1-Stability - Organization Overview - Organizational Capacity_2.pdf

Jill M. Forsyth Senior Vice President Global Leasing

14636 N. Scottsdale Road, Suite #200 Scottsdale, AZ 85254

T 480.624.0369 F 415.796.1301 jill.m.forsyth@BofA.com

The transaction described in this document is an arm’s length, commercial transaction between you and Banc of America Public Capital Corp or one of its subsidiaries or affiliates (collectively, “BAPCC”) in which: (i) BAPCC is acting solely as a principal (i.e., as a lender or lessor) and for its own interest; (ii) BAPCC is not acting as a municipal advisor or financial advisor to you; (iii) BAPCC has no fiduciary duty pursuant to Section 15B of the Securities

Exchange Act of 1934 to you with respect to this transaction and the discussions, undertakings and procedures leading thereto (irrespective of whether

BAPCC or any of its affiliates has provided other services or is currently providing other services to you on other matters); (iv) the only obligations BAPCC has to you with respect to this transaction are set forth in the definitive transaction agreements between us; and (v) BAPCC is not recommending that you take an action with respect to the transaction described in this document, and before taking any action with respect to the this transaction, you should discuss the information contained herein with your own legal, accounting, tax, financial and other advisors, as you deem appropriate. If you would like a municipal advisor in this transaction that has legal fiduciary duties to you, you are free to engage a municipal advisor to serve in that capacity.

ORGANIZATION OVERVIEW

Banc of America Public Capital Corp Qualifications and Experience:

Banc of America Public Capital Corp (“BAPCC”) is a corporation and wholly owned subsidiary of Bank of America, National Association, one of the world's largest financial institutions, providing a full range of banking, investing, asset management and other financial and risk management products and services. Along with Global Leasing the number one market share leader in net assets and syndicated volume among U.S. leasing companies1, BAPCC provides full-service leasing and equipment financing solutions that structure, invest in and distribute equipment financing products.

BAPCC and Global Leasing have a strong combined presence in both the domestic and international markets with nearly 1,000 associates worldwide. Our team includes associates with a wide range of skills and expertise, including originators, debt and equity syndicators, pricing specialists, attorneys, equipment appraisers, credit analysts, portfolio managers, and contract administrators. These professionals ensure that our clients receive the soundest advice, the most competitive solutions, and the best execution available in the market.

In the public sector, BAPCC’s Government Finance team is one of the tax-exempt industry's largest financial solutions providers with approximately $3.35 billion in commitments serving roughly 387 clients. With its nationwide presence in the municipal equipment financing realm, the group structures, implements and distributes tax-exempt financing solutions to complement the current and long-term financial strategies of tax-exempt entities.

12021 Monitor 100 Special Issue (August)

ORGANIZATIONAL CAPACITY

Bank of America has provided services to the public sector since 1910 —in 1982, the Bank formed the Public Sector Banking group to address specific needs of government clients. This sector has relationships with many state governments and top municipalities throughout the United States. Banc of America Public Capital is one of the largest Municipal Lessors in the industry. The whole team including originations, credit, documentation and legal focus solely on the needs of the Public Sector.

There has been cross-training among the team to always ensure continuity of high service levels.

Both Jill and Lisa, the two primary contacts for this product, have over 25 years of experience to insure all the State needs are being met. Additional States that have this “Pool of Lessors” concept include the State of CA and the State of LA and BAPCC assisted in helping set up these master leasing programs as well.

Bank of America is a publicly traded company trading under the symbol of “BAC” on the New York Stock Exchange. BAPCC is a wholly owned subsidiary of this entity. The current market capitalization is $365B. The public debt ratings are as follows:

Bank of America, NA As of Oct 13, 2023 Moody’s Standard & Poors

Outlook Stable Stable Long-term Senior debt Aa1 A+ Short-term P-1 A-1

Key Personnel/Organizational Chart

Larry Glandon is the Bank client manager for the State of Arizona and has handled this relationship for over 20 years. He is a Senior Vice President and works as a “generalist” in the Public Sector Division of Bank of America. His job is to understand the needs of his clients and then connect them to the “specialist” in that area to bring the best expertise and solution to the client. In this case, Jill Forsyth is the leasing expert introduced to the transaction to respond to the master lease RFP. She teams with her transaction manager, Lisa Coggi, and a documentation lead to fulfill the needs of the State. The below organizational chart also indicates the team’s managers and the Public Finance contact since that Division also assists governmental clients.

The resumes of the experienced individuals that will be handling the master lease for the State are as follows:

RESUMES OF KEY PERSONNEL

Jill M. Forsyth: Senior Vice President, Banc of America Public Capital Corp 14636 North Scottsdale Road, Suite 200; Scottsdale, AZ 85254; Phone: 480-624-0369 jill.m.forsyth@bofa.com

Jill is a Senior Vice President Banc of America Public Capital Group and is responsible for tax-exempt equipment transactions in the Western and Central portions of the US. Jill works directly with issuers including cities, counties, school districts, State governments and Authorities, to structure unique solutions to finance equipment and provides master lease lines of credit. Jill has over thirty years of experience in the tax-exempt leasing industry and resides in Arizona. She joined Banc of America Leasing eighteen years ago after over 20+ years with JP Morgan Chase. Jill has received both her undergraduate and Master of Business degrees from Arizona State University.

mailto:jill.m.forsyth@bofa.com

Lisa A. Coggi: Senior Vice President, Banc of America Public Capital Corp 16900 Chesterfield Airport Road, Chesterfield, MO 63005 Phone: 312-537-6773 lisa.a.coggi@bofa.com

Lisa is a Senior Vice President, Transaction Management with the Banc of America Public Capital Corp (“BAPCC”) Government Finance team. In that role, Lisa is responsible for acting as liaison between clients and internal BAPCC support services. Lisa joined Banc of America in 2006 after previously working with organizations such as Key Equipment Finance and The CIT Group. Lisa has in excess 25 years of experience in equipment finance in lease administration, originations, relationship management and process improvement roles. Lisa has earned her Bachelor of Arts degree from Loyola University–Chicago and her Juris Doctor degree from Saint Louis University School of Law, and she is a member of the Missouri Bar Association.

Legal Proceedings To the best of the knowledge of the person submitting this proposal, BAPCC has not been involved in litigation for the past five (5) years.

Methodology proposed for establishment of the interest rate for each lease requested The sample pricing required in this RFP response requested pricing based on the overnight SOFR index which would not be applicable to any lease requested through this program. Overnight rates and average weighted life SOFR rates are materially different. Please see below explanation of the rate methodology that would be used. The average life SOFR index is the industry standard.

The index that will be used to set the pricing on each schedule is the “SOFR” index which is based on the average weighted life of the transaction. SOFR stands for Standard Overnight Funding Rate and is published by the NY Federal Reserve as a true “risk free” rate (as opposed to LIBOR based swaps).

The Main highlights are:

* It is a rate produced by the Federal Reserve Bank of New York for the public good;

* It is derived from an active and well-defined market with sufficient depth to make it extraordinarily difficult to ever manipulate or influence;

* It is produced in a transparent, direct manner and is based on observable transactions, rather than being dependent on estimates, like LIBOR, or derived through models

Minimum Schedule Size/Limitations:

Every financing request sent to BAPCC will be reviewed to determine if a bid will be provided. There is no transaction size minimum but the amount, the essentiality of the assets and tenor will be part of the response decision. There are no limits or aggregation issues.

Also, prompt payment discounts discussed in the RFP would be N/A for the product type.

mailto:lisa.a.coggi@bofa.com