Page 1 of 5 RBC Capital Markets strength in the municipal bond market A leader in U.S. municipal finance Headquartered in New York, RBC Capital Markets (RBC CM) is a leader in U.S. Municipal Finance. Drawing on the strength of RBC s high credit rating (Aa3/AA-), we serve hundreds of municipal issuers annually. Employing 350 banking, sales, trading, underwriting and research professionals in 26 cities, we have one of the largest U.S. municipal finance practices in the country. Over the past 78 years, the Municipal Finance Group has expanded in size, breadth and expertise. We have provided municipal financing assistance to thousands of clients, and have underwritten tens of thousands of bond issues. Investment banking RBC CM s banking offices throughout the country provide local clients with public finance professionals who have first-hand knowledge of the communities they serve. The bankers are able to sustain a level of active involvement with the issuer by attending local meetings and establishing a direct relationship free from geographic barriers. The growth of RBC CM s public finance practice has been built upon maintaining significant banking offices in select cities across the country. These core market offices are staffed with public finance bankers who have significant municipal finance expertise coupled with considerable knowledge of their specific market s economy, demographics and public finance laws. Trading and underwriting RBC CM s regional underwriting and trading expertise coupled with a national focus provides us with a unique advantage in gathering information on bonds issued in the areas we serve. Through our five regional trading desks and numerous underwriting groups we have in depth knowledge and access to local markets. As a result, we maintain extensive inventory positions and actively participate in both the primary and secondary markets, offering our clients a wide range of investment opportunities. BondDesk, a live and executable trading platform, gives our traders and financial advisors access to more than 150 commingled retail inventories, from primary and regional dealers across the country. This allows us to provide our customers with competitive offerings and the largest selection of fixed income products in the marketplace. As a result, we are able to provide our customers with more opportunities; achieving better pricing for their trades. Market distribution Through RBC Wealth Management, we have an expansive network, with retail branch offices located throughout the nation serving individual investors. Our underwriting and trading capabilities are broadly dispersed, far-reaching and client focused, allowing us to deliver a wide range of municipal products. Research and Strategies group RBC provides our clients with quality research. The municipal credit strategists in our Fixed Income Strategies Group provide in-depth access to credit information, market conditions, and product information for investors. We publish timely commentaries on the economy, fixed income markets and investment strategies. Additionally, the strategies group professionals provide portfolio review services for our financial advisors and their clients. Municipal underwriting RBC CM is the most active underwriter of municipal bonds in terms of total number of senior managed issues, underwriting hundreds of issues annually. We maintain two fundamental advantages: Strong and enduring client relationships Significant capital to underwrite unsold balances in the primary market and to create and maintain an active secondary market for client issues In 2016, RBC Capital Markets Public Finance Department ranked as the #5 Lead Manager on Negotiated Issues with 650 issues for a 7.0% market share. Total par amount on these issues was $22,678,800,000. RBC s total number of issues will surpass the four firms ahead in the rankings who averaged 274 issues. Contact Us: RBC Plaza 60 South Sixth Street Minneapolis, MN 55402-4422 (612) 371-7730 Please see the following pages for RBC CM s Lead Manager, US Municipal Composite and Negotiate Composite Amount tables, followed by highlighted issues of interest from U.S. regions. Non-deposit investment products: Not FDIC insured Not bank guaranteed May lose value
Page 2 of 5 Lead Manager League Table Manager Par Amount Rank (US$ mil) Mkt. Share # of Issues Bank of America Merrill Lynch 44,754.2 1 13.8 337 Citi 35,259.5 2 10.8 288 J P Morgan Securities LLC 29,806.6 3 9.2 243 Morgan Stanley 25,068.0 4 7.7 228 RBC Capital Markets 22,678.8 5 7.0 650 Wells Fargo & Co 18,936.0 6 5.8 220 Stifel Nicolaus & Co Inc 16,924.3 7 5.2 801 Goldman Sachs & Co 15,536.1 8 4.8 88 Barclays 15,419.5 9 4.7 117 Piper Jaffray & Co 14,203.3 10 4.4 519 Industry Total 238,586.3 100.0 3,491 Lead and Co-Manager League Table Bank of America Merrill Lynch 124,436.1 1 38.3 676 J P Morgan Securities LLC 114,225.1 2 35.1 595 Citi 109,309.8 3 33.6 604 Wells Fargo & Co 106,014.3 4 32.6 647 Morgan Stanley 104,659.6 5 32.2 553 RBC Capital Markets 96,940.5 6 29.8 1031 Raymond James 78,896.9 7 24.3 876 Siebert Cisneros Shank & Co LLC 71,279.4 8 21.9 262 Ramirez & Co Inc 70,442.6 9 21.7 287 Barclays 68,739.4 10 21.1 292 Industry Total 944,943.7 100.0 5,823
Page 3 of 5 Healthcare Lead Manager League Table Bank of America Merrill Lynch 7,848.2 1 21.8 58 J P Morgan Securities LLC 7,152.6 2 19.8 42 Morgan Stanley 6,302.6 3 17.5 32 Citi 3,424.0 4 9.5 18 Wells Fargo & Co 1,998.6 5 5.5 26 Barclays 1,930.7 6 5.4 13 Goldman Sachs & Co 1,867.9 7 5.2 14 Ziegler 1,625.7 8 4.5 12 RBC Capital Markets 931.8 9 2.6 7 Piper Jaffray & Co 732.7 10 2.0 19 Industry Total 33,814.8 100.0 291 Single Family Housing Lead Manager League Table RBC Capital Markets 3,231.1 1 31.1 65 J P Morgan Securities LLC 1,578.5 2 15.2 22 Bank of America Merrill Lynch 1,331.6 3 12.8 28 Citi 966.6 4 9.3 17 Barclays 787.5 5 7.6 13 Stifel Nicolaus & Co Inc 649.0 6 6.3 26 Morgan Stanley 419.9 7 4.1 8 George K Baum & Company Inc 325.0 8* 3.1 6 Jefferies LLC 254.8 8* 2.5 1 Bank of New York Mellon Corp 250.0 10 2.4 2 Industry Total 9,794.0 100.0 188
Page 4 of 5 Highlighted issues in the East Coast Region Miami Dade Counties Public Improvements 340.1 RBC Senior FL Massachusetts Education Fin Student Loans and Refunding 340.0 RBC Senior MA Pennsylvania Econ Dev Hospital Improvements, Refunding 239.3 RBC Senior PA Connecticut Housing Multi Family Housing Refunding 220.8 RBC Senior CT DAS NY School District 216.6 RBC Senior NY Pennsylvania Housing Refunding and Single Fam Housing 214.2 RBC Senior PA Rhode Island Housing Housing Refunding 193.1 RBC Senior RI NY Transitional Finance Public Improvements 186.9 RBC Sole NY Port St Lucie Special Assignment Refunding and Single Family Housing 126.8 RBC Senior FL Tri-Boro Bridge & Tunnel Refunding and Transit Improvements 108.8 RBC Senior NY Highlighted issues in the Mid-Atlantic Region Black Belt Gas Supply 522.9 Sole AL Hamilton County Sales Tax Rev 324.0 Senior OH American Muni Power Hydroelectric / GREEN Bonds 209.5 Senior OH North Carolina HFA Housing 192.0 Senior NC Butler County Hospital UC Health 159.5 Senior OH Ohio State Advance Refunding 138.2 Sole OH Maryland Econ Dev Corp Student Housing University MD College Park 133.5 Senior MD Tennessee HAD Residential Housing 125.0 Senior TN Maryland State Health & Higher Ed Charlestown Community 89.6 Senior MD Norfolk Public Improvements 10.5 Sole VA Highlighted issues in the South Region Bexar County Refunding 350.1 RBC Senior TX TEXAS A & M Refunding and Improvements 325.5 RBC Senior TX Denver Airport System Refunding and Improvements 256.8 RBC Senior CO Pima County Sewer Refunding 211.5 RBC Sole AZ University of Texas Improvements 196.2 RBC Senior TX University of New Mexico Improvements and Refunding 160.2 RBC Senior NM Denver City & County School Refunding 143.2 RBC Senior CO Pima County Refunding 122.0 RBC Sole AZ Roaring Fork Improvements 122.0 RBC Sole CO Frisco GO Refunding and Improvements 120.6 RBC Senior TX
Page 5 of 5 Highlighted issues in the Upper Midwest Region Wisconsin State Refunding 370.9 RBC Senior WI Missouri Health & Educational St. Luke s Health 259.4 RBC Senior MO Indiana Finance Authority Green Bond: Water/Sewer/Utility 250.3 RBC Senior IN Minneapolis St. Paul MAC Metropolitan Airport Commission 230.6 RBC Senior MN Iowa Student Loans Student Loan 188.7 RBC Sole IA Wisconsin Housing & Economic Authority Housing 175.8 RBC Senior WI Illinois State Sales Tax Revenue 150.0 RBC Senior IL North Dakota Housing Housing 148.8 RBC Senior ND Omaha Public Power Dist. Electric, Power and Light 103.6 RBC Senior NE Montana Board of Housing Housing 66.6 RBC Senior MT Highlighted issues in the West Coast Region Los Angeles Airport Airport 226.4 RBC Senior CA Los Angeles Harbor Port, Marina 201.5 RBC Senior CA Pasadena Community College District 189.4 RBC Senior CA California Veterans Housing 167.1 RBC Senior CA Napa Valley School District 150.0 RBC Senior CA San Francisco School District 128.9 RBC Senior CA Eugene Electric System Electric Utilities 115.1 RBC Sole OR Alaska Muni Bond Bank Public Improvement 109.8 RBC Senior AK San Diego Public Facilities 103.2 RBC Senior CA Washington State Housing Housing 67.0 RBC Senior WA RBC Capital Markets is a trade name of Royal Bank of Canada and its affiliates, including RBC Capital Markets, LLC and the fixed income businesses of RBC Wealth Management in the U.S. (members NYSE/SIPC), RBC Dominion Securities Inc. in Canada (member CIPF), and Royal Bank of Canada (Europe) Ltd. The fixed income investment banking, sales, trading and underwriting activities of Royal Bank of Canada throughout the world are carried out under the name RBC Capital Markets. The municipal securities underwriting and financial advisory services of RBC Capital Markets in the United States are provided by RBC Wealth Management, a fullservice broker-dealer (including retail brokerage). Balance sheet products, such as interest rate swaps and letters of credit, are provided by Royal Bank of Canada. [RBC Centura Bank is a bank in the southeastern United States that is a wholly-owned subsidiary of Royal Bank of Canada.] The terms RBC, we or our in this proposal refer to one or more of these entities as indicated by the context. RBC Wealth Management, a division of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC. 2017 All rights reserved. 3689 (09/17)