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HomeMy WebLinkAboutBofA Securities, Inc County of Hawaii Response to Notice to Providers of Professional Services (HRS 103D-304) Public Finance Bond Underwriting (FY 2025-2026) June 30, 2025 BofA Securities, Inc. 333 S. Hope Street, Suite 3820 Los Angeles, CA 90071 Effective May 13, 2019, BofA Securities, Inc. is the new legal entity for all institutional business previously provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill”), while the retail brokerage system of Bank of America Corporation (“BAC”) continues to operate under Merrill. BofA Securities, Inc. and Merrill, which are affiliates within BAC, have entered into an exclusive retail distribution arrangement under which BofA Securities, Inc. may (i) distribute municipal securities to Merrill, which in turn may distribute those securities to retail investors through the retail brokerage network of Merrill, and (ii) compensate Merrill for any bonds it sells. “Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. References to BofA Securities, Inc. herein refer to the institutional business of Merrill Lynch, Pierce, Fenner & Smith Incorporated prior to May 13, 2019, and as of that date to BofA Securities, Inc. June 30, 2025 Ms. Diane Nakagawa Director of Finance County of Hawaii 25 Aupuni Street Hilo, Hawaii 96720 Dear Ms. Nakagawa: BofA Securities, Inc. (“BofA Securities” or “BofA”) is pleased to submit our response to the County of Hawaii’s (the “County”) Notice to Providers of Professional Services (HRS 103D-304) for Public Finance Bond Underwriting (FY2025-2026). As discussed herein, we believe there are many factors that distinguish BofA from our competitors, but specific consideration should be given to the following important areas:  Municipal Market Leadership - BofA has ranked as the #1 underwriter of municipal securities nationally since 2022 with 1,311 senior managed transactions for over $205.3 billion in par. Our success in this market is made possible in large part by the strength of our distribution system - both retail and institutional - as well as our ability and willingness to use capital to support our clients’ offerings in both the primary and secondary markets with over $256.4 billion of total capital and over $12.8 billion of excess net capital as of March 31, 2025. Importantly, BofA also has been the “Number One” underwriter in Hawaii since 2022, having senior managed 25 financings for over $3.7 billion.  Experience in Hawaii - Over the past 30 years, our finance team has managed more transactions in Hawaii than any other. We thoroughly understand Hawaii G.O. financing structures and the challenges presented by State law. Importantly, our team has worked with virtually every municipality within Hawaii, including the County, State of Hawaii and its various DOTs, City and County of Honolulu, Honolulu Department of Environmental Services, Honolulu Board of Water Supply, County of Kauai, County of Maui, University of Hawaii, and the Department of Hawaiian Homelands.  Commitment to the County of Hawaii - BofA and our proposed banking team are committed to the County, having served as senior manager for the County’s $50 million G.O. bonds in 2008, $60 million G.O. bonds in 2010, $99 million G.O. financing in 2013, $235 million G.O. bonds in 2016, $139 million G.O. bonds in 2017, $77.1 million G.O. bonds in 2020, $99 million G.O. bonds in 2023, and most recently $142.1 million G.O. bonds in 2025. We also recently created a comprehensive cashflow model to project debt service payments for the County’s capital needs – including the Hilo Wastewater Treatment Plant.  Investor Distribution - BofA’s distribution network provides access to a broad range of institutional and retail investors, both nationally and in Hawaii. BofA maintains a significant presence across the State with 59 registered Merrill financial advisors in 3 retail offices strategically located throughout Hawaii, including Hilo and Kailua-Kona. We would like to thank you for providing BofA with the opportunity to submit our qualifications. We greatly value our long- standing relationship with the County and hope to have the opportunity to work with the County again in the future. Please feel free to contact us with any questions. Sincerely, Frank X. Lauterbur, Managing Director Craig Dussinger, Director (213) 345-9575 (213) 345-9579 frank.lauterbur@bofa.com craig.dussinger@bofa.com WE ARE NOT YOUR MUNICIPAL ADVISOR OR FIDUCIARY. BofA Securities, Inc. (“BofA Securities”) is providing the information contained herein for discussion purposes only either as an underwriter or in anticipation of being engaged to serve as an underwriter. BofA Securities is not acting as your “municipal advisor” within the meaning of Section 15B of the Securities Exchange Act of 1934, as amended (the “Act”), and does not owe a fiduciary duty to you pursuant to the Act with respect to the information and material contained in this communication. BofA Securities is either serving as an underwriter or is seeking to serve as an underwriter on a future transaction and not as a financial advisor or municipal advisor. An underwriter’s primary role is to purchase securities with a view to distribution in an arm’s-length commercial transaction with you and it has financial and other interests that differ from those of yours. BofA Securities is acting for its own interests. You should discuss any information and material contained in this communication with any and all of your own internal or external municipal and/or financial, legal, accounting, tax and other advisors and experts, as applicable, to the extent you deem appropriate before acting on this information or material. Table of Contents Question Page 1. 2. 3. 4. 5. Firm Name and Office Locations ......................................................................................................... 1 Firm Age and Average Number of Employees..................................................................................... 3 Finance Team ...................................................................................................................................... 3 Client References ................................................................................................................................ 7 Additional Information ........................................................................................................................ 8 Confidential Notice to Recipient These materials have been prepared by one or more affiliates of Bank of America Corporation (“BAC” and, together with its affiliates, the “BAC Group”) for the client or potential client to whom these materials are directly addressed and delivered (the “Company”) for discussion purposes only in connection with an actual or potential mandate or engagement and remain subject to verification and to our further review and assessment from, inter alia, a legal, tax, compliance, accounting policy and risk perspective, as appropriate. These materials were designed for discussion with and consideration by specific persons familiar with the business and affairs of the Company and are being furnished and should be considered only when taken together with any other information, oral or written, provided by us in connection herewith. These materials are not intended to provide the sole basis for evaluating, and should not be considered as, and are not intended to provide, any advice, recommendation or formal opinion with respect to, any transaction or any financial, strategic, business or other matter and do not constitute an offer or solicitation to sell or purchase any securities, nor do they constitute a commitment by BAC or any of its affiliates to provide, arrange, bookrun, underwrite or syndicate any financing for any transaction, to market, offer, place, sell, underwrite or purchase any security or to otherwise enter into any type of business relationship in connection herewith. None of BAC or its affiliates has provided or will provide legal, tax, compliance, accounting or risk advice to the Company or any recipient of these materials. These materials are not intended to provide any such advice or any consulting, rating agency or environmental, social and governance and sustainability (“ESG”) rating agency advice, nor are any materials provided by us intended to identify, evaluate or advise you as to any potential legal, reputational or other risks. The information and any examples provided have not been evaluated or verified for effectiveness, quality, accuracy or risk and none of BAC or its affiliates is endorsing any particular approach to ESG, any particular ESG investment strategy or any particular ESG standards, ratings or metrics. These materials are subject to the Company’s own review and assessment from a legal, tax, compliance, accounting policy, financial, strategic, ESG, and risk perspective, as appropriate, and the Company should consult with its own legal, tax, compliance, accounting, financial, and ESG advisors prior to entering any transaction. These materials are not intended to be legally binding or to give rise to any legal relationship between the recipient or any other person whatsoever and any person or entity within the BAC Group. No person or entity within the BAC Group will be responsible or liable (whether in tort, contract or otherwise) for any losses or damages, consequential or otherwise, that may be incurred or alleged by any person or entity as a result of these materials, any inaccurate, incomplete or misleading statement, error or omission in these materials, or any transaction (whether entered into or not) relating to or resulting from these materials, and these materials may not be used or relied upon for any purpose, other than as may be specifically agreed with us in writing. We assume no obligation to verify, update, correct or otherwise revise these materials. These materials have not been prepared with a view toward public disclosure (whether under any securities laws or otherwise), are intended solely for review and consideration by the Company, and may not be, in whole or in part, reproduced, disseminated, quoted or referred to, or shown, transmitted, or otherwise given to, any person other than the Company’s authorized representatives, without our prior written consent. 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 responsibility for independent investigation or verification of the information included in these materials (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 management or other parties (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). Any such estimates and forecasts may reflect assumptions and judgments that prove incorrect; there can be no assurance that any estimates or forecasts will be realized. No representation or warranty, express or implied, is made as to the accuracy or completeness of any such information, or of any other information in these materials, and nothing contained herein is, or shall be relied upon as, a representation, warranty or undertaking, whether as to the past, the present or the future. These materials may not reflect information known to other professionals in other business areas of the BAC Group. Any league tables referenced within these materials have been prepared using data sourced from external third-party providers as outlined in the relevant footnotes where applicable. The BAC Group comprises 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, in the United States and internationally, from which conflicting interests or duties, or a perception thereof, may arise. In the ordinary course of these activities, parts 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 person that may be involved in a transaction. “Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of BAC. Lending, leasing, equipment finance, derivatives and other commercial banking activities, and trading in certain financial instruments, are performed globally by banking affiliates or subsidiaries of BAC, including Bank of America, N.A., Member FDIC, or of the deposit protection scheme, if available, in the relevant jurisdiction, Equal Housing Lender. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates or subsidiaries of BAC (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc which is a registered broker-dealer and Member of SIPC, and, in other jurisdictions, by locally registered entities (including Bank of America Europe Designated Activity Company, BofA Securities Europe SA and Merrill Lynch International). BofA Securities, Inc. is registered as a futures commission merchant with the CFTC and a member of the NFA. Bank of America Europe Designated Activity Company is a wholly-owned subsidiary of BAC and is regulated by the Central Bank of Ireland. Products and services that may be referenced in these materials may be provided through one or more affiliates of BAC. Bank of America and BofA Securities entities and branches provide financial services to the clients of Bank of America and BofA Securities and may outsource/delegate the marketing and/or provision of certain services or aspects of services to other branches or members of the BAC Group. Your service provider will remain the entity/branch specified in your onboarding documentation and/or other contractual or marketing documentation even where you communicate with staff that operate from a different entity or branch which is acting for and on behalf of your contractual service provider in their communications with you. Some or all products and services offered by the BAC Group may be unavailable in certain jurisdictions, or may be available only on an offshore and/or reverse solicitation basis, and availability is subject to change without notice. The BAC Group does not perform in any jurisdiction banking activities that are reserved by local law to licensed or approved banks, except in those jurisdictions where its banking affiliates or subsidiaries have procured the necessary licenses or approvals. For those jurisdictions where they are not licensed to perform banking activities, all services/products are conducted on an offshore basis for Latin America and the Caribbean. Some or all of the products may not be available in certain jurisdictions and are subject to change without notice. This document and its content are for information purposes and shall not be interpreted as banking or financial intermediation, business solicitation and/or public offering of any kind. Investment products offered by Investment Banking Affiliates: This document is NOT a research report and is NOT a product of a research department and the material in this communication is not investment research or a research recommendation. This document is not prepared as or intended to be investment advice, and the content is not and should not be considered as investment advice under any circumstances. The BAC Group has adopted policies and guidelines designed to preserve the independence of our research analysts. These policies prohibit employees from, directly or indirectly, 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 and prohibit research analysts from being directly compensated for involvement in investment banking transactions. The views expressed herein are the views solely of the specific BAC Group line of business providing you with these materials and no inference should be made that the views expressed represent the view of the firm’s research department. 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 disclosure of identifying information or any non-public commercial or financial information (except to the extent any such information relates to the tax structure or tax treatment)—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. 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, as amended, which was signed into law October 26, 2001) and such other laws, rules and regulations as applicable within and outside the United States. For more information, including who your contractual service provider is or will be, the terms and conditions that apply to the service(s), and information regarding external third-party data providers and the criteria and methodology used to prepare a league table, please contact your Bank of America or BofA Securities representative or relationship manager. Notice regarding Bank of America or BofA Securities entities outside of the United States: For Bank of America or BofA Securities entities outside the United States, please see additional information via the following link: https://www.bofaml.com/en-us/content/baml-disclaimer.html. Notice regarding Bank of America or BofA Securities entities in the EEA and UK: For Bank of America or BofA Securities entities in the European Economic Area and the United Kingdom, please see additional information via the following link: www.bofaml.com/mifid2. Disclosure regarding BofA Securities Europe SA: BofA Securities Europe SA (“BofASE SA”), with registered address at 51, rue La Boétie, 75008 Paris is registered under n° 842 602 690 RCS Paris. In accordance with the provisions of French Code Monétaire et Financier (Monetary and Financial Code), BofASE SA is an établissement de crédit et d’investissement (credit and investment institution) that is authorised and supervised by the European Central Bank and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and regulated by the ACPR and the Autorité des Marchés Financiers. BofASE SA’s share capital can be found at www.bofaml.com/BofASEdisclaimer. Notice for Argentina: “Merrill Lynch” is the trademark that Bank of America Corporation uses in the Republic of Argentina for capital markets, financial advisory and investment businesses, which are conducted by and through Merrill Lynch Argentina S.A. This entity does not conduct any activities subject to banking license, such as capturing deposits from the public. Notice for Brazil: Bank of America and BofA Securities’ Ombudsman*| Toll Free: 0800 886 2000 “BofA Securities” is the marketing name of Merrill Lynch S.A. Corretora de Títulos e Valores Mobiliários*, which is a broker-dealer registered in Brazil of Bank of America Corporation. * Bank of America Merrill Lynch Banco Múltiplo S.A. (the banking affiliate in Brazil of Bank of America Corporation) and Merrill Lynch S.A. Corretora de Títulos e Valores Mobiliários (the registered broker dealer in Brazil). Notice for Chile: Bank of America N.A., Oficina de Representacion (Chile), is a representative office in Chile of Bank of America N.A., supervised by the Comisión para el Mercado Financiero and authorized to promote in Chile select products and services that Bank of America N.A. provides outside of Chile. Neither Bank of America, N.A., nor its representative office in Chile, is authorized to carry out in Chile any activities that are reserved by Chilean law to locally licensed banks. Notice for Colombia: Bank of America N.A., Oficina de Representacion (Colombia), is a representative office in Colombia of Bank of America N.A., supervised by the Superintendencia Financiera de Colombia and authorized to promote in Colombia select products and services that Bank of America N.A. and BofA Securities, Inc. provides outside of Colombia. Neither Bank of America, N.A., nor its representative office in Colombia, is authorized to carry out in Colombia any activities that are reserved by Colombian law to locally licensed banks. Notice for Dubai International Financial Centre: Merrill Lynch International is authorised and regulated by the Dubai Financial Services Authority. Principal address is ICD Brookfield Place, Level 46, Dubai International Financial Centre, Dubai, United Arab Emirates. License no. CL0322, P.O. Box 506576, Dubai, United Arab Emirates. This communication is not for distribution to the public or a large number of persons, but is personal to named recipients; it is directed to professional and market customers and not to retail customers. The financial products/financial services to which this marketing material relates is only made available to customers who in the view of Merrill Lynch International meet the regulatory criteria to be a Client under DFSA Conduct of Business rules (COB 2.3). Please note that Merrill Lynch International does not deal with retail clients. Notice for Hong Kong: Bank of America, National Association, Hong Kong Branch, is a branch of a national banking association organized and existing with limited liability under the laws of the United States of America. Notice for Kingdom of Saudi Arabia: This marketing communication is issued and approved by the Merrill Lynch Kingdom of Saudi Arabia Company which is authorised and regulated by the Kingdom of Saudi Arabia Capital Market Authority ("CMA"). Principal address is Kingdom Tower, 22 Floor, 2239 Al-Orouba Road, Olaya, Unit No: 50, Ar Riyadh 12214-9597, Saudi Arabia. This communication includes information given in compliance with the Regulations of the CMA. This communication may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the regulations issued by the CMA. The CMA does not make any representation as to the accuracy or completeness of this communication, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this communication. This material is not to be distributed to, nor to be read by, retail clients. Notice for Mexico: Bank of America México, S.A., Institución de Banca Múltiple is a banking affiliate in Mexico of Bank of America Corporation and Merrill Lynch México, S.A. de C.V., Casa de Bolsa is a registered broker dealer affiliate in Mexico of Bank of America Corporation. Bank of America, National Association, Charlotte, Carolina del Norte, Estados Unidos de Norteamérica, Representación en México is a representative office in Mexico of Bank of America, N.A., supervised by the Mexico National Commission on Banking and Securities. Notice for Peru: Bank of America N.A., Oficina de Representacion (Peru), is a representative office in Peru of Bank of America N.A., supervised by the Superintendencia de Banca, Seguros y Administradoras Privadas de Fondos de Pensiones and authorized to promote in Peru select products and services that Bank of America N.A. and its investment banking affiliates provide outside of Peru. Neither Bank of America, N.A., nor its representative office in Peru, is authorized to carry out in Peru any activities that are reserved by Peruvian law to locally licensed banks. Notice for Qatar Financial Centre: Merrill Lynch International (QFC) Branch is licensed by the Qatar Financial Centre Regulatory Authority. Principal address is Tornado Tower, Level 22, West Bay, Doha, Qatar. QFC License no. 00258, P.O. Box 27774, Doha, Qatar. This communication is not for distribution to the public or a large number of persons, but is personal to named recipients; it is directed to eligible counterparty or business customers and not to retail customers. The financial products/financial services to which this marketing material relates is only made available to customers who in the view of Merrill Lynch International (QFC) Branch meet the regulatory criteria to be a Client under QFCRA Customer and Investor Protection Rules 2019. Please note that Merrill Lynch International (QFC) Branch does not deal with retail customers. Bank of America Europe DAC (“BofA Europe”) is a designated activity company limited by shares. It is registered in Ireland with registered number no. 220165 and registered address at Two Park Place, Hatch Street, Dublin 2. BofA Europe is a credit institution and is authorised and supervised by the European Central Bank and the Central Bank of Ireland. BofA Europe is regulated by the Central Bank of Ireland. List of branches is at https://business.bofa.com/content/dam/boamlimages/documents/articles/ID17_1174/bofaml_entities_list.pdf. Bank of America, N.A. (“BANA”) is a national banking association organised and existing under the laws of the USA with charter number 13044 and with its registered address at 100 North Tryon Street, Charlotte, North Carolina 28202, USA. BANA (member of Federal Deposit Insurance Corporation (FDIC)) is authorised and regulated by the Office of the Comptroller of the Currency, and is subject to the supervision and regulation of the Board of Governors of the Federal Reserve System and the FDIC, each in the USA. BANA has a London branch (“BANA London Branch”) with its principal place of business in the United Kingdom at 2 King Edward Street, London EC1A 1HQ, which is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of BANA London Branch’s regulation by the Prudential Regulation Authority are available from BANA London Branch on request. Notice for Indonesia: Bank of America, National Association, Jakarta Branch (“BANA Jakarta”), is a branch of a national banking association organized and existing with limited liability under the laws of the United States of America. In Indonesia, BANA Jakarta is licensed and under the supervision of the Indonesia Financial Services Authority (“Otoritas Jasa Keuangan” or“OJK”) and Bank Indonesia, and a participant of Deposit Insurance Corporation (“Lembaga Penjamin Simpanan” or "LPS”). PT Merrill Lynch Sekuritas Indonesia is licensed and supervised by OJK. Notice for Philippines: Bank of America, National Association, Manila Branch is regulated by Bangko Sentral ng Pilipinas. https://www.bsp.gov.ph. Deposits are insured by Philippine Deposit Insurance Corporation up to P500,000 per depositor. For queries or concerns, please contact Client Service Team at (+632) 88155100 or asia.sse-ph@bofa.com. ©2025 Bank of America Corporation. All rights reserved. 1/2025 Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value Page 1 Response to Notice to Providers of Professional Services (HRS 103D-304) 1. Firm Name and Office Locations Description of the Firm. Bank of America Corporation ("Bank of America" or "BAC") is one of the world’s leading financial institutions offering a full range of banking, investing, asset management and other financial and risk management products and services. Bank of America is a global leader in wealth management, corporate and investment banking, and trading across a broad range of asset classes – serving individuals, small and middle market businesses, large corporations, and institutions (including our municipal clients) around the world. BofA Securities is the brand name for the institutional businesses conducted through the broker-dealer BofA Securities, Inc. (“BofA Securities” or “BofA”). BAC’s retail brokerage system operates under Merrill Lynch, Pierce, Fenner & Smith, Incorporated (“Merrill”) and BAC’s commercial banking services are provided by our affiliate, Bank of America, N.A. (“BANA”). As of May 2019, BofA is the successor entity for the institutional business of Merrill, which was incorporated in Delaware in 1958 and was a municipal broker-dealer for approximately 60 years. Any historical information provided in our response that predates May 2019 relates to Merrill as the predecessor entity. BofA Securities and Merrill, which are affiliated indirect subsidiaries of BAC, have entered into an exclusive retail distribution arrangement that enables Merrill to distribute certain new issue municipal securities underwritten by or allocated to BofA and BofA will share with Merrill a portion of the fee or commission paid to BofA. Merrill continues to operate our storied retail brokerage system, while BofA is the broker-dealer of record for municipal banking and underwriting services. On the commercial banking side, BANA has long been an active lender to municipalities, including financing the Golden Gate Bridge in the 1930s in the midst of the economic depression. Merrill’s wealth management businesses, with over 15,000 wealth advisors, provide tailored solutions to meet our retail clients’ needs through a full set of financial advisory services including investment management, banking, trust and retirement products via two primary businesses: Merrill and Bank of America Private Bank. Credit Ratings. In the table below we provide the ratings of Bank of America Corporation as well as Bank of America, N.A., the legal counterparty for all credit products (letters of credit and liquidity facilities) and swap transactions entered into by our firm. BofA Securities, Inc. (“BofA”), the broker-dealer through which we execute municipal underwritings, currently carries the same ratings as Bank of America, N.A. (but is not rated by Moody’s). CURRENT CREDIT RATINGS Bank of America Corporation Bank of America, N.A. Moody’s S&P Fitch Moody’s S&P Fitch Long-Term ; A- AA- Aa2 A+ AA Short-Term P-1 A-2 F1+ P-1 A-1 F1+ Outlook Stable Stable Stable Stable Stable Stable Note: Ratings as of 5/19/25. Municipal Banking and Markets. Headquartered in New York City, BofA’s Municipal Banking and Markets (MBAM) group is a fully integrated division that includes Public Finance Investment Banking, Sales, Trading, Underwriting, Municipal Credit Products, Commercial Bank Credit Products and Client Management for governmental clients. This single, coordinated business unit provides our municipal clients with a central platform for their capital raising, credit and treasury needs. Integrated client focus facilitates optimized product solutions, and streamlined coverage is led by public finance bankers who coordinate the delivery of both capital markets and bank/on-balance sheet products. With all municipal business reporting to the same leadership, our public finance banking teams are able to provide the County with broad access to market information, facilitate quick responses to changing market conditions. This consolidated business model has led to our #1 ranking as underwriter of municipal bonds in each of the last thirteen years as well as in 2025YTD. Investment banking coverage will be coordinated and led from BofA’s Los Angeles office, supplemented with additional banking, underwriting, sales and trading professionals in our New York, Honolulu, and San Francisco offices. The addresses for these offices are provided below. Please note that our team’s detailed contact information, including email addresses, are provided in our response to Question 3. LOS ANGELES OFFICE NEW YORK OFFICE HONOLULU OFFICE SAN FRANCISCO OFFICE 333 S. Hope St., Ste. 3820 Los Angeles, CA 90071 One Bryant Park New York, NY 10036 1003 Bishop St. Pauahi Tower Honolulu, HI 96813 555 California Street, Suite 610 San Francisco, CA 94104 Page 2 Bank of America has an expansive global footprint, serving clients through operations in over 40 countries. Of relevance to the County, a complete list of our 2,400+ nationwide Merrill Lynch offices can be accessed via the following link: https://www.fa.ml.com/find-an-advisor/#byoffice?modal=findbranch. Our Bank presence in the United States also includes approximately 1,000 retail banking offices and over 16,000 ATMs and can be accessed by the following link: https://locators.bankofamerica.com/. Through our Bank of America, N.A. affiliate, the legal counterparty for the majority of our credit products and all swap transactions entered into by BofA, we are a leading credit/liquidity provider. In addition, and depending upon structure, at times we utilize other Bank of America Corporation affiliates to book credit products; these affiliates include Banc of America Preferred Lending Corporation and Banc of America Specialized Lending Corporation. Our credit team has an extensive track record of providing flexible and cost-effective on-balance sheet credit for government agencies, including liquidity facilities, letters of credit, direct purchases, loans, leases, and a multitude of other credit related products and services. Examples applicable to the County include:  Provide flexible interim/CP-like solutions without enhancement/remarketing costs  Privately place moderately sized tax-exempt, AMT and taxable transactions with low cost of issuance  Taxable advance refundings and tax-exempt forward refundings well in advance of first call dates/non-callable debt In addition to the Bank’s long-standing leading role in the provision of traditional credit products, we have developed a number of innovative on-balance sheet products that can be alternatives or supplements to traditional variable rate/commercial paper programs and their related bank facilities, including direct purchase index floaters, revolving credit facilities, and private placement options. The Bank is also very active in the energy and equipment leasing space through Bank of America Public Capital Corp (“BAPCC”), a wholly-owned subsidiary of Bank of America N.A. We have purchased five such leases on behalf of the State in recent years. Hawaii Presence. The firm’s resource and economic commitment to Hawaii extends back to the 1960’s, when Merrill opened its first Hawaii office in downtown Honolulu. Today, Merrill employs 88 Hawaii residents, including 58 retail financial advisors and three institutional advisors across our Honolulu, Hilo and Kailua-Kona offices: Bank of America Corporation with its subsidiaries and local employees has been an active supporter of charities, charitable events and non-profit organizations in Hawaii. Since 2017, this local support has included:  3,100 volunteer hours in local communities  $186,000 donated by local employees to local charitable organizations (plus $172,000 matched by the firm)  $259 million in loans to commercial businesses in Hawaii  $239 million of home loans to Hawaii customers  $42 million in credit to small businesses in Hawaii Local charities and civic organizations supported by the firm and our employees include: Adult Friends for Youth After-School All-Stars Hawaii Ahahui Malama I Ka Lokahi American Diabetes Association Big Brothers Big Sisters Hawaii Inc Boy Scouts of America Aloha Council Boys And Girls Club of Hawaii Brigham Young University-Hawaii The Caregiver Foundation Chaminade University of Honolulu Conservation Council for Hawaii Diamond Head Theatre Equine 808 Horse Rescue Friendship Homes and Schools Hawaii Community Foundation Hawaii Symphony Orchestra Inc Hawaiian Humane Society Hawaiian Mission Children’s Society Hawaiian Music and Dance Found Honolulu Museum of Art Japan America Society of Hawaii Leukemia & Lymphoma Society Inc Make A Wish Hawaii Inc Maui Food Bank Inc Maui Memorial Medical Ctr Foundation Mohala Pua School PAWS of Hawaii Pacific Whale Foundation Peaches Kokua Hui Punahou School The Queen's Health Systems Saint Louis School Shriners Hospitals For Children Special Olympics Hawaii Inc Surfrider Spirit Sessions Tri-Isle Resource Cons & Devel Council University of Hawaii Foundation Waikiki Health Center HAWAII OFFICES HONOLULU HILO KAILUA – KONA Location 1003 Bishop Street Honolulu, Hawaii 96813 1437 Kilauea Ave Hilo, Hawaii 96720 78-6831 Alii Dr # 7A Kailua Kona, Hawaii 96740 Employees 77 6 5 ML Financial Advisors 52 4 3 Office Opened 1969 1974 1988 Page 3 Additionally, Bank of America announced in 2023 that the Hawaii State Archives would be the recipient of a Bank of America Art Conservation Grant to conserve three royal portraits in the Archive’s collection (including the famous William Cogswell portrait created in 1892 depicting Queen Liliuokalani). Also in 2023, Bank of America provided significant support for the Maui Wildfire recovery effort through multiple organizations including the Hawaii Community Foundation. 2. Firm Age and Average Number of Employees Firm Age. The heritage of Bank of America and its legacy institutions can be traced back nearly as far as our nation’s founding. For over 100 years, Bank of America has helped create opportunity and fuel economic growth by investing in the people, neighborhoods, institutions, and industries that have built and advanced America. As noted above, our Municipal Banking and Markets group operates under the broker-dealer BofA. BofA is the successor entity for the institutional business of Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill”) which was incorporated in Delaware in 1958 and was a municipal broker-dealer for approximately 60 years. Merrill continues to operate our storied retail brokerage system, while BofA is the broker-dealer of record for municipal banking and underwriting services. On the commercial banking side, BANA has been an active lender to municipalities for more than a century. Number of Employees. With approximately 213,000 employees worldwide (as of 2024), the Bank ranks as one of the largest securities firms in the world. Our activities include domestic and international investment banking, project financing, derivative structuring, institutional marketing, economic forecasting, leasing, money markets, and sales and trading of corporate, U.S. government, and municipal securities. BAC’s historical headcount figures over the past five years are presented in the following table. BANK OF AMERICA CORPORATION EMPLOYEES (As of December 31) 2020 2021 2022 2023 2024 Avg. (20-24) Total Employees 212,000 208,000 217,000 218,000 213,000 213,600 3. Finance Team BofA’s proposed finance team is summarized in the graphic below. The core finance team will participate in all financings proposed by the County while specialty bankers will contribute on an “as needed” basis. Please note, our core banking personnel maintain all required and applicable licenses and registration to conduct securities related business in Hawaii and nationally. Also, provided on the following page, is BofA’s deep bench of specialty banking, underwriting, trading and marketing professionals, as well as our in-house credit team. The proposed BofA finance team offers the County many years of experience working with Hawaii municipalities. In fact, for over three decades, our finance team has managed more transactions in Hawaii than any other. Frank Lauterbur, Managing Director, has over 39 years of experience in public finance and has been covering Hawaii issuers for his entire career. Mr. Lauterbur will serve as the County’s lead banker and primary contact. He is Co-Head of our Frank Lauterbur Managing Director (LA) Primary Contact & Lead Banker(39 years experience) Core Finance Team Brad Gewehr Senior Vice President (NY)Lead Credit Specialist(42 years experience) Collin De La BruereSenior Vice President(BOS)Credit Specialist (12 years experience) Kerri JoblingVice President (NY)Fixed Rate Underwriter (7years experience) Grace GaoaenDirector (SF)HI Retail Marketing (40years experience) Craig DussingerDirector (LA)Co-Lead Banker (20 years experience) Underwriting Retail Marketing & Trading Kirubiel AyeleDirector (LA)Quantitative and Execution Banker (10 years experience) Jeff HarrisDirector (LA)HI Trading Specialist (31 years experience) Brendan TroyManaging Director (NY)Lead Fixed Rate Underwriter (234 years experience) Miguel RuizAssociate (NY)Lead Variable Rate Underwriter (4 years experience) Katy LiuVice President (LA) Quantitative and Execution Banker (8 years experience) Chris RohstedtVice President (SF)Trading Strategies (20 years experience) Justin Kaneko Associate (LA)Support Banker(5 years experience) Banking Specialists Jeffrey Bower Managing Director (LA)Western Region Water/Wastewater Specialist (37 years experience) Tom LiuManaging Director (NY)National Water/Wastewater Specialist (35 years experience) Page 4 Western Region group and a member of the Public Finance Group’s banking management committee. Mr. Lauterbur will be directly available throughout all aspects of the transaction from kick-off to closing, including conference calls, rating agency presentations, and investor meetings. Craig Dussinger, Director, will serve as co-lead banker and lead the execution efforts for the County. Mr. Dussinger has spent his entire career working in Hawaii and will continue to make the County his top priority. Mr. Dussinger has recent experience senior managing sizable G.O. financings for the County of Hawaii, City and County of Honolulu and the State of Hawaii. Brad Gewehr, Senior Vice President, will assist in any credit analysis and rating agency strategy for the County. Mr. Gewehr was a former Managing Director at Moody’s, and he will be available to assist the County with rating presentations and credit strategy. Mr. Gewehr also is our national pension and OPEB specialist. Brad will be assisted by Collin De La Bruere, a Senior Vice President base in Boston. Kirubiel Ayele and Katy Liu, both Directors, will provide day-to-day transaction execution and quantitative support. Additionally, Justin Kaneko, associate, will provide further banking support. Mr. Kaneko was born and raised in Hawaii on the island of Oahu. Jeffrey Bower and Tom Liu, both Managing Directors will be available to provide any guidance and expertise on any potential Water / Wastewater financings the County may need. Mr. Bower is the head of our Western Region Water Wastewater practice and Mr. Liu is the head of our National Water/Wastewater/SRF practice. Additionally, both Messrs. Bower and Liu are experts on WIFIA and are able to provide guidance, if needed. Brendan Troy, Managing Director, will serve as lead municipal underwriter, managing the pricing and underwriting of the County’s fixed rate bonds. Mr. Troy was the lead underwriter for the County’s 2008, 2010, 2013, 2016, 2017, 2020, 2023 and 2025 G.O. financings. Kerri Jobling, Vice President, will provide additional fixed rate underwriting support. Miguel Ruiz, Associate, manages BofA’s remarketing book and will serve as the lead underwriter for any short-term variable rate transactions Grace Gaoaen, Director, will provide overall retail marketing guidance from our San Francisco trading desk. Jeff Harris, Director, will provide retail marketing and trading guidance from our Los Angeles municipal markets desk. Chris Rohstedt, Vice President, will provide additional guidance on trading strategies. Resumes for these professionals are provided below. CORE FINANCE TEAM Role: Primary Contact and Lead Banker – Responsible for providing day-to-day banking coverage and resource management for the State. Number and Amount of Financings: Senior managed 232 Hawaii financings for over $46.6 billion. Related Experience: Mr. Lauterbur has over 39 years of experience working with western region municipalities and especially Hawaii clients. He serves as Co-Head of Western Region Public Finance for BofA. His extensive Hawaii experience includes senior managed transactions for the County in 2008, 2010, 2013, 2016, 2017, 2020, 2023 and 2025, State of Hawaii (G.O., COPs and QSCBs), including the State’s General Obligation Bonds of 2009, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 (co-senior), 2023 (co-senior) and 2024, Harbors Division, Airports Division, Highways Division, University of Hawaii, Department of Hawaiian Homelands, Hawaii Housing Finance and Development Corporation, Hawaii Community Development Authority, Mid-Pacific Institute, Chaminade University, City and County of Honolulu, Honolulu Board of Water Supply, County of Kauai, and County of Maui. For these clients and others, he has executed a wide spectrum of structures and credits including G.O.s, COPs/lease revenue bonds, pension obligation bonds, transportation (airports, ports and highways), water and sewer and special assessment bonds. He also has served as a lead banker for the states of California, New Mexico and Arizona, the Government of Guam and the Counties of Los Angeles and San Diego. Role: Co-Lead Banker – Responsible for leading day-to-day execution of all financings. Number and Amount of Financings: 124 transactions for Hawaii clients with a total par amount over $35.5 billion. Related Experience: Mr. Dussinger has 20 years of experience in municipal finance, including 14 years at BofA. Mr. Dussinger will lead the day-to-day deal execution for the County. His Hawaii experience includes financings for the County in 2008, 2010, 2013, 2016, 2017, 2020, 2023 and 2025, State of Hawaii, including the State’s General Obligation Bonds of 2009, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022 (co-senior), 2023 (co-senior) and 2024, Airports Division, Harbors Division, University of Hawaii, Department of Hawaiian Homelands, Mid-Pacific Institute, Chaminade University, City and County of Honolulu, Honolulu Board of Water Supply, County of Kauai and County of Maui. Mr. Dussinger also covers high profile clients such as the Ports of Los Angeles and Long Beach, the State of New Mexico, the New Mexico DOT and the Colorado DOT. Mr. Dussinger is also closely involved with the financial modeling for the Honolulu High Capacity Transit Corridor Project (Rail System). He assisted with the original model that was submitted and approved by the FTA. Frank LauterburManaging Director & Co-head of Western Region T 213.345.9575frank.lauterbur@bofa.com Education: BA -Dartmouth CollegeMBA -University of California, Los Angeles FINRA: Series 7, 53 and 63Hawaii Registered Craig DussingerDirector T 213.345.9579craig.dussinger@bofa.com Education: BS –Northeastern University FINRA: Series 7, 53 and 63Hawaii Registered Page 5 CORE FINANCE TEAM Role: Lead Credit Specialist – Responsible for assistance with credit analysis, rating presentations and investor relations. Number and Amount of Financings: Over 480 senior managed financings for over $130 billion. Related Experience: Mr. Gewehr joined BofA’s Municipal Products Group to provide municipal credit expertise to our West Coast clients. Prior to joining BofA, he was with UBS where he was the head of their municipal credit strategies group and worked closely with Mr. Lauterbur in Hawaii for over 20 years. He has assisted numerous municipal water utility clients and general fund (G.O. and lease revenue) issuers on credit analyses and strategies. Additionally, Mr. Gewehr spent many years at Moody's as a Managing Director where he supervised a staff of analysts responsible for assigning and maintaining ratings on municipal tax-backed, utility revenue, and lease credits in 26 states. Role: Credit Specialist – Responsible for providing quantitative support and day-to-day execution. Number and Amount of Financings: Senior managed over 150 national financings for $30 billion, including 3 senior managed Hawaii financings for over $1 billion. Related Experience: Mr. De La Bruere is a Senior Vice President in our Municipal Products Group, assisting transportation infrastructure clients nationwide with credit risk management. Collin specializes in developing strategies to maximize credit ratings and investor participation in a constantly evolving transportation sector. In this capacity, Collin has recently worked with Salt Lake City (SLC), Dallas-Fort Worth (DFW), Seattle (SEA), Portland (PDX), San Diego (SAN), Reno-Tahoe (RNO), and Hawaii (HNL). Collin has also provided over $17 billion in bank credit capacity since 2014, including to New Terminal One. Role: Analytical and Quantitative Analysis – Responsible for providing additional transaction support. Number and Amount of Financings: 38 senior managed Hawaii financings for over $13 billion. Related Experience: Mr. Ayele joined BofA full time in 2015. Since joining our team, Mr. Ayele has worked in various bond issues for states across the western region including the State’s General Obligation Bonds of 2015, 2016, 2017, 2018, 2019 2020, 2021, 2022 (Co-Senior) 2023 (co-senior) and 2024, as well as financings for Harbors Division, Airports Division, University of Hawaii, County of Kauai and County of Hawaii. He also provided execution support for the City and County of Honolulu’s most recent G.O. and Wastewater Revenue Bond financings as well as the Honolulu Board of Water Supply’s 2020 Bond financing. Prior to joining BofA, he worked in the investment services industry at Northwestern Mutual specializing in deal execution and asset management. Role: Analytical and Quantitative Analysis – Responsible for providing additional transaction support. Number and Amount of Financings: 31 senior managed Hawaii financings for over $10 billion. Related Experience: Ms. Liu joined BofA’s Western Region group in the summer of 2016. Ms. Liu’s public finance experience includes recent transactions for the State’s 2017, 2018 and 2019 General Obligation Bond financings. She also provided execution support for the City and County of Honolulu’s most recent G.O. and Wastewater Revenue Bond financings as well as the Honolulu Board of Water Supply’s 2024 Bond financing. In addition, her west coast experience includes transactions for the Bay Area Toll Authority, Bay Area Rapid Transit District, the Department of Water and Power of the City and County of Los Angeles, among other West Coast financings. Role: Support Banker – Responsible for providing additional transaction support. Number and Amount of Financings: 37 senior managed Hawaii financings for over $11.1 billion. Related Experience: Mr. Kaneko, who was born and raised in Hawaii, joined BofA’s Western Region group in the September of 2020 after being an intern in 2019. Since joining, Mr. Kaneko’s public finance experience includes financings for the State of Hawaii (G.O., Airports, Harbors, and Highways), University of Hawaii, City and County of Honolulu (G.O. and Wastewater), County of Hawaii, County of Kauai, Honolulu Board of Water Supply, Bay Area Toll Authority, Guam Power Authority, County of Los Angeles, Orange County Transportation Authority, City of Manhattan Beach, City of Modesto, and Cucamonga Valley Water District. BANKING SPECIALISTS Role: Western Region Water/Wastewater Specialist Number and Amount of Financings: Senior managed over 460 national financings for $106 billion, including 64 Hawaii financings for over $15.5 billion. Experience: Mr. Bower has over 37 years of experience in municipal finance including working for the Orange County Water District earlier in his career. During his public finance career he has senior managed over $35 billion for issuers in California, Hawaii, Arizona, Nevada and Washington. Mr. Bower has extensive general state and lease financing experience with multiple issuers in the Western region, including the States of Arizona, California and Washington. He has served as a senior banker on the State’s most recent general obligation financing and the Honolulu Board of Water Supply’s most recent financings. He has also Brad GewehrSenior Vice President T 646.743.1336bradley.gewehr@bofa.com Education: BA –Amherst University MBA –New York University FINRA: Series 7, 53 and 63Hawaii Registered Collin De La BruereSenior Vice President T 617.434.1362collin.delabruere@bofa.com Education: BA –Harvard University FINRA: Series 7, 52, 53, 63 and 66 Kirubiel AyeleVice President T 213.345.9577kirubiel.ayele@bofa.com Education: BA –University of Southern California FINRA: Series 7, 52 and 63Hawaii Registered Katy LiuVice President T 213.345.9583katy.liu@bofa.com Education: BA –University of California, Los Angeles FINRA: Series 7, 52 and 63Hawaii Registered Education: BS –Fordham University Justin KanekoAssociate T 213.345.9597justin.kaneko@bofa.com FINRA: Series 7, 52 and 63Hawaii Registered Jeffrey BowerManaging Director T 213.345.9580Jeffrey.bower@bofa.com Education: BA -Dartmouth CollegeMBA -University of California, Los Angeles FINRA: Series 7, 53 and 63Hawaii Registered Page 6 BANKING SPECIALISTS assisted in many of the State of Hawaii’s transactions in recent years, including the G.O., Airport and Harbors System credits. Role: Head of Water and Wastewater/SRF Group Number and Amount of Financings: 186 senior managed transactions totaling over $36.0 billion. Related Experience: Mr. Liu is a well-recognized expert and industry leader in water/wastewater financings, specializing in this area his entire 34-year career and having senior-managed over $33 billion in such financings. Mr. Liu serves some of the largest water/wastewater issuers in the nation including the City of Tampa, the New York City Municipal Water Finance Authority, Massachusetts Water Resources Authority, DC Water, City of Chicago (wastewater), City of Philadelphia (water), Sewerage and Water Board of New Orleans, and the Puerto Rico Aqueduct and Sewer Authority, among others. UNDERWRITING Role: Lead Fixed Rate Underwriter – Responsible for fixed rate issue pricing, underwriting and syndicate management for the County. Number and Amount of Financings: Over 1,600 senior managed national financings for over $310 billion, 105 senior managed Hawaii financings for over $25.6 billion. Related Experience: Mr. Troy has over 24 years of experience in both the underwriting of fixed rate and variable rate securities at BofA. His recent experience for the State of Hawaii includes the State’s General Obligation Bonds of 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021 and 2024, Airports Division’s 2017 and 2019 CFC Bonds, Harbors Division’s 2010 and 2020 Harbor System Revenue Bonds, the State’s $32.0 million Qualified School Construction Bond issue Series DS of 2009, $293.68 million Series DT-DW refunding bonds of 2009 and $41.12 million Series 2009A COPs. Also recently, Mr. Troy senior managed the City and County of Honolulu’s Series 2023 General Obligation Bond and 2023 Wastewater Bond issues, as well as the County of Hawaii’s 2012, 2016, 2017, 2020, 2023 and 2025 General Obligation bond issues. Mr. Troy’s clients throughout the west also include the State of California, State of New Mexico, State of Washington, Government of Guam, Los Angeles County and San Diego County Regional Airport Authority. Role: Fixed Rate Underwriter – Responsible for fixed rate issue pricing, underwriting and syndicate management for the County. Number and Amount of Financings: Over 350 senior managed national financings for over $41 billion. Related Experience: Ms. Harner began her career working in retail municipal sales, and then transitioned onto the long-term municipal underwriting desk in 2018. She has served as lead underwriter on deals across various sectors in the tax-exempt and taxable municipal market, including multiple western region transactions. She served as the lead underwriter for the negotiated sales for the Yucaipa Valley Water District (February 2022), Los Angeles County Sanitation Districts (2022), Rancho California Water District (2021), Cucamonga Valley Water District (2021), and Mesa Water District (2020). Role: Lead Municipal Money Markets Underwriter Number and Amount of Financings: Manages BofA’s Municipal Short-Term Portfolio totaling over $19 billion. Related Experience Mr. Ruiz has 4 years of experience in the municipal market and is currently one of BofA’s lead short term underwriters. He has experience as a competitive and negotiated underwriter, pricing tax-exempt and taxable transactions across all sectors of the municipal market. In addition, prior to joining the short-term underwriting desk he worked in sales on the municipal marketing desk. Before Joining BofA, Mr. Ruiz served for 4 years in the United States Army as an airborne infantryman. TRADING AND MARKETING Role: Retail Marketing Specialist – Responsible for Hawaii retail marketing from our San Francisco desk. Number and Amount of Financings: 200+ senior and co-managed transactions for over $25 billion. Related Experience: Grace has over thirty years of municipal bond experience with the following firms: Morgan Stanley & Co., Thomson McKinnon Securities, A. G. Edwards & Sons, Piper Jaffray & Company and BofA. Her experience encompasses the trading, underwriting and marketing of municipal securities primarily for retail sales. She joined the Public Finance Group at the BofA Merrill Lynch in October 2005 where she utilized her extensive experience working with retail sales to grow that business. In addition to Hawaii, her territory has expanded to cover the retail salesforce in the states of Oregon and Nevada. Tom LiuManaging Director T 646.743.1361thomas.liu@bofa.com Education: BS –University of MarylandMBA –University of Chicago FINRA: Series 7, 52, 53 and 63Hawaii Registered Brendan TroyManaging Director T 212.449.5081brendan.troy@bofa.com Education: BA –Vanderbilt UniversityMBA –New York University FINRA: Series 7, 53 and 63Hawaii Registered Kerri JoblingVice President T 212.449.5081kerri.jobling@bofa.com Education: BA –Bucknell University FINRA: Series 7, 52 and 63Hawaii Registered Miguel RuizAssociate T 212.449.5544mruiz24@bofa.com Education: BS –New York University FINRA: Series 7, 52 and 63Hawaii Registered Grace GaoaenDirector T 415.627.2137grace.gaoaen@bofa.com Education: BA –Saint Mary’s College of California FINRA: Series 7 and 63Hawaii Registered Page 7 Role: Hawaii Trading Specialist – Responsible for California trading from our Los Angeles desk. Number and Amount of Financings: Mr. Harris typically makes up to 1,000+ trades per week for a total of approximately $60 million. Related Experience: Mr. Harris has 30 years of public finance experience. His extensive experience includes areas in trading, marketing, and underwriting. Prior to joining Merrill Lynch’, he managed the west coast regional trading desk for A.G. Edwards. Additionally, Mr. Harris served as underwriter on over 60 negotiated financings in his 3 years tenure at Southwest Securities. Role: Trading Strategies – Responsible for Western Region trading strategies from our San Francisco desk. Number and Amount of Financings: Mr. Rohstedt typically makes up to 1,000+ trades per week for a total of approximately $50 million. Related Experience: Mr. Rohstedt joined Merrill Lynch in 2005 after two years of municipal financial advisory experience at Public Financial Management, where he provided quantitative analysis in support of debt management and transaction execution. Prior to joining the retail marketing desk, Mr. Rohstedt worked as a public finance banker and completed transactions for issuers including the State of California, California Department of Water Resources, California Public Works Board, Alameda County, San Bernardino County Transportation Authority, Orange County Transportation Authority, City of Pasadena, Sacramento Municipal Utility District, Alaska Energy Authority, State of Delaware, State of Ohio, Virginia Municipal League, Southeastern Pennsylvania Transportation Authority, and Indiana Finance Authority. 4. Client References BofA’s strength in the municipal market is not only evident in our firm’s strong rankings, but also in the strength of our relationships with our issuer clients. We have provided below the requested references and encourage the County to contact any or all of these references for first-hand commentary on the ability of BofA to meet the County’s financing needs as well as our banking team’s leadership in managing transactions. We are confident that each will attest to our commitment and the high level of service that we provide on a continual basis. HAWAII REFERENCES Client Information Relevant Financings and Services City and County of Honolulu Mr. Andrew T. Kawano / Mr. Roger Babcock Director of Budget & Fiscal Services / Director of Environmental Services 530 South King Street, Room 208 Honolulu, HI 96813 Tel: (808) 768-3901 / (808) 768-3486 E-mail: andy.kawano@honolulu.gov / roger.babcock@honolulu.gov General Obligation Bonds Index Floating Rate Bonds Water & Wastewater System Revenue Bonds BABs & RZEDBs Solid Waste (H-POWER) Private Activity Bonds Tax-Exempt Commercial Paper Lines of Credit & Treasury Securities Provider State of Hawaii Mr. Rod Becker Administrator 250 South Hotel St., Room 302 Honolulu, Hawaii 96813 Phone: 808-586-1612 E-mail: roderick.k.becker@hawaii.gov General Obligation Bonds Certificates of Participation Qualified School Construction Bonds Airport System Revenue Bonds Highways System Revenue Bonds Harbors System Revenue Bonds Treasury Securities Provider Honolulu Board of Water Supply Mr. Ernest Lau / Mr. Kaliko Lum Kee Manager & Chief Engineer / Assistant Waterworks Controller 630 Beretania Street Honolulu, HI 96843 Tel: 808-748-5061 / (808) 748-5131 E-mail: elau@hbws.or / klumkee@hbws.org Water System Revenue Bonds Private Activity Bonds State Revolving Fund Loans Sustainability Bonds University of Hawaii Mr. Kalbert Young VP for Budget and Finance and CFO 2444 Dole Street, Bachman 202 Honolulu, HI 96822 Tel: 808-956-8903 E-mail: kalbert@hawaii.edu University Bonds (Tobacco Settlement Receipts Pledge) University System Revenue Bonds (Including Cigarette Tax Pledge) New Mexico Finance Authority Mr. Chip Pierce Public Project Revolving Fund Revenue Bonds State Transportation Revenue Bonds Jeff HarrisDirector T 212.345.4344jeff.harris@bofa.com Education: BS –Truman State University FINRA: Series 7, 53 and 63Hawaii Registered Chris RohstedtVice President T 415.627.2137chris.rohstedt@bofa.com Education: BA –Cornell UniversityMPA –Syracuse University FINRA: Series 7and 63Hawaii Registered Page 8 HAWAII REFERENCES Client Information Relevant Financings and Services Chief Financial Strategist 207 Shelby Street Santa Fe, New Mexico 87501 Tel: 505-984-1454. E-mail: lpierce@nmfa.net Letters and Lines of Credit Direct Purchase Floating Rate Notes 5. Additional Information Commitment to the Hawaii Market As illustrated in the ranking chart to the right, BofA is the “Number One” ranked senior manager of Hawaii financings since 2022. As noted earlier, we believe this record is a testament to the dedication of our Hawaii team at both the senior and junior levels. Since the beginning of 2010, BofA has served as senior underwriter on over $33.1 billion in financings for Hawaii issuers, including the recent Hawaii County General Obligation issuance in April 2025. Our underwriting desk has consistently supported the County and other local issuers across the State in both negotiated and competitive bond sales. In addition to the County, our financing team has served as senior manager for issuers throughout Hawaii, including, State of Hawaii, City and County of Honolulu, County of Kauai, University of Hawaii and Honolulu Water Supply Board. Below we provide detailed deal list for Hawaii transactions since 2010. Sale Date Issuer Issue Description Par Amount Tax Status Role TBD DOT - Highways Highway Revenue Bonds $275,000,000 TE Senior TBD Hawaii Housing FDC Single Fam. Mortgage Housing Bond TBD TBD Co-Senior TBD City and County of Honolulu Wastewater System Revenue Bonds 230,000,000 TE Senior TBD City and County of Honolulu General Obligation Bonds 700,000,000 TE Senior 05/28/25 The Queen's Health Systems Special Purpose Revenue Bonds 316,945,000 TE Senior 04/14/25 County of Hawaii General Obligation Bonds 142,140,000 TE Senior 02/13/25 State of Hawaii Airport Sys Rev & Ref Bonds 848,535,000 TE/AMT Co-Senior 12/04/24 State of Hawaii General Obligation Bonds 750,000,000 TX Senior 12/03/24 County of Kauai General Obligation Bonds 56,640,000 TE Senior 09/11/24 City and County of Honolulu Wastewater System Revenue Bonds 625,555,000 TE Senior 07/09/24 City and County of Honolulu General Obligation Bonds 169,650,000 TE Senior 06/13/24 Hawaii Pacific University Special Purpose Revenue Bonds $35,730,000 TE Senior 03/12/24 Honolulu Water Supply Board Water System Rev Bonds 72,815,000 TE Senior 12/06/23 Hawaii General Obligation Bonds 750,000,000 TX Co-Senior 09/12/23 Honolulu City & County Wastewater System Revenue Bonds 189,785,000 TE Senior 08/08/23 Honolulu City & County General Obligation Bonds 271,025,000 TE Senior 06/07/23 Hawaii County General Obligation Bonds $99,000,000 TE Senior 03/08/23 Honolulu Water Supply Board Water System Revenue Bonds 17,245,000 TE Senior 10/19/22 Hawaii General Obligation Bonds 800,000,000 TX Co-Senior 07/19/22 Honolulu City & County General Obligation Bonds 97,455,000 TE Senior 05/11/22 Honolulu City & County Wastewater System Rev Bonds 241,355,000 TE Senior 03/08/22 Honolulu Water Supply Board Water System Revenue Bonds 135,260,000 TE/TX Senior 01/20/22 Hawaii Airport System Revenue Bonds 262,315,000 AMT Co-Senior 09/29/21 Hawaii General Obligation Bonds 1,992,505,000 TX Senior 07/21/21 Honolulu City & County General Obligation Bonds 742,675,000 TE/TX Senior 05/26/21 Hawaii Highway Revenue Bonds 137,205,000 TE Co-Senior 03/23/21 Kauai County General Obligation Bonds 28,560,000 TE / TX Senior 03/09/21 Honolulu Water Supply Board Water System Revenue Bonds 93,535,000 TE / TX Senior 12/15/20 Honolulu City & County Wastewater System Rev Bonds 273,670,000 TE / TX Senior 11/19/20 Hawaii Harbor System Revenue Bonds 266,550,000 TE / TX Senior 10/21/20 Hawaii General Obligation Bonds 1,147,555,000 TE / TX Senior 10/15/20 Hawaii County General Obligation Bonds 77,135,000 TE / TX Senior 10/14/20 Univ of Hawaii Board of Regents University Revenue Bonds 217,165,000 TE / TX Senior 10/07/20 Hawaii Airport System Revenue Bonds 582,490,000 TE / TX Co-Senior 08/05/20 Hawaii General Obligation Bonds 995,000,000 TE / TX Senior 07/22/20 Honolulu City & County General Obligation Bonds 346,335,000 TE / TX Senior 03/11/20 Honolulu Water Supply Board Water System Revenue Bonds 106,635,000 TE / TX Senior SENIOR MANAGED HAWAII FINANCING EXPERIENCE January 1, 2022 to 2025 YTD Source: Securities Data Company. Note: Rankings reflect true economics. Figures within bars denote number of issues. Par amount in millions. 2 3 2 3 25 $109 $473 $509 $902 $3,721 RBC Citi Barclays Morgan Stanley Page 9 Sale Date Issuer Issue Description Par Amount Tax Status Role 02/12/20 Honolulu City & County General Obligation Bonds 295,225,000 TE Senior 10/23/19 Honolulu City & County Wastewater System Revenue Bonds 496,910,000 TE / TX Senior 09/25/19 Hawaii Electric Company Special Purpose Revenue Ref Bonds 80,000,000 AMT Senior 08/14/19 State of Hawaii Airports System CFC Rev Bonds 194,710,000 TX Senior 08/07/19 Honolulu City & County General Obligation Bonds 548,945,000 TE / TX Senior 07/10/19 Hawaii Electric Company Special Purpose Revenue Ref Bonds 150,000,000 TE Senior 02/06/19 State of Hawaii General Obligation Bonds 575,000,000 TE Senior 01/23/19 Honolulu City & County General Obligation Bonds 250,025,000 TE Senior 09/18/18 Maui County General Obligation Bonds 106,315,000 TE Senior 08/15/18 Honolulu City & County General Obligation Bonds 468,470,000 TE / TX Senior 08/09/18 State of Hawaii Airport System Revenue Bonds 414,685,000 TE / AMT Co-Senior 03/07/18 Hawaii Pacific University Special Purpose Revenue Ref Bonds 33,915,000 TE Senior 01/30/18 State of Hawaii General Obligation Bonds 775,000,000 TE / TX Senior 01/24/18 Honolulu City & County Wastewater System Revenue Bonds 324,745,000 TE / TX Senior 12/14/17 Univ of Hawaii Board of Regents University Revenue Bonds 110,795,000 TE / TX Senior 10/18/17 Kauai County General Obligation Bonds 24,015,000 TE Senior 09/06/17 Honolulu City & County General Obligation Bonds (FRNs) 350,000,000 TE Senior 08/16/17 Honolulu City & County General Obligation Bonds 416,670,000 TE / TX Senior 07/12/17 State of Hawaii Airports System CFC Rev Bonds 249,805,000 TX Senior 06/20/17 Hawaii County General Obligation Bonds 139,895,000 TE Senior 06/15/17 Hawaii Electric Company Special Purpose Revenue Bonds 265,000,000 AMT Senior 05/10/17 State of Hawaii GO & Refunding Bonds 854,755,000 TE / TX Senior 10/05/16 Honolulu City & County General Obligation Bonds 378,805,000 TE / TX Senior 09/29/16 State of Hawaii GO & Refunding Bonds 782,005,000 TE / TX Senior 08/17/16 Honolulu City & County Wastewater Sys Rev & Ref Bonds 448,155,000 TE / TX Senior 03/31/16 State of Hawaii GO Refunding Bonds 344,720,000 TE / TX Senior 03/15/16 State of Hawaii General Obligation Bonds 500,000,000 TE Senior 02/03/16 Hawaii County General Obligation Bonds 235,765,000 TE / TX Senior 11/24/15 Hawaii Electric Company Special Purpose Rev Ref Bonds 47,000,000 AMT Senior 11/05/15 State of Hawaii Airport System Revenue Bonds 244,260,000 TE / AMT Co-Senior 10/15/15 State of Hawaii General Obligation Bonds 746,395,000 TE / TX Senior 09/10/15 Univ of Hawaii Board of Regents University Revenue Bonds 166,285,000 TE / TX Co-Senior 07/22/15 Honolulu City & County Wastewater System Rev Bonds 698,930,000 TE / TX Senior 03/17/15 Honolulu City & County General Obligation Bonds 888,635,000 TE / TX Senior 01/22/15 Queens Health Systems Special Purpose Revenue Bonds 263,695,000 TE Senior 11/20/14 Honolulu Water Supply Board Water System Revenue Bonds 144,985,000 TE / TX Senior 11/13/14 State of Hawaii GO & Refunding Bonds 1,008,775,000 TE / TX Senior 12/11/13 State of Hawaii Lease Revenue COPs 167,740,000 AMT Senior 11/05/13 State of Hawaii GO Refunding Bonds 860,855,000 TE / TX Senior 01/30/13 Hawaii County General Obligation Bonds 98,825,000 TE Senior 11/15/12 State of Hawaii GO & Refunding Bonds 866,990,000 TE / TX Senior 10/25/12 Honolulu City & County General Obligation Bonds 912,480,000 TE / TX Senior 09/20/12 Honolulu City & County Wastewater System Revenue Bonds 265,610,000 TE Senior 06/13/12 Kauai County General Obligation Bonds 34,375,000 TE / AMT Senior 03/14/12 Honolulu Water Supply Board Water System Revenue Bonds 85,195,000 TE Senior 02/09/12 Univ of Hawaii Board of Regents University Revenue Bonds 8,575,000 TE Senior 11/17/11 State of Hawaii GO & Refunding Bonds 1,286,230,000 TE Senior 10/13/11 Honolulu City & County Wastewater System Rev Bonds 169,190,000 TE Senior 09/14/11 State of Hawaii Airport System Rev Ref Bonds 300,885,000 AMT Senior 07/13/11 Honolulu City & County General Obligation Bonds 304,345,000 TE Senior 06/21/11 Kauai County General Obligation Bonds 26,110,000 TE Senior 12/02/10 Honolulu City & County General Obligation Bonds 347,770,000 TE / TX Senior 11/17/10 State of Hawaii Harbor System Revenue Bonds 201,390,000 TE / AMT Senior 10/26/10 Honolulu City & County Wastewater Sys Revenue Bonds 305,190,000 TE / TX Senior 09/21/10 Univ of Hawaii Board of Regents University Revenue Bonds 292,730,000 TE / TX Senior 07/13/10 Hawaii County General Obligation Bonds 60,000,000 TE / TX Senior Sub Total 93 Senior Managed Financings $34,506,240,000 03/24/10 State of Hawaii Airports System Rev Ref Bonds 644,980,000 TE / AMT Co-Mgr 02/09/10 State of Hawaii General Obligation Bonds 721,625,000 TE / TX Co-Mgr Sub Total 2 Co-Managed Financings $1,366,605,000 Total 95 Senior Managed Financings $35,872,845,000 *Pending. Page 10 Our services to our Hawaii clients extend beyond just selling bonds. In fact, each client receives individual attention specific to their situation. We provide Hawaii issuers with updates on the market environment, refunding opportunities, education on new financial products and municipal market developments, development of inaugural framework for borrowing programs, suggestions on ways to improve relations with the rating agencies and investors, and assistance with complex cashflow modeling. To provide details of our recent involvement in financings for our Hawaii clients, as well as our ongoing value-added services, we offer the summary table below. ISSUER HIGHLIGHTS FROM RECENT SENIOR MANAGED FINANCINGS County of Hawaii Issue: $142,140,000 General Obligation Bonds, Series 2025 • On April 14, BofA Securities served as sole manager on the County of Hawaii’s (“the County”) General Obligation Bonds, Series 2025 • The proceeds will be used to fund various County projects, including the Hilo Wastewater Treatment Plant Project • The bonds were structured on a level debt service basis with a 25-year final maturity and no principal delay • BofA worked with the County to develop a comprehensive credit update for the rating agencies • The County’s ratings were affirmed by both S&P and Fitch at “AA+” with Stable Outlooks • A comprehensive marketing campaign was conducted ahead of the bond sale, which included digital advertisements in local newspaper publications and an online investor roadshow • The week prior to pricing was extremely volatile due to the Liberation Day Trump tariffs, with the MMD index swinging as much as 30-50 basis point on each day • Many deals were put on hold given the market volatility • The team decided to accelerate the financing into the following Monday, April 14, given the positive tone coming off the weekend • This allowed the County to get ahead of the supply overhang from the prior week and shortened holiday week due to Good Friday • The County’s financing generated over $1.2 billion in orders, leaving the transaction 8.6x over subscribed • BofA was able to reduce yields by 3 to 15 basis points at final pricing • The County secured an All-in True Interest Cost of 4.53% City and County of Honolulu Issue: $169,650,000 General Obligation Bonds, Series 2024 ABC&D • On July 9, 2024, BofA served as senior manager for the City and County of Honolulu’s (“City”) General Obligation Bonds, Series 2024ABC&D (“Bonds”). • Proceeds from the Bonds will be used for various new money purposes as described in the table above. • BofA assisted the City with tax and structuring analysis surrounding the Series 2024D Bonds, which were ultimately issued on a taxable basis with a 15-year final maturity. • BofA worked with the City to develop a comprehensive credit update for the rating agencies, which included a bus tour of various City-operated parks and recreational areas on the east side of Oahu. • The Bonds were rated “AA+” with a Stable Outlook from both S&P and Fitch. • A comprehensive marketing campaign was conducted ahead of the Bond sale, including a voluntary posting on EMMA, digital advertisements, an on-line investor presentation as well as in-person meetings with local Hawaii banks. • The City had a strong reception during the Retail Order Period, receiving over $203 million in orders. • By the end of the Institutional Order Period, the City received total orders of $757 million, including $558 million from 50 unique institutional investors, making the transaction 4.5x oversubscribed. • This strong demand allowed repricing to lower yields by up to 9 basis points in select maturities. • BofA committed to underwrite $7.0 million of unsold balances at the time of the final pricing. • The City secured an All-In True Interest Cost of 4.05% on its tax-exempt 25-year new money borrowing. City and County of Honolulu, Department of Environmental Services (Wastewater) Issue: $625,555,000 Wastewater System Revenue Bonds, Series 2024 and Series 2025 (Forward Delivery) • Senior Series 2024A (Green Bonds): $320 million of proceeds for the City’s Wastewater System CIP • Senior Series 2024B and Junior Series 2024A: Advance refunded outstanding taxable bonds back to tax-exempt • Senior Series 2025A and Junior Series 2025A: Forward refunded outstanding tax-exempt bonds • The new money and refunding bonds were structured to manage debt service over the next five fiscal years to facilitate ramping into a pending package of Sewer Service Charge increases • The refunding series were structured to amortize the most expensive components first, starting with the Junior Lien forward delivery bonds, and ending with the Senior Lien current delivery bonds • Rating agency meetings were held in Honolulu and included a tour of the Sand Island WWTP upgrade project • S&P affirmed the AA+ Senior Lien rating and assigned an inaugural AA+ Junior Lien rating with a Stable Outlook • Fitch affirmed the AA Senior Lien and AA- Junior Lien ratings and placed both liens on Positive Outlook • The City published a Voluntary Notice of Potential Financing on EMMA ahead of the POS posting • Digital Banner Advertisements ran in the Honolulu Star Advertiser and neighbor island papers prior to pricing • The City held on-on-one meetings with the Bank of Hawaii and First Hawaiian Bank in Honolulu • A live Zoom investor presentation was attended by nine investors, several of which placed orders for the bonds Page 11 ISSUER HIGHLIGHTS FROM RECENT SENIOR MANAGED FINANCINGS • Tuesday was very busy with issuers trying to get ahead of the CPI report and presidential debate on Wednesday • Nearly 100 new issue municipal transactions totaling over $8 billion sold on Tuesday • The City held a full day Retail Order Period that resulted in $165 million of orders • By the end of the institutional order period, the City had over $6.5 billion of orders from 80 investors • The transaction was 10x over subscribed allowing BofA to lower yields by 5 to 15 basis points in select maturities • The All-in True Interest Cost for the new money series was 4.34% (24.1-year average life) • The forward refunding bonds included a forward premium of less than 4 basis points per month Honolulu Board of Water Supply Issue: $72,815,000 Water System Revenue Bonds, Series 2024A (Sustainability Bonds) • The tax-exempt bond proceeds will be used for new projects and repair and maintenance of the water system as well as to execute a current refunding of the Board’s 2014A&B bonds. • BofA Securities assisted in drafting a credit presentation and helped the team prepare for the rating agency meetings. • Both S&P and Fitch affirmed the Board’s “AAA” (Stable) rating. • The new money portion of the bonds were structured to wrap around the Board’s existing debt service with principal maturing from 2037 to 2053. • The refunding bonds were structured on a matched maturity basis to produced level savings. • The refunding of the 2014A&B bonds also allowed the Board to release approximately $5.9 million in funds related to the common reserve requirement. • The Bonds were self-designated as “Sustainability Bonds” – the first of its kind in Hawaii. • A Voluntary Notice of Sale was posted to the Board’s investor relations website and EMMA. • The City held one-on-one in person meetings with First Hawaiian Bank and Bank of Hawaii. • The finance team ran a retail order period on March 12th, and due to its success decided to accelerate the final pricing. • The transaction ultimately received $154 million of total orders as of the verbal award, including 25 unique institutional investors – an oversubscription of 2.1x. • Due to the strength of the order book, BofA was able to reduce yields by 2 basis points in most of the longer- dated maturities. • Certain shorter maturities remained undersubscribed, so BofA underwrote $17.6 million of bonds (24.2%) in order to maintain the integrity of the pricing. • The Board was able to secure a new money borrowing rate of 4.21% and generate PV savings of $503K (1.9% of refunded par). County of Kauai Issue: $56,640,000 General Obligation Bonds, Series 2024 • The Bonds were issued to refund the outstanding Build America Bond portion of the County’s Series 2010A Bonds utilizing the special extraordinary redemption provision • The Recovery Zone & Economic Development Bonds were left outstanding due to their 45% subsidy • BofA assisted the County in drafting a detailed credit presentation including sample Q&A • In person rating agency meetings and a Fern River tour were held on island • The County’s bonds were affirmed at AA (Stable Outlook) by both S&P and Fitch • The Bonds were structured with level debt service, with principal maturities ranging from August 1, 2025 to August 1, 2033 (matching the maturities of the refunded bonds) • BofA Securities worked closely with the County and bond counsel to utilize a 45 day look back language to optimize the treasury selection date for the extraordinary redemption • The finance team remained nimble and also monitored market conditions daily to capture the lowest possible borrowing rates for the refunding bonds • A Voluntary Notice of Potential Financing and Bond Call Notices were posted on EMMA • The Preliminary Official Statement was posted on October 2, 2024 • A conditional call notice was disseminated on September 19th, which was rescinded and re-disseminated on December 3rd • The County decided to enter the market just prior to the State’s GO bond sale • The County received more than $224.1 million of orders throughout the order period, leaving the transaction 3.9x over subscribed • The demand allowed BofA to lower yields between 2 and 6 basis points across the yield curve Page 12 ISSUER HIGHLIGHTS FROM RECENT SENIOR MANAGED FINANCINGS County of Maui Issue: $39,500,000 G.O. Bonds, 2008 Series A • The Banking Team led the efforts in guiding the County to upgrades by all three rating agencies to the highest level ever achieved by the County ("Aa2/AA/AA"). • Performed insurance breakeven analyses to determine which maturities were most economic to insure. • The County ultimately locked-in a TIC of only 4.1%, which was their lowest cost of borrowing over the past decade. Additional Value Added Services • Continuously monitor the County's debt profile for refunding opportunities. • Provide frequent updates to market conditions and any recent developments in the municipal market. • (Transaction completed by our banking team while at a prior firm.) State of Hawaii Issue: $750,000,000 Taxable General Obligation Bonds of 2024, Series GN • The bonds were issued entirely for new money purposes, and specifically for the acquisition, construction, extension or improvement of various public improvement projects, among which are public buildings and facilities, elementary and secondary schools, community college and university facilities, public libraries and parks and for other public purposes. • Governor Green met with the three rating agencies in a group setting at the Hawaii State Capitol building. • The meeting was followed by a tour of notable film location sites at Kualoa Ranch as well as a visit to Joint Base Pearl Harbor-Hickam, with presentations from General Phillip Mallory and the State Insurance Commissioner, Gordon Ito. • In preparation for the rating presentations, the finance team held multiple calls to review the credit presentation, talking points and sample Q&A. • The State’s ratings were affirmed at Aa2, AA+ and AA by Moody’s, S&P and Fitch, respectively – all with Stable Outlooks. • In conjunction with its review, Moody’s upgraded the Department of Hawaiian Homelands Revenue Bonds to Aa3. • The 2024 bonds were sold on a taxable basis to maximize flexibility for the use of proceeds. • The bonds were structured with a short first maturity of April 1, 2025, no principal delay, and a 19-year final maturity. • Two maturities were sold with a slight premium to cover costs. Since most municipalities are restricted to buying within 5 years, and some at par only, the syndicate recommended that the “premium” maturities be structured after the 5 year mark. • The bonds were sold with a make-whole call through 10 years at Treasuries minus five basis points and a par call thereafter. • The finance team explored alternate scenarios of issuing multiple series to facilitate a possible future refunding to tax-exempt. • A Notice of Potential Sale was posted on EMMA on November 8, 2024 to begin early marketing efforts. • An electronic investor presentation was disseminated in conjunction with the POS that was viewed by 8 investors. • The State met in person with Bank of Hawaii and First Hawaiian Bank, who submitted orders of $35.4 million and $11.5 million, respectively. • A Zoom investor presentation and Q&A was attended by 20 investors (who collectively submitted $912.0 million in orders). • The State took indications of interest on Tuesday, December 3rd and held the institutional pricing on Wednesday, December 4th, during which investors submitted over $5.6 billion of orders (plus nearly $366 million of syndicate Stock orders). • Due to the strength of the order book, BofA was able to reduce the State’s credit spreads during both the Revised Price Guidance and the Launch by an aggregate of 10 to 25 basis points across all maturities. • After the final re-pricing, the State still retained $3.6 billion of orders from 98 investors. • The Bonds have an All-in True Interest Cost of 4.92% — the lowest TIC in three years. State of Hawaii – Department of Transportation (Airports Division) Issue: $194,710,000 Airports System Customer Facility Charge Revenue Bonds, Series 2019A (Taxable) • The bonds were issued to finance the completion of the consolidated rent-a-car (CONRAC) facility at Daniel K. Inouye International Airport (HNL) in Honolulu, to refund the outstanding $76 million EB-5 Loan, to fund the Rolling Coverage Fund Requirement and the Debt Service Reserve Fund Requirement and to pay certain costs of issuance. • The Airports Division conducted on-site rating agency tour of the completed CONRAC facility on Maui as well as a general tour of the airport in Honolulu and ratings were affirmed by Moody’s, S&P and Fitch at A2, A+ and A, respectively – all with Stable Outlooks. These are amongst the highest ratings that each respective rating agency has given to any rental car facility in the nation. Moody’s also placed the Airports Division’s GARBs on Positive Outlook, citing progress in executing the capital plan. • The Series 2019A Bonds were structured with a 28-year level debt service to match the final maturity of the 2017A Bonds. Page 13 ISSUER HIGHLIGHTS FROM RECENT SENIOR MANAGED FINANCINGS • The interest on the 2019A Bonds are federally taxable and State of Hawaii tax-exempt. All bonds maturing after 10 years have a 10-year optional redemption at par; a make-whole call provision was included for bonds maturing within 10 years. • The delivery date of the transaction was aligned with the maturity date of the EB-5 loan. It is estimated that the Airports Division saved over $17 million in interest payments by utilizing the EB-5 loan. • An investor presentation was disseminated with the POS which was viewed by 36 investors. Additionally, the Airports Division held one-on-one meetings in Honolulu with Bank of Hawaii and First Hawaiian Bank as well as an investor luncheon was held in New York, which was attended by John Hancock, MetLife Investment Management and Schroders. • The Airports Division initially received over $1.2 billion of institutional orders, leaving the transaction 6x oversubscribed. Due to strong investor demand, the Airports Division was able to reprice the bonds at significantly lower credit spreads. After repricing, $768.3 million of orders from 38 investors remained and BofA underwrote approximately $10.2 million at the verbal award. • The Airports Division secured an all-in interest rate of only 2.987%, which translates into $37.5 million in debt service savings as compared to the Series 2017A CFC Bonds that had an all-in interest rate of 3.986%. • Nearly $8.5 million of this debt service savings was generated by lowering the initial pre-pricing all-in rate of 3.214% to the final pricing all-in rate of 2.987%. State of Hawaii – Department of Transportation (Airports Division) Issue: $848,535,000 Airports System Revenue Bonds, Series 2025 • BofA served as Co-Senior Manager on the State of Hawaii’s 2025 Airports System Revenue Bond sale, which priced on February 13, 2025 • The proceeds were used to fund new money projects as well as refund outstanding Airports System Revenue Bonds for economic savings • The State’s Airports System Revenue Bond ratings were affirmed by S&P and Fitch at AA-, and it was upgraded by Moody’s to a Aa3 from A1 • BofA remained an active participant in the financing, which included leading the efforts in crafting an investor presentation as well as hosting a live zoom investor luncheon • Over 30 accounts viewed the investor presentation • 28 individuals representing 26 investment firms logged into watch the live zoom presentation • The investor interest translated in over $5.0 billion in orders leaving the transaction 5.9x oversubscribed • BofA generated over $3.0 million in individual retail orders, and placed $546 million in Stock orders in support of the deal • The underwriting syndicate was able to reduce spreads by as much as 10 basis points  The State secured an All-In TIC of 5.01% on its AMT New Money and 4.42% on its Non-AMT New Money as well as achieved $12.4 million of PV savings (5.3% of refunded par) State of Hawaii – Department of Transportation (Harbors Division) Issue: $266,550,000 Harbor System Revenue Bonds, Series 2020 • Series 2020A (AMT) was issued for both new money and to current refund Series 2010B, Series 2020B (Taxable) was issued for both new money and to current refund Series 2010A, and Series 2020C (Non-AMT) was issued to current refund Series 2010A. • The team drafted a detailed credit presentation and spent weeks preparing for the rating agency calls. As a result, the Harbors Division’s ratings were affirmed by Moody’s at Aa3 and Fitch at AA-, both with Stable Outlooks. • The finance team completed a thorough review of the legal documents and incorporated a number of modernizations to the Certificate. Key amendments include allowing for individual reserve funds and modifying O&A and revenue definitions to net out statutory remittances to The Office of Hawaiian Affairs for Ceded lands payments. The holders of the 2013 and 2016 bonds (Capital One and Bank of America, N.A.) consented to the amendments prior to the bond pricing, which allowed the Harbors Division to size a lower reserve amount. • AMT and Non-AMT refunding bonds were structured with positive annual savings for tax law compliance and tax-exempt new money bonds were structured with a 20-year final maturity and “fill solution” to minimize the Harbors Division’s interest cost. • The taxable new money bonds were structured short, to maximize block sizes and lower interest costs, and the refunding was structured with up-front savings to reduce the maximum annual debt service. • Print and digital advertisements were placed in the Honolulu Star Advertiser, Pacific Business News, West Hawaii Today, and several neighbor island papers – the digital ad also ran in The Wall Street Journal. • An investor presentation was viewed by over 30 investors, 20 of whom placed orders for the bonds. The Harbors Division also held one-on-one calls with Bank of Hawaii and First Hawaiian Bank. • A retail order period was held on November 18th, during which the Harbors Division secured more than $300 million of orders from individual and professional retail investors. • The Harbors Division received more than $3.5 billion of total orders, leaving the transaction 13x over-subscribed – this allowed BofA to reduce yields by up to 20 basis points in select maturities. • The Harbors Division will realize $46.7 million of present value savings (32.2% of the refunded par) and All-In TIC for the combined new money issuance was only 2.24%. All of the bonds maturing after 10 years included a 10-year par call feature. Page 14 ISSUER HIGHLIGHTS FROM RECENT SENIOR MANAGED FINANCINGS State of Hawaii – Department of Transportation (Highways Division) Issue: $137,205,000 Highway Revenue Bonds, Series 2021 • On May 26, 2021, the State of Hawaii, acting by and through its Department of Transportation, sold $137,205,000 Highway Revenue Bonds, Series 2021 • BofA worked with the senior manager to assist the Highways Division with drafting a detailed credit presentation and helped prepare the finance team for rating agency meetings • An online investor presentation was disseminated with the POS which was viewed by 35 investors. The Department also held one-on-one investor calls with Bank of Hawaii and First Hawaiian Bank • The offering was well received by investors with $700 million of total orders, leaving the transaction with a 5.1x subscription. Due to this considerable demand, yields were reduced across multiple maturities by 3 to 5 bps • The transaction achieved an all-in TIC of 2.47% for a 15.2 average lifeThe Harbors Division will realize $46.7 million of present value savings (32.2% of the refunded par) and All-In TIC for the combined new money issuance was only 2.24%. All of the bonds maturing after 10 years included a 10-year par call feature. University of Hawaii Issue: $217,165,000 University Revenue Bonds, Series 2020A-E • BofA served as senior manager on $217,165,000 Board of Regents of the University of Hawaii's Revenue Bonds. • The $10,045,000 taxable Series 2020A Bonds were issued to finance a portion of a parking garage on campus. The $44,555,000 tax-exempt Series 2020B and $54,300,000 taxable Series 2020C Bonds were issued to current refund the Series 2010A-1 (Cancer Center) Bonds. The $77,135,000 tax-exempt Series 2020D and $31,130,000 taxable Series 2020E Bonds were issued to current refund the Series 2010B-1 Bonds. • The finance team and President Lassner met with the rating agencies via video conference from Honolulu.  Moody’s assigned a Aa3 rating and Fitch assigned a AA rating - both with Stable Outlooks. • BofA performed various analyses to find a tax-exempt / taxable ratio of the refunding bonds that takes into consideration the University’s need for private activity relief as well as the yield curve in order to minimize overall borrowing cost. • BofA actively worked with bond counsel in order to make sure this is compliant with state and federal tax laws. • The Series 2020A Bonds were sold with a 20-year final maturity. The refunding bonds were structured to amortize tax-exempt bonds first followed by taxable bonds. All bonds were sold with a 10-year par call option. The taxable bonds were also sold with a make-whole call through the first 10 years. • A Notice of Potential Sale was posted on the University’s Investor Relations website and on EMMA. Print and digital advertisements were placed in the Honolulu Star Advertiser and neighbor island newspapers. An electronic investor presentation was disseminated in conjunction with the POS and was viewed by 20 investors. The University held one-on-one conference calls with Bank of Hawaii and First Hawaiian Bank. • The public market weakened on the day of the retail order period. However, BofA maintained appropriated levels throughout the pricing process. The sale generated $177 million of orders and BofA Securities agreed to underwrite over $70 million of bonds as of verbal award. Despite a challenging market, the University secured a 2.42% all-in cost of funds and generated $38.7 million in present value savings. Hawaii Housing Finance and Development Corporation Issue: Refunding of $20,875,000 Hawaii Rental Housing System Revenue Bonds 2004 Refunding Series B • On May 28, 2009, the Corporation converted its outstanding auction rate certificates with a remarketing to fixed rate bonds in order to preserve the value of FSA insurance. • BofA assisted the Corporation in reconfirming its underlying rating of “A2” from Moody’s and with FSA’s internal credit and legal review to preserve the existing bond insurance and surety policies. • BofA secured almost $24 million in orders including $4.9 million in retail orders from Hawaiian residents. • To help the Corporation achieve the lowest possible cost of funds, BofA underwrote 27% of the transaction. Additional Value-Added Services • Monitored regularly refunding opportunities for rental housing bonds and University of Hawaii faculty housing bonds. Department of Hawaiian Homelands Issue: $42,500,000 Revenue Bonds, Series 2009 • BofA assisted DHHL in assembling a comprehensive credit presentation aimed at conveying DHHL’s revenue bond structure and its strong financial position. • Ultimately, DHHL decided to confirm ratings with Moody’s (A2) and Fitch (A-). • Despite a deterioration in the market that began on the day of the retail order period, DHHL’s Revenue Bonds attracted retail orders totaling more than 50% (or $22 million) of the entire transaction. • To help DHHL achieve the lowest possible cost of funds, BofA underwrote 15% of the transaction. Additional Value Added Services • Provide market updates to keep the DHHL apprised of current conditions. • Ongoing work with DHHL to analyze future financing options and capacity constraints. State of Hawaii Special Purpose Revenue Issue: $80,000,000 Special Purpose Revenue Bonds, Series 2019 (AMT) • In September 2019, BofA served as Senior Manager for $80.000 million of tax-exempt bond for Hawaiian Electric Company, Inc.(the “Company” or “HECO”) • Proceeds will be used to provide all or a portion of the funds for the acquisition, purchase, construction, reconstruction, improvement, betterment, extension and equipping (or any combination thereof) of certain Page 15 ISSUER HIGHLIGHTS FROM RECENT SENIOR MANAGED FINANCINGS Refunding Bonds (HECO) facilities for the local furnishing of electric energy (the “Facilities”) owned by the Companies and to pay other allowed expenses, including the costs of issuing the Bonds • The Bonds were issued in a Fixed Rate and priced to final maturity of 10/1/2049 • Structured with a 5-Year Par Call feature, giving the Company increased flexibility to refinance in a decreasing interest rate environment • The transaction generated orders of ~$150 Million (1.9x subscription) from 9 investors, including retail • The bonds were issued with Senior Unsecured ratings of Baa2/A- from Moody’s and Fitch • The transaction priced in a strong overall bond market, with treasury rates near all-time lows Hawaii Pacific University Issue: $35,730,000 Special Purpose Refunding Revenue Bonds, Series 2024 • $35,730,000 Special Purpose Refunding Revenue Series 2024 Bonds (“Bonds”), which were issued as tax- exempt fixed rate via a negotiated sale through the Department of Budget and Finance of the State of Hawaiʻi. The Bonds were rated BB (stable) by S&P. • The Bonds were issued to refund all of HPU’s Series 2013 Bonds, fund a Debt Service Reserve Fund, and pay expenses in connection with the issuance of the Bonds. • The Bonds were structured with deferred principal amortization to produce upfront savings with term bonds in 2034, 2039, and 2043. Principal amortization began in FY2030. In addition, the Bonds restructured and modernized the University’s current covenants, by introducing springing covenants to take effect once the University’s Series 2018 Bonds are no longer outstanding. • In the lead up to pricing, BofA worked with the University to field institutional investor calls and inquiries from 8 different institutional investors. • Ultimately, through significant marketing efforts the transaction generated over $143 million in total orders (4x oversubscription) across 5 different investors, allowing BofA to tighten spreads by 5 basis points across all maturities. • At the conclusion of pricing, the University was able to realize ~$6.9 million in upfront cashflow savings in FY2025 – 2030 to support near-term strategic goals and achieve 13.8% NPV savings on the Series 2013 Bonds. • This marks the second consecutive transaction BofA has led for Hawaiʻi Pacific University. Marketing and Distribution Capabilities Retail Distribution Capabilities. Effective May 13, 2019, BofA Securities, Inc. is the new legal entity for all institutional business including our municipal securities group. Our retail wealth management system continues to operate under MLPF&S. As such, BofA and MLPF&S, which are affiliates within Bank of America Corporation, have entered into an exclusive retail distribution arrangement under which BofA may (i) distribute municipal securities to MLPF&S, which in turn may distribute those securities to retail investors through the retail wealth management network of MLPF&S, and (ii) compensate MLPF&S for any bonds it sells. Our Merrill retail network has 550+ branch offices in the United States supported by over 15,000 wealth advisors managing over $3.0 trillion in retail assets. To coordinate our retail sales marketing effort, we maintain a staff of professional municipal marketing specialists located in offices across the nation. These professionals serve as the link between our municipal underwriting and trading operations and the retail FAs. With the significant rise in yields over the past year, we expect the retail segment to be of much greater importance going forward than it had been in recent years – especially for any tax-exempt bond offerings. The Bank’s distribution network in Hawaii includes 3 retail offices housing 59 financial advisors. As illustrated below, retail investors have been active participants in many of the Hawaii transactions senior managed by BofA since 2010. BofA Retail Orders for Senior/Co-Senior Managed Transactions Since 2010 Sale Date Issuer Credit Par Retail Orders* % of Par 04/14/25 County of Hawaii G.O. $142,140,000 $178,700,000 125.72% 02/13/25 State of Hawaii Airport System Rev Bonds 848,535,000 3,000,000 0.35% 12/04/24 State of Hawaii G.O. 750,000,000 45,590,000 6.08% 12/03/24 County of Kauai G.O. 56,640,000 191,035,000 337.28% 09/11/24 City and County of Honolulu Wastewater 625,555,000 131,390,000 21.00% 07/09/24 City and County of Honolulu G.O. 169,650,000 174,175,000 102.67% 06/13/24 Hawaii Pacific University University 35,730,000 - - 03/12/24 Honolulu BWS Water $72,815,000 $92,850,000 127.51% National Retail Network Hawaii Retail Network 550+ Offices Nationwide 3 Retail Offices 15,000+ Financial Advisors 59 Wealth Advisors Page 16 BofA Retail Orders for Senior/Co-Senior Managed Transactions Since 2010 Sale Date Issuer Credit Par Retail Orders* % of Par 12/06/23 State of Hawaii G.O. 750,000,000 125,000 0.02% 09/12/23 City and County of Honolulu Wastewater 189,785,000 277,210,000 146.07% 08/08/23 City and County of Honolulu G.O. 271,025,000 175,070,000 64.60% 06/06/23 County of Hawaii G.O. 99,000,000 134,245,000 135.60% 03/08/23 Honolulu BWS Water 17,425,000 21,980,000 126.14% 10/19/22 State of Hawaii G.O. 800,000,000 485,000 0.06% 07/19/22 City and County of Honolulu G.O. 97,455,000 121,435,000 124.61% 05/11/22 City and County of Honolulu Wastewater 241,355,000 210,380,000 87.17% 03/08/22 Honolulu BWS Water 135,260,000 71,325,000 52.73% 01/20/22 DOT - Airports Airport System Rev Bonds 262,315,000 0 0.00% 09/29/21 State of Hawaii G.O. 1,992,505,000 4,575,000 0.23% 07/21/21 City and County of Honolulu G.O. 742,675,000 374,245,000 50.39% 05/26/21 DOT - Highways Highway Revenue Bonds 137,205,000 25,000 0.02% 03/23/21 County of Kauai G.O. 28,560,000 27,700,000 96.99% 03/09/21 Honolulu BWS Water 93,535,000 106,475,000 113.83% 12/15/20 City and County of Honolulu Wastewater 273,670,000 3,255,000 1.19% 11/19/20 DOT - Harbors Harbor Sys. Revenue Bonds 266,550,000 326,275,000 122.41% 10/21/20 State of Hawaii G.O. 1,147,555,000 81,615,000 7.11% 10/15/20 County of Hawaii G.O. 77,135,000 66,370,000 86.04% 10/14/20 University of Hawaii University 217,165,000 16,780,000 7.73% 10/07/20 DOT - Airports Airport System Rev Bonds 582,490,000 550,000 0.09% 08/05/20 State of Hawaii G.O. 995,000,000 10,530,000 1.06% 07/22/20 City and County of Honolulu G.O. 346,335,000 270,380,000 78.07% 03/11/20 Honolulu BWS Water 106,635,000 29,870,000 28.01% 02/12/20 City and County of Honolulu G.O. 295,225,000 176,455,000 59.77% 10/23/19 City and County of Honolulu Wastewater 496,910,000 181,075,000 36.44% 08/14/19 DOT - Airports CFC 194,710,000 3,220,000 1.65% 08/07/19 Honolulu G.O. 548,945,000 328,765,000 59.89% 02/06/19 State of Hawaii G.O. 575,000,000 122,615,000 21.32% 01/23/19 City and County of Honolulu G.O. 250,025,000 210,500,000 84.19% 08/15/18 City and County of Honolulu G.O. 468,470,000 172,855,000 36.90% 01/30/18 State of Hawaii G.O. 775,000,000 64,825,000 8.36% 01/24/18 City and County of Honolulu Wastewater 304,840,000 202,255,000 66.35% 10/18/17 County of Kauai G.O. 24,015,000 890,000 3.71% 09/06/17 City and County of Honolulu G.O. (HART) 350,000,000 0 0.00% 08/16/17 City and County of Honolulu G.O. 416,670,000 216,300,000 51.91% 07/12/17 DOT - Airports CFC 249,805,000 2,600,000 1.04% 06/20/17 County of Hawaii G.O. 139,895,000 165,790,000 118.51% 05/10/17 State of Hawaii G.O. 854,755,000 293,745,000 34.37% 10/05/16 City and County of Honolulu G.O. 378,805,000 99,475,000 26.26% 08/17/16 City and County of Honolulu Wastewater 448,155,000 241,910,000 53.98% 03/31/16 State of Hawaii G.O. 344,720,000 120,050,000 34.83% 02/03/16 County of Hawaii G.O. 235,765,000 121,405,000 51.49% 10/15/15 State of Hawaii G.O. 746,395,000 129,275,000 17.32% 09/10/15 University of Hawaii University 166,285,000 59,680,000 35.89% 07/22/15 City and County of Honolulu Wastewater 698,930,000 290,200,000 41.52% 03/17/15 City and County of Honolulu G.O. 888,630,000 270,740,000 30.47% 11/20/14 Honolulu BWS Water 144,985,000 85,500,000 58.97% 11/05/13 State of Hawaii G.O. 860,850,000 120,010,000 13.94% 01/30/13 County of Hawaii G.O. 98,825,000 71,305,000 72.15% 10/25/12 City and County of Honolulu G.O. 912,480,000 177,715,000 19.48% 09/20/12 City and County of Honolulu Wastewater 265,610,000 409,480,000 154.17% 06/13/12 County of Kauai G.O. 34,375,000 11,750,000 34.18% 03/14/12 Honolulu BWS Water 85,195,000 75,725,000 88.88% 02/09/12 University of Hawaii University 8,575,000 3,210,000 37.43% 11/17/11 State of Hawaii G.O. 1,286,230,000 239,710,000 18.64% Page 17 BofA Retail Orders for Senior/Co-Senior Managed Transactions Since 2010 Sale Date Issuer Credit Par Retail Orders* % of Par 10/13/11 City and County of Honolulu Wastewater 169,190,000 29,335,000 17.34% 09/14/11 DOT - Airports Airport System Rev Bonds 300,885,000 29,585,000 9.83% 07/13/11 City and County of Honolulu G.O. 304,345,000 127,010,000 41.73% 06/21/11 County of Kauai G.O. 26,110,000 28,555,000 109.36% 12/02/10 City and County of Honolulu G.O. 191,450,000 159,915,000 83.53% 11/17/10 DOT - Harbors Harbor Sys. Revenue Bonds 164,275,000 111,765,000 68.04% 10/26/10 City and County of Honolulu Wastewater 126,550,000 67,415,000 53.27% 09/21/10 University of Hawaii University 53,930,000 115,670,000 214.48% 07/13/10 County of Hawaii G.O. 35,325,000 7,940,000 22.48% 66 Issues Totaling: $24,864,585,000 $7,769,970,000 31.25% * Includes Professional Retail. Institutional Distribution Capabilities. BofA has over 275 Institutional Sales Associates, 20 of whom sell only municipal bonds and cover more than 395,000 small and large institutional accounts. These institutional sales professionals are located in New York and 13 regional offices throughout the nation. Our sales personnel maintain contact with first- and second-tier institutional investors, including open-end and closed-end bond funds, fire and casualty insurance companies, commercial banks and trust companies. BofA also focuses on medium and small-sized institutions which expands our buyer base. Technology and BofA Municipal Markets. Like BofA as a whole, our Municipal Banking and Markets (MBAM) group develops and uses leading-edge technology for the benefit of clients as well as for operational efficiency. Technological innovation has long been a core competency of our department as well as of our affiliate broker Merrill that provides BofA Securities access to retail investors. More than two decades ago, Merrill Lynch developed an internal electronic syndicate management system that is the predecessor to the system used across the entire municipal market today. We similarly developed a platform that allows institutional investors to transact electronically on municipal money market securities that has been copied widely across the industry. Our municipal group includes a technology strategy team that partners up with Global Markets Quantitative Strategies and Data Group, the firm’s overall technology group and the firm’s Merrill brokerage division’s Global Wealth & Investment Management team to develop and enhance our municipal underwriting, trading, and sales efforts. Connecting with Investors. Today’s investors demand sophisticated online and automated capabilities. BofA is at the forefront of providing systems and services to make transactions more efficient and more effective for both institutional and Merrill retail investors, for example, to view offerings, execute buy/sell transactions, and search for matching CUSIPs, among other activities. By increasing the ease of access to information and providing more efficient trade execution, we aim to broaden the universe of investor types and number of investors. Moreover, increased information flow and efficient trade execution provide for improved secondary market liquidity in the market which can translate to improved pricing. For the firm’s institutional customer accounts we provide direct access through our award-winning CashPro portal and Mercury API, where through a single portal accounts can see offerings in real- time and access other products such as Bank of America Research. Merrill financial advisors, on behalf of their retail clients, have similar access through Global Wealth & Investment Management’s proprietary Merrill Lynch Markets platform. Our MerrillEdge self-directed investing portal provides access for our retail clients to directly execute electronically in BofA secondary market offerings. Investor Interest Indicator. Our proprietary investor targeting process brings together automated data analysis tools with traditional market intelligence gained as the #1 competitive and negotiated senior manager in the municipal market. BofA’s technology enables us to extract information from the vast amounts of proprietary data we collect, and unlike other firms who rely solely on computer algorithms, we combine it with human judgement and experience to more efficiently identify investors in order to build robust and diverse order books that allow us to strive for best market pricing. Institutional Network 275+ institutional sales reps 20+ muni sales reps 14 offices nationwide Page 18 Specifically, BofA has developed proprietary technology tool (the Investor Interest Indicator) to identify likely buyers of municipal new issues. This technology seeks to help our underwriters, salespeople, and bankers to target those investors most likely to participate in an offering whether they are new or existing investors. The Investor Interest Indicator uses BofA’s massive internal database of investor purchasing activity, secondary market trading data, holder data and the specific characteristics of the State’s proposed bond issue to produce a scored ranking of institutional investors reflecting the perceived likelihood of their purchasing participation. One of the unique aspects of the Investor Interest Indicator is that it alone, accesses information from BofA’s proprietary municipal new issue purchase history database. BofA has ranked as the #1 overall senior manager of municipal bond issues every year for over a decade. This access to data along with our electronic distribution capabilities benefits our clients as it allows our sales force to more effectively identify likely buyers and distribute bonds. Having marketed and sold a greater volume of new issue municipal bonds than any other firm for more than a decade, by a significant margin, means that BofA has far more information on new issue purchases than any other municipal underwriter. The Investor Interest Indicator tracks the relevant purchasing behavior data of a broad range of the top institutional investors, then quickly synthesize that data into an actionable score and ranking for our underwriters and salespeople. The Investor Interest Indicator quickly compiles and evaluates a massive quantity of recent, relevant purchasing and trading data and produce usable investor behavior metrics. We can therefore potentially eliminate “blind spots”; for example, a situation where an investor may not be a current holder of the County’s bonds but has actively traded similar credits within in the last 90 days and/or recently purchased similar credits or structures in the primary market. All of these tools, and our firm’s commitment to constant technological advancement to adapt to market trends and better meet our clients’ needs, has helped our firm achieve its leadership in the municipal market and our #1 annual ranking for over a decade. Marketing Strategies In conjunction with the any of the County’s upcoming financings, the County may choose to utilize an extensive retail outreach campaign, comprised of one or more of the advertising methods listed below: • County’s Website: The County can improve investor relations well in advance of a bond sale by enhancing its website. Adding an “Investor Relations” links to the County’s homepage provides easy access to financial statements, budget documents and other relevant financial documents and is extremely helpful for investors looking for financial information. In addition, the County could post upcoming bond sales on its website, essentially a free form of advertising. • Banner Advertising: With more investors going online to read the news and collect information, we propose also utilizing digital advertising. This includes the online investor presentation as well as banner advertisements that the County successfully used in 2023 in various newspaper publications. • Investor Presentation: For larger financings, the County may wish to utilize an internet based pre-recorded investor presentation through the NetRoadshow website. We would also recommend holding one-on-one follow-up meetings to answer any questions that key institutional investors may have. The County should focus Clientsthatparticipated in Issuer’smost recent deal Clients that participated in recent deal(s) that have similar characteristics of proposed deal Clients that have purchased similar structure in past90days,weightedbypurchasedateandparamount Clients that have purchased same sector in past 90 days, weighted by purchase date and par amount Topholdersof issuer/obligor’sbonds Top holders of issuers/obligors in the same sector and similar structure PROPRIETARY NEW ISSUE DATA PROPRIETARY SECONDARY MARKET DATA HOLDER DATA #1 Competitive and Negotiated Senior Manager &Leading Secondary Market-Maker of Municipal Bonds Access to extensive, proprietary municipal bond-related data on investor activity and preferences Data AnalyticsUsing data for intelligent institutional investor targeting The Investor Interest Indicator creates a score that provides an indication of a particular investor’s activity and participation across the various data categories Scoring Page 19 on the top holders of its debt. Existing holders, who are already familiar with the County’s credit, can help form a foundation of buyers for the County’s financing. • Retail Only Order Period: The County historically has had success with an order period specifically for retail investors for tax-exempt bond issues. This gives retail buyers an opportunity to submit their orders before the large institutions. Going into the institutional period with a solid book of retail orders can provide critical leverage for the County. Additionally, the retail order period provides a valuable opportunity for helpful communication with institutional buyers prior to the formal order period the following day. • Live Zoom Investor Presentation/Luncheon: The County could also host live Zoom presentation for institutional investors. Investors would be allowed to submit question in advance and answers would be given at the end of the presentation. If the County is traveling to New York, a hybrid of in-person and virtual option could make sense. • One-On-One Investor Meetings/Calls: Investors will be interested in speaking directly with management prior to making an investment decision. The County should offer to have meetings or calls with Bank of Hawaii and First Hawaiian Bank, and set aside time to be available for one-on-one calls with any interested investors on the Mainland. We also recently engaged Central Pacific Bank to gauge their interest in buying Hawaii bonds due to the fact that Hawaii bonds now fit into CPB’s investment criteria with the pension system’s funded ratio going above 60%. Credit Analysis and Disclosure Experience Our in-house credit team, led by Mr. Brad Gewehr, is unmatched by any other firm. Mr. Gewehr has significant experience working in Hawaii. He also is an industry leading expert in pension and other postemployment benefits programs, and is very familiar with the State of Hawaii Employees’ Retirement System (“ERS”) and the Hawaii Employer-Union Health Benefits Trust Fund (“EUTF”). Mr. Gewehr was formerly a Managing Director at Moody’s, and he always will be available to assist the County with rating presentations, credit strategy and investor relations. Joining Mr. Gewehr on our County coverage team is Collin De La Bruere. Collin was closely involved with the County’s 2025 G.O. financing. Our Hawaii efforts also extend to educating local investors about the County’s credit and overall the State of Hawaii’s available investments opportunities. We also recommend holding calls with mainland investors who may have follow-up questions. As one of the largest securities firms in the world, BofA offers the County a comprehensive package of investment banking services and qualifications as well as a wide range of traditional bank products. Our team is staffed with professionals who have proven skills in structuring and executing all types of financings. Below we provide credentials for each financing category that is important to the County. National Financing Experience Since 2022, BofA is the “Number One” ranked senior manager nationally for all municipal bond financings, as summarized to the right. In fact, our #1 ranking as senior manager extends for more than a decade and has continued through the COVID-19 pandemic as well as during the recent market volatility since 2022. The consistent top rankings underscore the creativity, consistency, and high level of resource commitment in support of our issuer clients that help to distinguish BofA from other Wall Street firms. NATIONAL MUNICIPAL BOND FINANCINGS January 1, 2022 to 2025 YTD Source: Securities Data Company. Note: Rankings reflect true economics. Figures within bars denote number of issues. Par amount in millions. 641 723 1,448 988 1,311 $90,104 $108,861 $118,639 $129,749 $205,329 Jefferies Morgan Stanley RBC JP Morgan Page 20 General Obligation Bonds BofA also is the “Number One” underwriter of General Obligation bonds since 2022, having senior managed 416 financings totaling $69.8 billion in par. BofA has senior managed General Obligation bond financings for many issuers in Hawaii including the State, City and County of Honolulu and Counties of Hawaii, Maui and Kauai. BofA served as lead manager on the State’s 2009, 2011, 2013, 2015, 2016, 2017, 2018, 2019, 2020, 2021 and 2024 General Obligation Bonds. We also served as co-senior manager on the State’s G.O. Bonds of 2012, 2014, 2016, 2022, and 2023. We also most recently senior managed the County’s $142.1 million 2025 G.O. bonds. We are also currently senior manager for the City and County of Honolulu’s 2025 G.O. offering. Below we provide a case study for three recent general obligation financings we senior managed for the County of Hawaii, City and County of Honolulu and the State of Hawaii. County of Hawaii Issue: $142,140,000 General Obligation Bonds, Series 2025 Sale Date: April 14, 2025 • On April 14, BofA Securities served as sole manager on the County of Hawaii’s (“the County”) General Obligation Bonds, Series 2025 • The proceeds will be used to fund various County projects, including the Hilo Wastewater Treatment Plant Project • The bonds were structured on a level debt service basis with a 25-year final maturity and no principal delay • BofA worked with the County to develop a comprehensive credit update for the rating agencies • The County’s ratings were affirmed by both S&P and Fitch at “AA+” with Stable Outlooks • A comprehensive marketing campaign was conducted ahead of the bond sale, which included digital advertisements in local newspaper publications and an online investor roadshow • The week prior to pricing was extremely volatile due to the Liberation Day Trump tariffs, with the MMD index swinging as much as 30-50 basis point on each day • Many deals were put on hold given the market volatility • The team decided to accelerate the financing into the following Monday, April 14, given the positive tone coming off the weekend • This allowed the County to get ahead of the supply overhang from the prior week and shortened holiday week due to Good Friday • The County’s financing generated over $1.2 billion in orders, leaving the transaction 8.6x over subscribed • BofA was able to reduce yields by 3 to 15 basis points at final pricing • The County secured an All-in True Interest Cost of 4.53% City and County of Honolulu $169,650,000 General Obligation Bonds, Series 2024 ABC&D Sale Date: July 9, 2024 • On July 9, 2024, BofA served as senior manager for the City and County of Honolulu’s (“City”) General Obligation Bonds, Series 2024ABC&D (“Bonds”). • Proceeds from the Bonds will be used for various new money purposes as described in the table above. • BofA assisted the City with tax and structuring analysis surrounding the Series 2024D Bonds, which were ultimately issued on a taxable basis with a 15-year final maturity. • BofA worked with the City to develop a comprehensive credit update for the rating agencies, which included a bus tour of various City-operated parks and recreational areas on the east side of Oahu. • The Bonds were rated “AA+” with a Stable Outlook from both S&P and Fitch. • A comprehensive marketing campaign was conducted ahead of the Bond sale, including a voluntary posting on EMMA, digital advertisements, an on-line investor presentation as well as in-person meetings with local Hawaii banks. • The City had a strong reception during the Retail Order Period, receiving over $203 million in orders. • By the end of the Institutional Order Period, the City received total orders of $757 million, including $558 million from 50 unique institutional investors, making the transaction 4.5x oversubscribed. • This strong demand allowed repricing to lower yields by up to 9 basis points in select maturities. • BofA committed to underwrite $7.0 million of unsold balances at the time of the final pricing. • The City secured an All-In True Interest Cost of 4.05% on its tax-exempt 25-year new money borrowing. State of Hawaii $750,000,000 Taxable General Obligation Bonds of 2024, Series GN Sale Date: December 4, 2024 • The bonds were issued entirely for new money purposes, and specifically for the acquisition, construction, extension or improvement of various public improvement projects, among which are public buildings and facilities, elementary and secondary schools, community college and university facilities, public libraries and parks and for other public purposes. • Governor Green met with the three rating agencies in a group setting at the Hawaii State Capitol building. NATIONAL GENERAL OBLIGATION FINANCINGS January 1, 2022 to 2025 YTD Source: Securities Data Company. Note: Rankings reflect true economics. Figures within bars denote number of issues. Par amount in millions. 266 540 1,080 399 416 $32,029 $32,352 $33,603 $38,451 $69,817 Jefferies RBC Piper Sandler JP Morgan Page 21 • The meeting was followed by a tour of notable film location sites at Kualoa Ranch as well as a visit to Joint Base Pearl Harbor-Hickam, with presentations from General Phillip Mallory and the State Insurance Commissioner, Gordon Ito. • In preparation for the rating presentations, the finance team held multiple calls to review the credit presentation, talking points and sample Q&A. • The State’s ratings were affirmed at Aa2, AA+ and AA by Moody’s, S&P and Fitch, respectively – all with Stable Outlooks. • In conjunction with its review, Moody’s upgraded the Department of Hawaiian Homelands Revenue Bonds to Aa3. • The 2024 bonds were sold on a taxable basis to maximize flexibility for the use of proceeds. • The bonds were structured with a short first maturity of April 1, 2025, no principal delay, and a 19-year final maturity. • Two maturities were sold with a slight premium to cover costs. Since most municipalities are restricted to buying within 5 years, and some at par only, the syndicate recommended that the “premium” maturities be structured after the 5 year mark. • The bonds were sold with a make-whole call through 10 years at Treasuries minus five basis points and a par call thereafter. • The finance team explored alternate scenarios of issuing multiple series to facilitate a possible future refunding to tax-exempt. • A Notice of Potential Sale was posted on EMMA on November 8, 2024 to begin early marketing efforts. • An electronic investor presentation was disseminated in conjunction with the POS that was viewed by 8 investors. • The State met in person with Bank of Hawaii and First Hawaiian Bank, who submitted orders of $35.4 million and $11.5 million, respectively. • A Zoom investor presentation and Q&A was attended by 20 investors (who collectively submitted $912.0 million in orders). • The State took indications of interest on Tuesday, December 3rd and held the institutional pricing on Wednesday, December 4th, during which investors submitted over $5.6 billion of orders (plus nearly $366 million of syndicate Stock orders). • Due to the strength of the order book, BofA was able to reduce the State’s credit spreads during both the Revised Price Guidance and the Launch by an aggregate of 10 to 25 basis points across all maturities. • After the final re-pricing, the State still retained $3.6 billion of orders from 98 investors. • The Bonds have an All-in True Interest Cost of 4.92% — the lowest TIC in three years. COP/Lease Revenue Financing Experience BofA also is a leading underwriter of lease revenue bonds and certificates of participation (“COP”) since 2022, having senior managed 48 financings totaling over $7.7 billion. Of particular note, Mr. Lauterbur has senior managed COP financings for the State of Hawaii (No. 1 Capitol District State Office Building and Kapolei State Office Building) and for the Department of Hawaiian Homelands. We also served as co-senior manager on the Airports Division’s ESCO COPs in 2013. This makes BofA a market leader of COPs in Hawaii, as there have only been five such issues sold by the State to date. Additionally, we were appointed to serve as a senior manager the State’s COPs to fund the construction of Ala Wai Canal. While the financing and construction were placed on indefinite hold, we worked with the State and its financing team to put the financing framework in place. BofA also is a leading underwriter of lease revenue bonds and COPs for municipal issuers throughout the West Coast. This includes financings for the Oregon State Department of Administrative Service, the State of California Public Works Board, the State of Arizona, the State of Colorado and the County of Los Angeles. Most recently, BofA senior managed COP/Lease Revenue Bonds for the City of Los Angeles, City of Long Beach, County of Riverside, City of Sacramento and the State of California Public Works Board. Below we provide case studies for the State of Hawaii’s 2009 and 2013 COPs as well as transactions for Pismo Beach and the County of Los Angeles. State of Hawaii $41,120,000 Certificates of Participation (State Office Buildings) 2009 Series A Sale Date: October 15, 2009 • BofA served as the sole manager for the State’s refunding Certificates of Participation COPs 2009 Series A. • Proceeds of the 2009 Series A Certificates were used to refund the State’s $31,305,000 Certificates of Participation (Kapolei State Office Building), Series 1998A and $15,880,000 Certificates of Participation (No. 1 Capitol District State Office Building), Series 2000A. • BofA and bond counsel modernized the COPs lease provisions, eliminating the debt service reserve fund. • BofA worked with the State and secured ratings of “Aa3/AA-/AA-” – only one notch below each of the State’s respective General Obligation Bond ratings. • The retail order period on October 14th generated over $39 million of retail orders (95% of the bonds available), despite a volatile municipal market. • The retail order period was so successful that BofA was able to accelerate the institutional order period and price all of the bonds on October 14th. • The COPs refunding generated over $2.6 million of PV savings (5.6%) and over $3.6 million of cashflow savings in FY2010&11. NATIONAL COP/LEASE REVENUE FINANCINGS January 1, 2022 to 2025 YTD Source: Securities Data Company. Note: Rankings reflect true economics. Figures within bars denote number of issues. Par amount in millions. 96 77 60 178 48 $2,265 $2,344 $3,399 $4,067 $7,709 D.A. Davidson Raymond James RBC Stifel Page 22 Hawaii Airports $167,740,000 Series 2013 Lease Revenue Certificates of Participation (“COPs”) Sale Date: December 10, 2013 • BofA served as a co-senior manager for Hawaii Airport Series 2013 Lease Revenue Certificates of Participation (“COPs”) • The COPs were sold to pay for $150 million in energy conservation projects at 12 of the State’s 15 airports. • The projects are part of a 20-year energy performance contract with Johnson Controls International anticipated to result in a 49% reduction of energy usage. • Changing airport lighting systems to LED, replacing heating and air conditioning systems, electric transformers and installing solar panels over parking garages are the largest projects in the contract. • The debt is structured as lease revenue certificates of participation payable from all net revenues of the Airports Division after payments are made on the $877 million outstanding Airport System Revenue Bonds. • The COPs were sold with an increasing debt service profile structured to match the increase in annual energy savings guaranteed from Johnson Controls under the energy performance contract. • Interest on the COPs will be subject to the alternative minimum tax. • The COPs received an A3 rating from Moody’s and A-minus ratings from both Standard and Poor’s and Fitch. Those ratings are one notch lower than the airport division’s outstanding lease revenue bond debt. • $75 million of professional retail orders were received and pricing was accelerated by one day due to strong market reception. The financing received almost $1.2 billion of total orders, leaving it 6x oversubscribed. • The all-in cost of the financing was 4.65%. Pismo Beach Public Financing Agency $39,475,000 Series 2024A Lease Revenue Bonds (Public Safety Facility Project) Sale Date: July 2, 2024 • On July 2, 2024, the Pismo Beach Public Financing Agency (“Agency”) sold $39,475,000 Series 2024A Lease Revenue Bonds (Public Safety Facility Project) (“Bonds”) • Bond proceeds will fund a portion of the design and construction of a public safety facility and related capital improvements as well as pay costs of issuance • The Bonds obtained a credit rating of ‘AA+’ from Standard & Poor’s • Maturities range from December 1, 2025 to December 1, 2054 • During the order period, the Agency received over $220 million in orders from over 30 unique retail and institutional investors • Order subscription levels ranged from 2.3x to 8.1x in each maturity; 5.6x subscription overall • Robust investor demand allowed BofA Securities to reduce yields across the curve by up to 8 basis points compared to pre-marketing levels • The Bonds resulted in a true interest cost of 4.03% (19.2-year average life) Los Angeles County Public Works Financing Authority $569,270,000 Lease Revenue Bonds, 2024 Series H Sale Date: August 22, 2024 • BofA served as book-running joint senior manager on Los Angeles County Public Works Financing Authority’s Lease Revenue Bonds, 2024 Series H (the “Bonds”), which included tax-exempt new money and current refunding components • Worked in direct partnership with the other senior manager (Loop Capital) to develop the rating presentation, investor presentation, and marketing plan for the Bonds • The ratings on the Bonds were affirmed at “AA+” by both S&P and Fitch, each with a Stable outlook • As part of the marketing plan, the County posted an online investor presentation viewed by 36 unique institutional investors • The County entered the market on August 21 via an all-day Retail Order Period, followed by institutional pricing on August 22: • BofA and Loop worked with the issuer to offer various couponing options (4.00%, 5.00%, 5.25% and 5.50%) at the long-end of the curve to expand the potential investor base • The County had a strong reception during the Retail Order Period, generating $617 million in total retail order • By the end of the Institutional Order Period, total orders were $1.45 billion, including $845 million from 53 unique institutional investors • The transaction was 2.6x oversubscribed, allowing BofA to reduce yields across the curve • BofA committed to underwrite $18.5 million of unsold balances at final pricing • The success of the financing was demonstrated by an All-in TIC of 3.95% and $19.1 million in present value savings (14.6% of refunded par) on the refunding component of the Bonds Wastewater/Water Revenue Expertise. BofA offers unique and competitive capabilities that best qualify our firm to serve as underwriter for any County wastewater/water financings that they may consider persuing. Our firm is the only firm on Wall Street with a dedicated Water / Wastewater / State Revolving Fund (“SRF”) Group. As a key specialty focus for BofA, we are the “Number One” ranked underwriter of water/wastewater bonds. Since 2022, we have senior managed 122 transactions totaling $19.9 billion, as shown to the right. Our water/wastewater specialists are active in the sector and have served as board members and/or advisors to the US EPA’s Environmental Financial Advisory Board (interim chairman), American Water Works Association, and the Council of Infrastructure Financing Authorities. They also have presented at the White House, the Federal Reserve Bank, US EPA and at numerous national, regional and bank-sponsored conferences on water financing matters. Our work for National Water/Wastewater Financings January 1, 2022 to 2025 YTD Source: Securities Data Company. Note: Rankings reflect true economics. Figures within bars denote number of issues. Par amount in millions. 65 63 69 54 122 $7,592 $7,631 $8,081 $9,953 $19,990 Morgan Stanley JP Morgan Wells Fargo Jefferies Page 23 our water/wastewater clients includes modeling rates and charges for a range of financing structures; helping to craft inaugural senior and subordinate lien indentures; preparing credit rating presentations; and focused investor outreach to maximize competition among potential investors. BofA Senior Managed Wastewater/Water Clients Nationwide We include below case studies for our most recent City and County of Honolulu Wastewater and Honolulu Board of Water Supply financings as well as a case study for the Las Vegas Valley Water District. City and County of Honolulu, Department of Environmental Services (ENV) $625,555,000 Wastewater System Revenue Bonds, Series 2024 and Series 2025 (Forward Delivery) Sale Date: September 11, 2024  Senior Series 2024A (Green Bonds): $320 million of proceeds for the City’s Wastewater System CIP  Senior Series 2024B and Junior Series 2024A: Advance refunded outstanding taxable bonds back to tax-exempt  Senior Series 2025A and Junior Series 2025A: Forward refunded outstanding tax-exempt bonds  The new money and refunding bonds were structured to manage debt service over the next five fiscal years to facilitate ramping into a pending package of Sewer Service Charge increases  The refunding series were structured to amortize the most expensive components first, starting with the Junior Lien forward delivery bonds, and ending with the Senior Lien current delivery bonds  Rating agency meetings were held in Honolulu and included a tour of the Sand Island WWTP upgrade project  S&P affirmed the AA+ Senior Lien rating and assigned an inaugural AA+ Junior Lien rating with a Stable Outlook  Fitch affirmed the AA Senior Lien and AA- Junior Lien ratings and placed both liens on Positive Outlook  The City published a Voluntary Notice of Potential Financing on EMMA ahead of the POS posting  Digital Banner Advertisements ran in the Honolulu Star Advertiser and neighbor island papers prior to pricing  The City held on-on-one meetings with the Bank of Hawaii and First Hawaiian Bank in Honolulu  A live Zoom investor presentation was attended by nine investors, several of which placed orders for the bonds  Tuesday was very busy with issuers trying to get ahead of the CPI report and presidential debate on Wednesday  Nearly 100 new issue municipal transactions totaling over $8 billion sold on Tuesday  The City held a full day Retail Order Period that resulted in $165 million of orders  By the end of the institutional order period, the City had over $6.5 billion of orders from 80 investors  The transaction was 10x over subscribed allowing BofA to lower yields by 5 to 15 basis points in select maturities  The All-in True Interest Cost for the new money series was 4.34% (24.1-year average life)  The forward refunding bonds included a forward premium of less than 4 basis points per month City and County of Honolulu, Board of Water Supply (BWS) $72,815,000 Water System Revenue Bonds, Series 2024 Sale Date: March 12, 2024  The tax-exempt bond proceeds will be used for new projects and repair and maintenance of the water system as well as to execute a current refunding of the Board’s 2014A&B bonds.  BofA Securities assisted in drafting a credit presentation and helped the team prepare for the rating agency meetings. Page 24  The Board met with both S&P and Fitch in Honolulu, the rating analysts also participated in a tour of the Waihee water tunnel on the Windward side of the Island.  Both S&P and Fitch affirmed the Board’s “AAA” (Stable) rating.  The new money portion of the bonds were structured to wrap around the Board’s existing debt service with principal maturing from 2037 to 2053. The refunding bonds were structured on a matched maturity basis to produced level savings.  The refunding of the 2014A&B bonds also allowed the Board to release approximately $5.9 million in funds related to the common reserve requirement.  The finance team looked at potential taxable refunding options but decided not to include in the plan of finance.  The bonds are not secured by a debt service reserve fund, included a 10-year par call and were self-designated as “Sustainability Bonds” – the first of its kind in Hawaii.  A Voluntary Notice of Sale was posted to the Board’s investor relations website and EMMA.  The City held one-on-one in person meetings with First Hawaiian Bank and Bank of Hawaii, who put in $6.8 million and $18.1 million in orders, respectively.  The finance team ran a retail order period on March 12th, and due to its success decided to accelerate the final pricing.  The transaction ultimately received $154 million of total orders as of the verbal award, including 25 unique institutional investors – an oversubscription of 2.1x.  Due to the strength of the order book, BofA was able to reduce yields by 2 basis points in most of the longer-dated maturities.  Certain shorter maturities remained undersubscribed, so BofA underwrote $17.6 million of bonds (24.2%) in order to maintain the integrity of the pricing.  The Board was able to secure a new money borrowing rate of 4.21% and generate PV savings of $503K (1.9% of refunded par). Las Vegas Valley Water District $394,430,000 General Obligation (Limited Tax) (Additional Secured by SNWA Pledged Revenues) Water Improvement Bonds, Series 2025A Sale Date: June 3, 2025  BofA served as the book-running senior manager for the Las Vegas Valley Water District’s (“LVVWD”) General Obligation (Limited Tax) (Additional Secured by SNWA Pledged Revenues) Water Improvement Bonds, Series 2025A ( “Bonds”) – LVVWD’s first negotiated bond sale in more than 8 years.  BofA led the efforts in putting together a comprehensive credit rating presentation for LVVWD’s in-person meeting and site tour with Moody’s, and a videoconference presentation with S&P. Ultimately, the Bonds received credit ratings from Moody’s and S&P, at Aa1 and AA+, respectively, both with Stable outlooks.  As part of the investor marketing efforts, BofA assisted LVVWD in the development of an investor presentation and organized a live Zoom presentation and Q&A session for 11 institutional investors. The investor presentation was also posted alongside the distribution of the POS.  Despite market volatility since the tariff announcements on “Liberation Day” (and subsequent modification to tariff announcements), BofA worked with LVVWD and their co-municipal advisors to strategically set a pricing date where the Bonds would be one of the main focuses of the week in the municipal new issue market.  LVVWD launched it’s pricing on June 3 and received tremendous investor reception with over $1.2 billion in orders (3.1x subscription) – including almost $3 million in individual retail orders. This allow LVVWD to adjust yields lower by 3 to 9 basis points on most of the maturities.  While most of the financing was well oversubscribed, there were select maturities which had balance. Some of the balances were addressed through upsizing nearby maturities with oversubscription, with the rest underwritten by BofA.  Notably, there were 51 unique investors who placed orders for the Bonds. Qualified Energy Conservation Bonds (“QECBs”) and Energy Efficiency Leasing The Stimulus Act of 2009 also created Qualified Energy Conservation Bonds (“QECBs”) to finance facilities that reduce energy consumption. Similar to QSCBs, these bonds can be sold either as tax credit or as federally subsidized bonds. QECBs are designed to provide the issuer with an interest subsidy of up to 70%. It is our understanding that the State’s allocation of $13.63 million has yet to be utilized. BofA is one of only a handful of firms that have sold QECBs. Our experience includes transactions for the Los Angeles Department of Water and Power, King County Washington and Rancho California Water District. A case study for the City of San Diego financing is provided below. City of San Diego $13,100,000 2011 Taxable Qualified Energy Conservation Bond (“QECB”) Financing Sale Date: April 15, 2011 • The City of San Diego selected BofA to provide $13.1 million in Taxable Qualified Energy Conservation Bond (“QECB”) financing for a Broad Spectrum Street Lighting program. • BofA helped the City secure its allocation with the California Debt Limit Allocation Committee (“CDLAC”). • The entire $17.8 million project will fund 36,000 energy-saving replacement street lights, with $13.1 million in QECB funds (for 28,700 street lights) and the balance in grant funding. • Savings from the QECB funding are anticipated to be $1.6 million annually, with a one-time incentive of $614,000 from San Diego Gas & Electric. In addition, the program cost savings are expected to cover debt service. • The transaction closed on April 15, 2011. Page 25 • The City of San Diego is a significant client of BofA – past services have included treasury accounts, credit facilities and public finance investment banking. Banc of America Public Capital Corp (BAPCC), a wholly-owned subsidiary of Bank of America N.A., is an active participant in the energy efficiency financing space. Financing vehicles include tax-exempt lease-purchase agreements, tax-advantaged structures, non-tax and tax structured financing (energy/utility service agreements, shared savings agreements). The types of projects financed includes energy efficiency projects such as renewable (solar, wind and geothermal heating and cooling), lighting upgrades, HVAC, water conservation efforts, boilers, chillers, etc. Below we provide list of the lease financings we purchased for the State of Hawaii. Closing Date Department Par Amount 8/1/2013 Department of Accounting and General Services $18,834,612.90 4/13/2016 DOT - Airports Division 8,056,521.00 3/31/2017 DOT - Airports Division 51,473,426.71 7/8/2015 DOT - Highways Division 60,286,091.00 9/17/2015 DOT - Harbors Division 26,245,564.00 11/17/2017 University of Hawaii 6,301,662.00 11/17/2017 University of Hawaii 24,183,428.00 Total: $195,381,305.61 Short-Term Debt Instruments. BofA’s municipal variable rate portfolio is of manageable size, which allows us to focus on individual programs. Our Municipal Money Markets (“MMM”) desk currently manages over 700 municipal variable rate debt programs with an outstanding par amount of $26.7 billion. To ensure sufficient capital is available to support our issuers’ programs on an ongoing basis, including periods of market volatility, our MMM desk routinely evaluates and adjusts our underwriting limit. The MMM desk is currently staffed by two underwriters / remarketing agents who underwrite and remarket short-term and variable rate municipal products. They are supported by a team of four institutional short-term sales professionals and two sales assistants that cover the largest money market funds, trust funds, investment advisors, insurance companies, hedge funds and corporations. These professionals work jointly with our Institutional Financial Consultants and local retail offices to sell and remarket short-term paper at the lowest possible yields. Of note, most of BofA’s “seasoned” variable rate programs have broad distribution networks, including high net-worth retail investors. Below we have provided a case study for the City and County of Honolulu’s tax-exempt commercial paper program for which BofA serves as broker-dealer. The City has benefited greatly from this program which has provided flexible interim financing and, for much of the last decade, offered a low all-in cost of funds. We additionally provide a case study for the various variable rate programs that we support for the State of California. This includes serving as remarketing agent on VRDOs, broker-dealer on commercial paper, underwriter on indexed floating rate bonds, and providing bank LOC facility support as well as a $500 million revolving credit facility. City and County of Honolulu $450,000,000 General Obligation Tax-Exempt Commercial Paper Closing Date: December, 15 2015 • BofA currently serves as dealer for the City and County of Honolulu’s (the “City”) entire Commercial Paper programs. • The banking team has assisted the City with the pricing and administration of its commercial paper program since its inception in 2001, including the facilitation and negotiation of its bank facility support in 2004, 2010, 2012, 2015, 2018 and 2023. • The City most recently replaced its expired RBC facility with Bank of America, N.A. • The City also expanded the program by $350 million to fund the rail system. • The City’s commercial paper program has proven a critical finance tool, not only for its extremely low cost as an interim financing vehicle, but also as an alternative form of borrowing. In 2008, during the height of the financial crisis, the City was able to borrow with its commercial paper program. This was at a time when both the variable rate (VRDOs and ARCs) and fixed rate markets were essentially closed. • The City also has used the commercial paper program to provide interim financing for the H-Power waste to energy facility and Honolulu Authority for Rapid Transportation (HART). The City was able to borrow on the commercial paper program in 2010, as the H- Power private activity project qualified for tax exemption under the American Recovery and Reinvestment Act of 2009. BofA’s Variable Rate and Short-Term Portfolio Mode Amount Outstanding Daily VRDOs $8.18 Weekly VRDOs 11.24 R-FLOATs 0.73 Commercial Paper 6.64 Total $26.79 Note: Excludes auction rate securities. Amounts in billions. Page 26 State of California Various Variable Rate General Obligations BofA Serves as Remarketing Agent • $75,000,000 Variable Rate General Obligation Bonds, 2003 Series B-2 • $75,000,000 Variable Rate General Obligation Bonds, 2004 Series A-4 • $85,850,000 Variable Rate General Obligation Bonds, 2005 Series A-1-1 • $98,100,000 Variable Rate General Obligation Bonds, 2005 Series B-2 • $49,100,000 Variable Rate General Obligation Bonds, 2005 Series B-3** • $150,000,000 Variable Rate General Obligation Bonds, 2024 Series C-1 BofA Serves as Commercial Paper Dealer • $500,000,000* General Obligation Commercial Paper Notes, Series A1/B1** • $500,000,000* General Obligation Commercial Paper Notes, Series A2/B2** • $50,000,000 General Obligation Commercial Paper Notes, Series A6/B6** • 500,000,000 General Obligation Commercial Paper Notes. Series C1/D1 Bank of America, N.A. as Letter of Credit Provider • $100,000,000 Variable Rate General Obligation Bonds, 2003 Series C-1 • $49,100,000 Variable Rate General Obligation Bonds, 2005 Series A-3 • $147,100,000 Variable Rate General Obligation Bonds, 2005 Series B-1 • $350,000,000 General Obligation Commercial Paper, Series A-6/B-6** Bank of America, N.A. as Revolving Credit Facility Provider • $500,000,000 General Obligation Revolving Credit Facility Index Floating Rate Bonds • $100,000,000 General Obligation Bonds, Series 2013D (Index Floating Rate Bonds) *Shared with other dealers, BofA is allocated rolls from the State as needed. **Currently outstanding. Municipal Credit Products. At BofA, our public finance and municipal credit professionals work together to seamlessly provide products and services to best meet our clients’ needs. Our value-added alternatives include municipal credit products, capital markets solutions, derivative enhancement and/or restructuring or a combination structured to balance the County’s overarching financing objectives, risk profile and ultimate cost of funds. We are a leading credit/liquidity provider through Bank of America, N.A. and we are active in both the traditional facility and direct purchase markets. As one of the largest bank lenders in the world, the Bank’s current portfolio includes in excess of $46 billion of municipal credit exposure nationally. Our municipal credit team has an extensive track record of providing flexible and cost-effective “on- and off-balance sheet” credit solutions to a wide range of municipal issuers, including states, cities, counties, airports/ports, utilities, and other revenue bond issuers. In addition, BANA also offers its municipal clients P-Card services, which currently are utilized by both the State as well as the County. Below please find several case studies for the Bank, which highlight some of BANA’s Hawaii experience. City and County of Honolulu (G.O.) $100,000,000 General Obligation Commercial Paper Program Closed Date: June 1, 2023  The City and County of Honolulu has long maintained a General Obligation Commercial Paper Program to provide interim funding for its projects, previously supported by two separate bank liquidity facilities.  In fall 2018, with the expiration date for one of the liquidity facilities approaching, the City and County requested that the incumbent bank provide an extension, which such bank declined to provide.  Based on the strength of BofA’s overall relationship with the City and County, the Bank was able to quickly approve providing a substitute liquidity facility to replace the expiring facility.  The Bank has executed multiple extensions of this facility, including annual extensions in 2018 and 2019 and three year extensions in 2020 and 2023.  In 2023, after a rating agency downgrade triggered a pricing increase under this facility, BANA offered an early extension to extend tenor and lower pricing. City and County of Honolulu (Department of Environmental Services) $252,520,000 Wastewater System Revenue Bonds, Series 2017 (Direct Purchase) Closed Date: December 20, 2017  Series 2017 FQ, FR, and FS Bonds (tax-exempt) advance refunded Series 2011 DZ, 2012 EE, 2013 EH and 2014 for economic savings.  The transaction initially kicked-off as a public bond sale scheduled to price in January 2018. As a result of the Tax Jobs and Cuts Act of 2017, which proposed to eliminate tax-exempt advance refundings by December 31st, 2017, the City decided to also explore a direct purchase with BANA.  The refunding was expedited as the Bank does not require a disclosure document or direct credit ratings for direct purchases. Page 27  The refunding was structured with three series, which will allow the City and County to realize uniform cashflow savings over the life of the financing.  The final maturity of the direct purchase was 16 years, well beyond Bank of America’s standard 10 year tenor restriction.  BofA worked with Tax Counsel to confirm the multi-purpose allocations.  The public municipal market weakened in the weeks leading up to the transaction due to the heavy supply of advance refundings attempting to price and close before December 31st.  The interest rate set for the direct purchase was very comparable to where a public market rate would have been, if sold on the same day as the rate lock. The refunding generated over $19.3 million present value or 7.50% of refunded par.  The 2017 Bonds maturing after 10 years have a 10-year par call. State of Hawaii (G.O.) $600,000,000 Taxable General Obligation Bond Anticipation Notes of 2020 (Direct Purchase) Closed Date: April 14, 2020  The Notes were issued to fund on an interim basis $600 million of general governmental projects, as a form of fiscal stimulus.  The State initially had planned a public sale, but decided to pursue a direct purchase given market volatility and uncertainty around the impacts of COVID-19 on the State’s credit; the State ultimately determined that drafting disclosure for a public sale prior to its May 2020 Council on Revenues meeting was not feasible given the impact of COVID-19 on the State’s budget; the municipal market was essentially shut down in the weeks leading up to the transaction.  BANA offered the State $600 million as an interim financing, to be refunded with long-term G.O. bonds in 2020 or 2021, and was able to close the transaction within two weeks, compared to a public offering which typically takes 2-3 months.  Although ratings were not required, the finance team assisted the State with the development of a comprehensive credit update for the rating agencies in light of the potential impacts of COVID-19.  The BANs were structured on a taxable basis to avoid any private activity issues, and were structured with par coupons which helped avoid the State’s premium limitation. The transaction included two tranches: – $300 million maturing in 12 months (non-callable) – $300 million maturing in 18 months (callable in 12 months)  Public market new issuance during the week of pricing was only $4 billion (down from the typical $10-12 billion per week in more normal markets). Over the two days leading up to pricing, 1-year US Treasury rates increased by 5 bps.  In October 2020, the State and BANA agreed on a negotiated basis to a partial early prepayment of $400 million of BANs which provided significant debt service savings to the State. State of California $350,000,000 General Obligation Commercial Paper Program Closed Date: July 20, 2023  The State of California has long maintained multi-billion General Obligation VRDO and General Obligation Commercial Paper Programs to provide variable rate and interim funding, respectively, for a range of GO projects issued on behalf of various State departments and bond acts.  The Bank has served as one of the State’s leading credit providers for many years, and in 2019 BANA extended our existing $250 million VRDO and $350 million CP facilities for an additional two years, based on the results of a competitive RFP process.  Most recently, in July 2023 our $350 million CP facility was extended for an additional three years after a competitive RFP process. State of California Department of Water Resources $600,000,000 Water Revenue Commercial Paper Program Closed Date: July 21, 2021  BANA has been one of the State of California Department of Water Resources’ (DWR) leading bank liquidity providers since 2017, having been selected competitively via RFP. DWR has long maintained a Water Revenue Commercial Paper Notes Program (Program) to provide interim funding for its various State Water Project facilities on a subordinate lien basis. In 2018, the Program was significantly upsized after a historically wet winter led to a significant infrastructure failure at DWR’s Oroville Dam, one of the largest reservoirs in the State.  BANA initially provided $300 million of liquidity support (plus interest) for the Program, which was subsequently doubled in 2018 to $600 million (plus interest) at DWR’s request, as the Program expanded significantly to provide increased interim financing flexibility in the wake of the Oroville Dam spillway failure.  Based on the strength of BofA’s overall relationship with DWR, the Bank subsequently executed a negotiated extension of this facility in 2021, and was recently mandated to extend once again on a negotiated basis. Page 28 Environmental, Social and Governance Bonds. BofA is a leading underwriter in the “ESG” bond space, having senior managed 129 financings for over $21.2 billion since 2022. This includes a number of high-profile corporate and municipal clients including ENV and BWS. In fact, we served as senior manager on the first green bond transaction to be sold by a municipal entity for the Commonwealth of Massachusetts. We also played a leadership role in the development of the Green Bond Principles (Principles) which were based on a white paper, “Framework for Green Bonds,” published in 2013 and co-authored by BofA. The white paper was republished in January 2014 as the Green Bond Principles with the help of two additional drafting banks and the backing of nine other banks. This has helped catalyze the flow of funding to support Green projects globally. BofA remains the only global financial institution to issue securities with the Equality Progress label that is designed to advance racial and gender equality and economic opportunity. As a leader in the space and as an ESG Bond issuer itself, BofA understands the internal processes and requirements of administering a ESG Bond program as well as enjoys the benefits of offering ESG Bonds and is well positioned to share this expertise with the City. Local ESG Bond case studies are provided below. Honolulu Board of Water Supply $72,815,000 Water System Revenue Bonds, Series 2024 (Sustainability Bonds) Sale Date: March 12, 2024 • The tax-exempt bond proceeds will be used for new projects and repair and maintenance of the water system as well as to execute a current refunding of the Board’s 2014A&B bonds. • BofA Securities assisted in drafting a credit presentation and helped the team prepare for the rating agency meetings. • The Board met with both S&P and Fitch in Honolulu. • The rating analysts also participated in a tour of the Waihee water tunnel on the Windward side of the Island. • Both S&P and Fitch affirmed the Board’s “AAA” (Stable) rating. • The new money portion of the bonds were structured to wrap around the Board’s existing debt service with principal maturing from 2037 to 2053. • The refunding bonds were structured on a matched maturity basis to produced level savings. • The refunding of the 2014A&B bonds also allowed the Board to release approximately $5.9 million in funds related to the common reserve requirement. • The finance team also looked at potential taxable refunding options but decided not to include in the plan of finance. • The bonds are not secured by a debt service reserve fund. • The bonds included a 10-year par call. • The Bonds were self-designated as “Sustainability Bonds” – the first of its kind in Hawaii. • A Voluntary Notice of Sale was posted to the Board’s investor relations website and EMMA. • The City held one-on-one in person meetings with First Hawaiian Bank and Bank of Hawaii, who put in $6.8 million and $18.1 million in orders, respectively. • The finance team ran a retail order period on March 12th, and due to its success decided to accelerate the final pricing. • The transaction ultimately received $154 million of total orders as of the verbal award, including 25 unique institutional investors – an oversubscription of 2.1x. • Due to the strength of the order book, BofA was able to reduce yields by 2 basis points in most of the longer-dated maturities. • Certain shorter maturities remained undersubscribed, so BofA underwrote $17.6 million of bonds (24.2%) in order to maintain the integrity of the pricing. • The Board was able to secure a new money borrowing rate of 4.21% and generate PV savings of $503K (1.9% of refunded par). City and County of Honolulu $625,555,000 Wastewater System Revenue Bonds, Series 2024 and Series 2025 (Forward Delivery) Sale Date: September 11, 2024 • Senior Series 2024A (Green Bonds): $320 million of proceeds for the City’s Wastewater System CIP • Senior Series 2024B and Junior Series 2024A: Advance refunded outstanding taxable bonds back to tax-exempt • Senior Series 2025A and Junior Series 2025A: Forward refunded outstanding tax-exempt bonds • The new money and refunding bonds were structured to manage debt service over the next five fiscal years to facilitate ramping into a pending package of Sewer Service Charge increases • The refunding series were structured to amortize the most expensive components first, starting with the Junior Lien forward delivery bonds, and ending with the Senior Lien current delivery bonds • Rating agency meetings were held in Honolulu and included a tour of the Sand Island WWTP upgrade project National ESG Bond Financings January 1, 2022 to 2025 YTD Source: Securities Data Company. Note: Rankings reflect true economics. Figures within bars denote number of issues. Par amount in millions. 120 51 194 116 129 $15,542 $17,438 $18,209 $19,035 $21,185 JP Morgan Goldman Sachs RBC Morgan Stanley Page 29 • S&P affirmed the AA+ Senior Lien rating and assigned an inaugural AA+ Junior Lien rating with a Stable Outlook • Fitch affirmed the AA Senior Lien and AA- Junior Lien ratings and placed both liens on Positive Outlook • The City published a Voluntary Notice of Potential Financing on EMMA ahead of the POS posting • Digital Banner Advertisements ran in the Honolulu Star Advertiser and neighbor island papers prior to pricing • The City held on-on-one meetings with the Bank of Hawaii and First Hawaiian Bank in Honolulu • A live Zoom investor presentation was attended by nine investors, several of which placed orders for the bonds • Tuesday was very busy with issuers trying to get ahead of the CPI report and presidential debate on Wednesday • Nearly 100 new issue municipal transactions totaling over $8 billion sold on Tuesday • The City held a full day Retail Order Period that resulted in $165 million of orders • By the end of the institutional order period, the City had over $6.5 billion of orders from 80 investors • The transaction was 10x over subscribed allowing BofA to lower yields by 5 to 15 basis points in select maturities • The All-in True Interest Cost for the new money series was 4.34% (24.1-year average life) • The forward refunding bonds included a forward premium of less than 4 basis points per month City and County of Honolulu $20,060,000 General Obligation Bonds, Series 2017G Sale Date: August 16, 2017 • The Series 2017G Green Bonds (taxable) were designated as Green Bonds and sold for par amount of $20 million of capital improvements at the H-Power facility. • The City’s ratings were affirmed by Moody’s and Fitch at Aa1 and AA+, respectively – both with Stable Outlooks. • The facility was originally built in 1990 and underwent a major expansion project which was completed in 2012. • There was no requirement for the City to provide further project updates since the facility have been fully expended. State of Hawaii $35,000,000 General Obligation Bonds of 2015, Series EU Sale Date: October 15, 2015 • The Series EU Bonds were designated as Green Bonds and sold for par amount of $35,000,000 of proceeds will be used to acquire land for conservation purposes. • The land acquisition is located on the North shore of Oahu, near the Turtle Bay Resort. • The acquisition was part of an agreement reached with the Turtle Bay developers, who in turn for selling the land into conservation, would be allowed to develop a portion of their property for residential homes, two small hotels and timeshare units. • The conservation land includes 617 acres which will go to the State and 48 acres to the City and County of Honolulu (from Kawela Bay to Kahuku Point). • Protects in perpetuity 4% of Oahu’s coastline, and provides public access of four miles of coastline, eight miles of trails. • Turtle Bay Resort is solely responsible for maintenance, security and liability. • Due to the par-ish coupon structure, the all-in True Interest Cost for the Series EU (Green Bonds) was only 2.96%. • The Series EU Green Bonds were also sold with a pari-sh structure to minimize total premium and hence limit the State’s requirement to track these proceeds going forward. • The Green Bonds priced at a slight pricing advantage in select maturities versus the comparable non-green issue. • The bonds maturing after 10 years will have a par call feature. We also provide below a case study for a financing we led for the Sacramento Municipal Utility District. Sacramento Municipal Utility District (“SMUD”) $377,450,000 Electric Revenue Refunding Bonds, 2024 Series N-1 (Green Bonds) $22,160,000 Electric Revenue Refunding Bonds, 2024 Series N-2 $250,000,000 Electric Revenue Bonds, 2024 Series M (Green Bonds) Sale Date: April 9, 2024 • On April 9, 2024, BofA served as senior manager on SMUD’s $400 million tax-exempt Series N refunding bonds • Proceeds of the Series N bonds were used to refund SMUD’s outstanding 2009 Series V and 2010 Series W Build America Bonds (“BABs”) using their respective Extraordinary Optional Redemption Provisions • In connection with the Series N transaction, BofA also served as co-manager on the $250 million Series M new money financing for SMUD, which priced on the same day  Proceeds of the Series M bonds were used to refinance commercial paper notes and reimburse other capital expenditures for improvements to SMUD’s electric system • The bonds were rated Aa2 (stable) by Moody’s and AA (stable) by Fitch • $627 million of the 2024 bonds were verified as “Green Bonds” by Kestrel as the financed improvements supported SMUD’s goal of a carbon-free electric system by 2030 • SMUD took advantage of favorable market conditions to refund its outstanding BABs, achieving PV savings of over $20 million (representing nearly 5% of refunded par) • The 2024 Series N bonds were structured as 5% fixed rate serials from 2029 to 2036 • The Series N offering received over $700 million in orders from 35 unique investors, representing a subscription of 1.8x  Separately managed accounts were the main participants in the offering, representing nearly 75% of the orders submitted  A one-day retail order period was utilized on the Monday prior to institutional pricing Page 30 • A strong order book allowed BofA to reduce yields on the Series N bonds from 3 to 10 basis points across the curve  At the end of the order period, BofA committed to underwrite $12.325 million of the unsold Series N-2 bonds Community Facility District/Special Assessment District Bonds BofA has significant experience in underwriting and distributing land-secured financings such as Assessment District Bonds (“AD”) and Community Facility District (“CFD”) financings. This experience dates back to the 1980’s, when Merrill developed many innovative structures for land secured transactions in California and Hawaii. Such structure involved issuing variable debt in the development stages of the project, and subsequently refunding to fixed rate bonds once the improvements are completed and ready for sale by the developers. BofA’s lead banker for the County, Frank Lauterbur, has extensive land secured financing experience. In fact, during his 30-year career, Mr. Lauterbur has worked on both residential and commercial land development projects. Over this timeframe, he has senior managed transactions for municipalities including the Hawaii Community Development Authority (3 separate non-rated improvement district issues in 1986, 1988, and 1990), the Department of Hawaiian Homelands ($18 million non-rated revenue bond financing), Los Angeles County (5 senior managed CFD transactions), City of Irvine (5 senior managed issues), Orange County ($165 million variable rate assessment district for the Newport Coast project), City of Long Beach (a taxable assessment district issue to fund seismic retrofitting in 1990 and a special tax transaction for the City’s commercial project in 2002), City of Tustin (4 assessment district issues), City of Manhattan Beach (underground utility assessment district financings in 2004 & 2006), City of Huntington Beach (Bella Terra Project), and the Rancho California Water District (CFD #89-5 issued in conjunction with the County of Riverside in 1998). Throughout Mr. Lauterbur’s career he has worked with major real estate developers including The Irvine Company, Lennar Homes, Developers Diversified Realty, The Walt Disney Company and Howard Hughes Land Development (General Growth). Since 2017, BofA has senior managed greater than $260 million in assessment-backed land-secured financings nationally. Over the past decade, our experience includes financings for California issuers such as the City of Manhattan Beach, where BofA senior managed separate Underground Utility Assessment District financings in 2018, 2019 and 2020. Prior to those transactions, BofA also publicly offered an $8.1 million Special Tax Revenue Refunding Bond transaction and a privately placed $1.4 million Reassessment District financing for Rancho California Water District. Finally, BofA has senior-managed 25 assessment district and special tax transactions for the City of Irvine (Irvine Company-related projects) since 2005, totaling $961.8 million. Currently, BofA remarkets six variable rate series for the City of Irvine and the Irvine Company totaling more than $196 million. Importantly, members of our banking team have relevant senior managed experience with these structures going back many years. While at her prior firm, Holly Vocal has served as lead banker on senior-managed land-secured financings for the counties of Los Angeles, Riverside, San Diego and Orange. Below are case studies for recent land-secured financings that BofA led for the Cities of Sacramento and Seattle. North Natomas Community Facilities District No. 4 City of Sacramento, County of Sacramento, State of California $25,125,000 Special Tax Refunding Bonds, Series G (2023) Sale Date: September 24, 2023 • On September 14, 2023, the City of Sacramento (“City”) sold $25,125,000 North Natomas Community Facilities District No. 4, Special Tax Refunding Bonds, Series G (2023) (“Bonds”) • Bond proceeds were used to (i) refinance all outstanding $28,845,000 Special Tax Refunding Bonds, Series E (2013) and (ii) pay costs of issuance • Credit highlights include:  AV growth over 25% since FY 2018-19  Very high VTL of 57-to-1 (including direct and overlapping debt) based on FY 2022-23 AV  Nearly 100% of the FY 2022-23 Special Tax paid from developed parcels  Diverse property ownership; top nine responsible for 10% of FY 2022-23 Special Tax • Excess amounts above the reserve requirement were released from the DSRF to pay down the refunded bonds’ 2033 principal and a portion of the 2032 principal • The Bonds obtained an ‘A-’ underlying rating from Standard & Poor’s and utilized bond insurance from Assured Guaranty Municipal for maturities 2027 – 2032 • The Bonds were structured as non-callable with 5.00% coupons • The City entered a challenging market with inflation and FOMC headline news driving market volatility. After adjustments, $10 million representing approximately 40% of total par remained unsubscribed at the time of the verbal award which BofA underwrote to ensure a successful transaction • The Bonds resulted in a true interest cost of 3.43% for a 5-year average life • Total savings per tax zone ranged from approximately $935,000 to $2.2 million Page 31 City of Seattle, WA $97,360,685 Local Improvement District No. 6751 (Taxable), Series 2021 Sale Date: October 19, 2021 • In October 2021, BofA Securities served as senior manager on the City of Seattle's ("City") $97.4 million Local Improvement District No. 6751 Bonds, 2021 (Taxable) ("Waterfront LID") • Proceeds from the bonds will be used to finance part of the City's Waterfront Program, which is a multi-year effort to plan, design, and build a new central waterfront for the City • The Waterfront LID is comprised of 6,624 individual tax parcels with a mix of residential/commercial condo units, high-rise office towers, other office properties, hotels, retail spaces, historic structures, and special purpose properties including sports stadiums, an art museum, a performance hall, a convention center, and a ferry terminal • The Bonds are primarily backed by special assessments collected on 2,393 tax parcels within the Waterfront LID that have not prepaid their assessments • BofA helped the City obtain an inaugural credit rating of 'Aa1' from Moody's • The Bonds were structured with a 20-year final maturity and extraordinary redemption features based on estimated future LID assessment prepayments Experience with Tenders and Exchanges. BofA houses the leading Liability Management franchise globally and in the Americas since 2022, specializing in complex, multifaceted negotiations for public and private debt transactions, including tenders, exchanges and consent solicitations. Specific to public finance transactions, our Municipal Liability Management (“MLM”) team has served as Dealer-Manager on 34 public finance tender/exchange transactions since 2022 soliciting over $31 billion in par amount. 2025 year-to-date transactions include the Alabama Federal Aid Highway Finance Authority and Missouri Electric Commission. Our experience with tender/exchange transactions encompasses a variety of structures, approaches, and tender premium strategies, including: (i) taxable and tax-exempt tender offers, (ii) bond funded and/or cash funded offers, (iii) partial or any and all tenders, (iv) optimization of sinker selection for term bonds, and (v) allocation priority and retail incentives among other innovations to our growing municipal liability management practice. Below, we provide a case study of a tax-exempt/taxable tender transaction completed for Los Angeles Community College District in May 2024. Los Angeles Community College District $1,868,410,000 General Obligation Bonds (Amount Solicited for Tender)  In May 2024, the Los Angeles Community College District (“LACCD”) launched a Fixed Spread tender offer for $1.63 billion of Taxable Bonds and Fixed Price tender offer for $233.9 million of Tax-Exempt bonds.  The solicitation resulted in $895.6 million of tendered bonds (47.9% of candidates), $155.1 million of Tax-Exempt (66.3%) and $740.4 million of Taxable (45.3%) candidates.  Ultimately, all tendered bonds were accepted. This tender offer exceeded by over $330 million the amount of accepted bonds in any other municipal tender offer year-to-date.  BofA institutional sales worked with three major institutional investors not identified through Bloomberg or the NOBO list, resulting in over $260 million offers from those investors.  LACCD opted to solicit $61.1 million of a 3% Coupon “deep-discount” tax-exempt bond that resulted in $60.9 million or 99.6% of the CUSIP being tendered, generating savings for the District that would be difficult to achieve in a traditional current refunding given the low coupon.  The Tender generated $46.1 million in present value savings and complemented a new funding for $100 million in various projects.