South Dakota Housing Dev Auth 44.10o Cape Fear Public Utility Auth 14.295 Rosedale -Rio Bravo Wtr Storage Dt 1.28o Rosedale -Rio Bravo Wtr Storage Dt 528.640 New York City -New York 100.00o NYC Municipal Water Finance Auth 43.97o New Hampshire Muni Bond Bank 54.035 Mercer Co -New Jersey 31.915 Galveston Co (Clear Creek) ISD 108.415 NYS Power Authority loo.000 California Educational Facs Auth 185.390 Metro Washington Airports Auth 10.385 Metro Washington Airports Auth 2,365.685 California 38.355 St Louis Admin Transitional SD 35.00o St Louis Admin Transitional SD 25.210 California 6.10o St Louis Admin Transitional SD 392.20o NYS Dorm Authority 250.00o Long Island Power Auth (LIPA) 38.305 Orange Co -North Carolina 17.480 Virginia Housing Dev Authority 5,400.00o California 157.100 So California Metro Water Dt 92.78o Harris Co -Texas 88.855 Philadelphia City -Pennsylvania 162.43o Wisconsin Health and Ed Fac Auth 510.415 Harris Co Metro Trans Auth 351.895 NYS Thruway Authority 151.190 NYS Housing Fin -Mortgage Agcy 87.355 Indiana Municipal Power Agency 87.145 Texas A&M Univ Sys Bd of Regents 74.650 Virginia Housing Dev Authority 31.120 Massachusetts Housing Fin Agcy 101.530 Ohio Building Authority 65.00o Minnesota Housing Fin Agency 38.595 Ohio Building Authority 20.635 Guilford Co -North Carolina 18.235 Conroe City -Texas 9.215 Ohio Building Authority 5.160 Conroe City -Texas 166.660 Houston City -Texas 69.001 Grayson Co (Denison) ISD 288.515 SC Pub Svc Au (Santee Cooper) 354.875 Regents of the Univ of California 187.570 Idaho Housing & Fin Assoc 44.840 Regents of the Univ of California 23.52o Rockingham Co -North Carolina 479.783 California Dept of Wtr Resources 479.782 California Dept of Wtr Resources 60.38o Minnesota 46.68o Fort Worth City -Texas 8.205 Jefferson Co Drainage Dt #6 92.00o Grapevine-Colleyville ISD 21.940 Massachusetts Housing Fin Agcy 307.140 Los Angeles Dept of Wtr & Power 64.285 Collin Co (Allen) ISD 20.715 Fayetteville State University State Issue Description NC NC SD NC CA CA NY NY NH NJ TX NY CA DC DC CA MO MO CA MO NY NY NC VA CA CA TX PA WI TX NY NY IN TX VA MA OH MN OH NC TX OH TX TX TX SC CA ID CA NC CA CA MN TX TX TX MA CA TX NC GO Refunding Bonds GO Refunding Bonds Single Family Mortgage Rev Bonds Water & Sewer System Rev Bonds Rev Certificates of Participation Rev Certificates of Participation General Obligation Bonds Water & Sewer Sys Revenue Bonds Refunding Bonds GO Refunding Bonds Refunding Bonds Revenue Bonds Revenue Bonds Airport System Revenue Ref Bonds Airport System Revenue Ref Bonds Various Purpose GO & Ref Bonds General Obligation Bonds GO Qualified Zone Academy Bonds General Obligation Bonds GO Refunding Bonds Revenue Bonds Electric Sys Gen Revenue Bonds Ltd Obligation Bonds Rental Housing Bonds RANs Water Revenue Refunding Bonds Permanent Improvement & Ref Bonds Gas Works Revenue Refunding Bonds Revenue Bonds Sales & Use Tax Contractual Oblig St Personal Income Tax Rev Bonds Revenue Bonds Power Supply Revenue Bonds Permanent University Fund Bonds Homeownership Mortgage Bonds Multi -Family Housing Bonds State Facilities Refunding Bonds Homeownership Finance Bonds State Facilities Refunding Bonds GO Refunding Bonds Certificates of Obligation State Facilities Refunding Bonds Water & Sewer System Rev Bonds Comb Util Sys First Lien Rev Ref School Building Bonds Revenue Obligations Ref Bonds General Revenue Bonds Unemployment Compensation Rev General Revenue Bonds Limited Obligation Ref Bonds Power Supply Revenue Bonds Power Supply Revenue Bonds 911 Revenue Bonds General Purpose Refunding Bonds Contract Revenue Bonds Unitd Tax School Bldg & Ref Bonds Single Family Hsg Revenue Bonds Water System Revenue Bonds School Building & Refunding Bonds Limited Obligation Bonds Series Series 2011 A Series 2011 B 2011 Series 2 Series 2011 Series 2011 A Series 2011 B 2012 Ser D Sub D-1 2012 Ser A Subser A2 2011 Series D Series 2011 Series 2011 Series 2011 A Series 2011 Series 2011 C Series 2011 D Series 1 & 2 Series 2011 B Series 2011 A Series 2011 C Series 2011 A Series 2011 A Series 2011 2011 Series B 2011-12 Ser A -1&2 2011 Series C Series 2011 A loth & loth Series Series 2011 A Series 2o11A & B Series 2011 A Series 163 & 164 2011 Series A Series 2011 2011 Series B 2011 Series B 2011 Series B 2011 Series E 2011 Series A Series 2011 Series 2011 2011 Series B Series 2011 Series 2o11E Series 2011 Series B Series AB Series 2011 Series AC Series 2011 Series 2011 N Series 2011 N Series 2011 Series 2011 Series 2011 Series 2011 Series 156 2011 Series A Series 2011 Series 2011 WFS Role SENI O R SENIOR CO-MGR CO-MGR SOLE SOLE CO-MGR SOLE CO-MGR CO-MGR SENIOR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-SENI OR CO -SENIOR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR City of Clearwater Page 3 Wells Fargo Securities Deal Lists We1ls.Targo'Secur`.ides' ational''1 tuneipal'Underwr icing Experience' (Excluding Florida) January 1„2oo9-to Present Source: SDC (20/.3/2011) _ .. . . Sale Date Par ($MM) Issuer 08/10/11 08/10/11 08/10/11 08/05/11 08/04/11 08/04/11 08/04/11 08/04/11 08/03/11 08/02/11 07/28/11 07/28/11 07/28/11 07/27/11 07/27/11 07/26/11 07/26/11 07/26/11 07/21/11 07/21/11 07/21/11 07/21/11 07/20/11 07/14/11 07/14/11 07/13/11 07/13/11 07/12/11 07/12/11 07/12/11 07/12/11 07/12/11 07/11/11 07/07/11 06/30/11 06/30/11 06/29/11 06/29/11 06/29/11 06/29/11 06/29/11 06/28/11 06/28/11 06/28/11 06/23/11 06/23/11 06/23/11 06/22/11 06/22/11 o6/22/11 06/22/11 06/22/11 06/20/11 o6/zo/n o6/16/11 06/16/11 06/16/11 06/16/11 06/16/11 06/15/11 303.945 101.210 5.955 450.000 201.615 36.535 16.793 3.440 34.000 694.145 280.750 26.990 3.88o 5,400.000 42-115 New Hampshire 282.82o Texas Public Finance Authority 124.695 Hurst -Euless -Bedford ISD 30.215 Cobb Co Development Auth 125.38o Modesto Irrigation Dt 93.390 Charlotte City -North Carolina 63.675 Connecticut Housing Finance Auth 16.075 Modesto Irrigation Dt 714.715 New York City -New York 864.790 NYS Dorm Authority 44.635 NYS Dorm Authority 72.925 Idaho Housing & Fin Assoc 6.57o Texas 409.55o Michigan State Building Auth 400.44o Metropolitan Transport Auth (MTA) 180.70o Michigan State Building Auth 139.265 San Antonio City -Texas 12.195 Michigan State Building Auth 22.010 Gregg Co (Pine Tree) ISD 102.925 Salt Lake Co (Granite) SD 37.755 Cumberland Co -North Carolina 23.160 Teton Co Hospital Dt 959.195 NY Tobacco Settlement Fin Corp 602.105 Puerto Rico 87.00o NYS Housing Fin -Mortgage Agcy 11.00o NYS Housing Fin -Mortgage Agcy 10.300 Indiana Finance Authority 449.975 Houston City -Texas 116.93o Houston City -Texas 67.00o NYS Housing Fin -Mortgage Agcy 30.00o South Dakota Housing Dev Auth 29.535 St Louis City -Missouri 12.350 Los Angeles City -California 118.65o Texas 114.575 Suffolk City -Virginia 27.02o Texas 26.60o Santa Barbara Co Schools Fin Au 19.285 Bartow -Cartersville Jt Dev Auth 41.690 Univ of No Colorado Bd of Trust 17.775 Massachusetts Housing Fin Agcy 662.245 NYC Municipal Water Finance Auth 119.335 Missouri Hlth & Ed Facs Authority 77.495 Missouri Hlth & Ed Facs Authority 47.890 Portsmouth City -Virginia 19.620 Monroe City -North Carolina 694.13o Los Angeles Dept of Wtr & Power Puerto Rico Pub Blots Authority Ohio Water Development Authority Winnebago Co -Illinois NYC Transitional Finance Auth Southeast Pennsylvania Trans Auth Maine Hlth & Hghr Ed Facs Auth Dallas Co (Sunnyvale) ISD Maine Hlth & Hghr Ed Facs Auth North Carolina Housing Fin Agcy Michigan Finance Authority Maine Hlth & Hghr Ed Facs Auth Leesburg Town-Vuginia Leesburg Town -Virginia California State Issue Description PR OH IL NY PA ME TX ME NC MI ME VA VA CA NH TX TX GA CA NC CT CA NY NY NY ID TX MI NY MI TX MI TX UT NC WY NY PR NY NY IN TX TX NY SD MO CA TX VA TX CA GA CO MA NY MO MO VA NC CA Government Facilities Rev Bonds Wtr PC Loan Fd Rev Ref Bonds GO Refunding Alternate Bonds Future Tax Secured Sub Bonds Capital Grant Reciepts Bonds Revenue Bonds Unitd Tax School Building Bonds Revenue Bonds Home Ownership Revenue Bonds State Aid Revenue Notes Revenue Bonds GO & Refunding Bonds GO Refunding Bonds Interim RANs Turnpike System Revenue Ref Bonds General Obligation & Ref Bonds School Building Bonds Revenue Bonds Electric System Revenue Bonds Water & Sewer Sys Rev Ref Bonds Housing Mortgage Fin Prog Bonds Electric System Ref Revenue Bonds General Obligation Bonds State Personal Inc Tax Rev Bonds State Personal Inc Tax Rev Bonds Grant & Revenue Antic Bonds College Student Loan Ref Bonds Revenue & Rev Refunding Bonds Transportation Revenue Bonds Revenue & Rev Refunding Bonds Gen Imp & Comb Tax Rev Cert Oblig Revenue Bonds Unlimited Tax School Bldg Bonds GO School Building Bonds Ltd Obligation Refunding Bonds Hospital Revenue Bonds Asset -Backed Revenue Bonds GO Public Improvement & Ref Bonds Housing Bonds Housing Bonds Educational Facs Revenue Bonds Airport System Sub Lien Rev Ref Airport System Sub Lien Rev Ref Housing Revenue Bonds Single Family Mortgage Bonds Airport Revenue Refunding Bonds Multi -Family Housing Rev Bonds College Student Loan Bonds GO & Refunding Bonds College Student Loan Bonds TRANS Revenue Bonds Inst Enterprise Rev Ref Bonds Multi -Family Housing Bonds Water & Sewer Sys Revenue Bonds Educational Facilities Rev Bonds Educational Facilities Rev Bonds GO Notes & Refunding Bonds Comb Enterprise Sys Rev Ref Bonds Power System Revenue Bonds Series Series S Wtr Quality Ser 11A Series 2011 B 2012 Series A Series 2011 Series 2011 A Series 2011 Series 2011 B Series 1 Series 2011 C 1-3 Series 2011 Series 2011 A Series 2011 B 2011-12 Ser A i&2 Series 2012 Series 2011 Series 2011 Series 2011 Series 2011 A Series 2011 Ser 11 B Subser 1-2 Series 2011 B Series Ai, B & C Series 2011 C Series 2011 D 2011 Series A Series 2011 C 2011 Series I -A Series 2011 A 2011 Series II -A Series 2011 Series I-B Series 2011 Series 2o11 Series 2011 B Series 2011 B Series 2011 A & B Series of 2011 & D-E Series 2012 A2 Series 2013 A2 Series 2011 Series 2011 A Series 2011 B 2011 Series A-2 2011 Series I Series 2011 A & B Series 2011 E Series 2011 A Series 2011 Series 2011 B 2011-12 Series Series 2011 Series 2011 A 2011 Series A 2011 Series HH Series 2011 A & B Series 2011 C Series 2011 Series 2011 2011 Series A WFS Role CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR SENIOR CO-MGR CO -SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR SOLE CO-MGR CO-MGR SOLE SOLE SOLE CO-MGR CO-MGR SOLE CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR SOLE SOLE SOLE CO-MGR CO-MGR CO-MGR CO-MGR SENIOR SENIOR CO-MGR City of Clearwater Page 4 Wells Fargo Securities Deal Lists Wells Fargo Securities" National "M unicipalUnilerwriting Experience (Eaeluding.Flor'ida) January;-X;.2o09-to Present : Souroes"SDC '(110/3/2011) Sale Date Par ($MM) Issuer 06/15/11 06/15/11 06/15/11 06/15/11 06/15/11 06/14/11 06/14/11 06/10/11 06/09/11 06/09/11 06/09/11 06/09/11 06/08/11 06/08/11 06/06/11 06/03/11 06/02/11 06/02/11 05/30/11 05/30/11 05/25/11 05/24/11 05/24/11 05/24/11 05/20/11 05/20/11 05/20/11 05/19/11 05/19/11 05/18/11 05/18/11 05/18/11 05/18/11 05/18/11 05/18/11 05/18/11 05/18/11 05/18/11 05/18/11 05/18/11 05/18/11 05/18/11 05/17/11 05/17/11 05/13/11 05/13/11 05/12/11 05/12/11 05/12/11 05/11/11 05/10/11 05/10/11 05/05/11 05/04/11 05/03/11 05/03/11 04/29/11 04/29/11 04/27/11 04/27/11 563.06o Utah 191.735 NYS Environmental Facs Corp 119.115 Michigan Strategic Fund 71.715 Koyukuk City -Alaska 46.860 Utah 86.775 Texas St Univ Sys Bd of Regents 80.00o San Francisco City & Co USD 336.632 SC Pub Svc Au (Santee Cooper) 426.410 Houston City -Texas 40.00o Georgia Municipal Gas Auth (MGAG) 29.130 Cameron Co -Texas 10.00o Georgia Municipal Gas Auth (MGAG) 135.040 Univ of Massachusetts Bldg Au 42.00o Minnesota Housing Fin Agency 16.330 El Paso City -Texas 41.050 Santa Monica Redev Agency 520.675 NYS Environmental Facs Corp 143.375 Omaha Public Power Dt (OPPD) 61.905 Connecticut 13.095 Connecticut 250.00o Lansing Board of Water & Light 200.83o Univ of Colorado Hospital Auth 136.680 Geisinger Authority 136.480 Pima Co Reg Transportation Auth 83.981 Collin Co (Frisco) ISD 27.745 Anderson Reg Jt Muni Water Sys 9.205 Harris Co (Alief) ISD 177.530 Kansas City Industrial Dev Auth 46.25o Illinois Finance Authority 113.735 Connecticut 109.50o Phoenix City Civic Imp Corp 83.155 San Jacinto River Authority 75.80o Connecticut 72.27o Virginia Resources Auth (VRA) 70.00o Virginia Housing Dev Authority 51.835 Phoenix City Civic Imp Corp 40.00o Connecticut 21.095 Utah Infrastructure Agency 13.245 Connecticut 9.245 Virginia Resources Auth (VRA) 9.135 Connecticut 8.405 Utah Infrastructure Agency 133.615 Montgomery Co (Conroe) ISD 9.50o Chambers Co (Barbers Hill) ISD 149.995 Charlotte -Mecklenburg Hosp Auth 28.00o California Infrstr & Eco Dev Bank 327.315 NYS Dorm Authority 40.00o District of Columbia 24.00o Massachusetts Housing Fin Auth 150.00o Massachusetts Water Resources Au 90.00o Illinois Finance Authority 61.440 Nebraska Public Power Dt 156.705 Pennsylvania Hghr Ed Facs Auth 285.00o Rochester City -Minnesota 6o.0oo Georgia Municipal Gas Auth (MGAG) 11.70o Virginia Housing Dev Authority 334.080 Georgia Muni Electric Au (MEAG) 2.715 Georgia Muni Electric Au (MEAG) 77.275 Maine Municipal Bond Bank 33.66o Denton Co (Lewisville) ISD State Issue Description UT NY MI AK UT TX CA SC TX GA TX GA MA MN TX CA NY NE Cr CT MI CO PA AZ TX SC TX MO IL CT AZ TX CT VA VA AZ CT UT CT VA CT UT TX TX NC CA NY DC MA MA IL NE PA MN GA VA GA GA ME TX General Obligation Bonds St Revolving Funds Rev Bonds Limited Obligation Revenue Bonds Revenue Bonds General Obligation Bonds Rev Financing System Rev Bonds TRANs Revenue Obligations Comb Util Sys First Lien Rev Bond Gas Revenue Bonds Ltd Tax Ref & Certs of Obligation Gas Revenue Bonds Refunding Revenue Bonds Homeownership Finance Bonds Airport Revenue Bonds Tax Allocation Bonds St Clean & Drink Wtr Revolv Bonds Electric System Revenue Bonds General Obligation Bonds General Obligation Bonds Utility System Revenue Bonds Revenue Bonds Health System Revenue Bonds Transport Excise Tax Rev Bonds School Building & Refunding Bonds Waterworks Sys Adv Ref Rev Bonds Unlimited Tax Refunding Bonds Refunding Revenue Bonds Revenue Bonds General Obligation Bonds Sr Lien & Sub Excise Tax Rev Ref Special Project Revenue Bonds General Obligation Bonds Infra & St Moral Oblig Rev Bonds Homeownership Mortgage Bonds Senior Lien Excise Tax Rev & Ref General Obligation Bonds Telecom & Franchise Tax Rev Bonds General Obligation Bonds Infra & St Moral Oblig Rev Bonds General Obligation Bonds Telecom & Franchise Tax Rev Bonds Unlimited Tax Refunding Bonds Unli Tax School Building Bonds Health Care Revenue Bonds Revenue Bonds School Districts Revenue Bonds University Revenue Bonds Single Family Housing Rev Bonds General Revenue Bonds Revenue Bonds General Revenue Bonds Revenue Bonds Health Care Facs Revenue Bonds Refunding Gas Revenue Bonds Rental Housing Bonds Subordinated Bonds Subordinated Bonds Revenue Bonds Unlimited Tax Refunding Bonds Series Series 2011 A Series 2011 C Series 2011 Series 2011 Series 2011 A Series 2011 2011 Series 2011 Series A Series 2011 D Series L & M Series 2011 Series N Senior Series 2011-1 Series 2011 C & D Series 2011 Series 2011 Series 2011 B 2011 Series A 2011 Series C-2 2011 Series C-1 Series 2011 A Series 2011 A Ser A-1 & 2 of 2011 Series 2o11 Series 2011 A Series 2011 A Series 2011 Series 2011 A Series 2011 B 2011 Ser B-2 & B-5 Series 2011 D & B Series2o11 2011 Series B-2 Series 2011 A 2011 Series A Series 2011 A & C 2011 Series B-3 Series 2011 A 2011 Series B-1 Series 2011 A 2011 Ser B-1 & B-4 Series 2011 B Series 2011 Series 2011 Series 2011 A Series 2011 A Series 2011 A-D Series 2011 Series 155 2011 Series B Series 2011 C 2011 Series A Series A of 2011 Series 2011 A - C Series K 2011 Series A Series 2011 A&B Series 2011 C 2011 Series C Series 2011 WFS Role CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR SENIOR CO-MGR SOLE CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE SENIOR CO-MGR SENIOR SOLE SENIOR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR SENIOR CO-MGR CO-MGR CO -SENIOR SENIOR CO-MGR SENIOR SENIOR CO-MGR CO-MGR CO-MGR SENIOR SENIOR City of Clearwater J Page 5 Wells Fargo Securities Deal Lists 'Z�VellsTargo"Sceuritlis"National Mlriierpfil"[JriderwritinS Pxperience.(Pac@luding klorida) January i,.2oog'tp Present, Source :SDC,(io/•3/2010.) Sale Date Par ($MM) Issuer 17.830 Georgia Priv College & Univ Auth 12.650 Maine Municipal Bond Bank 6.1o0 Kerrville City -Texas 35•00o Providence Public Buildings Auth 422.50o Montgomery Co -Ohio 18.415 Webb Co (Laredo) ISD 238.275 Pennsylvania Turnpike Commission 68.50o Odessa Jr College Dt 294.46o Metropolitan Transport Auth (MTA) 100.00o Denver City and Co SD #1 20.945 Reading City -Pennsylvania .32o Reading City -Pennsylvania 32.440 Madera Irrigation Financing Au 649.425 NYC Transitional Finance Auth 42.085 Montana Facility Finance Auth 45.00o District of Columbia 396.235 Denver City and Co SD #1 8.465 Arizona Board of Regents 111.47o Oregon Facilities Authority 8.845 Galveston Co (Texas City) ISD 32.00o Shelby Co Hlth Ed & Hsg Facs Bd 107.425 San Jose City -California 92.24o Burke Co Development Authority 47.610 Monroe Co Development Authority 40.530 Appling Co Development Auth 30.985 San Jose Financing Auth 51.685 California Municipal Fin Auth 541.810 NYC Municipal Water Finance Auth 100.00o Montgomery Co -Ohio 127.450 Metropolitan Transport Auth (MTA) 67.50o Minnesota Housing Fin Agency 35.035 Indianapolis Loc Pub Imp Bond Bk 8.40o Quartz Hill Water Dt 59.60o Salt Lake Co -Utah 182.935 Connecticut 37.785 Burlington Co Bridge Commission 442.015 Puerto Rico 400.00o New York City -New York 69.005 Irving City -Texas 45.125 New York City -New York .624 Timber Lakes Water Spec Svc Dt 80.000 Bexar Co (Northside) ]SD 158.840 Pennsylvania Housing Fin Agency 17.805 Bethlehem Authority 14.665 Bethlehem City -Pennsylvania 50.00o West Virginia Hospital Fin Auth 3,700.00o Illinois 273.275 Houston City -Texas 120.000 Piedmont Muni Power Agency 44.090 Lubbock ISD 1.94o Piedmont Muni Power Agency 312.495 New Jersey Economic Dev Auth 88.425 Gwinnett Co Hospital Authority 132.745 NYS Environmental Facs Corp 39.00o Copperas Cove City -Texas 5.490 Copperas Cove City -Texas 498.035 New Jersey Economic Dev Auth 63.530 New Jersey Economic Dev Auth 356.52o Puerto Rico 15.00o Virginia Small Business Fin Auth 04/27/11 04/27/11 04/26/11 04/20/11 04/19/11 04/19/11 04/15/11 04/14/11 04/13/11 04/13/11 04/13/11 04/13/11 04/12/11 04/08/11 04/07/11 04/06/11 04/05/11 04/05/11 04/04/11 04/04/11 03/31/11 03/30/11 03/30/11 03/30/11 03/30/11 03/30/11 03/28/11 03/24/11 03/24/11 03/23/11 03/23/11 03/23/11 03/23/11 03/21/11 03/16/11 03/16/11 03/10/11 03/09/11 03/09/11 03/09/11 03/08/11 03/07/11 03/03/11 03/01/11 03/01/11 02/25/11 02/23/11 02/23/11 02/23/11 02/23/11 02/23/11 02/22/11 02/17/11 02/15/11 02/15/11 02/15/11 02/11/11 02/11/11 02/10/11 02/10/11 State GA ME TX RI OH TX PA TX NY CO PA PA CA NY MT DC CO AZ OR TX TN CA GA GA GA CA CA NY OH NY MN IN CA UT CT NJ PR NY TX NY UT TX PA PA PA WV IL TX SC TX SC NJ GA NY TX TX NJ NJ PR VA Issue Description Revenue Bonds Revenue Bonds Comb Tax & Rev Certs of Oblig Revenue Bonds Revenue Bonds Unlimited Tax Refunding Bonds Tpke & Motor Lic Fd Rev Sub Bonds Limited Tax Bonds Dedicated Tax Fund Bonds Certificates of Participation General Obligation Notes General Obligation Notes Water Revenue Bonds Future Tax Secured Sub Bonds Hospital Revenue Bonds University Revenue Bonds Ref Certificates of Participation Ref Certificates of Participation Refunding Revenue Bonds Unli Tax School Building Bonds Educational Facs Revenue Bonds Special Hotel Tax Revenue Bonds Pollution Control Revenue Bonds Pollution Control Revenue Bonds Pollution Control Revenue Bonds Lease Revenue Bonds Refunding Revenue Bonds Wtr & Swr Sys Revenue Bonds Revenue Bonds Dedicated Tax Fund Ref Bonds Homeownership Finance Bonds Bond Bank Bonds Rev Certificates of Participation Hospital Revenue Refunding Bonds State Revolv Fund Gen Rev Bonds Co Guar Pooled Loan Rev Ref Bonds GO Public Improvement Ref Bonds General Obligation Bonds Wtrwks Swr Sys Rev Ref Imp Bonds General Obligation Bonds Water Revenue Bonds Unlimited Tax School Bldg Bonds Single Family Mortgage Rev Bonds Guaranteed Lease Revenue Bonds GO Refunding Bonds & Notes Hospital Revenue Bonds General Obligation Bonds First Lien Rev Refunding Bonds Electric Revenue Refunding Bonds Unlimited Tax School Bldg Bonds Electric Revenue Bonds School Facilities Con Ref Bonds Revenue Anticipation Certificates State Revolving Funds Rev Bonds Contract Revenue & Ltd Tax Bonds General Obligation Bonds School Facilities Con Ref Bonds School Facilities Con Ref Bonds GO Public Improvemnet Ref Bonds Educational Facilities Rev Bonds Series Series 2011 2011 Series D Series 2011 2011 Series A Series 2011 C Series 2011 Series A of 2011 Series 2011 Ser 2004 B- 1 2 & 4 Series 2011 A-3 Series A of 2011 Series B of 2011 Series 2011 2011 Series E & F Series 2011 A Series 2011 Series 2011 B Series 2011 A 2011 Series A Series 2011 Series 2011 Series 2011 Series 2011 A Series 2011 A Series 2011 A Series 2011 A Series 2011 B 2011 Series GG Series 2011 A Series 2011 A 2011 Series A & B Series 2011 D Series 2011 Series 2011 2011 Series A Series 2011 A Series 2011 C 2011 Ser I Sub I-1 Series 2011 Ser H Subser H-4 Series 2011 Series 2011 Series 2011-112 Series A of 2011 Series A & B of 2011 2011 Series A Ser of February 2011 Series 2011 A Series 2008 C & D Series 2011 Series 2011 A 2011 Series E & F Series 2011 Series 2011 A Series 2011 Series 2011 2011 Series GG 2011 Series HH Series 2011 A Series 2011 WFS Role SOLE SENIOR CO-MGR SOLE SOLE SENIOR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR SOLE SENIOR SOLE SOLE CO-MGR SOLE CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR SENIOR CO-MGR CO-MGR CO-MGR SOLE SOLE CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE CO-MGR SENIOR SENIOR SOLE CO-MGR CO-MGR SENIOR CO-MGR SOLE CO-MGR SOLE CO-MGR CO -SENIOR CO -SENIOR CO-MGR CO-MGR CO-MGR SOLE City of Clearwater Page 6 Wells Fargo Securities Deal Lists Wells:Fargo Securities'`National'Municipal!UnderwritingExperience (Excluding:Florida) .January 1:,;2009 to'Present Sale Date Par ($MM) Issuer 02/09/11 02/09/11 02/09/11 02/03/11 02/01/11 02/01/11 02/01/11 01/28/11 01/28/11 01/27/11 01/21/11 01/21/11 01/20/11 01/20/11 01/19/11 01/19/11 01/19/11 01/19/11 01/13/11 01/13/11 01/13/11 01/13/11 01/12/11 01/12/11 01/12/11 01/11/11 01/11/11 01/10/11 01/05/11 12/31/10 12/24/10 12/23/10 12/23/10 12/21/10 12/20/10 12/20/10 12/16/10 12/16/10 12/16/10 12/16/10 12/16/10 12/16/10 12/16/10 12/16/10 12/16/10 12/15/10 12/15/10 12/15/10 12/15/10 12/15/10 12/15/10 12/15/10 12/14/10 12/14/10 12/14/10 12/14/10 12/14/10 12/10/10 12/09/10 12/09/10 150.000 Pennsylvania Hghr Ed Facs Auth 82.410 Montgomery Co (Conroe) ISD 60.170 North Carolina Med Care Commiss 775.00o NYC Transitional Finance Auth 181.410 Lucas Co -Ohio 53.505 Allegheny Co Higher Ed Bldg Auth 17.445 Lenawee Co Hospital Fin Auth 300.00o NYS Dorm Authority 29.470 NYS Dorm Authority 88.325 Williamson Co (Georgetown) ISD 16.905 Utah Housing Corporation (UHC) 12.725 Utah Housing Corporation (UHC) 299.34o Chicago City -Illinois 51.890 Arizona Board of Regents 450.00o NYC Municipal Water Finance Auth 150.000 New Jersey Economic Dev Auth 65.620 New Jersey Economic Dev Auth 31.500 Texas Public Finance Authority 875.000 NYC Transitional Finance Auth 777.260 New Jersey Economic Dev Auth 123.220 New Jersey Economic Dev Auth 14.805 Cumberland Co -North Carolina 158.585 Arizona Transportation Board 68.725 Oklahoma City Water Utilities Tr 50.000 Massachusetts Dev Finance Agcy 3.750 Amarillo City -Texas 2.210 Amarillo City -Texas 9.210 Maine Municipal Bond Bank 80.275 Maine Municipal Bond Bank 150.00o Philadelphia SD 355.73o Puerto Rico Electric Power Auth 25.10o Vineland City -New Jersey 9.600 California Enterprise Dev Auth 750.000 Metropolitan Transport Auth (MTA) 355.035 American Municipal Power Inc 8.800 New Mexico Hosp Equip Loan 200.000 Wayne Co Building Authority 181.330 District of Columbia 36.475 Savannah Economic Dev Auth 24.040 Albany Dougherty Payroll Dev Au 14.720 Univ of North Carolina Bd of Gov 11.825 Burlington -North Carolina 10.700 Burlington -North Carolina 4.525 Univ of North Carolina Bd of Gov .205 Univ of North Carolina Bd of Gov 902.00o New York City -New York 116.000 Wayne Co Airport Auth 100.000 New York City -New York 57.910 NYC Housing Dev Corp 34.415 NYC Housing Dev Corp 28.00o Yoakum Co (Plains) ISD 24.255 Los Angeles Co Reg Financing Au 59.00o St Louis Co (Hazelwood) SD 53.685 South Dakota Conservatory Dt 38.695 South Dakota Conservatory Dt 14.467 West Valley City -Utah 1.00o St Louis Co (Hazelwood) SD 19.80o NYC Capital Resource Corp 117.270 New Brunswick Parking Authority 56.644 St Louis Admin Transitional SD Source; SDC.(10/3/201) State Issue Description PA TX NC NY OH PA MI NY NY TX UT UT IL AZ NY NJ NJ TX NY NJ NJ NC AZ OK MA TX TX ME ME PA PR NJ CA NY OH NM MI DC GA GA NC NC NC NC NC NY MI NY NY NY TX CA MO SD SD UT MO NY NJ MO Revenue Bonds Unitd Tax School Building Bonds Hospital Revenue Refunding Bonds Future Tax Secured Bonds Hospital Revenue Bonds University Revenue Bonds Hospital Refunding Revenue Bonds Revenue Bonds Insured Revenue Bonds Unlimited Tax School Bldg Bonds Single Family Mortgage Bonds Single Family Mortgage Bonds General Obligation Bonds System Revenue Bonds Water and Sewer Sys Rev Bonds School Facs Constr Ref Bonds School Facis Constr Ref Bonds Revenue Financing Sys Bonds Future Tax Secured Sub Bonds School Facilities Con Ref Bonds School Facilities Con Ref Bonds Limited Obligation Bonds GANs Water & Sewer Sys Rev Ref Bonds Revenue Bonds Comb Tax & Revenue Certs of Oblig Comb Tax & Tax Inc Certs of Oblig Qualified School Con Bonds Revenue Bonds GO Refunding Bonds Power Revenue Bonds Electric Utility GO Ref Bonds Recovery Zone Facility Bonds Transportation Revenue Bonds Revenue Bonds Hospital Revenue Bonds GO Ltd Tax Building Auth Bonds General Obligation Bonds Revenue Bonds Revenue Bonds General Revenue Bonds Combined Enterprise Sys Rev Bonds Combined Enterprise Sys Rev Bonds General Revenue Bonds General Revenue Bonds General Obligation Bonds Airport Revenue Bonds General Obligation Bonds Multi -Family Housing Rev Bonds Multi -Family Housing Rev Bonds Unitd Tax School Building Bonds Recovery Zone Facility Bonds General Obligation Bonds St Revolving Fund Prog Rev Bonds St Revolving Fund Prog Rev Bonds Sales Tax Revenue Ref Bonds General Obligation Bonds Revenue Bonds City Guaranteed Parking Rev Bonds General Obligation Bonds Series Series A of 2011 Series 2011 Series 2011 A 2011 Subseries D-1 Series 2011 A Series A of 2011 Series 2011 B Series 2011 A Series 2011 Series 2011 Series 2011 A-1 2011 Series A-2 Series 2010 C-1 Series 2010 C Series EE 2011 Series D 2011 Series C Series 2011 Series C 2011 Series EE 2011 Series FF Series 2011 A Series 2011 A Series 2011 Series K-1 2011 Series 2011 A Series 2011 B 2011 Series B 2011 Series A Series G of 2010 Series EEE Series 2010 Series 2010 E Series 2010 E Series 2010 B Series 2010 Series 2010 A Series 2010 Series 2010 Series 2010 B Series 2010 A Series 2010 B Series 2010 A Series 2010 C Series F Subser F-1 Series 2010 G Series G & H 10 Ser J1-2, Kl & N 2010 Series J3 & K2 Series 2010 Series 2010 Series 2010 A Series 2010 B Series 2010 A Series 2010 Series 2010 B Series 2010 Series 2010 B Series 2010 A WFS Role CO-MGR CO-MGR CO-MGR CO-MGR SENIOR SENIOR SENIOR CO-MGR SENIOR CO-MGR CO -SENIOR CO -SENIOR CO -SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR SENIOR SENIOR SOLE CO-MGR SOLE SOLE CO-MGR SOLE SOLE CO-MGR CO-MGR SOLE SOLE SOLE SENIOR SENIOR SOLE SOLE CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR SOLE CO-MGR SOLE CO-MGR CO-MGR City of Clearwater Page 7 Wells Fargo Securities Deal Lists Sale Date 12/09/10 12/09/10 12/09/10 12/09/10 12/09/10 12/09/10 12/09/10 12/09/10 12/08/10 12/08/10 12/08/10 12/08/10 12/o8/Io 12/08/to 12/08/10 12/08/10 12/07/10 12/07/10 12/07/10 12/03/10 12/02/10 12/02/to 12/02/10 12/02/to 12/02/10 12/02/10 12/02/10 12/02/10 12/o1/10 12/01/10 12/01/10 12/01/10 12/01/10 12/01/10 12/01/10 12/01/10 12/o1/to 12/01/10 12/01/10 12/01/to 11/30/10 11/3o/10 11/29/10 11/29/10 11/29/10 11/29/10 11/24/10 11/23/10 11/23/10 11/23/10 11/22/Io 11/19/10 11/19/10 11/18/10 11/18/io 11/18/10 11/18/io 11/18/10 11/18/10 ii/18/io Wells?Fargo Securities"NationalMunicipal'UnderwritingTa'Iierience January 1,.2oo9 to Present :Source: SDC (io/3/2o1a). Par ($MM) Issuer 32.00o Sanford City -North Carolina 26.20o New Brunswick Parking Authority 25.00o St Louis Admin Transitional SD 24.60o New Brunswick Parking Authority 18.23o Sanford City -North Carolina 17.28o Reading City -Pennsylvania 5.93o New Brunswick Parking Authority 2.585 Sanford City -North Carolina 1,850.00o New Jersey Turnpike Authority 222.490 Wayne Co Airport Auth 188.415 Wayne Co Airport Auth 125.88o Philadelphia SD 50.00o Collin Co (Frisco) ISD 28.045 Wayne Co Airport Auth 17.675 Burlington Co Bridge Commission 8.795 Wayne Co Airport Auth 36.70o Coconino Co PC Corp 35.38o Beaumont City -Texas 17.785 Beaumont City -Texas 342.615 District of Columbia 413.76o Empire State Development Corp 367.295 Empire State Development Corp 328.365 Empire State Development Corp 260.00o American Municipal Power Inc 47.690 Fort Bend Co (Katy) ISD 45.495 American Municipal Power Inc 20.000 American Municipal Power Inc 4.570 American Municipal Power Inc 213.555 Chicago City -Illinois 200.235 Cuyahoga Co -Ohio 145.04o Kansas Development Fin Auth 131.04o Charleston City -South Carolina 123.115 Cuyahoga Co -Ohio 73.42o Missouri Jt Muni Elec Util Comm 69.955 Massachusetts Housing Fin Agcy 60.52o Kansas Development Fin Auth 26.160 Univ of North Carolina -Asheville 20.000 Cuyahoga Co -Ohio 8.390 Kansas Development Fin Auth 4.585 Missouri Jt Muni Elec Util Comm 72.310 Northern Illinois Muni Pwr Agcy 25.000 Beaver Co Industrial Dev Auth 150.000 Mississippi Business Fin Corp 70.00o North Carolina Cap Facs Fin Agcy 25.00o Yavapai Co Ind Dev Auth 15.00o North Carolina Cap Facs Fin Agcy 760.20o Los Angeles Dept of Wtr & Power 754.305 Metropolitan Transport Auth (MTA) 212.900 Denver Regional Transportation Dt 100.00o Denver Regional Transportation Dt 1,250.00o California 3,025.00o California 250.00o California 10,000.00o California 295.75o NYC Transitional Finance Auth 162.185 Grand River Dam Authority 140.290 Illinois Municipal Electric Auth 77.13o Grand River Dam Authority 54.250 NYC Transitional Finance Auth 30.760 Portsmouth City -Virginia City of Clearwater State Issue Description NC Enterprise Systems Revenue Bonds NJ City Guaranteed Parking Rev Bonds MO General Obligation Bonds NJ City Guaranteed Parking Rev Bonds NC Enterprise Systems Revenue Bonds PA General Obligation Bonds NJ City Guaranteed Parking Rev Bonds NC Enterprise Systems Revenue Bonds NJ Turnpike Revenue Bonds MI Airport Revenue Refunding Bonds MI Airport Revenue Refunding Bonds PA GO Refunding Bonds TX Unitd Tax School Building Bonds MI Airport Revenue Refunding Bonds NJ Co Guar Pooled Loan Revenue Bonds MI Airport Revenue Refunding Bonds AZ Pollution Control Revenue Bonds TX Certificates of Obligation TX GO Refunding Bonds DC Income Tax Secured Revenue Bonds NY State Personal Inc Tax Rev Bonds NY State Personal Inc Tax Rev Bonds NY State Personal Inc Tax Rev Bonds OH Revenue Bonds TX Unitd & Ltd Sch Bldg & Ref Bonds OH Revenue Bonds OH Revenue Bonds OH Revenue Bonds IL General Obligation Bonds OH Economic Dev Revenue Bonds KS Revolving Funds Revenue Bonds SC Wtrwrks&Swr Sys Ref&Cap Imp Rev OH Economic Development Rev Bonds MO Power Project Revenue Bonds MA Multi -Family Housing Bonds KS Revolving Funds Revenue Bonds NC Revenue Bonds OH Revenue Bonds KS Revolving Funds Revenue Bonds MO Power Project Revenue Bonds IL Revenue Bonds PA Pollution Control Rev Ref Bonds MS Gulf Opp Zone Ind Dev Rev Bonds NC Solid Waste Disp Rev Ref Bonds AZ Solid Waste Disp Rev Ref Bonds NC Solid Waste Disp Rev Ref Bonds CA Power System Revenue Bonds NY Transportation Revenue Bonds CO Certificates of Participation CO Certificates of Participation CA Various Purpose GO Bonds CA Various Purpose GO Bonds CA Various Purpose GO Bonds CA RANs NY Building Aid Revenue Bonds OK Revenue Bonds IL Power Supply Revenue Bonds OK Revenue Bonds NY Building Aid Revenue Bonds VA GO & Refunding Bonds TxcludwgF7orida) Page 8 Series Series 2010 B Series 2010 C Series 2010 B Series 2010 D Series 2010 A Series C of 2010 Series 2010 A Series 2010 B Series 2010 A Series 2010 A Series 2010 C Series E of 2010 Series 2011 Series 2010 D Series 2010 B Series 2010 B Series 2010 A Series 2011 Series 2011 Series 2010 F Series 2010 C Series 2010 A Series 2010 B Series 2010 B Series 2010 C & E Series 2010 A Series 2010 C Series 2010 D Series 2010 B Series 2010 F Series 2010 SRF-1 Serie 2010 Series 2010 G Series 2010 A 2010 Series A Series 2010 SRF-2 Series 2010 B Series 2010 E Series 2010 SRF-3 Series 2010 B Series 2010 A Series 2005-B Series 2o10 G Series 2010 A Series 2010 Series 2010 B 2010 Series D Series 2010 D Series 2010 A Series 2010 B 2010-11 Ser A-1&2 Subseries S-1B Series 2010 A Series 2010 A Series 2010 B Subseries S-1A Series 2010 D WFS Role SENIOR CO-MGR CO-MGR CO-MGR SENIOR SOLE CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR SENIOR SENIOR SENIOR SENIOR CO -SENIOR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO -SENIOR SOLE SO LE SOLE SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR Wells Fargo Securities Deal Lists Wells:Fiargo Securities"National Municipal' Underwriting'Expceicnce (EzcludingW orida). January i, 2009 to Present :Source: SDC (io/3/2o11) . . Sale Date Par ($MM) Issuer 11/17/10 11/17/10 11/16/10 11/15/10 11/11/10 11/10/10 11/10/10 11/1olio 11/10/10 11/10/10 11/10/10 11/09/10 11/09/10 11/09/10 11/09/10 11/09/10 11/09/10 11/09/10 11/08/io 11/08/10 11/05/10 11/05/10 11/05/10 11/05/10 11/05/10 11/05/10 11/04/10 11/04/10 11/04/10 11/04/10 11/04/10 11/04/10 11/04/10 11/04/10 11/04/10 11/04/10 11/03/10 11/03/10 11/03/10 11/03/10 11/03/10 11/03/10 11/03/10 11/03/10 10/28/10 10/28/10 10/28/10 ,10/28/10 10/27/10 10/27/10 10/27/10 10/27/10 10/27/10 10/27/10 10/27/10 10/27/10 10/27/10 10/25/10 10/25/10 10/25/10 75.000 NYC Municipal Water Finance Auth 26.800 South Carolina Renew Water Res 66.030 Colorado Health Facilities Auth 19.70o Virginia Housing Dev Authority 60.000 California Municipal Fin Auth 750.00o NYC Municipal Water Finance Auth 142.035 Dallas City -Texas 77.670 Dallas City -Texas 75.000 Harris Co (Spring Branch) ISD 62.910 Harris Co (Spring Branch) ISD 17.570 Dallas City -Texas 700.00o Regents of the Univ of California 507.020 Los Angeles Co Pub Works Fin Au 180.985 Los Angeles Co Pub Works Fin Au 102.900 Los Angeles Co Pub Works Fin Au 67.00o Georgia Municipal Gas Auth (MGAG) 48.140 Regents of the Univ of California 9.175 Regents of the Univ of California 75.000 Andrews Co -Texas 46.250 Illinois Finance Authority 587.800 Atlanta City -Georgia 71.205 Connecticut Housing Finance Auth 31.805 Connecticut Housing Finance Auth 13.435 Connecticut Housing Finance Auth 9.750 Connecticut Housing Finance Auth 5.740 Connecticut Housing Finance Auth 128.820 Massachusetts Housing Fin Auth 120.000 Omaha Public Power Dt (OPPD) 109.010 Piedmont Muni Power Agency 86.030 Virginia Resources Auth (VRA) 67.825 Massachusetts Housing Fin Auth 65.920 Missouri Env Imp & Energy Res Au 59.96o New Hampshire 20.040 New Hampshire 15.260 Piedmont Muni Power Agency 13.340 Massachusetts Housing Fin Auth 390.990 Rutgers State University 310.000 Love Field Airport Modern Corp 40.830 Rutgers State University 22.200 Lower Tule River Irrigation Dt 14.435 Shafter Wasco Irrigation Dt 8.86o Joliet City -Illinois 6.820 Lindmore Irrigation Dt 6.060 Lindsay -Strathmore Irrigation Dt 400.430 Connecticut 337.245 Connecticut 107.995 Bexar Co (Northside) ISD 21.580 Arlington City -Texas 700.00o NYC Transitional Finance Auth 327.205 Philadelphia City -Pennsylvania 297.460 Philadelphia City -Pennsylvania 82.175 Laredo City -Texas 58.935 Du Page Co -Illinois 50.o00 NYC Transitional Finance Auth 18.890 Laredo City -Texas 10.335 Nebraska Elem & Sec Sch Fin Au 8.115 Du Page Co -Illinois 99.070 Chicago City -Illinois 84.000 Chicago City -Illinois 18.425 Webb Co -Texas State Issue Description NY SC CO VA CA NY TX TX TX TX TX CA CA CA CA GA CA CA TX IL GA CT CT CT CT CT MA NE SC VA MA MO NH NH SC MA NJ TX NJ CA CA IL CA CA CT CT TX TX NY PA PA TX IL NY TX NE IL IL IL TX Wtr & Swr Sys Gen Resolution Rev Sewer System Revenue Bonds Hospital Revenue Bonds Rental Housing Bonds Recovery Zone Bonds Wtr & Swr end Gen Res Rev Bonds GO Refunding Bonds GO Refunding Bonds Unlimited Tax Schoolhouse Bonds Refunding & Schoolhouse Bonds Equipment Acq Contractual Obliga Medical Center Pooled Rev Bonds Lease Revenue Bonds Lease Revenue Bonds Lease Revenue Bonds Refunding Gas Revenue Bonds Medical Center Pooled Rev Bonds Medical Center Pooled Rev Bonds Permanent Improvement Bonds Var Rate Demand Revenue Bonds Airport Gen Rev & PFC Sb Ln Bonds Hsg Mortgage Finance Prog Bonds Hsg Mortgage Finance Prog Bonds Hsg Mortgage Finance Prog Bonds Hsg Mortgage Finance Prog Bonds Hsg Mortgage Finance Prog Bonds Housing Bonds Electric Sys Revenue Bonds Electric Revenue Refunding Bonds Infras & St Moral Oblig Rev Bonds Housing Bonds Water PC & Drinking Wtr Rev Bonds Federal Highway Grant Antic Bonds Federal Highway Grant Antic Bonds Electric Revenue Bonds Housing Bonds General Obligation Bonds Special Facilities Rev Bonds General Obligation Bonds Revenue Certs of Participation Revenue Certs of Participation Wtrwrks & Sewerage Rev Ref Bonds Rev Certificates of Participation Rev Certificates of Participation Special Tax Transport Infra Purp Special Tax Transport Infra Purp Unitd Tax School Building Bonds Permanent Improvement Ref Bonds Future Tax Secured Sub Bonds Airport Revenue Refunding Bonds Airport Revenue & Refunding Bonds Waterworks & Sewer Sys Rev Bonds GO Alternate Revenue Source Bonds Future Tax Secured Sub Bonds GO Ref & Comb Tax & Rev Crt Ob Education Facilities Rev Bonds GO Alternate Revenue Source Bonds Second Lien Revenue Bonds Second Lien Revenue Bonds GO Refunding Bonds Series Series DD-2 Series 2010 B Series 2010 A 2010 Series F Series 2010 B Series CC Series 2010 C Series2010 Series 2010 B Series 2010 & Series 2010 2010 Series H 2010 Series B 2010 Series B 2010 Series A Series J 2010 Series G 2010 Series I Series 2010 Series 2010 B Series 2010 A & B 2010 Series D-2 2010 Series E-2 2010 Series E-1 2010 Series D-3 2010 Series D-1 2010 Series C 2010 Series A Series 2010 A 2 - 5 Series 2010 C 2010 Series D Series 2010 B 2010 Series B 2010 Series A Series 2010 A-1 2010 Series E Series 2010 H Series 2010 Series 2010 I Series 2010 A Series 2010 Series 2010 Series 2010 A Series 2010 A 2010 Series B 2010 Series A & C Series 2010 B Series 2010 A 2011 Subseries B-1 Series 2010 C & D Series 2010 A & B Series 2010 Series 2010 B 2011 Subseries B-3 Series 2010 Series 2010 Series 2010 A Series 2010 D 1-2 Series 2010 B Series 2010 WFS Role SOLE SOLE SENIOR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR 2010 A CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR SENIOR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE CO-MGR SOLE SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR SOLE SENIOR CO-MGR CO-MGR SOLE City of Clearwater Page 9 Wells Fargo Securities Deal Lists Wells'Fargo'Securities"National Municipal 'UnderwritingExperience':(Excluding Florida) - • Januaryi, 2oo9•to Present Source: SDC.(ao/•;3/2o1a)-; Sale Date Par ($MM) Issuer 10/22/10 10/22/10 10/22/10 10/21/10 10/21/10 10/20/10 10/20/10 10/20/10 10/20/10 10/20/10 10/20/10 10/19/10 10/15/10 10/14/10 10/14/10 10/14/10 10/14/10 10/14/10 10/14/10 10/14/10 10/14/10 10/13/10 10/13/10 10/13/10 10/13/10 10/13/10 10/13/10 10/08/10 10/08/io 10/08/10 10/07/10 10/07/10 10/07/10 10/07/10 10/07/10 ro/o6/io 10/06/10 io/06/ro 10/06/10 io/06/io 10/06/10 ro/06/10 io/06/ro 10/06/10 10/06/10 10/05/10 10/05/10 10/05/10 10/05/10 10/05/10 10/05/10 10/05/10 10/05/10 10/05/10 10/05/10 10/05/10 10/05/10 10/05/10 10/05/10 10/05/10 264.165 North Carolina Med Care Commiss 75.00o Rhode Island Econ Dev Corp 14-454 Nacogdoches ISD 373.780 Lower Colorado River Au (LCRA) 21.270 Galveston Co (Clear Creek) ISD 510.46o NYC Health & Hosp Corp 109.180 Harris Co (Aldine) ISD 66.670 Connecticut Housing Finance Auth 59.445 Kansas Turnpike Authority 44.290 Massachusetts Housing Fin Agcy 20.155 Massachusetts Housing Fin Agcy 15.695 New Haven City -Connecticut 63.47o Chicago City -Illinois 233.92o North Carolina Turnpike Authority 172.055 Utah 67.990 Southern Minnesota Muni Pwr Agcy 31.505 Greensboro City -North Carolina 30.00o South Dakota Housing Dev Auth 24.000 Greensboro City -North Carolina 12.000 Idaho Housing & Fin Assoc 7.010 Southern Minnesota Muni Pwr Agcy 1,000.00o New Jersey Trans Trust Fund Au 485.875 New Jersey Trans Trust Fund Au 52.105 Harris Co Cult Ed Facs Fin Corp 26.535 Harris Co (Tomball) ISD 16.080 Harris Co (Tomball) ISD 14.10o New Jersey Trans Trust Fund Au 53.435 Utah Housing Corporation (UHC) 7.925 Utah Housing Corporation (UHC) 6.795 Utah Housing Corporation (UHC) 775.00o New York City -New York 300.00o New York City -New York 122.965 North Carolina Med Care Commiss 88.545 New York City -New York 27.980 Missouri Hlth & Ed Facs Authority 881.608 California Dept of Wtr Resources 881.607 California Dept of Wtr Resources 41.235 Maine Municipal Bond Bank 30.665 Durham City -North Carolina 23.480 Maine Municipal Bond Bank 15.45o Maine Municipal Bond Bank 13.68o Greenwood City -South Carolina 13.160 Durham City -North Carolina 11.345 Greenwood City -South Carolina 5.945 Atkinson -Coffee Co Joint Dev Auth 549.405 NYS Dorm Authority 203.400 Connecticut 149.455 NYS Dorm Authority 126.600 Connecticut 59.095 Connecticut 45.905 Connecticut 42.580 El Paso City -Texas 28.73o Connecticut 25.000 Connecticut 22.205 Connecticut 20.000 Connecticut 17.795 Connecticut 9.380 West Valley Redevelopment Agency 8.185 Connecticut 5.88o Connecticut State Issue Description NC RI TX TX TX NY TX CT KS MA MA CT IL NC UT MN NC SD NC ID MN NJ NJ TX TX TX NJ UT UT UT NY NY NC NY MO CA CA ME NC ME ME SC NC SC GA NY CT NY CT CT CT TX CT CT CT CT CT UT CT CT Health Care Facs Revenue Bonds Revenue Bonds Unitd Tax Refunding Bonds Refunding Revenue Bonds Unlimited Tax Refunding Bonds Health System Bonds School Building & Refunding Bonds Single Family Special Oblig Bonds Turnpike Refunding Revenue Bonds Single Family Housing Rev Bonds Single Family Housing Rev Bonds GO Refunding Bonds Second Lien Revenue Bonds Monroe Connector Sys Rev Bonds GO Refunding Bonds Power Supply System Rev Bonds GO Public Improvement & Ref Bonds Single Family Mortgage Bonds GO Public Improvement Bonds Single Family Mortgage Bonds Power Supply System Rev Bonds Transportation System Bonds Transportation System Bonds Thermal Utility Revenue Bonds Unitd Tax School Building Bonds Unlimited Tax Refunding Bonds Transportation System Bonds Single Family Mortgage Bonds Single Family Mortgage Bonds Single Family Mortgage Bonds General Obligation Bonds General Obligation Bonds Hlthcare Facs Rev & Rev Ref Bonds General Obligation Bonds Health Facs Rev Refunding Bonds Power Supply Revenue Bonds Power Supply Revenue Bonds Revenue Bonds General:Obligation Bonds Revenue Bonds Revenue Bonds Combined Pub Util Sys Rev Bonds General Obligation Bonds Combined Pub Util Sys Rev Bonds Revenue Bonds State Personal Inc Tax Rev Bonds General Obligation Bonds State Personal Inc Tax Rev Bonds General Obligation Bonds General Obligation Bonds General Obligation Bonds Water & Sewer Revenue Ref Bonds GO Refunding Bonds Genera] Obligation Bonds General Obligation Bonds General Obligation Bonds General Obligation Bonds Franchise & Tax Inc Rev Ref Bonds GO Refunding Bonds GO Refunding Bonds Series Series 2010 A Series 2010 Series 2010 Series 2010 A & B Series 2010 A 2010 Series A Series 2010 A & B Series 2010-1 Series 2010 A Series 151,152 & 154 Series 150 & 153 Issue of 2010 Ser B Series 2010 C Series 2010 A Series 2010 C Series 2010 A Series 2010 A & C 2010 Series 2 Series 2010 B 2010 Series A Series 2010 B 2010 Series C 2010 Series D Series 2010 Series 2010 A Series 2010 B 2010 Series E Series 2010 B-1 2010 Series B-2 2010 Series B-3 2011 Ser C Sub C-1 Series D & E Series 2010 A Subseries A- 7 & 8 Series 2010 Series 2010 M Series 2010 M 2010 Series E Series 2010 B 2010 Series D 2010 Series F Series 2010 A Series 2010 A Series 2010 B Series 2010 Series 2010 H 2010 Series B Series 2010 G 2010 Series D-2 2010 Series D-1 2010 Series D-4 Series 2010 A 2010 Series D-3 2010 Series D-6 2010 Series C 2010 Series D-3 2010 Series D-5 Series 2010 A 2010 Series D-5 2010 Series D-2 WFS Role CO-MGR SENIOR CO-MGR CO-MGR SENIOR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO -SENIOR CO-MGR CO-MGR SOLE CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR SENIOR CO-MGR CO -SENIOR CO -SENIOR CO -SENIOR CO-MGR CO-MGR CO-MGR CO-MGR SOLE SENIOR SENIOR SENIOR SENIOR SENIOR SENIOR SOLE SENIOR SOLE SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR City of Clearwater Page 10 Wells Fargo Securities _J Deal Lists Wells Fargo Securities!'National"114unicipalUnderwriting .Experience .(I icluiling"'P7orida) January 1',.2oo9-to"Present Source: SDC (to/,3/2mA) Sale Date Par ($MM) Issuer 10/05/10 10/05/10 10/05/10 10/05/10 10/04/10 10/04/10 10/04/10 10/04/10 10/04/10 10/01/10 10/01/10 10/01/10 09/30/10 09/30/10 09/30/10 09/30/10 09/30/10 09/29/10 09/29/10 09/29/10 09/29/10 09/29/10 09/28/10 09/28/10 09/28/10 09/28/10 09/28/10 09/28/10 09/28/10 09/28/10 09/23/10 09/23/10 09/23/10 09/23/10 09/23/10 09/23/10 09/22/10 09/22/10 09/22/10 09/22/10 09/22/10 09/17/10 09/17/10 09/17/10 09/17/10 09/16/10 -� 09/16/10 09/16/10 09/16/10 09/15/10 _) 09/14/10 09/14/10 09/14/10 09/14/10 09/14/10 09/13/10 09/13/10 09/13/10 09/09/10 09/09/10 4.62o 2.870 2.540 1.70o 129.340 98.560 70.00o 26.120 14.950 68.790 38.42o 21.60o 1313.5455 116.455 95.740 85.510 Virginia Public School Authority 16.860 Wise Co (Bridgeport) ISD 218.225 Puerto Rico Electric Power Auth 123.640 Indiana Municipal Power Agency 39.97o Maine State Housing Authority 20.235 Indiana Municipal Power Agency 9.63o Maine State Housing Authority 147.10o Nebraska Public Power Dt 114.050 Nebraska Public Power Dt too.o0o Pima Co Industrial Dev Auth 57.635 Salt Lake Co -Utah 29-655 Lynchburg City -Virginia 16.905 Salt Lake Co -Utah 15.215 Grayson Co Junior College Dt 8.365 Nebraska Public Power Dt 621.980 Utah 412.990 Utah 91.325 Arizona School Facilities Board 33.075 Hale Center Education Facs Corp 21.645 Orange Water & Sewer Authority 13.305 Conroe City -Texas 815.420 Texas Transportation Commission 300.00o American Municipal Power Inc 210.040 NYC Municipal Water Finance Auth 196.205 NYS Dorm Authority 162.390 Texas Transportation Commission 11.465 St Paul City -Minnesota 7.000 Greensboro City -North Carolina 4.675 St Paul City -Minnesota 4.400 St Paul City -Minnesota 750.000 NYC Municipal Water Finance Auth 463.070 NYS Thruway Authority 99.425 Maine Municipal Bond Bank 42.310 Nueces Co -Texas 31.390 Montgomery Co -Texas 604.310 Univ of Texas Sys Bd of Regents 54.855 Eagle Mountain -Saginaw ISD 39.785 Univ of Texas Sys Bd of Regents 18.800 Eagle Mountain -Saginaw ISD 12.445 Eagle Mountain -Saginaw ISD 52.045 Gregg Co (Longview) ISD 43.235 Tarrant Co (Carroll) ISD 6.500 Tarrant Co (Carroll) ISD 146.145 North Carolina East Muni Pwr Agy 26.690 Williamsburg Co Pub Facs Corp West Valley Redevelopment Agency West Valley City Muni Bldg Auth Connecticut Connecticut Ohio Public Fac Commission Ohio Public Fac Commission Virginia Housing Dev Authority Ohio Public Fac Commission Ohio Public Fac Commission Minneapolis -St Paul Met Arpt Comm Moore Co -North Carolina Minneapolis -St Paul Met Arpt Comm Pennsylvania Housing Fin Agency Pennsylvania Housing Fin Agency Roanoke Economic Dev Auth State Issue Description UT UT CT CT OH OH VA OH OH MN NC MN PA PA VA VA TX PR IN ME IN ME NE NE AZ UT VA UT TX NE UT UT AZ TX NC TX TX OH NY NY TX MN NC MN MN NY NY ME Tx TX TX TX TX TX TX TX Tx TX NC SC Franchise & Tax Inc Rev Bonds Lease Revenue Refunding Bonds GO Refunding Bonds GO Refunding Bonds Common Schools GO Refunding Bonds Higher Education GO Ref Bonds Homeownership Mortgage Bonds GO Refunding Bonds Infrastructure Imp GO Ref Bonds Subordinate Airport Rev Ref Bonds Limited Obligation Bonds Subordinate Airport Rev Ref Bonds Single Family Mortgage Rev Bonds Single Family Mortgage Rev Bonds Hospital Revenue Refunding Bonds School Financing Refunding Bonds Unitd Tax Refunding Bonds Power Revenue Refunding Bonds Power Supply System Revenue Bonds Hsg & Eco Recovery Fund Rev Bonds Power Supply System Ref Rev Bonds Hsg & Eco Recovery Fund Rev Bonds General Revenue Bonds General Revenue Bonds Industrial Development Rev Bonds Transportation Tax Revenue Bonds GO Public Improvement Ref Bonds Transportation Tax Revenue Bonds Consolidated Fund Rev Ref Bonds General Revenue Bonds General Obligation Bonds General Obligation Bonds Certificates of Participation Revenue Imp & Rev Ref Bonds Water & Sewer Sys Rev Ref Bonds Cert of Oblig & Permanent Imp Ref Highway Improvement GO Bonds Revenue Bonds Wtr & Swr end Gen Res Rev Bonds Consol 5th Gen Res Rev Bonds Highway Improvement GO Bonds GO Capital Imp & Library Bonds Certificates of Participation GO Capital Improvement Bonds GO Capital Improvement Bonds Wtr & Swr and Gen Res Rev Bonds State Personal Inc Tax Rev Bonds Refunding Bonds GO Refunding Bonds Pass-Thru Toll Rev Ltd Tax Bonds Revenue Financing Sys Bonds Unitd Tax School Building Bonds Revenue Financing Sys Bonds Unitd Tax School Bldg & Ref Bonds General Obligation Bonds Unitd Tax School Building Bonds School Building Bonds School Building Bonds Power System Revenue Ref Bonds Installment Purchase Rev Bonds Series Series 2010 B Series 2010 2010 Series D-4 2010 Series D-1 Series 2010 C Series 2010 C 2010 Series B Series 2010 A Series 2010 D Series 2010 D Series 2010 Series 2010 C Series 2010-110B Series 2010-110A Series 2010 Series 2010 C Series 2010 Series DDD 2010 Series A 2010 Series 1 2010 Series B 2010 Series 2 Series 2010 C 2010 Series A 2010 Series A Series 2010 B Series 2010 Series 2010 A Series 2010 2010 Series B Series 2010 B Series 2010 A Series 2010 Series 2010 Series 2010 Series 2010 Series 2010 A Series 2010 2011 Series BB Series 2010 A Series 2010 B Series 2010 G & H Series 2010 Series 2010 F Series 2010 E 2011 Series AA Series 2010 A 2010 Series C Series 2010 Series 2010 Series 2010 C Series 2010 C Series 2010 E Series 2010 B & D Series 2010 A Series 2010 Series 2010 A Series 2010 B Series 2010 A Series 2010 WFS Role SOLE SOLE CO-MGR CO-MGR CO-MGR CO-MGR SENI O R CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR SENIOR SENIOR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR SENIOR CO-MGR SENIOR City of Clearwater Page 11 Wells Fargo Securities Deal Lists 'Wells Fargo Securities''National'Municipal'UnderwritingEa3lerience (Exeluiling!Florida) January 1,2009 to Present Source€ SDC (x'o/3/,201.1)' Sale Date Par ($MM) Issuer 09/09/10 09/09/10 09/08/10 09/08/10 09/08/10 09/01/10 08/31/10 08/27/10 08/26/10 08/25/10 08/25/10 08/25/10 08/25/10 08/25/10 08/25/10 08/24/10 08/24/10 08/24/10 08/24/10 08/23/10 08/20/10 08/19/10 08/18/10 08/17/10 08/17/10 08/17/10 08/17/10 08/13/10 08/13/10 08/12/10 08/12/10 08/12/10 08/12/10 08/12/10 08/11/10 08/11/10 08/10/10 08/10/10 o8/ro/io 08/10/10 08/09/10 08/09/10 08/06/10 08/06/10 08/06/10 08/05/10 08/05/10 08/04/10 08/04/10 08/04/10 08/04/10 08/04/10 08/04/10 08/04/10 08/04/10 08/03/10 08/03/10 07/30/10 07/30/10 07/29/10 15.715 Conroe City -Texas 3.310 Williamsburg Co Pub Facs Corp 687.115 Minnesota 220.670 Minnesota 38.405 Virginia Housing Dev Authority 40.000 Mississippi Business Fin Corp 600.00o Pennsylvania Turnpike Commission 38.235 Raleigh -Durham Airport Auth 3.83o Union Co (Westfield) SD BOE 73.695 St Charles City -Missouri 42.445 Chicago Park Dt 24.065 New Jersey Educational Facs Au 18.310 New Jersey Educational Facs Au 15.935 Chicago Park Dt 7.008 St Charles City -Missouri 1,086.478 Puerto Rico Government Dev Bank 96.411 Puerto Rico Government Dev Bank 2223.395 Montgomery Co -Texas 9.055 Montgomery Co -Texas 243.200 North Carolina Cap Facs Fin Agcy 25.280 Cameron Co (Harlingen) CISD 205.04o Idaho Health Facilities Auth 10.085 Rosedale -Rio Bravo Wtr Storage Dt 325.000 Kansas Dept of Transportation 131.000 Los Angeles Dept of Wtr & Power 126.415 New Jersey Hlth Care Fac Fin Au 8.775 Los Angeles Dept of Wtr & Power 10.000 Will Co Forest Preserve Dt .860 Will Co Forest Preserve Dt 150.00o Philadelphia City -Pennsylvania 30.185 NYS Dorm Authority 18.585 Raleigh City -North Carolina 15.000 Raleigh City -North Carolina 12.840 Raleigh City -North Carolina 29.450 Spotsylvania Co -Virginia 28.405 Spotsylvania Co -Virginia 85.000 Louisiana Public Facs Auth (LPFA) 58.315 Travis Co (Austin) ISD 33•00o Virginia Housing Dev Authority 25.165 Travis Co (Austin) ISD 42.900 Chesapeake -Virginia 30.570 Chesapeake -Virginia 703.610 Michigan Finance Authority 336.445 Raleigh -Durham Airport Auth 55.890 Collin Co (Allen) ISD 159.515 Indianapolis Loc Pub Imp Bond Bk 15.00o Metro -Oregon 614.405 NYC Transitional Finance Auth 147.060 NYC Transitional Finance Auth 138.535 NYC Transitional Finance Auth 121.475 Bexar Co -Texas 65.735 Texas St Univ Sys Bd of Regents 46.770 Florence Co -South Carolina 41.68o Minnesota Higher Ed Facs Auth 30.325 Bexar Co -Texas 155.620 West Virginia Economic Dev Auth 41.230 Virginia Resources Auth (VRA) 94.210 Georgia Higher Ed Facs Auth 43.38o Montgomery Co -Texas 56.385 Harris Co (Pasadena) ISD State Issue Description TX SC MN MN VA MS PA NC NJ MO IL NJ NJ IL MO PR PR TX TX NC TX ID CA KS CA NJ CA IL IL PA NY NC NC NC VA VA LA TX VA TX VA VA MI NC TX IN OR NY NY NY TX TX SC MN TX WV VA GA TX TX Water & Sewer Sys Revenue Bonds Installment Purchase Rev Bonds GO Various Purpose Ref Bonds GO State Trunk Hway Ref Bonds Rental Housing Bonds Gulf Opportunity Zone Indus Dev Turnpike Revenue Bonds Airport Revenue Refunding Bonds Refunding School Bonds Certificates of Participation GO Limited Tax Park Bonds Revenue Bonds Revenue Bonds GO Refunding Bonds Certificates of Participation Senior Notes Senior Notes Certificates of Obligation Certificates of Obligation Solid Waste Disp Rev & Ref Bonds Unitd Tax School Building Bonds Revenue Bonds Revenue COPs Taxable Highway Revenue Bonds Power System Revenue Bonds Revenue & Refunding Bonds Power System Revenue Bonds Limited Tax GO Bonds Limited Tax GO Bonds Gas Works Revenue Bonds Muni Health Facs Imp Prog Bonds Limited Obligation Bonds Limited Obligation Bonds Limited Obligation Bonds Water & Sewer System Rev Bonds Wtr & Swr Sys Rev & Ref Bonds Revenue Bonds Unlimited Tax Refunding Bonds Rental Housing Bonds Unlimited Tax Refunding Bonds GOPublic Improvement Bonds GO Pub Imp & Wtr & Swr Ref Bonds State Aid Revenue Notes Airport Revenue Refunding Bonds Unitd Tax Sch Bldg & Ref Bonds Revenue Bonds Oregon Zoo Bnd Credit & Sec Agree Future Tax Secured Bonds Future Tax Secured Bonds Future Tax Secured Bonds GO Comb Tax & Rev Certs of Oblig Revenue Financing Sys Rev Bonds Hospital Revenue Bonds Revenue Bonds Comb Tax & Rev Certs of Oblig Lottery Revenue Bonds Infra & St Moral Oblig Rev Bonds Revenue Bonds Refunding Bonds Unlimited Tax Refunding Bonds Series Series 2010 Series 2010 Series 2010 D Series 2010 E 2010 Series E Series 2010 F Series B of 2010 Series 2010 B-1 Series 2010 B Series 2010 A Series 2010 F Series 2010 G Series 2010 B Series 2010 A 2010 Series C 2010 Series D Series 2010 B Series 2010 A Ser 2006 & zoo8 AB Series 2010 B Series 2005 & 2009 Series 2010 Series 2010 A 2010 Series C Series 2010 2010 Series C Series 2010 A Series 2010 B Ninth Series Series 2010 A Series 2010 B Series 2010 A Series 2010 A Series 2010 B Series 2010 A Series 2010 Series 2010 B 2010 Series D Series 2010 A Series 2010 A-C 2 Series 10 A-C 1 & D Series 2010 D- 1-3 Series 2010 A & B Series 2010 Sereis 2010 F Series 2010 Series A Subser A-1 Series A Subser A-2 Series A Subser A-3 Series 2010 A Series 2010 A Series 2010 B Series Seven-B Series 2010 B 2010 Series A Series 2010 B Series 2010 A Series 2010 Series 2010 WFS Role CO-MGR SENIOR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR SOLE SOLE SENIOR CO-MGR CO-MGR SENIOR SOLE CO-MGR CO-MGR SENIOR SENIOR SENIOR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE CO-MGR SOLE SOLE SOLE SOLE SENIOR SENIOR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR SENIOR SOLE SOLE CO-MGR CO-MGR CO-MGR SENIOR SENIOR CO-MGR City of Clearwater Page 12 Wells Fargo Securities Deal Lists 'Wells Fargo?Securities",N itional.Municipal,Under%+Sriting:Eacperience,(Faccluiling:Florida)' January 1 „2oo91to;Present+ :Source:: SDC.(ao/.3/2o11) Sale Date Par ($MM) Issuer 07/28/10 07/28/10 07/28/10 07/28/10 07/28/10 07/27/10 07/27/10 07/23/10 07/23/10 07/23/10 07/22/10 07/22/10 07/22/10 07/22/10 07/22/10 07/21/10 07, 21, 10 07/20/10 07/20/10 07/15/10 07/15/10 07/14/10 07/14/10 07/14/10 07/14/10 07/13/10 07/13/10 07/13/10 07/09/10 07/09/10 07/08/10 07/07/10 07/01/10 07/01/10 07/01/10 06/30/10 06/30/10 06/30/10 06/29/10 06/29/10 06/29/10 06/29/10 06/29/10 06/29/10 06/28/10 06/24/10 06/24/10 06/24/10 06/24/10 06/24/10 06/23/10 06/23/10 06/23/10 06/22/10 06/22/10 06/22/10 06/22/10 06/18/10 06/18/10 06/17/10 962.535 New York City -New York 255.935 Port of Houston Auth 135.685 Minneapolis -St Paul Met Arpt Comm 70.000 Oklahoma Muni Power Authority 39.165 Denton City -Texas 123.030 Florence Co -South Carolina 5.875 Alpine City -Utah 1,448.741 Puerto Rico Government Dev Bank 151.259 Puerto Rico Government Dev Bank 57.625 Univ of No Texas Bd of Regents 285.000 Philadelphia City -Pennsylvania 50.980 Howard Co (Big Spring) ISD 39.145 Durham City -North Carolina 10.640 Durham City -North Carolina 7.245 Durham City -North Carolina 26.425 Arizona Board of Regents 7.395 Arizona Board of Regents 348.400 Metro Washington Airports Auth 229.005 Metro Washington Airports Auth 99.95o Texas St Univ Sys Bd of Regents 2.690 St Louis Municipal Finance Corp 145.320 Oklahoma Agr Mech Coll Bd Rgt 88.845 So California Metro Water Dt 8.68o Spotsylvania Co -Virginia 8.435 Spotsylvania Co -Virginia 41.895 Bell Co (Killeen) ISD 19.04o Beaumont City -Texas 12.520 Beaumont City -Texas 308.375 Delaware River Port Auth of PA NJ 101.389 Atlanta City -Georgia 26.015 La Plata Co (Durango) SD #9-R 27.500 Fairfax Co Economic Dev Auth 425.00o Philadelphia SD 43.790 Cobb Co Development Auth 5.255 Cobb Co Development Auth 467.72o Metropolitan Transport Auth (MTA) 42.765 Metropolitan Transport Auth (MTA) 20.360 Rochester City -Minnesota 252.595 Massachusetts Wtr Poll Abate Tr 233.915 Massachusetts Wtr Poll Abate Tr 183.395 Philadelphia Hosp & Hghr Ed Auth 164.510 Chester Co Hlth & Ed Facs Board 136.425 Illinois Finance Authority 135.050 Iowa 11.790 Virginia Housing Dev Authority 1,619.405 Puerto Rico Sales Tax Fin Corp 92.755 Puerto Rico Sales Tax Fin Corp 89.435 Puerto Rico Sales Tax Fin Corp 26.855 Collin Co (Frisco) ISD 23.000 Santa Barbara Co Schools Fin Au 128.005 So California Metro Water Dt 41-43o Tucson City -Arizona 5.590 Tucson City -Arizona 554.045 NYC Municipal Water Finance Auth 63.63o South Carolina Renew Water Res 34.48o Arlington City -Texas 33.995 Williamson Co -Texas 104.560 New Hampshire Muni Bond Bank 2.590 Davie Co -North Carolina 28.815 Massachusetts Housing Fin Agcy State Issue Description NY TX MN OK TX SC UT PR PR TX PA TX NC NC NC AZ AZ DC DC TX MO OK CA VA VA TX TX TX NJ GA CO VA PA GA GA NY NY MN MA MA PA PA IL IA VA PR PR PR TX CA CA AZ AZ NY SC TX TX NH NC MA General Obligation Bonds Refunding & Port Imp Bonds Senior Airport Revenue Bonds Power Supply System Rev Bonds GO Refunding Bonds Hospital Revenue Bonds Water Revenue Refunding Bonds Senior Notes Senior Notes Revenue Financing Sys Ref Bonds TRANS School Building Bonds Limited Obligation Bonds Limited Obilgation Bonds Limited Obilgation Bonds Speed Revenue Bonds Speed Revenue Bonds Airport System Revenue Bonds Airport System Rev Ref Bonds Revenue Financing Sys Ref Bonds Leasehold Revenue Refunding Bonds General Revenue Bonds Water Revenue Refunding Bonds GO Public Improvement Bonds GO Public Improvement Bonds Refunding Bonds Waterworks & Sewer Sys Rev Bonds Wtrwrks & Swr Sys Rev & Ref Bonds Revenue Bonds Airport Gen Rev Commercial Paper GO Refunding Bonds Industrial Development Rev Bonds TRANS Sports & Rec Facs Lease Rev Bonds Sports & Rec Facs Lease Rev Bonds Transportation Revenue Bonds Transportation Revenue Bonds Hellth Care Facilities Rev Bonds State Revolving Fund Bonds State Revolving Fund & Ref Bonds Health System Revenue Bonds Health System Revenue Bonds Revenue Refunding Bonds Special Obligation Bonds Rental Housing Bonds Sales Tax Revenue Bonds Sales Tax Revenue Bonds Sales Tax Revenue Bonds Refunding Bonds TRANS Water Revenue Refunding Bonds Certificates of Participation Certificates of Participation Wtr&Swr Gen Resolution Rev Bonds Sewer Sys Refunding Rev Bonds Permanent Improvement & Ref Bonds Pass -Through Toll Rev & Lt Bonds Revenue Bonds GO Refunding Bonds Housing Bonds Series Series A & B Ser 2010 D 1-2 & E Series 2010 A & B Series 2010 B Series 2010 A Series 2010 A Series 2010 2010 Series A 2010 Series B Series 2010 Series A 2010-2011 Series 2010 Series 2010 A Series 2010 B Series 2010 B Series 2010 A Series 2010 B Series 2010 A Series 2010 B Series 2010 Series 2010 Series 2010 C 2010 Series B Series 2010 A Series 2010 B Series 2010 Series 2010 B Series 2010 & A Series D of 2010 Series B-1 & B-2 Series 2010 Series 2010 Ser A of 2010-2011 Series 2010 A Sereis 2010 B Series 2010 C-1 Series 2010 C-2 Series 2010 Series 15 B Series 15 A & 2010 A Series 2010 B Series 2010 A Series 2010 Series 2010 2010 Series C First Sub Ser 2010 C First Sub Ser 2010 E First Sub Ser 2010 D Series 2010 2010-11 Series 2010 Series A Series 2010 A Series 2010 A 2010 Series GG Series 2010 A Series 2010 Series 2010 2010 Series B Series 2010 Series 2010 B WFS Role CO-M G R CO-MGR CO-M G R CO-MGR SENI O R CO-MGR SOLE CO-MGR CO-MGR SENIOR CO-MGR SENIOR SENIOR SENIOR SENIOR SENIOR SENIOR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR SENI O R CO-MGR CO-MGR CO-MGR SENIOR SENIOR CO-MGR SOLE CO-MGR SOLE SENIOR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE CO-MGR CO-MGR CO-MGR SOLE CO-MGR SENIOR CO-MGR SENIOR CO-MGR City of Clearwater Page 13 Wells Fargo Securities Deal Lists 1NPIISi argo Securities'-National?Municipal'UilderwritingExperience (Excluding: Florida) January i, 200910 Present Source: SDC (:xo/3/,2oti);. Sale Date Par ($MM) Issuer 06/16/10 06/16/10 06/16/10 06/16/10 06/16/10 06/15/10 06/15/10 06/15/10 06/11/io 06/11/10 06/11/10 06/10/10 06/10/10 06/10/10 o6/io/io 06/10/10 06/10/10 06/10/10 06/10/10 06/10/10 06/09/10 06/09/10 06/09/io 06/09/10 06/08/10 06/08/10 06/08/10 06/08/10 06/os/10 06/08/10 06/07/10 06/03/10 06/03/10 06/03/10 06/02/10 06/01/10 05/31/10 05/28/10 05/27/10 05/26/10 05/26/10 05/26/10 05/25/10 05/25/10 05/25/10 05/25/10 05/25/10 05/25/10 05/20/10 05/20/10 05/20/10 05/20/10 05/20/10 05/19/10 05/19/10 05/19/10 05/18/10 05/18/10 05/18/10 05/18/10 60.325 Modesto Irrigation Dt 39.93o Modesto Irrigation Dt 20.210 High Point City -North Carolina 17.785 Cobb Co Development Auth 16.58o High Point City -North Carolina 18.790 Brighton City -Colorado 13.370 Tucson City -Arizona 7.775 Brighton City -Colorado 1,300.00o Los Angeles Co -California 20.475 High Point City -North Carolina 2.735 High Point City -North Carolina 200.000 Connecticut 108.030 Maine Hlth & Hghr Ed Facs Auth io4.790 Connecticut 62.53o Connecticut 48.520 Connecticut 24.415 Connecticut 17.864 Springfield City -Massachusetts 13.24o Connecticut 4.740 Connecticut 748.55o New York City -New York 289.705 Arizona 151.450 New York City -New York 55.010 Union Co -North Carolina 97.815 Denton Co -Texas 77.045 Farmington City -New Mexico 60.30o Maricopa Co Pollution Ctl Corp 40.0813 Denton Co -Texas 8.44o Lubbock Co (Lubbock -Cooper) ISD 1.50o Lubbock Co (Lubbock -Cooper) ISD 26.545 Kaufman Co (Forney) ISD 148.195 Maryland Hlth & Hghr Ed Facs Au 47.545 University of Connecticut 10.47o Delta Co Memorial Hosp Dt 5.301 Payson City -Utah 27.00o Washington State Hsg Fin Comm 45.00o Lincoln Co -Wyoming 140.850 NYS Environmental Facs Corp 504.305 Empire State Development Corp 22.475 Baltimore Mayor & City Council 21.195 Baltimore Mayor & City Council 11.330 Baltimore Mayor & City Council 255.000 Farmington City -New Mexico 73.64o Virginia Resources Auth (VRA) 26.87o Maine 22.765 Maine 11.50o Farmington City -New Mexico 7.20o Maine 335.055 NYS Dorm Authority 316.920 Puerto Rico Electric Power Auth 143.65o North Carolina Muni Pwr Agcy #1 76.80o Puerto Rico Electric Power Auth 52.13o Los Angeles Dept of Wtr & Power 882.310 Massachusetts Dept of Transport 380.25o NYC Transitional Finance Auth 99.675 San Francisco City & Co USD 342.100 NYC Transitional Finance Auth 250.00o NYC Transitional Finance Auth 192.615 Metro Washington Airports Auth 136.815 Ohio State Issue Description CA CA NC GA NC CO AZ CO CA NC NC CT ME CT CT CT CT MA CT CT NY AZ NY NC TX NM AZ TX TX TX TX MD CT CO UT WA WY NY NY MD MD MD NM VA ME ME NM ME NY PR NC PR CA MA NY CA NY .NY DC OH Electric System Revenue Bonds Electric System Revenue Bonds GO Refunding & Public Imp Bonds Sports & Rec Facs Lease Rev Bonds GO Public Improvement Bonds Certificates of Participation Certificates of Participation Certificates of Participation TRANs Comb Enterprise System Rev Bonds Comb Enterprise System Rev Bonds General Obligation Bonds Revenue Bonds GO Refunding Bonds GO Refunding Bonds GO Refunding Bonds GO Refunding Bonds GO School Bonds GO Refunding Bonds GO Refunding Bonds General Obligation Bonds Certificates of Participation General Obligation Bonds GO Refunding Bonds Permanent Improvement Bonds Pollution Control Rev Ref Bonds Pollution Control Rev Ref Bonds Permanent Improvement Bonds Refunding Bonds School Building & Refunding Bonds Unlimited Tax Refunding Bonds Revenue Bonds Spec Oblig Stud Fee Rev Ref Bonds Enterprise Revenue Ref Bonds Sewer Revenue Refunding Bonds Nonprofit Refunding & Rev Bonds Pollution Control Rev Ref Bonds State Revolving Funds Rev Bonds Service Contract Rev Ref Bonds GO Consolidated Pub Imp Bonds GO Consolidated Pub Imp Bonds GO Consolidated Pub Imp Bonds Pollution Control Rev Ref Bonds Infra & St Moral Oblig Rev Bonds General Obligation Bonds General Obligation Bonds Pollution Control Rev Ref Bonds General Obligation Bonds Sch Dts Rev Fing Prog Rev Bonds Power Revenue Bonds Electric Revenue & Ref Bonds Power Revenue Bonds Power System Revenue Bonds Senior Metro Hway Sys Rev Bonds Future Tax Secured Bonds General Obligation Bonds Future Tax Secured Sub Bonds Future Tax Secured Sub Bonds Dulles Toll Road Revenue Bonds Revenue Bonds Series Series 2010 A Series 2oio B Series 2oloA&C Series 2010 C Series 2010 B Series 2010 B Series 2010 Series 2010 A 2010-11 Series A Series 2010 B Series 2010 A 2010 Series B Series 2010 B & C 2010 Series C-2 2010 Series C-4 2010 Series C-5 2010 Series C-6 2010 Series C-3 2010 Series C-1 Series H Subser H-1 Series 2010 B Series H Subser H-2 Series 2010 A Series 2010 B 2010 Series A & B Series 2010 A & B Series 2010 A Series 2010 Series 2010 Series 2010 Series 2010 2010 Series A Series 2010 Series 2010 Series 2010 A & B Series 1991 Series 20100 C Series 2010 A- 1&2 Series 2010 C Series 2010 B Series 2010 A 2010 Series C - E Series 2010 A 2010 Series C 2010 Series B 2010 Series F 2010 Series A Series 2010 A-D Series CCC Series 2010 A & B Series BBB Series 2010 B 2010 Series B Ser H & Subser I -2 Series 2010 E 2010 Subseries G-1 2010 Subseries G-3 Series 2010 A & B Series 2010-2 WFS Role CO-MGR CO-MGR SENIOR CO-MGR SENIOR SENIOR CO-MGR SENIOR CO-MGR SENIOR SENIOR CO-MGR SENI O R CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO -SENIOR CO -SENIOR CO-MGR SENIOR SENIOR CO-MGR CO-MGR CO-MGR SOLE SOLE SOLE SOLE CO-MGR SENIOR SENIOR SENIOR SENIOR CO -SENIOR CO-MGR SENIOR SENIOR CO -SENIOR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR City of Clearwater Page 14 Wells Fargo Securities Deal Lists Sale Date 05/18/10 05/18/10 05/18/10 05/17/10 05/13/10 05/12/10 05/12/10 05/12/10 05/12/10 05/12/10 05/12/Io 05/12/10 05/12/10 05/11/10 05/11/10 05/11/10 05/11/10 05/10/10 05/07/10 05/07/10 05/07/10 05/06/10 05/06/10 05/05/Io 05/05/10 05/05/10 05/05/10 05/05/10 05/05/10 05/05/10 05/05/10 05/05/10 05/04/10 05/04/10 05/04/10 05/04/10 04/30/10 04/30/10 04/30/10 04/28/10 04/28/10 04/28/10 04/28/10 04/28/10 04/28/10 04/27/10 04/26/10 04/23/10 04/23/10 04/22/10 04/22/10 04/22/10 04/22/10 o4/22/10 04/22/10 04/21/10 04/20/10 04/16/10 04/16/10 04/15/10 Wells Eargo:5eeurities' NationaP,Municipal:Underwcifing.Rxiieriefice,(Ex'cliiaing Tlorrdii) January 1} 2009 to, Present Source SD.C.(lo/3/2011) Par ($MM) Issuer 78.185 Ohio 23.779 Harris Co (Alief) ISD 2.340 Chambers Co (Barbers Hill) ISD 950.000 New Jersey Economic Dev Auth 35.00o West Kern Water Dt 133.210 University of Connecticut 35.610 Charlotte City -North Carolina 27.97o Univ of North Carolina Bd of Gov 9.10o Iredell Co Ind Facs & PC Fin Au 8.405 Berks Co (Governor Mifflin) SD 6.295 North Kern/Cawelo Financing Auth 4.42o North Kern/Cawelo Financing Auth CA 3.490 Univ of North Carolina Bd of Gov NC Georgia Municipal Gas Auth (MGAG) GA TX TX TX TX IL IL IL TX TX CA CA MA NY KY IL D K U U G N U M M N N N P P P N S 75.000 44.654 Ector Co Hospital Dt 9.550 Ector Co Hospital Dt 2.94o Meadows Place -Texas 29.03o McAllen City -Texas 61.160 Will Co -Illinois 27.42o Will Co -Illinois 11.42o Will Co -Illinois 146.12o Texas A&M Univ Sys Bd of Regents 95.065 Texas A&M Univ Sys Bd of Regents 1,496.27o California Dept of Wm Resources 1,496.27o California Dept of Wtr Resources 250.00o Massachusetts Housing Fin Agcy 210.000 Long Island Power Auth (LIPA) 122.405 Kentucky Municipal Power Agency 80.475 Chicago City -Illinois 59.55o District of Columbia 53.60o Kentucky Municipal Power Agency 7.725 Kentucky Municipal Power Agency 193.325 Long Island Power Auth (LIPA) 119.735 Henrico Co -Virginia 52.400 Salt Lake Co (Granite) SD 27.60o Salt Lake Co (Granite) SD 59.490 Jefferson Co (Beaumont) ISD 28.44o Denton Co (Lewisville) ISD 10.085 Jefferson Co (Beaumont) ISD 200.000 Lower Colorado River Au (LCRA) 128.410 Georgia Muni Electric Au (MEAG) 30.165 Bergen Co Improvement Auth 28.00o Utah Housing Corporation (UHC) 11.735 Maine Municipal Bond Bank 8.32o Maine Municipal Bond Bank 19.555 Travis Co (Del Valle) ISD 6.30o Laredo Comm College Dt 104.115 New Jersey Economic Dev Auth 35.740 New Jersey Economic Dev Auth 716.330 New Jersey Economic Dev Auth 631.160 Puerto Rico Electric Power Auth 363.075 Puerto Rico Electric Power Auth 320.175 Puerto Rico Electric Power Auth 120.000 North Carolina Med Care Commiss 9.82o Myrtle Beach City -South Carolina 29.425 Chester Co -Pennsylvania 20.42o Travis Co (Pflugerville) ISD 20.825 Mooresville Town -North Carolina 4.66o Mooresville Town -North Carolina 486.33o Allen Co -Ohio Stat OH TX TX NJ CA CT NC NC NC PA CA e C Y KY NY VA T T TX TX TX TX A J T E E TX TX J J J R R R C C PA TX NC NC OH Issue Description Revenue Bonds Refunding Bonds Refunding Bonds School Facilities Con Notes Rev Certificates of Participation GO & Refunding Bonds Certificates of Participation General Revenue Bonds Recovery Zone Facility Bonds GO Var Rate Demand Bonds Water Revenue Bonds Water Revenue Bonds General Revenue Bonds Gas Revenue Refunding Bonds Hospital Revenue Bonds Hospital Revenue Ref & Imp Bonds GO Limited Tax Refunding Bonds Comb Tax & Revenue Certs of Oblig GO Transport Imp Alt Rev Bonds GO Transport Imp Alt Rev Bonds GO Transport Imp Alt Rev Bonds Revenue Financing System Bonds Revenue Financing System Bonds Power Supply Revenue Bonds Power Supply Revenue Bonds Housing Bonds Electric System Gen Revenue Bonds Power System Revenue Bonds Second Lien Revenue Bonds Fixed Rate Revenue Bonds Power System Revenue Bonds Power System Revenue Bonds Electric System General Rev Bonds GO Public Improvement Ref Bonds GO School Building Bonds GO School Building Bonds Unlimited Tax School Bldg Bonds Unlimited Tax Refunding Bonds Unlimited Tax School Bldg Bonds Transmission Contract Ref & Imp Revenue Bonds Governmental Loan Revenue Bonds Single Family Mortgage Bonds Revenue Bonds Revenue Bonds School Building Bonds Combined Fee Revenue Ref Bonds School Facilities Con Bonds School Facilities Con Ref Bonds School Facilities Con & Ref Bonds Power Revenue Bonds Power Revenue Bonds Power Revenue Bonds Health Care Facilities Rev Bonds Ref Certificates of Participation General Obligation Bonds Refunding Bonds Enterprise Systems Revenue Bonds Enterprise Systems Revenue Bonds Hospital Facilities Revenue Bonds Series Series 2010-1 Series 2010 Series 2010 2010 Series B Series 2010 2010 Series A Series 2010 A Series 2010 B Series 2010 Series of 2010 2010 Series A 2010 Series B Series 2010 A Series I Series 2010 B Series 2010 A Series 2010 Series 2010 Series 2010 B Series 2010 C Series 2010 A Series 2010 B Series 2010 A Series 2010 L Series 2010 L 2010 Series A Series 2010 B Series 2010 B Series 2010 A- 1&2 Series 2010 A Series 2010 A Series 2010 C Series 2010 A Series 2010 Series 2010 Series 2010 Series 2010 B Series 2010 Series 2010 A Series 2010 Series 2010 A Series 2010 2010 Series A 2010 Series B 2010 Series A Series 2010 Series 2010 Series 2010 CC-1 Series 2010 DD-2 Ser 2010 DD-1 & CC-2 Series ZZ Series AAA Series YY Series 2010 A Series 2010 Series A of 2010 Series 2010 Series 2010 B Series 2010 A Series 2010 A & B WFS Role CO-MGR SENIOR SOLE CO-MGR SOLE SENIOR SENIOR SENIOR SOLE SOLE SOLE SOLE SENIOR SENI OR CO-MGR CO-MGR SOLE SENIOR SOLE SOLE SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR SOLE SOLE SENIOR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO -SENIOR SENIOR SENIOR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR SENIOR SENIOR CO-MGR City of Clearwater Page 15 Wells Fargo Securities Deal Lists Sale Date 04/15/10 04/14/10 04/13/10 04/12/10 04/12/10 04/09/10 04/08/10 04/08/10 04/08/10 04/08/10 04/08/10 04/08/10 04/07/10 04/07/10 04/07/10 04/02/10 04/01/10 04/01/10 03/31/10 03/31/10 03/31/10 03/31/10 03/31/10 03/31/10 03/30/10 03/30/10 03/30/to 03/30/10 03/26/to 03/25/10 03/25/to 03/25/to 03/25/10 03/24/10 03/23/10 03/23/10 03/22/10 03/22/10 03/19/10 03/19/10 03/18/10 03/18/10 03/18/10 03/17/10 03/17/10 03/17/10 03/17/10 03/17/10 03/17/10 03/17/10 03/17/10 03/17/10 03/17/10 03/17/10 03/17/10 03/17/10 03/16/10 03/16/10 03/11/10 03/11/10 WellsFargorSecuiities' NationahMunicipal'UnderwritingExperience(E5Keluding'Florida) January 1,:2009 to,Prescnt Soli ce:"SDC (io/3/2ota .. . Par ($MM) Issuer 30.12o Arlington Co Industrial Dev Auth 64.785 Arizona Board of Regents 50.00o Texas A&M Univ Sys Bd of Regents 34.155 Suffolk City -Virginia 26.30o Lubbock Co Hospital Dt 396.46o Philadelphia City -Pennsylvania 153.345 New Hampshire 89.12o Loudoun Co -Virginia 32.005 Laredo Comm College Dt 13.53o Isle of Wight Co -Virginia 8.67o Isle of Wight Co -Virginia 1.42o Laredo Comm College Dt 97.24o Maine Hlth & Hghr Ed Facs Auth 69.90o Cleveland City -Ohio 63.225 Cleveland City -Ohio 158.00o Utah State Board of Regents 168.08o Johnson City H1th & Ed Facs Bd 35.935 Smyth Co Industrial Dev Auth 38.065 Beaufort -Jasper Wtr & Swr Auth 32.525 Chesapeake -Virginia 11.60o Northern Inyo Co Local Hosp Dt 4.795 Spartanburg City -South Carolina 3.86o Chesapeake -Virginia 2.800 West Des Moines City -Iowa 215.735 California St Public Works Board 54.215 California St Public Works Board 22.75o Virginia Housing Dev Authority 18.420 Webb Co (Laredo) ISD 822.210 Puerto Rico Electric Power Auth 2,500.00o California 900.00o California 54.35o Portsmouth City-Vuginia 31.765 Portsmouth City -Virginia 139.410 Arlington Co Industrial Dev Auth 505.355 Chicago Transit Authority 44.645 Chicago Transit Authority 23.010 Pearland City -Texas 12.445 Union Co Higher Ed Facs Fin Auth 188.00o California Infrstr & Eco Dev Bank 19.67o California Infrstr & Eco Dev Bank 644.070 New York City -New York 30.930 New York City -New York 28.355 Nash Co -North Carolina 443.235 Metropolitan Transport Auth (MTA) 359.110 NYC Municipal Water Finance Auth 205.145 California State Univ Trustees 146.950 California State Univ Trustees 70.00o Rochester City -Minnesota 60.000 Rochester City -Minnesota 59.755 Metropolitan Transport Auth (MTA) 30.995 Ohio Building Authority 11.45o Ohio Building Authority 10.86o Ohio Building Authority 9.555 Ohio Building Authority 9.005 Ohio Building Authority 5.445 Ohio Building Authority 15.22o Bergen Co Improvement Auth 5.335 Bergen Co Improvement Auth 2,500.00o California 694.30o District of Columbia State VA AZ TX VA TX PA NH VA TX VA VA TX ME OH OH UT TN VA SC VA CA SC VA IA CA CA VA TX PR CA CA VA VA VA IL IL TX PA CA CA NY NY NC NY NY CA CA MN MN NY OH OH OH OH OH OH NJ NJ CA DC Issue Description Revenue Refunding Bonds Speed Revenue Bonds Certificates of Participation GO Public Improvement & Ref Bonds Hospital Revenue Bonds Water & Wstwtr Rev Ref Bonds GO Refunding Bonds GO Refunding Bonds Combined Fee Revenue Bonds GO Public Improvement Bonds GO Public Imp Notes & Ref Bonds Maintenance Tax Notes Revenue Bonds Refunding Certs of Participation Ref Certificates of Participation Student Loan Revenue Bonds Hospital Refunding Revenue Bonds Hospital Refunding Revenue Bonds Wtrwrks & Swr Sys Ref Rev Bonds Water & Sewer Sys Revenue Bonds Revenue Bonds Tax Increment Refunding Bonds Water & Sewer Sys Revenue Bonds Revenue Bonds Lease Revenue Bonds Lease Revenue Bonds Rental Housing Bonds Unitd Tax Refunding Bonds Power Revenue Bonds Various Purpose GO Bonds Various Purpose GO Bonds GO Public Improvement Bonds GO Pub Imp Bonds & GO Notes Hospital Revenue Refunding Bonds Sales Tax Receipts Revenue Bonds Sales Tax Receipts Revenue Bonds Wtr & Swr Sys Rev & Rev Ref Bonds University Revenue Bonds Revenue Bonds Revenue Bonds General Obligation Bonds General Obligation Bonds Limited Obligation Bonds Dedicated Tax Fund Bonds Wtr & Swr 2nd Gen Res Rev Bonds Systemwide Revenue Bonds Systemwide Revenue Bonds Health Care Revenue Bonds Health Care Facilities Rev Bonds Dedicated Tax Fund Bonds State Facilities Bonds State Facilities Refunding Bonds State Facilities Refunding Bonds State Facilities Bonds State Facilities Bonds State Facilities Bonds Revenue Bonds Revenue Bonds Various Purpose GO Bonds Income Tax Secured Rev Ref Bonds Series Series 2010 Series 2010 Series Al & A2 Series 2010 A Series 2010 Series 2010A 2010 Series A Series 2010 A Series 2010 Series 2010 C Series 2010 A & B Series 2010 Series 2010 A Series 2010 B Series 2010 A Series 2010 A Series 2010 A Series 2010 B Series 2010 B Series 2010 B Series 2010 Series 2010 Series 2010 A Series 2010 2010 Series A-1 2010 Series A-2 2010 Series B Series 2010 Series XX Series 2010 B Series 2010 A & C Series 2010 Series 2010 B Series 2010 A Series 2010 A & B Series of 2010 Series 2010 B Series 2010 A 2010 Ser G Sub G-1 2010 Ser G Sub G-3 Series 2010 Series 2010 A-2 2010 Series FF Series 2010 B Series 2010 A Series 2008 E Series 2008 D Series 2010 A-1 2010 Series B 2010 Series B 2010 Series A 2010 Series C 2010 Series A 2010 Series A Series 2010 B Series 2010 A Series 2010 A WFS Role SENIOR SENIOR SOLE CO-MGR SOLE CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE CO-MGR SOLE SENIOR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR SENIOR CO-MGR CO-MGR CO-MGR CO -SENIOR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR SENIOR CO-MGR SENIOR SENIOR SENIOR SENIOR SENIOR SENIOR SENIOR SENIOR CO-MGR CO-MGR City of Clearwater Page 16 Wells Fargo Securities Deal Lists Sale Date 03/11/10 03/11/10 03/11/l0 03/11/l0 03/10/10 03/10/10 03/10/10 03/10/10 03/10/10 03/09/10 03/09/10 03/09/10 03/09/10 03/09/10 03/09/10 03/09/10 03/08/10 03/08/10 03/08/10 03/05/10 03/05/10 03/04/l0 03/04/10 03/04/10 03/04/to 03/04/l0 03/03/10 03/03/10 03/03/10 03/02/10 03/02/10 03/02/10 03/01/10 02/26/10 02/26/to 02/25/10 02/24/10 02/24/10 02/24/10 02/23/10 02/19/10 02/19/10 02/18/10 02/12/10 02/11/10 02/11/10 02/11/10 02/11/10 02/11/10 02/11/10 02/11/10 02/10/10 02/10/l0 02/10/10 02/10/10 02/10/10 02/09/10 02/04/10 02/04/10 02/03/10 Par ($MM) 218.490 82.500 25.600 14.040 349.410 2 1.485 128.025 27.820 20.660 500.000 80.535 69.045 40.955 31.410 16.005 8.795 383.405 21.880 7.090 1,012.235 16.710 366.265 190.58o NYS Dorm Authority 140.210 Pennsylvania Housing Fin Agency 98.975 New Hampshire Muni Bond Bank 34.535 NYS Dorm Authority 1,224.265 Georgia Muni Electric Au (MEAG) 331.415 Univ of Texas Sys Bd of Regents 24.17o Georgia Muni Electric Au (MEAG) 156.255 San Antonio City -Texas 36.960 Travis Co (Del Valle) ISD 26.865 Montgomery Co (Conroe) ISD 17.18o Fort Bend Co (Needville) ISD 120.000 Ohio Public Fac Commission 54.400 Ohio Public Fac Commission 43.935 North Carolina State Ports Auth 128.865 Missouri Highway & Transport Com 56.135 Missouri Highway & Transport Com 20.335 SC Ed Nonprofit Inst Hghr Learn 21.005 Virginia Housing Dev Authority 138.670 Connecticut Housing Finance Auth 3.000 Connecticut Housing Finance Auth 4.160 Ridgeland City -Mississippi 34.090 Athens Housing Authority 400.0oo East Bay MUD 185.390 Harris Co -Texas 113.58o Texas Higher Ed Coord Bd 65.00o North Carolina Med Care Commiss 59.63o Kansas Development Fin Auth 24.53o Kansas Development Fin Auth 18.40o Kansas Development Fin Auth 77.400 Calleguas-Las Virgenes Pub Fin Au 31.225 Utah 21.355 Calleguas-Las Virgenes Pub Fin Au 18.45o Utah 16.125 Utah 31.145 Charlotte City -North Carolina 607.83o Metropolitan Transport Auth (MTA) 49.145 Metropolitan Transport Auth (MTA) 196.46o NYS Environmental Facs Corp Wells -Fa i go Securities'rational Munidipal UnderwritingFgperienee (Excluding Florida) Januarys, 2009 to Present Source: SJ (L0/3/2ox1,) Issuer Guilford Co -North Carolina Guilford Co -North Carolina Maine Governmental Facs Auth District of Columbia Philadelphia SD Philadelphia SD Univ of North Carolina Bd of Gov Philadelphia SD Univ of North Carolina Bd of Gov NYC Municipal Water Finance Auth Fort Bend Co (Katy) ISD Illinois Finance Authority Harris Co (Channelview) ISD Santa Fe Co -New Mexico Harris Co (Tomball) ISD Harris Co (Channelview) ISD Georgia Muni Electric Au (MEAG) San Marcos City -Texas Georgia Muni Electric Au (MEAG) Georgia Muni Electric Au (MEAG) Georgia Muni Electric Au (MEAG) NYS Dorm Authority State NC NC ME DC PA PA NC PA NC NY TX IL TX NM TX TX GA TX GA GA GA NY NY PA NH NY GA TX GA TX TX TX TX OH OH NC MO MO SC VA CT CT MS GA CA TX TX NC KS KS KS CA UT CA UT UT NC NY NY NY Issue Description GO Refunding & Public Imp Bonds GO Public Improvement Bonds Lease Rental Revenue Ref Bonds Income Tax Secured Revenue Bonds GO Refunding Bonds General Obligation Bonds Pool Revenue Bonds General Obligation Bonds Pool Revenue Bonds Wtr & Swr Sys Gen Res Rev Bonds Refunding Bonds Revenue Refunding Bonds School Building Bonds Cap Out Gross Acts Tax Rev Bonds Unlimited Tax Refunding Bonds School Building Bonds Taxable Build America Bonds Combination Tax & Rev Cert Oblig Revenue Bonds Taxable Build America Bonds Revenue Bonds State Personal Inc Tax Rev Bonds State Personal Inc Tax Rev Bonds Single Family Mortgage Rev Bonds Refunding Bonds State Personal Inc Tax Rev Bonds Taxable Build America Bonds Revenue Financing System Bonds Revenue Bonds General Improvement Ref Bonds Refunding Bonds Unitd Tax School Building Bonds Unitd Tax Sch Bldg & Ref Bonds Infrastructure Imp GO Bonds Infrastructure Imp GO Ref Bonds Port Facs Senior Lien Rev Bonds Federal Reimbursement Road Bonds Federal Reimbursement Road Bonds Educational Facilities Rev Bonds Rental Housing Bonds Housing Mtg Finance Program Bonds Housing Mtg Finance Program Bonds GO Refunding Bonds Revenue Refunding Bonds Water System Sub Revenue Bonds Permanent Improvement Ref Bonds GO College Student Loan Bonds Health System Revenue Bonds Revenue Bonds Revenue Bonds Revenue Bonds Water Revenue Bonds Recapitalization Revenue Bonds Water Revenue Bonds Recapitalization Revenue Bonds Recapitalization Revenue Bonds Revenue Bonds Transportation Revenue Bonds Transportation Revenue Bonds St Clean & Drinking Wtr Rev Bonds Series Series 2010 A C & D Series 2010 B Sereis 2010 A Series 2010 B Series C & D of 2010 Series B of 2010 Series 2010 A-C Series A of 2010 Series 2010 D 2010 Series EE Series 2010 A & B Series 2009 A Series 2010 B Series 2010 A & B Series 2010 Series 2010 A Series 2010 A Series 2010 B Series 2010 B Series 2010 A Series 2010 B Series 2010 A Series 2010 C Ser zolo-108 A & B 2010 Series A Series 2010 B Series 2010 A Series 2010 A Series 2010 B Series 2010 Series 2010 Series 2010 Series 2010 A Series 2010 B Series 2010 C Series 2010 A & B Series A 2010 Series B 2010 Series 2010 2010 Series A 2010 Subser A-1-3 &B 2010 Subseries A-4 Series 2010 Series 2010 Series 2010 B Series 2olo A Series 2010 Series 2010 Series 2010 E-1 Series 2010 E-2 Series 2010 F Series 2010 B Series 2010 C Series 2010 A Series 2010 A Series 2010 B Series 2010 C Series 2010 B-1 Series 2010 B-2 Series 2010 B WFS Role SENIOR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR SENI O R CO-MGR SENI O R SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR SOLE SENIOR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR SOLE CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR City of Clearwater Page 17 Welis Fargo Securities Deal Lists Sale Date 02/03/10 02/03/10 02/02/10 02/02/10 01/28/10 01/28/10 01/28/10 01/28/10 01/28/10 o1/27/10 01/26/10 01/26/10 01/26/10 01/22/10 01/22/10 01/22/10 01/21/10 01/21/10 01/15/10 01/14/10 01/14/10 01/14/10 01/14/10 01/13/10 01/13/10 01/13/10 01/13/10 01/13/10 01/13/10 01/13/10 01/12/10 01/07/10 01/07/10 01/06/10 12/28/09 12/23/09 12/22/09 12/22/09 12/22/09 12/22/09 12/22/09 12/17/09 12/17/09 12/17/09 12/16/09 12/16/09 12/16/09 12/15/09 12/15/09 12/15/09 12/15/09 12/15/09 12/15/09 12/15/09 12/15/09 12/15/09 12/14/09 12/11/09 12/11/09 12/10/09 Par ($MM) 132.660 11.916 81.485 49.690 1,823.757 1,000.000 205.420 111.260 107.330 10.000 400.000 192.830 4.040 319.830 250.000 3.113 10.520 5i235 500.000 117.650 104.330 49.875 44.690 Norfolk City -Virginia 709.090 Arizona 423.235 Lower Colorado River Au (LCRA) 130.10o Charlotte City -North Carolina 67.770 Charlotte City -North Carolina 36.76o Denton Co (Lewisville) ISD 25.055 Denton Co (Lewisville) I SD 16.22o Louisville -Jefferson Parking Auth 163.110 University of Michigan Regents 71.840 Idaho Housing & Fin Assoc 12.450 Idaho Housing & Fin Assoc 363.945 Metropolitan Transport Auth (MTA) 11.40o Washington State Hsg Fin Comm 1,356.076 Puerto Rico Government Dev Bank 129.740 South Jersey Port Corp 23.60o Pueblo Co -Colorado 23.215 South Jersey Port Corp 4.925 South Jersey Port Corp 3.000 Pueblo Co -Colorado 157.037 NYS Municipal Bond Bank 18.305 NYS Municipal Bond Bank 8.90o NYS Municipal Bond Bank 188.340 St Louis Park City -Minnesota 65.000 Connecticut Housing Finance Auth 15.90o Cumberland Co Finance Corp 215.00o Connecticut 76.493 Connecticut 50.00o Connecticut 46.107 Connecticut 38.710 Maine Municipal Bond Bank 36.30o Connecticut 26.10o Connecticut 7.30o King Co Housing Authority 5.700 King Co Housing Authority 24.00o Mississippi Development Bank 274.395 Georgia Muni Electric Au (MEAG) 86.795 Charlotte City -North Carolina 900.165 New York City -New York Wells Fargo'SectiritieS"Nationalllunieipal` ffriderivritingE perieiice (E c1u'ding.Florida`) January 1, 2009 to Present Source:. SDC tko/3/2oii) Issuer NYS Environmental Facs Corp Grand River Hospital Dt Wisconsin Wisconsin Puerto Rico Sales Tax Fin Corp Illinois Missouri Env Imp & Energy Res Au Oklahoma Muni Power Authority Virginia Housing Dev Authority Clark Co -Washington NYC Municipal Water Finance Auth East Bay MUD Kerrville City -Texas Gainesville & Hall Co Hosp Auth Gainesville & Hall Co Hosp Auth Salt Lake City -Utah Canadian River Muni Water Auth Canadian River Muni Water Auth NYC Transitional Finance Auth Norfolk City -Virginia Hurst -Euless -Bedford ISD Norfolk City -Virginia State Issue Description NY St Clean & Drinldng Wtr Rev Bonds CO GO Refunding Bonds WI Clean Water Rev & Rev Ref Bonds WI Clean Water Revenue Bonds PR Sales Tax Revenue Bonds IL General Obligation Bonds MO Wtr PC & Drink Wtr Ref Rev Bonds OK Power Supply Sys Rev Ref Bonds VA Homeownership Mortgage Bonds WA Limited Tax TANs NY Water & Sewer System Rev Bonds CA Water System Sub Rev Ref Bonds TX Combined Tax & Rev Cert Oblig GA Revenue Anticipation Certificates GA Revenue Anticipation Certificates UT Facility Revenue Bonds TX Contract Revenue Refunding Bonds TX Contract Revenue Refunding Bonds NY Future Tax Secured Sub Bonds VA GO Capital Improvement Bonds TX Unlimited Tax Refunding Bonds VA GO Capital Improvement Bonds VA General Obligation BANs AZ Certificates of Participation TX Refunding Revenue Bonds NC Airport Revenue Bonds NC Airport Refunding Revenue Bonds TX School Building Bonds TX School Building Bonds KY First Mortgage Revenue Bonds MI General Revenue Bonds ID Grant & Revenue Antic Bonds ID Grant & Revenue Antic Bonds NY Transportation Revenue Bonds WA Multi -Family Revenue Bonds PR Senior Notes NJ Marine Terminal Revenue Bonds CO Certificates of Participation NJ Marine Terminal Revenue Bonds NJ Marine Terminal Revenue Bonds CO Certificates of Participation NY Revenue Act Bonds NY Recovery Act Bonds NY Recovery Act Bonds MN Health Care Facs Rev Ref Bonds CT Housing Mortgage Fin Prog Bonds NC Certificates of Participation CT General Obligation Bonds CT General Obligation Bonds CT General Obligation Bonds CT General Obligation Bonds ME Revenue Bonds CT General Obligation Bonds CT General Obligation Bonds WA Housing Revenue Bonds WA Housing Revenue Bonds MS Special Obligation Bonds GA Subordinated Bonds NC GO Refunding Bonds NY General Obligation Bonds Series Series 2010 A Series 2010 2010 Series 1 & 2 2010 Series 3 First Sub Ser 2010 A Series 2010-1 Series 2010 A Series 2010 A 2010 Series A Series 2010 2010 Series DD Series 2010 A Series 2010 Series 2010 A Series 2010 B Series 2010 A Series 2010 Series 2010 2010 Series D & E Series 2010 B Series 2010 Series 2010 A Series 2010 C Series 2010 A Series 2010 Series 2010 A Series 2010 B Series 2010 A Series 2010 B Series 2010 B Series 2010 A 2010 Series A-2 2010 Series A-1 Series 2010 A Series 2009 2009 Series C & D Series 2009 P-3 Series 2009 A Series 2009 P-2 Series 2009 P-1 Series 2009 B Ser o9 Sub A1,B1,C1 Ser 09 Sub A2,B2,C2 Ser o9 Sub A3,B3,C3 Series 2009 2009 Series C-1 Series 2009 2009 Series B-2 2009 Series B-5 2009 Series B-1 2009 Series B-4 2009 Series H 2009 Series B-3 2009 Series B-6 Series 2009 Series 2009 Series 2009 Series 2009 B Series 2009 C 2010 Series E & F WFS Role CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR SOLE CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR SOLE SOLE SOLE CO-MGR SENIOR CO-MGR City of Clearwater Page 18 Wells Fargo Securities Deal Lists .... - Wells"I+'argil'Set.urlhcs"NatibnallVIunlciZ 1pal'UnderwrliingTx)1erience (Excludingnocida): January a, 2009 to Present .Source: SDC .(i 0/3/2o11) Sale Date Par ($MM) Issuer 12/10/09 560.515 New York City -New York 12/10/09 193.720 Missouri Jt Muni Elec Util Comm 150.00o Massachusetts School Bldg Auth 100.15o Washington Health Care Facs Au 15.465 United Water Conservation Dt 14.20o Missouri Jt Muni Elec Util Comm 9.70o Rocky Mountain Fire Prot Dt 501.290 District of Columbia 375.010 Pennsylvania Turnpike Commission 129.620 District of Columbia 42.42o Washington Hghr Ed Facs Auth 250.00o Denver City and Co SD #1 io8.86o Arizona Board of Regents 68.02o Denver City and Co SD #1 58.390 Salt Lake Co Muni Bldg Auth 50.00o Clark Co -Nevada 22.165 Salt Lake Co Muni Bldg Auth 17.20o Hennepin Co (Minneapolis) SSD #1 5.64o Arizona Board of Regents 4.780 Galveston Co (Clear Creek) ISD 186.125 Piedmont Muni Power Agency 55.310 Massachusetts Housing Fin Agcy 26.490 Piedmont Muni Power Agency 24.00o Utah Housing Corporation (UHC) 14.00o Idaho Housing & Fin Assoc 12.34o Piedmont Muni Power Agency 4.690 Massachusetts Housing Fin Agcy 1.60o Alvin -Texas 321.862 Regents of the Univ of California 208.28o Pennsylvania Turnpike Commission 107.288 Regents of the Univ of California 94.755 Regents of the Univ of California 75.00o Winchester Industrial Dev Auth 25.00o West Virginia Hospital Fin Auth 175.110 Univ of No Texas Bd of Regents 13.62o Atlanta City -Georgia 29.950 Beaumont City -Texas 64.26o NYS Dorm Authority 55.96o Chester Co -Pennsylvania 40.915 Chester Co -Pennsylvania 12.505 Athens Housing Authority 591.575 California St Public Works Board 497.005 American Municipal Power Inc 366.38o Charlotte City -North Carolina 346.090 Los Angeles Dept of Wtr & Power 249.26o De Kalb Private Hospital Auth 151.735 California St Public Works Board 131.05o Philadelphia Parking Authority 122.405 American Municipal Power Inc 92.78o Maine Hlth & Hghr Ed Facs Auth 54.50o North Carolina Med Care Commiss 50.720 Fulton Co Development Authority 27.87o Bexar Co -Texas 24.425 American Municipal Power Inc 23.02o Bexar Co -Texas 17.88o Montgomery Co (Conroe) ISD 150.00o Georgia Municipal Gas Auth (MGAG) 117.37o Massachusetts Dev Finance Agcy 112.805 Univ of North Carolina Bd of Gov 97.735 Univ of North Carolina Bd of Gov 12/10/09 12/10/09 12/10/09 12/10/09 12/10/09 12/09/09 12/09/09 12/09/09 12/09/09 12/08/09 12/08/09 12/08/09 12/08/09 12/08/09 12/08/09 12/08/09 12/08/09 12/08/09 12/04/09 12/04/09 12/04/09 12/04/09 12/04/09 12/04/09 12/04/09 12/04/09 12/03/09 12/03/09 12/03/09 12/03/09 12/03/09 12/03/09 12/02/09 12/02/09 12/01/09 11/25/09 11/24/09 11/24/09 11/24/09 11/19/09 11/19/09 11/19/09 11/19/09 11/19/09 11/19/09 11/19/09 11/19/09 11/19/09 11/19/09 11/19/09 11/19/09 11/19/09 11/19/09 11/19/09 11/18/09 11/18/09 11/18/09 11/18/09 State Issue Description NY General Obligation Bonds MO Power Project Revenue Bonds MA Dedicated Sales Tax Bonds WA Revenue Bonds CA Certificates of Participation MO Power Project Revenue Bonds CO General Obligation Bonds DC Income Tax Secured Revenue Bonds PA Turnpike Revenue Bonds DC Income Tax Secured Rev Bonds WA Refunding Revenue Bonds CO General Obligation Bonds AZ University System Revenue Bonds CO GO Refunding Bonds UT Lease Revenue Bonds NV Industrial Development Rev Bonds UT Lease Revenue Bonds MN GO School Building Bonds AZ University System Revenue Bonds TX Unlimited Tax Refunding Bonds SC Electric Revenue Refunding Bonds MA Single Family Housing Rev Bonds SC Electric Revenue Bonds UT Single Family Mortgage Bonds ID Single Family Mortgage Rev Bonds SC Electric Revenue Bonds MA Single Family Housing Rev Bonds TX Tax Notes CA Medical Center Pooled Rev Bonds PA Turnpike Revenue Bonds CA Medical Center Pooled Rev Bonds CA Medical Center Pooled Rev Bonds VA Hospital Revenue Bonds WV Hospital Revenue Bonds TX Rev & Ref Financing Sys Bonds GA Tax Allocation Bonds TX Certificates of Obligation NY Revenue Bonds PA General Obligation Bonds PA General Obligation Bonds GA Revenue Bonds CA Lease Revenue Bonds OH Revenue Bonds NC Water and Sewer Revenue Bonds CA Water System Revenue Bonds GA Revenue Anticipation Certificates CA Lease Revenue Bonds PA Airport Parking Revenue Ref Bonds OH Revenue Bonds ME Revenue Bonds NC Health Care Facs Rev Ref Bonds GA Revenue Bonds TX Revenue Bonds OH Revenue Bonds TX Revenue Bonds TX Unlimited Tax Refunding Bonds GA Gas Revenue Refunding Bonds MA Revenue Bonds NC General Revenue Bonds NC General Revenue Bonds Series 2010 Ser D Sub D-1 Series 2009 A 2009 Series A Series 2010 A Series 2009 Series 2009 B Series 2009 Series 2009 E Series B of 2009 Series 2009 D Series 2010 A Series 2009 C Series 2009 A Series 2009 F & G Series 2009 B Series 2009 A Series 2009 A Series 2009 C Series 2009 B Series 2010 Series 2009 A- 2,3&4 Series 146 & 147 Series 2009 B 2009 Series C 2009 Series C Series 2009 A-1 Series 145 Series 2009 Series 2009 F Series C of 2009 Series 2009 F Series 2009 E Series 2009 E Series 2009 Series 2009 A & B Series 2009 B & C Series 2009 Series 2009 B Series C of 2009 Series B of 2009 Series 2009 2009 Series I Series 2009 B Series 2009 B 2009 Series C Series 2009 2009 Series J Series of 2009 Series 2009 C Series 2009 A Series 2009 C Series 2009 Series 2009 Series 2009 A Series 2009 Series 2009 Series G & H Series V 1-3 Series 2009 B Series 2009 A WFS Role CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO -SENIOR CO-MGR CO -SENIOR SENIOR CO-MGR SENIOR SOLE CO-MGR SOLE CO-MGR CO-MGR SENIOR CO -SENIOR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR SOLE SENIOR CO-MGR SENIOR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR �'� Wells Fargo Securities City of Clearwater Page 19 Deal Lists Wells FargoSecii'itieS National`Municipal''Unilerwertinb:Experienee•(Exeludiiiganoriiia) .January'x,.2.009,to Present Soiireer $DC (Yo/.3/w011) Sale Date Par ($MM) Issuer 11/18/09 67.215 New Hampshire 11/18/(39 7.080 Thomasville City -North Carolina 11/17/09 672.680 Empire State Development Corp 11/17/09 576.080 Empire State Development Corp 11/17/09 223.175 Empire State Development Corp 11/17/09 178.005 New Jersey Turnpike Authority 11/17/09 38.83o Amarillo Economic Dev Corp 11/17/09 8.755 Maryland Dept of Hsg & Comm Dev 11/16/09 44.80o Colorado Health Facilities Auth 11/16/09 23.155 Portland Housing Authority 11/12/09 96.815 Washington State University 11/12/09 25.075 Bexar Co (Northside) ISD 11/12/09 14.850 Washington State University 11/12/09 1.60o Grand Co SD 11/11/09 47.840 Bexar Co (Northside) ISD 11/10/09 915.795 Connecticut 11/10/09 165.750 Connecticut 11/10/09 3.725 White Bear Lake City -Minnesota 11/09/09 50.00o Minneapolis -St Paul Hsg Redev Au 11/06/09 402.380 NYS Dorm Authority 11/06/09 120.365 Virginia Resources Auth (VRA) 11/05/09 22.500 Nevada Housing Division 11/04/09 523.45o Georgia 11/04/09 11/04/09 11/04/09 11/04/09 11/04/09 11/04/09 11/04/09 11/03/09 11/03/09 10/30/09 10/29/09 10/29/09 10/29/09 10/29/09 10/29/09 10/28/09 10/28/09 10/28/09 10/28/09 10/28/09 10/28/09 10/28/09 10/28/09 10/27/09 10/27/09 10/26/09 10/26/09 10/26/09 10/26/09 10/23/09 10/23/09 10/23/09 10/23/09 10/23/09 10/23/09 10/22/09 10/22/09 275.000 270.405 225.000 134.725 77.425 15.915 15.440 240.000 185.245 22.120 California Georgia California Hampton Roads Sanitation Dt Kansas Turnpike Authority Hampton Roads Sanitation Dt Greenville City -South Carolina Illinois Finance Authority Minneapolis -St Paul Hsg Redev Au SC Ed Nonprofit Inst Hghr Learn 1,614.588 California 1,321.027 California 87.390 Collin Co (Plano) ISD 28.985 Washington Co -Oregon 17.685 Collin Co (Plano) ISD 304.03o Connecticut 300.00o Missouri Highway & Transport Com 245.745 Connecticut 218.820 NYC Municipal Water Finance Auth 38.015 Massachusetts Housing Fin Agcy 29.145 Massachusetts Housing Fin Agcy 27.000 Suffolk City -Virginia 4.20o Will Co Forest Preserve Dt 504.24o NYC Municipal Water Finance Auth 93.770 Missouri Hlth & Ed Facs Authority 55.850 Comal ISD 49.370 Virginia Housing Dev Authority 37.865 Delaware Health Facilities Auth 1.538 Utah Co -Utah 518.74o Colorado Health Facilities Auth 443.000 Minnesota 236.935 Montgomery Co -Ohio 100.395 Minnesota 25.00o Minnesota 7.000 Minnesota 180.000 North Carolina Med Care Commiss 85.250 Collin Co (Frisco) ISD State NH NC NY NY NY NJ TX MD CO OR WA TX WA UT TX CT CT MN MN NY VA NV GA CA GA CA VA KS VA SC IL MN SC CA CA TX OR TX CT MO CT NY MA MA VA IL NY MO TX VA DE UT Issue Description Turnpike System Rev Ref Bonds Comb Enterprise Sys Rev Ref Bonds State Personal Inc Tax Rev Bonds State Personal Inc Tax Rev Bonds State Personal Inc Tax Rev Bonds Turnpike Revenue Bonds Sales Tax Revenue Bonds Housing Revenue Bonds Hospital Revenue Refunding Bonds Revenue Bonds Trust & Building Fee Rev Bonds Unlimited Tax School Bldg Bonds Trust & Building Fee Rev Bonds TANs School Building & Refunding Bonds General Obligation Notes General Obligation Bonds Recreational Facs Revenue Note Health Care System Revenue Bonds Revenue Bonds Infra & St Moral Oblig Rev Bonds Single Family Mortgage Rev Bonds General Obligation Bonds Economic Recovery Ref Bonds General Obligation Bonds Economic Recovery Ref Bonds Wastewater Revenue Bonds Turnpike Revenue Bonds Wastewater Revenue Bonds Ltd Obligation Refunding Bonds Revenue Bonds Health Care System Revenue Bonds Educational Facilities Rev Bonds Economic Recovery Ref Bonds Economic Recovery Ref Bonds School Building Bonds Full Faith & Credit Ref Oblig Unlimited Tax School Bldg Bonds Special Tax Obligation Bonds Third Lien State Road Bonds Spec Tax Oblig & Refunding Bonds Water & Sewer Sys Revenue Bonds Single Family Housing Rev Bonds Housing Bonds GO Public Utility Bonds General Obligation Bonds Water & Sewer Sys Revenue Bonds Educational Facilities Rev Bonds Unitd Tax School Building Bonds Rental Housing Bonds Refunding Revenue Bonds Facility Revenue Bonds CO Revenue Bonds MN GO State Various Purpose Bonds OH Revenue Bonds MN GO St Various Purpose Ref Bonds MN GO State Trunk Highway Bonds MN General Obligation State Bonds NC Health Care Facilities Rev Bonds TX Unitd Tax Sch Bldg & Ref Bonds Series 2009 Series B Series 2009 Series 2009 C Series 20o9 E Series 2009 D Series 2009 I Series 2009 Series 2009 A Series 2009 A Series 2009 Series 2oo9 B Series 2009 Series 2oo9 A Series 2009 Series 2009 & A 2009 Series A 2009 Series D Series 2oo9 Series 2009 C Series 2009 A Series 2009 B Series 2009 B Series 2009 H Series 2009 B Series 201)9 F & G Series 2009 B Series 2009 B Series 2009 A Series 2009A Series 2009 Series 2oo9 B Series 2009 A- i & 2 Series 2009 Series 2009 A Series 2009 A Series 2oo9 B Series 2009 A Series 2009 A 2009 Series B Series 2oo9 C 2oo9 Series A & C Series BB Series 144 2009 Series D Series 2009 B Series 2009 Series AA-1 & AA-2 Series 2oo9 A Series 2oo9 2oo9 Series F Series 2oo9 C Series 2oo9 Series 2009 A Series 2009 H Series 2009 A Series 2009 K Series 2009 I Series 2009 J Series 2oo9 A Series 2009 A WFS Role SENIOR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE SOLE SOLE CO-MGR SOLE SOLE CO-MGR CO-MGR CO-MGR SOLE SOLE CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO -SENIOR SOLE • CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR SOLE CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR City of Clearwater Page 20 Wells Fargo Securities J Deal Lists Sale 10/22/09 io/21/09 10/21/09 10/21/09 10/21/09 10/21/09 to/21/09 10/21/09 10/20/09 10/20/09 10/16/09 10/16/09 10/16/09 10/15/09 10/15/09 10/15/09 10/14/09 10/14/09 10/14/09 10/09/09 10/08/09 10/08/09 10/08/09 10/08/09 10/07/09 10/07/09 10/07/09 10/07/09 10/07/09 10/07/09 10/06/09 10/06/09 10/06/09 10/06/09 10/02/09 10/02/09 10/02/09 10/01/09 10/01/09 10/01/09 10/01/09 10/01/09 09/30/09 09/30/09 09/30/09 09/30/09 09/30/09 09/28/09 09/25/09 09/25/09 09/25/09 09/25/09 09/24/09 09/24/09 09/24/09 09/24/09 09/23/09 09/23/09 09/23/09 09/23/09 Wells Fiafgo'Securltics'National'Mi nresPal=[JnderwrrtinglExperiencet( xeludingiflorida) January 1,.200910 Present Source::SDC {7.0/3/2011). Date Par ($MM) Issuer 5.420 Poudre Tech Metropolitan Dt 250.00o Riverton City -Utah 97.22o Missouri -Illinois Bi-St Dev Agcy 53.00o South Dakota Housing Dev Auth 17.655 Athens -Clarke Co Dev Auth 11.28o Dorchester Co -South Carolina 10.50o Minneapolis City -Minnesota 7.96o Athens -Clarke Co Dev Auth 122.315 Charlotte City -North Carolina 10.00o Broadlawns Medical Center 689.74o NYC Transitional Finance Auth 152.935 Montgomery Co Hghr Ed & Hlth Au 85.26o NYC Transitional Finance Auth 103.690 California Statewide Comm Dev Au 14.390 Rock Hill -South Carolina 3.60o Sch Proj Util Rte Reduc (SPURR) 448.965 Atlanta City -Georgia 54.24o Texas A&M Univ Sys Bd of Regents 21.105 Canadian River Muni Water Auth 36.74o Virginia Biotech Res Park Auth 1,313.090 California 286.525 NYS Dorm Authority 53.555 Cumberland Co Imp Auth 6.445 Cumberland Co Imp Auth 138.490 Delaware Health Facilities Auth 105.605 Mississippi Med Ctr Ed Bldg Corp 82.910 Ohio Water Development Authority 16.405 North Carolina East Muni Pwr Agy 9.590 Maine Municipal Bond Bank 7.90o Fort Stockton -Texas 407.110 Metropolitan Transport Auth (MTA) 95.210 Metropolitan Transport Auth (MTA) 38.425 Washington State University 32.515 Jefferson Co SD Fin Corp 1,100.17o New York City -New York 62.085 Harris Co (Spring Branch) ISD 61.72o Harris Co (Spring Branch) ISD 385.835 American Municipal Power Inc 100.795 Oregon Facilities Authority 94.835 Washington Health Care Facs Au 83.745 American Municipal Power Inc 3.000 Morristown Industrial Dev Board 800.00o New York City -New York 481.285 Virginia Public School Authority 170.00o New York City -New York 25.00o Reading City -Pennsylvania 8.00o North Carolina Muni Pwr Agcy #r1 30.345 Ogden City Redevelopment Agency 262.43o Ohio Public Fac Commission 240.83o Ohio Public Fac Commission 34.04o Ohio Public Fac Commission 5.285 Ohio Public Fac Commission 51.08o Semitropic Improvement Dt 30.565 Buncombe Co Metro Sewerage Dt 22.78o Cumberland Co Imp Auth 12.750 Conroe City -Texas 8,800.000 California 129.550 San Francisco City/Co-California 60.00o West Harris Co Regional Wtr Au 38.120 San Francisco City/Co-California State CO UT MO SD GA SC MN GA NC IA NY PA NY CA SC CA GA TX TX VA CA NY NJ NJ DE MS OH NC ME TX NY NY WA KY NY TX TX OH OR WA OH TT NY VA NY PA NC UT OH OH OH OH CA NC NJ TX CA CA TX CA Issue Description Metro Tax Supported Rev Bonds Hospital Revenue Bonds Mass Transit Approp Rev Bonds Homeownership Mortgage Bonds Educational Facs Rev & Ref Bonds Waterworks & Sewer Sys Rev Bonds Revenue Bonds Educational Facs Rev & Ref Bonds GO Refunding Bonds Hospital Revenue Bonds Future Tax Secured Bonds Hospital Revenue Bonds Future Tax Secured Bonds Revenue Bonds Comb Util Sys Revenue Ref Bonds RANs Water & Wastewater Revenue Bonds Revenue Financing System Bonds Contract Revenue Bonds Lease Revenue Refunding Bonds Various Purpose GO & Ref Bonds State Personal Inc Tax Rev Bonds Local Unit Program Bonds Local Unit Program Bonds Revenue Bonds Revenue Refunding Bonds Water Development Revenue Bonds Power System Revenue Bonds Revenue Bonds Certificates of Obligation Transportation Revenue Bonds Transportation Revenue Bonds Recreation Center Rev Ref Bonds School Building Revenue Ref Bonds General Obligation Bonds Unlimited Tax Schoolhouse Bonds Unlimited Tax Schoolhouse Bonds Revenue Bonds Refunding Revenue Bonds Revenue Bonds Revenue Bonds Industrial Development Rev Bonds General Obligation Bonds Refunding School Financing Bonds General Obligation Bonds General Obligation Bonds Catawba Electric Revenue Bonds Var Rate Revenue Refunding Bonds Higher Education GO Ref Bonds Common Schools GO Ref Bonds Conservation Projs GO Ref Bonds Natural Resources GO Ref Bonds Refunding Revenue Bonds Sewerage System Rev & Ref Bonds Solid Waste Sys Revenue Bonds Certificates of Obligation RANs Certificates of Participation Water System Revenue Bonds Certificates of Participation Series Series 2009 Series 2009 Series 2009 2009 Series B Series 2009 Series 2oo9 Series 2009 Series 2009 Series 2009 B Series 2009 A Subseries C-2 Series A of 2009 Subseries C-1 Series 2009 A Series 2009 C 2009 Series Series 2009 B Series 2009 C Series 2009 Series 2009 Series 2009 H Series 2009 B Series 2009 A Series 2009 A Series 2009 Series 2009 B Series 2009 D 2009 Series G Series 2009 Series 2009 A-1 Series 2009 A-2 Series 2009 Series 2009 A Series B & C Series 2009 Series 2009 Series 2009 C 2009 Series A Series 2009 Series 2009 B Series 2009 2010 Subseries A-2 Series 2009 C 2010 Subseries A-1 Series of 2009 Series 2009 C Series 2009 A-C Series 2009 C Series 2009 C Series 2009 A Series M 2009 Series A Series 2009 A & B Series 2009 Series 2009 2009-10 Ser A-1&2 Series 2009 D Series 2009 Series 2009 C WFS Role SOLE CO-MGR CO-MGR CO-MGR SENIOR SOLE CO-MGR SENIOR SENIOR SOLE CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR SENIOR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR SOLE CO-MGR CO-MGR SOLE SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR SENIOR CO-MGR SENIOR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR SOLE SENIOR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR City of Clearwater Page 21 Wells Fargo Securities Deal Lists Sale Date 09/23/09 09/23/09 09/23/09 09/223/09 09/22/09 09/22/09 09/22/09 09/22/09 09/22/09 09/21/09 09/18/09 09/17/09 09/17/09 09/17/09 09/17/09 09/17/09 09/17/09 09/17/09 09/17/09 09/16/09 09/16/09 09/16/09 09/16/09 09/16/09 09/16/09 09/16/09 09/16/09 09/16/09 09/16/09 09/16/09 09/15/09 09/15/09 09/15/09 09/14/09 09/10/09 09/10/09 09/09/09 09/09/09 09/09/09 09/09/09 09/09/09 09/09/09 09/03/09 09/03/09 09/03/09 09/03/09 09/01/09 09/01/09 09/01/09 09/01/09 09/01/09 09/01/09 09/01/09 08/31/09 08/31/09 08/31/09 08/27/09 08/27/09 08/27/09 08/27/09 WellsFargo•SeciiiidesNational Municipal landerwritingExpericnce (E e"ludingFlo ida) .January i,.2009 to. Present Source: SDC;( O/3/2oxx). .. Par ($MM) Issuer 16.30o Rock Hill -South Carolina 14.595 Oregon Hsg & Comm Svcs Dept 14-495 Maine Finance Authority 13.910 Rock Hill -South Carolina 125.00o Public Gas Partners Inc 53.46o Washington Hghr Ed Facs Auth 18.625 Salt Lake Co -Utah 11.375 Salt Lake Co -Utah 2.010 Osceola Village -Wisconsin 46.595 Missouri City -Texas 147.635 Southwest Higher Ed Auth 377.170 North Carolina East Muni Pwr Agy 193.670 Pennsylvania Housing Fin Agency 150.865 Fayetteville Pub Works Commiss 118.025 Fulton Co Development Authority 24.445 North Carolina East Muni Pwr Agy 16.90o Maine Municipal Bond Bank 5.235 De Kalb Co Development Authority 2.66o Maine Municipal Bond Bank 404.375 Missouri Highway & Transport Com 245.88o Utah 245.205 Utah 195.625 Missouri Highway & Transport Com 147.528 Utah 147.123 Utah 139.135 Charlotte City -North Carolina 98.352 Utah 98.082 Utah 48.18o Troy University 14.590 Troy University 229.120 Ohio Water Development Authority 50.00o Mississippi Business Fin Corp 47.955 Triview Metropolitan Dt 52.185 Virginia Housing Dev Authority 35.425 Massachusetts Housing Fin Agcy 15.170 Atlantic Co Utilities Authority 198.995 North Carolina Muni Pwr Agcy #1 146.565 St Joseph Co -Indiana 68.65o North Carolina Muni Pwr Agcy #1 9.200 North Carolina Muni Pwr Agcy #1 7.35o Conroe City -Texas 6.235 Mitchell City -South Dakota 86.630 Ohio Building Authority 75.790 Ohio Building Authority 42.87o Forsyth Co -North Carolina 16.82o Ohio Building Authority 100.00o Regents of the Univ of California 61.405 Tulare Local Health Care Auth 9.92o St Louis Municipal Finance Corp 9.02o West Valley Redevelopment Agency 8.595 Tulare Local Health Care Auth 6.90o Iowa State Board of Regents 6.115 Newton Co (Seneca) SD #R-VII 308.55o California Infrstr & Eco Dev Bank 1 oo.000 Iowa Finance Authority 5.225 Palm Desert Financing Auth 235.615 NYS Dorm Authority 55.705 California Infrstr & Eco Dev Bank 49.025 Cleveland City -Ohio 13.465 Laredo City -Texas State SC OR ME SC GA WA UT UT WI TX Tx NC PA NC GA NC ME GA ME MO UT UT MO UT UT NC UT UT AL AL OH MS CO VA MA NJ NC IN NC NC TX SD OH OH NC OH CA CA MO UT CA IA MO CA IA CA NY CA OH TX Issue Description Combined Utility System Rev Bonds Housing Development Rev Bonds Waste Motor Oil Revenue Bonds Combined Utility System Rev Bonds Gas Project Revenue Bonds Refunding Revenue Bonds General Obligation Bonds General Obligation Bonds GO Refunding Bonds Comb Tax & Rev Certs of Oblig Higher Education Revenue Bonds Power System Revenue Ref Bonds Single Family Mortgage Rev Bonds Pub Works Comm Rev Ref Bonds Refunding Revenue Bonds Power System Revenue Bonds Sewer & Water Revenue Ref Bonds Refunding Revenue Bonds Sewer & Water Revenue Ref Bonds Federal Reimbursement Road Bonds General Obligation Bonds General Obligation Bonds Federal Reimbursement Road Bonds General Obligation Bonds General Obligation Bonds Ref Certificates of Participation General Obligation Bonds General Obligation Bonds Facilities Revenue Bonds Facilities Revenue Bonds Water PC Loan Fund Ref Rev Bonds. Gulf Opportunity Dev Rev Bonds GO Refunding Bonds Rental Housing Bonds Housing Bonds Sewer Revenue Refunding Bonds Electric Revenue Refunding Bonds Educational Facs Ref Rev Bonds Electric Revenue Bonds Electric Revenue Refunding Bonds Water and Sewer System Rev Bonds Sales Tax Revenue Refunding Bonds State Facilities Refunding Bonds State Facilities Refunding Bonds GO Refunding Bonds State Facilities Refunding Bonds Economic Development Rev Bonds General Obligation Bonds Leasehold Revenue Ref Bonds Tax Inc & Sales Tax Rev Bonds General Obligation Bonds Lease Purchase Agreement GO Qualified School Con Bonds Refunding Revenue Bonds Economic Dev Revenue Bonds Lease Revenue Bonds Revenue Bonds Demand Revenue Bonds Airport System Revenue Bonds Comb Tax & Revenue Cert of Oblig Series Series 2009 B 2009 Series B-i 2009 Series A Series 2009 A Series A Series 2009 B Series 2009 B Series 2009 A Series 2009 Series 2009 B Series 2009 Series 2009 B Series 2009-105 A-C Series 2009 A & B Series 2009 B Series 2009 C Series 2009 A & C Series 2009 A Series 2009 B Series 2009 B Series 2009 D Series 2009 C Series A 2009 Series 2009 D Series 2009 C Series 2009 E Series 2009 D Series 2009 C Series 2009 B Series 2009 A Series 2009 Series 2009 G Series 2oo9 2009 Series E 2009 Series C 2009 Series Series 2009 A Series 2oo9 Series 2009 D Series 2009 B Series 2009 Series 2009 2009 Series B 2009 Series B Series 2009 2009 Series B Series 2009 B Series B-2 2009 Series 2009 Series 2009 Series B-1 2009 Series 2009 A & B Series 2009 B Series 2009 A B C D Series 2009 B Series 2009 Series 2009 A Series 2009 A- C Series 2009 D Series 2009 B WFS Role SOLE SOLE CO-MGR SOLE CO-MGR SENIOR CO-MGR CO-MGR SOLE SENIOR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR SENIOR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR SENIOR SENIOR CO-MGR SOLE SOLE SENIOR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR SOLE SOLE SENIOR CO-MGR SOLE CO-MGR SOLE CO-MGR CO-MGR City of Clearwater Page 22 Wells Fargo Securities Deal Lists WellsFargcrSecunitie.S 'National :Plunicipal Underwriting F_xpeirience (Exc1ui ing'F7orida) Jaiivary 1,.2oo9 to'Present Source: 'SDC.(x0/3/2011) Sale Date Par ($RIIVI) Issuer 11.270 Laredo City -Texas 5.095 Laredo City -Texas 145.780 Indianapolis Loc Pub Imp Bond Bk 74.585 Indiana Finance Authority 49.650 Los Angeles Co Fair Assoc 37.945 Laredo City -Texas 30.00o Maine Municipal Bond Bank 20.320 Indianapolis Loc Pub Imp Bond Bk 15.275 Kansas Development Fin Auth 15.225 Kansas Development Fin Auth 13.475 Laredo City -Texas 7.025 Crawford Ed Facs Corp 30.08o Collin Co -Texas 21.805 Collin Co -Texas 9.990 Collin Co -Texas 5.590 Collin Co -Texas 3.87o Newton Co (Seneca) SD #R-VII 1,208.495 Texas Transportation Commission 270.455 District of Columbia 155.00o Philadelphia City -Pennsylvania 11.945 Harris Co Cult Ed Facs Fin Corp lo.000 Ladysmith City -Wisconsin 3.500 Ladysmith City -Wisconsin 404.540 NYS Dorm Authority 101.210 NYS Dorm Authority 49.575 Hays Co -Texas 9.990 Hays Co -Texas 7.97o Hays Co -Texas _40o Columbia-Brazoria ISD 222.645 Charlotte -Mecklenburg HospAuth 72.34o Collin Co (Allen) ISD 9.765 South Plainfield Boro BOE 8o0.00o NYC Transitional Finance Auth 200.000 New Jersey Economic Dev Auth 103.690 Bexar Co -Texas 74.075 Connecticut Housing Finance Auth 58.285 Philadelphia City -Pennsylvania 50.62o Bexar Co -Texas 48.600 Missouri Jt Muni Elec Util Comm 10.065 Myrtle Beach City -South Carolina 5.00o Connecticut Housing Finance Auth 4.86o Missouri Jt Muni Elec Util Comm 4.08o Washington Co (Greenville) PSD 3.645 Laredo Comm College Dt 768.72o Bay Area Toll Authority 235.00o Birmingham Spec Care Facs Fin Au 144.520 Lone Star College System ioo.000 Philadelphia City -Pennsylvania 54.045 Maine Municipal Bond Bank 9.940 California Educational Facs Auth 4.685 Maine Municipal Bond Bank 804.95o Ohio 159.875 Cleveland City -Ohio 24.875 Raleigh City -North Carolina 4.00o Iowa State Board of Regents .55o San Patricio Co (Odem-Edroy) ISD 9.234 Oregon Hsg & Comm Svcs Dept 66o.000 North Texas Tollway Authority 204.075 Riverside City -California 165.00o North Texas Tollway Authority 08/27/09 08/27/09 08/26/09 08/26/09 08/26/09 08/26/09 08/26/09 08/26/09 08/26/09 08/26/09 08/26/09 08/25/09 08/24/09 08/24/09 08/24/09 08/24/09 08/20/09 08/19/09 08/19/09 08/19/09 08/19/09 08/19/09 08/19/09 08/18/09 08/18/09 08/18/09 08/18/09 08/18/09 08/18/09 08/14/09 08/14/09 08/14/09 08/13/09 08/13/09 08/13/09 08/13/09 08/13/09 08/13/09 08/13/09 08/13/09 08/13/09 08/13/09 08/13/09 08/13/09 08/12/09 08/12/09 08/12/09 08/12/09 08/12/09 08/12/09 08/12/09 08/11/09 08/11/09 08/11/09 08/11/09 08/10/09 08/07/09 08/06/09 08/06/09 08/06/09 State Issue Description TX Comb Tax & Rev Cert of Obligation TX Public Prop Fin Contractual Oblig IN Refunding Bonds IN Hospital Revenue Bonds CA Var Rte Demand Rev Bonds TX Comb Tax Wtrwrks Swr Sys Rev Cert ME Transportation Infra Rev Bonds IN Taxable Bonds KS Sales Tax Revenue Bonds KS Sales Tax Revenue Bonds TX Comb Tax Wtrwrks Swr Sys Rev Cert TX Demand Revenue Bonds TX Ltd Tax Ref & Permanent Imp Bonds TX Unlimited Tax Road & Ref Bonds TX Ltd Tax Perm Improvement Bonds TX Unlimited Tax Road Bonds MO General Obligation Bonds TX GO Mobility Fund Bonds DC Income Tax Secured Rev Ref Bonds PA Gas Works Revenue Refunding Bonds TX Thermal Utility Revenue Ref Bonds WI Industrial Development Rev Bonds WI Industrial Development Rev Bonds NY State Personal Inc Tax Rev Bonds NY State Personal Inc Tax Rev Bonds TX Pass -Through Toll Rev Bonds TX Unitd Tax Road Bonds TX Comb Tax & Rev Certs of Oblig TX Maintenance Tax Notes NC Health Care Refunding Rev Bonds TX School Bldg Unlimited Tax Bonds NJ Refunding School Bonds NY Future Tax Secured Sub Bonds NJ School Facilties Con Bonds TX Flood Ctrl Tax & Rev Certs Oblig CT Housing Mtg Finance Program Bonds PA Gas Works Revenue Refunding Bonds TX Flood Ctrl Tax & Certs of Oblig MO Power Project Revenue Bonds SC Limited Obligation Bonds CT Housing Mtg Finance Program Bonds MO Power Project Revenue Bonds MS State .Aid Capital Imp Ref Bonds TX Combined Fee Revenue Ref Bonds CA Bridge Revenue Bonds AL Health Care Facility Rev Bonds TX Ltd Tax General Obligation Bonds PA GO Refunding Bonds ME. Refunding Bonds CA Demand Revenue Bonds ME Refunding Bonds OH Hospital Revenue Ref Bonds OH Airport System Revenue Bonds NC Certificates of Participation IA Promissory Note TX Time Warrants & Maintenance Notes OR Housing Development Rev Bonds TX First Tier System Revenue Bonds CA Sewer Revenue Bonds TX First Tier System Revenue Bonds Series Series 2009 A Series 2009 Series 2009 B Series 2009 C Series 2009 Series 2009 D Series 2009 B Series 2009 C Series 2009 L-2 Series 2009 L-1 Series 2009 C Series 2009 A Series 2009 A Series 2009 A Series 2009 B Series 2009 B Series 2009 A Series 2009 A Series 2009 C Eighth Series B & C Series 2009 B Series 2009 A Series 2009 B Series 2009 D Series 2009 E Series 2009 Series 2009 Series 2009 Series 2009 Series 2009 A Series 2009 A 2010 Series B 2009 Series BB Series 2009 A 2009 Subser B-1 Eighth Series A Series 2009 B Series 2009 A Series 2009 2009 Subser B-2 Series 2009 B Series 2009 Series 2009 2009 Series F-1 Series 2009 Series 2009 Series 2009 B 2009 Series D & F Series 2009 2009 Series E Series 2009 A & B Series 2009 C Series 2009 Series 2009 B Series 2009 Series 2009 A Series 2009 B Series 2009 B Series 2009 B WFS Role CO-MGR CO-MGR CO-MGR SOLE SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR SOLE CO-MGR SOLE SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO -SENIOR CO-MGR CO-MGR CO -SENIOR SENIOR SOLE CO-MGR SENIOR SOLE SOLE CO-MGR CO-MGR CO-MGR SOLE SENIOR SOLE SENIOR CO-MGR CO-MGR SOLE SOLE SOLE SOLE CO -SENIOR SENIOR CO -SENIOR City of Clearwater Page 23 Wells Fargo Securities Deal Lists WellsTargo'Securities National lDlurucipal Underwriting: Fa-periencc‘(Excluding Florida)" January 2009 to Present Source: '-SDC, (i o/3/2ol1)' Sale Date Par ($MM) Issuer 08/06/09 08/05/09 08/05/09 08/05/09 08/05/09 08/05/09 08/05/09 08/05/09 08/04/09 08/04/09 08/04/09 08/04/09 07/30/09 07/30/09 07/30/09 07/30/09 07/30/09 07/29/09 07/29/09 07/29/09 07/29/09 07/29/09 07/29/09 07/28/09 07/28/09 07/28/09 07/27/09 07/27/09 07/24/09 07/24/09 07/23/09 07/23/09 07/23/09 07/23/09 07/23/09 07/22/09 07/22/09 07/22/09 07/22/09 07/22/09 07/22/09 07/21/09 07/20/09 07/20/09 07/17/09 07/17/09 07/16/09 07/16/09 07/16/09 07/16/09 07/16/09 07/16/09 07/15/09 07/15/09 07/15/09 07/15/09 07/15/09 07/15/09 07/15/09 07/14/09 36.835 Riverside City -California 563.291 Metro Washington Airports Auth 400.00o Metro Washington Airports Auth 119.670 Northern Illinois Muni Pwr Agcy 110.885 Fulton Co Facilities Corp 22.280 Northern Illinois Muni Pwr Agcy 1.230 Osceola SD .509 Billings City -Montana 115.165 Washington Health Care Facs Au 98.365 Harris Co Cult Ed Facs Fin Corp 16.140 Amarillo City -Texas 4.825 Amarillo City -Texas 205.005 Massachusetts Wtr Poll Abate Tr 191.465 Harris Co (Cypress -Fairbanks) ISD 93.765 Charlotte City -North Carolina 81.065 So California Metro Water Di 33.510 Harris Co (Cypress -Fairbanks) ISD 78.50o Lubbock Co (Lubbock -Cooper) ISD 60.040 Ohio 41.400 Ohio 30.03o Lynchburg City -Virginia 27.420 Lynchburg City -Virginia 14.410 Atkinson -Coffee Co Joint Dev Auth 56.190 Montgomery Co -Texas 6.255 Fresno Co (Kerman) USD .425 West Columbia Econ Dev Corp 23.00o Nueces Co (Corpus Christi) ISD 9.500 New Braunfels City -Texas 800.000 NYC Transitional Finance Auth 19.605 Gastonia City -North Carolina 150.000 Hawaii Dept of Budget & Finance 72.057 South Jersey Transportation Auth 57.756 South Jersey Transportation Auth 48.038 South Jersey Transportation Auth 38.504 South Jersey Transportation Auth 956.733 Pennsylvania Turnpike Commission 242.52o North Carolina 100.00o Georgia Municipal Gas Auth (MGAG) 58.190 Tarrant Co (Carroll) ISD 27.508 Tarrant Co (Carroll) ISD 21.62o Maine Municipal Bond Bank 13.735 West Valley City -Utah 65.000 Dallas Co (Irving) ISD 2.015 Franklin Co (Sullivan) SD 47.82o Raleigh City -North Carolina 40.365 Union Co -North Carolina 111.900 NYC Industrial Dev Agency 41.668 University of Missouri Curators 38.35o Bastrop Co (Bastrop) ISD 34.092 University of Missouri Curators 12.065 Buncombe Co -North Carolina 8.120 Buncombe Co -North Carolina 352.675 North Carolina Turnpike Authority 22294.755 Illinois Municipal Electric Auth 270.083 North Carolina Turnpike Authority 100.850 Georgia Higher Ed Facs Auth 61.515 Arlington Co -Virginia 16.995 Illinois Municipal Electric Auth 10.040 Illinois Municipal Electric Auth 21.63o Harris Co (Alief) ISD State Issue Description CA DC DC IL GA IL WI MT WA TX TX TX MA TX NC CA TX TX OH OH VA VA GA TX CA TX TX TX NY NC I-11 NJ NJ NJ NJ PA NC GA TX TX ME UT TX MO NC NC NY MO TX MO NC NC NC IL NC GA VA IL IL TX Sewer Revenue Bonds Dulles Toll Road Revenue Bonds Dulles Toll Road Revenue Bonds Power Project Revenue Bonds Certificates of Participation Power Project Revenue Bonds GO Refunding Bonds Pooled Special Improv Bonds Revenue Bonds Thermal Utility Revenue Bonds Comb Tax & Rev Certs of Oblig GO Refunding Bonds State Revolving Fund Ref Bonds Unlimited Tax Schoolhouse Bonds Water & Sewer Sys Rev Ref Bonds Water Revenue Refunding Bonds Unlimited Tax Schoolhouse Bonds Unlimited Ltd Tax Sch Bldg Bonds Hospital Revenue Bonds Hospital Revenue Bonds GO Public Improvement & Ref Bonds GO Public Improvement Bonds Revenue Bonds Pass -Through Toll Rev & Ltd Bonds GO Capital Appreciaion Bonds Sales Tax Revenue Ref Bonds Unitd Tax School Building Bonds Comb Tax & Ltd Pledge Rev Bonds Future Tax Secured Bonds Combined Util Sys Rev Ref Bonds Special Purpose Revenue Bonds Transportation System Rev Bonds Transportation System Rev Bonds Transportation System Rev Bonds Transportation System Rev Bonds Turnpike Subordinate Rev Bonds Grant Antic Revenue Vehicle Bonds Gas Revenue Bonds Unlimited Tax School Bldg Bonds GO & School Bldg Ref Bonds Revenue Bonds Franchise Tax Revenue Ref Bonds Unlimited Tax School Bldg Bonds GO School Refunding Bonds GO Refunding Bonds GO Refunding Bonds Rental Revenue Bonds System Facilities Revenue Bonds Unitd Tax School Building Bonds System Facilities Revenue Bonds Certificates of Participation Ref Certificates of Participation Triangle Expressway Sys Rev Bonds Power Supply System Revenue Bonds Triangle Expressway Sys Rev Bonds Revenue Bonds GO Public Improvement & Ref Bonds Power Supply System Revenue Bonds Power Supply System Revenue Bonds Unitd Tax Refunding Bonds Series Series 2009 A Series 2009 A - C Series 2009 D Series 2009 C Series 2009 Series 2009 B Series 2009 Series 2009 Series 2009 Series 2009 A Series 2009 A Series 2009 Series 2009 A Series 2009 B Series 2009 2009 Series D Series 2009 A Series 2009 Series 2009 B Series 2009 C-1 & 2 Series 2009 A & C Series 2009 B Series 2009 Series 2009 Series 2009 Series 2009 Series 2009 A Series 2009 2010SerASubA-1 Series 2009 Series 2009 Ser o9 A 1-2 & Sub A Series 2009 A-5 Ser 09 A 1-2 & Sub A Series 2009 A-5 Series B&C of 2009 Series 2009 Series F Series 2009 A Series 2009 B & C 2009 Series C Series 2009 Series 2009 Series 2009 Series 2009 C Series 2009 Series 2009 B Series 2009 Series 2009 B Series 2009 A Series 2009 B Series 2009 B Series 2009 C Series 2009 A & B Series 2009 A Series 2009 A & B Series 2009 B Series 2009 A Series 2009 WFS Role SENI O R CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE CO -SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR SOLE SENIOR SOLE SOLE CO-MGR SENIOR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR SOLE CO-MGR SOLE SENI O R CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR SENIOR CO-MGR CO-MGR CO-MGR CO -SENIOR CO-MGR CO-MGR CO-MGR CO-MGR City of Clearwater Page 24 Welts Fargo Securities Sale Date Par ($MM) Issuer 07/13/09 18.775 Carterville CUSD #5 07/13/09 5.745 Carterville CUSD #5 07/10/09 185.185 Nebraska Pub Pwr Generation Agcy 07/10/09 27.655 Nebraska Pub Pwr Generation Agcy 07/10/09 24.735 Dallas Co (Mesquite) 1SD 07/09/09 115.835 Connecticut 07/09/09 61.745 Oklahoma Agr Mech Coll Bd Rgt 07/08/09 400.000 Philadelphia SD 07/08/09 105.00o Maine Municipal Bond Bank 07/07/09 2.319 Santa Barbara Co (College) ESD 07/06/09 12.120 Friendswood City -Texas 07/01/09 41-765 Georgia Priv College & Univ Auth 06/3o/09 129.970 St Louis City -Missouri 06/30/09 16.850 Lincoln Co (Sioux Falls) SD #49-5 06/30/09 15.00o Portland City -Oregon 06/30/09 1.265 Lincoln Co (Sioux Falls) SD #49-5 06/29/09 150.00o San Jacinto Comm College Dt 06/29/09 16.695 District of Columbia Hsg Fin Agy 06/29/09 15.30o Wisconsin Hsg & Econ Dev Auth 06/25/09 260.005 Univ of Texas Sys Bd of Regents 06/25/09 163.975 Maricopa Co -Arizona 06/25/09 127.405 Univ of North Carolina Bd of Gov 06/25/09 49.875 Athens Housing Authority 06/24/09 209.23o Kentucky St Property & Bldg Comm 06/24/09 138.310 Kentucky St Property & Bldg Comm 06/24/09 97.85o Philadelphia Municipal Authority 06/24/09 74.850 Pennsylvania St Pub Sch Bldg Au 06/24/09 44.925 Kentucky St Property & Bldg Comm 06/23/09 24.00o Santa Barbara Co Schools Fin Au 06/19/09 1,217.916 Puerto Rico Sales Tax Fin Corp 06/19/09 300.00o NYS Thruway Authority 06/18/09 260.00o Regional Transportation Auth 06/18/09 179.380 New Jersey Educational Facs Au 06/18/09 39.66o Idaho Housing & Fin Assoc 06/17/09 244.00o Connecticut 06/17/09 193.88o Dauphin Co General Authority 06/17/09 171.455 Lower Colorado River Au (LCRA) 06/17/09 118.550 Lower Colorado River Au (LCRA) 06/17/09 27.885 Los Angeles Co Housing Auth 06/17/09 11.510 Idaho Housing & Fin Assoc 06/17/09 .541 Greene (Jefferson -Scranton) CSD 06/16/09 314.435 Metro Washington Airports Auth 44.290 University System of Maryland 23.455 San Marcos City -Texas 12.020 San Marcos City -Texas 9.745 San Marcos City -Texas 4.495 San Marcos City -Texas 1.80o Alpine -Texas Concord City -North Carolina Nebraska Public Power Dt 06/16/09 06/16/09 06/16/09 06/16/09 06/16/09 06/16/09 06/12/09 06/11/09 06/11/09 06/11/09 06/11/09 06/11/09 06/11/09 06/11/09 06/11/09 06/10/09 06/10/09 06/10/09 40.925 100.000 78.755 Charlotte City -North Carolina 50.355 Nebraska Public Power Dt 38.865 Massachusetts Housing Fin Agcy 37.295 Charlotte City -North Carolina 30.62o Charlotte City -North Carolina 17.890 Nebraska Public Power Dt 1.135 Massachusetts Housing Fin Agcy 500.00o NYC Municipal Water Finance Auth 431.03o NYS Thruway Authority 330.545 Univ of Texas Sys Bd of Regents Deal Lists Wells' FargoSecttriti& NationallqunieipaPUnderwriting Rxpertence (Excluding Florida)' January 1, 2oo9-to,Present ;Source: SDC (3.0/3/2011) - State Issue Description General Obligation Bonds General Obligation Bonds Revenue Bonds Revenue Bonds School Building Bonds St Revolv Fund Ref Gen Rev Bonds General Revenue Bonds TRANS Transportation Infra Rev Bonds General Obligation Bonds Waterworks & Sewer Revenue Bonds Revenue Refunding Bonds Airport Revenue Bonds Ltd Tax GO Certificates Multi -Family Hsg Rev Ref Bonds Ltd Tax GO Certificates Ltd Tax General Obligation Bonds Multi -Family Housing Rev Bonds Facility Refunding Bonds Revenue Financing Sys Bonds Pollution Control Rev Ref Bonds System Pool Revenue Bonds Revenue Bonds Revenue & Revenue Refunding Bonds Revenue & Revenue Refunding Bonds Lease Revenue Bonds School Revenue Bonds Revenue & Revenue Refunding Bonds TRANS Sales Tax Revenue Bonds Hway & Bridge Trust Fund Bonds GO Working Cash Notes Revenue Refunding Bonds Single Family Mortgage Bonds St Revolv Ref & Gen Rev Bonds Health System Revenue Bonds Refunding Revenue Bonds Transmission Contract Ref Rev Bns Mortgage Revenue Bonds Single Family Mortgage Rev Bonds School Infra Sales Svcs Rev Bonds Airport System Revenue Bonds Auxiliary Fac & Tuition Rev Bonds Comb Tax & Rev Cert of Oblig Bns Tax & Revenue Refunding Bonds GO Refunding Bonds General Obligation Bonds Comb Tax & Rev Celts of Oblig Utilities Systems Rev Ref Bonds General Revenue Bonds Certificates of Participation General Revenue Bonds Single Family Housing Rev Bonds Certificates of Participation Certificates of Participation General Revenue Bonds Single Family Housing Rev Bonds Water & Sewer Sys Second Rev Bns State Personal Inc Tax Rev Bonds Revenue Financing System Bonds IL IL NE NE TX CT OK PA ME CA TX GA MO SD OR SD TX DC WI TX AZ NC GA KY KY PA PA KY CA PR NY IL NJ ID CT PA TX TX CA ID IA DC MD TX TX TX TX TX NC NE NC NE MA NC NC NE MA NY NY TX Series Series 2009 C Series 2009 A & B Series 2009 B Series 2009 A Series 2009 2009 Series C Series 2009 A Series 2009-2010 Series 2009 A Series 2009 Series 2009 Series 2009 Series 2009 A-1 & 2 Series 2009 B Series 2009 Series 2009 A Series 2009 Series 2009 Series 2009 Series 2009 D 2009 Series A-E Series 2009 A - C Series 2009 Series C Series A Series 2009 Series D of 2009 Series B Series 2009-10 First Sub 2009 B Series 2009 B Series 2009 B Series 2009 A 2009 Series B 2009 Series A & B Series A of 2009 Series 2009 Series 2009 2009 Sereis A 2009 Series A Series 2009 Series 2009 C 2009 Series B Series 2009 Series 2009 Series 2oo9 Series 2009 Series 2009 Series 2009 B 2009 Series B Series 2009 A 2009 Series A Series 142 & 143 Series 2009 C Series 2009 B 2009 Series C Series 141 2009 Ser GG-1&2 Series 2009 A Series 2009 B WFS Role CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR SOLE CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR SOLE CO-MGR SOLE CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR SOLE CO-MGR SOLE SENI OR SENIOR SENIOR SENIOR SOLE CO-MGR CO-MGR SENIOR CO-MGR CO-MGR SENIOR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR City of Clearwater Page 25 Wells Fargo Securities Deal Lists e11 'Eargo•Securities'National: Municipal".Uriilerwritingxperience (I .xcluding;h7ori8a)' .January 1, 2oo9 to Present Source:_SDC'( 0/3/2o1) ,. Sale Date Par ($MM) Issuer 06/10/09 06/10/09 06/09/09 06/09/09 06/08/09 06/04/09 06/03/09 06/03/09 06/03/09 06/02/09 06/02/09 06/02/09 05/29/09 05/28/09 05/28/09 05/28/09 05/28/09 05/28/09 05/28/09 05/27/09 05/27/09 05/27/09 05/27/09 05/27/09 05/27/09 05/27/09 05/21/09 05/20/09 05/20/09 05/20/09 05/20/09 05/20/09 05/20/09 05/20/09 05/18/09 05/18/09 05/14/09 05/14/09 05/13/09 05/13/09 05/13/09 05/13/09 05/13/09 05/12/09 05/11/09 05/08/09 05/06/09 05/06/09 05/06/09 05/06/09 05/06/09 05/06/09 05/06/09 05/06/09 05/05/09 05/01/09 04/30/09 04/30/09 04/30/09 04/29/09 118.915 Denver City and Co -Colorado 21.475 Irving City -Texas 58.405 Minnesota Higher Ed Facs Auth 23.250 New Hampshire Muni Bond Bank 64.650 Gregg Co (Longview) ISD 600.000 NYC Transitional Finance Auth 242.675 Washington Metro Area Transit Au 115.00o Geisinger Authority 55.000 Washington Metro Area Transit Au 108.655 Maine 71.730 Texas 24.690 Maine 74.000 Iowa Finance Authority 180.655 NYS Dorm Authority 157.580 NYS Dorm Authority 15.825 NYS Donn Authority 12.075 Portsmouth City -Virginia 10.255 Idaho Bond Bank Authority 2.345 NYS Dorm Authority 273.50o New Jersey Trans Trust Fund Au 142.731 New Jersey Trans Trust Fund Au 64.00o Navajo Co -Arizona 64.00o Navajo Co -Arizona 38.150 Navajo Co -Arizona 15.435 E Cherry Creek Vlly Wtr Sanit Dt 12.850 Coconino Co -Arizona 800.095 New York City -New York 307.745 Virginia Public Building Auth 31.925 Savannah Economic Dev Auth 19.535 Colorado West St Coll Bd of Trust 10.00o Virginia Public Building Auth 5.00o York Co Industrial Dev Auth 3.535 E Cherry Creek Vlly Wtr Sanit Dt 2.066 Juab Co SD 157.000 Geisinger Authority 70.00o York Co Economic Dev Auth 25.325 Gainesville Redev Authority 6.23o Gainesville Redev Authority 140.000 Philadelphia City -Pennsylvania 110.000 North Carolina Cap Facs Fin Agcy 45.698 Port Neches Groves ISD 23.180 Nevada Housing Division 2.200 Brown Co (Groton) ASD# 06-6 42.300 NYC Trust for Cultural Resources 40.000 Chesterfield Co Eco Dev Auth 88.725 Corpus Christi City -Texas 305.030 Georgia 172.125 Los Angeles Dept of Wtr & Power 149.730 Georgia 67.100 North Carolina East Muni Pwr Agy 52.96o Harris Co (Tomball) ISD 44.975 Atlanta Downtown Dev Auth 9.500 Georgia 7.815 Atlanta Downtown Dev Auth 4.000 Iowa State Board of Regents 78.025 Atlanta City -Georgia 65.455 St Paul City -Minnesota 62.125 Harris Co (Klein) ISD 50.00o Washington Health Care Facs Au 42.845 Maine Municipal Bond Bank State Issue Description CO TX MN NH TX NY DC PA DC ME TX ME IA NY NY NY VA ID rW NJ NJ AZ AZ AZ CO AZ NY VA GA CO VA PA CO UT PA VA GA GA PA NC TX NV SD NW VA TX GA CA GA NC TX GA GA GA IA GA MN TX WA ME GO & Various Purpose Bonds Wtrwrks Swr Rev Ref & Imp Bonds Revenue Bonds Revenue Bonds Unitd Tax School Building Bonds Building Aid Revenue Bonds Gross Revenue Transit Bonds Health System Revenue Bonds Gross Revenue Transit Bonds General Obligation Bonds GO College Student Loan Bonds General Obligation Bonds Economic Dev Revenue Bonds School Districts Revenue Bonds School Districts Revenue Bonds School Districts Revenue Bonds GO Refunding Bonds Revenue Bonds School Districts Revenue Bonds Transportation System Bonds Transportation System Bonds Pollution Control Rev Ref Bonds Pollution Control Rev Ref Bonds Pollution Control Rev Ref Bonds Water Revenue Refunding Bonds Pollution Control Rev Ref Bonds General Obligation Bonds Public Facilities Rev & Ref Bonds Revenue Bonds Revenue Bonds Public Facilities Revenue Bonds Industrial Development Rev Bonds Water Revenue Refunding Bonds Lease Revenue Bonds Health System Revenue Bonds Pollution Control Ref Rev Bonds Revenue Bonds Revenue Bonds Water & Wstwtr Revenue Bonds Educational Facilities Rev Bonds Unitd Tax School Building Bonds Single Family Mortgage Rev Bonds Reorganization Ltd GO Bonds Refunding Revenue Bonds Pollution Control Ref Rev Bonds Geneal Improvement Bonds General Obligation Bonds Power System Revenue Bonds GO Refunding Bonds Power System Revenue Bonds Unitd Tax School Building Bonds Refunding Revenue Bonds General Obligation Bonds Refunding Revenue Bonds Unsecured Sub Promissory Note GO Refunding Bonds Demand Sales Tax Rev Ref Bonds Unitd Tax Ref & Schhouse Bonds Revenue Bonds General Obligation Bonds Series Series 2009 A & B Series 2009 Series Six-X Series 2009 C Series 2009 Series S-5 Series 2009 A Series B & C of 2009 Series 2009 B Series I Series 2oo9 Series 2 Series 2009 A Series 2oo9 B Series 2009 C Series 2o09 D Series 2oo9 D Series 2oo9 B Series 2009 E 2009 Series B 2009 Series A 2009 Series D & E 2009 Series B & C 2oo9 Series A Series 2oo9 B 2o09 Series A 09 Ser K & Sub J-I Series 2oo9 B & D Series 2oo9 Series 2oo9 Series 2009 C Series 2009 Series 2oo9 B Series 2009 Series A of 2oo9 Series 2oo9 A Series 2009 B Series 2009 A Series 2o09 A Series 2009 Series 2009 Series 2oo9 A Series 2009 Series 2009 A Series 2009 A Series 2009 Series 2009 D 2009 Series B Series 2oo9 E Series 2o09 A Series 2oo9 Series 2oo9 A Series 2009 C Series 2009 B Series 2009 A Series 2009 Series 2009 A Series 2009 A & B Series 2009 B 2009 Series B WFS Role CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR SOLE SOLE CO-MGR SOLE SOLE SOLE CO-MGR CO-MGR SOLE SOLE CO-MGR SENIOR CO-MGR CO-MGR CO-MGR SOLE SENIOR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR SENIOR SOLE CO-MGR SENIOR CO-MGR CO-MGR SENIOR City of Clearwater Page 26 Wells Fargo Securities Deal Lists `" 4VellslTiairgb. Sehuritics'"National llVlYiiiicipallUnderiviiting.:ExTenence (Ei.c"Iudirig Fl`orida)' • January i, 2009•fdiPre_sent 'Bounce rSDC (io/3/20u) Sale Date Par ($MM) Issuer 04/29/09 04/29/09 04/29/09 04/29/09 04/28/09 04/28/09 04/28/09 04/27/09 04/27/09 04/27/09 04/24/09 04/24/09 04/23/09 04/23/09 04/23/09 04/23/09 04/23/09 04/23/09 04/23/09 04/22/09 04/22/09 04/22/09 04/22/09 04/22/09 04/22/09 04/21/09 04/17/09 04/17/09 04/16/09 04/16/09 04/16/09 04/15/09 04/15/09 04/15/09 04/15/09 04/15/09 04/15/09 04/15/09 04/14/09 04/14/09 04/14/09 04/14/09 04/08/09 04/08/09 04/08/09 04/08/09 04/08/09 04/08/09 04/07/09 04/07/09 04/03/09 04/02/09 04/01/09 04/01/09 04/01/09 04/01/09 04/01/09 03/31/09 03/31/09 03/31/09 State Issue Description Series 30.710 Philadelphia SD 20.075 Philadelphia SD 6.790 St Paul Housing & Redev Auth 5.03o Bunker Hill Village -Texas 379.645 New Jersey Hlth Care Fac Fin Au 8.170 Midland City -Texas 4.500 Vermont Ed & HIM Bldgs Fin Agy 275.00o California 230.00o California 37.375 Nassau Health Care Corporation 156.620 Pennsylvania St Pub Sch Bldg Au 26.62o Pennsylvania St Pub Sch Bldg Au 750.00o Metropolitan Transport Auth (MTA) 500.00o Metropolitan Transport Auth (MTA) 89.490 Cumberland Co -North Carolina 30.165 Brighton City -Colorado 27.150 Laredo City -Texas 5.890 Alpharetta Development Auth .400 South Houston City -Texas 5,000.00o California 1,350.000 California 200.435 Virginia Public School Authority 24.305 Springfield City -Massachusetts 17.985 Strongsville City -Ohio 7.909 AltaPointe Health Systems Inc 13.760 Arlington City -Texas 133.56o Georgia Muni Electric Au (MEAG) 44.24o Georgia Muni Electric Au (MEAG) 400.00o North Carolina 153.305 Kentucky Turnpike Authority 23.935 Concord City -North Carolina 98.75o Maine Hlth & Hghr Ed Facs Auth 65.67o Galveston Co (Clear Creek) ISD 44.625 Univ of Minnesota Regents 37.330 Univ of Minnesota Regents 30.905 Oklahoma Housing Finance Agcy 22.000 Fort Bend Co (Needville) ISD 19.750 Maine Hlth & Hghr Ed Facs Auth 116.57o Jefferson Co (Beaumont) ISD 73.630 Denver City and Co -Colorado 40.00o Medford Hospital Facilities Auth 9.77o Lebanon Co (East Lebanon) SD 80o.00o New York City -New York 354.640 Fairfax Co Industrial Dev Auth 194.400 Indiana Municipal Power Agency 83.805 Montgomery Co (Conroe) ISD 33.00o New York City -New York 16.035 Indiana Municipal Power Agency 14.465 Northern Inyo Co Local Hosp Dt 8.125 Ogden City -Utah 37.890 Connecticut Muni Elec Energy Coop 40.00o Kentucky Housing Corporation 296.965 Virginia College Building Auth 178.320 Virginia Resources Auth (VRA) 144.855 University of Connecticut 84.68o Virginia College Building Auth 7.525 Denton City -Texas 55.00o Harris Co Cult Ed Facs Fin Corp 26.381 Revere City -Massachusetts 9.910 Harris Co Cult Ed Facs Fin Corp PA PA MN TX NJ TX VT CA CA NY PA PA NY NY NC CO TX GA TX CA CA VA MA OH AL TX GA GA NC KY NC ME TX MN MN OK TX ME TX CO OR PA NY VA IN TX NY IN CA UT CT KY VA VA CT VA TX TX MA TX GO Refunding Bonds GO Refunding Bonds Parking Facility Lease Rev Bonds GO Refunding Bonds Revenue Bonds GO Refunding Bonds Var Rte Demand Rev Bonds GO Mandatory Put Bonds GO Mandatory Put Bonds Revenue Bonds School Revenue Bonds School Revenue Bonds Dedicated Tax Fund Bonds Dedicated Tax Fund Bonds Ref Certificates of Participation Wtr Activity Enterprise Rev Bonds GO Refunding Bonds Revenue Refunding Bonds General Obligation Bonds Various Purpose GO Bonds Various Purpose GO Bonds School Financing Bonds GO St Qual Purp Loan & Ref Bonds GO Ltd Various Purpose Bonds Variable Rate Revenue Bond Water & Wstwtr Sys Rev Ref Bonds Project One Subordinated Bonds Gen Resolution Subordinated Bonds Capital Imp Limited Oblig Bonds Economic Dev Road Revenue Bonds Utils Sys Revenue Refunding Bonds Revenue Bonds Unlimited Tax School Bldg Bonds General Obligation Bonds General Obligation Bonds Single Family Mortgage Rev Bonds Unlimited Schoolhouse Bonds Revenue Bonds Unlimited Tax School Bldg Bonds Excise Tax Revenue Ref Bonds Revenue Refunding Bonds General Obligation Bonds General Obligation Bonds Health Care Revenue Bonds Power Supply Sys Revenue Bonds Unlimited Tax School Bldg Bonds General Obligation Bonds Power Supply Sys Revenue Bonds General Obligation Bonds GO Refunding Bonds Power Supply Sys Revenue Bonds Housing Revenue Bonds Ed Facilities Rev & Rev Ref Bonds Clean Wtr St Revolv Rev Bonds General Obligation Bonds Ed Facilities Revenue Bonds GO Refunding Bonds Special Facilities Rev Ref Bonds GO St Qual Muni Purp Loan Bonds Special Facilities Rev Ref Bonds Series B of 2009 Series A of 2009 Series 2009 Series 2009 Series 2009 A Series 2009 2009 Series A WFS Role Ser 2009 Subser CI Series A & B of 2009 Series C of 2009 Series 2009 C Series 2009 B Series 2009 B Series 2009 A & B Series 2009 Series 2009 Series 2009 B Series of 2009 A & B Series 2009 Series 2009 Series 2009 Series 2009 A Series 2009 A Series 2009 A 2009 Series A Series 2009 Series 2009 A Series 2009 Series 2009 C Series 2009 D 2009 Series A Series 2009 Series 2009 B Series 2009 Series 2009 A Series 2009 Series A of 2009 Fiscal 2009 Ser I-1 Series 2009 A 2009 Series B Series 2009 A 2009 Series I-2 2009 Series C Series 2009 Series 2009 2009 Series A 2009 Series A Series 2009 A & C Sub Series 2009 2009 Series A Series 2009 B Series 2009 Series 2009 A Series of 2009 Series 2009 B SENIOR SENIOR CO-MGR CO-MGR CO-MGR SENIOR SOLE CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR SOLE SOLE CO-MGR CO-MGR SENIOR CO-MGR CO-MGR SOLE SENIOR SENIOR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE CO-MGR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR CO-MGR CO-MGR CO-MGR City of Clearwater Page 27 Wells Fargo Securities Deal Lists -Wells1Fargo`Securities"NationalIVIunicipaliUnderwriting:Experienee,(.E:xeludin Floridaj• Januarya,.2oo9'to Present -Source: SEC (1.o/3/2oii).' Sale Date Par ($MM) Issuer 03/31/09 9.87o Governors St Univ Bd of Trustees 03/31/09 5.585 Ogden City -Utah 03/31/09 03/30/09 03/27/09 03/27/09 03/26/09 03/26/09 03/25/09 03/25/09 03/25/09 03/25/09 03/24/09 03/24/09 03/24/09 03/20/09 03/19/09 03/19/09 03/19/09 03/19/09 03/19/09 03/18/09 03/18/09 03/18/09 03/18/09 03/18/09 03/18/09 03/18/09 03/18/09 03/18/09 03/18/09 03/18/09 03/18/09 03/18/09 03/18/09 03/18/09 03/18/09 03/18/09 03/17/09 03/17/09 03/16/09 03/16/09 03/13/09 03/13/09 03/12/09 03/12/09 03/12/09 03/12/09 03/12/09 03/12/09 03/11/09 03/11/09 03/11/09 03/11/09 03/11/09 03/11/09 03/10/09 03/09/09 03/05/09 03/05/09 1.274 Cheyenne City -Wyoming 50.00o Illinois Finance Authority 28.58o Alaska Indus Dev & Export Auth 20.840 E Cherry Creek Vlly Wtr Sanit Dt 61.850 Durham Co -North Carolina 45.505 North Carolina Med Care Commiss 6,543.02o California 364.150 NYS Environmental Facs Corp 50.00o Rockport City -Indiana 1.10o Yellowstone Co -Montana 348.00o Virginia Housing Dev Authority 166.565 American Municipal Power Inc 121.090 Tom Green Co (San Angelo) ISD 1,529.065 Wisconsin 443.495 NYS Dorm Authority 260.205 Intermountain Power Agency 219.30o NYC Transitional Finance Auth 13.820 Americus -Sumter Payroll Dev Auth 9.75o North Dakota St Board Hghr Ed 107.275 Connecticut 99.975 Missouri Jt Muni Elec Util Comm 66.975 Connecticut 53.77o Connecticut 47.705 Greensboro City -North Carolina 20.030 Portsmouth City -Virginia 16.770 Portsmouth City -Virginia 15.285 Connecticut 14.320 Connecticut 12.205 Connecticut 10.855 Connecticut 10.62o Connecticut io.610 Connecticut 7.490 Kansas City -Missouri 6.00o Connecticut 3.160 Missouri Jt Muni Elec Util Comm 1.30o Connecticut 31.875 Denton ISD 10.00o Broadlawns Medical Center 29.050 Virginia Housing Dev Authority 8.120 Willmar City -Minnesota 96.490 Corpus Christi City -Texas 22.425 Cumberland Co -North Carolina 261.70o Metropolitan Transport Auth (MTA) 95.545 Frederick City -Maryland 62.33o NYS Dorm Authority 49.42o Oak Island Town -North Carolina 25.655 Frederick City -Maryland 3.195 Union Co (Westfield) SD BOE 801.33o District of Columbia 252.465 NYS Environmental Facs Corp 29.80o New Hampshire 26.890 NYS Environmental Facs Corp 12.000 Vermont Ed & Hlth Bldgs Fin Agy 6.25o Vermont Ed & Hlth Bldgs Fin Agy io9.500 Maryland Eco Dev Corp (MEDCO) 13.240 North Carolina Med Care Commiss 415.970 New York 409.53o Massachusetts Wtr Poll Abate Tr State IL UT WY IL AK CO NC NC CA NY IN MT VA OH TX WI UT NY GA ND CT MO CT CT NC VA VA CT CT CT CT CT CT MO CT MO CT TX IA VA MN TX NC NY MD NY NC MD NJ DC NY NH NY VT VT MD NC NY MA Issue Description Certificates of Participation Sewer & Water Revenue Ref Bonds Vehicle & Equip Lease Purchase Revenue Bonds Revenue Bonds Var Rte Water Revenue Ref Bonds Certificates of Participation Health Care Facilities Rev Bonds Various Purpose GO Bonds Water Revolt' Funds Revenue Bonds Pollution Control Ref Rev Bonds Revenue Note Rental Housing Bonds Revenue Bonds Unitd Tax Sch Bldg & Ref Bonds Gen Fund Appropriation Bonds Mental Health Facs Imp Rev Bonds Power Supply Rev Ref Bonds Future Tax Secured Senior Bonds Revenue Bonds Housing Aux Facs Ref Rev Bonds GO & Refunding Bonds Power Project Revenue Bonds General Obligation Bonds General Obligation Bonds Comb Enterprise Sys Rev & Ref Bns GO Refunding Bonds GO Refunding Bonds GO Refunding Bonds General Obligation Bonds GO Refunding Bonds GO Refunding Bonds GO Refunding Bonds General Obligation Bonds Special Obligation Ref Bonds General Obligation Bonds Power Project Revenue Bonds General Obligation Bonds Unlimited Tax Refunding Bonds Hospital Revenue Bonds Rental Housing Bonds Utility Revenue Bonds Utility System Revenue Imp Bonds Certificates of Participation Dedicated Tax Fund Bonds GO Public Improvement Bonds School Districts Revenue Bonds Enterprise System Revenue Bonds GO Public Improvement Bonds Refunding School Bonds Income Tax Secured Rev Ref Bonds State Personal Inc Tax Rev Bonds GO Refunding Bonds State Personal Inc Tax Rev Bonds Var Rte Demand Rev Bonds Var Rte Demand Rev Bonds Pollution Control Rev Ref Bonds Var Rte Demand Hosp Rev Bonds General Obligation Bonds State Revolving Fund Bonds Series Series 2009 Series 2009 Series 2009 C 2004 Series A Series 2009 A Series 2009 A Series 2009 A Series 2009 Series 2009 B Series 2009 2009 Series C & D Series 2009 A Series 2009 A & B Series A of 2009 Series 2009 A-1 2009 SeriesA 2009 Series A & B Series 2009 Series 2009 2009 Ser B-2 & C-4 Series 2009 A 2009 Series B-3 2009 Series A-2 Series 2009 A & C Series A&B Series 2009 C 2009 Series C-5 2009 Series A-1 2009 Series C-3 2009 Series C-1 2009 Series C-2 2009 Series A-3 Series 2009 A 2009 Series B-1 Series 2009 B 2009 Series A-4 Series 2009 Series 2009 2009 Series B Series 2009 A Series 2009 Series 2009 A Series 2009 A Series 2009 A Series 2009 A Series 2009 Series 2009 & B Series 2009 A & B Series 2009 A 2009 Series A Series 2009 B 2009 Series A 2009 Series A 2006 Series Series 2009 Series 2009 A Series 14 WFS Role SENIOR CO-MGR SOLE CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SENIOR SENIOR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR SOLE SENIOR SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE CO-MGR SOLE CO-MGR CO-MGR City of Clearwater Page 28 Welts Fargo Securities Deal Lists We.thiF rgo+SecuiitieSrNational`l1VliiiiicipalrUntierwi<itingrxiieAenoe{aFixcluding.k'lori`da)' ,January a, 2009•to-Present Sourcc;_SDC (x0/3/2ore). Sale Date Par ($MM) Issuer 03/05/09 03/05/09 03/05/09 03/04/09 03/04/09 03/04/09 03/03/09 03/03/09 03/03/09 02/27/09 02/26/09 02/26/09 02/25/09 02/25/09 02/24/09 02/24/09 02/24/09 02/24/09 02/23/09 02/19/09 02/19/09 02/19/09 02/19/09 02/19/09 02/19/09 02/18/09 02/13/09 02/12/09 02/12/09 02/12/09 02/12/09 02/12/09 02/11/09 02/11/09 02/10/09 02/10/09 02/06/09 02/06/09 02/04/09 02/03/09 02/03/09 02/02/09 01/30/09 01/30/09 01/30/09 01/29/09 01/28/09 01/28/09 01/27/09 01/27/09 01/27/09 01/27/09 01/27/09 01/26/09 01/26/09 01/23/09 01/23/09 01/23/09 01/22/09 01/21/09 400.00o NYC Transitional Finance Auth 56.090 Colorado St Univ Sys Bd of Gov 38.765 New York 291.580 Maryland 25.95o Montgomery (Vandalia-Butler) SD 4.830 Fulton Co (Pettisville) LSD 394.36o Utah 31.750 Iowa Finance Authority 8.00o Mesa Co -Colorado 114.18o Virginia Public School Authority 600.000 New York City -New York 120.000 New York City -New York 72.00o Union Co -North Carolina 8.125 Brazos Co Health Facs Dev Corp 600.00o Georgia State Road & Tollway Auth 18.545 Berks Co (Boyertown) ASD 11.977 Jefferson Co (Indian Creek) LSD 10.00o Crookston City -Minnesota 8.525 Pearland City -Texas 362.83o NYC Municipal Water Finance Auth 109.030 Winston-Salem City -North Carolina 33.75o Kentucky St Property & Bldg Comm 32.145 Oakdale Irrigation Dt 19.885 Cape Girardeau Public Facs Auth 4.525 North Salt Lake City -Utah 385.455 Kentucky St Property & Bldg Comm 35.075 Harnett Co -North Carolina 243.965 Mecklenburg Co -North Carolina 151.715 Huntsville City -Alabama 85.00o Omaha Public Power Dt (OPPD) 10.575 Orange Cove Irrigation Dt io.o6o Maine Municipal Bond Bank 120.000 Illinois Finance Authority 72.915 Virginia Housing Dev Authority 233.105 Rutgers State University 32.590 Indiana Municipal Power Agency 51.18o Charlotte City -North Carolina io.68o Lehigh Co (Allentown) SD 613.850 Georgia 6.90o Illinois Finance Authority 5.50o Denver City and Co -Colorado 60.000 Franklin Co (Columbus) SD 90.765 Mecklenburg Co -North Carolina 19.425 Georgia Municipal Assoc Inc 15.705 Athens -Clark Co Unified Govt 169.750 North Carolina Med Care Commiss 259.00o NYC Industrial Dev Agency 1.00o Colleton SD 325.00o Triborough Bridge & Tunnel Auth 250.00o Puerto Rico Government Dev Bank 150.00o Los Angeles Dept of Wtr & Power 9.855 Midland City -Texas 9.785 Kerrville City -Texas 167.474 Nueces Co (Corpus Christi) ISD 13.130 Pearland City -Texas 645.455 NYC Municipal Water Finance Auth 172.210 Idaho Housing & Fin Assoc 9.80o Berks Co (Tulpehocken) ASD 2.000 Fulton Co (Pettisville) LSD 125.940 Irving City -Texas State Issue Description NY CO NY MD OH OH UT IA CO VA NY NY NC TX GA PA OH MN TX NY NC KY CA MO UT KY NC NC AL NE CA ME IL VA NJ IN NC PA GA IL CO OH NC GA GA NC NY SC NY PR CA TX TX TX TX NY ID PA OH TX Building Aid Revenue Bonds System Enterprise Revenue Bonds General Obligation Bonds GO St & Local Facs than Ref Bonds GO School Improvement Bonds GO Sch Facs Con & Imp Bonds General Obligation Bonds Health Facilities Revenue Bonds Economic Development Rev Bonds School Financing Refunding Bonds General Obligation Bonds General Obligation Bonds GO Refunding Bonds Revenue Refunding Bonds Federal Highway Revenue Bonds General Obligation Bonds School Facs Con & Imp Bonds GANs Certificates of Obligation Wtr & Swr Sys Revenue Bonds Water and Sewer Revenue Bonds Road Fund Revenue Bonds Certificates of Participation Leasehold Revenue Bonds GO Refunding Bonds Revenue & Revenue Ref Bonds Certificates of Participation GO Refunding Bonds GO Capital Imp & Ref Warrants Electric System Revenue Bonds Water Revenue Refunding Bonds Revenue Bonds Revenue Refunding Bonds Rental Housing Bonds General Obligation Bonds Power Supply System Revenue Bonds Airport Refunding Revenue Bonds General Obligation Bonds General Obligation Bonds Demand Revenue Bonds Industrial Development Rev Bonds School Facs Con & Imp BANs Certificates of Participation Certificates of Participation Educational Facs Revenue Bonds Health Care Facs Revenue Bonds PILOT Revenue Bonds General Obligation Bonds General Revenue Bonds Senior Notes Water System Revenue Bonds Tax & Revenue Certs of Obligation Comb Tax & Rev Certs of Oblig Unlimited Tax School Bldg Bonds Water & Sewer Sys Revenue Bonds Wtr & Swr Sys General Rev Bonds Grant & Revenue Antic Bonds General Obligation Bonds School Con & Improvement Notes Comb Tax & Rev Certs of Oblig Series 2009 Series S-4 Series 2009 A Series 2009 B 2oo9 First Ser A & B Series 2009 Series 2009 A Series 2oo9 C Series 2009 Series 2009 A 2oo9 Series H-i 2009 Series H-2 Series 2009 B Series 2oo9 Series 2oo9 A Series of 2009 Series 2oo9 Series 2oo9 2009 Series FF 1-2 Series 2009 Series 2009 Series 2009 Series 2009 Series 2009 Series 2009 A Series 2oo9 A & B 2oo9 Series A Series 2oo9 WFS Role CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE CO-MGR SOLE SOLE CO-MGR CO-MGR CO-MGR SENIOR SOLE CO-MGR SOLE SOLE SOLE SENIOR CO-MGR CO-MGR CO-MGR SOLE CO-MGR SOLE CO-MGR SENIOR SENIOR CO-MGR CO-MGR SOLE 2oo9 Series A SENIOR Ser 2oo9 A-1&2 & B-1 CO-MGR 2oo9 Series A CO-MGR 2009 Series F CO-MGR 2oo9 Series A CO-MGR Series 2oo9 B CO-MGR Series of 2oo9 SOLE Series 2oo9 A & B CO-MGR Series 2oo9 CO-MGR Series 2oo9 SOLE Series 2009-A CO-MGR Series 2009 A CO-MGR Series 2009 SOLE Series 2009 SOLE Series 2oo9 A CO-MGR Series 2oo9 A CO-MGR Series 2oo9 A SOLE Series 2009 A-2 CO-MGR 2oo9 Series A CO-MGR 2oo9 Series A CO-MGR Series 2009 SENIOR Series 2009 CO-MGR Series 2009 CO-MGR Series 2009 CO-MGR 2oo9 Series EE CO-MGR 2oo9 Series A CO-MGR Series 2oo9 CO-MGR Series 2oo9 SOLE Series 2oo9 CO-MGR City of Clearwater Page 29 Wells Fargo Securities Deal Lists WellSFar0IS'etiritieeNationallitii iiaipal'Und6Ltd"iiiiig'Expeuiene0Exeltiiling:Flonida.9. January 7,.2009 to.Present 'Snored: : SDG (aro/3/2oxYk);; ...; Sale Date Par ($MM) Issuer 01/20/09 01/15/09 01/15/09 01/15/09 01/15/09 01/15/09 01/15/09 01/15/09 01/15/09 01/15/09 01/15/09 01/14/09 01/14/09 01/14/09 01/13/09 01/12/09 01/09/09 01/09/09 01/09/09 01/09/09 01/08/09 01/08/09 01/07/09 01/07/09 01/06/09 105.00o Adams Co -Colorado 435.825 Long Island Power Auth (LIPA) 161.73o Paducah City -Kentucky 60.000 Ohio Building Authority 40.00o Ohio Building Authority 37.825 Ohio Building Authority 32.665 Monroe City -North Carolina 24.26o Savannah Economic Dev Auth 8.525 Paducah City -Kentucky 7.195 Schuylkill Co (Mahanoy) ASD 1.685 Ohio Building Authority 650.00o NYC Transitional Finance Auth 9.135 Sandusky Co (Fremont City) SD 7.965 Blakely City -Georgia 24.28o Hidalgo Co -Texas 167.045 Denton Co (Lewisville) ISD 841.305 Empire State Development Corp 291.645 Virginia College Building Auth 237.92o Empire State Development Corp 3.744 Huron Co (Western Reserve) LSD 34.95o Montgomery (Vandalia-Butler) SD 4.146 Fulton Co (Pike -Delta -York) LSD 50.00o Indiana Finance Authority 8.795 Colorado Wtr Res & Pwr Dev Au 1.575 Cuyahoga Co (Olmsted Falls) SD State Issue Description CO NY KY OH OH OH NC GA KY PA OH NY OH GA TX TX NY VA NY OH OH OH IN CO OH Certificates of Participation Electric System Gen Revenue Bonds Elc Plant Bd Revenue Bonds State Facilities Bonds State Facilities Bonds State Facilities Bonds Certificates of Participation Revenue Bonds Elc Plant Bd Revenue Bonds General Obligation Bonds State Facilities Bonds Building Aid Revenue Bonds Sch Facs Construction & Imp Bonds General Obligation Bonds Certificates of Obligation Unitd Tx School Building Bonds State Personal Inc Tax Rev Bonds Educational Facs Revenue Bonds State Personal Inc Tax Rev Bonds School Improvement GO BANs School Construction BANs GO School Improvement Bonds Environmental Refunding Rev Bonds Water Resources Revenue Bonds School Improvement Note Series Series 2009 Series 2009 A Series 2009 A 2009 Series A 2009 Series A 2009 Series A Series 2009 Series 2009 Series 2009 B Series of 2009 2009 Series A 2009 Series S-3 Series 2009 A Series 2009 A Series 2009 Series 2009 Ser 2009 A-1 & B-1 Series 2009 A Ser 2009 A-2 & B-2 Series 2009 Series 2009 Series 2009 Series 2009 A-5 2008 Series A Series 2009 WFS Role CO-MGR CO-MGR CO-MGR SENIOR SENIOR SENIOR CO-MGR SOLE CO-MGR SENIOR SENIOR CO-MGR SOLE SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE SOLE SOLE SOLE SOLE City of Clearwater Page 30 Wells Fargo Securities Appendix B Refunding of Series 2002 Stormwater i J J SOURCES AND USES OF FUNDS City of Clearwater Stormwater Refunding Revenue Bonds, Series 2011 Preliminary Numbers Rates as of October 4, 2011 Sources: Bond Proceeds: Par Amount Net Premium Other Sources of Funds: Debt Service Fund Transfer 18,955,000.00 1,824,255.30 20,779,255.30 77,085.93 20,856,341.23 Uses: Refunding Escrow Deposits: Cash Deposit SLGS Purchases Delivery Date Expenses: Cost of Issuance Underwriter's Discount 0.88 20,652,121.00 20,652,121.88 104,252.50 99,513.75 203,766.25 Other Uses of Funds: Additional Proceeds 453.10 20,856,341.23 Prepared by Wells Fargo Securities (Finance 6.021 numbers:COC-REF11,REF11) Page 1 Bond SUMMARY OF BONDS REFUNDED City of Clearwater Stormwater Refunding Revenue Bonds, Series 2011 Preliminary Numbers Rates as of October 4, 2011 Maturity Interest Par Call Call Date Rate Amount Date Price Stormwater Revenue Bonds, Series 2002, 2002: SERIALS 11/01/2012 3.625% 580,000.00 12/31/2011 101.000 11/01/2013 3.750% 600,000.00 12/31/2011 101.000 11/01/2014 4.000% 630,000.00 12/31/2011 101.000 11/01/2015 4.000% 655,000.00 12/31/2011 101.000 11/01/2016 4.125% 685,000.00 12/31/2011 101.000 11/01/2017 4.250% 720,000.00 12/31/2011 101.000 11/01/2018 4.375% 750,000.00 12/31/2011 101.000 11/01/2019 4.375% 790,000.00 12/31/2011 101.000 i 11/01/2020 4.500% 830,000.00 12/31/2011 101.000 1 11/01/2021 4.625% 870,000.00 12/31/2011 101.000 11/01/2022 4.750% 915,000.00 12/31/2011 101.000 I 11/01/2023 4.750% 965,000.00 12/31/2011 101.000 j TERM26 11/01/2026 4.750% 3,205,000.00 12/31/2011 101.000 TERM30 11/01/2030 4.750% 5,115,000.00 12/31/2011 101.000 TERM32 11/01/2032 4.750% 2,985,000.00 12/31/2011 101.000 20,295,000.00 Prepared by Wells Fargo Securities (Finance 6.021 numbers:OOO-REF11,REF11) Page 2 SUMMARY OF REFUNDING RESULTS City of Clearwater Stormwater Refunding Revenue Bonds, Series 2011 Preliminary Numbers Rates as of October 4, 2011 Dated Date Delivery Date Arbitrage yield Escrow yield Bond Par Amount True Interest Cost Net Interest Cost Average Coupon Average Life Par amount of refunded bonds Average coupon of refunded bonds Average life of refunded bonds PV of prior debt to 12/01/2011 @ 3.438974% Net PV Savings Percentage savings of refunded bonds Percentage savings of refunding bonds 12/01/2011 12/01/2011 3.438974% 18,955,000.00 3.743339% 3.972226% 4.685783% 12.752 20,295,000.00 4.685975% 12.702 22,837,261.65 1,475,114.91 7.268366% 7.782194% Prepared by Wells Fargo Securities (Finance 6.021 numbers:000-REF11,REF11) Page 3 Date SAVINGS City of Clearwater Stormwater Refunding Revenue Bonds, Series 2011 Preliminary Numbers Rates as of October 4, 2011 Present Value Prior Prior Prior Refunding to 12/01/2011 Debt Service Receipts Net Cash Flow Debt Service Savings @ 3.4389738% 11/01/2012 11/01/2013 11/01/2014 11/01/2015 11/01/2016 11/01/2017 11/01/2018 11/01/2019 11/01/2020 11/01/2021 11/01/2022 11 /01 /2023 11 /01 /2024 11/01/2025 11 /01 /2026 11/01/2027 11/01/2028 11/01/2029 11/01/2030 11/01/2031 11/01/2032 1,505,031.26 1,504,006.26 1,511,506.26 1,511,306.26 1,515,106.26 1,521,850.00 1,521,250.00 1,528,437.50 1,533,875.00 1,536,525.00 1,541,287.50 1,547,825.00 1,551,987.50 1,553,775.00 1,563,187.50 1,564,750.00 1,573,700.00 1,579,562.50 1,587,337.50 1,596,787.50 1,602,675.00 77,085.93 1,427,945.33 1,504,006.26 1,511,506.26 1,511,306.26 1,515,106.26 1,521,850.00 1,521,250.00 1,528,437.50 1,533,875.00 1,536,525.00 1,541,287.50 1,547,825.00 1,551,987.50 1,553,775.00 1,563,187.50 1,564,750.00 1,573,700.00 1,579,562.50 1,587,337.50 1,596,787.50 1,602,675.00 1,334,874.48 1,405,781.26 1,414,131.26 1,410,931.26 1,416,931.26 1,420,431.26 1,418,831.26 1,429,331.26 1,434,931.26 1,436,431.26 1,439,031.26 1,446,781.26 1,452,031.26 1,454,781.26 1,465,031.26 1,462,281.26 1,472,031.26 1,478,531.26 1,486,781.26 1,496,531.26 1,504,606.26 93,070.85 98,225.00 97,375.00 100,375.00 98,175.00 101,418.74 102,418.74 99,106.24 98,943.74 100,093.74 102,256.24 101,043.74 99,956.24 98,993.74 98,156.24 102,468.74 101,668.74 101,031.24 100,556.24 100,256.24 98,068.74 89,559.29 92,439.58 88,525.69 88,167.99 83,335.93 83,216.20 81,189.32 75,949.86 73,251.17 71,622.72 70,665.68 67,482.20 64,513.90 61,747.23 59,169.36 59,688.69 57,234.56 54,966.86 52,872.87 50,947.00 48,115.74 32,451,768.80 77,085.93 32,374,682.87 30,281,024.68 2,093,658.19 1,474,661.81 Savings Summary PV of savings from cash flow Plus: Refunding funds on hand 1,474,661.81 453.10 Net PV Savings 1,475,114.91 Prepared by Wells Fargo Securities (Finance 6.021 numbers:000-REF11,REF11) Page 4 ESCROW REQUIREMENTS City of Clearwater Stormwater Refunding Revenue Bonds, Series 2011 Preliminary Numbers Rates as of October 4, 2011 Period Principal Redemption Ending Interest Redeemed Premium Total 12/31/2011 154,171.88 20,295,000.00 202,950.00 20,652,121.88 154,171.88 20,295,000.00 202,950.00 20,652,121.88 Prepared by Wells Fargo Securities (Finance 6.021 numbers:COC-REF11,REF11) Page 5 Escrow ESCROW STATISTICS City of Clearwater Stormwater Refunding Revenue Bonds, Series 2011 Preliminary Numbers Rates as of October 4, 2011 Modified Yield to Yield to Perfect Value of Total Duration Receipt Disbursement Escrow Negative Cost of Escrow Cost (years) Date Date Cost Arbitrage Dead Time NBP 77,085.93 0.083 76,867.20 218.72 0.01 BP 20,575,035.95 0.083 20,516,655.96 58,379.99 20,652,121.88 20,593,523.16 58,598.71 0.01 Delivery date Arbitrage yield 12/01/2011 3.438974% Prepared by Wells Fargo Securities (Finance 6.021 numbers:COC-REF11,REF11) Page 6 BOND SUMMARY STATISTICS City of Clearwater Stormwater Refunding Revenue Bonds, Series 2011 Preliminary Numbers Rates as of October 4, 2011 Dated Date Delivery Date Last Maturity Arbitrage Yield True Interest Cost (TIC) Net Interest Cost (NIC) All -In TIC Average Coupon Average Life (years) Duration of Issue (years) Par Amount Bond Proceeds Total Interest Net Interest Total Debt Service Maximum Annual Debt Service Average Annual Debt Service Underwriter's Fees (per $1000) Average Takedown Other Fee 12/01/2011 12/01/2011 11/01/2032 3.438974% 3.743339% 3.972226% 3.797019% 4.685783% 12.752 9.602 18,955,000.00 20,779,255.30 11,326,024.68 9,601,283.13 30,281,024.68 1,504,606.26 1,447,698.39 5.250000 Total Underwriter's Discount 5.250000 Bid Price 109.099138 Bond Component Par Average Average Value Price Coupon Life Serials Term Bond due 2032 16,130,000.00 111.468 4.862% 11.407 2,825,000.00 99.097 4.125% 20.428 18,955,000.00 12.752 Par Value + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense - Other Amounts TIC 18,955,000.00 1,824,255.30 -99,513.75 All -In Arbitrage TIC Yield 18,955,000.00 18,955,000.00 1,824,255.30 -99,513.75 -104,252.50 1,824,255.30 Target Value 20,679,741.55 20,575,489.05 20,779,255.30 Target Date 12/01/2011 12/01/2011 12/01/2011 Yield 3.743339% 3.797019% 3.438974% Prepared by Wells Fargo Securities (Finance 6.021 numbers:COC-REF11,REF11) Page 7 Bond Component BOND PRICING City of Clearwater Stormwater Refunding Revenue Bonds, Series 2011 Preliminary Numbers Rates as of October 4, 2011 Maturity Yield to Premium Date Amount Rate Yield Price Maturity (-Discount) Serials: Term Bond due 2032: 11/01/2012 545,000 2.000% 0.520% 101.351 7,362.95 11/01/2013 555,000 3.000% 0.660% 104.449 24,691.95 11/01/2014 580,000 4.000% 0.950% 108.752 50,761.60 11/01/2015 600,000 4.000% 1.260% 110.438 62,628.00 11/01/2016 630,000 5.000% 1.630% 115.859 99,911.70 11/01/2017 665,000 4.000% 1.890% 111.757 78,184.05 11/01/2018 690,000 5.000% 2.210% 117.802 122,833.80 11/01/2019 735,000 4.000% 2.520% 110.560 77,616.00 11/01/2020 770,000 5.000% 2.770% 117.509 134,819.30 11/01/2021 810,000 4.000% 2.910% 109.328 75,556.80 11/01/2022 845,000 5.000% 3.090% 116.204 C 3.227% 136,923.80 11/01/2023 895,000 5.000% 3.240% 114.822 C 3.470% 132,656.90 11/01/2024 945,000 5.000% 3.370% 113.641 C 3.665% 128,907.45 11/01/2025 995,000 5.000% 3.470% 112.742 C 3.811% 126,782.90 11/01/2026 1,055,000 5.000% 3.580% 111.762 C 3.949% 124,089.10 11/01/2027 1,105,000 5.000% 3.680% 110.881 C 4.065% 120,235.05 11/01/2028 1,170,000 5.000% 3.780% 110.008 C 4.169% 117,093.60 11/01/2029 1,235,000 5.000% 3.850% 109.402 C 4.245% 116,114.70 11/01/2030 1,305,000 5.000% 3.940% 108.628 C 4.327% 112,595.40 16,130,000 1,849,765.05 11/01/2031 1,380,000 4.125% 4.190% 99.097 -12,461.40 11/01/2032 1,445,000 4.125% 4.190% 99.097 -13,048.35 2,825,000 -25,509.75 18,955,000 1,824,255.30 Dated Date 12/01/2011 Delivery Date 12/01/2011 First Coupon 05/01/2012 Par Amount 18,955,000.00 Premium 1,824,255.30 Production 20,779,255.30 109.624138% Underwriter's Discount -99,513.75 -0.525000% Purchase Price Accrued Interest 20,679,741.55 109.099138% Net Proceeds 20,679,741.55 Prepared by Wells Fargo Securities (Finance 6.021 numbers:COC-REF11,REF11) Page 8 BOND DEBT SERVICE City of Clearwater Stormwater Refunding Revenue Bonds, Series 2011 Preliminary Numbers Rates as of October 4, 2011 Period Ending Principal Coupon Interest Debt Service 11/01/2012 545,000 2.000% 789,874.48 1,334,874.48 11/01/2013 555,000 3.000% 850,781.26 1,405,781.26 11/01/2014 580,000 4.000% 834,131.26 1,414,131.26 11/01/2015 600,000 4.000% 810,931.26 1,410,931.26 11/01/2016 630,000 5.000% 786,931.26 1,416,931.26 11/01/2017 665,000 4.000% 755,431.26 1,420,431.26 11/01/2018 690,000 5.000% 728,831.26 1,418,831.26 11/01/2019 735,000 4.000% 694,331.26 1,429,331.26 11/01/2020 770,000 5.000% 664,931.26 1,434,931.26 11 /01 /2021 810,000 4.000% 626,431.26 1,436,431.26 11/01/2022 845,000 5.000% 594,031.26 1,439,031.26 11/01/2023 895,000 5.000% 551,781.26 1,446,781.26 11/01/2024 945,000 5.000% 507,031.26 1,452,031.26 11/01/2025 995,000 5.000% 459,781.26 1,454,781.26 11/01/2026 1,055,000 5.000% 410,031.26 1,465,031.26 11/01/2027 1,105,000 5.000% 357,281.26 1,462,281.26 11/01/2028 1,170,000 5.000% 302,031.26 1,472,031.26 11/01/2029 1,235,000 5.000% 243,531.26 1,478,531.26 11/01/2030 1,305,000 5.000% 181,781.26 1,486,781.26 11/01/2031 1,380,000 4.125% 116,531.26 1,496,531.26 11/01/2032 1,445,000 4.125% 59,606.26 1,504,606.26 18,955,000 11,326,024.68 30,281,024.68 Prepared by Wells Fargo Securities (Finance 6.021 numbers:COC-REF11,REF11) Page 9 AGGREGATE DEBT SERVICE City of Clearwater Stormwater Refunding Revenue Bonds, Series 2011 Preliminary Numbers Rates as of October 4, 2011 Stormwater Refunding Period Revenue Bonds, Aggregate Ending Series 2011 Debt Service 11/01/2012 11/01/2013 11/01/2014 11/01/2015 11/01/2016 11/01/2017 11/01/2018 11/01/2019 11/01/2020 11/01/2021 11/01/2022 11/01/2023 11/01/2024 11/01/2025 11/01/2026 11/01/2027 11/01/2028 11/01/2029 11/01/2030 11/01/2031 11/01/2032 1,334,874.48 1,405,781.26 1,414,131.26 1,410,931.26 1,416,931.26 1,420,431.26 1,418,831.26 1,429,331.26 1,434,931.26 1,436,431.26 1,439,031.26 1,446,781.26 1,452,031.26 1,454,781.26 1,465,031.26 1,462,281.26 1,472,031.26 1,478,531.26 1,486,781.26 1,496,531.26 1,504,606.26 1,334,874.48 1,405,781.26 1,414,131.26 1,410,931.26 1,416,931.26 1,420,431.26 1,418,831.26 1,429,331.26 1,434,931.26 1,436,431.26 1,439,031.26 1,446,781.26 1,452,031.26 1,454,781.26 1,465,031.26 1,462,281.26 1,472,031.26 1,478,531.26 1,486,781.26 1,496,531.26 1,504,606.26 30,281,024.68 30,281,024.68 Prepared by Wells Fargo Securities (Finance 6.021 numbers:COC-REF11,REF11) Page 10 Bond SAVINGS BY MATURITY City of Clearwater Stormwater Refunding Revenue Bonds, Series 2011 Preliminary Numbers Rates as of October 4, 2011 Nominal Maturity Interest Par Nominal Savings Date Rate Amount Savings Percent Stormwater Revenue Bonds, Series 2002, 2002: SERIALS 11/01/2012 3.625% 580,000.00 1,186.89 0.205% 11/01/2013 3.750% 600,000.00 18,263.19 3.044% 11/01/2014 4.000% 630,000.00 36,549.65 5.802% 11/01/2015 4.000% 655,000.00 48,905.01 7.466% 11/01/2016 4.125% 685,000.00 61,084.32 8.917% 11/01/2017 4.250% 720,000.00 74,655.57 10.369% 11/01/2018 4.375% 750,000.00 84,347.54 11.246% 11/01/2019 4.375% 790,000.00 85,011.15 10.761% 11/01/2020 4.500% 830,000.00 92,419.25 11.135% 11/01/2021 4.625% 870,000.00 108,647.05 12.488% 11/01/2022 4.750% 915,000.00 107,033.29 11.698% 11/01/2023 4.750% 965,000.00 99,209.83 10.281% TERM26 11/01/2024 4.750% 1,015,000.00 91,479.77 9.013% 11/01/2025 4.750% 1,065,000.00 85,915.13 8.067% 11/01/2026 4.750% 1,125,000.00 78,343.05 6.964% TERM30 11/01/2027 4.750% 1,180,000.00 70,366.92 5.963% 11/01/2028 4.750% 1,245,000.00 61,840.95 4.967% 11/01/2029 4.750% 1,310,000.00 56,687.69 4.327% 11/01/2030 4.750% 1,380,000.00 48,261.80 3.497% TERM32 11/01/2031 4.750% 1,455,000.00 88,376.05 6.074% 11/01/2032 4.750% 1,530,000.00 96,984.79 6.339% 20,295,000.00 1,495,568.89 Note: Calculated Using Remaining Maturities Prepared by Wells Fargo Securities (Finance 6.021 numbers:000-REF11,REF11) Page 1 _J REFUND BATCH SUMMARY Coupon Escrow Refunding Net Present Refunded PV Arbitrage Offset Offset Par Value Savings Savings Pct Yield -1.000% -0.750% -0.500% -0.250% 0.000% 0.250% 0.500% 0.750% 1.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.250% 0.500% 0.750% 1.000% 18,860,000.00 18,885,000.00 18,910,000.00 18,935,000.00 18,955,000.00 18,980,000.00 19,005,000.00 19,025,000.00 19,050,000.00 3,808,293.50 3,193,065.16 2,598,635.71 2,026,973.43 1,475,114.91 942,135.60 426,668.92 -69,679.03 -549,915.42 18.765% 15.733% 12.804% 9.988% 7.268% 4.642% 2.102% -0.343% -2.710% 2.415% 2.671% 2.927% 3.183% 3.439% 3.695% 3.951% 4.207% 4.463% Assumptions: Case REF11 Refunding Series REF11 Delivery Date 12/01/2011 Prepared by Wells Fargo Securities (Finance 6.021 numbers:COC-REFI1,REF11) Page 1 L 1 L Bank ofAmerica ��I Merrill Lynch Response to Request for Qualifications For Bond Underwriting Services CITY OF-CLEARWATER, FLORIDA RFQ#31-11 Clearwater October 6, 2011. Merrill Lynch, Pierce, Fenner & Smith Incorporated Federal Identification Number. 13-367-4083 Ms. Patti Garrett, Director 101 East Kennedy Blvd Tampa, Florida 33602 Phone: 813.225.8142 Fax: 904.312.5771 patricia. a 2arrett @bamL com L n n L r-- L- fl CLEARWATER, FLORIDA RESPONSE TO RFQ #31-1 1 FOR BOND UNDERWRITING SERVICES TABLE!OFC0NTENTS Question Clearwater Page 1. Transmittal Letter i 2. Overview of Firm 1 3. Marketing Strategy and Distribution Capabilities. 3 4. Key Personnel 5 5. Underwriting Desk 7 6. Project Experience 8 7. References 10 8. Capital 11 9. Additional Information 13 10. Conflict of Interest 15 11. Litigation 16 Appendix Local Governmental Underwriting Experience 1 L L L n BankofAmerica Merrill Lynch October 6, 2011 Mr. George McKibben Purchasing Manager City of Clearwater, Florida 100 South Myrtle Avenue Clearwater, Florida 33756-5520 Patti Gantt, Din:nice Municipal Marlins Group Merrill Lynch, Pierce, Fenner & Smith lac. 101 B Kennedy Blvd 2" Flom Tampa, F133602 P6orw:(8121225-8142 Fimil: povicias.8ertettt6mmLmm Dear Mr. McKibben: Bank of America Merrill Lynch ("BofAML" or "the Firm') is pleased to submit this proposal to provide underwriting services to the City of Clearwater (the "City"). As detailed in our response, we believe the City would benefit from selecting BofAML as a member of its underwriting team given the combination of our personnel, distribution leadership, commitment to Florida, local presence and our understanding of the City's needs. BRIEF HISTORY OF THE FIRM. Bank of America Corporation (the "Corporation") is a bank holding company and a financial holding company headquartered in Charlotte, North Carolina. The Corporation operates throughout the United States and in more than 30 foreign countries providing a diverse range of banking and nonbanking financial services and products domestically and internationally through three business segments: Global Consumer & Small Business Banking, Global Corporate & Investment Banking, and Global Wealth & Investment Management. The Corporation acquired Merrill Lynch & Co., Inc. on January 1, 2009. As a result of the consolidation, all public finance investment banking, underwriting, and distribution activities are being performed from the Merrill Lynch, Pierce, Fenner & Smith Incorporated platform under the branding name of Bank of America Merrill Lynch ("BofAML"). KEY QUALIFICATIONS OF BANK OF AMERICA MERRILL LYNCH. Given the volatility and uncertainty of the current market, it is important for the City to engage firms familiar with the issues, strategies and options available in structuring, marketing and distributing any proposed bond issue. BofAML, a national underwriting firm with strong local banking presence and unparalleled Florida and national distribution capabilities, understands the scope of services to be provided and believes that we bring a multitude of qualifications, services and experience that warrant strong consideration in the selection process. Among our key qualifications are: • Unprecedented Local Presence and Commitment. BofAML's presence and community involvement within the state of Florida are unprecedented, with 77 retail brokerage offices and 3 public finance offices. BofAML has an extensive local presence within Clearwater with 2 retail offices staffed with 35 financial advisors. Further, Bank of America N.A. operates 14 banking centers employing over 167 associates within PineIIas County. With this local presence, BofAML is well positioned to generate strong retail investor demand as part of the City's underwriting team. In fact, BofAML retail clients are the second largest holder of the City's bonds, holding over $22 million of the City's outstanding bonds. These clients are already familiar with the City's credit and will help form a foundation of buyers for the City's future financings. Our Firm s retail investor base provides a distinct platform from which to expand the City's investor base - investors to which only BofAML has access. • #1 Underwriter of Negotiated Issues. BofAML enjoys the singular distinction as the #1 ranked underwriter of municipal issues both nationally and within the State of Florida from January 2008 - 2011 YTD (Source: Thomson Reuters). Our top ranking both nationally and in Florida clearly demonstrates our ability to market bonds and our willingness to commit BofAML's capital to benefit our issuer clients. As such, BofAML is intimately familiar with all of the tenets that ensure a successful transaction for the City, including obtaining the lowest possible cost of financing available on the day of pricing. • Leader in the Distribution of Municipal Bonds. BofAML is the leading retail and institutional firm in pricing and distributing municipal bonds, a strength that is particularly important in this challenging market environment. Our firm is responsible for approximately 30% of all retail municipal bonds sales nationally and has the largest sales network in the nation with over 15,000+ Financial Advisors in 683 offices nationwide, including 77 retail brokerage offices in Florida. Our Florida Financial Advisors actively manage more than 440,000 accounts with assets under management totaling over $101 billion. • Municipal Bond Retail Sales and Marketing Desk in Tampa, Florida. The Southeast Marketing Group which is located in Tampa coordinates the sales efforts of the Firms 77 Florida retail brokerage offices. Ms. Nancy LaBossiere r r F I L Bank ofAmerica �I Merrill Lynch Patti Cravat Director Municipal Matteis Crary Mandl Lynch, Paws, Patna* 3 Smith lac. 101E Kennedy Blvd 2"Boca Tam FL 33602 Phone:(613)226.8142 Emoil: patriciaiaparrunZ8baml.com and Mr. Lee Rudolph have over 40 years combined experience marketing municipal bonds to retail buyers in Florida l_ and the Southeast. • Experienced Finance Team Dedicated to the City - BofAML provides a full spectrum of client services to the City by coordinating the activities of our entire firm. We take a comprehensive approach to managing our client relationships by bringing together the full complement of our Firm's resources at the onset of the financing engagement. To accomplish this, BofAML has assigned a team of talented and experienced professionals to serve the City. Ms. Patti Garrett, Director located in our Tampa office, will serve as the team's lead banker and primary contact to the City. Ms. Garrett is authorized to commit the resources of the Firm in connection with any negotiated bond issue for the City. • Proven Willingness to Commit Capital - As we continue to experience uncertain market conditions, it is critical that the City select firms with proven track records of committing capital to support clients' transactions. With nearly $217 trillion in total capital and over $9.3 billion in excess net capital, BofAML is one of the most highly capitali7Pd banks in the nation and is willing to put our capital to work to the benefit of our clients. • Comprehensive Services - We believe that no other firm can match the overall resources and capabilities of BofAML. As part of our ongoing relationships with our clients, we routinely provide comprehensive investment banking services including: credit analysis, risk analysis, rating agency strategy, peer benchmarking, debt policy strategy, transaction execution, underwriting, credit enhancement analysis and negotiation, market research, interim funding strategies and ongoing market updates. BofAML can provide superior guidance and support from the inception of a transaction through closing. Thank you for the opportunity to present our qualifications to provide underwriting services to the City. In selecting BofAML as a member of the City's underwriting team, the City can rest assured that the combination of our professionals, balance sheet and distribution resources provides BofAML with the ability to effectively service the City in all market environments. Please do not hesitate to contact us if you have any questions or desire additional information. Sincerely, Patti Garrett Director 813-225-8142 patticia.a.garrett@barnl.com ii r L CLEARWATER, FLORIDA RESPONSE TO RFQ #31-1 1 FOR BOND UNDERWRIT[NG SERVICES Clearwater "Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker -dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value *Are Not Bank Guaranteed. Bank of America Merrill Lynch is providing the information contained in this document for discussion purposes only in anticipation of serving as a member of the syndicate for Clearwater, Florida which Bank of America Merrill Lynch would be acting solely as a principal in a commensal, arm's length transaction and not as a municipal advisor, financial advisor or fiduciary to the City or any other person or entity. Bank of America Merrill Lynch will not have any duties or liability to any person or entity in connection with the information being provided herein. The information provided is not intended to be and should not be construed as "advice" within the meaning of Section 15B of the Securities Exchange Act of 1934. The City should consult with its own legal, accounting, tax, financial and other advisors, as applicable, to the extent it deems appropriate. "Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banldng affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp, all of which are registered broker -dealers and members of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. These materials have been prepared by one or more subsidiaries of Bank of America Corporation for the client or potential client to whom such materials are directly addressed and delivered (the "Company") in connection with an actual or potential mandate or engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with us. These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by us. We assume no rr_,ponsibility for independent investigation or verification of such information (including, without limitation, data from third party suppliers) and have relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the managements of the Company and/or other potential transaction participants or obtained from public sources, we -have assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such managements (or, with irmpect to estimates and forecasts obtained from public sources, iep.esent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Company and are being furnished and should be considered only in connection with other information, oral or written, being provided by us in connection herewith. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Bank of America Corporation or any of its affiliates to provide or arrange any financing for any transaction or to purchase any security in connection therewith. These materials are for discussion purposes only and are subject to our review and assessment from a legal, compliance, accounting policy and risk perspective, as appropriate, following our discussion with the Company. We assume no obligation to update or otherwise revise these materials. These materials have not been prepared with a view toward public disclosure under applicable securities laws or otherwise, are intended for the benefit and use of the Company, and may not be reproduced, disseminated, quoted or referred to, in whole or in part without our prior written consent. These materials may not reflect information known to other professionals in other business areas of Bank of America Corporation and its affiliates. Bank of America Corporation and its affiliates (collectively, the "BAC Group") comprise a full service securities firm and commercial bank engaged in securities, commodities and derivatives trading, foreign exchange and other brokerage activities, and principal investing as well as providing investment corporate and private banking, asset and investment management, financing and strategic advisory services and other commercial services and products to a wide range of corporations, governments and individuals, domestically and offshore, from which conflicting interests or duties, or a perception thereof, may arise. In the ordinary course of these activities, part; of the BAC Group at any time may invest on a principal basis or manage funds that invest, make or hold long or short positions, finance positions or trade or otherwise effect transactions, for their own accounts or the accounts of customers, in debt, equity or other securities or financial instruments (including derivatives, bank loans or other obligations) of the Company, potential counterparties or any other company that may be involved in a transaction. Products and services that may be referenced in the accompanying materials may be provided through one or more affiliates of Bank of America Corporation. We have adopted policies and guidelines designed to preserve the independence of our research analysts. These policies prohibit employees from offering research coverage, a favorable research rating or a specific price target or offering to change a research rating or price target as consideration for or an inducement to obtain business or other compensation We are required to obtain, verify and record certain information that identifies the Company, which information includes the name and address of the Company and other information that will allow us to identify the Company in accordance, as applicable, with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) and such other laws, rules and regulations as applicable within and outside the United States. We do not provide legal, compliance, tax or accounting advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by us to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. If any person uses or refers to any such tax statement in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the statement expressed herein is being delivered to support the promotion or marketing of the transaction or matter addressed and the recipient should seek advice based on its particular circumstances from an independent tax advisor. Notwithstanding anything that may appear herein or in other materials to the contrary, the Company shall be permitted to disclose the tax treatment and tax structure of a transaction (including any materials, opinions or analyses relating to such tax treatment or tax structure, but without disdosure of identifying information or, except to the extent relating to such tax structure or tax treatment, any nonpublic commercial or financial information) on and after the earliest to occur of the date of (i) public announcement of discussions relating to such transaction, (ii) public announcement of such transaction or (iii) execution of a definitive agreement (with or without conditions) to enter into such transaction; provided, however, that if such transaction is not consummated for any reason, the provisions of this sentence shall cease to apply. Copyright 2011 Bank of America Corporation. BankofAmerica'�I Merrill Lynch CLEARWATER, FLORIDA RESPONSE TO RFQ #31-1 1 FOR BOND UNDERWRITING SERVICES Clearwater 2. OVERVIEW OF THE FIRM. Provide a brief overview of the firm. Specifically provide an overview of the firm's Public Finance Department, including the number of offices and Public Finance bankers. Please highlight whether your firm maintains any full-time public finance offices in Florida and the staffing level at each of these offices. Please include the location from which your firm's banking support services will be provided. (2 page limit) OVERVIEW OF THE FIRM Bank of America Corporation (the "Corporation") is both a bank holding company and a financial holding company. Headquartered in Charlotte, North Carolina, the Corporation operates throughout the United States and in more than 30 foreign countries. The Corporation provides a diverse range of banking and non -banking financial services and products domestically and internationally through three business segments: Global Consumer & Small Business Banking, Global Corporate & Investment Banking, and Global Wealth & Investment Management. Bank of America Corporation acquired Merrill Lynch & Co. in a merger that closed on January 1, 2009. Merrill Lynch, Pierce, Fenner & Smith Incorporated is the broker -dealer under which all public finance operations transact. Merrill Lynch, Pierce, Fenner & Smith Incorporated was incorporated in Delaware on November 10, 1958. With the consummation of the merger, Merrill Lynch became an indirect wholly -owned subsidiary of Bank of America, operating under the branded name Bank of America Merrill Lynch (the "Finn"), which is the name of the proposing firm. Bank of America Merrill Lynch, headquartered in New York, is one of the world's leading wealth management, capital markets and advisory firms, with 35,351 employees in over 1,000 offices in 40 countries and U.S. Territories and total client assets of over $22 trillion. The Firm's Global Markets & Investment Banking Group ("GMI") provides investment banking advisory and capital raising services to corporations, governments and institutions worldwide. The Global Markets area of GMI includes the Fixed Income, Currency and Commodities Group ("FICC") as well as Global Equities. The Firm's Municipal Markets Group ("MMG") is part of FICC. PUBLIC FINANCE OVERVIEW - MUNICIPAL MARKETS GROUP ("MMG") The Municipal Markets Group assists cities, counties, state and local governments and their agencies, educational and healthcare institutions, non -profits and other entities in structuring, underwriting and distributing tax-exempt and taxable bonds and notes. The MMG also provides a secondary market for these securities and develops and markets various financial products. The MMG is composed of 289 professionals including 194 public finance bankers in its 16 offices nationwide with locations in Atlanta, Boston, Coral Gables, Chicago, Charlotte, Dallas, Houston, Los Angeles, Winter Park, Philadelphia, St. Louis, Washington DC, Puerto Rico, Seattle, Tampa, and San Francisco. Within the state of Florida, BofAML employs seven public finance banking professionals located within three public finance offices. To meet our clients' needs most effectively, the MMG organizes all investment banking, underwriting, derivatives, sales and trading activities into one coordinated department under a consolidated business model. Each of the division heads reports directly to John Lawlor, Managing Director and Chairman of the Municipal Markets Group. Bank of America MerrillLynch's'Municipal Markets Group, x:iOrganizational Structure Senior management has stated that public finance is an integral and essential component of the Finn's long-term strategy as the Firm's public finance efforts provide BofAML's retail investor clients with a core investment product. Tax-exempt bonds represent a core Firm strategy as they are the second-largest product sold by our sales force. Our commitment to the municipal marketplace is further evidenced by the high level of senior -managed new issuance. Since 2008, Bank of America Merrill Lynch senior managed $196.8 billion, ranking us #1 nationally. FLORIDA PUBLIC FINANCE PRESENCE 'i$eniofManaged Municipal Transactions Nationally:Bince2008 (.9 Millions) BankofAmadc, Mona yrct 1196,836.8 CIE 194,687.4 JP Morgan Morgan Stanley Goldman Sachs 152,904.0 121,3524 98,304.8 50 $50,000 $100,000 $150,000 $200,000 9250,000 Source: 7honrson Reuters BofAML Itas three Public Finance offices located in Tampa, Winter Park, and Coral Gables and a total of 7 Public Finance investment bankers (and 2 Municipal Capital Markets specialists) in Florida fully -dedicated to serving municipal clie its. More specifically, our Tampa office has 2 public finance bankers and 2 municipal market specialists, our Winter Park office has 4 public finance bankers, and our Coral Gables office has 1 public finance banker. Since 2008, BofAML is the #1 ranked senior managing underwriter of Florida municipal financings, having served as senior manager on 127 transactions totaling Bank ofAmerica''I Merrill Lynch 1 CLEARWATER, FLORIDA RESPONSE TO RFQ #31-1 1 FOR BOND UNDERWRITING SERVICES approximately $11.4 billion in par (Source: Thomson Reuters). Our local presence will assure the City experienced team that is familiar with Florida credits and the challenges facing Florida issuers. Senior Managed Municipal Transactions -in 'Florida Since2008 (8 Millions) O saka! knots N eva Lynch ah JP Morgan Morgan Stanley Goldman Sachs SO $3,000 Source: Thomson Reuters 11,143_8 8,813.4 5,914.0 4,916.8 $6,000 $9,000 $12,000 Tampa 2 Public Flans Bankers 2Rcia5 Marketing Specialists Clearwater a dedicated and BafAML'a Flarlaa aMSTI BdAML Public Finance Office 0 Morrill Lynch Retell Office Wither Park 4 RrWic Finance Bunkum Coral Gables 1 Public Finance Barker OFFICES OF PRIMARY WORK AND CORE FINANCE TEAM BofAML will provide a full spectrum of services to the City by bringing together the full complement of our Firm's resources throughout the course of the engagement This includes our Florida bankers as well as our underwriting, marketing, sales, trading and credit specialists all working towards the City achieving its goal of the lowest possible cost of funds. The core financing team will be led by Ms. Patti Garrett, Director, located in our Tampa office. As project manager, the City will benefit from Ms. Garrett's 18 years of Florida municipal market experience with various issuers, credits and structures. She will coordinate the resources of our Finn to ensure the success of the City's financings. Ms. Garrett will be supported by a talented team of professionals located in our Winter Park office. Mr. Russell Edghill, Vice President, will provide day-to-day banking support Ms. Amanda Schlang, Analyst, will provide analytical and quantitative support to round out our core investment banking team. The core investment banking team will be fully. engaged (100% availability) throughout the transaction to ensure the full complement of BofAML's vast resources are available to the City to meet the City's goals and objectives. 101 East Kennedy Blvd. 2nd Floor Tam Florida 33602 irro ecr-emu a . 250 S Park Avenue 4th Floor Winter Park, Florida 32789 The City's proposed financings will be priced by our national underwriting desk, located in New York. Mr. Dave Andersen, Managing Director and head of BofAML Underwriting, is authorized to approve all municipal underwriting commitments for BofAML, regardless of size and would lead any long-term underwriting in concert with Mr. Rob Barber, Managing Director and Mr. Brendan Troy, Managing Director. Mr. Michael Jentis, Managing Director and head of Institutional Sales, will coordinate all institutional sales. Working closely with the New York desk will be Ms. Nancy Labossiere and Mr. Lee Rudolph, both Vice Presidents and Southeast Marketing Specialists located in Tampa. Ms. Labossiere and Mr. Rudolph will have primary responsibility for ensuring the City's bonds are successfully marketed to the Florida retail investor by coordinating the sales efforts of the Firm's Florida retail brokerage offices. Below are the respective office locations: Underwritin;'Desk `'• One Bryant Park 9th Floor New York, NY 10036 TIofidailetail'Sales Maf1thfiri. Desk 101 East Kennedy Blvd. 2nd Floor Tama, Florida 33602 BankofAmerica Merrill Lynch 2 CJ r-- 9 7 L CLEARWATER, FLORIDA RESPONSE TO RFQ ##31-1 l FOR BOND UNDERWRITING SERVICES Clearwater 3. MARKETING STRATEGY AND DISTRIBUTION CAPABILITIES. Provide a discussion of the firm's marketing strategy for the City's issuance of general revenue -backed bonds (such as water and sewer or stormwater revenue) and distribution capabilities of tax- exempt securities on a national, statewide and local scale. Provide a table listing the number of the firm's retail salespeople, institutional salespeople, traders and underwriters for tax-exempt bonds both in Florida and nationally. (2 page limit) The key to a successful underwriting - and among the most important factors for the City to consider when selecting an underwriting team - is the firms' ability to aggressively price and place bonds with buy -and -hold investors and, if necessary, underwrite bonds at appropriate market levels. BofAML has access to 'a comprehensive distribution network capable of reaching the entire range of retail, middle market and institutional investors on both a local and national basis. Access to a diverse distribution network ultimately can make the difference between a successful or unsuccessful transaction, as investors have become less predictable, more discerning and increasingly relationship oriented. BofAML has the capabilities to effectively balance the retail participation goals of the City with the critical institutional presence necessary to provide cost- effective financing to the City. BofAML's ability to deliver both of these important investor groups in dynamic market environments sets the Firm apart in our ability to provide the City with the broadest range of investors with the goal of achieving the lowest cost possible. This dominate market position allows us to (1) leverage a targeted marketing strategy that reaches the broadest range of investors possible; and (2) mobilize our industry leading distribution resources (institutional, middle market, and retail) to reach all pockets of investor demand. BofAML will use the following steps to execute a successful marketing strategy and distribution for the City's revenue -backed bonds: 1. Create a Concise Credit Strategy. It is imperative for the City to develop the credit story regarding the proposed revenue pledge and system. Since the City has recently issued water and sewer refunding bonds, the rating agencies should already be familiar with the City's system and credit. Therefore, our focus would be on educating potential investors (i.e. book posted on Net Roadshow website) highlighting the credit positives of the existing facilities. This will help inform investors and will assist in marketing the credit and ultimately lowering the financing costs to the City. Some of the credit positives of the City's water and sewer system include: - Strong ratings AA-/Aa3/AA- - Manageable capital improvement plan - Approved 6% rate increase plan for FY12 &13 - - Cost reduction measures implemented - Projected coverage 1.6- 2.0 range next 5 years 2. Develop a Targeted Marketing Plan & Leverage BofAML's Distribution Network. Since the credit crisis in 200S, the market has changed substantially and is continuously evolving in the face of global funding pressures, supply and demand dynamics, technical factors and recent weak economic data. While there is a lack of supply in today's municipal market, investors are still inclined to sit on the sidelines and not participate in an offering if they don't understand the credit. Our recommended marketing plan seeks to: • Maximize the participation of Florida and national retail investors. • Focus the institutional and retail marketing on current holders of the City's bonds and similar Florida credits, while at the same time attempting to augment the holders of the City's bonds. - • Address the particular needs of all market constituents - institutional investors, retail investors, dealers and their research arms, and ratings services. • -Leverage retail investor participation against institutional investors to achieve the lowest, most aggressive yields. From the experience gained as the leading underwriter of municipal securities nationally, we have developed a marketing plan that identifies opportunities for the City to expand its investor base and leverage our distribution network. BofAML is the leading retail and institutional firm in pricing and distributing municipal bonds, a strength that is particularly important in this challenging market environment Below we highlight our national, Florida, and local distribution capabilities that will be leveraged in marketing the City's financing. ationaTDistribution'Network 15 Retail Muni Salespeople 209 Institutional Salespeople 23 Muni Traders 12 Muni Underwriters 670 Offices Nationwide 15,000+ Financial Advisors $2.2 Trillion Retail Assets 13 Million Retail Accounts londaiDistabutioriNetwork 2 Retail Muni Salespeople 77 Retail Offices 1,217 Financial Advisors $101.9 Billion Retail Assets 441,929 Retail Accounts 3 Retail Offices 72 Financial Advisors 2 Retail Offices in Clearwater 35 Financial Advisors in Clearwater Bank of America Merrill Lynch 3 CLEARWATER, FLORIDA RESPONSE TO RFQ #3 1 -1 1 FOR BOND UNDERWRITING SERVICES Clearwater BofAML's marketing strategy centers on generating maximum retail investor demand. Our Firm is responsible for approximately 30% of all retail municipal bonds sales nationally and has the largest sales network in the nation with approximately 15,000+ Financial Advisors in over 683 offices nationwide. To capture the greatest amount of retail participation, a one -day order period specifically designed for retail marketing is recommended. This retail order period would accomplish three key objectives: 1) make bonds available on a preferential basis to local and regional retail investors; 2) enable sufficient time to generate retail orders that typically require a longer lead time than institutional orders; and 3) build a book of retail orders to leverage institutional demand at lower yields. In addition, the City may want to consider advertising in the local paper (tombstone) or placing information on the City's website to inform residents of the upcoming sale. 3. Identify Existing Investors & Reach Potential Investors. As part of our targeted marketing efforts, BofAML identified the top institutional holders of the City's outstanding utility bonds as well as the top institutional holders of all water and sewer and wastewater revenue bonds nationally. This is an important step as these buyers are familiar with utility credits and furthermore, the top holders of the City's credits are already familiar with the City. These groups will help form a foundation of buyers for the City's financing. To the right, we have listed the top institutional buyers that currently hold the City's utility related bonds. As you can see, BofAML retail clients represent the second largest investor group. This retail base provides a platform from which to expand the City's investor base for the proposed financings; investors to which only BofAML has access. In addition In identifying City specific investors, we have identified the largest institutional investors of water/sewer and stormwater bonds across the nation. Currently, 2 of the top holders of nationwide water/sewer and stormwater bonds are also significant holders of the City's bonds (blue shaded). These investors may be interested in participating in the City's upcoming financings by increasing their existing holdings. BofAML's market leading institutional municipal marketing group covers the majority of the City's institutional investors, if not all, of these different investors plus many more. It is from this already established base of investors that BofAML will. launch its institutional marketing campaign BofAML has 39 institutional sales offices staffed with 209 sales people who sell a myriad of investment products and services to over 340,000 institutional accounts nationwide of which 36 sales people are exclusively dedicated to selling municipal securities. The depth and breadth of our institutional sales coverage allows us to access the top -tier accounts which represent 75% of institutional buying, as well as the second and third tier accounts that can provide essential distribution points. BofAML will work with the City and its Financial Advisor to develop a tailored comprehensive marketing and distribution plan that will encompass all of the resources of the Firm including our in house credit specialists that will help the City develop a concise credit story; our nation-wide sales force and local Florida distribution networks that will canvass retail accounts and generate pre -sale demand for the City's bonds; and our institutional sales force that will leverage existing relationships to develop demand. We believe no other firm has a more established record of delivering in turbulent and unsettled markets and can leverage the current supply and demand market dynamics to the advantage of the City. Our extensive experience structuring, pricing, and executing utility credits in the market will be of benefit to the City during all phases of the proposed transaction. Top Holden of Cleanvater's General Revenue -Barked Bonds Finn '5 ParHeld .' Franklin Templeton 33,715,000 �ei,gitiy Retntl'ebents, ,t. rr x4 .� �. . , z992;000 Fidelity Company The Dreyfus Corporation BlackRocklnvestment Management The Vanguard Group Standish Mellon Asset Management Western Asset Management 21,190,000 7,098,000 5,500,000 5,000,000 4,489,000 2,750,000 Sara= RofAML infernal data sad Tin Ranters eMAXX Top Holders of All Water & SewerandStonnwatcr Bonds Firm S I'ar Held FnnklinTerip``,letori..:'•:;1 5,613,105,000 The Travelers Companies "The Vanguard Group PineBridge Investments Nuveen Asset Management Northern Trust Global Advisors Pacific Investment Management Capital Guardian Trust 4,703,641,000 131742S,O00, 3,501,327,000 3,422,832,000 3,290,835,000 3,181,211,000 2,766,352,000 .,a...... Timmpmn Reuters eMAXX BankofAmerica "rf Merrill Lynch 4 9 J n fl CLEARWATER, FLORIDA RESPONSE TO RFQ #31-1 1 FOR BOND UNDERWRITING SERVICES Clearwater 4. KEY PERSONNEL. Identify the banking and analytical personnel that will be assigned to work with the City. Provide a brief resume which describes their overall professional experience and their experience working with clients similar to the City (i.e. Florida local municipalities). Be sure to state the role that each of these individuals will play during the engagement and the title/location of each professional included. (2 page limit) At Bank of America Merrill Lynch, we take a comprehensive approach to managing our client relationships by bringing together the full complement of the Firm's resources at the onset of a financing engagement. To accomplish this, Bank of America Merrill Lynch has assigned a team of talented and experienced professionals to serve the City. Ms. Patti Garrett, Director in our Tampa office, will lead this assignment and serve as project manager. Ms. Garrett has over 18 years of Florida municipal market experience and has worked with various local municipal credits. Ms. Garrett is authorized to commit the resources of the Firm in connection with any negotiated bond issue for the City. Ms. Garrett will be supported by a highly -talented team of professionals including Mr. Russell Edghill, Vice President, and Ms. Amanda Schlang, Analyst in our Winter Park office. Mr. Edghill and Ms. Schlang will provide general banking and quantitative support. The core investment banking team will be fully engaged (100% availability) throughout the transaction. In addition to these core banking professionals, the firm has assigned a number of credit and product specialists that will be readily available to provide additional expertise during all phases of the transaction. Below are brief resumes for the banking and specialty individuals that will be assigned to the City. Patti Garrett, Director - Project Manager 101 Fast Kennedy Boulevard Tampa, FL 33602 4lnvestmentBan king Team Patti Garrett Director & Primary Contact Russell EdghilL Vice President Amanda Schlang, Analyst ilnstitutional.&Retail Sales Michael Jentis, Head of Institutional Sala Michael Sullivan, Head of Retail Sales Credit &Product Specialists BradGewehr, Senior Credit Specialist Sandy Brinkert, Senior Credit Specialist David Stephens, Head of Structured Products Clearwater Florida Marketing Specialists, Nancy LaBassiere, Florida Marketing Specialist Lee Rudolph, Florida Marketing Specialist 4Undenvriting'Desk Dave Andersen, Lead Underwriter Brendan Troy, Fixed Rate Underwriter Rob Barber, Fixed Rate Underwriter Catherine Crews, Fixed Rate Underwriter Mona Payton, Variable Rate Underwriter Rob Holmes, Variable Rate Underwriter Ms. Patti Garrett joined Bank of America Merrill Lynch in February 2003. Prior to joining BofAML, her professional experience induded serving as a financial advisor to various local governments in the State of Florida as well as serving as Finance Director for a water and sewer utility in Southwest Florida. Ms. Garrett has over 18 years Florida municipal market experience and has worked with various Florida local government credits including covenant to budget and appropriate, sales tax, general obligation, water and sewer, solid waste, transportation, special assessments and other general governmental credits. She has worked with numerous Florida issuers including Sarasota County, Polk County, Martin County, Seminole County, Broward County, City of Hollywood, City of Jacksonville, Town of Jupiter Island, Bonita Springs Utilities, City of Fort Myers, City of Cape Coral, City of Sarasota, among others. Ms. Garrett has a B.S. in Finance from the University of Tennessee. Ms. Garrett holds FINRA Series 7, 63 and 53 Licenses. To the right is a summary list of Ms. Garrett's senior managed local government issuer experience over the past five years. In addition to her senior managed experience, Ms. Garrett has extensive co -manager experience with numerous Florida local government issuers. 813-225-8142 (phone) 904-312-5771 (fax) patricia.a.garrett@baml.com SaleDate 'Ats. Garrett's Local Governmental Undenvntmg Grpenence .. • . r(Cities,Tnavns,:and Counties) ;issuer - '?Issue -Description .. -Tar (5 mils) -=hole Pending 12/15/10 11/03/10 09/23/10 09/23/10 09/23/10 09/02/10 08/27/I0 08/06/10 03/17/10 03/17/10 01/20/10 11/02/09 09/24/09 09/24/09 07/15/09 12/05/08 09/12/08 06/30/08 02/22/08 11/30/07 08/24/07 03/23/07 01/25/07 12/19/06 10/25/06 09/19/06 08/30/06 08/24/06 08/23/06 06/07/06 02/07/06 Sarasota Co -FL Sarasota Co -FL Tampa Bay Water Auth Lee Co -FL Lee Co -FL Lee Co -FL Lee Co Industrial Dev Auth Polk Co -FL Jupiter Island Town -FL Marco Island City -FL Marco Island City -FL Hollywood City -FL Fort Myers City -FL Jacksonville City -FL Jacksonville City -FL Cape Coral City -FL Sarasota Co -FL Sarasota Co -FL Jacksonville City -FL Sarasota Co -FL Tampa City -FL FL Municipal Loan Council Bradenton City -FL Crtrus Co -FL FL Municipal Loan Council Cape Coral City -FL Palm Bay City -FL Manatee Co -FL Lee Co Industrial Dev Auth Manatee Co -FL Cape Coral City -FL Palm Beach Co -FL Utility System Revenue Bonds Utility System Revenue Bonds Utility System Ref Revenue Bonds Tourist Development Tax Rev Bonds Tourist Development Tax Rev Bonds Tourist Development Tex Rev Bonds Utility System Revenue Bonds Utility System Revenue Bonds U tility System Revenue Ref Bonds Utility System Ref Revenue Bonds Utility Sys Imp & Ref Rev Bonds Water & Sewer Imp Revalue Bonds Utility System Ref Rev Bonds Special Revenue Bonds Special Revenue Bonds Water and Sewer Revenue Bonds Infras Sales Surtax Rev Bonds Infra Sales Surtax Revenue Bonds Capital Projects Revenue Bonds Limited Ad Valorem Tax Bonds Water & Server System Rev Bonds Revenue Bonds Special Obligation Revenue Bonds Water& WstwtrSys Rev Bonds Revenue Bonds Water and Sewer Revenue Bonds Sala Tax Revenue Bonds Public Utilities Rev Imp Bonds Utility Sys Refunding Rev Bonds Revenue Improvement Bonds Special Obligation Rev Bonds General Obligation Bonds 34.975 46.655 104.645 42.480 37.403 1275 49.310 46360 30.085 7.365 50.475 4.185 53.895 55.925 52.090 82205 69.895 73.995 67285 83.605 51240 50.815 18.645 52230 22365 185.000 18365 44.895 23215 59.585 60.000 22335 LEAD LEAD LEAD LEAD LEAD LEAD SOLE LEAD SOLE LEAD LEAD LEAD SOLE LEAD LEAD LEAD LEAD LEAD SOLE LEAD LEAD SOLE SOLE LEAD SOLE LEAD LEAD FA SOLE FA LEAD LEAD K. Deils:31::. S1;b02.80]:r• Bank ofAmerica''S Merrill Lynch 5 CLEARWATER, FLORIDA RESPONSE TO RFQ #31-I 1 FOR BOND UNDERWRITING SERVICES Clearwater Russell Edghill, Vice President- Day -to -Day Project Support 321.527.7828 (phone) 250 South Park Avenue, 4th Floor 646-855-1646 (fax) Winter Park, Florida 32789 russell.edghill@baml.com Mr. Edghill joined BAML in March 2010 with over 5 years of public finance experience. Prior to joining BofAML, Mr. Edghill worked as a financial advisor with one of the nation's leading financial advisory firms and as a tax-exempt finance analyst with SunTrust Robinson Humphrey. Mr. Edghill has vast experience with various Florida credits including master lease, covenant to budget and appropriate, water and sewer, higher education, stadium financings, special assessments, sales tax and general obligation_ Mr. Edghill holds an M.B.A. from the Hough Graduate School of Business at the University of Florida, and graduated Summa Cum Laude with a B.S. degree in Finance from Florida Atlantic University. Mr. Edghill is FINRA Series 7 and 63 licensed. Amanda Schlang, Analyst- Junior Banking Support 321-527-7824 (phone) 250 South Park Avenue, 4th Floor 312-453-3937 (fax) Winter Park, Florida 32789 amanda.schlang@bamI.com Ms. Schlang joined BofAML in July of 2010, completing a 2 month comprehensive municipal training program. She provides analytic and quantitative support to the Southeastern Regional Group. Her experience includes working with Sarasota County; the City of Orlando; the City of Miami; and the State of Mississippi. Ms. Schlang graduated Cum Laude from the University of Florida with a BS.B. A and a major in Finance. She holds FINRA Series 7 and 63 Licenses. David A. Stephens, Managing Director - Capital Markets Specialist One Bryant Park, 12th Floor New York, New York 10036 646.743.1403 (phone) 646.867.1760 (fax) dave.ste-phens@baml.com Mr. Stephens is head of BofAML's Capital Markets Group and has over 23 years of municipal experience at BofA Merrill Lynch, Goldman Sachs, Stephens McCarthy and eBondTrade. During .his career in municipal finance, Mr.. Stephens has specialized in developing innovative financing solutions for his clients. Mr. Stephen's experience includes managing complex refunding and new money issues, producing results that minimize tax constraints and maximize debt service savings. Mr. Stephens -has worked with many major general municipal issuers across the nation. Mr. Stephens is a regular speaker at various Bond Buyer and regional debt and issuer conferences. Mr. Stephens received his B.A. from Southern Methodist University. Mr. Stephens is FINRA Series 7 and 63 licensed. Bradley Gewehr, Director - Credit Specialist 646.743.1336 (phone) One Bryant Park, 12th Floor 646.855.1642 (fax) New York, New York 10036 bradley.gewehrflband.com With over 20 years experience in the municipal bonds industry, Mr. Gewehr joined BofAML in May 2010 from UBS Financial Services. While at UBS, Mr. Gewehr provided research for retail and institutional investors. Mr. Gewehr and his staff have assisted many of banking clients in developing effective credit rating and investor relations strategies. Immediately prior to joining UBS, Mr. Gewehr was a Managing Director in the Public Finance Group of Moody's Investors Service. He supervised a staff of analysts responsible for assigned and maintaining ratings on municipal tax -backed, utility revenue, and lease credits in 26 states, including California, New York, Florida, and Illinois. As a senior member of Rating Committee, he participated in rating decisions for major credits throughout the United States. Mr. Gewehr also led analytical specialty teams covering the water and wastewater and state revolving fund sectors. Mr. Gewehr received his MBA from New York University, and BA from Amherst College. Mr. Gewehr is FINRA Series 7 and 63 licensed. Sandra Brinkert, Director - Credit Specialist One Bryant Park,12th Floor New York, New York 10036 646.743.1312 (phone) 646.743.1383 (fax) sandra.brinkert@baml.com Ms. Brinkert specializes in credit advisory and bank credit syndications. She has 25 years experience in municipal bonds including acting as a credit enhancer at commercial banks and bond insurers, sell side research and investment banking. Her investment banking and credit clients have included issuers from most sectors of the market including extensive work with airports, cities and water system. Prior to joining BofAML in 2008, she was manager of public finance underwriting at ACA Capital, an underwriter in project finance at Ambac and an investment banker, credit research analyst and commercial banker at JP Morgan. Md. Brinkert received her MBA from the University of Chicago, and BA from Northwestern University. Ms. Brinkert is a Chartered Financial Analyst. Ms. Brinkert is FINRA Series 7,16, 53 and 63 licensed. BankofAmerica1 Merrill Lynch 6 �L} fl L CLEARWATER, FLORIDA RESPONSE TO RFQ #I31-11 FOR BOND UNDERWRITING SERVICES Clearwater 5. UNDERWRITING DESK. Provide the location of the underwriting desk that will price future negotiated issuances for the City. Include a resume detailing the experience of the firm's principal underwriter at this location. In addition, provide the names and titles of those individuals, if any, who must approve an underwriting commitment for the firm. (2 page limit) BofAML's national underwriting desk, located in New York City, will have primary responsibility for pricing and marketing the City's financings. Mr. Dave Andersen, Managing Director and head of BofAML's Underwriting Desk, is authorized to approve all municipal underwriting commitments for BofAML and would lead any long-term underwriting in concert with Mr. Rob Barber, Managing Director and lead negotiated underwriter for BofAML and Mr. Brendan Troy, Managing Director and lead underwriter. In addition, Ms. Mona Payton, Managing Director and lead short-term bond underwriter will be available as needed. Mr. Michael Jentis, Managing Director and head of Institutional Sales, will coordinate all institutional sales. Ms. Nancy LaBossiere and Mr. Lee Rudolph, both Vice Presidents and Florida retail marketing specialists located in our Tampa office, will lend their expertise during the marketing and distribution phase of the City's future financings. Brief resumes for our lead underwriters are provided below: As head of all municipal trading and underwriting commitments, Dave Andersen has the authority to make all level of balance sheet commitments as necessary to conduct our public finance operations. BofAML approaches each underwriting with a willingness to use its balance sheet to inventory unsold balances and does not have a preset departmental limit that would constrain our ability to do so. BofAML does not place a limit on the excess net capital amount allocated to our Municipal Markets Group. As such, BofAML is able to commit the capital we deem necessary to support the City's financings. The resumes of the underwriters who will be involved in the City's financings are provided below. NATIONAL UNDERWRITING SPECIALISTS DAVE ANDERSEN Managing Director One Bryant Park, 9th Floor New York, NY 10036 212 149-5081 (ph) Dave.f.andersen@baml.com Role: Head of Municipal Markets Trading and Underwriting. Responsible for all of BofAML's Municipal Markets Departments' trading and underwriting. Relevant Experience: Mr. Andersen has over 23 years experience in underwriting, and trading of competitive and negotiated issues for BofAML's Mimicipal Markets Desk. He is in charge of coordinating and overseeing the entire Municipal Markets trading and underwriting desks. In addition to his managerial responsibilities, Mr. Andersen is the senior underwriter for all fixed rate underwritings executed through our municipal desk. His underwriting experience is unparalleled in the industry, as he has underwritten transactions for all major issuers across the country. Background: B.S. (Finance) - New York University; FINRA Series 7, 53 and 63 licensed. ROB BARBER Managing Director One Bryant Park; 9th Floor New York, NY 10036 212-449-5081 (ph) robert.barber@baml.com Role: Lead Negotiated Underwriter. Responsible for fixed-rate issue pricing and syndicate management. Relevant Experience: Rob Barber joined BofAML in 1980. He is currently the Lead Negotiated Municipal Underwriter. In this role, Mr. Barber has served as underwriter for a wide variety of tax exempt and taxable offerings in such diverse areas as transportation, public power, gas prepays, tobacco, military housing, health care, education, general obligations, etc. Background: BA - Washington and Lee University. FINRA Series 7, 53 and 63 licensed. BRENDAN TROY Managing Director One Bryant Park, 9th Floor New York, NY 10036 212 119-5081(ph) Brendan.troy@baml.com Role: Lead Underwriter Relevant Experience: Mr. Troy has over 8 years of experience in the underwriting of both fixed-rate and variable -rate securities. His Florida underwriting experience includes financings for the State of Florida, Miami -Dade County, Jacksonville Electric Authority, Polk County, the City of Tallahassee, Tampa Bay Water Authority, City of Miami and Town of Jupiter Island. Background: B.A. Vanderbilt University and M.B.A from, New York University. FINRA Series 7 and 63 licensed. MONA PAYTON Managing Director One Bryant Park, 9th Floor New York, NY 10036 212-449-5101 (ph) mona.payton@baml.com Role: Lead Money Markets Underwriter. Responsible for all variable -rate transactions. Related Experience: Among Mona Payton s variable -rate underwriting experience are financings for Miami -Dade County Schools (the $66 million of RANs), Florida Hurricane Catastrophe Fund, Clark County Airport System (3 series), Ohio State University, the University of South Florida (5 series). She has over 22 years of sales trading and underwriting experience. Background: BA - Ohio State University, MA - New York University. FINRA Series 7 and 63 licensed. BankofAmerica Merrill Lynch 7 CLEARWATER, FLORIDA RESPONSE TO RFQ #31-1 1 FOR BOND UNDERWRITING SERVICES Clearwater vwwv 6. PROJECT EXPERIENCE. Provide summary tables of the firm's negotiated underwriting experience with local municipalities (i.e. cities, towns, counties, etc.) issuing bonds backed by general governmental credits (i.e. general obligation, tax -backed financings, enterprise fund financings, etc.) since januany 1, 2009. Provide four separate summary tables: Florida senior managed experience, Florida co -senior / co - managed experience, national (not including Florida) senior managed experience, and national (not including Florida) co -senior / co - managed experience. For each table, include an annual breakdown of number of issues and par amount as well as a total amount over this tirneframe. Include detailed experience lists of these transactions as an appendix. (2 page limit) NATIONAL LOCAL GOVERNMENT UNDERWRITING EXPERIENCE. BofAML is a dominant force in municipal finance, consistently ranking among the top national underwriters in all categories of municipal transactions. BofAML and its professionals have extensive experience with local government credits including general obligation, various tax credits (sales, surtax, gas tax, etc), annual appropriation, and enterprise fund credits (water, sewer, gas, stormwater, airport, transportation). BofAML is ranked #2 among senior managing underwriters nationally (excluding Florida) since 2009 for governmental issuers (including cities, towns, counties and districts)(Source: Thomson Reuters). For the period January 1, 2009 through September 29, 2011, BofAML has served as senior manager on 405 local government issuer financings (excluding Florida) totaling over $31.2 billion and co -manager on 1,191 local government issuer transactions (excluding Florida) totaling over $126.6 billion. Provided in Appendix A is a detailed listing of BofAML's national (excluding Florida) governmental financing experience. National Senior Managed Governmental* UnderwritingExperience (excluding Florida) of Transactions `Tar Amount (Emits) 2011 YTD 2010 2009 73 157 175 $4,8012 $12,260.7 $14,208.0 Total 405 $31,269.9 .'.. Sourer: Thomson Ranters 'Cities, Counties, Tenons end Districts National Co-Senior/Co-Managed Governmental* :UnderwritingExperience • (excluding Florida) 4 ofTransactions `iPar Amount (Smils) 2011 YTD 2010 2009 206 521 464 $21,337.4 $54,010.7 $51,334.0 Total 1191 $126,682.1._ Source Thontsou Ranters Uties, Counties, t 055,5 Hurt U,stiwts FLORIDA LOCAL GOVERNMENT UNDERWRITING EXPERIENCE BofAML has extensive experience as senior manager of Florida local government issues and credits. BofAML and the professionals assigned to the City have senior managed numerous financings for Florida local government issuers that span the full range of credits, including general fund credits as well as enterprise fund credits. Since January 1, 2009, BofAML is the #2 ranked senior managing underwriter of local government issuer financings in the state of Florida. BofAML has senior 46 Florida local government issuer transactions totaling over $2.6 billion and has acted a co -manager on 39 transactions totaling over $2.5 billion as shown in the tables below. 'Florida Senior'Managed Governmental* UnderwritingExp erience 4 of Transactions . Par Amount($mils): 2011 YTD 2010 2009 5 22 19 $309.6 $1,007.8 $1,315.7 Total 46 $2,633.1 :., Source: Tlransan Reuters 'Cities, Counties Towns and Districts dlorida CoSenior/Co-Managed Governmental* Underwriting F.x p e rie n ce of Transactions ";Par Amount (Smils) 2011 YTD 2010 2009 10 14 15 $856.3 $588.4 $1,106.2 Total 39 $2,550.9_., Sonata: Thomson Reuters "Cities, Comities, Tenons and Districts Most recently, our Firm has senior managed transactions for Florida clients such as Lee County (tourist tax credit), Sarasota County (water and sewer credit), City of Marco Island (water and sewer credit), Polk County (water and sewer as well as gas tax credit), City of Hollywood (water and sewer credit), City of Fort Myers (water and sewer credit), City of Cape Coral (water and sewer credit), City of Jacksonville (sales tax credit), City of Orlando (tax increment credit), City of Tallahassee (energy system credit) and numerous other Florida issuers. A detailed list of our Florida local government financing experience can be found in Appendix A. To further illustrate our experience and expertise working with Florida local goverrunentissuers, BofAML has included on the following page several case studies highlighting transactions in which we served as senior managing underwriter. BofAML pledges the same high level of service to the City for its proposed transaction. Bank of AmericaV' Merrill Lynch 8 CLEARWATER, FLORIDA RESPONSE TO RFQ #31-1 1 FOR BOND UNDERWRITING SERVICES CITY OF MARCO ISLAND, FLORIDA $50,475,000 Tax -Exempt Utility System Improvement and Refunding Revenue Bonds, Series 2010A $7,365,000 Taxable Utility System Refunding Revenue Bonds, Series 2010B BofAML served as senior manager on the City of Marco Island's utility system improvement and refunding revenue bond transaction, which came to market on March 16, 2010. The proceeds will ' ' fund improvements to the City's utility system as well as currently refund certain outstanding bonds — on both a taxable and tax-exempt basis. The transaction had A2/A/A- ratings and was not insured. Our team facilitated publishing tombstone ads in local papers to alert Marco Island residents of the pending sale. BofAML's extensive marketing coupled with our local presence, helped secure strong retail participation resulting in over $30 million in orders on the Series 2010A Bonds. While the transaction was originally scheduled to price over two days, the strong demand from BofAML retail investors, nearly 60% of the Series 2010A, allowed the City to accelerate the transaction and lock in rates on both the Series 2010A and Series 2010B Bonds on the same day. Moreover, our desk was able to leverage this retail demand to bring in institutional investors at aggressive rates. This strategy allowed the City to save over 10 basis points from the initial price views. CITY OF HOLLYWOOD, FLORIDA $52,345,000 Water and Sewer Improvement Revenue Bonds $4,185,000 Series 2010A (Tax -Exempt Bonds) $48,160,000 Series 2010B (Build America Bonds) On Tuesday, January 19, 2010, BofAML priced the $52.345 million City of Hollywood, FL Water and Sewer Improvement Revenue Bonds, Series 2010A&B. Merrill Lynch's strong sales force was able to generate enough demand the morning of the 19th that pricing was accelerated and the coupon for the Build America Bonds was set that day. More importantly, this demand led to a tightening of up to 20 basis points in some maturities and generated an all in TIC of 4.629% (net of the subsidy).. As investor's focused on the larger BABs portion of the transaction, demand for the tax-exempt bonds was less strong but BofAML made an offer to underwrite the majority of the Series A bonds to complete the offering. This transaction highlights the Firm's superior pricing ability and willingness to underwrite bonds. Clearwater moratammo ik Oy N Marto Wand, Florida .614.1•01.9,••••• ./avow*.... LEE COUNTY, FLORIDA Tourist Development Tax Revenue Bonds $42,480,000 Series 2010A (Build America Bonds) $37,403,000 Series 2010B (Recovery Zone Economic Development Bonds) $1,275,000 Series 2010C (Tax -Exempt) On September 22nd, 2010, Bank of America Merrill Lynch senior managed the Lee County, Florida $81,158,000 Tourist Development Tax Revenue Bonds, Series 2010A,B&C. This issue was comprised of $42,480,000 of Series 2010A Build America Bonds, $37,403,000 Series 2010B Recovery Zone Economic Development -Bonds (RZEDBs) and $1,275,000 Series 2010C Tax -Exempt Bonds. The County took advantage of its RZEDB allocation, issuing the full allocation amount, thus receiving the 45% subsidy on $37.403 million of the issuance. As senior manager, BofAML continuously optimized the structure of the transaction up through the day of pricing to ensure the lowest possible overall cost to the County. BofAML completed maturity -by -maturity analyses to determine the most cost effective overall structure incorporating RZEDBs, BABs and tax-exempt bonds. Moreover, our sales force generated nearly $140 million in orders. This combination of structuring strength and a talented and experienced sales force allowed BofAML to achieve for the County an All -in TIC of 3.67% for 30-year debt LEE COUNTY SOUTHWEST FLORIDA CITY OF ORLANDO, FLORIDA - COMMUNITY REDEVELOPMENT AUTHORITY $4,760,000 Tax Increment Revenue Bonds, Series 2010A (Downtown District) $71,415,000 Taxable Tax Increment Revenue Bonds, Series 2010B (Downtown District - Direct Subsidy Build America Bonds) In April 2010, Bank of America Merrill Lynch senior managed the City of Orlando's $4,760,000 Tax Increment Revenue Bonds, Series 2010A (Downtown District) and $71,415,000 Taxable Tax Increment Revenue Bonds, Series 2010B (Downtown District - Direct Subsidy Build America Bonds). The initial structure incorporated tax-exempt serials in years 2014 through 2018 and taxable BABs serials in years 2019 through 2025 with term bonds in 2030 and 2040. Using BofAML's approach of pricing BAB transactions off our municipal desk, rather than our corporate taxable desk as some of the other underwriters do, BofAML worked with traditional and non-traditional institutional buyers to gain more favorable pricing terms. During the marketing period, the City and Financial Advisor had immense concern regarding the secondary market trading levels of their 2009 CRA bonds, given the Internal Revenue Service's recent efforts regarding the Issue -Price Tax Rule. The City's 2009 CRA transaction, managed away from BofAML, had traded up almost 80 bps since the initial pricing. To alleviate this concern, BofAML targeted buy and hold investors and assembled a book of orders over two times subscribed. The final spreads secured for this transaction were 10- 20 basis points tighter than the initial price thoughts and significantly tighter than the City's previous transaction. . The final pricing being roughly 85 basis points tighter than the City's 2009 transaction, is further evidence that BofAML established the most aggressive pricing for the City. BankofAmerica Merrill Lynch 9 L s L I� CLEARWATER, FLORIDA RESPONSE TO RFQ #31-1 1 FOR BOND UNDERWRITING SERVICES °. Clearwater 7. REFERENCES. Identify three (3) Florida local municipal clients from the experience provided previously that the City can contact as references for the assigned professionals. For each reference include name, title, address, phone number, and email address. (1 page limit) We are proud of the long-term relationships we have developed with our clients. We strongly urge the City to contact the references from similar transactions cited below for first-hand comments regarding the quality of the investment banking services that we provide our clients. k �y!/�� {{--r�am �/�� �y�} Saz�,solF..t County ;u } }st}[ki 1E� �� , Ili „„ r" .... . ._. I . }>� 4. � � «•. 1 f ,; SU ' Sarasota' County, :Florida , : , . rCity.of Fort Myers, Florida . ;, , 'City of Marcolsland Peter H. Ramdsen Maria Joyner Patricia Bliss Director of Finance Financial Services Director Finance Director 1600 Ringling Boulevard, 4th Floor 2200 Second Street 50 Bald Eagle Drive Sarasota, Florida 34326 Fort Myers, Florida 33901-3026 Marco Island, FL 34145 Tel: 941.861.4292 Tel: 239.321.7145 Tel: 239.389.5016 Email: pramsden@scgovnet Ernailamoyner@cityftmyers.com Email: pbliss@cityofmarcoisland.com BankofAmerica'* Merrill Lynch 10 CLEARWATER, FLORIDA RESPONSE TO RFQ #31-1 1 FOR BOND UNDERWRITING SERVICES Clearwater 8. CAPITAL Describe the firm's ability and willingness to commit capital to the City's financing in order to hold bonds in inventory if necessary. Provide a table detailing the firm's total capital, equity capital, net capital, and excess net capital as of the most recent available date. Include specific case studies in which the firm committed capital to a municipal issuer during the past twelve (12) months in order to assist in bringing a deal to market. (2 page limit) As of June 30, 2011, BofAML reported over $9.3 billion of excess net capital. BofAML's ability to underwrite bonds on behalf of our clients remains as strong as ever. BofAML approaches each underwriting with a willingness to use its balance sheet to inventory unsold balances and does not have a preset departmental limit that would constrain our ability to do so. BofAML does not place a limit on the excess net capital amount allocated to our Municipal Markets Group. One of the most effective gauges for determining an investment banking firm's ability to underwrite bonds is to look at a firm's competitive ranking. Competitive underwriting rankings are a very accurate benchmark for an issuer to compare each underwriter's actual performance and make a determination of a specific firm's willingness and ability to obtain the lowest cost of financing possible for an issuer's debt transaction. In order to win a competitive transaction, the winning firm is competing with all other bidders on a level playing field. The bid that provides the lowest cost is the sole determinant of the winning bid. As the #1 ranked underwriter of competitive transactions nationally each and every year since 1992, BofAML has repeatedly demonstrated its unparalleled ability to underwrite bonds under all market conditions. BofAML regularly underwrites unsold securities to support the appropriate pricing of our issuer clients' programs. BofAML's commitment to our municipal clients is clearly demonstrated by the number of bonds we purchase for inventory to ensure the equitable and successful sale of our clients' bond transactions under all market conditions. Below is a summary chart of several transactions that illustrates our willingness to commit capital to ensure a successful financing. • BofAML's Capital Position _As of 6/30/2011 $millions Total Capital (1) Tier 1 Capital (1) Net Capital (2) Excess Net Capital (2) 217,986 153,134 10,123 9,316 (1) Reflects BAC (2) Reflects MLPF&S Issuer State of Connecticut Oklahoma Student Loan Authority Government Development Bank of PR Howard University State of Ohio Georgia Tech Athletic Association Arizona Transportation Board Puerto Rico Electric Power Authority Holy Name Medical Center Bay Area Toll Authority OSF Healthcare System Capital Commitments 'Selected BofAML :Sale Date 07/21/2011 06/28/2011 05/11/2011 04/05/2011 02/23/2011 01/26/2011 01/12/2011 12/16/2010 08/19/2010 06/24/2010 06/17/2010 .Par Amount, • $280,000,000 205,200,000 650,000,000 290,315,000 58,000,000 88,7/5,000 158,585,000 355,730,000 55,280,000 1,500,000,000 162,905,000 $'Underwritten $46,300,000 94,200,000 125,000,000 36,640,000 18,185,000 9,495,000 23,675,000 94,000,000 6,045,000 220,270,000 162,905,000 :_lVo.TJnderwritten i. 17% 46% 19% 12% 31% 11% 15% 26% 11% 15% 100% State of Connecticut Tax -Exempt Fixed Rate Bonds; Senior Manager $280,000,000 General Obligation Bonds (2005 Series A) - SIFMA Index Bonds In July 2011, BofAML served as Senior Manager on the State of Connecticut's (the "State") $280,000,000 Conversion of GO Series 2005A to SIFMA Index Bonds The State decided to convert the Bonds from Variable Rate Demand Bonds ("VRDBs") to SIFMA Index Bonds due to ongoing market concerns with Dexia, the liquidity provider on the VRDBs. Due to the fiscal calendar of the State, as well as macroeconomic concerns with the Federal debt ceiling debate, the State asked BofA Merrill Lynch to complete the transaction process, from mandate to closing, in less than a month. Because the transaction was a conversion, there was very little flexibility on structure. The State wanted to issue serials as long-dated as the market would permit, and the Bonds required an unusually short call in 2015 to align with the call on an existing swap. Ultimately the Bonds were structured with maturities from 2016 - 2023, making the conversion the longest - dated serial SIFMA bonds issued to date in the municipal market. Throughout the marketing period, BofAML discussed various put structures with investors to ensure the tightest spreads. On pricing day, the Bonds priced with as a serial structure with spreads to SIFMA of 70 basis points (2016 maturity) to 180 basis points (2023 maturity). To increase investor appetite, the BofAML structured a 2018 put on the 2019 and 2020 maturities at a spread of 135 basis points over SIFMA. To support efficient and cost-effective execution of the transaction, BofAML underwrote $46.3 million of the Bonds (approximately 17%). Bank of America'�l Merrill Lynch 11 L CLEARWATER, FLORIDA RESPONSE TO RFQ #31-1 1 FOR BOND UNDERWRITING SERVICES Bay Area Toil Authority San Francisco Bay Area Subordinate Toll Bridge Revenue Bonds $1.5 billion 2010 Series S-1 (Federally Taxable Build America Bonds) Clearwater On June 24, 2010, Bank of America Merrill Lynch ("BofAML") priced $1.5 billion of Subordinate Toll Bridge ►� Revenue Bonds for the Bay Area Toll Authority ("BATA"). The bonds were issued as Build America Bonds ("BABs") and were secured by the Toll Bridge Revenues from seven major bridges in the San Francisco Bay Area. For this issuance and to create future flexibility, BATA and its bankers created a new Subordinate Lien which is junior to BATA's existing Senior Lien Bonds. Through extensive document crafting and rating agency interaction, the new Subordinate Lien was rated Al/A+ by Moody's and Standard and Poor s respectively. Pricing of the bonds culminated an expansive investor marketing campaign which included one-on-one, in -person meetings with major investors on the West Coast, Boston and New York Additionally, BofAML and BATA spent three days in London marketing the credit and Build America Bond product to international buyers and sales desks. The bonds were sold into one of the most illiquid taxable markets in recent history. Corporate new issuance had stagnated in the weeks leading up to pricing with many investors fleeing to high -quality investments such as US Treasury Bonds. This flight to quality caused a significant rally in the Treasury market (with rates for the 30-year maturity hovering around 4%). Low Treasury yields caused credit spreads to widen in market where buyers were more focused on nominal yields rather than price relative to Treasuries. In the face of this challenging market, BofAML priced a $250 million 2030, $400 million 2040 and $850 million 2050 final maturity for BATA at spreads of 275, 287.5 and 300 basis points over the 30-Year Treasury, respectively. The team's international marketing efforts paid off with three international investors purchasing nearly $85 million in bonds. Amid the turbulent market, BATA netted a 4.54% interest rate (after the BABs subsidy) on $1.5 billion of forty year paper. BankofAmerica-�•' Merrill Lynch 12 CLEARWATER, FLORIDA RESPONSE TO RFQ #31-1 1 FOR BOND UNDERWRITING SERVICES Clearwater 9. ADDmONAL INFORMATION. Provide any additional information that demonstrates your f rm's ability to serve as a member of the City's underwriting team. Include a listing of the City's competitive financings that your firm has bid on since January 1, 2000 and if you were the winning or cover bid on any of these financings. Also include in a brief discussion of any analysis that you have provided to the City since January 1, 2009. (2 page limit) BofAML offers the City a comprehensive blend of resources, experience and commitment that will assist in achieving the 7.1 City's financing goals. Key highlights of the attributes that make BofAML well positioned to serve on the City's proposed j team of underwriters are outlined below: I� J BOFAML Is A COMMJTFED AND ACrWE FINANCIAL PARTNER TO THE CITY. BofAML is committed to City and values its relationship with the City. Members of the financing team have a proven track record with the City, having successfully been a member of the City's underwriting team. • CITY OF CLEARWATER UNDERWRITING EXPERIENCE. In 2009, BofAML served as co -manager on the City's Water & Sewer Revenue Refunding Bonds. Most recently, BofAML served as co -manager on the City's Water and Sewer Revenue Refunding Bonds Series 2011. As a co -manager, BofAML placed orders totaling more than $6.6 million on the Series 2009 Bonds and $4.5 million on the Series 2011 Bonds. • CITY OF CLEARWATER COMPETITIVE BID HISTORY. As the #1 ranked underwriter of competitive transactions nationally for 18 consecutive years, BofAML consistently commits our strong balance sheet to support our valued clients, such as the City of Clearwater. BofAML has demonstrated this strong commitment to the City of Clearwater having actively bid on many of the City's competitive sales over the years. More specifically, since 2000, BofAML has placed bids on seven transactions. BofAML provided the winning bid on the City's Water & Sewer Revenue Refunding Bonds, Series 2003 and was cover bid on two other transactions as highlighted in the table to the right. $26.43 million Water & Sewer Revenue Bonds, Series 2006 Bid . $14.35 million Stormwater System Revenue Bonds, Series 2004 Cover Bid $8.89 million Gas System Revenue Refunding Bonds, Series 2004 Bid $8.4 million Water & Sewer Revenue Refunding Bonds, Series 2003 Won Bid $24.65 million Stormwater Revenue Bonds., Series 2002 Bid $58.68 million Water and Sewer Revenue Bonds, Series 2002 Cover Bid $46.445 million Infrastructure Sales Tax Revenue Bond, Series 2001 Bid BOFAML IS AN ACTIVE COMMUNITY PARTNER • Through active volunteerism and corporate grants and sponsorships, we are proud to support such local charities as the Worknet Pinellas, Clearwater Neighborhood Housing Services, Habitat for Humanity, Boys and Girls Club, United Way, Pinellas Education Foundation, Ruth Eckerd Hall and Pinellas Public Library Cooperative, to name a few. • Bank of America will have invested more than $2.5 million in non-profit organizations in the Tampa Bay area by year-end 2011. Tampa Bay area Employees posted 21,037 volunteer hours with local not for profit organizations in 2010. BOFAML IS A MARKET LEADER BOTH NATIONALLY AND WITHIN THE STATE OF FLORIDA • Client commitment, vast capital resources, experienced bankers, and premier distribution capabilities for both institution and retail investors provide a financing platform that makes BofAML uniquely qualified to serve as a member of the City's underwriting team. • BofAML enjoys the singular distinction of ranking the #1 senior manager of municipal bonds both nationally and within the state of Florida for 2008-2011 YTD clearly demonstrating our Firm's ability to structure, market and distribute Florida issues to investors. BOFAML'S FLORIDA PRESENCE AND KNOWLEDGE OF LOCAL ISSUES AND CREDITS BENEFITS OUR CLIENTS • Broad experience in Florida with a variety of credits, revenue pledges and structures. • BofAML has served as senior managing underwriter for City of Marco Island, Sarasota County, Pasco County, Tampa Bay Water Authority, Polk County, City of Orlando, City of Tallahassee, City of Fort Myers, City of Cape Coral, City of Miami and Town of Jupiter Island to name a few. BankofAmerica'I Merrill Lynch 13 1 11 0 i Li CLEARWATER, FLORIDA RESPONSE TO RFQ #31-11 FOR BOND UNDERWRITING SERVICES This extensive Florida presence and experience with challenges facing Florida issuers, will benefit the City in all phases of a transaction including structuring, credit, pricing and distribution. r-' BOFAML'S TEAM OF EXPERIENCED SENIOR BANKING AND UNDERWRITING PROFESSIONALS ARE DEDICATED TO THE CITY'S PROPOSED FINANCING • The City's financings will be led by a senior banker who has over 18 years experience working with local Florida issuers and credits. Ms Garrett, Project Manager, has worked with numerous general fund credits as well as enterprise fund credits. She has particular expertise with water and sewer credits, having previously worked as a finance director for a Florida water and sewer utility. ■ Our core finance team has the proven expertise to structure, market and distribute the City's proposed bonds. The core team will be fully engaged throughout the transaction and will ensure that the full complement of BofAML's vast resources is available to the City. Clearwater BOFAML Is A PREMIER DISTRIBUTOR OF MUNICIPAL BONDS ■ #1 distributor of tax-exempt bonds to retail investors nationally. • #1 distributor of tax-exempt bonds to institutional investors nationally. • Institutional Investor has named BofAML the #1 ranked trading firm of municipal securities for five of the last six years. • Greenwich Associates has ranked BofAML as the #1 municipal institutional firm each year since 1992. • Our superior pricing capabilities combined with our vast distribution network and ability to access both institutional and retail buyers will ultimately assist in providing the lowest possible cost to the City. ■ BofAML is a leading brokerage firth in Florida with 1,217 financial advisors statewide in 77 retail offices managing over $101.9 billion in assets. BOFAML HAS EXTENSIVE CAPITAL AND IS WILLING TO USE IT TO BENEFIT OUR CLIENTS ■ BofAML aggressively underwrites our clients' bonds and provides secondary market liquidity under all market conditions. Routinely commits 20% to 30% of an issue size in capital, and will commit larger percentages, given market conditions at pricing. Our substantial capital base enables us to price aggressively, even under the most adverse market conditions, which is to the benefit of the successful sale of the City's proposed financing. BOFAML'S IN HOUSE CREDIT RATING SPECIALISTS WILL ASSIST IN ALL PHASES OF THE RATINGS PROCESS • BofAML has the technical skills and credit rating experience to assist the City in all phases of the structuring and ratings process. ■ BofAML has seasoned credit analysts with experience at rating agencies, bond insurers, letter of credit banks and research. These individuals will work closely with the City in presenting its credit story to the rating agencies and ultimately the investors. BankofAmerica��I Merrill Lynch 14 CLEARWATER, FLORIDA RESPONSE TO RFQ #31-1 1 FOR BOND UNDERWRITING SERVICES Clearwater 10. CONFLICT OF INTEREST. Describe any current or potential conflicts of interest that may arise from the selection of your firm as member of the City's underwriting team. While BofAML is unaware of all of the potential parties to the contemplated financings, to the best of our knowledge at this time, we are not aware of any existing or potential conflict of interest related to the provision of our services as contemplated herein. BankofAmericaI Merrill Lynch 15 Di r L CLEARWATER, FLORIDA RESPONSE TO RFQ #31-1 1 FOR BOND UNDERWRITING SERVICES Clearwater o 11. LITIGATION. Provide a description on any litigation or regulatory action filed against or settled by your firm relating to your firm's public finance and/or bond underwriting practice since Januany 1, 2009, and the resolution thereof In the ordinary course of business, Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") is subject to regulatory examinations, information gathering requests, inquiries, and investigations ("Regulatory Matters") by various federal or state securities regulatory agencies and attorneys general, other local, state, and federal agencies, and self -regulatory organizations (collectively, "Regulators"); and is routinely a defendant in or party to many pending and threatened legal actions and proceedings, including actions brought on behalf of various classes of claimants ("Legal Matters"), which may be based on alleged violations of securities, environmental, employment, and other laws. In connection with formal and informal Regulatory Matters, Merrill Lynch receives numerous requests, subpoenas and orders for documents, testimony and information in connection with various aspects of its regulated activities, and in some cases regulatory action has been taken against Merrill Lynch Merrill Lynch believes that it has cooperated fully with the Regulators in all such inquiries to date and intends to continue to cooperate fully with the Regulators in all such inquiries involving Merrill Lynch in the future. Merrill Lynch's parent is Merrill Lynch & Co., Inc. (the "Corporation"). The Corporation and its parent, Bank of America Corporation ("BAC'), make all required disdosures in their Annual Reports on Form 10-K and Quarterly Reports on Form 10- Q which are updated in Reports on Form 8-K, all of which are filed with the Securities and Exchange Commission ("Regulatory Filings"). Merrill Lynch makes all required disclosures in its Form BD and ADV Filings ("Form BD and ADV Filings") with the Financial Industry Regulatory Authority ("FIN -RA"). Those Regulatory Filings and Form BD and ADV Filings include disclosures of Regulatory Matters and Legal Matters as required by federal law and applicable regulations, and are publicly available. The Corporation and BAC cannot confirm or deny the existence of any other, non-public Regulatory Inquiry conducted by any Regulator unless required to do so by law. The Regulatory Filings are publicly available on the SEC's website at www.sec.gov. The Form BD Filings are publicly available on the FINRA BrokerCheck system at http://www.finra.ora/Investors/ToolsCalculators/BrokerCheck/index.htm. The Form ADV filings are publicly available on the SEC's Investment Adviser Search website at http://wt vw.adviserinfo.sec.gov/(S(cerr0u55hmrw5a45022y3vnzD/IAPD/Content/Search/iapd SearcKaspx. Regulatory Filings that include information relating to Regulatory Matters or Legal Matters involving the municipal markets business of Merrill Lynch since January 1, 2006 can be accessed as follows and are incorporated herein by reference: the Corporation's 2010 Annual Report filed on March 1, 2011 (pages 137, 138 and 145); Quarterly Report on Form 10-Q filed on May 6, 2011 (page 71); 2009 Annual Report filed on March 11, 2010 (pages 121,122,127 and 128); 2008 Annual Report filed on February 24, 2009 (pages 126 and 127); and these can be found at http://ir.ml.com/phoenix.zhtml?c'93516&p=irol-sec and BAC's 2010 Annual Report filed on February 25, 2011 (pages 197 and 204); Quarterly Report on Form 10-Q filed on May 5, 2011 (pages 177 and 178); 2009 Annual Report filed on February 26, 2010 (pages 161 and 169); 2008 Annual Report filed on February 27, 2009 (pages 150 and 154); 2007 Annual Report filed on February 28, 2008 (page 123); and 2006 Annual Report filed on February 28, 2007 (page 141 and 142) can be found at http: / /investor.bankofamerica.com/ phoenix.zhtml?c=71595&p=irol-sec. Please let us know if you need any additional information. BankofAmerica'%I Merrill Lynch 16 1 r- L L 1 n) J r- L 1 7 CLEARWATER, FLORIDA RESPONSE TO RFQ 431-1 1 FOR BOND UNDERWRITING SERVICES Clearwater Appendix A- Local Governmental Underwriting Experience BankofAmerica��l Merrill Lynch L L r L, r L I b 1 L P L I L P L 1 L r 1 BofAML National Governmental (Cities, Towns, Counties and Districts) Underwriting Experience Exlcudes Florida 01/01/2009 to 09/29/2011 Sale Date Issuer Issue Description Amount of Issue Role of .($mils) Firm Bid State ., 09/28/11 09/28/11 09/28/11 09/27/11 09/22/11 09/20/11 09/15/11 09/15/11 09/14/11 09/14/11 09/14/11 09/14/11 09/13/11 09/12/11 09/07/11 09/01/11 08/31/11 08/24/11 08/19/11 08/17/11 08/16/11 08/10/11 08/09/11 08/09/11 08/08/11 08/04/11 08/03/11 08/03/11 08/03/11 08/03/11 08/02/11 07/27/11 07/27/11 07/27/11 07/27/11 07/27/11 07/26/11 07/26/11 07/21/11 07/21/11 07/21/11 07/21/11 07/21/11 07/21/11 07/20/11 07/20/11 07/19/11 New York City -New York Las Vegas Valley Water Dt Las Vegas Valley Water Dt Los Angeles USD Salt River Proj Agric Imp Pwr Dt Fort Wayne City -Indiana Richland Co SD #1 Orange Co Sanitation Dt So California Metro Water Dt Sacramento MUD (SMUD) Philadelphia City -Pennsylvania Greenville Co SD Bexar Co (San Antonio) ISD Wethersfield Town -Connecticut Burlington Co -New Jersey Cucamonga Valley Water Dt King Co (Renton) SD #403 Montgomery Co -Pennsylvania Montgomery Co -Pennsylvania Bell Co (Temple) ISD San Buenaventura -California Portland City -Oregon Portland City -Oregon Oyster Bay Town -New York Allegheny Co -Pennsylvania Springfield Metro Sanitary Dt Du Page Comm College Dt #502 Du Page Comm College Dt #502 Columbus City -Ohio Columbus City -Ohio Catoosa Co SD San Diego Co -California Port of Portland -Oregon Hempstead Town -New York Greater Chicago Metro Wtr Rec Greater Chicago Metro Wir Rec Frederick Co -Maryland Colorado River Muni Wtr Charlotte City -North Carolina New York City -New York New York City -New York Houston City -Texas General Obligation Bonds GO Limited Tax Refunding Bonds GO Limited Tax Refunding Bonds GO Refunding Bonds Electric System Ref Revenue Bonds Sewage Works Revenue Bonds GO & Refunding Bonds Wastewater Ref Rev Obligations Water Revenue Refunding Bonds Electric Revenure Refunding Bonds Gas Works Revenue Refunding General Obligation Bonds Huntington Beach City -California Lease Revenue Refunding Bonds Johnson Co (Blue Vlly) USD #229 GO Refunding Bonds Fulton Co -Georgia Water & Sewerage Rev Ref Bonds Glassboro Boro-New Jersey BANs New Hanover Co -North Carolina Hospital Revenue Refunding Bonds Unitd Tax Qual Sch Constr Bonds General Obligation Serial Notes BANs Water Revenue Refunding Bonds Unlimited Tax GO Bonds General Obligation Notes General Obligation Notes Unlimited Tax School Bldg Bonds Revenue Bonds Interstate Corridor Urban Redev Interstate Corridor Urban Redev BANs General Obligation Bonds Sr Lien Sewer Revenue Bonds GO Community College Bonds GO Alt Rev Source Ref Bonds Various Purpose GO Bonds Various Purpose GO Bonds GO Sales Tax Bonds Certificates of Participation Airport Refunding Revenue Bonds Public Improvement Bonds GO Limited Tax Capital Imp Bonds GO Limited Tax Capital Imp Bonds GO Public Facs & Ref Bonds Water System Revenue Bonds Water & Sewer Sys Rev Ref Bonds General Obligation Bonds General Obligation Bonds Hotel Occ Tx & Spec Rev Ref Bonds 528.640 316.495 129.650 407.805 441.500 38.100 206.625 147.595 157.100 325.550 88.855 78.350 36.275 38.805 251.770 7.036 93.965 61.115 .975 41.088 109.475 60.005 27.785 6.435 55.000 350.000 28.890 17.245 135240 75.225 20.120 95.440 9.460 239.395 16.575 40.000 32665 27.685 49.840 370.000 30.000 71.815 131.235 93.390 714.715 85.000 137.725 CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE SOLE CO-MGR CO-MGR LEAD SOLE LEAD SOLE CO-MGR SOLE CO-MGR CO-MGR SOLE SOLE CO-MGR SOLE SOLE SOLE SOLE SOLE LEAD LEAD SOLE CO-MGR SOLE CO-MGR CO-MGR CO-MGR CO-MGR SOLE LEAD LEAD SOLE CO-MGR CO-MGR LEAD CO-MGR LEAD CO-MGR SOLE CO-MGR N N N N N C C C N N N C N C N C N N P C N C C C C N N N C N N' N N N N C N N C N N C N N N C N NY NV NV CA AZ SC CA CA CA PA SC CA KS GA NJ NC TX CT NJ CA WA PA PA TX CA OR OR NY PA IL IL IL OH OH GA CA OR NY IL IL MD TX NC NY NY DC r L J n- r i i L r L • L n L I J L BofAML National Governmental (Cities, Towns, Counties and Districts) Underwriting Experience Exlcudes Florida 01/01/2009 to 09/29/2011 Sale Date Issuer Issue Description Amount of issue Role of ($ mils) Firm Bid :State 07/19/11 Houston CityTexas 07/13/11 St Louis Co (Kirkwood) SD #R-7 07/13/11 San Jose City -California 07/13/11 San Jose City -California 07/13/11 Honolulu City & Co -Hawaii 07/13/11 El Paso City -Texas 07/13/11 Charleston Co -South Carolina 07/07/11 Dallas City -Texas 07/06/11. Shrewsbury Town -Massachusetts 07/06/11 Eastern Municipal Water Dt 06/29/11 Pleasants Co BOE 06/29/11 Butler Co -Ohio 06/28/11 Salt Lake Co -Utah 06/28/11 Portland City -Oregon 06/28/11 Portland City -Oregon 06/21/11 Kauai Co -Hawaii 06/16/11 Santa Clara Co -California 06/15/11 Isle of Wight Co -Virginia 06/15/11 Fulton Co -Georgia 06/15/11 Cimarron MUD 06/14/11 Wilmington City -North Carolina 06/14/11 Oakland City -California 06/09/11 Houston City -Texas 06/09/11 Anderson SD #1 06/08/11 Wayne Co -Michigan 06/08/11 So California Metro Water Dt 06/07/11 Kern Co -California 06/02/11 Omaha Public Power Dt (OPPD) 06/01/11 San Bernardino Co -California 06/01/11 Oneida Co (Utica) SD 06/01/11 North Hempstead Town -New 05/26/11 Durham Co -North Carolina 05/25/11 Nassau Co -New York 05/25/11 Milwaukee City -Wisconsin 05/25/11 Fayette Co SD Finance Corp 05/25/11 Berks Co (Reading) SD 05/25/11 Berks Co (Reading) SD 05/25/11 Anchorage City -Alaska 05/24/11 Craighead Co (Valley View) SD 05/19/11 Lodi City -New Jersey 05/19/11 Clark Co -Nevada 05/18/11 Marin Comm College Dt 05/18/11 Jefferson Co SD Fin Corp 05/18/11 Durham City -North Carolina 05/18/11 Chelan Co Public Utility Dt #1 05/17/11 Stafford Twp-New Jersey 05/17/11 Ramsey Co (St Paul) LSD #625 Hotel Occ Tx & Spec Rev Ref Bonds GO Refunding Bonds Airport Revenue Bonds Airport Revenue Bonds General Obligation Bonds Water & Sewer Revenue Ref Bonds GO Cap Imp Trans Sales Tax Bonds Wtrwks & Swr Sys Rev Ref Bonds GO Municipal Purpose Loan Bonds Ref Water & Sewer Rev Bonds Public School Bonds Hospital Facilities Revenue Bonds TRANS Senior Lien Renewal & Redev Bonds Second Lien Renewal & Redev General Obligation Bonds Teeter Plan.Oblig CP Notes Imp Ref Util Literary Loan Notes General Fund TANs Wtrwks & Swr Sys Comb Tax Rev GO Refunding Bonds TRANS Comb Util Sys First Lien Rev Bond General Obligation Bonds GO Limited Tax Notes Water Revenue Refunding Bonds TRANS Electric System Revenue Bonds TRANS RANs BANs GO Refunding Bonds RANs GO Cash Flow Promissory Notes School Building Revenue Bonds General Obligation Notes General Obligation Notes GO & Refunding Bonds Construction Bonds BANs Airport Sys Jr Sub Lien Rev Notes General Obligation Bonds School Building Revenue Bonds Utility Sys Revenue & Ref Bonds Consolidated Sys Rev Ref Bonds Gen Imp & Wtr Swr Util Bonds GO School Building Bonds 116.735 4.980 150.405 86.380 304.345 14.680 167.000 239.425 20.680 56.255 18.050 155.430 35.000 29.685 30.370 26.110 119.820 31.590 120.000 10.525 3.120 81.200 426.410 15.750 128.000 167.855 200.000 143.375 165.000 10.000 50.983 61.750 155.000 100.000 52175 60.865 14.415 61.640 16.605 6.000 100.000 52.505 30.352 57.465 179.720 14.750 26.000 CO-MGR SOLE CO-MGR CO-MGR LEAD LEAD LEAD CO-MGR SOLE LEAD SOLE SOLE SOLE LEAD LEAD SOLE LEAD LEAD SOLE SOLE LEAD LEAD SOLE SOLE CO-MGR SOLE LEAD CO-MGR LEAD SOLE CO-MGR LEAD SOLE SOLE SOLE SOLE LEAD SOLE SOLE CO-MGR SOLE SOLE CO-MGR CO-MGR SOLE SOLE TX MO CA CA HI TX SC TX MA CA WV OH UT OR OR HI CA VA GA TX NC CA TX SC MI CA CA NE CA NY NY NC NY WI KY PA PA AK AR NJ NV CA KY NC WA NJ MN F L SofAMLNational Governmental (Cities, Towns,Counties and Districts) Underwriting Experience ,Exlcudes Florida :01/01/2009 to 09/29/2011 Sale Date Issuer Amount •of ilssue :Role of Issue Description ..; ($.mils) Firxn . Bid . , State 05/12/11 05/12/11 05/12/11 05/11/11 05/11/11 05/11/11 05/10/11 05/04/11 04/28/11 04/28/11 04/27/11 04/26/11 04/19/11 04/19/11 04/15/11 04/12/11 04/11/11 04/06/11 03/30/11 03/30/11 03/30/11 03/30/11 03/29/11 03/29/11 03/29/11 03/23/11 03/23/11 03/17/11 03/16/11 03/15/11 03/15/11 03/10/11 03/10/11. 03/09/11 03/09/11 03/08/11 03/08/11 03/01/11 02/23/11 02/11/11 02/09/11 01/27/11 01/25/11 01/19/11 01/12/11 01/11/11 01/11/11 Las Vegas Valley Water Dt Coralville City -Iowa Kaweah Delta Health Care Dt Rochester City -Minnesota Harris Co (Humble) ISD Gardner City -Massachusetts El Paso ISD Englewood City -New Jersey Washington Co -Minnesota Clarksville City -Tennessee Montgomery Co -Maryland Poughkeepsie City -New York Harris Co (Klein) LSD San Antonio City -Texas San Jose City -California Hartford City -Connecticut Hartford City -Connecticut Bexar Co (San Antonio) ISD Morristown Town -New Jersey Grafton Town -Massachusetts Grafton Co -New Hampshire Portland City -Oregon Portland City -Oregon Hancock Co -Ohio Boston City -Massachusetts Scottsdale City -Arizona Kansas City -Missouri Port of Portland -Oregon Port of Portland -Oregon New York City -New York New York City -New York Santa Clara City -California Galveston Co (Hitchcock) ISD Westbrook City -Maine Schaumburg Twp Dt Pub Library Allegheny Co -Pennsylvania Montgomery Co (Conroe) ISD Wayland Town -Massachusetts Glen Cove City -New York Greenville City -South Carolina Upland -California Amarillo City Texas Amarillo City Texas San Diego Co (Grossmont) UHSD General Obligation Bonds San Diego Co (Grossmont) UHSD General Obligation Bonds Holmdel Twp-New Jersey General Obligation BANs Maricopa Co Community College General Obligation Bonds GO Ltd Tax Refunding Bonds GO Urban Renewal Refunding Revenue & Refunding Bonds Health Care Facs Revenue Bonds School Building & Refunding Bonds GO BANs Unlimited Tax Refunding Bonds BANs General Obligation Bonds Water Sewer & Gas Rev Ref Bonds Revenue Bonds BANs Unlimited Tax Schoolhouse Bonds Water System Revenue Ref Bonds Special Hotel Tax Revenue Bonds General Obligation Bonds General Obligation BANs Unlimited Tax Refunding Bonds TANs GO Municipal Purpose Loan Bonds General Obligation Bonds Urban Renewal & Redev Bonds Urban Renewal & Redev Bonds Hospital Facilities Revenue Bonds General Obligation Bonds GO Refunding Bonds GO Improvement & Refunding Intl Airport Ref Rev Bonds Intl Airport Ref Rev Bonds General Obligation Bonds General Obligation Bonds Electric Revenue Refunding Bonds Unitd Tax School Bldg Bonds General Obligation Bonds GO Refunding Bonds GO & Refunding Bonds Unitd Tax School Building Bonds GO Municipal Purpose Loan Bonds BANs GO Refunding Bonds Certificates of Participation Comb Tax & Tax Inc Certs of Oblig Comb Tax & Revenue Certs of Oblig 25.000 15.000 3.453 150.000 58.110 26.325 13.490 285.000 57395 3.013 39368 3.826 40.055 67.645 34.360 11.513 83.900 46.555 107.425 25.000 45350 99.085 4.000 10.510 15.500 19.485 10.205 108.675 124.485 43.115 53.985 51.280 5.490 400.000 45.125 54.830 6.626 13.565 2.825 90.050 82.410 42370 4.500 4.705 124.605 2.210 3.750 CO-MGR CO-MGR SOLE CO-MGR CO-MGR SOLE CO-MGR LEAD CO-MGR SOLE LEAD SOLE SOLE SOLE SOLE SOLE SOLE LEAD LEAD CO-MGR SOLE SOLE SOLE LEAD LEAD SOLE SOLE CO-MGR LEAD LEAD LEAD LEAD LEAD CO-MGR SOLE SOLE SOLE CO-MGR CO-MGR SOLE LEAD SOLE CO-MGR LEAD LEAD N N C N N C N N N C N C C C N C C N N N N N C C C N N N C N N N N N N N N C P N N C C C N N N CA CA NJ AZ NV IA CA MN TX MA TX NJ MN TN MD NY TX TX CA CT CT TX NJ MA NH OR OR OH MA AZ MO OR OR NY NY CA TX ME IL PA TX MA NY SC CA TX TX L r- i L L --1 L- fBofAML National Governmental (Cities, Towns,3Counties"and Districts) UnderwritingExperience 'Exlcudes Florida 01/01/2009 to 09/29/2011 Sale :Date Issuer Issue -Description .'- Amount of Issue .Role of ($.mils) Firm _ Lid: State 12/29/10 12/23/10 12/16/10 12/16/10 12/16/10 12/16/10 12/16/10 12/15/10 12/15/10 12/15/10 12/15/10 12/15/10 12/14/10 12/14/10 12/13/10 12/09/10 12/09/10 12/08/10 12/08/10 12/08/10 12/07/10 12/07/10 12/07/10 12/02/10 12/02/10 12/01/10 11/24/10 11/23/10 11/22/10 11/22/10 11/22/10 11/18/10 11/18/10 11/17/10 11/17/10 11/17/10 11/16/10 11/16/10 11/15/10 11/15/10 11/15/10 11/15/10 11/12/10 11/10/10 11/10/10 11/05/10 11/04/10 South Sioux City -Nebraska Cook Ca (Sunnybrook) SD #171 Kannapolis-North Carolina Kannapolis-North Carolina Colorado Springs City -Colorado Colorado Springs City -Colorado Colorado Springs City -Colorado Tarrant Co (Carroll) LSD New York City -New York New York City -New York Forsyth City -Montana Forsyth City -Montana Rutherford Co -Tennessee Cornerstone Metropolitan Dt #2 Butler Co (El Dorado) USD #490 Douglas Co -Nebraska Douglas Co -Nebraska St Louis Co (Kirkwood) SD #R-7 Riverside City -California Riverside City -California Pulaski Co SSD Beaumont City -Texas Beaumont City -Texas Honolulu City & Co -Hawaii Honolulu City & Co -Hawaii Charleston City -South Carolina Wayne Co -Michigan Richmond City -Virginia St James Parish -Louisiana Merimack Co (Concord) SD Merimack Co (Concord) SD Austin City -Texas Austin City -Texas Orange Co (Tustin) USD Newport Beach City -California Newport Beach City -California Ingham Co -Michigan Berlin Twp-New Jersey King Co -Washington King Co -Washington King Co -Washington King Co -Washington Washington Twp Health Care Dt Denver Regional Transportation Denver Regional Transportation Atlanta City -Georgia Pulaski Co -Arkansas Industrial Development Rev Bonds GO Limited Tax School Bonds Limited Obligation Bonds Limited Obligation Bonds Utilities Sytem Revenue Bonds Utilities System Revenue Bonds Utilities System Revenue Bonds Ultd Tax School Building Bonds General Obligation Bonds General Obligation Bonds Pollution Control Rev Ref Bonds Pollution Control Rev Ref Bonds GO Refunding Bonds GO Refunding Bonds GO School Building Bonds Educational Facs Rev & Ref Bonds Educational Facs Rev & Ref Bonds General Obligation Bonds Electric Revenue Bonds Electric Revenue Bonds Refunding Bonds GO Refunding Bonds Certificates of Obligation General Obligation Bonds General Obligation Bonds Wtrwrks&SwrSys Ref&Cap Imp GO Limited Tax Notes GO Public Improvement Bonds Gulf Opportunity Revenue Bonds GO School Bonds GO School Bonds Water & Wstwtr Sys Rev Ref Bonds Water & Wstwtr Sys Rev Ref Bonds Special Tax Bonds Certificates of Participation Certificates of Participation Limited Tax GO Refunding Bonds General Obligation Bonds Ltd Tax General Obligation Bonds Ltd Tax General Obligation Bonds Ltd Tax General Obligation Bonds Ltd Tax General Obligation Bonds Revenue Bonds Sales Tax Revenue Bonds Sales Tax Revenue Bonds Airport Gen Rev & PFC Sb Ln Hospital Revenue Refunding Bonds 25.000 CE 3.000 SOLE 19.310 SOLE 15.690 SOLE 107260 CO-MGR 117.835 CO-MGR 48.760 CO-MGR 13.830 CO-MGR 902.000 CO-MGR 100.000 CO-MGR 66.700 SOLE 17.000 SOLE 41.875 SOLE 17.000 CE 12500 SOLE 33.435 CO-MGR 13.180 CO-MGR 33.575 LEAD 133290 SOLE 7.090 SOLE 18.605 SOLE 17.785 LEAD 35.380 LEAD 196.670 LEAD 151.100 LEAD 131.040 LEAD 35.450 SOLE 65.420 CO-MGR 300.000 SOLE 37.275 SOLE 17.725 SOLE 100.970 CO-MGR 76.855 CO-MGR 90.500 SOLE 106.575 CO-MGR 20.085 CO-MGR 7.500 SOLE 10.318 SOLE 45.035 LEAD 35.850 LEAD 23.165 LEAD 5.825 LEAD 60.725 SOLE 300.000 CO-MGR 79.140 CO-MGR 587.800 CO-MGR 30.000 CO-MGR NE IL NC NC CO CO CO TX NY NY MT MT TN CO KS NE NE MO CA CA AR TX TX HI HI SC MI VA LA NH NH TX TX CA CA CA MI WA WA WA WA CA CO CO GA AR L.� BofAML'National Governmental (Cities,'Towns,Counties and Districts):UnderwritingExperience ^Ex1cudes Florida 01/01/2009 to.09/29/2011 ,Issue Description 11/04/10 11/04/10 11/02/10 10/28/10 10/28/10 10/28/10 10/28/10 10/28/10 10/28/10 10/28/10 10/27/10 10/27/10 10/27/10 10/27/10 10/26/10 10/26/10 10/26/10 10/26/10 10/26/10 10/21/10 10/21/10 10/20/10 10/20/10 10/20/10 10/20/10 10/20/10 10/19/10 10/19/10 10/18/10 10/14/10 10/14/10 10/14/10 10/14/10 10/13/10 10/13/10 10/12/10 10/07/10 10/07/10 10/07/10 10/06/10 10/06/10 09/30/10 09/30/10 09/30/10 09/30/10 09/29/10 09/29/10 Omaha Public Power Dt (OPPD) Chicago Park Dt Richmond City -Virginia San Antonio City -Texas San Antonio City -Texas Olathe City -Kansas Durham Co -North Carolina Durham Co -North Carolina Butler Co -Ohio Bexar Co (Northside) ISD Philadelphia City -Pennsylvania Philadelphia City -Pennsylvania Des Moines City -Iowa Bergen Co -New Jersey Honolulu City & Co -Hawaii Honolulu City & Co -Hawaii Honolulu City & Co -Hawaii Chicago City -Illinois Chicago City -Illinois Cook Co (Chicago) SD BOE Cook Co (Chicago) SD BOE Suffolk Co -New York Snohomish SD #201 Port of Portland -Oregon Port of Portland -Oregon Long Beach City -California Ramsey Co (St Paul) ISD #625 Cook Co -Illinois King Co -Washington Gastonia City -North Carolina Gastonia City -North Carolina Franklin Co -Ohio Clark Co -Nevada Salem City -Massachusetts Denver City and Co -Colorado Ramsey Co (Roseville) ISD #623 New York City -New York New York City -New York New York City -New York East Bay MUD East Bay MUD Salt River Proj Agric Imp Purr Dt Salt River Proj Agric Imp Pwr Dt Milwaukee Co -Wisconsin Milwaukee Co -Wisconsin Upper Trinity Regional Water Dt Colorado Springs City -Colorado Electric Sys Revenue Bonds GO Unlimited Tax Bonds GO Public Improvement Ref Bonds Elec & Gas Sys Rev Ref Bonds Elec & Gas Sys Jr Ln Rev Bonds Demand Health Facs Rev Bonds General Obligation Bonds General Obligation Bonds Hospital Facilities Revenue Bonds Unitd Tax School Building Bonds Airport Revenue Refunding Bonds Airport Revenue & Refunding GO Refunding Capital Loan Notes General Obligation Bonds Wastewater System Revenue Bonds Wastewater Sys Revenue Bonds Wastewater Sys Revenue Bonds Wastewater Transmission Rev Wastewater Transmission Ref Bonds Unlimited Tax GO Bonds Unlimited Tax GO Bonds Public Improvement Bonds Unlimited Tax GO Bonds Revenue Bonds Revenue Bonds Revenue Bonds GO School Building Bonds Recovery Zone Fac Rev Bonds Unlimited Tax GO Refunding Bonds Limited Obligation Bonds Limited Obligation Bonds Revenue and Refunding Bonds PFC Refunding Revenue Bonds GO Municipal Purpose Loan Bonds GO Better Denver Bonds GO School Building Ref Bonds General Obligation Bonds General Obligation Bonds General Obligation Bonds Wastewater System Revenue Bonds Wastewater Sys Rev Ref Bonds Electric System Revenue Bonds Electric System Revenue Bonds Airport Revenue Refunding Bonds Airport Revenue Bonds Reg Treated Wtr Sup Rev Bonds Utilities System Imp Rev Bonds Amount of Issue ". ' Ro1e of ;($mils) . ' iFirm .a; `Bid •;:'State 120.000 132250 85.180 200.000 300.000 16.000 34.020 25.980 209.940 107.995 327.205 297.460 65.360 54.965 100.755 178.640 25.795 250.000 25.865 257.1 75 125.000 111.505 114.500 99.665 57.385 30.000 18.250 90.000 19.805 8.000 7.830 26.350 104.160 15.373 44.650 21.450 775.000 300.000 88.545 150.000 58.095 500.000 216.785 51.590 31.570 28.840 174.295 LEAD CO-MGR CO-MGR LEAD CO-MGR CE LEAD LEAD CO-MGR CO-MGR LEAD LEAD SOLE SOLE LEAD LEAD LEAD CO-MGR CO-MGR SOLE SOLE LEAD LEAD LEAD SOLE SOLE SOLE SOLE SOLE LEAD CO-MGR SOLE SOLE SOLE LEAD LEAD LEAD LEAD CO-MGR CO-MGR CO-MGR LEAD LEAD CO-MGR LEAD N NE N IL N VA N TX N TX N KS N NC N NC N OH N TX N PA N PA C IA C NJ N HI N HI N HI N IL N IL N IL N IL C NY C WA N OR N OR N CA C MN N IL C WA N NC N NC N OH N NV C MA C CO C MN N NY N NY N NY N CA N CA N AZ N AZ N WI N WI N TX N CO 7 n L fl I L r-- i L , L --1 J BofAMLNational Governmental (Cities, Towns, Counties.and.Districts) .Underwriting;Experience ?Ezlcudes Florida 01/01/2009 to 09/29/2011 Amount of - issue . Role of Issue:Description ($ mils) firm;: tBid „;'State 09/29/10 09/29/10 09/28/10 09/28/10 09/22/10 09/20/10 09/20/10 09/15/10 09/15/10 09/13/10 09/13/10 09/08/10 08/26/10 08/26/10 08/26/10 08/24/10 08/24/10 08/18/10 08/18/10 08/18/10 08/18/10 08/12/10 08/10/10 08/10/10 08/10/10 08/05/10 08/05/10 08/04/10 08/04/10 08/04/10 08/03/10 07/30/10 07/29/10 07/29/10 07/29/10 07/29/10 07/28/10 07/28/10 07/27/10 07/27/10 07/27/10 07/22/10 07/21/10 07/21/10 07/19/10 07/15/10 07/15/10 Colorado Springs City -Colorado Chicago City -Illinois Grayson Co Junior College Dt Collin Co Comm College Dt Springfield City -Oregon New Castle Co -Delaware New Castle Co -Delaware Portland City -Oregon Portland City -Oregon Tarrant Co (Carroll) ISD Tarrant Co (Carroll) ISD Los Ranchos De Albuqrq-New Gastonia City -North Carolina Gastonia City -North Carolina Bexar Co Hospital Dt Sonoma Co -California Hennepin Co -Minnesota Forsyth Co -North Carolina Forsyth Co -North Carolina Forsyth Co -North Carolina Forsyth Co -North Carolina Philadelphia City -Pennsylvania Travis Co (Austin) ISD Travis Co (Austin) ISD Portland City -Oregon San Diego USD General Obligation Bonds San Diego USD General Obligation Bonds San Diego Co (Grossmont) UHSD General Obligation Bonds Kalamazoo PSI/ GO School Building & Site Bonds Denver Regional Transportation Los Angeles Comm College Dt Steubenville City -Ohio Oyster Bay Town -New York Harris Co (Pasadena) ISD Chicago City -Illinois Cabell Co -West Virginia New York City -New York Denton City -Texas Wake Co -North Carolina Baltimore Co -Maryland Baltimore Co -Maryland Philadelphia City -Pennsylvania Sacramento MUD (SMUD) Dallas ISD King Co -Washington Los Angeles Comm College Dt Los Angeles Comm College Dt Utilities System Imp Rev Bonds Multi -Family Housing Rev Bonds Consolidated Fund Rev Ref Bonds Limited Tax Refunding Bonds Sewer System Revenue Bonds General Obligation Bonds General Obligation Bonds North Macadam Urban & Redev North Macadam Urban & Redev School Building Bonds School Building Bonds Ed Facs Refunding & Imp Rev Pks & Rec & Street Sidewalk Bonds GO Street & Sidewallc Imp Bonds Certificates of Obligation Pension Obligation Bonds General Obligation Bonds GO Refunding Bonds GO Public Improvement Bonds GO Public Improvement Bonds GO Public Improvement Bonds Gas Works Revenue Bonds Unlimited Tax Refunding Bonds Unlimited Tax Refunding Bonds Second Lien Sewer Sys Rev Bonds Private Activity Bonds General Obligation Bonds Hospital Facilities Rev Ref Bonds GO Public Improvement Bonds Unlimited Tax Refunding Bonds Multi -Family Housing Rev Bonds University Facilities Rev Bonds General Obligation Bonds GO Refunding Bonds GO Public Improvement Bonds Metro District Refunding Bonds Consolidated Pub Imp Ref Bonds TRANS Electric Revenue Bonds Unlimited Tax Refunding Bonds Sewer Revenue & Refunding Bonds General Obligation Bonds General Obligation Bonds 5.705 LEAD 10.500 CE 15.215 CO-MGR 23.800 SOLE 10.000 SOLE 50.910 CO-MGR 40.020 CO-MGR 35.280 LEAD 29.645 LEAD 43.235 CO-MGR 6.500 CO-MGR 36.000 SOLE 11.690 SOLE 17.805 SOLE 204.885 CO-MGR 289.335 LEAD 41.060 SOLE 50.295 CO-MGR 80.380 LEAD 50.840 LEAD 26.405 LEAD 150.000 CO-MGR 58.315 LEAD 25.165 LEAD 407.850 SOLE 163.869 CO-MGR 36.130 CO-MGR 80.000 CO-MGR 24.000 SOLE 397.835 LEAD 125.000 CO-MGR 43.930 SOLE 126.314 SOLE 56.385 LEAD 33.000 LEAD 80.150 SOLE 962.535 CO-MGR 39.165 CO-MGR 18.945 SOLE 61.720 LEAD 13.565 LEAD 285.000 LEAD 250.000 CO-MGR 156.730 CO-MGR 334.365 SOLE 900.000 CO-MGR 175.000 CO-MGR CO IL TX TX OR DE DE OR OR TX TX NM NC NC TX CA MN NC NC NC NC PA TX TX OR CA CA CA MI CO CA OH NY TX IL WV NY TX NC MD MD PA CA TX WA CA CA T L r- P --1 BofAML National Governmental (Cities, Towns, Counties and Districts) Underwriting Experience Exlcudes`Florida 01/01/2009 to 09/29/2011 Sale Date issuer Amount of issue Role of Issue: Description :($mils) 'Firm Bid ;State 07/15/10 07/14/10 07/13/10 07/13/10 07/13/10 07/13/10 07/13/10 07/08/10 06/30/10 06/24/10 06/23/10 06/22/10 06/16/10 06/16/10 06/16/10 06/15/10 06/15/10 06/11/10 06/11/10 06/10/10 06/10/10 06/10/10 06/10/10 06/10/10 06/09/10 06/09/10 06/09/10 06/09/10 06/08/10 06/03/10 05/26/10 05/25/10 05/25/10 05/21/10 05/21/10 05/20/10 05/13/10 05/13/10 05/13/10 05/12/10 05/11/10 05/11/10 05/11/10 05/11/10 05/11/10 05/10/10 05/06/10 Danbury City -Connecticut Bienville Parish -Louisiana Tacoma City -Washington Tacoma City -Washington Tacoma City -Washington Hawaii Co -Hawaii Hawaii Co -Hawaii Montgomery Co -Maryland Los Angeles City -California Hartford Co Metropolitan Dt Methuen City -Massachusetts Arlington City -Texas Portland City -Oregon Portland City -Oregon Dallas City -Texas Los Angeles USD Denton City -Texas Cook Co -Illinois Cook Co -Illinois Tucson City -Arizona Shelby City -North Carolina King Co Public Hospital Dt #1 King Co Public Hospital Dt #1 Colonic Town -New York Newark City -New Jersey Newark City -New Jersey New York City -New York New York City -New York Farmington City -New Mexico Glen Cove City -New York Smith Co (Tyler) ISD Farmington City -New Mexico Farmington City -New Mexico East Providence -Rhode Island East Providence -Rhode Island San Diego.Co-California Seattle City -Washington Seattle City -Washington Seattle City -Washington Charlotte City -North Carolina Virginia Beach City -Virginia Virginia Beach City -Virginia Sierra View Local Health Care D Ector Co Hospital Dt Ector Co Hospital Dt McAllen City -Texas Clark Co -Nevada General Obligation Bonds General Obligation Bonds Electric System Revenue Bonds Electric System Revenue Bonds Electric System Revenue Bonds General Obligation Bonds General Obligation Bonds Consolidated Public Imp Bonds TRANS General Obligation Bonds General Obligation RANs Wtr & Wstwtr Sys Rev & Ref Bonds Urban Renewal & Redev Bonds Urban Renewal & Redev Bonds Wtrwrks & Swr Sys Rev Ref Bonds TRANS Certificates of Obligation General Obligation Bonds General Obligation Bonds Water System Revenue Obligations Combined Enterprise Sys Rev Bonds Hospital Faclities Revenue Bonds Hospital Facilities Revenue Bonds Refunding Serial Bonds Qualified School Bonds Qualified Gen Improvement Bonds General Obligation Bonds General Obligation Bonds Pollution Control Rev Ref Bonds BANs for Various Purposes Unlimited Tax Refunding Bonds Pollution Control Rev Ref Bonds Pollution Control Rev Ref Bonds General Obligation RANs General Obligation Bonds Certificates of Participation Municipal Light & Power Rev Municipal Light & Power Rev Muni Light & Pwr Imp & Ref Rev Certificates of Participation GO Public Improvement Bonds GO Public Improvement Bonds t Refunding Revenue Bonds Hospital Revenue Ref & Imp Bonds Hospital Revenue Bonds Comb Tax & Revenue Certs of Oblig Airport Sys Jr Sub Ln Rev Notes 23.000 SOLE 12.000 SOLE 147.070 CO-MGR 24.185 CO-MGR 16.000 CO-MGR 35.325 SOLE 24.675 SOLE 195.000 LEAD 1,164.630 CO-MGR 46.200 SOLE 7.500 SOLE 21.515 CO-MGR 21.240 LEAD 15.650 LEAD 295.850 CO-MGR 540.000 LEAD 61.085 SOLE 308.640 CO-MGR 23.255 CO-MGR 38.510 LEAD 8.346 SOLE 61.155 LEAD 25.145 LEAD 3.800 43.917 SOLE 120.670 SOLE 748.550 CO-MGR 151.450 CO-MGR 77.045 CO-MGR 11.119 SOLE 7.660 LEAD 255.000 CO-MGR 11.500 CO-MGR .600 SOLE 5.000 SOLE 37.445 SOLE 181.625 CO-MGR 13.275 CO-MGR 596.870 CO-MGR 35.610 LEAD 33.000 SOLE 27.000 SOLE 18.725 CO-MGR 9.550 LEAD 44.654 LEAD 29.030 CO-MGR 200.000 LEAD CT LA WA WA WA HI HI MD CA CT MA TX OR OR TX. CA TX IL IL AZ NC WA WA NY NJ NJ NY NY. NM NY TX NM NM RI RI CA WA WA WA NC VA VA CA TX TX TX NV v L b BofAML National Governmental (Cities, Towns,,Counties and Districts) UnderwritingExperience Sale Date Issuer_ ;Exlcudes'Florida 01/01/2009 to 09/29/2011 issue Description ,Amount ,of :issue :Role of ..($mils) 'Firm 05/06/10 05/06/10 05/05/10 05/03/10 04/30/10 04/30/10 04/28/10 04/27/10 04/27/10 04/22/10 04/21/10 04/21/10 04/21/10 04/15/10 04/14/10 04/14/10 04/14/10 04/14/10 04/14/10 04/14/10 04/14/10 04/14/10 04/08/10 04/08/10 04/08/10 04/07/10 04/07/10 04/06/10 03/26/10 03/26/10 03/26/10 03/23/10 03/18/10 03/18/10 03/18/10 03/17/10 03/17/10 03/17/10 03/17/10 03/16/10 .03/16/10 03/12/10 03/11/10 03/11/10 03/11/10 03/11/10 03/11/10 Clark Co -Nevada Benton Co (Bentonville) SD #6 Livingston Co -Michigan Tulsa Co ISD #1 Jefferson Co (Beaumont) ISD Jefferson Co (Beaumont) ISD Williamson Co (Round Rock) ISD Beaufort Co SD Airport Sys Jr Sub Ln Rev Notes Refunding & Construction Bonds GO Limited Tax Notes Combined Purpose Bonds Unlimited Tax School Bldg Bonds Unlimited Tax School Bldg Bonds Unlimited Tax Refunding Bonds General Obligation Bonds Beaufort Co SD GO Refunding Bonds Hampton Co (Hampton) SD #1 BANs Lower Merion Twp-Pennsylvania General Obligation Bonds Hempstead Town -New York Public Improvement Bonds Fort Bend Co (Fort Bend) ISD School Building & Ref Bonds Allen Co -Ohio Hospital Facilities Revenue Bonds Wilmington City -Delaware General Obligation Bonds Wilmington City -Delaware General Obligation Bonds McLennan Co (Midway) ISD Unlimited Tax Refunding Bonds Chicago City -Illinois Passenger Fac Charge Rev Bonds Chicago City -Illinois Passenger Fac Charge Rev Bonds Chicago City -Illinois Gen Arpt Third Lien Rev Ref Bonds Chicago City -Illinois Gen Airport Third Lien Rev Bonds Chicago City -Illinois Gen Airport Third Lien Rev Bonds Springfield Metro Sanitary Dt Sewer Revenue Bonds Springfield Metro Sanitary Dt Sewer Revenue Bonds Irvine Ranch Wtr Dt Jt Pwr Agcy Refunding Bonds Cleveland City -Ohio Refunding Certs of Participation Cleveland City -Ohio Ref Certificates of Participation Garland City -Texas Water & Sewer System Rev Bonds Wilmington City -North Carolina Limited Obligation Bonds Wilmington City -North Carolina Limited Obligation Bonds Wilmington City -North Carolina Limited Obligation Bonds New Bedford City -Massachusetts GO State Qualified Ref Bonds New York City -New York General Obligation Bonds New York City -New York General Obligation Bonds Boston City -Massachusetts General Obligation Bonds Rochester City -Minnesota Health Care Revenue Bonds Rochester City -Minnesota Health Care Facilities Rev Bonds Claiborne Co -Tennessee Unlimited Tax GO Public Imp Chesterfield Co SD GO Refunding Bonds Wake Co -North Carolina GO Public Improvement bonds Oconee Co SD General Obligation Bonds Detroit City -Michigan Distributable State Aid GO Bonds Seattle City -Washington Ltd Tax GO Imp Sr Ref Bonds Plaquemines Parish -Louisiana Revenue Bonds Galveston Co (Dickinson) ISD Unlimited Tax Schoolhouse Bonds Galveston Co (Diclnson) ISD Schoolhouse & Refunding Bonds Dallas City -Texas General Obligation Bonds 100.000 131.565 13.100 57.000 59.490 10.085 32975 33.000 21.710 2100 28.455 73.377 121775 486.330 43.490 3.855 16.545 89.170 48.495 103210 578.000 358.775 37.140 3.065 436.955 69.900 63 77S 21.270 19.270 8.910 4.600 14.960 644.070 30.930 39.995 70.000 60.000 39.620 27.925 39.505 11.650 249.790 135.395 5.000 30.000 22120 85.380 CO-MGR SOLE SOLE SOLE CO-MGR CO-MGR SOLE SOLE SOLE LEAD SOLE SOLE CO-MGR CO-MGR CO-MGR CO-MGR LEAD LEAD LEAD LEAD LEAD LEAD SOLE SOLE SOLE LEAD LEAD CO-MGR CO-MGR CO-MGR CO-MGR SOLE CO-MGR CO-MGR SOLE CO-MGR CO-MGR SOLE SOLE SOLE SOLE CO-MGR SOLE SOLE CO-MGR CO-MGR LEAD N NV C AR P MI C OK N TX N TX N TX C SC C SC N SC C PA C NY N TX N OH N DE N DE N TX N IL N IL N IL N IL N IL N IL N IL N CA P OH N OH N TX N NC N NC N NC C MA N NY N NY C MA N MN N MN C TN C SC C NC C SC N MI C WA C LA N TX N TX N TX :BofAMLNational Governmental (Cities,Towns,Counties.and Districts): Underwriting.Experience zlcudes`Florida = - ;., Sale 3Date 01/01/2009 to 09/29/2011 , :Issuer - IssueDescription 03/11/10 03/11/10 03/11/10 03/11/10 03/10/10 03/10/10 03/10/10 03/09/10 03/09/10 03/04/10 03/03/10 03/03/10 03/02/10 02/26/10 02/25/10 02/23/10 02/23/10 02/23/10 02/23/10 02/19/10 02/18/10 02/18/10 02/16/10 02/11/10 02/09/10 02/09/10 02/04/10 02/04/10 02/03/10 02/03/10 02/02/10 02/01/10 01/22/10 01/22/10 01/21/10 01/21/10 01/14/10 01/14/10 01/14/10 01/14/10 01/14/10 01/13/10 01/13/10 01/13/10 01/07/10 12/16/09 12/16/09 Dallas City -Texas Dallas City -Texas Anchorage City -Alaska Anchorage City -Alaska Philadelphia SD Philadelphia SD Philadelphia SD San Francisco City/Co-California San Francisco City/Co-California Carson City -Nevada Sacramento Co -California Albany City -Oregon Montgomery Co (Conroe) LSD Reno City -Nevada Gilliam Co -Oregon Mecklenburg Co -North Carolina Howard Co -Maryland Bolingbrook Village -Illinois Bolingbrook Village-Minois Garland City -Texas Nantucket Town -Massachusetts Hudson Co -New Jersey Cambridge City -Massachusetts St Tammany Par Wide SD #12 Clark Co -Nevada Clark Co -Nevada St Tammany Parish -Louisiana St Louis Co LSD 42142 Tarrant Regional Water Dt Berkeley Co Board of Education Portland City -Oregon Sangamon (Riverton) CUSD #14 Clark Co -Nevada Clark Co -Nevada Fresno City -California Fresno City -California Norfolk City -Virginia Norfolk City -Virginia Norfolk City -Virginia Metropolitan St Louis Sewer Dt Dallas Co Comm College Dt Los Angeles USD Charlotte City -North Carolina Charlotte City -North Carolina Orange Co (Irvine) USD Washington Co (Fayetteville) Harford Co -Maryland GO Refunding & Improvement Comb Tax & Rev Certs of Oblig General Obligation Bonds GO & Refunding Bonds General Obligation Bonds General Obligation Bonds GO Refunding Bonds GO Hosp imp & Clean Neigbor GO Hosp Imp & Clean Neigbor Subordinate Lien Imp Bonds Ref Certificates of Participation Urban Renewal Revenue Notes Unitd Tax School Building Bonds Hospital Revenue Bonds Solid Waste Disposal Rev Bonds GO Refunding Bonds Consolidated Public Imp Bonds GO Refunding Bonds GO Refunding Bonds Comb Etc Util Sys Rev Ref Bonds GO Municipal Purpose Loan Bonds College County Bonds GO Municipal Purpose Loan Bonds GO School Bonds Airport System Revenue Bonds Airport System Revenue Bonds Utilities Revenue Bonds GO School Building Bonds Water Revenue Bonds Public School Bonds First Ln Wtr Sys Rev & Ref Bonds Debt Certificates Passenger Fac Charge Rev Bonds Airport System Sub Lien Rev Bonds Water System Revenue Bonds Water System Revenue Bonds General Obligation BANs GO Capital Improvement Bonds GO Capital Improvement Bonds Wastewater System Revenue Bonds General Obligation Bonds Ref Certificates of Participation Airport Revenue Bonds Airport Refunding Revenue Bonds Sperial Tax Bonds Refunding Bonds Economic Dev Revenue Bonds Amount of ,;Issue Role of AS mils) _ `Firm ,Bid State 196.615 21.5/5 58.505 40.130 221.485 27.820 349.410 209.450 145.675 7.900 126.105 5.000 26.865 47.450 25.000 114.940 39.405 23.200 4235 126.885 16.390 32.353 32 775 25.000 454280 132485 41.370 25.915 89.250 51.500 73.440 2.100 450.000 350.000 91.340 66.810 44.690 117.650 49.875 85.000 47.060 69:685 130.100 67.770 13.075 23.630 53.560 LEAD LEAD CO-MGR CO-MGR CO-MGR CO-MGR LEAD SOLE SOLE SOLE CO-MGR SOLE CO-MGR LEAD SOLE SOLE LEAD CO-MGR CO-MGR CO-MGR SOLE SOLE SOLE SOLE CO-MGR CO-MGR SOLE SOLE SOLE SOLE SOLE SOLE CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR CO-MGR LEAD CO-MGR CO-MGR LEAD LEAD LEAD SOLE SOLE TX TX AK AK PA PA PA CA CA NV CA OR TX NV OR NC - MD IL IL TX MA NJ MA LA NV NV LA MN TX WV OR IL NV NV CA CA VA VA VA MO TX CA NC NC CA AR MD BofAML National Governmental (Cities, Towns, Counties and Districts) Underwriting Experience Exlcudes Florida 01/01/2009 to 09/29/2.011 Sale Date Issuer &Issue Description Amount of Issue Role of ;'($ mils) Firm ?Bid :state -, 12/11/09 Charlotte City -North Carolina 12/10/09 New York City -New York 12/10/09 New York City -New York 12/10/09 Milwaukee Co -Wisconsin 12/10/09 Milwaukee Co -Wisconsin 12/10/09 Las Vegas Valley Water Dt 12/10/09 Las Vegas Valley Water Dt 12/09/09 Wake Co -North Carolina 12/09/09 Riverside Co -California 12/09/09 Harris Co -Texas 12/08/09 Clark Co -Nevada 12/07/09 Sioux Falls City -South Dakota 12/03/09 San Bernardino Co -California 12/03/09 Nassau Co -New York 12/03/09 Anchorage City -Alaska 12/02/09 Norwich City -Connecticut 12/01/09 So California Metro Water Dt 12/01/09 So California Metro Water Dt 11/24/09 Lake Arrowhead Comm Services 11/20/09 Washington Twp Health Care Dt 11/19/09 Wildwood City -New Jersey 11/19/09 Charlotte City -North Carolina 11/19/09 Anchorage City -Alaska 11/19/09 Anchorage City -Alaska 11/18/09 Montgomery Co -Maryland 11/18/09 Louisville -Jefferson Co Swr Dt 11/17/09 Pima Co -Arizona 11/17/09 Clackamas Co -Oregon 11/16/09 Orange Co (Irvine) USD 11/12/09 Cumberland Co (Neoga) CUSD 11/12/09 Carroll Co -Maryland 11/10/09 Washington Suburban Sanitary 11/10/09 Orange Co Sanitation Dt 11/10/09 Fort Bend Co (Houston) ISD 11/10/09 Clackamas Co Service Dt #1 11/09/09 Rock Island Co (Moline) SD #40 11/09/09 Minneapolis City -Minnesota 11/06/09 Washington Twp Health Care Dt 11/05/09 Glen Cove City -New York 11/04/09 Glen Cove City -New York 11/03/09 Sugar Land City -Texas 11/03/09 Sugar Land City -Texas 11/03/09 Port of Port Arthur Navig Dt 11/03/09 Honolulu City & Co -Hawaii 11/03/09 Honolulu City & Co -Hawaii 10/28/09 Bergen Co -New Jersey 10/22/09 Fort Bend Co (Houston) ISD GO Refunding Bonds General Obligation Bonds General Obligation Bonds Airport Revenue Refunding Bonds Airport Revenue Bonds GO Limited Tax Wtr & Ref Bonds GO Limited Tax Water Bonds Limited Obligation Bonds Certificates of Participation Toll Road Senior Lien Rev Bonds Industrial Development Rev Bonds Sales Tax Revenue Bonds Certificates of Participation GO General Improvement Bonds Water Revenue Refunding Bonds General Obligation Bonds Waterworks GO Refunding Bonds Water Revenue Refunding Bonds Water & Wastewater Revenue COPs Revenue Bonds Sewer Utility BANs Water and Sewer Revenue Bonds Senior Lien Electric Rev Bonds Senior Lien Electric Rev Bonds GO Consolidated Pub Imp Bonds Sewer & Drainage Sys Rev Bonds General Obligation Bonds Full Faith & Credit Obligations Special Tax Bonds GO Alternate Rev Source Bonds GO Consolidated Pub Imp Ref Consolidated Public Imp Ref Bonds Revenue Ref Cert Antic Notes Ltd Tax Schoolhouse Bonds Sewer System Revenue Obligations GO School Bonds GO Various Purpose Ref Bonds General Obligation Bonds Refunding Serial Bonds BANs Waterworks & Sewer Sys Rev Bonds Comb Tax & Rev Certs of Oblig Environmental Facs Rev Bonds General Obligation Bonds General Obligation Bonds Gen Imp Special Svcs Sch Bonds Limited Tax Schoolhouse Bonds 86.795 LEAD 900.165 CO-MGR 560.515 CO-MGR 2350 LEAD 12690 LEAD 71.965 LEAD 318.115 LEAD 148.860 CO-MGR 45.685 LEAD 250.000 CO-MGR 50.000 LEAD 18.255 SOLE 288.730 LEAD 55.215 SOLE 49.680 LEAD 11.410 SOLE 45.515 CO-MGR 26.050 CO-MGR 23.580 SOLE 55.000 SOLE 1.737 SOLE 366380 LEAD 114.760 CO-MGR 15.240 CO-MGR 78.000 SOLE 180.000 SOLE 113.535 SOLE 34.795 SOLE 96.565 LEAD 4.400 SOLE 31.880 SOLE 83.965 SOLE 165.865 SOLE 183.750 CO-MGR 44.365 SOLE 8.300 SOLE 40.295 SOLE 25.000 SOLE 4.760 SOLE 2.000 SOLE 29.490 CO-MGR 17.820 CO-MGR 100.000 CO-MGR 191.450 LEAD 50.415 LEAD 84.200 SOLE 148.850 CO-MGR N NC N NY N NY N WI N WI N NV N NV N NC N CA N TX N NV C SD N CA C NY N AK C CT N CA N CA N CA N CA C NJ N NC N AK N AK C MD C KY C AZ C OR N CA N IL C MD C MD C CA N TX C OR N IL C MN N CA C NY C NY N TX N TX N TX N HI N HI C NJ N TX EofAML'National Governmental (Cities, Towns, Counties and Districts) Underwriting Experience Exlcudes Florida 01/01/2009 to 09/29/2011 Sale Date Issuer Issue Description Amount of Issue Role of ($ mils) Tirm .Bid : 'State 10/22/09 10/21/09 10/21/09 10/21/09 10/20/09 10/20/09 10/20/09 10/12/09 10/07/09 10/07/09 10/07/09 10/02/09 10/02/09 10/02/09 10/02/09 10/01/09 10/01/09 10/01/09 10/01/09 09/30/09 09/30/09 09/30/09 09/30/09 09/29/09 09/29/09 09/29/09 09/29/09 09/28/09 09/24/09 09/24/09 09/24/09 09/23/09 09/22/09 09/22/09 09/22/09 09/22/09 09/22/09 09/17/09 09/16/09 09/16/09 09/16/09 09/15/09 09/15/09 09/15/09 09/15/09 09/15/09 09/10/09 El Paso City -Texas El Paso City -Texas El Paso City -Texas Los Angeles USD Murfreesboro -Tennessee Murfreesboro -Tennessee Fitchburg City -Massachusetts El Paso Co Hospital Dt Arlington City -Texas Atlantic Co -New Jersey Long Beach City -California Clark Co -Nevada Charlotte City -North Carolina Sayreville Borough -New Jersey Honolulu City & Co -Hawaii Honolulu City & Co -Hawaii Honolulu City & Co -Hawaii Honolulu City & Co -Hawaii Niagara Fells -New York Fort Bend Co (Houston) ISD Suffolk Co -New York Groton Town -Connecticut Durham Co -North Carolina Port of Vancouver -Washington Greene Co -Ohio Charlotte City -North Carolina Haltom City -Texas Shore Regional HSD Bernalillo (Albuquerque) MSD Avon Town -Connecticut New York City -New York Harris Co (Spring Branch) ISD Harris Co (Spring Branch) ISD Allegheny Co (Mount Lebanon) New Hartford Town -Connecticut Los Angeles USD Los Angeles USD Glen Cove City -New York San Diego Co -California New York City -New York New York City -New York Beaufort Co SD Santa Fe Co -New Mexico Prince Georges Co -Maryland Harris Co (Humble) ISD Burlington Co (Palmyra) SD BOE School Bonds Western Municipal Water Dt Certificates of Participation Comb Tax & Rev Certs of Oblig Comb Tax & Rev Certs of Oblig Comb Tax & Rev Certs of Oblig Certificates of Participation GO Refunding Bonds Elc & Wtr & Swr Sys Rev Ref Bonds General Obligation RANs Refunding Bonds Permanent Imp & Refunding Bonds County Vocational School Bonds TRANs Airport System Sub Lien Rev Bonds Ref Certificates of Participation General Improvement Bonds Wastewater System Revenue Bonds Wastewater System Revenue Bonds Wastewater System Revenue Bonds Wastewater System Revenue Bonds General Obligation Bonds Limited Tax Schoolhouse Bonds Public Improvement Bonds General Obligation Bonds GO Refunding Bonds Refunding Revenue Bonds Hospital Facilities Revenue Bonds GO Refunding Bonds General Obligation Debt Bonds School Bonds • GO Refunding Bonds General Obligation Bonds General Obligation Bonds Unlimited Tax Schoolhouse Bonds Unlimited Tax Schoolhouse Bonds General Obligation Bonds BANs General Obligation Bonds General Obligation Bonds BANs for Tax Certiorari Payment Certificates of Participation General Obligation Bonds General Obligation Bonds General Obligation Bonds Capital Outlay Gross Rev Bonds GO Consolidated Pub Imp Bonds Unlimited Tax School Bldg Bonds 68.920 CO-MGR 158.205 SOLE 9.675 SOLE 47.095 CO-MGR 25.000 SOLE 100.000 SOLE 179 315 LEAD 4.820 SOLE 13.999 16.800 LEAD 27.885 SOLE 1,100.170 LEAD 62.085 CO-MGR 61.720 CO-MGR 69.000 SOLE 8.900 SOLE 1,369.800 CO-MGR 205.785 CO-MGR .640 SOLE 80.940 CO-MGR 800.000 CO-MGR 170.000 CO-MGR 62.155 SOLE 12.090 SOLE 26.450 73.510 CO-MGR 9.883 11.000 SOLE 45.740 LEAD 27.210 LEAD 3.230 LEAD 40.728 SOLE 65.855 LEAD 56.305 LEAD 6.000 SOLE 25.760 SOLE 29.415 SOLE 40.000 SOLE 54.000 SOLE 168.495 CO-MGR 139.135 LEAD 4.407 127.045 LEAD 78.080 LEAD 40.775 LEAD 29.430 LEAD 8.190 SOLE TX NY CT NC WA OH NC TX NJ NM CT NY TX TX PA CT CA CA NY CA NY NY SC NM MD TX NJ CA TX TX TX CA IN TN MA TX TX NJ CA NV NC NJ HI HI HE HI NY I 11 L r i J r 1 L BofAML National Governmental (Cities, Towns, Counties and Districts) Underwriting Experience Exlcudes Florida 01/01/2009 to 09/29/2011 :Sale Date Issuer ;Issue Description Amount of Issue Role of ($ mils) `Firm Bid State ( 09/10/09 09/10/09 09/10/09 09/09/09 09/03/09 08/27/09 08/27/09 08/27/09 08/27/09 08/27/09 08/27/09 08/20/09 08/20/09 08/19/09 08/19/09 08/19/09 08/18/09 08/18/09 08/13/09 08/13/09 08/13/09 08/13/09 08/11/09 08/11/09 08/10/09 08/04/09 08/04/09 08/04/09 08/04/09 08/04/09 08/04/09 07/30/09 07/30/09 07/30/09 07/30/09 07/29/09 07/29/09 07/29/09 07/28/09 07/28/09 07/28/09 07/28/09 07/27/09 07/27/09 07/27/09 07/23/09 07/22/09 Morris Twp-New Jersey Cook Co (Chicago) SD BOE Cook Co (Chicago) SD BOE St Joseph Co -Indiana Wallkill Town -New York Westchester Co (Lakeland) CSD Dallas Co Hospital Dt Dallas Co Hospital Dt Austin City -Texas Austin City -Texas Austin City -Texas Norwood Town -Massachusetts Mecklenburg Co -North Carolina Union Co -North Carolina Suffolk Co (Sachem) CSD Philadelphia City -Pennsylvania Midland Co Hospital Dt Midland Co Hospital Dt Pilesgrove Twp-New Jersey Philadelphia City -Pennsylvania Mecklenburg Co -North Carolina Lowell City -Massachusetts Greater Chicago Metro Wtr Rec Cleveland City -Ohio Titus Co -Texas Oneida Co (Rome) CSD Los Angeles City -California Bexar Co Hospital Dt Bexar Co Hospital Dt Amarillo City -Texas Amarillo City -Texas Houston City -Texas Harris Co (Cypress -Fairbanks) Harris Co (Cypress -Fairbanks) Charlotte City -North Carolina Wayne Co -Michigan Philadelphia City -Pennsylvania Charlotte City -North Carolina Suffolk Co (East Islip) UFSD Keyport-New Jersey Haworth Borough -New Jersey Cobb Co -Georgia Nueces Co (Corpus Christi) ISD Montgomery Co (Upper Dublin) King Co -Washington Wake Co -North Carolina Tarrant Co (Carroll) ISD Gen Imp Swr Pool & Pkg Utility Unlimited Tax GO Bonds Unlimited Tax GO Bonds Educational Facs Ref Rev Bonds BANs BANs for Various Purposes Limited Tax Bonds Limited Tax Bonds Public Improvement Bonds Pub Imp Bonds & Contractual Oblig Certificates of Obligation GO Municpal Purpose Loan Bonds GO Refunding Bonds Enterprise Systems Revenue Bonds BANs Gas Works Revenue Refunding Limited Tax Bonds Limited Tax Bonds General Obligation Bonds Gas Works Revenue Refunding Refunding Limited Oblig Bonds State Aid Anticipation Notes GO Capital Improvement Bonds Airport System Revenue Bonds Pass -Through Toll Revenue Bonds BANs General Obligation Bonds Certificates of Obligations Certificates of Obligations GO Refunding Bonds Comb Tax & Rev Certs of Oblig Airport System Rev & Ref Bonds Unlimited Tax Schoolhouse Bonds Unlimited Tax Schoolhouse Bonds Water & Sewer Sys Rev Ref Bonds GO Limited Tax Notes GO Refunding Bonds Ref Certificates of Participation TANS BANs General Improvement Bonds Water & Sewerage Imp Rev Bonds Unitd Tax School Building Bonds General Obligation Bonds Sewer Revenue Bonds Limited Obligation Bonds Unlimited Tax School Bldg Bonds 11.368 518210 LEAD 29.125 LEAD 146.565 CO-MGR 8.265 SOLE 3.492 SOLE 680.230 LEAD 24.770 LEAD 78.460 CO-MGR 34.705 CO-MGR 12.500 CO-MGR 46.000 SOLE 130.390 .CO-MGR 20.000 SOLE 3.000 SOLE 50.000 SOLE 98.380 SOLE 16.615 SOLE 5.172 58.285 CO-MGR 923.980 CO-MGR 3.500 SOLE 600.000 CO-MGR 159.875 CO-MGR 39.000 LEAD 7.500 SOLE 52.950 LEAD 246.395 CO-MGR 36.240 CO-MGR 4.825 LEAD 16.140 LEAD 449.660 CO-MGR 191.465 LEAD 33.510 LEAD 93.765 LEAD 103.500 LEAD 237.025 LEAD 100.000 SOLE 16.000 SOLE 8.720 SOLE 2.469 126.570 SOLE 23.000 CO-MGR 34.275 SOLE 250.000 CO-MGR 154.620 CO-MGR 58.190 CO-MGR NJ IL IL IN NY NY TX TX TX TX TX MA NC NC NY PA TX TX NJ PA NC MA IL OH TX NY CA TX TX TX TX TX TX TX NC MI PA NC NY NJ NJ GA TX PA WA NC TX BofAML National Governmental (Cities, Towns,Counties and. Districts) Underwriting Experience Exlcudes Florida Sale Date issuer 01/01/2009 to 09/29/2011 Amount of Issue Mole of Issue Description '($ mils) firm Bid State 07/22/09 07/21/09 07/21/09 07/21/09 07/21/09 07/15/09 07/14/09 07/14/09 07/09/09 07/09/09 07/09/09 07/08/09 07/07/09 07/07/09 07/07/09 07/06/09 07/01/09 06/30/09 06/30/09 06/30/09 06/25/09 06/25/09 06/25/09 06/25/09 06/24/09 06/23/09 06/23/09 06/23/09 06/23/09 06/23/09 06/18/09 06/17/09 06/17/09 06/17/09 06/16/09 06/16/09 06/12/09 06/11/09 06/11/09 06/11/09 06/11/09 06/10/09 06/10/09 06/10/09 06/10/09 06/09/09 06/09/09 Harris Co (Alief) ISD Westfield Town -New Jersey Bedford Town -Massachusetts Atlantic Co (Hamilton) TBOE Philadelphia SD New Orleans City -Louisiana Dallas ISD Chester Co (Unionville Chadds) _Dallas Co (Garland) ISD Orange Co -California Ventura Co-Califomia St Louis City -Missouri Burnet Co (Marble Falls) LSD Maricopa Co -Arizona Leonia Boro-New Jersey Cabarrus Co -North Carolina Buffalo City -New York Cumberland Co -North Carolina San Diego City -California San Bernardino Co -California Port of Portland -Oregon Port of Portland -Oregon Los Angeles City -California Dallas Co (Garland) ISD Tucson City -Arizona Clark Co -Nevada Atlanta City -Georgia Oneida Co (Rome) CSD Chesterfield Co -Virginia Washoe Co -Nevada Teterboro -New Jersey Charlotte City -North Carolina Charlotte City -North Carolina Charlotte City -North Carolina Wayne Co -Michigan Portsmouth City -New Los Angeles Co -California Irving City -Texas Reno City -Nevada Morristown Town -New Jersey GO & School Bldg Ref Bonds General Obligation Bonds General Obligation Bonds BANs GO Refunding Warrants Tarrant Co (Carroll) ISD Wichita City -Kansas Wichita City -Kansas Lawrence Twp-New Jersey Birmingham City -Alabama Brunswick Co -North Carolina GO Refunding Bonds West Hartford Town -Connecticut General Obligation Bonds Unitd Tax School Building Bonds Gen Imp & Swim Pool Util Bonds GO Municipal Purpose Loan Bonds General Improvement Bonds TRANs Sewerage Service Refunding Bonds Unlimited Tax Refunding Bonds General Obligation Notes & Bonds Qualified School Constr Bonds Airport Revenue Bonds Certificates of Participation Airport Revenue Bonds School Building & Refunding Bonds Pollution Control Rev Ref Bonds General Improvement Bonds Certificates of Participation General Improvement & Sch Bonds GO Refunding Bonds TRANs TRANs Passenger Facility Ref Rev Bonds Passenger Facility Ref Rev Bonds Judgement Obligation Bonds Unitd Tax Sch Bldg & Ref Bonds Water System Revenue Obligations Aiprort Sys Jr Sub Lein Rev Notes Water & Wastewater Revenue RANs GO Public Improvement & Ref Public Improvement Bonds General Obligation BANs Certificates of Participation Certificates of Participation Certificates of Participation GO Limited Tax Notes GO Capital Improvement Bonds TRANs Wtrwrks Swr Rev Ref & Imp Bonds Installment Purchase Agreement Sewer Utility BANs 27.508 11.240 8.460 2.000 19.960 23.990 15.000 16.297 11.255 15.885 6.860 400.000 23.375- 100.760 68.190 10.185 233.115 89.720 129.970 9.911 163.975 5.750 85.170 25.030 34.670 124.070 165.000 29.000 28.985 • 20.600 53.210 38.450 400.000 750.000 10.000 92.000 .999 1.009 78.755 37.295 30.620 103.500 21.000 1,300.000 21.475 • 2.340 4.569 CO-MGR N SOLE C SOLE C SOLE C LEAD N SOLE N SOLE C SOLE P C SOLE C C LEAD N CO-MGR N CO-MGR N. CO-MGR N CO-MGR N CO-MGR N LEAD N CO-MGR N LEAD N CO-MGR N C CO-MGR N LEAD N LEAD N CO-MGR N CO-MGR N CE N SOLE N SOLE N CO-MGR N CO-MGR N CO-MGR N CO-MGR N SOLE C SOLE C SOLE C SOLE C LEAD N LEAD N LEAD N SOLE C SOLE C LEAD N LEAD N SOLE P SOLE C TX KS KS NJ AL NC CT TX NJ MA NJ PA LA TX PA TX CA CA MO TX AZ NJ NC NY NC CA CA OR OR CA TX AZ NV GA NY VA NV NJ NC NC NC MI NH CA TX NV NJ r 9 n L L 9 L L .BofAML National Governmental (Cities,Towns, Counties and. Districts) Underwriting Experience zlcudesFlorida 01/01/2009 to 09/29/2011 Sale Date Amount of Issue Role of '($ mils) .;Firm Bid : ,State 06/09/09 06/09/09 06/05/09 06/04/09 06/04/09 06/03/09 06/03/09 06/03/09 06/03/09 06/01/09 05/27/09 05/27/09 05/27/09 05/27/09 05/21/09 05/19/09. 05/19/09 05/19/09 05/14/09 05/14/09 05/14/09 05/13/09 05/13/09 05/13/09 05/13/09 05/13/09 05/13/09 05/13/09 05/13/09 05/12/09 05/12/09 05/12/09 05/12/09 05/11/09 05/11/09 05/08/09 05/07/09 05/07/09 05/06/09 05/06/09 05/06/09 05/05/09 05/05/09 05/05/09 05/05/09 05/05/09 05/05/09 Clark Co -Nevada Clark Co -Nevada Glen Cove City -New York Ventura Co -California Nassau Co -New York Paterson -New Jersey Irvine Ranch Water Dt Glendora -California Bayonne City -New Jersey Woodhaven -Brownstown SD Navajo Co -Arizona Navajo Co -Arizona Navajo Co -Arizona Coconino Co -Arizona New York City -New York . Savanna -Illinois Industrial Development Rev Bonds New Hanover Co -North Carolina GO School Bonds Knox Co -Tennessee BANs Generating Sys Revenue Bonds Electric Sys Revenue & Ref Bonds BANs Health Facility Revenue Bonds Health Facility Revenue Bonds Western Muni Wtr Dt Facs Au Water Revenue Refunding Bonds Suffolk Co -New York Public Improvement Serial Bonds Santa Clara Co -California General Obligation Bonds Rio Rancho City -New Mexico Water & Wstwtr Sys Ref Rev Bonds Philadelphia City -Pennsylvania Water & Wstwtr Revenue Bonds Minneapolis City -Minnesota GO Various Purpose Bonds San Francisco City/Co-California Certificates of Participation El Paso City -Texas Chester Co (Coatesville) ASD Benton Co (Rogers) SD #30 Ankeny City -Iowa Ankeny City -Iowa Loudoun Co -Virginia Whittier City -California Mesa City -Arizona Western Muni WtrDt Facs Au Pulaski Co -Arkansas Harris Co (Tomball) ISD Sacramento MUD (SMUD) Morris Co (Pequannock) TSD Johnston Co -North Carolina Johnston Co -North Carolina Johnston Co -North Carolina Dutchess Co (Arlington) CSD Clark Co Public Utility Dt #1 Clark Co Public Utility Dt #1 Berlin Twp-New Jersey Whittier City -California Whittier City -California Ltd Tax GO Flood Control Bonds GO Ltd Tax Transportation Bonds BANs for Various Purposes TRANs RANs General Improvement Bonds Consolidated GO Bonds Pension Obligation Bonds General Improvement Bonds Unitd Tax GO Refunding Bonds Pollution Control Rev Ref Bonds Pollution Control Rev Ref Bonds Pollution Control Rev Ref Bonds Pollution Control Rev Ref Bonds General Obligation Bonds GO Pension Bonds General Obligation Bonds Refunding Bonds GO Refunding Bonds GO BANs GO Refunding Bonds Health Facility Revenue Bonds General Obligation Bonds Water Revenue Bonds Hospital Revenue Bonds Unitd Tax School Building Bonds Electric Revenue Bonds School Bonds GO Refunding Bonds GO Refunding Bonds GO Public Improvement Bonds School District Serial Bonds 150.000 SOLE N NV 60.000 SOLE N NV 5.000 SOLE C NY 145.000 SOLE N CA 115.000 SOLE C NY 23.294 C NJ 75.000 CE N. CA 5.890 SOLE P CA 67.625 SOLE C NJ 6.690 SOLE P MI 64.000 CO-MGR N AZ 64.000 CO-MGR N AZ 38.150 CO-MGR N AZ 12.850 CO-MGR N AZ 800.095 LEAD N NY 3.400 CE N IL 43.000 SOLE C NC 30.000 SOLE C TN 9.660 LEAD N WA 49.110 LEAD N WA 3.000 SOLE C NJ 148.000 CO-MGR N . CA 74.000 CO-MGR N CA 48.000 SOLE N CA 78.265 SOLE C NY 350.000 SOLE C CA 57.990 CO-MGR N NM 140.000 LEAD N PA 85.370 SOLE C MN 163.335 CO-MGR N CA 111.545 CO-MGR N TX 34.990 C PA 76.835 SOLE C AR 32.010 SOLE C IA 13.200 SOLE C IA 131.030 CO-MGR N VA 58.000 CO-MGR N CA 61.830 SOLE C AZ 54.340 SOLE N CA 111.175 CO-MGR N AR 52960 CO-MGR N TX 200.000 CO-MGR N CA 12.990 C NJ 14.825 SOLE C NC 14.340 SOLE C NC 49.800 SOLE C NC 56.107 SOLE C NY r- 0 LI BofAML National Governmental (Cities, Towns, Counties and Districts) Underwriting. Experience ExlcudesTlorida 01/01/2009 to 09/29/2011 Sale Date Issuer Issue Description Amount of Issue Role of ($ nails) Firm Mid State 05/05/09 05/04/09 05/01/09 04/30/09 04/30/09 04/29/09 04/29/09 04/28/09 04/28/09 04/28/09 04/27/09 04/23/09 04/23/09 04/22/09 04/15/09 04/15/09 04/14/09 04/08/09 04/08/09 04/08/09 04/08/09 04/08/09 04/07/09 04/07/09 04/07/09 04/07/09 04/06/09 04/02/09 04/01/09 04/01/09 03/31/09 03/26/09 03/25/09 03/24/09 03/24/09 03/20/09 03/19/09 03/19/09 03/19/09 03/19/09 03/19/09 03/18/09 03/17/09 03/17/09 03/13/09 03/13/09 03/13/09 Dallas Co Comm College Dt Collin Co (Richardson) ISll Montgomery Co -Maryland Gardner City -Massachusetts Charleston City -South Carolina North Bergen Twp-New Jersey Cary Town -North Carolina Ocean Co (Lacey) TSD BOE Northumberland Co - Nassau Co -New York Collin Co (McKinney) ISD Cumberland Co -North Carolina Arlington City -Texas Jefferson Co (Port Arthur) ISD Galveston Co (Clear Creek) LSD Fort Bend Co (Needville) ISD Jefferson Co (Beaumont) ISD New York City -New York New York City -New York Kansas City -Missouri Kansas City -Missouri Kansas City -Missouri Mooresville Town -North Honolulu City & Co -Hawaii Honolulu City & Co -Hawaii Chautauqua Co (Jamestown) Lancaster City -Pennsylvania Warren Twp-New Jersey San Diego Co (Grossmont) UHSD General Obligation Bonds Greensboro City -North Carolina Combined Enterprise Sys Rev Bonds Newton City -Massachusetts GO State Qualified School Bonds Durham Co -North Carolina Certificates of Participation Houston City -Texas Combined Uhl Sys Rev & Ref Bonds Orange Co (Irvine) USD Special Tax Notes Las Vegas City -Nevada GO Limited Tax Bonds Loudoun Co -Virginia GO Public Improvement Bonds Tarrant Co (Keller) ISD Unitd Tax Sch Bldng & Ref Bonds Portland Community College Dt General Obligation Bonds Modesto Irrigation Dt Certificates of Participation Los Angeles Comm College Dt General Obligation Bonds Los Angeles Comm College Dt General Obligation Bonds Greensboro City -North Carolina Comb Enterprise Sys Rev & Ref Bns Wake Co -North Carolina GO Public Improvement Bonds Cook Co (Chicago) SD BOE Unlimited Tax GO Refunding Bonds Lubbock City -Texas Tax & Wtrwrks Rev Certs of Oblig Lubbock City -Texas GO Refunding & Improvement Cumberland Co -North Carolina Certificates of Participation General Obligation Bonds Unitd Tax School Building Bonds Revenue Bonds BANs Wtrwrks & Swr Sys Ref Rev Bonds General Improvement Bonds GO Public Improvement Bonds School Bonds General Obligation Bonds General Improvement Bonds Unitd Tax Sch Bldg & Ref Bonds Ref Certificates of Participation Special Tax Revenue Bonds Unlimited Tax School Bldg Bonds Unlimited Tax School Bldg Bonds Unlimited Schoolhouse Bonds Unlimited Tax School Bldg Bonds General Obligation Bonds General Obligation Bonds Special Obligation Ref Bonds Special Obligation Ref Bonds Special Obligation Ref Bonds General Obligation Bonds General Obligation Bonds General Obligation Bonds BANs General Obligation Notes General Improvement Bonds 102985 20.845 46.765 1.275 33.670 22.472 53.000 19.806 15 765 99.000 58.805 89.490 62.820 75.000 65.670 22000 116.570 800.000 33.000 17.400 6.485 5.760 15.500 342.730 33.980 10.000 43.990 4.364 60.000 10.000 75.000 61.850 476.050 44.000 101.220 168.000 153.419 200.000 132.145 350.000 75.000 47.705 435.000 65.000 58.705 23.185 22.425 CO-MGR CO-MGR SOLE SOLE LEAD SOLE SOLE SOLE CO-MGR LEAD CO-MGR CO-MGR LEAD CO-MGR CO-MGR CO-MGR CO-MGR SOLE SOLE SOLE FA LEAD LEAD SOLE CO-MGR SOLE SOLE CO-MGR CO-MGR LEAD SOLE CO-MGR CO-MGR SOLE CO-MGR CO-MGR CO-MGR LEAD SOLE SOLE CO-MGR CO-MGR LEAD TX TX MD MA SC NJ NC NJ PA NY TX NC TX TX TX TX TX NY NY MO MO MO NC HI HI NY PA NJ CA NC MA NC TIC CA NV VA TX OR CA CA CA NC NC IL TX TX NC r: L BofAML National Governmental (Cities, Towns, tCounties and Districts) -Underwriting Experience -__.:ExlcudesFlorida -_ 01/01/2009 to`.09/29/2011 Sale Date ssuer Issue Description ,Amount of Issue :Role of 4($ mils) =Firm Mid .State 03/12/09 Shelby Co -Tennessee 03/12/09 Frederick City -Maryland 03/12/09 Frederick City -Maryland 03/12/09 Charleston City -South Carolina 03/11/09 Millstone Twp-New Jersey 03/11/09 Berlin Twp-New Jersey 03/05/09 Wallkill Town -New York 03/05/09 Cresskill Boro-New Jersey 03/05/09 Anderson Co -South Carolina 03/04/09 New Rochelle City -New York 03/04/09 Cleveland City -Ohio 03/04/09 Cleveland City -Ohio 02/27/09 San Antonio City -Texas 02/26/09 New York City New York 02/26/09 New York City -New York 02/26/09 Lexington Co SD #1 02/26/09 Kansas City -Missouri 02/25/09 Williamson Co -Texas 02/25/09 Williamson Co -Texas 02/25/09 Union Co -North Carolina 02/25/09 St Louis Co (Parkway) SD #C-2 02/25/09 Santa Clara Co (Evergreen) SD 02/25/09 Montgomery Co -Ohio 02/25/09 King Co -Washington 02/25/09 Hartford City -Connecticut 02/24/09 Boulder (Boulder Vlly) SD #RE-2 02/20/09 Clark Co -Washington 02/19/09 Winston-Salem City -North 02/19/09 San Mateo Co Transit Dt 02/19/09 North Charleston -South Carolina 02/19/09 Chester Co (Phoenixville) ASD 02/18/09 Union Co -North Carolina 02/17/09 Columbia Co -Georgia 02/12/09 Omaha Public Power Dt (OPPD) 02/12/09 Cedar Grove Twp-New Jersey 02/11/09 New Bedford City -Massachusetts 02/11/09 Montgomery Co -Ohio 02/11/09 Lewisboro Town -New York 02/11/09 Cleveland City -Ohio 02/11/09 Cleveland City -Ohio 02/10/09 Sayreville Board of Education 02/10/09 Northvale Boro-New Jersey 02/10/09 Bordentown Twp-New Jersey 02/09/09 Lake Co Forest Preserve Dt 02/06/09 Charlotte City -North Carolina 02/03/09 Peoria City -Arizona 02/03/09 Moffat Co -Colorado GO Refunding Bonds GO Public Improvement Bonds GO Public Improvement Bonds Wtrwrks & Swr Sys Ref Rev Bonds BANs BANs BANs General Obligation BANs Water & Sewer Sys Revenue Bonds BANs Airport System Revenue Bonds Airport System Revenue Bonds Electric & Gas Sys Rev Ref Bonds General Obligation Bonds General Obligation Bonds General Obligation BANs Water Ref & Imp Revenue Bonds Pass -Through Toll Rev&Ltd Tax Bns Limited Tax Bonds GO Refunding Bonds GO Refunding & Improvement General Obligation Bonds Revenue Bonds Multi -Modal Limited Tax GO Bonds General Obligation Bonds General Obligation Bonds Ltd Tax GO TANS Water and Sewer Revenue Bonds Limited Tax Bonds Ref & Imp Tax Increment Bonds General Obligation Bonds GO School Bonds GO Sales Tax Bonds Electric System Revenue Bonds GO Sewer, Water & Pool Util BANS GO BANs Revenue Bonds BANs Water Revenue Bonds Water Revenue Bonds Temporary Notes General Improvement Bonds General Obligation Bonds GO Land Acquisition Bonds Airport Refunding Revenue Bonds General Obligation Bonds Pollution Control Rev Ref Bonds 214.695 CO-MGR 95.545 LEAD 25.655 LEAD 50.030 LEAD 7.462 SOLE 2.405 SOLE 2.975 SOLE 1.616 SOLE 48.655 SOLE 2.671 SOLE 24.710 CO-MGR 14.670 CO-MGR 442_005 LEAD 600.000 CO-MGR 120.000 CO-MGR 20.000 FA 198.915 LEAD 89.235 CO-MGR 8.000 CO-MGR 72.000 CO-MGR 60.660 LEAD 29.999 SOLE 15.000 LEAD 50.000 SOLE 40225 CO-MGR 176.800 SOLE 5.000 SOLE 109.030 CO-MGR 19.040 LEAD 36.175 SOLE 13.475 64.500 SOLE 38.000 SOLE 85.000 CO-MGR 8.412 SOLE 30.504 SOLE 115.000 LEAD 6.851 SOLE 84.625 CO-MGR 54.735 LEAD 2.200 SOLE 3 310 4.000 35.000 SOLE 51.180 LEAD 68.440 SOLE 46.800 CE N N N N C C C C N C N N N N N C N N N N N N N N N C N N N N C C N N C N N C N N C C C C N C N TN MD MD SC NJ NJ NY NJ SC NY OH OH TX NY NY SC MO TX TX NC MO CA OH WA CT CO WA NC CA SC PA NC GA NE NJ MA OH NY OH OH NJ NJ NJ IL NC AZ CO .BofAML'National Governmental (Cities, Towns, Counties and Districts) .Underwriting Experience Exlcudes1lorida 01/01/2009 to 09/29/2011 'Sale Date • Issuer IssueDescription Amount of issue Role of ;;($ mils) .Firm raid State 02/03/09 01/28/09 01/28/09 01/27/09 01/27/09 01/27/09 01/26/09 01/26/09 01/26/09 01/23/09 01/23/09 01/23/09 01/22/09 01/22/09 01/21/09 01/21/09 01/21/09 01/21/09 01/20/09 01/15/09 01/15/09 01/15/09 01/15/09 01/15/09 01/14/09 01/14/09 01/14/09 01/13/09 01/12/09 01/12/09 01/08/09 01/08/09 01/07/09 01/07/09 01/06/09 01/06/09 01/06/09 Reno City -Nevada Reno City -Nevada Newark City -New Jersey Walllall Town -New York Smith Co (Tyler) ISD Denton Co (Lewisville) ISD Lincoln Co SD Austin City -Texas Wheeling Village -Illinois Garland City -Texas New Castle Co -Delaware Harris Co (Spring) ISD Chester Co -Pennsylvania Brooklyn Town -Connecticut General Obligation BANs Lancaster Co (Lincoln) SD #1 GO School Bonds Fast Baton Rouge Par -Louisiana Improvement Sales Tax Rev Bonds Washington Suburban Sanitary Consolidated Public Imp Bonds Hamilton Twp-New Jersey BANs El Paso City -Texas Comb Tax & Rev Certs of Oblig Worcester City -Massachusetts BANs Winchester Town -Massachusetts BANs Nueces Co (Corpus Christi) ISD Unlimited Tax School Bldg Bonds Westchester Co -New York General Obligation Bonds Westchester Co -New York GO Refunding Bonds West Haven City -Connecticut BANs San Francisco City & Co USD General Obligation Bonds Middlesex Co -New Jersey Various Purpose Bonds Quincy City -Massachusetts BANs Irving City -Texas Comb Tax & Rev Certs of Oblig Cook Kane Lake Comm Coll Dt General Obligation Bonds Alameda -Contra Costa Transit Dt Certificates of Participation Albany Co (Watervliet) SD BANs So California Metro Water Dt . Water Revenue Bonds Seal Beach Public Financing Auth 'Page Revenue Bonds Revere City -Massachusetts BANs Monroe City -North Carolina Certificates of Participation Kern Co (Mojave) USD General Obligation Bonds Hospital Revenue Refunding Bonds Hospital Revenue Refunding Bonds School Promissory &Wtr Util BANs BANs School Building Bonds Unitd Tx School Building Bonds GO School Bonds Wtr & Wstewater Sys Rev Ref 'Bonds GO Corporate Purpose Bonds GO Commercial Paper Notes General Obligation Bonds Schoolhouse Bonds General Obligation Bonds 2.270 SOLE C CT 100.000 SOLE C NE 110.000 CO-MGR N LA 165.000 SOLE C MD 2.983 SOLE C NJ 57.615 CO-MGR N TX 8.805 SOLE C MA 12.500 SOLE C MA 167.474 LEAD N TX 117330 CO-MGR N NY 50.880 CO-MGR N NY 11.475 SOLE P CT 150.000 LEAD N CA 44.027 C NJ 46.500 SOLE N MA 175.940 CO-MGR N TX 153.600 CO-MGR N IL 15.000 SOLE N CA 3.305 SOLE C NY 200.000 CO-MGR N CA 6.300 SOLE P CA 5.000 SOLE C MA 32.665 LEAD N NC 6.037 SOLE N CA 42400 LEAD N NV 21200 CO-MGR N NV 110.245 CO-MGR N NJ 4.330 SOLE C NY 173.140 LEAD N TX 167.045 CO-MGR N TX 2.025 SOLE N OR 175.000 LEAD N TX 10.000 SOLE N IL 50.000 SOLE N TX 107.105 LEAD N DE 94.135 CO-MGR N TX 118.080 LEAD N PA Sale Date BofAML'sTlorida Governmental (Cities, Towns,' Counties and Districts) Underwriting Experience 01/01/2009 to 09/29/2011 Issuer Issue Description Amount of Issue IS mils) Bid Role 09/28/11 09/08/11 08/31/11 08/18/11 07/28/11 07/21/11 07/13/11 06/15/11 06/15/11 05/26/11 05/20/11 05/17/11 05/17/11 04/20/11 01/05/11 03/15/11 12/15/10 11/03/10 11/03/10 10/19/10 10/15/10 10/15/10 09/28/10 09/23/10 09/23/10 09/23/10 09/14/10 09/09/10 09/09/10 09/01/10 09/01/10 08/30/10 08/27/10 08/06/10 07/30/10 07/23/10 07/23/10 07/22/10 07/22/10 07/21/10 06/11/10 06/11/10 05/19/10 04/21/10 04/21/10 04/07/10 03/19/10 03/17/10 Davie Town -Florida Cape Coral City -Florida Tampa City -Florida Miami -Dade Co -Florida Clearwater City -Florida Miami -Dade Co SD Miami City -Florida Palm Beach Co School Board Palm Beach Co School Board Pasco Co -Florida Broward Co School Board Miami -Dade Co -Florida Miami -Dade Co -Florida Manatee County School Board Charlotte Co -Florida Orlando City -Florida Sarasota Co -Florida Seminole Tribe Palm Beach Co School Board Hillsborough Co -Florida Polk Co -Florida Polk Co -Florida Indian River Co SD Lee Co -Florida Lee Co -Florida Lee Co -Florida Orange Co -Florida Tallahassee City -Florida Tallahassee City -Florida Sarasota City -Florida Sarasota City -Florida Sarasota Co School Board Polk Co -Florida Jupiter Island Town -Florida Davie Town -Florida Tallahassee City -Florida Broward Co School Board Miami City -Florida Miami City -Florida Duval Co School Board Miami -Dade Co School Board Miami -Dade Co School Board Manatee Co SD Citrus Co -Florida Citrus Co -Florida Tallahassee City -Florida Hillsborough Co School Board Marco Island City -Florida Water & Sewer Revenue Bonds Water & Sewer Ref Revenue Bonds Wtr & Swr Sys Imp & Ref Rev Bonds Cap Asset Acqui Spec Oblig Bonds Water & Sewer Rev Ref Bonds TANs Special Obligation Rev Ref Bonds Certificates of Participation Certificates of Participation Solid Waste Disposal Sys Ref Rev Certificates of Participation General Obligation Bonds GO Refunding Bonds Certificates of Participation Utility System Ref Revenue Bonds Capital Imp Ref Spec Rev Bonds Utility System Revenue Bonds Gaining Division Bonds Certificates of Participation Utility Revenue Bonds Transportation Ref Revenue Bonds Capital Improvement Ref Rev Bonds TANs Tourist Development Tax Rev Bonds Tourist Development Tax Rev Bonds Tourist Development Tax Rev Bonds Tourist Dev Tax Ref Rev Bonds Consolidated Util Sys Rev Bonds Consolidated Util Sys Rev Bonds Water & Sewer System Rev Bonds Water & Sewer Sys Rev Ref Bonds Certificates of Participation Utility System Revenue Bonds Utility System Revenue Ref Bonds Water and Sewer Revenue Bonds Energy System Ref Revenue Bonds Certificates of Participation Special Obligation Park Rev Bonds Special Obligation Park Rev Bonds Certificates of Participation Certificates of Participation Certificates of Participation RANs Capital Improvement Revenue Bonds Capital Imp.Revenue & Ref Bonds Energy System Refunding Rev Bonds Ref Certificates of Participation Utility System Ref Revenue Bonds 49.930 175.000 121..050 26.830 47.025 200.000 70.645 67.905 44.520 39.150 175.510 196.705 37.945 39.850 64.900 9.000 46.655 37.385 67.665 18.035 53.035 32.265 30.000 42.480 37.403 1.275 144.395 117.015 25.820 25.255 8.865 43.026 46.360 30.085 46.245 43.245 51.645 84.540 16.830 25.590 96.290 27.990 20.000 15.100 9.910 77.845 97.545 7.365 N N N C N C N N N N N C C N N C- N N C C N N C N N N C N N N N P N N N N N N N N N N P N N N N N CO-MGR CO-MGR CO-MGR LEAD CO-MGR SOLE CO-MGR CO-MGR CO-MGR LEAD CO-MGR LEAD LEAD CO-MGR CO-MGR SOLE LEAD SOLE SOLE SOLE LEAD CO-MGR SOLE LEAD LEAD LEAD SOLE CO-MGR CO-MGR CO-MGR CO-MGR SOLE LEAD SOLE CO-MGR LEAD CO-MGR LEAD LEAD CO-MGR LEAD LEAD SOLE CO-MGR CO-MGR LEAD CO-MGR LEAD L L L r L L -Sale Date BofAML's Florida Governmental (Cities, Towns, Counties and Districts) Underwriting Experience ..Ol/01/2009 to 09/29/2011 Issuer Issue Description 03/17/10 03/10/10 03/09/10 03/03/10 03/03/10 01/20/10 01/20/10 12/08/09 12/08/09 11/19/09 11/12/09 11/06/09 11/02/09 10/23/09 10/23/09 10/21/09 10/20/09 09/29/09 09/24/09 09/24/09 09/10/09 09/03/09 09/03/09 09/03/09 09/03/09 08/27/09 08/27/09 08/20/09 07/15/09 07/13/09 07/10/09 07/08/09 07/01/09 07/01/09 06/24/09 06/05/09 06/05/09 06/05/09 05/20/09 05/15/09 05/14/09 04/29/09 04/22/09 02/26/09 02/12/09 Marco Island City -Florida Tampa City -Florida Polk Co School Board Seminole Co -Florida Seminole Co -Florida Hollywood City -Florida Hollywood City -Florida Okaloosa Co -Florida Okaloosa Co -Florida Miami City -Florida Brevard Co -Florida Duval Co School Board Fort Myers City -Florida Miami City -Florida Miami City -Florida Brevard Co -Florida Martin Co -Florida Sarasota Co Public Hospital Dt Jacksonville City -Florida Jacksonville City -Florida Volusia Co -Florida Pasco Co -Florida Pasco Co -Florida Pasco Co -Florida Pasco Co -Florida Orlando City -Florida Orlando City -Florida Melbourne Beach -Florida Cape Coral City -Florida Miami -Dade Co -Florida Miami City -Florida Palm Beach Co -Florida Miami -Dade Co -Florida Miami -Dade Co -Florida Broward Co -Florida Broward Co School Board Broward Co School Board Broward Co School Board Miami City -Florida Clearwater City -Florida Manatee County School Board Seminole Co School Board Tallahassee City -Florida Orange Co School Board Miami -Dade Co School Board Utility Sys Imp & Ref Rev Bonds Health System Revenue Bonds Ref Certificates of Participation Water & Sewer Revenue Bonds Water & Sewer Revenue Bonds Water & Sewer Imp Revenue Bonds Water & Sewer Imp Revenue Bonds Sales Tax Revenue Bonds Sales Tax Revenue Bonds Special Obligation Bonds Industrial Development Rev Bonds Certificates of Participation Utility System Ref Rev Bonds Parking Sys Rev & Rev Ref Bonds Parking Sys Rev & Rev Ref Bonds Subordinate Sales Tax Rev Bonds Utilities System Rev & Ref Bonds Hospital Revenue Refunding Bonds Special Revenue Bonds Special Revenue Bonds Capital Imp & Refunding Rev Bonds Water and Sewer Revenue Bonds Water and Sewer Revenue Bonds Water and Sewer Revenue Bonds Water and Sewer Revenue Bonds Capital Imp Special Revenue Bonds Capital Imp Spec Rev & Ref Bonds Limited Tax Note Water and Sewer Revenue Bonds Pro Sports Facilities Rev Bonds Pension Refunding Revenue Bonds Water & Sewer Revenue Bonds Sports Facs Tax Rev Ref Bonds Sports Facs Tax Rev Ref Bonds Port Facilities Revenue Bonds Certificates of Participation Certificates of Participation Certificates of Participation Limited Ad Valorem Tax Bonds Water & Sewer Revenue & Ref Bonds Certificates of Participation Certificates of Participation Capital Improvement Ref Rev Bonds Certificates of Participation Certificates of Participation Amount of ,Issue ($mils) .Bid .Role 50.475 26.120 57.155 70.705 5.255 48.160 4.185 23.875 2.740 65.000 58.810 42.430 53.895 60.110 6.485 7.500 36.665 79.525 55.925 52.090 9.530 69.400 46.265 19.029 12.685 40.000 27.915 3.500 82205 100.000 37.435 68.115 198.970 10.220 83.235 63.910 49.913 20.140 51.055 109.415 47.065 20.675 26.975 185.000 310.055 N N N N N N N N N N N N N N N N N N N P N N N N N N C N N N N N N N N P N N N N N P N N LEAD LEAD CO-MGR CO-MGR CO-MGR LEAD LEAD CO-MGR CO-MGR LEAD SOLE CO-MGR SOLE LEAD LEAD SOLE CO-MGR CE LEAD LEAD SOLE CO-MGR LEAD CO-MGR LEAD LEAD LEAD SOLE LEAD LEAD CO-MGR CO-MGR LEAD LEAD CO-MGR LEAD SOLE LEAD LEAD CO-MGR CO-MGR CO-MGR SOLE CO-MGR LEAD r L fl J r— r L L Clearwater City of Clearwater, Florida Response to Request for Proposals for Bond Underwriting Services Disclaimer RBC Capital Markets, LLC ('RBC CM") is providing the information contained in this document for discussion purposes only in anticipation of serving as Underwriter to the City of Clearwater, Florida in which RBC CM would be acting solely as a principal in a commercial, arm's length transaction and not as a municipal advisor, financial advisor or fiduciary to the County or any other person or entity. RBC CM will not have any duties or liability to any person or entity in connection with the information being provided herein. The information provided is not intended to be and should not be construed as "advice" within the meaning of Section 15B of the Securities Exchange Act of 1934 or of any rules or regulations adopted thereunder by the Securities and Exchange Commission or the Municipal Securities Rulemaking Board. Clearwater should consult with its own legal, accounting, tax, financial • and other advisors, as applicable, to the extent it deems appropriate. RBC Capital Markets° r- Clearwater City of Clearwater, Florida Response to Request for Proposals for Bond Underwriting Services Table of Contents 1. Transmittal Letter 2. Overview or Firm 3. Marketing Strategy and Distribution Capabilities . 4. Key Personnel 5. Underwriting Desk 6. Project Experience 7. References 8. Capital • 9. Additional Information 10. Conflict of Interest 11. Litigation Appendix A Requested Lists of Financings • Appendix B City of Clearwater Debt Summary RBC Capital Markets° RBC Capital Markets® October 6, 2011 Mr. George McKibben Purchasing Manager City of Clearwater 100 South Myrtle Avenue Clearwater, Florida 33756 Dear Mr. McKibben: 100 Second Avenue South, Ste 800 St. Petersburg, FL, 33701 (727) 895-8801 RBC Capital Markets is pleased to present our qualifications to provide underwriting services to the City of Clearwater. With nearly 100 years in structuring innovative and cost-effective financing programs throughout the nation, RBCCM provides the optimum blend of experience, commitment, and technical expertise for the City's financings. RBC — A Global Aa1/AA—Rated Bank. RBCCM is the investment banking division of the Royal Bank of Canada Financial Group (RBC), the 5th largest bank in North America by market capitalization and one 'of the highest rated banks in North America with a Moody's ratings of Aa1. RBC is the highest rated bank of the top 7 municipal underwriters. RBC was recently ranked as North America's safest bank by Global Finance. Ratings of Top Seven Municipal Underwriters .Moody's lRoyatBank of Canada . , Aa1 1 JP Morgan Aa1 (-) AA- (-) AA Barclays Aa3 A+ AA - Bank of America . Aa3 A+ A+ ati Al A+ A+ Morgan Stanley Al A+ A+ Goldman Sachs Al • A A+ 'RBC is on positive outlook from S&P Florida's Leading Underwriter. RBCCM has provided underwriting and financial advisory services to Florida issuers since 1962. Since 2001, RBCCM has served Florida clients as underwriter or financial advisor on 1,199 financings- totaling over $62 billion. RBCCM has BofA Merrill Lynch one of the largest municipal finance departments in the citi State. We have been the leading managing underwriter of Prager Sealy Florida municipal bonds since 1966, underwriting more Wells Fargo Florida bond issues than any other firm in the United SunTrust States. Raymond James J P Morgan Commitment to the City of Clearwater. Since 1970, RBC UBS Capital Markets has served as underwriter or financial Morgan Stanley advisor on 30 financings for Clearwater totaling in excess of Total $517. million. • We recently served as Co -Managing Source: Thomson Financial underwriter on the City's $49 million Series 2011 and $109 million Series 2009 Water and Sewer Bonds. We are locally based in downtown St. Petersburg, and our employees and foundation actively participate in the local community and charities. Our experience with Clearwater and its investors provides us with a unique position as a leader of the City's underwriting team. RBCCM is ranked as the #1 Senior Managing Underwriter in the Nation based on the number of negotiated issues, averaging 2 to 3 new senior managed issues every trading day. Our capital remains strong and ready to assist the City in obtaining the most successful financings. Florida Senior Manager Rankings By Number of Issues 1996 - 2010 'Senior_ Manager ',Par'$ Rank IRBCi-Capital-Markets; 20i057= 45,237 53,245 9,561 11,604 4,356 9,333 28,441 21,609 16,148 231,988 2 3 4 5 6 7 8 9 10 # of Issues 1 ;1 0;131 • 782 720 578 441 337 336 • 312 306 177 5,133 RBC Capital Markets° RBC Marketing and Distribution Capabilities. RBCCM offers Clearwater one of the largest and most diverse r 'ram, sales forces in the United States. Our vast retail -� �V Pe ---l distribution network is comprised of over 2,100 ,r`� \ investment executives operating from 199 different �" i i* e offices nationwide. .,\ • RBC Putlic Finance \• RBC Weedh Management \ ,®) We will utilize our Florida offices in Jacksonville, • RBC Tax Credit EgtetyGrmtpInvesirrent •, i) Orlando, St. Petersburg, Tampa, Naples, Palm Beach rr•; \ Gardens, West Palm Beach, Miami and Boca Raton, to °: implement _a customized marketing and distribution \ strategy, INVEST IN CLEARWATER. In 2010, we used this ®( • strategy for Sarasota County's Communications �' ®' ie• Services Tax Bonds and mailed 12,000 postcards to It ce 0 County property owners. Newspaper advertisements \,,,,;yo and the County's e-newsletter notified County residents of the bond sale. Including our proprietary database of L 130,000 municipal investors, direct notification was provided to 175,000 individuals and corporations on the County's bonds. We will utilize a similar strategy for our INVEST IN CLEARWATER campaign. RBCCM's Florida presence was based on the acquisition of William R. Hough & Co., a Florida leading municipal bond firm, and the majority of our Florida retail and institutional investors are tax-exempt bond buyers. RBCCM's long-term roots in the St. Petersburg -Clearwater area will enable us to maximize local retail and institutional demand for Clearwater's Bonds. We Iobk forward to again putting our underwriting, sales and marketing expertise to work for the City. Please contact me if you have any questions or need any clarifications. Sincerely, RBC CAPITAL MARKETS Julie Santamaria Director RBC Capital Markets° RBC J L. L Clearwater City of Clearwater, Florida Response to Request for Proposals for Bond Underwriting Services 2. Overview of Firm Provide a brief overview of the firm. Specifically provide an overview of the firm's Public Finance Department including the number of offices and Public Finance bankers. Please highlight whether; your firm maintains any full-time public finance offices in Florida and the staffing level of each ofj these offices. Please include the location from which your firm's banking support services will be _ provided_(2 page limit) RBC Capital Markets is a full -service global investment bank serving governments, institutions, corporations, and high net worth clients around the world. With over 6,500 professional and support staff, we operate out of 75 offices in 15 countries and have operations in the Ratings of Top Seven Municipal Underwriters Royal Bank of Canada ! JP Morgan Aa1 (-) - AA- (-) AA- United States, Canada, Asia, Australia, and the U.K. Barclays Aa3 A+ PA- RBCCM is part of a global leader in financial services, the Royal Bank of Canada. Established in 1869, RBC . has 81,000 employees, over $770 billion in assets, and one of the highest credit ratings of any financial institution (Aa1/AA-/AA). RBC is the .highest rated municipal underwriter and one of the world's most stable banks. With a market capitalization of nearly $70 billion, RBC is the 4th largest municipal underwriter by market capitalization. COMMITMENT TO THE MUNICIPAL MARKET Municipal finance is a core business of RBC Capital Markets, and we have. continued to expand during the financial crisis, with 26 offices in the US. Our municipal finance group represents the largest commitment to • municipal banking, sales, trading and underwriting in the Nation. RBCCM's municipal finance is comprised of 246 investment banking professionals, 67 municipal markets sales professionals, 55 trading and underwriting specialists and 31 support staff. In the past three years, RBCCM has hired over 50 public finance bankers with experience at major Wall Street firms. RBCCM has ranked as the #1 senior manager nationally by number of issues for seven out of the last eight years. We are the most active underwriterof municipal BofA Merrill Lynch bonds, underwriting an average of 8-10 new issues per Piper Jaffrey & Co week. Our underwriting volume is critical in the current D A Davidson & Co market given the diversity of investors comprising the Cili buyer base. Robert W Baird y J P Morgan FLORIDA PUBLIC FINANCE Morgan Keegan Morgan Stanley RBCCM's Florida presence was based on the George K Baum acquisition of William R. Hough & Co., a Florida leading !Total municipal bond firm, and we have strong public finance roots in the State of Florida. We have maintained a large public finance office in downtown St. Petersburg since 1966. We have nine (9) retail brokerage offices in Florida including Palm Beach Gardens, Boca Raton, West Palm Beach, Orlando, Fort Lauderdale, Naples, St. Petersburg, Jacksonville and Tampa, and three (3) l Bank of Al, refit-3 Aa3 A+ A+ . Citi Al A+ A+ 1 Morgan Stanley Al Goldman Sachs Al A+ A A+ A+ RBC is on pasilve outlook from S&P Top Seven Municipal Underwriters By Market Capitalization $160 ' $120 0 $80 co $40 $0 S231 Si0I Barclays Morgan Goldman Roy& Bank of Cit. JP Stanley Sachs Bank of America Morgan Source: Bloomberg as af9/122011 Canada $133 $zs National:Senior;ManageriRankings 4 Negotiated 'Transactions 2anuary1, 008 to Present Mkt. # of ! Senior Manager Par Rank Share Issues! RBC-Capital Markets :•.. ,60,260 '1 Z - 2t,944; 158,999 24,271 7,176 173,778 8,462 128,470 29,902 115,649 14,758 $721,725 2 3 4 5 6 7 8 9 10 6 5 5 5 4 4 4 3 1,646 1,429 1,313 1,303 1,145 1,060 1,007 912 3 902 12,661 ; RBC Capital Markets° RBC L T 1 J . J r- I L r L L I L P i . Clearwater City of Clearwater, Florida Response to Request for Proposals for Bond Underwriting Services public finance offices in St. Petersburg, Jacksonville and Miami. RBC Tax Credit Equity Group has invested more • than $175 million in lower tier equity in 21 Low Income Housing Tax Credit properties, representing 3,035 units in • the state of Florida. 1 well -positioned to deliver the City the lowest possible cost of capital for its proposed financing. `co; `®'j® V r.e; P ID SERVING CLEARWATER , • U Clearwater will be served primarily from our St. t® Petersburg public finance office. Julie Santamaria, �� fr Director, with 18 years of experience, will serve as Project -,% Manager. Candy Mortenson, Director, with 28 years of public finance experience, will provide quantitative expertise for the City's financing. RBC Capital Markets' underwriting desk is located in the firm's New York office. Jaime Durando, Managing Director/Co-Head of Municipal Underwriting, with over 25 years of underwriting experience, will provide underwriting services for the City's bonds. Jaime Durando is assisted by Daren Colaiacovo, Director and Senior Underwriter for Municipal Markets. Our dedication to and expertise in the underwriting of Florida municipal bonds will be invaluable to the City in achieving•the most aggressive pricing possible. 1 l (4), N • RBC PublicFFinance� ��\ • RBC Wealth Management ` • P Our Florida resources represent one of the largest public • RBC Tax Cred1 Equity GroupinvestrreM • ,7; ®\ finance departments in the State. As the leading senior r.• manager in the State of Florida since 1966, RBCCM is -v( .,RBC CapitalMarkets Public; Public ` Finance Finance Of ices Bankers' Florida National 26 3 9 246 an PubhcFinance: Professionals St. Petersburg. 14 Jacksonville 2 Miami 1 TOTAL - -- 17 RBC Capital Markets° RBC E L L r— L Clearwater City of Clearwater, Florida Response to Request for Proposals for Bond Underwriting Services Marketing Strategy and Distribution Capabilities . Provide a discussion of the firm's marketing strategy for the city's issuance of general revenue- backed bonds (such as water and sewer or stormwater revenue) and distribution capabilities of tax-; exempt securities on a national, statewide and local scale. Provide a table listing the number of the1 firm's retail salespeople, institutional sales people, traders and underwriters for tax-exempt bonds; both in Florida and nationally_(2_page limit) RBCCM's nationwide retail and institutional distribution network covers the complete range of potential investors for Clearwater's bonds- RBCCM was not significantly impacted by the sub -prime crisis and we maintain one of the strongest tax-exempt distribution platforms of any firm. We have one of the largest municipal sales forces on Wall Street. Our extensive distribution system and constant market activity allows our underwriters • and salespeople to reach all investor segments and achieve the optimal pricing levels possible for our clients. INSTITUTIONAL DISTRIBUTION CAPABILITIES RBCCM's institutional sales and trading professionals cover a national account base which includes bond funds, pension funds, hedge funds, insurance companies, corporations and investment advisors. Recently, there has been a shift from hedge funds, Tender Obligation Bond funds, and arbitrage accounts to the more traditional investors such as property and casualty insurance companies. Our extensive distribution network includes: ➢ 67 dedicated municipal salespeople covering Tier I, II and III investors > 55 municipal traders and underwriters ➢ 15 short-term sales and trading specialists ➢ 9 fixed income research analysts As the most active underwriter in the industry, our underwriters and salespeople are in constant contact with investors, which enables us to price our transactions more aggressively. RETAIL DISTRIBUTION CAPABILITIES RBC's Wealth Management Group provides one of the largest national retail sales forces in the Country, with 2,029 retail sales professionals operating from 191 offices in 43 states. RBC Wealth Management ranked 2nd overall in customer satisfaction among major investment firms by JD Power in 2010. RBCCM has $175 billion -in assets under management, of which $31.5 billion, or 18% of total assets, is composed of municipal debt. In Florida, RBCCM provides the City with one of the largest retail sales forces in the State, with 75 retail sales professionals in 9 offices located in St. Petersburg, Tampa, Naples, Jacksonville, Orlando, Miami, West Palm Beach, Palm Beach Gardens and Plantation. The firm has 28,618 Florida retail accounts totalling over $9.1 billion. RBCCM's long-term roots in the St. Petersburg -Clearwater area will enable us to maximize local retail and institutional demand for Clearwater's Bonds. • Capital Markets • Wealth Management O Bank(USA) RBC Capital Markets° L T J L_ IL, Clearwater City of Clearwater, Florida Response to Request for Proposals for Bond Underwriting Services r :RBC Ca a ital'Markets ;`'.. . Florida U.S.:. Sales Offices 9 191 Retail Sales Professionals 75 2,029 Tax-exempt Institutional Sales Professionals - 67 Tax-exempt Trading and Underwriting Professionals - 55 Public Finance Investment Bankers 9 246 MARKETING STRATEGY FOR THE CITY'S BONDS — INVEST IN CLEARWATER RBC Capital Market's marketing strategy for the City of Clearwater can be summarized as a campaign titled INVEST IN • CLEARWATER. Investors who live in, own property on, or have a business in Clearwater will be the investors who will be most knowledgeable on the strength of the City and interested in investing in their community. The foundation of our INVEST IN CLEARWATER is the importance of the retail investor in the current market, the City's strong underlying ratings, and the demographics of the City's residents. We will focus on Clearwater investors, the metro area's investors, and Florida and national retail investors through targeted direct mail and email and newspaper advertisements. Our targeted mail will reach 10,000 top property taxpayers in Clearwater and our proprietary email database reaches 130,000 tax-exempt bond investors. In addition to enabling the City to secure the lowest interest rates, our campaign will generate positive public relations by highlighting refinancings for savings and/or new capital projects to serve constituents. We have successfully used this strategy for areas with above average wealth and age levels, such as Sarasota County, Jupiter and Sanibel. An example of our mail campaign to promote Sarasota County's new rowing facility and its financing is attached. We will utilize our Florida offices, particularly St. Petersburg, to implement this customized marketing and distribution strategy for Clearwater. The key components of our INVEST IN CLEARWATER campaign are included in Section 9. RBCCM will also specifically target the City's existing retail and institutional investors, as these firms are the most likely to be familiar with the City's strengths and attributes. We have already identified the largest holders of the City's Water and Sewer Bonds, as shown in the adjacent table. We will target all of the larger insurance companies, such as Allstate, State Farm, Liberty, and American Fidelity, as well as mutual funds such as Fidelity, Vanguard, and T. Rowe Price and hedge funds such as Parkway Advisors and First New York, in addition to existing holders. fs ` • RBC Putlic Rococos. O RBC Wealth Management O RBCTaxCredll Equity Group lnvestneN' ® J: ko©: 4 fir. a 'S„ �i ti e rriff, t e! j{ Franklin Templeton Investments 33,715 VfidelityManagemixit;&'Resea'rch.Ciimpany_.(HkedIncome) ,: -:21190] Dreyfus Corporation, The 7,098 )BlackRcick'Investrnent MenebemeritGL'C{Princeton)" • • ''.'s•;;• =i 515001 Vanguard Group Inc, The . 5,000 IStandish;Metlori.AssetiManageiiieht;Colt1C; ;`:;'.: ;.,,; : .4489I Westem Asset Management Co (WAMCO) 2,750 IWesteiTAsset.Management.Co,(WAMCO):(New York), tc- `:12;7.501 Hartford Investment Management Company (HIMCO) 2,500 IUS$'Investrheht Martagement:Co 'z°.`r:' ;,.:.:,. 2.000) Pacific Investment Management Co LLC (PIMCO) 2,000 IDetitsiliellis'set Mana`gement(DeAM)_(BosteaY1 ' F; ::_ • • :2,0001 ICW Group 1,450 1DelawarelnVestments'-. .;,t, :%_3K•-:mot-i. .. ,.. , ?'.-1;290 Capital Research & Management Co (Los Angeles West) 1,050 �iiveen.AssetManagement LLC _{ k ;. , ? ..- ;' 1-;000) Brown Brothers Harriman & Co Investments) 1,000 ICoomis(Sayles'&CoIP:(San:Franasco)j• ,-;"-� i',1.. • -,i-.='6677 STW Fixed Income Management LLC 667 (MFS'Imesthient Management'---::':'; .'T-d-::... . _ _.`_ ...,J2f Neuberger Berman Fixed Income LLC 334 lAdvantos'CapitalManagement-M,.0 :;3341 Flaherty & Crum tine Inc 334 (P.ost'Advisorv•Grou 11C••:::-:.,.-.r. -: ,.:-t.-.; ,..... ..i::334 Northern Trust Global Advisors Inc 334 . igkternal1ManagerNotDisdosed'(No'rth'America)' ':2501 .BMO Asset Management Inc 100 ICapital,Guardian:TrustCo. .:r•:•...1 C;:) ;`:-:.':::... .:50 Total Investors Identified 100,686 Source: Thompson Reuters eMeur es of September 30, 2011 RBC Capital Markets° J RBC r Clearwater City of Clearwater, Florida Response to Request for Proposals for Bond Underwriting Services -Key Personnel 14. Identify the banking and analytical personnel that will be assigned to work with the City. Provide a' brief resume which describes their overall professional experience and their experience working. with clients similar to the City (i.e. Florida local municipalities). Be sure to state the role that each ofi these individuals will play during the engagement and the title/location of each professionals included. (2 page limit)_ The professionals committed to the City represent some of Florida's most senior professionals. Julie Santamaria, Director located in St Petersburg, with 18 years of experience will serve as Project Manager. Candy Mortenson, Director and Senior Analyst with 29 years of experience, will provide analytical services to the City. Julie Santamaria, Director 100 2nd Avenue South, Suite 800 St. Petersburg, FL 33701 Phone: (727) 895-8871 Julie Santamaria has been with RBC Capital Markets for 18 years and has been involved in $20 billion in financings for counties, cities and other governmental entities throughout Florida. Ms. Santamaria's recent experience with Florida governments includes Clearwater, Tampa, West Palm Beach, Davie, Hollywood, ▪ Jupiter, Boynton Beach, Sarasota County, Palm Beach County, Lee County, Sarasota, Tamarac, Cape Coral, Fort Myers, Naples, Titusville, and North Port. Ms. Santamaria's Tampa Bay experience includes financings for - Clearwater, St. Petersburg, Tampa, Pinellas County, Pinellas Park, Dunedin, Oldsmar, and Tampa Bay Water. Julie Santamaria has extensive utility experience, having worked with clients on utility capital improvement plans, rate study design, special assessment methodology, water and sewer revenue bonds, utility assessment revenue bonds, SRF loans, and bank loans. Since 2003, she has completed 45 utility financings totaling over $2 billion. She served as Co -Managing underwriter on the Clearwater's $49 million Series 2011 and $109 million Series 2009 Water and Sewer Bonds. Ms. Santamaria earned a B.S. from the University of Florida and an MBA from Stetson University. Her education includes study at Harvard University, Oxford University (England) and the American University in Cairo. Ms. Santamaria is a NASD Registered General Securities Representative and a Municipal Securities Principal. She is a member of the Municipal Securities Rulemaking Board's Professional Qualifications Committee, which develops the tests for the licensing of.municipal professionals. Candace Mortenson, Director 100 2nd Avenue South, Suite 800 St. Petersburg, FL 33701 Phone: (727) 895-8871 Candy Mortenson has been with. RBC Capital Markets for 29 years and has structured and modeled over $10 billion in new money and refunding bond issues. She is a senior member of our Financial Products Group and is responsible for structuring and marketing financial products for issuers throughout the country. In addition to traditional bond transactions, her experience includes investment contracts, escrow restructurings, refundings of invested sinking fund bond issues, net defeasance of open market escrows, combination SLGS and open market escrows, and conversions of variable rate issues. She is active in the National Association of Bond Lawyers, attending semi-annual conferences to remain current on bond tax law, including investment of bond proceeds, treatment of discounts and insurance premiums, float sales, and guaranteed investment contracts. Ms. Mortenson has a B.S. in Education from the University of Minnesota. She has completed courses at the University of South Florida in Business and Finance and is a NASD Registered Municipal Securities Representative (Series 52), a General Securities Representative (Series 7) and a Municipal Securities Principal (Series 63). RBC Capital Market? RBC 1 L r L Clearwater City of Clearwater, Florida Response to Request for Proposals for Bond Underwriting Services i5. Provide the location of the underwriting desk that will price future negotiated issuances for the City.' Include a resume detailing the experience of the firm's principal underwriter at this location. Inv addition, provide the names and titles of those individuals, if any, who must approve an underwriting commitment for the firm. (2 page limit) RBC Capital Markets' underwriting desk is located in the firm's New York office. Jaime Durando, Managing Director/Co-Head of Municipal Underwriting, with over 25 years of underwriting experience and Peter Druhot, Senior Underwriter with 16 years of experience, will provide underwriting services for the City's bonds. Jaime Durando is assisted by Daren • Colaiacovo, Director and Senior Underwriter for Municipal Markets. Our dedication to and expertise in the underwriting of Florida municipal bonds will be invaluable to the City in achieving RBC'3:700-perion irading•floorin eve .Yorks' World Financial: Center the most aggressive pricing possible. Jaime Durando has full approval for underwriting commitments. Jaime Durando, Director Co -Head of Municipal Underwriting 200 Vesey Street, 8th Floor New York, NY 10281 Phone: 212-618-5284 Jamie.durando(a.rbccm.com - Jaime Durando is a Director and Co -Head of Municipal Underwriting for RBCCM and his primary responsibilities include RBCCM's underwriting engagements for major transactions nationally. Mr. Durando has over 25 years experience in municipal underwriting and trading, having directed senior managed transactions in excess of $40 billion in municipal debt during his career. Mr. Durando is the lead underwriter on nearly all of our financings in the State of Florida, and is actively engaged in the Florida market with our activity as underwriter and financial advisor. Prior to joining RBCCM in 2006, Mr. Durando worked at Wachovia Bank and its predecessor organizations where he was a Managing Director and Manager of Municipal Trading and Underwriting. Mr. Durando graduated from the University of Delaware in 1980 with a BS-Finance degree and Seton Hall University in 1984 with an MBA in Finance. Peter Druhot, Senior Underwriter 200. Vesey Street, 8th Floor New York, NY 10281 Phone: 212-618-7851 Peter.d ru hotArbccm.com Peter Druhot is a Senior Underwriter of Municipal Underwriting for RBCCM.. Mr. Druhot has over 16 years of experience in municipal finance with a background in underwriting as well as institutional sales and trading. Mr. Druhot is an experienced underwriter in all state and local government credits, including transportation, utility, healthcare, land-secured/assessment, K-12 education and higher education. Prior to joining RBCCM in 2010, Mr. Druhot worked at UBS PaineWebber as an underwriter. Mr. Druhot has a BSBA from Villanova University with a Finance Major. RBC Capital Markets° RBG Clearwater City of Clearwater, Florida Response to Request for Proposals for Bond Underwriting Services Daren Colaiacovo . Senior Underwriter & Trader • 200 Vesey Street, 8th Floor New York, NY 10281 Phone: (212) 618-5628 Daren.colaiacovoftrbccm.com Daren Colaiacovo is a Senior Underwriter & Trader for the Municipal Markets division of RBC Capital Markets. His primary responsibilities include underwriting' tax-exempt transactions for the East Coast and California markets. Other responsibilities include managing and trading the firm's national municipal syndicate balances. Mr. Colaiacovo has over 17 years experience in Municipal trading & underwriting and joined RBCCM 7 years ago through our acquisition of First Institutional Securities. Mr. Colaiacovo graduated from Radford University in 1991 with a BA -Finance. Mr. Colaiacovo is currently registered with the Financial' Industry Regulatory Authority, Inc. (FINRA) with Series 7 & 63 securities licenses. RBC Capital Markets' rl J �I. T L J Li n L Clearwater City of Clearwater, Florida Response to Request for Proposals for Bond Underwriting Services . Provide summary tables of the firm's negotiated underwriting experience with local municipalities] (i.e. cities, town, counties, etc.) issuing bonds backed by general governmental credits (i.e. general obligation, tax -backed financings, enterprise fund financings, etc.) since January 1, 2009. provide four separate summary tables: Florida senior managed experience, Florida co-senior/co-managed experience, national (not including Florida) senior managed experience and national (not including, Florida) co-senior/co-managed experience. For each table, include an annual breakdown of number of issues and par amount as well as a total amount over this timeframe. Include detailed experience, lists of these transactions as an appendix. (2 page limit) • RBCCM has been the #1 ranked senior manager in the nation by number of issues for seven out of the last eight years. We are the most active underwriter of municipal bonds, underwriting an average of 8-10 new issues per week. Our underwriting volume is critical in the current market given the diversity of investors comprising the buyer base, rather than the few hedge funds and tender option programs that were dominant purchasers prior to the financial crisis. RBCCM has been the leading managing underwriter of Florida municipal bonds since 1966, underwriting more Florida bond issues than any other firm in the United States. From 1996 through 2010, RBCCM ranked as the #1 Senior Managing Underwriter based on the number of Florida negotiated transactions. Since 2001, RBCCM has served Florida clients as either underwriter or financial advisor on 1,199 financings representing over $62 billion. RBCCM's commitment of Florida resources represents one of the largest municipal finance departments in the State. Our experience with Clearwater, having served as underwriter or financial advisor on 30 financings for the City since 1970, demonstrates our capabilities to serve as a leader of the City's underwriting team. This experience provides RBCCM with a unique insight regarding the intricacies of the City's financings and will assist in the structuring and marketing of its transactions. ?National Senior,Manager-Rankings !Negotiated Transactions January1, 2008 to Present Mkt # of L Senior Manager Par Rank Share Issues) RBC.Capital•Markets .=60,260 1 . _: .7-,1,944 BofA Merrill Lynch Piper Jaffray & Co D A Davidson & Co Citi Robert W Baird J P Morgan • Morgan Keegan Morgan Stanley George K Baum ;Total 158,999 24,271 7,176 173,778 8,462 128,470 29,902 115,649 14,758 $721,725 2 6 3 5 4 5 5 5 6 4 7 4 8 4 9 3 10 3 902 12,661 1,646 1,429 1,313 1,303 1,145 1,060 1,007 912 Florida Senior Manager Rankings By Number of Issues 1996 - 2010 Senior :Manager ;1313.0i'P ifa rMa rice' BofA Merrill Lynch Citi Prager Sealy Wells Fargo SunTrust Raymond James J P Morgan UBS Morgan Stanley 'Par$ 20057 45,237 53,245 9,561 11,604 4,356 9,333 28,441 21,609 16,148 Rank # of Issues 2 782 3 720 4 578 5 441 6 337 7 336 8 312 9 306 10 177 Total 231,988 5,133 Source: Thomson Financial RBC Capital Markets' i n r n j P U • Clearwater City of Clearwater, Florida Response to Request for Proposals for Bond Underwriting Services RBC Capital 'Markets Florida General Govemmental Bond Financings As Senior Manager January I 2009 Through September 30,2011 Principal Amount No. of Issues 2009 2010 2011 Total $176,805,000 386,155,000 198,890,000 $761,850,000 5 16 7 28 Source: Thomson Financial .RBC :Capital :Markets Florida General Govemmental Bond Financings As :Co-Senior.nr Co -Manager .January 1,2009 through September30, 2011 Principal Amount No. of Issues 2009 2010 2011 $375,640,000 597,665,000 121,880,000 8 17 2 Total $1,095,185,000 27 Source: Thomson Financial :JRBC Capital Markets 'National (notFlorida) General GovemmentalBond Financings As Senior; Manager :;January 1.,2009through September.30 2011 Principal Amount No.oflssues 2009 2010 2011 $2,745,421,000 1;743,928,000 813,885,000 163 121 78 Total Source: Thomson Finandal $5,303,234,000 362 ' RBCCapital Markets is not Florida) General Govern mental Bond Financings: As Co -Senior or .Co -Manager January 1,20091hrough September 30; 2011 2009 2010 2011 Principal Amount $12,675,331,000 9,455,373,000 2,598,225,000 No. of Issues 68 75 23 Total $24,728,929,000 166 Source: Thomson Financial The detailed experience lists are included in Appendix A. RBC RBC Capital Markets® -, L Clearwater City of Clearwater, Florida Response to Request for Proposals for Bond Underwriting Services 17. Identify three (3) Florida local municipal clients from the experience provided previously that thej City can contact as references for the assigned professionals. For each reference include name, title, address, phone number, and email address. (1 page limit) Please contact the following clients as references: Town of Davie 6591 Orange Drive Davie, FL 33314 William Ackerman, CPA Budget & Finance Director Phone: (954) 797-1050 william ackerman(a davie-fl.gov City of Tampa 306 E. Jackson Street, 8th floor Tampa, FL 33602 Sonya Little, CFO Phone: (813) 274-8151 Sonya. Iittle(c�tampagov. net • City of West Palm Beach 401 Clematis Street, Fifth Floor West Palm Beach, FL 33401 Randy Sherman, Finance Director (561) 822-1310 rsherman(a wpb.oro RBC Capital Markets° RBC L L L r^ J L r- L L Clearwater z. City of Clearwater, Florida Response to Request for Proposals for Bond Underwriting Services Describe the firm's ability and willingness to commit capital to the City's financing in order to hold bonds in inventory if necessary. Provide a table detailing the firm's total capital, equity capital, net capital, and excess net capital as of the most recent available date. Include specific. case studies in which the firm committed capital to a municipal issuer during the past twelve (12) months in order to assist in bringing a deal to market (2 page limit) The support of our parent company, RBC, provides Markets' public finance operation. RBC is one of the highest rated financial institutions in the world and was recently named as North America's safest bank by Global Finance. RBC has maintained a AA credit rating for approximately 20 years and continues to maintain a stable outlook. The adjacent table provides RBC's ratings. STRONG CAPITAL POSITION RBC is one of the most highly capitalized firms in the municipal securities industry and possesses a strong balance sheet. As RBC's flagship investment banking department in the United States, RBCCM does not have a strict limitation on capital allocated to municipal underwriting and secondary trading. RBC has the highest credit ratings of the top 7 municipal underwriters and ranks as the 4th largest by market capitalization. significant financial strength and stability to RBC Capital Senior Debt _____ Aa1...._. Subordinated 1 Aa2 Short Term Debt i P-1 Outlook I Stable A+ A-1 + Positive AA- F7 + Stable RBC'Financ ial Group Capital Position r(US $000) i 10/31/07 10/31/08 01/31/11 Total Equity Capital Total Firm Capital $21,393,413 $20,899,128 25,319,000 26,139,982 25,595,683 39,064,000 :'RBC' Capital 'Markets=.Corporation Capital Position (US $000) Total Equity Capital Total Firm Capital Net Capital Excess Net Capital 12/31/08 12/31/09 06/30/11 $2,576,051 $2,954,687 $4,145,836 4,041,051 4,340,687 2,759,836 676,481 1,120,091 1,228,295 549,183 1,020,505 1,135,343 RBCCM was not significantly impacted by the financial crisis and our capital base and financial health remain strong. RBC did not require a government bailout or any other type of financial assistance from any entity to support our daily operations. Willingness to Commit Capital. The charts on the following page provide detail on capital commitments for 20 issuers over the 'last three years. Many of these underwriting commitments were in volatile and difficult market conditions, and were executed to stabilize the pricing and ensure best financing results. Our strong capital position enables us to price issues aggressively for our clients, regardless of market conditions. RBCCM has enjoyed a long history serving Florida municipal issuers. Given that RBCCM serves as senior manager on over 500 negotiated transactions and co -manager on an additional 800 negotiated issues annually, we focus our capital and professional resources in our municipal sales, trading and underwriting group on negotiated and not competitive transactions. However, we have historically supported our clients on competitive sales. Bidder ,;TIC") :RBC_ 3.491 BOAML 3.584 MGST 3.633 JPM 3.657 Wells 3.673 Barc 3.810 Citi 3.841 tax-exempt issue, RBC submitted the 3rd out of 11 bids and/or the taxable series RBC Jeff 3.855 For example, on May 17, 2011, Miami -Dade County held a competitive sale for three General Obligation bond issues. The issues included $196,705,000 Series 2011A, $437,945,000 Series 2011B and $111,375,000 Series 2011C. Our firm submitted aggressive bids on all three issues and we won the purchase of the Series 2011C Bonds with a bid that was 9 basis points lower than the cover bid and 37 basis points lower than the highest of 8 bids. : RBC CM submitted bids as sole underwriter for each of the three issues. On August 18 the County held another competitive sale for 2 series of bonds. On the RBC Capital Markets° RBC r-^ L L L Clearwater City of Clearwater, Florida Response to Request for Proposals for Bond Underwriting Services submitted the winning bid out of 7 bids. Our winning bid was 25 basis points lower than the cover bid and 169 basis points lower than the 7th bidder. Our aggressive bids on these issues confirm our long term commitment of capital and support for our clients. Selected RBC.Capital Commitments I Sale Date i Issuer 5/17/11 Miami -Dade County, Florida Par Amount ($ I millions) $111.4 Underwritten ($ millions) % of Issue $95.2 85.5% 12/7/10 'Des Moines International Airport 36.4 <.17 1 9/14/10 Alaska International Airports System 171.1 24.0* 14.D% 9/2/10 State of Minnesota 907.8 184.0* 5/5/10 Deriver Urban Renewal Authority 100.7 30.7 30.5% '3/24/10 , . ; Llniversity:of Texas Board of Regents >:°385:4 40.0 ' : i 36:3%. 12/9/09 State of Colorado 11/4/09 Minnesota HFA 10/6/09 City of Phoenix (Tax -Exempt series) 23.1 6.0 26.0% 8/19/09 Industrial Dev. Auth. of the State of New York 123.8 15.0 12.1%I • 117.0 25.3 21.6% 176.0 57.3 32.6%. .a6/9/09 New York. State Thruway:Authority 431:0 al1:8 :<'1.9.0%i L 5/28/09 Dormitory Authority of the State of New York 5/12/09 ASU Energy Management, LLC 356.0 41.2 60.4 17.0%1 17.0 41.3% 12.9 120.0* 50.0% 28.0 45.2%1 40.0 13.1% 130.0 22.4%j - j 1/20/09 Adams County, Colorado 12/22/08 State of Alaska (Matanuska-Susitna Borough) 105.0 244.0 r 12/1/08 Metropolitan Transit Auth. of Harris County (TX) 11/20/08 Miami -Dade County, Florida (Water and Sewer) 11/14/08 Arizona School Facilities Board 8/27/08 McAllister Academy Village; Arizona State Univ. 62.0 306.0 580.0 145.2 12.3% 32.1 22.1% L 8/22/08 Aldine Independent School District (TX) *amount authorized 98.3 21.9 22.3%! 10 Year MIND MovementBefore and After Pricing of Highlighted Issues . NY?StateThr uway . 3.40 3.35 3.30 3.25 zg 3.20 3.15 3.10 3.05 3.00 6/2/09 2.40 2.35 2.30 2.25 2.20 2.15 lniosota 6/9/09 UnivAof Texas OirdrofRegents„:r;, 3.10 3.05 3.00 2.95 2.90 2.85 2.80 6/16/09 3/17/10 3/24/10 Des Moines lnternatronalAniort :: 3.25 3.20 3.15 3.10 3.05 Zg 3.00 2.95 2.90 2.85 2.80 2.75 3/31/10 8/26/10 9/2/10 9/9/10 11/30/10 12/7/10 12/14/10 RBC Capital Markets® r Clearwater City of Clearwater, Florida Response to Request for Proposals for Bond Underwriting Services Provide any additional information that demonstrates your firm's ability to serve as a member of the; City's underwriting team. include a listing of the City's competitive financings that your firm has bid on since January 1, 2000 and if you were the winning or cover bid on any of these financings. Also' include in a brief discussion of any analysis that you have provided to the City since January 1„ 2009. (2 page limit) RBC Capital Markets has served as Clearwater's Senior Managing Underwrite, Co -Managing Underwriter, or Financial Advisor on 30 financings totaling in excess of $517 million since 1970. We recently served as Co -Managing underwriter on the City's $49 million Series 2011 and $109 million Series 2009 Water and Sewer Bonds. We are locally based in downtown St. Petersburg, and our employees and foundation actively participate in local community and charities. Our experience with Clearwater and its investors provides us with a unique position as a leader of the City's underwriting team. As RBC Capital Markets served as the City's Financial Advisor from June 2003 to June 2008, we were not eligible to bid on the City's competitive financings during this time. The RBC 'Cap Ital Markets Financing sfor Cleatwater. Date ' Amount Issue Description Series Role 07282011 47,025,000 Water& Sewer Red Ref Bonds Series2011 CO-MGR I 05/152009 109,4.15,000 Water& Sewer Revenue & Ref Bonds Series2009 CO-MGR i 09/122007 3,700,000 Gas System Revenue Ref Bonds Series2007 FA . 07252005 --- 26,430,000 Water& Sewer Revenue Bonds Series2006 FA 05/052005 7,195,000 Gas Sys Rev Ref Bonds - -- Series 2005 -- FA— I 04202005 6,925,000 Slcrmwater Sys Rev Ref Bonds Series2005 FA '_ oenanooa 14,350,00050,000 Stormwater System Revenue Bonds Series 2004 FA —1 01282004 8,890,000 - Gas Sys Rev Ref Bonds Series 2004 FA 10/01/2003 8,410,000 Wtr & Swr Revenue Ref Bonds Series 2003 FA 1 10/19/2001 11,470,000 Improvement Ref Rev Bonds Series 2001 SENIOR 11/13/1998 43,643,000 Water and Sewer Rev Ref Bonds Series 1998 SEN IOR 0122/1998 8,020,000 Gas System Revenue Ref Bonds Series 1998-- S•ENIOR i 10/02/1997 6,710,000 Gas System Revenue Ref Bands Series 19978 SENIOR 1 10/02/1997 7,895,000 Gas System Revenue Bonds Series 1997A SENIOR 02/13/1995 10,720,000 Improvement Revente Bonds Series 1995 SENIOR i 08/18/1989 2,500,000 Reverue Bonds Series 1989 ' SOLE 06/01/1989 26,457,000 Water and Sewer Revenue Bonds Series 19888 FA 1 11/17/1969 26,635,000 Water and Sewer Revenue Bonds Series 1988 A FA i 10/07/1988 26,565,000 Water and Sewer Rev Ref Bonds Series 1988 SOLE 0521/1987 17,000,000 Waterand Sewer Revenue Bonds Series 1987 FA ! 08/01/1985 7,155,000 Public Sery Tax & Bridge Rev Bds Series 1985 SENIOR 10/18/1984 13,050,000 Water and Sewer Revenue Bonds Series 1984 ' SEN IOR i 03/01/1984 7,100,000 Gas System Revenue Bonds Series 1983 SOLE -1 City completed three competitive financings 20,385,000 Revenue Bonds --- Series 1978 SENIOR between January 1, 2000 and June of 2003,=24,790,000 Utility Revenue Bonds Series1978 SENIOR and RBC Capital Markets bid on these three 1,375,000 Revenue Bonds Series 1977 SOLE 2,120,000 Revenue Bonds Series 1977 SOLE financings but was not the lowest or cover 11/01/1977 9,350,000 Utility Tax Revenue Bonds Series 1977 SOLE bid. As the Nation's most active underwriter, 10425/1973 9,000,003 Revenue BondsSeries 1973 SENIOR-1 our philosophy is to first support our negotiated client's transactions with our capital. However, as described in the prior Section 8, we also do bid on competitive sales for our senior managed clients and pledge to support Clearwater's sales in the competitive market. 03/30/1975 - 03r3011 978 11/01/1977 11/01n977 r. 05/10/1970 3,200,000 Revenue Bonds Series 1970 SOLE $ 517,480,000 ANALYSES PROVIDED TO CLEARWATER In June 2011, RBCCM provide the City and its Financial Advisor with a refunding analysis on a portion of Clearwater's Series 2002 Stormwater Revenue Bonds, which are callable on 11/01/11 at 101%. Julie Santamaria with RBCCCM met with City Finance Staff to provide a market update and discuss the refunding analysis for the stormwater bonds. In August 2011, we updated our savings analysis for the Stormwater Bonds. The results of these analyses and a refunding under current market conditions are summarized in the adjacent chart. RBCCM has also prepared a summary of the City's debt, which is included Lityiof.Clearwater,•Florida ..'° '.Stormwater System Refunding RevenueBonds,'Series 2011,' ''Partial Refunding of2002:$onds:• _Summary 'of Refunding Principal Amount Refunded Principal Amount PV Savings ($) PV Savings (%) Arbitrage Yield Escrow Yield* Negative Arbitrage All In Interest Cost Average Coupon Refunded Bonds $10,435,000 $11,070,000 $505,181 4.56% 3.25% 0.04% $90,521 3.62% 4.57% 4/1 .V411, AhDZ03Z2011. $10,280,000 $11,070,000 $550,498 4.97% 3.31% 0.00% nla 3.69% 4.57% $10,340,000 $11,070,000 $476,850 4.31% 3.42% 0.00% nla 3.79% 4.57% * Second two analyses assume no escrow- conditional call as Appendix B to this proposal. RBC Capita! Markets° RBC Clearwater City of Clearwater, Florida Response to Request for Proposals for Bond Underwriting Services MARKETING PLAN FOR CLEARWATER'S BONDS RBCCM's INVEST IN CLEARWATER campaign will target local retail and institutional investors and generate positive public relations for the City. We have successfully utilized similar campaigns for Sarasota County, the Sarasota County School District, Jupiter and for two bond issues for the City of Sanibel. In 2010, we used this strategy for Sarasota County's Communications Services Tax Bonds and mailed 12,000 postcards to County property owners. Newspaper advertisements and the County's e-newsletter notified County residents of the bond sale. Including our proprietary database of 130,000 municipal investors, direct notification was provided to 175,000 individuals and corporations on the County's bonds. RBCCM's INVEST IN CLEARWATER strategy will include the following key components: 1) Inform Local Investors a) Mail Postcards to Top Clearwater Taxable Property Owners. RBCCM will work with the City and its Financial Advisor to develop a postcard that will be mailed to the top 10,000 of the City's property owners several weeks prior to the bond pricing. We will obtain a list of Clearwater property owners who are most likely to be tax-exempt bond purchasers from the Pinellas County Property Appraiser and conduct a direct mailing to these property owners, sending approximately 10,000 postcards. b) Place Ads in Local Newspapers. We will place ads in the Clearwater , distributions of the St. Petersburg Times and The Tampa Tribune several weeks in advance of the bond sale_ These ads will notify residents and. property owners of the upcoming bond sale and provide contact information. c) Utilize Our Local Sales Forces. RBCCM's retail salespeople in our St. Petersburg office will mail information on the City's upcoming bond issue to all of their local current and prospective clients. All of our Florida offices will conduct similar mailings to their Florida customers. 2) Market to Florida and National Retail Investors. The key to a successful debt issuance,. particularly in the current market environment, is constant communication with investors throughout all stages of the underwriting, including the pre -marketing, pricing, and post -marketing periods. We recommend mailing and electronically posting a Preliminary Official Statement two weeks prior to the anticipated bond pricing date. Clearwater 3) Two Day Retail -Only Order Period. We recommend a two-day retail -only order period, with a priority of orders as follows: a. Clearwater residents, property owners and corporations b. Pinellas County and metro area residents, property owners and corporations c. Florida retail d. National retail 4) Aggressive Institutional Pricing to Place any Remaining Bonds. RBCCM will utilize our broad institutional investor network to place any remaining bonds. As provided in Section 3 of this proposal, we have already identified the largest investors in the City of Clearwater's Water and Sewer Bonds, with holdings totalling over $100 million. Based on our marketing and capital strengths, we are best positioned to serve as Clearwater's senior managing underwriter and obtain the lowest cost of finance for the City's bonds. RBCCM's Florida presence was based on the acquisition of William R. Hough & Co., a Florida leading municipal bond firm, and the majority of our Florida retail and institutional investors are tax-exempt bond buyers. RBCCM's long-term roots in the St. Petersburg -Clearwater area will enable us to maximize local retail and institutional demand for Clearwater's Bonds. RBC Capital Markets' R$ 1 r b r P L Clearwater City of Clearwater, Florida Response to Request for Proposals for Bond Underwriting Services Conflict of Interest 10. Describe any current or potential conflicts of interest that may arise from the selection of your firm! as member of the City's underwriting team. RBC Capital Markets foresees no conflict of interest if the firm is selected to serve on the City's underwriting team. RBC Capital Markets. RBC 1 IJ n J Clearwater City of Clearwater, Florida Response to Request for Proposals for Bond Underwriting Services 11. Provide a description on any litigation or regulatory action filed against or settled by your firm] relating to your firm's public finance and/or bond underwriting practice since January 1, 2009, and the resolution thereof. RBC Capital Markets, LLC is a wholly owned indirect subsidiary of Royal Bank of Canada. Our response to this question is limited to matters involving the Municipal Markets business of RBC Capital Markets, LLC, the broker - dealer through which we conduct our municipal underwriting and financial advisory activities. From time to time, RBC Capital Markets, LLC is called upon to respond to inquiries or is a subject of investigations or proceedings by federal, state or industry self -regulatory organizations. To the best of our knowledge and belief, there is no threatened or existing inquiry, investigation or regulatory proceedings that may reasonably be expected to have a material adverse impact on the ability of RBC Capital Markets, LLC to perform municipal finance investment banking services, except as may be disclosed in the parent corporation's financial statements. The Financial Industry Regulatory Authority (FINRA) maintains a public database known as BrokerCheck© that discloses reportable regulatory matters for RBC Capital Markets, LLC. BrokerCheck© may be found at www.FINRA.orq. RBC Capital Markets. ngs in florida as Senior ManagerSince 2009 ilssue `Description Series 1RBC Capital Markets Local Municipality financin Date Par Amount Issuer 09/28/11 09/08/11 49,930,000 Davie City -Florida 10,910,000 Port St Lucie City -Florida Water & Sewer Revenue Bonds Series 2011 Wtr&Swr Special Assess Ref Bonds Series 2011 A 09/08/11 20,665,000 Port St Lucie City -Florida Wtr&Swr Special Assess Ref Bonds Series 2011 B• r J L I L 07/13/11 70,645,000 Miami City -Florida Special Obligation Rev Ref Bonds Series 2011 A I 06/16/11 19,200,000 West Palm Beach City -Florida Utility System Revenue Ref Bonds Series 2011 A 06/07/11 11,325,000 Port St Lucie City -Florida Stormwater Utility Ref Rev Bonds Series 2011 [ _ 03/11/11 16,215,000 St Augustine City -Florida - Capital Improvement Revenue Bonds Series 2011 12/07/10 18,760,000 Sarasota Co -Florida Communications Svc Tax Rev Bonds Series 2010 09/24/10 20,875,000 St Cloud City -Florida Capital Improvement Revenue Bonds Series 2010 A _ 09/24/10 34,015,000 St Cloud City -Florida Capital Improvement Revenue Bonds Series 2010 E 08/05/10 2,935,000 Fort Pierce City -Florida Capital Improvement Rev Ref Bonds Series 2010 B 08/05/10 6,825,000 Fort Pierce City -Florida Capital Improvement Rev Ref Bonds Series 2010 A 07/30/10 46,245,000 Davie Town -Florida Water and Sewer Revenue Bonds . Series 2010 05/25/10 64,035,000 Port St Lucie City -Florida Research Facs Revenue Bonds Series 2010 I — 04/21/10 9,910,000 Citrus Co -Florida Capital Imp Revenue & Ref Bonds Series 2010 A 04/21/10 15,100,000 Citrus Co -Florida Capital Improvement Revenue Bonds Series 2010 B 04/15/10 18,040,000 Port St Lucie City -Florida Lease Revenue Bonds Series 2010 A 04/15/10 21,860,000 Port St Lucie City -Florida Lease Revenue Bonds Series 2010 B 02/11/10 40,000,000 Gulf Breeze City -Florida Revenue Refunding Bonds Series 2010 I Water & Sewer Revenue Ref Bonds Series 2010 01/21/10 11,170,000 West Palm Beach City -Florida Pub Service Tax Refunding Bonds Series 2010 01/08/10 9,105,000 Port St Lucie City -Florida Stormwater Utility Revenue Bonds Series 2010 B 01/08/10 26,895,000 Port St Lucie City -Florida Stormwater Utility Revenue Bonds Series 2010 A Utilities System Rev & Ref Bonds Series 2009 A& B 09/11/09 28,725,000 Panama City Beach -Florida Utility Revenue Bonds Series 2009 Utility System Ref Rev Bonds 02/03/10 40,385,000 Titusville City -Florida 10/20/09 36,665,000 Martin Co -Florida 08/19/09 14,020,000 Tamarac City -Florida 07/31/09 26,370,000 Indian River Co -Florida 01/16/09 71,025,000 Clay Co -Florida Series 2009 Water and Sewer Rev Ref Bonds Series 2009 Infrastructure Sales Rev Bonds Series 2009 J LJ J I L✓ L U J "32BC Capital Markets. Local Municipalityfinancings in Floridaas Co-ManagerSince:2009 Sale Par Amount Issuer Issue Description Series Date 07/28/11 47,025,000 Clearwater City -Florida Water & Sewer Rev Ref Bonds Series 2011 03/30/11 74,855,000 Lee Co -Florida Water & Sewer Ref Revenue Bonds Series 2011 12/08/10 40,280,000 Miami -Dade Co -Florida Cap Asset Acq Spec Oblig Bonds Series 2010 D 11/17/10 38,050,000 Miami -Dade Co -Florida • Cap Asset Acq Spcl Oblig Bonds Series 2010 E j 09/09/10 5,080,000 Oviedo City -Florida Utility Revenue Bonds Series 2010 A 09/09/10 30,820,000 Oviedo City -Florida Utility Revenue Bonds Series 2010 B --- 1 09/09/10 25,820,000 Tallahassee City -Florida Consolidated Util Sys Rev Bonds Series 2010 B i 09/09/10 117,015,000 Tallahassee City -Florida Consolidated Util Sys Rev Bonds Series 2010 A 08/11/10 13,805,000 Miami -Dade Co -Florida Capital Asset Actn Special Oblig Series 2010 C 08/11/10 15,925,000 Miami -Dade Co -Florida Capital AssetActn Special Oblig Series 2010 A 08/11/10 71,115,000 Miami -Dade Co -Florida Capital AssetActn Special Oblig Series 2010 B —' 08/11/10 9,815,000 Lake City -Florida • r 08/11/10 18,385,000 Lake City -Florida 07/22/10 16,830,000 Miami City -Florida 07/22/10 84,540,000 Miami City -Florida 03/17/10 7,365,000 Marco Island City -Florida 03/17/10 50,475,000 Marco Island City -Florida 01/20/10 4,185,000 Hollywood City -Florida 01/20/10 48,160,000 Hollywood City -Florida 12/08/09 2,740,000 Okaloosa Co -Florida 12/08/09 23,875,000 Okaloosa Co -Florida Sales Tax Revenue Bonds Series 2009 B _I 11/19/09 65,000,000 Miami City -Florida Special Obligation Bonds Series 2009 { 10/23/09 6,485,000 Miami City Florida Parking Sys Rev & Rev Ref Bonds Series 2009 10/23/09 60,110,000 Miami City -Florida Parking Sys Rev & Rev Ref Bonds Series 2009 i— 09/24/09 52,090,000 Jacksonville City -Florida Special Revenue Bonds Series 2009 B-1 A 09/24/09 55,925,000 Jacksonville City -Florida Special Revenue Bonds Series 2009 B-1 B 05/15/09 109,415,000 Clearwater City -Florida Water & Sewer Revenue & Ref Bonds Series 2009 A & B • Utility System Ref Revenue Bonds Series 2010 A Utility System Revenue Bonds Series 2010 B Special Obligation Park Rev Bonds Series 2010 B Special Obligation Park Rev Bonds Series 2010 A Utility System Ref Revenue Bonds Series 2010 B Utility Sys Imp & Ref Rev Bonds Series 2010 A Water & Sewer Imp Revenue Bonds Series 2010 A Water & Sewer Imp Revenue Bonds Series 2010 B Sales Tax Revenue Bonds Series 2009 A -,11BC 'Capital Markets National 'Municipality financings as SeniorManager Since 2009. - • • - - Sale jParAmount . - :Issuer , lssuebescription , , - . aeries ri ,___. 09/21/11 7,165,000 Point Pleasant Boro-New Jersey Refunding School Bonds I 1 _ 09/20/11 •3,140,000 Belchertown-Massachusetts GO Qualified Energy Cons Bonds • L 09/20/11 7,565,000 Wichita Falls City -Texas GO Ref & Com Tax Rev Certs Oblig 09/14/11 12,815,000 Princeton Borough -New Jersey Gen Imp & Parking Util Ref Bonds 11 . 1 09/07/11 2,000,000 Cuyahoga Heights Village -Ohio GO Various Purpose BANs 08/29/11 BANs 7,885,000 South Orange Vlg Twp-NJ 08/24/11 15,860,000 Flagstaff City -Arizona GO & Refunding Bonds 1-1 i 08/18/11 08/23/11 13,035,000 Woodbridge Twp-New Jersey GenImp Ref & Swr Util Ref Bonds 9,260,000 Montclair Twp-New Jersey GO School Refunding Bonds I L 08/18/11 3,960,000 Alvarado -Texas GO Refunding Bonds f- 08/16/11 18,300,000 Tempe City -Arizona Excise Tax Rev Ref Obligations n L__ 1 . 08/16/11 6,540,000 Kutztown Boro-Pennsylvania General Obligation Bonds 08/10/11 325,000 Georgetown -Delaware General Obligation Bonds 08/10/11 6,880,000 Georgetown -Delaware General Obligation Bonds 7- I- 08/10/11 5,015,000 Sparta Twp-New Jersey General Refunding Bonds L. 08/10/11 4,000,000 Miamisburg City -Ohio Special Obligation Revenue Notes 08/09/11 3,645,000 Bridgeport Boro-Pennsylvania General Obligation Bonds 08/04/11 15,905,000 Denton Co -Texas Permanent Improvement Ref Bonds 08/04/11 2,500,000 Crowley City -Texas Comb Tax & Ltd Pledge rev Certs 08/03/11 75,225,000 Allegheny Co -Pennsylvania General Obligation Bonds . ; 07/26/11 1,705,000 White Settlement City -Texas GO Refunding Bonds 11 Series of 2011 Series 2011 Series 2011 Series 2011 B Series 2011 3 Series 2011 Series 2011 A & B Series 2011 Series 2011 Series A of 2011 Series B of 2011 Series A of 2011 Series of 2011 07/26/11 4 820 OOD Derry Twp-Pennsylvania General Obligation Bonds L 07/21/11 6,635,00D Glassboro Boro-New Jersey 07/06/11 5,270,00D Elizabeth City -New Jersey 06/30/11 8,420,00D Cedar Park City -Texas 06/27/11 7,365,000 Watauga City -Texas 06/27/11 7,120,000 West Hanover Twp-Pennsylvania General Obligation Bonds 06/21/11 6,885,000 Kennett Square -Pennsylvania General Obligation Bonds 06/20/11 3,500,000 Mason City -Ohio GO Real State Acquisition BANs 06/16/11 7,300,000 Mason City -Ohio Ltd Tax Golf Course GO Bonds •r 06/15/11. 13,735,000 Perth Amboy City -New Jersey GO Refunding Bonds Series 2011 Series 2011 Series C- 67&68 Series 2011 Series A of 2011 GO Refunding Bonds Series 2011 GO Ref & Sewer Util Ref Bonds Series 2011 GO Refunding & Improvement Bonds Series 2011 Comb Tax & Ltd Rev Certs of Oblig Series 2011 Series of 2011 --I Series of 2011 Series of 2011 06/13/11 1,815,000 Woodway City -Texas Comb Tax & Rev Certs of Oblig 06/13/11 4,380,000 Woodway City -Texas GO Refunding Bonds 06/08/11 8,170,000 Branchburg Twp-New Jersey 06/08/11 15,655,000 Dauphin Co -Pennsylvania t . _ 06/07/11 4,260,000 Garland City -Texas 06/07/11 7,300,000 Tempe City -Arizona 06/07/11 31,825,000Tempe City -Arizona ; 06/03/11 1,800,000 Miamisburg City -Ohio 06/01/11 4,470,000 Morris Plains Boro BOE r 06/01/11 6,960,000 Mason City -Ohio 05/24/11 5 375 000 05/18/11 3,930,000 05/12/11 16,990,000 i__ 05/03/1 75,000,000 05/02/11 " 7,075,000 05/02/11 10,770,000 04/26/11 10,360,000 ; 04/26/11 1,690,000 Egg Harbor City -New Jersey 04/18/11 4,870,000 St Marys -Pennsylvania 1---- 11,310,000 04/14/11 Summit City -New Jersey -1 • 1 04/14/11 4,410,000 Slatington-Pennsylvania 04/13/11 320,000 Reading City -Pennsylvania Tempe City -Arizona • Kent Co -Delaware Warwick City -Rhode Island Pima Co -Arizona Burleson City -Texas Burleson City -Texas Chandler City -Arizona Series 2011 Series 2011 General Improvement Ref Bonds General Obligation Bonds Series of 2011 Comb Tax & Rev Certs of Oblig Series 2011 --I Excise Tax Revenue Bonds Series 2011 B Excise Tax Revenue Bonds Series 2011 A Various Purpose BANs Series 2011 Refunding School Bonds Series 2011 Various Purpose Ltd Tax GO Bonds Series 2011 i. General Obligation Bonds Series 2011 A Refundng Revenue Bonds seifedi -T-- 1 t GO Refunding Bonds Series 2011 General Obligation Bonds Series -2011-- --I Comb Tax & Rev Certs of Oblig Series 2011 GO Refunding Bonds Series 2011 _,. GO Refunding Bonds Series 2011 B GO Refunding Bonds Series 2011 General Obligation Bonds Series of 2011 School & Gen Assessment Ref Bonds Series of 2011 General Obligation Bonds Series of 2011 General Obligation Notes Series B of 2011 04/13/11 20,945,000 Reading City -Pennsylvania General Obligation Notes Series A of 2011 L1 -J 11 BBC Capitalltarkets National lillunicipalityfinancings as SeniortilanagerSince2009 Sale Par Amount , . Issuer .?„Isstiepesciiption . • Series •I_ 04/07/11 3,855,000 Lebanon Co -Pennsylvania General Obligation Bonds 04/05/11 375,000 Mineral Wells -Texas Limited Tax Notes I-04/05/11 5,355,000 Mineral Wells -Texas GO Refunding Bonds - • 04/04/11 2,050,000 Baden -Pennsylvania 03/22/11 1,200,000 Springboro City -Ohio — 03/14/117 43,625,000 Pima Co -Arizona r 03/14/11 6,340,000 Decatur City -Texas 03/09/11 6 050,000 Piscataway Twp-New Jersey 03/08/11 60,595,000 Boulder Co -Colorado Open Space Cap Imp Trust Fd Bonds 03/08/11 8,910,000 Clifton City -New Jersey 03/03/11 12,775,000 Albany City -New York 03/02/11 1 300 000 Hamilton Twp-Ohio i 02/23/11 33,785,000 Matanuska-Susitna Boro-Alaska GO School Bonds 02/23/11 5,550,000 Jefferson Co -Texas GO Refunding Bonds • 02/22/11 3,975,000 Derry Twp-Pennsylvania General Obligation Bonds i7 02/15/11 2,945,000 Colleyville City -Texas GO Refunding Bonds 02/15/11 5,255,000 Colleyville City -Texas Comb Tax Increment Rev Ref Bonds 02/14/11 7,500,000 Mason City -Ohio Golf Course Acquisition BANs 01/26/11 26,795,000 South Orange Vig Twp-NJ BANs 01/25/11 6,945,000 Euless City -Texas GO Refunding Bonds 01/25/11 3 035 000 Euless City -Texas Tx Wtr Swr Sys Rev Certs of Oblig General Obligation Bonds Street Improvement BANs Sewer Sys Rev Refunding Bonds Tax Wtr Swr Surplus Rev Ref Bonds General Improvement Ref Bonds 01/20/11 1,700,000 Loveland City -Ohio 7 01/18/11 3,390,000 Oxford -Ohio 01/11/11 7,125,000 Stafford Twp-New Jersey 12/22/10 24,950,000 York Co -Pennsylvania 12/15/10 12,000,000 Columbia -Pennsylvania 12/14/10 5,848,000 Cleburne City -Texas 12/14/10 4,860,000 Cleburne City -Texas .12/01/10 - 7,820,000 Symmes Twp-Ohio 11/23/10 5,490,000 Harrison City -Ohio 11/19/10 6,940,000 Tiffin City -Ohio 11/16/10 3,400,000 Spearman City -Texas 11/15/10 400,000 Harrison City -Ohio 11/15/10 9,000,000 Lock Haven -Pennsylvania 11/11/10 10,810,000 Longview City -Texas 11/10/10 2,810,000 Darke Co -Ohio 11/05/10 15,285,000 Pasadena City -Texas 11/03/10 18,325,000 Mason City -Ohio 11/01/10 5,230,000 Princeton Twp-New Jersey 10/27/10 60,280,000 Tempe City -Arizona GO Refunding Bonds 10/27/10 3,400,000 Logan Co -Ohio Gen Ltd Tax Various Purpose Notes Series 2010 . . 10/21/10 • 3,330,000 Celina City -Ohio GO Various Purpose Bonds Series 2010 10/20/10 7,070,000 Heath City -Texas GO Refunding Bonds Series 2010 i__..._..._ 10/20/10 12,130,000 Lufkin City -Texas GO Refunding Bonds Series 2010 r— 10/20/10 • 9,145,000 Lufkin City -Texas Tax Wtrwrks & Swr Rev Certs Ob Series 2010 i • 10/14/10 43 595 000 Hamilton Co -Ohio Sewer System Imp & Ref Rev Bonds 2010 Series A Series of 2011 Series 2011 Series 2011 Series 2011 Series 2011 A Series 2011 Series 2011 A & B GO Refunding Bonds Series 2011 GO Refunding Bonds 2011 Series A & B Var Purp Pub Infra Imp BANs Senes 2011 2011 Series A Series 2011 Series of 2011 ; Series 2011 Series 2011 Series 2011 Series 2010 A Series 2011 Series 2011 • Ltd Tax General Obligation Bonds Series 2011 GO Water Supply Sys Ref Bonds Series of 2011 GO Refunding Bonds • Series 2011 TRANs Series of 2011 General Obligation Bonds Series of 2010 Ltd Tax GO Refunding Bonds Series 2010 Wtrwrks & Swr Sys Rev Ref Bonds Series 2010 GO Parkland Acquisition&Imp Bonds Series 2010 GO Wastewater System ImP Bonds Series 2010 GO Capital Improvement Bonds Series 2010 Comb Tax & Rev Certs of Oblig Series 2010 TANs General Obligation Notes Series A of 2010 Wtrwrks & Swr Rev Ref Ref Bonds Series 2010 A GO Ltd Tax Various Purpose Bonds Series 2010 Waterwork & Sewer Rev Ref Bonds Series 2010 Certificates of Participation . General Improvement Ref Bonds Series 2010 B • Series 2010 C 10/14/10 87,080,000 Hamilton Co -Ohio Sewer System Imp Revenue Bonds 2010 Series B 10/14/10 5,460,000 Bernards Twp-New Jersey • General Improvement Ref Bonds 10/14/10 2,500,000 Springboro City -Ohio Real Estate Acquisition Rev BANs Sixth 2010 10/14/10 5,767,000 Floresville City -Texas GO Refunding Bonds Series 2010 10/11/10 5,385,000 Haltom City -Texas GO Refunding Bonds Series 2010 10/07/10 3,110,000 Richmond City -California Wastewater Revenue Bonds Series 2010 A 17— 10/07/10 41,125,000 Richmond City -California Wastewater Revenue Bonds • • Series 20Tht3.---i 10/06/10 5,235,000 Upper Darby Twp-Pennsylvania General Obligation Bonds Series of 2010 i 09/30/10 2,820,000 Bradford Co -Pennsylvania . General Obligation Bonds Series of 2010 r f-- L LJ L n J n RBC Capital Markets'National Municipality financings as Senior•_ManagerSince2009 _Sale Par Amount ilssuer issue' Description -'Mate 09/28/10 87,710,000 Broomfield City and Co -Colorado r 09/28/10 9,250,000 Lititz -Pennsylvania 09/28/10 5,905,000 San Juan City -Texas 09/24/10 3,595,000 Delta City -Colorado 09/24/10 20,790,000 Delta City -Colorado I- 09/23/10 7,470,000 Ashland City -Ohio 09/22/10 7,165,000 Lancaster Co -Pennsylvania 09/22/10 9,425,000 Lancaster Co -Pennsylvania 09/22/10 17,355,000 Lancaster Co -Pennsylvania r 09/16/10 12,780,000 Logan Co -Colorado 09/15/10 8,385,000 West Deptford Twp-New Jersey 709/14/10 58,540,000 Lackawanna Co -Pennsylvania 09/09/10 14,750,000 Belchertown-Massachusetts ;-- 09/07/10 3,965,000 Granville Twp-Pennsylvania General Obligation Bonds 09/01/10 4,696,000 South Orange Vlg Twp-NJ • BANs Ref Certificates of Participation Series 2010 General Obligation Bonds Series 2010 GO Ref & Comb Tax & Rev Cert Ob Series 2010 Sales & Use Tax Revenue Bonds Series 2010 A Sales & Use Tax Revenue Bonds Series 2010 B GO Ltd Tax Various Purp Imp Bonds Series 2010 General Obligation Bonds Series B of 2010 General Obligation Bonds Series B of 2010 General Obligation Bonds Series A of 2010 Ref Certificates of Participation Series 2010 GO Refunding Bonds Series 2010 General Obligation Bonds Series B of 2010 GO Refunding Bonds j 08/24/10 212,040,000 Houston City Texas Comb Util System Rev Ref Bonds 08/23/10 1,626,000 Paulding Co -Ohio Correctional Facilities Notes 2,295,000 Lawrence Twp-New Jersey Refunding Bonds r._._..-08/18/10 08/09/10 - 07/ 07/22/10 07/22/10 07/21/10 3,020,000 Glen Rose City -Texas GO Refunding Bonds - 22/10 12,060,000 Akron City -Ohio Comm Learning Ctr Income Tax Rev 15,060,000 Akron City -Ohio Comm Leaming Ctr Income Tax Rev 17,880,000 Akron City -Ohio Comm Learn Income Tax Rev Bonds Series of 2010 Series 2010 B Series 2010 C Series A & B Series 2010 Series 2010 B 07/21/10 1,125,000 Lima City -Ohio 07/20/10 3,030,000 Perryton -Texas 51,960,000 Hamilton Co -Ohio Student Housing Rev Ref Bonds GO Ltd Tax Lighting Imp Bonds Series 2010 Comb Tax & Rev Certs of Oblig Series 2010 Series 2010 C 07/14/10 926,000 Richland Co -Ohio Series 2010 A Series 2010 GO Limited Tax Var Purp BANs Series 2010 • 07/13/10 5,325,000 Lawrence Twp-New Jersey Refunding Bonds Road Improvement BANs Lebanon Co -Pennsylvania West Manheim Twp-Pennsylvania Green City -Ohio Middletown Twp-Pennsylvania Mason City -Ohio 06/22/10 2,680,000 Wharton City -Texas GO Refunding Bonds Series 2010 06/21/10 6,520,000 Lake Co -Ohio Various Purpose GO Ltd Tax BANs Series 2010 06/15/10 840,000 Bonham City -Texas . GO Refunding Bonds — Series 2010 07/13/10 2,140,000 Mason City -Ohio 07/08/10 11,725,000 07/08/10 5,555,000 07/07/10 7,550,000 06/28/10 7,850,000 06/23/10 5.440,000 General Obligation Bonds General Obligation Bonds Various Purp Imp GO Tax Inc Bonds Series 2010 Series of 2010 Series of 2010 Series 2010 Series of 2010 • General Obligation Bonds Real Estate Acqui & Var Purp BANs 06/15/10 7,700,000 Portland City -Texas Certs of Obligation & Ref Bonds Series 2010 06/14/10 2,440,000 Bonham City -Texas Comb Tax & Rev Cert of Oblig Series 2010 06/08/10 9,555,000 Montville Twp-New Jersey Gen Imp Wtr & Swr Util Ref Bonds 06/02/10 4,610,000 Goodyear City -Arizona GO Refunding Bonds Series 2010 06/02/10 165,000,000 Pima Co -Arizona Sewer System Revenue Obligation Series 2010 05/31/10 732,000 Darke Co -Ohio GO Limited Tax BANs 05/31/10 2,800,000 Darke Co -Ohio GO Limited Tax BANs i 05/27/10 16,755,000 Tempe City -Arizona General Obligation Bonds 05/27/10 28,410,000 Tempe City -Arizona General Obligation Bonds 05/25/10 . 1,030,000 Pittsburg City -Texas GO Refunding Bonds 05/20/10 10,140,000 Liberty Co -Texas GO Limited Tax Refunding Bonds r.. 05/17/10 3,800,000 Licking Co -Ohio Various Purpose Limited Tax BANs 05/17/10 5,320,000 Tallmadge City -Ohio GO Various Purpose Ref Bonds • 05/17/10 6,925,000 Tiffin City -Ohio _ --- Capital Improvement BANs 05/12/10 15,780,000 Peoria City -Arizona Water & Wastewater Rev Ref Bonds _ 05/12/10 2,280,000 Mesa Co -Colorado Certificates of Participation Series 2010 Series 2010 Series 2010 A Series 2010 B Series 2010 Series 2010 Series 2010 Series 2010 -- — Series 2010 Series 2010 Series 2010 B • 05/12/10 16,510,000 Mesa Co -Colorado Certificates of Participation Series 2010 A 05/12/10 7,085,000 Lima City -Ohio Water Sewer Improvement Rev Bonds Series 2010 05/12/10 5,585,000 Marple Twp-Pennsylvania General Obligation Bonds Series A & B of 2010 Li C'L L- 7 {11 J n L RBC Capital Markets Nationalillunicipalityfinancings asSenior IllianagerSince200 •45a1e _ ParAmount ilssuer Jlssue Descruption -Mate - • _ _ 9 - 'merles 05/11/10 10,355,000 Lima City -Ohio Sanitary Sewer Sys Imp Rev Bonds 05/10/10 3,580,000 McGregor -Texas Comb Tax & Rev Cert of Oblig 1.— 05/05/10 9,830,000 Wichita Falls City -Texas Combination Tax & Rev Ref Bonds 04/27/10 9,630,000 Derry Twp-Pennsylvania General Obligation Bonds I-- 04/14/10 12,360,000 Kansas City -Missouri Special Obligation Bonds 04/14/10 25,495,000 Kansas City -Missouri Special Obligation & Ref Bonds 04/14/10 600,000 Lima City -Ohio Various Purpose Notes 04/13/10 10,635,000 Bryan City -Texas GO Limited Tax Refunding Bonds 04/13/10 13,790,000 Bryan City -Texas Comb Tax & Rev Certs of Oblig 04/12/10 1,945,000 Dauphin Co -Pennsylvania General Obligation Bonds 1 - 04/12/10 21,435,000 Dauphin Co -Pennsylvania General Obligation Bonds 04/06/10 8,325,000 Limerick Twp-Pennsylvania General Obligation Bonds , ... _ 03/18/10 3,888,000 Joshua City -Texas General Obligation Bonds 03/12/10 5,050,000 Brownwood City -Texas GO Refunding Bonds L 03/11/10 3,200,000 Springboro City -Ohio Limited Tax GO Bonds 03/11/10 6 075 000 Webster City -Texas GO Limited Tax Refunding Bonds 1---- 03/05/10 1,600,000 Hamilton Twp-Ohio Public Infrastructure Imp BANs 03/04/10 8,000,000 Mason City -Ohio Golf Course Acquisition BANs i 03/01/10 1 090 000 Sunnyvale Town -Texas GO Refunding Bonds 02/25/10 8,880,000 Bayonne City -New Jersey School Refunding Bonds Series 2010 Series 2010 Series 2010 Series of 2010 Series 2010 C Series 2010 A & B Series 2010 -1 Series 2010 Series 2010 Series C of 2010 Series B & D of2010 Series of 2010 Series 2010 Series 2010 Series 2010 Series 2006 L 02/23/10 11,825,000 Glenwood Springs -Colorado Sales & Tax Revenue Ref Bonds 02/23/10 4,020,000 Springfield Twp-New Jersey General Improvement Ref Bonds 02/17/10 2,290,000 Loveland City -Ohio Real Estate Acquisition BANs 02/09/10 - 16,380,000 Woodbridge Twp-New Jersey Gen Imp & Swr Utility Ref Bonds 7-- 01/28/10 24,220,000 South Orange Vig Twp-NJ BANs 01/27/10 7 790 000 Berks Co -Pennsylvania General Obligation Bonds 7— 01/27/10 20,265,000 North Londonderry -Pennsylvania General Obligation Bonds 01/26/10 4,040,000 Kerrville City -Texas Combined Tax & Rev Cert Oblig 01/26/10 01/26/10 01/21/10 10,590,000 Oneida Co -New York 8,460,000 Smithfield Twp-Pennsylvania 20,000,000 Pima Co -Arizona 01/21/10 4,185,000 Longview City -Texas 01/19/10 10,385,000 Hunterdon Co -New Jersey 01/06/10 30,000,000 Berks Co -Pennsylvania 01/04/10 12,230,000 Richland Co -Ohio 12/21/09 24,945,000 York Co -Pennsylvania 12/17/09 9,030,000 Saddle Brook Twp BOE 12/17/09 1,445,000 Loveland City -Ohio Series 2010 Series 2010 Series 2010 Series 2010 Series 2010 Series 2010 A Series B of 2010 Series of 2010 Series 2010 GO Public Improvement Bonds Series 2010 General Obligation Bonds Series of 2010 Certificates of Participation Series 2010 Wtrwrks&Swr Sys Rev Ref Bonds Series 2010 General IMprovement Ref Bonds Series 2010 General Obligation Bonds Series A of 2010 Various Purpose Notes Series 2010 TRANs Series of 2010 Refunding School Bonds Series 2009 Ltd Tax General Obligation Bonds Series 2009 12/16/09 59,005,000 Cuyahoga Co -Ohio Housing & Economic Dev Rev Bonds 12/16/09 2,150,000 Lima City -Ohio • Sanitary Sewer Sys Imp Rev Bonds I 12/16/09 10,250,000 Lima City -Ohio Sanitary Sewer Sys Imp Rev Bonds 12/15/09 14,065,000 Clifton City -New Jersey GO Refunding Bonds ---- 12/14/09 2,525,000 Kilgore City -Texas GO Refunding Bonds 12/10/09 4,700,000 Hopewell Twp-New Jersey General Imp Refunding Bonds f--- 109/09 2/ i 1,775,000 Mason City -Ohio Various Purp Storm Wtr Imp BANs 12/04/09 1,810,000 Harrison Twp-Ohio Various Purpose Improvement Bonds 1 12/03/09 8,215,000 Westerville City -Ohio GO Various Purpose Bonds 12/02/09 12,365,000 Freehold Twp-New Jersey GO Refunding Bonds r- 11/25/09 3 000 000 Beachwood -Ohio Building Acquisition Notes 11/24/09 3,715,000 Lock Haven -Pennsylvania General Obligation Bonds • 11/24/09 6,000,000 Lock Haven -Pennsylvania General Obligation Bonds 11/24/09 • 9,760,000 Penn Twp-Pennsylvania General Obligation Bonds 11/23/09 17,420,000 Texarkana City -Texas Comb Tax & Rev Certs Of Oblig 11/23/09 45,100,000 Rapid City -South Dakota Water Revenue Bonds 11720769 —12 920 000 Akron City -Ohio Various Purpose Imp Ref Bonds Series 2009 A & B Series 2009.A Series 2009 B Series 2009 Series 2009 Series 2009 Series of 2009 Series 2009 Series 2009 Series 2009 Series A of 2009 Series B of 2009 Series of 2009 Series 2009 Series 2009 Series 2009 L I� L r i L_ fl L r L 11 /18/09 • 11/16/09 11/10/09 11/10/09 11/05/09 11/05/09 11/04/09 10/30/09 10/26/09 j — 10/21/09 —_.._. 10/21/09 10/16/09 10/13/09 L 10/08/09 • 10/07/09 10/07/09 10/07/09 10/01/09 09/30/09 2,160,000 Lima City -Ohio 18,190,000 Penn Twp-Pennsylvania 18,080,000 Santa Fe City -New Mexico 41,890,000 Santa Fe City -New Mexico 11,335,000 Mason City -Ohio • 550,000 Barberton City -Ohio 12,980,000 Deerfield Twp-Ohio 15,050,000 Berks Co -Pennsylvania 3,505,000 Lakewood Twp-New Jersey 10,500,000 Minneapolis City -Minnesota 5,870,000 Lorain Co -Ohio 3,590,000 Celina City -Ohio —_—_ 3,165,000 Harrison Twp-New Jersey 2,700,000 Springboro City -Ohio 69,045,000 Phoenix City -Arizona 117,195,000 Phoenix City -Arizona 280,955,000 Phoenix City -Arizona 7,700,000 Ashland City -Ohio 80,940,000 San Diego Co-Califomia 7,695,000 Radnor Twp-Pennsylvania 3,839,000 Oakwood City -Ohio 66,455,000 Colorado Springs City -Colorado 09/24/09 84,160,000 Aurora City -Colorado 09/24/09 Upper Providence Twp- 5,005,000 Pennsylvania 9,940,000 Boeme City -Texas 4,865,000 Hamilton Twp-New Jersey 6,430,000 Gloucester Twp-New Jersey • 2,965,000 Mountain Lakes Boro-New Jersey__ 09/30/09 09/30/09 09/30/09 Building Acquisition Notes Series 2009 General Obligation Bonds Series of 2009 Water Util System/Capital Outlay Series 2009 A Water Util System Capital Outlay Series 2009 B Certificates of Participation Street Improvement Note Series 2009 Various Purpose Note Series 2009 _ ..... General Obligation Bonds Series B of 2009 GO Refunding Bonds Series 2009 Revenue Bonds Series 2009 GO Sewer System Imp Bonds Series 2009 Various Purpose Notes Series 2009 GO Refunding Bonds Series 2009 Real Estate Acquisition RANs Various Purpose GO Bonds Series 2009 B GO Refunding Bonds Series 2009 C Various Purpose GO Bonds Series 2009 A Var Purpose Improvement Note Series 2009 Certificates of Participation Series 2009 General Obligation Bonds Series of 2009 Limited Tax Various Purpose BANs Utilities System Ref Rev Bonds Ref Certificates of Participation General Obligation Bonds 09/22/09 General Obligation Bonds 09/15/09 GO Refunding Bonds L— 09/10/09 GO Refunding Bonds 09/10/09 General Improvement Ref Bonds 09/10/09 7,765,000 Schuylkill Haven -Pennsylvania General Obligation Bonds 09/09/09 18,255,000 Margate City -New Jersey GO Refunding Bonds 09/03/09 740,000 No Stonington Town -Connecticut General Obligation Bonds 09/02/09 37,885,000 San Francisco City/Co-Califomia Certificates of Participation 09/01/09 1,822,000 Paulding Co -Ohio Correctional Facilities Notes Series 2009 C J Series 2009 A Series of 2009 Series 2009 - - Series of 2009 Series of 2009 Series of 2009 Series of 2009 Series 2009 B Series 2009 A & B 08/31/09 4,000,000 Wharton City -Texas Tax & Revenue Certs of Oblig --- 2,535,000 Jackson Co -Ohio Various Purpose Ltd Tax GO Bonds 18,705,000 Madison Town -Connecticut GO Refunding Bonds 3,080,000 Cumru Twp-Pennsylvania • General Obligation Bonds 8,525,000 Harwich Town -Massachusetts GO Refunding Bonds 9,105,000 Lebanon Co -Pennsylvania General Obligation Bonds 3,000,000 Geauga Co -Ohio —__ Safety Center Improvement Note 6,150,000 Wyoming City -Ohio Various Purpose Ltd Tax GO Bonds 11,510,000 Boerne City -Texas Utility System Rev & Ref Bonds- 7,175,000 Casa Grande -Arizona Excise Tax Revenue Obligations 08/06/09 11,625,000 Casa Grande -Arizona Excise Tax Revenue Obligations 08/06/09 4,430,000 Halfmoon Town -New York Water'District Refunding Bonds 08/03/09 14,515,000 Hockley Co -Texas General Obligation Bonds 07/31/09 4,290,000 Oneida Co -New York Public Improvement Bonds 07/31/09 6,360,000 Oneida Co -New York Public Improvement Bonds 07/31/09 9,760,000 Oneida Co -New York Public Improvement Bonds 07/28/09 6,550,000 Green City -Ohio Various Purp Imp & Ref GO Bonds 07/23/09—720,000 Lancaster Co -Pennsylvania General Obligation Bonds . 07/23/09 41,220,000 Lancaster Co -Pennsylvania General Obligation Bonds — 07/22/09 4,335,000 Mentor City -Ohio . GO Ltd Tax Various Purpose Bonds 07/16/09 11 000 000 Crowley City -Texas Comb Tax & Rev Certs of Oblig 08/26/09 08/20/09 08/20/09 08/18/09 08/13/09 — 08/12/09 08/12/09 r— 08/11/09 08/06/09 Series 2009 Series of 2009 • 2009 Series A & B—! Series of 2009 Series of 2009 Series 2009 Series 2009 Series 2009 _ Series 2009 A Series 2009 B Series 2009 Series 2009 Series 2009 D Series 2009 C Series 2009 D — — Series 2009 Series 2009 B Series 2009A _ Series of 2009 Series 2009 r t 11BC.Ca ital Markets'National Munici all Financin sasSenior'ManagerZince2009 p P tY, 9 male Par Amount Issuer ; 1IssueDescnption 4 07/16/09 4,960,000 Flagstaff City -Arizona E. _ _ 07/16/09-_—__ . 6,100,000 Newberry Twp-Pennsvlvania 07/15/09 2,300,000 Mason City -Ohio 07/15/09 14,000,000 Mason City -Ohio 07/15/09 19,155,000 Manheim Twp-Pennsylvania 07/14/09 37,200,000 League City -Texas 07/14/09 3,400,000 Napoleon City -Ohio _ -- 1 07/01/09 4,000,000 Mason City -Ohio - 06/29/09 6,900,000 Hamilton Co -Ohio L. 06/25/09 18,595,000 Westerville City Ohio 06/25/09 7,345,000 Odessa City -Texas _ 06/24/09 2,400,000 Brecksville City -Ohio 06/24/09 4,865,000 Medina Co -Ohio 06/23/09 8,550,000 Carlsbad City -New Mexico 06/23/09 2,595,000 Oxford -Ohio , 06/23/09 850,000 Richland Co -Ohio Bridge & Road Improv Notes 06/22/09 645,000 Tiffin City -Ohio Fire Station BANs _ 06/18/09 3,450,000 Barberton City -Ohio GO Various Purpose Imp Bonds 06/17/09 38,450,000 Tucson City -Arizona Water System Revenue Obligations 06/17/09 1,150,000 Harrison Twp-Ohio Public Infrastructure Imp BANs 06/10/09 118,915,000 Denver City and Co -Colorado GO & Various Purpose Bonds I 06/10/09 9,315,000 Tempe City -Arizona Excise Tax Revenue Obligations 06/10/09 14,300,000 Tempe City -Arizona Excise Tax Revenue Obligations 06/10/09 13,100,000 Huntington Town -New York GO Public Improvement Ref Bonds ' 06/09/09 35,325,000 Rockwall Co -Texas Road & Ltd Tax Refunding Bonds i 06/08/09 1,485,000 Darke Co -Ohio Various Purpose BANs 06/08/09 2,125,000 Darke Co -Ohio Real Estate Improvement BANs 06/05/09 6,000,000 Indian Hill Village -Ohio Various Purpose GO Bonds 06/01/09 _ 5,430,000 Lewisville City -Texas General Obligation Bonds 06/01/09 11,900,000 Lewisville City -Texas Waterworks & Sewer Sys Rev Bonds 05/28/09 8,995,000 Taylor City -Texas • GO Refunding Bonds — 05/28/09 7,500,000 Dover City -Ohio Municipal Elec Sys Imp Note 05/27/09 19,030,000 Matanuska-Susitna Boro-Alaska GO School Bonds 05/27/09 3,800,000 Tallmadge City -Ohio Recreation Improvement Notes 05/27/09 7,975,000 Tiffin City -Ohio Capital Improvement Notes r 05/21/09 34,400,000 Pima Co Arizona Certificates of Participation 05/21/09 5,285,000 Seneca Co -Ohio GO Capital Imp Refunding Bonds 05/20/09 51,005,000 Tucson City -Arizona Ref Certificates of Participation 05/19/09 10,130,000 Tucson City -Arizona Street & Hway User Ref Rev Bonds 05/18/09 5,365,000 Sea Isle City -New Jersey 05/14/09 4.325,000 Hummelstown Borough -PA `-- 05/05/09 05/05/09 05/05/09 05/05/09 . 05/05/09 05/05/09 05/01 /09 04/30/09 r 04/30/09 04/28/09 11,760,000 Garland City -Texas 18,090,000 Garland City -Texas 33,940,000 Denver City and Co -Colorado 10,405,000 Chatham Town -Massachusetts 7,530,000 Moorhead City -Minnesota 3,800,000 North Bergen Twp-New Jersey 1,410,000 Celina City -Ohio 10,920,000 Bayonne City -New Jersey 4,105,000 Mount Olive Twp-New Jersey 19,225,000 Franklin Twp-New Jersey 04/27/09 7,020,000 Hood Co -Texas Tax Notes & Ltd Tax Ref Bonds 815,000 Williams Co -Ohio 4,340,000 Ringwood Boro-New Jersey 8,825,000 Bay City -Texas Certificates of Participation Series 2009 General Obligation Bonds Series A & B_of 20091 Road Improvement BANs Series 2009 Road Improvement BANs Series 2009 General Obligation Bonds Series of 2009 Waterworks & Sewer Sys Rev Bonds Series 2009 Various Purpose Note Series 2009 Real Estate Acquisition BANs Series 2009 Demand Health Care Facs Rev Bonds Series 2009 GO Various Purpose Ref Bonds Series 2009 GO Refunding Bonds Series 2009 Various Purpose Note Series 2009 GO Various Purp Imp & Ref Bonds Series 2009 Gross Receipt Tax Revenue Bonds Series 2009 GO Ltd Tax Park Improvement Bonds Series 2009 Series 2009 Series 2009 Series 2009 Series 2009 A & B Series 2009 B Series 2009 A Series 2009 Series 2009 Series 2009 Series 2009 Series 2009 Series 2009 Series 2009 Series 2009 Series 2009 2009 Series A Series 2009 __ Series 2009 Series 2009 - Series 2009 Series 2009 Series 2009 GO Imp Wtr & Swr Util Ref Bonds General Obligation Bonds Series of 2009 Electric Utility Revenue Bonds Series 2009 Water & Sewer System Rev Bonds • Series 2009 Excise Tax Revenue Ref Bonds Series 2009 B GO Refunding Bonds Pub Util Rev & Refunding Bonds Series 2009 A Tax Appeal Refunding Bonds Various Purpose Note Series 2009 School Refunding Bonds Series 2009 General Improvement Ref Bonds GO Refunding Bonds Series 2009 Series 2009 Sanitary Sewer Improvement Notes Series 2009 Refunding Bonds Series 2009 ; GO & Certificates of Obligation Series 2009 I & 11 04/24/09 04/23/09 04/23/09 fl r I L_ i^ L Ifl P 04/22/09 04/16/09 i_—_ 04/14/09 04/13/09 L 04/13/09 04/02/09 (— 04/02/09 04/02/09 04/01/09 03/26/09 L. 03/26/09 03/19/09 2,575,000 Raritan Twp-New Jersey 4,900,000 Port Aransas -Texas 1,650,000 Tipp City -Ohio 1,690,000 Woodway City -Texas 2,995,000 Woodway City -Texas 7,515,000 Oneida Co -New York 21,370,000 Oneida Co -New York 4,175,000 Bradford Co -Pennsylvania 1,090,000 Barberton City -Ohio 61,850,000 Durham Co -North Carolina 2,200,000 Dover City -Ohio 4,000,000 Napoleon City -Ohio i 03/18/09 150,365,000 Albuquerque City -New Mexico 03/06/09 2,045,000 Hamilton Twp-Ohio General Improvement Ref Bonds General Obligation Bonds Series 2009 Various Purpose Note Series 2009 GO Refunding Bonds Series 2009 Tax & Revenue Cert of Obligation Series 2009 GO Public Improvement Bonds Series 2009 B GO Public Improvement Bonds Serves 2009 A General Obligation Bonds Series of 2009 Var Purp Improvement Note Series 2009 Certificates of Participation Series 2009 A Var Purpose Improvement Note Series 2009 Capital Facilities Note Series 2009 Joint Wtr & Swr Sys Imp Rev Bonds Series 2009 A 1 &2 Var Purpose Pub Infra Imp Bonds Series 2006 General Obligation Bonds l 03/05/09 29,800,000 Berks Co -Pennsylvania 03/03/09 3,080,000 Lindale City -Texas 02/26/09 8,420,000 Mason City -Ohio 02/19/09 75,770,000 Union Co -New Jersey 02/19/09 4,635,000 Miamisburg City -Ohio 02/19/09 4,580,000 Snyder Co -Pennsylvania • r 02/18/09 10,000,000 Muhlenberg Twp-Pennsylvania 02/17/09 2,255,000 Loveland City -Ohio 02/11/09 9,490,000 Cranbury Twp-New Jersey General Improvement Ref Bonds Comb Tax Util Sys Rev Certs Ob Series Aof 2009 Series 2009 Golf Course Acquisition BANs Series 2009 General Improvement Ref Bonds Series 2009 Ltd Tax GO Refunding Bonds Series 2009 — —_ General Obligation Bonds Series of 2009 General Obligaton Bonds Series of 2009 Revenue BANs Series 2009 02/06/09 21,555,000 Clifton City -New Jersey BANs & TANs 02/06/09 21,440,000 Carlsbad City -New Mexico Joint Wtr & Swr Ref & imp Bonds 02/04/09 14,885,000 Mahwah Twp-New Jersey GO Improvement Refunding Bonds 02/04/09 1,200,000 Celina City -Ohio BANs 01/29/09 8,500,000 Princeton Twp-New Jersey General Improvement Ref Bonds 01/26/09 21,995,000 Midland Co -Texas 01 /22/09 1,870,000 Fayette Co -Ohio 01/20/09 105,000,000 Adams Co -Colorado 01/20/09 10,820,000 Wichita Falls City -Texas 01/15/09 1,395,000 Willard City -Ohio 01/14/09 13,505,000 Montville Twp-New Jersey GO Imp & Open Space Ref Bonds Series 2009 Series 2009 General Obligation Bonds Series 2009 GO Various Purpose Ref Bonds --- Certificates of Participation Series 2009 _ Comb Tax & Rev Certs of Oblig Series 2009 . Various Purpose imp Notes Series 2009 -R8C Capital Markets National,Municipality'Financisgs as Co-lVlanaperSiece2009 . • Male TarAmount • 'Issuer ' r , • , • lIssue,Deseription 'Series 09/28/11 09/23/11 r 09/14/11 08/11/11 L 08/11/11 • 07/27/11 07/22/11 07/12/11 L 07/07/11 06/08/11 1 06/07/11 05/12/11 t— 04/27/11 04/26/11 04/06/11 03/15/11 528,640,000 New York City -New York 72,665,000 Hamilton Co -Ohio 84,900,000 Washoe Co -Nevada 4,675,000 Rockwall City -Texas 151,160,000 Fort Worth City -Texas 84,310,000 Cincinnati City -Ohio 714,715,000 New York City -New York 9,445,000 San Antonio City -Texas 239,425,000 Dallas City -Texas 9,235,000 Elgin City -Texas 19,205,000 Garland City -Texas • 12,665,000 Rockwall City -Texas 9,110,000 Alvin -Texas 6,100,000 Kerrville City -Texas 28,030,000 San Angelo City -Texas 43,115,000 Scottsdale City -Arizona L 03/15/11 15,480,000 Goodyear City -Arizona 03/09/11 45,125,000 New York City -New York • 03/09/11 02/11/11 400,000,000 New York City -New York 90,050,000 Allegheny Co -Pennsylvania General Obligation Bonds 2012 Ser D Sub D-1 Sales Tax Refunding Bonds Series 2011 A GO Ltd Tax Refunding Bonds Series 2011 Comb Tax & Ltd Surplus Rev Certs Series 2011 A —1 Wtr & Swr Sys Rev Ref & Imp Bonds Series 2011 Water System Rev & Ref Bonds Series 2011 A General Obligation Bonds Series Al, B & C Tax Notes Series 2011 Wtrwks & Swr Sys Rev Ref Bonds Series 2011 Comb Tax & Rev Certs of Oblig Series 2011 Water & Sewer Sys Revenue Bonds , Series 2011 GO Refunding & Improvement Series 2011 GO Refunding Bonds Series 2011 Comb Tax & Rev Certs of Oblig Series 2011 GO Refunding Bonds Series 2011 ' GO Refunding Bonds • Series 2011 Sub Lien Water & Sewer Rev Oblig Series 2011 General Obligation Bonds Ser H Subser H-4 General Obligation Bonds 2011 Ser 1 Sub 1-1 GO & Refunding Bonds Series C-65 &66 L 01/18/11 14,930,000 Grand Prairie City -Texas 01/18/11 6,305,000 Grand Prairie City -Texas 01/18/11 12/16/10 fl 12/16/10 12/16/10 • 12/16/10 1,400,000 Abilene City -Texas 8,940,000 Grand Prairie City -Texas 48,760,000 Colorado Springs City -CO 107,260,000 Colorado Springs City -CO 117,835,000 Colorado Springs City -CO 12/15/10 12/15/10 12/15/10 12/15/10 12/09/10 12/16/10 21,170,000 Abilene City -Texas 1,930,000 Minneapolis City -Minnesota 23,070,000 Minneapolis City -Minnesota 100,000,000 New York City -New York 902,000,000 New York City -New York 13,180,000 Douglas Co -Nebraska 12/09/10 33,435,000 Douglas Co -Nebraska 11/18/10 11/18/10 20,420,000 Buncombe Co -North Carolina 31 500 000 Buncombe Co -North Carolina r 11/18/10 76,855,000 Austin City -Texas 11/18/10 100,970,000 Austin City -Texas r11/16/10 30,000,000 Boerne City -Texas 11/09/10 23,375,000 Maui Co -Hawaii r- 11 /09/10 50,320,000 Maui Co -Hawaii GO Ltd Tax Refunding & Imp Bonds Series 2011 Ltd Tx Comb Tx Rev Certs of Oblig Series 2011 Wtr & Wstwtr Sys Rev Ref Bonds New Series 2011 Utilities System Revenue Bonds Series 2010 D 3 Utilities Sytem Revenue Bonds Series 2010 D 4 _— Utilities System Revenue Bonds Series 2010 D 1-2 Comb Tax & Ltd Rev Cert of Oblig Series 2011 GO Refunding Bonds Series 2011 Ltd Tax Supported Dev Rev Bonds Series 2010 - 2B Ltd Tax Supported Dev Rev Bonds Series 2010 - 2A General Obligation Bonds Series G & H General Obligation Bonds Series F Subser F-1 Educational Facs Rev & Ref Bonds Series 2010 B Educational Facs Rev & Ref Bonds Series 2010 A Limited Obligation Bonds Series 2010 B Limited Obligation Bonds Series 2010 A Water & Wstwtr Sys Rev Ref Bonds Series 2010 A Water & Wstwtr Sys Rev Ref Bonds Series 2010 B Utility System Revenue Bonds Series 2010 General Obligation Bonds • 2010 Series A 11/09/10 8,785,000 Allen City -Texas 11/04/10 29,665,000 Chicago City -Illinois 11/04/10 33,915,000 Chicago City -Illinois r•-• 11/04/10 250,000,000 Chicago City-IIIinois 11/02/10 37,150,000 College Station City -Texas 10/28/10 200,000,000 San Antonio City -Texas 10/28/10 300,000,000 San Antonio City -Texas [ 10/28/10 21,580,000 Arlington City -Texas 10/27/10 6,550,000 Berks Co -Pennsylvania 10/27/10 42,405,000 Berks Co -Pennsylvania 10/07/10 88,545,000 New York City -New York 10/07/10 300,000,000 New York City -New York 10/07/10 775,000,000 New York City -New York L 09/16/10 09/16/10 09/09/10 77,675,000 Frederick Co -Maryland 52,550,000 York Co -Pennsylvania 21,910,000 Colorado Springs City -CO 09/09/10 117,925,000 Colorado Springs City -CO 09/07/10 3,120,000 Colleyville City -Texas 08/23/10 4,495,000 Johnson Co -Texas 07/29/10 5,730,000 Columbus City -Ohio 07/29/10 8,260,000 Columbus City -Ohio General Obligation Bonds 2010 Series B GO Refunding Bonds Series 2010 A Second Lien Water Revenue Bonds Series 2010 C Second Lien Water Revenue Bond S Series 2010 A Second Lien Water Revenue Bonds Series 2010 B GO Refunding Bonds . Series 2010 Elec & Gas Sys Rev Ref Bonds ; Series 2010 B Elec & Gas Sys Jr Ln Rev Bonds. Series 2010 A Permanent Improvement Ref Bonds Series 2010 A General Obligation Bonds Series D General Obligation Bonds Series C General Obligation Bonds Subseries A- 7 & 8 General Obligation Bonds • Series D & E General Obligation Bonds 2011 Ser C Sub C-1 Special Obligation Bonds Series 2010 A General Obligation Bonds Series of 2010 Utility System Imp Revenue Bonds Series 2010 A-2 Utilities System Revenue Bonds Series2010 A-1 Wtrwrks & Swr Sys Rev Ref Bonds • Series 2010 GO Refunding Bonds Series 2010 GO Various Purpose Ltd Tax Bonds Series 2010 E GO Various Purpose Ltd Tax Bonds Series 2010 D • • - !Sale 'Date RBC Capital Markets National-Municipalit _..._..._ _ "ParAmount .issuer yFinancingsas Since2009_ • IssueDescription . Series I , 07/29/10 182,900,000 Columbus City -Ohio GO Various Purp Unitd Tax Bonds Series 2010 C 07/29/10 - 216,310,000 Columbus City -Ohio GO Var Purp Unitd & Ltd Tax Bonds Series 2010 A & B i._ 07/28/10 962,535,00D New York City -New York General Obligation Bonds Series A & B —1 r 07/27/10 10,320,000 Palmer Twp-Pennsylvania General Obligation Bonds Series of 2010 i--- 07/22/10 285,000,00D Philadelphia City -Pennsylvania TRANS Series A 2010-2011 __, 07/13/10 • 40,485,000 Greenville City -South Carolina Waterworks System Ref Rev Bonds Series 2010 Series 2010 I 05/30/10 1,164,630,000 Los Angeles City-Califomia TRANS 06/28/10 18,305,00D Richardson City -Texas Comb Tax & Revenue Cert Oblig Series 2010 06/28/10 81,445,000 Richardson City -Texas GO Refunding & Improvement Series 2010 -1 06/24/10 25,810,000 Brunswick Co -North Carolina Enterprise Systems Revenue Bonds Series 2010 ... _ I.. 06/22/10 34,480,000 Arlington City -Texas Permanent Improvement & Ref Series 2010 06/16/10 295,850,000 Dallas City -Texas Wtrwrks & Swr Sys Rev Ref Bonds Series 2010 1---- 06/10/10 18,000,000 Minneapolis City -Minnesota Ltd Tax Supported Dev Rev Bonds Series 2010-1 06/09/10 151,450,000 New York City -New York General Obligation Bonds Series H Subser H-2 06/09/10 748,550,000 New York City -New York General Obligation Bonds Series H Subser H-1 r--- 06/04/10 13,900,000 Carthage City -Texas GO Refunding Bonds Series 2010 1--- 05/24/10 7,000,000 Texarkana City -Texas Comb Tax & Rev Certs of Oblig Series 2010 05/19/10 34,910,000 Wake Co -North Carolina General Obligation School Bonds Series 2010 D — 05/11/10 22,290,000 Sugar Land City -Texas GO Refunding Bonds Series 2010 04/26/10 10,000,000 Bell Co -Texas Comb Tax & Rev Certs of Oblig Series 2010 B L P4/26/10 23,650,000 Bell Co -Texas Limited Tax Refunding Bonds Series 2010 04/21/10 29,425,000 Chester Co -Pennsylvania ,. General Obligation Bonds Series A of 2010 04/21/10 15,745,000 Southlake City -Texas Tax & Wtr & Swr Rev Cert of Oblig Series 2010 04/21/10. 26,730,000 Southlake City -Texas Ltd Tax GO Refunding Bonds Series 2010 04/06/10 21,270,000 Garland City -Texas Water & Sewer System Rev Bonds Series 2010 03/23/10 General Obligation Bonds Series 2010 A 03/22/10 Tax Wtr Swr Sys Rev Certs Oblig Series 2010 A 22,995,000 Lancaster City -Texas 12,000,000 Lancaster City -Texas 03/18/10 28,355,000 Nash Co -North Carolina 03/18/10 30,930,000 New York City -New York 03/18/10 644,070,000 New York City -New York 02/10/10 23,280,000 Denton Co -Texas 01/25/10 • 9,660,000 Plano City -Texas 01/25/10 28,520,000 Plano City -Texas 01/25/10 6,790,000 Plano City -Texas 01/14/10 109,353,000 Newark City -New Jersey • 01/14/10 9,690,000 Hutto City -Texas 12/16/09 3,340,000 Buncombe Co -North Carolina 12/16/09 36,465,000 Buncombe Co -North Carolina 12/14/09 44,805,000 Boulder Co -Colorado 12/10/09 560,515,000 New York City -New York 1 12/10/09 900,165,000 New York City -New York 12/09/09 250,000,000 Harris Co -Texas 11/24/09 11/24/09 11/05/09 40,915,000 Chester Co -Pennsylvania 55,960,000 Chester Co -Pennsylvania 16,330,000 Columbus City -Ohio 11/05/09 43,850,000 Columbus City -Ohio 7 11/05/09 191,700,00D Columbus City -Ohio 10/20/09 8,765,000 Jefferson Co -Colorado. 10/20/09 67,715,000 Jefferson Co -Colorado 10/14/09 10,135,000 New Braunfels City -Texas r 10/02/09 1,100,170,000 New York City -New York 09/30/09 170,000,000 New York City -New York 09/30/09 800,000,000 New York City -New York 09/14/09 9,730,000 Solebury Twp-Pennsylvania 08/27/09 12,500,000 Austin City -Texas L._ 08/27/09 08/27/09 08/27/09 08/20/09 08/20/09 08/13/09 34,705,000 Austin City -Texas 78,460,000 Austin City -Texas 76,830,000 Houston City -Texas 430,850,000 Houston City -Texas • 8,075,000 Abilene City -Texas 08/13/09 10,355,000 Abilene City -Texas 08/11/09 19,515,000 Hamilton Co -Ohio Limited Obligation Bonds Series 2010 General Obligation Bonds 2010.Ser G_Sub General Obligation Bonds 2010 SerG Sub G-1 Permanent Improvement Ref Bonds . Series 2010 Comb Tax & Rev Certs of Oblig Series 2010 GO Refunding & Improvement Series 2010 Utility Sys Rev Ref & Imp Bonds Series 2010 Gen Imp & Sch & Water BANs • Ser 2010 A,B,C & D Tax & Wtrwrks & Swr Sys Rev Certs Series 2010 Limited Obligation Bonds Series 2009 D Limited Obligation Bonds Series 2009 C Open Space Cap Imp Trust Ref Bns Series 2009 General Obligation Bonds 010 Ser D Sub D-1 General Obligation Bonds 2010 Series E & F Toll Road Senior Lien Rev Bonds Series 2009 C General Obligation Bonds Series B of 2009 General Obligation Bonds Series C of 2009 GO Various Purpose Bonds Series 2009 E Ltd&Unitd Tax Various Purp Bonds Series 2009 A & B GO Ltd Tax & Various Purp Bonds Series 2009 C & D ..; Certificates of Participation Series 2009 B Certificates of Participation Series 2009 A Utility Systems Revenue Bonds Series 2009 A General Obligation Bonds Series B & C General Obligation Bonds 2010 Subseries A-1 General Obligation Bonds 2010 Subseries A-2 General Obligation Bonds Series A & B of 2009 Certificates of Obligation Series 2009 Pub Imp Bonds & Contractual Oblig Series 2009 A Public Improvement Bonds Series 2009 B Public Improvement Ref Bonds Series 2009 B Public Improvement Ref Bonds Series 2009 A General Obligation Bonds Series 2009 A Comb Tax & Rev Certs of Oblig Series 2009- Sewer System Imp Revenue Bonds Series 2009 A • r- L 7J L L _J _J T L 4.,...IRE}C Capital Markets -National Municipality'F!nancingsastozManagerSince2009 • A2ar.Amot!ni '2; , - - • - • , • ;•-•• • -• • • • ssue'DescriptIon • - les " L 08/11/09 130,300,000 Hamilton Co -Ohio Sewer System Imp Revenue Bonds 07/29/09 237,025,000 Philadelphia City -Pennsylvania GO Refunding Bonds r 07/22/09 58,095,000 Cincinnati City -Ohio Water Sys Rev & Ref Rev Bonds 1.... 07/22/09 77,935,000 Cincinnati City -Ohio Water System Revenue Bonds 1 07/21/09 3,000,000 Clute City -Texas Comb Tax & Rev Certs of Oblig 07/10/09 1,038,200,000 Los Angeles City -California TRANs E 07/10/09 53,236,000 Kansas City -Missouri Special Obligation Bonds 07/10/09 64,250,000 Cincinnati City -Ohio Various Purpose GO Bonds • t 07/08/09 3,100,000 Palmer Twp-Pennsylvania General Obligation Bonds 06/23/09 48,940,000 Fort Bend Co -Texas Unlimited Tax Road Bonds r 06/10/09 1,300,000,000 Los Angeles Co-Califomia TRANs ,_. 05/04/09 39,155,000 Irving City -Texas GO Refunding & Improvement E: 06/02/09 375,000,000 San Antonio City -Texas Electric & Gas Sys Revenue Bonds 06/02/09 18,195,000 Bellaire City -Texas GO & Refunding Bonds r— 05/21/09 800,095,000 New York City -New York General Obfigation Bonds 05/14/09 25,265,000 Chester Co -Pennsylvania General Obligation Bonds 05/13/09 140,000,000 Philadelphia City -Pennsylvania Water & Wstwtr Revenue Bonds 05/12/09 8,195,000 Highland Village City -Texas Comb Tax & Rev Certs of Oblig 04/30/09 L__ 7,375,000 Lackawanna Co -Pennsylvania General Obligation Bonds 04/30/09 26,495,000 Lackawanna Co -Pennsylvania General Obligation Bonds 04/27/09 11,800,000 Richardson City -Texas Comb Tax & Rev Certs of Oblig 04/24/09 8,505,000 Abilene City -Texas GO Refunding Bonds 04/24/09 20,625,000 Richardson City -Texas GO Refunding Bonds Special Tax Revenue Bonds 04/23/09 62,820,000 1 04/23/09 27,150,000 04/22/09 215,455,000 04/21/09 04/14/09 04/08/09 04/08/09 03/25/09 Arlington City -Texas Laredo City -Texas Harris Co -Texas GO Refunding Bonds Toll Road Senior Lien Rev Bonds 24,835,000 Southlake City -Texas 73,430,000 Fort Bend Co -Texas 33,000,000 New York City -New York 800,000,000 New York City -New York 476,050,000 Houston City -Texas 03/23/09 60,000,000 Parker Co -Texas 03/13/09 Tax&Wtr&Swr Rev Certs of Oblig Limited Tax & Refunding Bonds General Obligation Bonds General Obligation Bonds Combined Util Sys Rev & Ref Bonds Series 2009 B Series 2009 A Series 2009 A Series 2009 B Series 2009 Series 2009 Series 2009 E Series 2009 A Series of 2009 Series 2009 2009-10 Series A Series 2009 Series 2009 C Series 2009 & A 09 Ser K & Sub J-1 Series A of 2009 Series 2009 A Series 2009 Series A of 2009 Series B of 2009 Series 2009 Series 2009 Series 2009 Series 2009 Series 2009 Series 2009 A Series 2009 Series 2009 2009 Series1-2 Fiscal 2009 Ser 1-1 Series 2009 A Unitd Tax Road Bonds Series 2009 96,490,000 Corpus Christi City -Texas Utility System Revenue Imp Bonds Series 2009 03/12/09 25 655 000 Frederick -City -Maryland GO Public Improvement Bonds Series 2009 & B i 03/12/09 95,545,000 Frederick City -Maryland GO Public Improvement Bonds 03/12/09 10,200,000 New Braunfels City -Texas Util System Rev & Refunding Bonds r-- t 02/26/09 120,000,000 New York City -New York General Obligation Bonds 02/26/09 BOO 000 000 New York City -New York General Obligation Bonds r 02/24/09 02/11/09 01/27/09 17,400,000 Lufkin City -Texas 324,940,000 Dallas City -Texas 9,785,000 Kerrville City -Texas 01/21/09 125,940,000 Irving City -Texas Series 2009 A Series 2009 2009 Series H-2 2009 Series H-1 Tax & Wtrwrks Swr Sys Rev Certs Series 2009 1 Civic Center Rev Ref & Imp Bonds Series 2009' - Comb Tax & Rev Certs of Oblig Series 2009 Comb Tax & Rev Cerls of Oblig Series 2009 1 1 r 1 r-J r i I r ( 1 Clearwater RBC Capital Markets® October 5, 2011 1 C J 11 1 1 L UUtV Or' e EAkWATh ' gut -nil -wry b 'types bf bebt Outstanding As of Clctdberr s, 2011 Type of Bonds GOVERNMENTAL ACTIVITY DEBT Revenue Debt Spring Training Facility Revenue Bonds, Series 2002 Governmental Revenue Debt Subtotal BUSINESS -TYPE ACTIVITY DEBT Revenue Debt Amount Outstanding 10,660,000 $ 10,660,000 Water & Sewer Refunding Revenue Bonds, Series 2003 1,635,000 Water & Sewer Refunding Revenue Bonds, Series 2006 26,430,000 Water & Sewer Refunding Revenue Bonds, Series 2009A 67,715,000 Water & Sewer Refunding Revenue Bonds, Series 2009B 31,280,000 Water & Sewer Refunding Revenue Bonds, Series 2011 47,025,000 Gas System Revenue Refunding Bonds, Series 2004 7,660,000 Gas System Revenue Refunding Bonds, Series 2005 6,020,000 Gas System Revenue Refunding Bonds, Series 2007 . 2,220,000 Stormwater Revenue Bonds, Series 2002 20,295;000 Stormwater Revenue Bonds, Series 2004 12,035,000 Stormwater Revenue Bonds, Series 2005 6,095,000 Business -Type Revenue Debt Subtotal $ 228,410,000 Total Outstanding Debt $ 239,070,000 RBC Capital Markets, 10/05/11 i ) 1 1 r i ( ) 1 1 r i r ii f 1 I eitY ti4s4i�t11#ttgtj#tg fit•##tip ttei��t�`fietbtt As of bcfob i• 5 2011. arzenurearg4., low-0 Ad $14,810,000 09/01/02 1-Sept Non -callable Payments from the State & Interlocal . Agreement MBIA Acquisition q 'mr & Construction of a Spring Training Facility Principal Coupon ........ .... -Or!ginsii Pal.. 11ittcii I)ii._ 4i1istli11: $i lll01 .. 'r. lnvtihhh .. aii.4: $0''- .-�„ .....�._-.�,_ 2012 2013 2014 2015 2016 2017 2018 20199 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 570 000 '1 '3500 =: 59.6Y000 3;700 ' xq- 10 000 3.750 4' 635, 000 US aty �:000 sr .� 660;000 65 000'x' t` e' 5 375 m.25 000 5,375 �i� ss 760 000 �.5' 375 805 0007 '„ h� ,':1,,;537551= ''845 000�3 ?,„ /' 4 500 4k. tip ; 295 000 "n4rrh , a 4.700 '1i31:0'000 * 5'375 �.,.; 325 000 * 5(375,' 345 000 * 5:375 i'`' 365 000 F ur 5375 38 000` 3 * ! , 75• 405 0004r +' * n �5 375 425,000 ::- * „:;5.375,::: �',: ,.,.450,000 * 5;37.,,-.; 470,000.':;. T 011i tli.011ne,:.• $yai10'G6,0r00. `pp- `� °1 �'! :� r � O'il�L�l +lr�t,bi&.�,,u�a, mr!{ `�:k��'? L Notts 1 .9124M1-1P = Non -Callable 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 = Amortization of Term Bond T = Term Bond Maturity RBC Capital Markets, 10/05/11 (- 1 ( 1 ( I I I I C 1 1-1 (-1 Ci i'tip CLtAttWATER tititshiftditig WAtti• u d SeAei• tteieittip tiebt As of October 5, 2011 ir. 3n. ''. iies 2Q031,yyi4Jts l.' diiA'rksz<,a3_Sc"ries 200¢4daiiik 's` AIIVerjes/ 1 Series 20090 +` ` ; 1 d h t � a�i xb?' e ail�eSenesL20 1 i5ttE"a++i3rt5iei i.UugitftllQ�ti_ 0).9MS(dVtigglAl - bntell , Nip 1. :_ iiiiiist Ciill ' litto ei• _ _; - - , ]'iirpo e, ,,,j $8,410,000 10/01/03 1-Dec Non -callable FSA . Current Refunding of Series 1993 $26,43Q000 07/25/06 1-Dec 12/1/2015 @ 100% FSA Acquisition & Construction $G7,715,000 05/27/09 1-Dec 12.1.18100 @ None Wnter Utility Improvements 00,00..- $41,700,000 05/27/09 1-Dec Non -Callable None Advance Refund Series 1998\ Principal Coupon SCE c i,.ani $47,025,000 09/07/11 01-Dec 12/1/21 e 100 None PrereCund Series 2002 Bonds Principal Coupon Principal Coupon Principnl Coupon 2012 Principal Coupon of Capital Improvements Principal Coupon Principal Coupon 2013 2014 W215 000;a 3 300 , 220V000 :+ ,.:w3 400 220 000 ' r 3 500 f 3 880 000 i , 'S 006 r �4 055 000, �F,�'� r e a5 0 0 4y215 000. 15 000 4 430 00.0dIt 5 OOO, ;> tt : 4 G551000 rP ..45f000r r a"P 4 895,Q0 , *`5;90 w5 150,000a,; ;1=370 000 2 000 " ; :, .c G } 11 30V5 r000 2 000 St't l' 4 0 006?{r 3 tl00. 1 545 000.E ' i y, . 4 000. ` 1, 615 000` -4' 4?000 y ,.. J. 7 685 000 5 000 'a � ' ,730 000 r § 5-000 2015 2016 2017 2018 230 000 3,600 240,000 3.750 250,000 4.000 260,000 - 4.000 _ _ 20195.000. 1,410,000 4.250 i {420 0,0040i51:000,'1 21k8 00 l� 5.0 0 z. vl 19f20;OQ"a �" 5 00 fir,; �:t 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 1,470,000 4.375 1,540,000 4.375 1,605,000 4.400 1,675,000 4.400 1,745,000 4500 1,820,000 4.500 1,905,000 4.500 1,985,000 4.500 2,070,000 4.500 2,160,000 * 4.500 2,250,000 T 4500 2,350,000 * 4.625 2,445,000 T 4.625 440,000 5.000 455,000 4.3752j02�000�,wu�51000 470,000 4.500 495,000 4.625 515,000 * 5.125 545,000 * 5.125 565,000 * 5.125 595,000 * 5.125 625,000 * 5.125 650,000 * 5.125 685,000 * 5.125 720,000 * 5.125 755,000 T 5.125 7,255,000 * 5.250 7,645,000 * 5.250 8,060,000 * 5.250 8,495,000 * 5.250 8,950,000 * 5.250 9,435,000 * 5.250 9,940,000 T 5.250 - 2,130,000 5.000 2,245,000 5.000 2,365,000. 5.000 2,495,000 4.000 870,000 5.000 1,730,000 4.000 500,000 5.000 1,250,000 4.750 975,000 4.000 2,860,000 5.000 2,000,000 5.000 1,020,000 4.250 2,000,000 5.000 1,175,000 4.750 3,340,000 * 4.500 3,510,000 T 4.500 - Outstnntlin $: 635;00Q'art.Awi:r,.a a tt$,i26;43;000;dv,74i . / $i6,775i000sc'j:.1 `.$,t:3ilz8_l00 1l: r.�s6. .„ „I $ii 47ozs;puo�k'., r ��x ��ti _ivdtes. + ( =Amortization of Tenn Bond T = Tenn Bond Maturity = Non -Callable 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 RBC Capital Mathes, 10/05/11 ( LJEJ ► 1 C 1 ( J LJ C—� C- i I b>ttttl • ai•Iiest Catl • (1lsili•eh Puivose 2012 2013 2014. 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 xi�tt�ri Ctt,1 t1 CLtAt&NVATE Outstanding Gas. System Revenue Debt As c f October s, 2011 $er�es2Q04;r es; a,f $8,890,000 01/15/04 1-Sept 9/1/2013 @ 100% AMBAC Advance Refund Series 1996A Principal 185,000 205,000 315,000 330,000 345,000 345,000 365,000 375,000 385,000 405,000 425,000 440,000 455,000 1,510,000 1,575,000 = Non -Callable Coupon 3.000 3.200 3.375 3.500 3.625 3.750 4.000 4.000 4.000 4.125 4.250 4.250 4.250 4.250 4.375 �ith,ta., $7,195,000 05/05/05 1-Sept 9/1/2014 @ 100% AMBAC Advance Refund Series 1997A Principal Coupon 240,000; 3.500 �,.xr47'2+50,00 OOrr� �k �, nr. �t��90 a1 205,000' 220,000 225,000 235,000 240,000 250,000 265,000 275,000 280,000 300,000 310,000 . 325,000 340,000 2,060,000 3.600 3.700 4.000 4.000 4.000 4.000 4.100 4.200 4.250 4.250 4.250 4.375 * 4.375 T 4.375 k 6 020;`QUQt oggil dit,\ h z",'1.,' tr * = Amortization of Term Bond T = Term Bond Maturity • 4aa1RaliiTvAelt§§.1. 0.7aH'rx�m afi7trCE� $3,700,000 09/12/07 1-Sept Non -callable AMBAC . Redeem Series 1998 Principal Coupon 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 4:A.0��22,Q 000��w 1.-. )....+i�iS.i.�J�YhMr./:.sL 5�tii_'F.JIFt R13C Capital Markets, 10/05/11 I J [—1 L_J Ott tnn�i sttrntii' itet eVeittie bttt A§ (at f cto:1til s 1011 j j i i ii4 4t'nl.bsiiiri 20�2 !A, A ;� ..! ,19y1 t1iS�:ti ��ir .It ! u4._t,F, -�:+yi:..�d0 ,.. r•ti ir'. . ns3.i}��L,N,�,y�Q1�IC,�,`(20�(t`f�y�'4,�r��' �yrF.+M� .1 f'Ce��y' ln:�eiLl�F��IiIPS�L0 OIigiiiid Iti•j biped Ul - iifilihrt Cal- $24,685,000 09/01/02 1-Nov $14,430,000 08/15/04 1-Nov ,. .w.�G.dE{ilaFi $6,925,000 04/20/05 I -Nov ltlklllel .• 11/1/2011 @ 101% 11/1/2014 @ 100% 11/1/2014 @ 100% MBIA AMBAC MBIA ._K.I.i.11ff!,,A4, Capital Improvements Capital Improvements Redeem Series 1999 2012 Principal Coupon Principal Coupon Principal Coupon 580,000 3.625 600,000 3.750 630,000 4.000 E i380,00.0 r 3 250K ,3,a� .slrk�t395000 ,> 3G500" x, •-�"� t 240 000,E 3 250 ' '� � � 250j0:U06 ��r3,3�7 4 2013 2014 405,000 . 3.500 „� 255,000 3.500 2015 655,000 2016 4.000 430,000 3.625 265,000 3.625 2017 685,000 4.125 440,000 3.750 275,000 3.750 2018 720,000 4.250 455,000 3.875 290,000 4.000 2019 750,000 4.375 475,000 4.000 300,000 4.000 2020 790,000 4.375 490,000 4.000 310,000 4.000 2021 830,000 4.500 505,000 4.125 325,000 4.000 2022 870,000 4.625 525,000 .4.250 335,000 4.125 2023 915,000 4.750 545,000 4.250 350,000 4.250 2024 965,000 4.750 * 565,000 4.375 365,000 4.250 2025 1,015,000 4.750 * 590,000 4.500 380,000 4.250 2026 1,065,000 4.750 620,000 4.500 395,000 4.250 2027 1,125,000 T 4.750 * 635,000 4.625 410,000 4.250 2028 1,180,000 4.750 665,000 4.500 430,000 4.375 2029 1,245,000 * 4.750 690,000 4.750 450,000 4.500 2030 1,310,000 * 4.750 1,380,000 T . 4.750 725,000 4.750 805,000 4.750 470,000 4.500 2031 1,455,000 * 4.750 830,000 4.750 2032 1,530 000 T 4.750 865,000 4.750 ,171jitst1lhdift $s 2.P 295{00.0..i Zs.l4.5 ..31 " a ;s.;;' g $rhl ?,035;000; ' .ta:;yF iq&$-.,::'16,0 5 000,1(al'u:ersawte.iE: a ate Nt)tei .,:.. = Non -Callable = Amortization of Term Bond T = Term Bond Maturity 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 RBC Capital Markets, 10/05/11