RBC Capital Markets strength in the municipal bond market

Page 1 of 5 RBC Capital Markets’ strength in the municipal bond market A leader in U.S. municipal finance Headquartered in New York, RBC Capital Mark...
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RBC Capital Markets’ strength in the municipal bond market A leader in U.S. municipal finance Headquartered in New York, RBC Capital Markets (RBC CM) is a leader in U.S. Municipal Finance. Drawing on the strength of RBC’s high credit rating (Aa3/AA-), we serve hundreds of municipal issuers annually. Employing 350 banking, sales, trading, underwriting and research professionals in 26 cities, we have one of the largest U.S. municipal finance practices in the country. Over the past 78 years, the Municipal Finance Group has expanded in size, breadth and expertise. We have provided municipal financing assistance to thousands of clients, and have underwritten tens of thousands of bond issues.

Investment banking RBC CM’s banking offices throughout the country provide local clients with public finance professionals who have first-hand knowledge of the communities they serve. The bankers are able to sustain a level of active involvement with the issuer by attending local meetings and establishing a direct relationship free from geographic barriers. The growth of RBC CM’s public finance practice has been built upon maintaining significant banking offices in select cities across the country. These core market offices are staffed with public finance bankers who have significant municipal finance expertise coupled with considerable knowledge of their specific market’s economy, demographics and public finance laws.

Trading and underwriting RBC CM’s regional underwriting and trading expertise coupled with a national focus provides us with a unique

advantage in gathering information on bonds issued in the areas we serve. Through our five regional trading desks and numerous underwriting groups we have in depth knowledge and access to local markets. As a result, we maintain extensive inventory positions and actively participate in both the primary and secondary markets, offering our clients a wide range of investment opportunities. BondDesk, a live and executable trading platform, gives our traders and financial advisors access to more than 150 commingled retail inventories, from primary and regional dealers across the country. This allows us to provide our customers with competitive offerings and the largest selection of fixed income products in the marketplace. As a result, we are able to provide our customers with more opportunities; achieving better pricing for their trades.

Market distribution Through RBC Wealth Management, we have an expansive network, with retail branch offices located throughout the nation serving individual investors. Our underwriting and trading capabilities are broadly dispersed, far-reaching and client focused, allowing us to deliver a wide range of municipal products.

Research and Strategies group RBC provides our clients with quality research. The municipal credit strategists in our Fixed Income Strategies Group provide in-depth access to credit information, market conditions, and product information for investors. We publish timely commentaries on the economy, fixed income markets and

investment strategies. Additionally, the strategies group professionals provide portfolio review services for our financial advisors and their clients.

Municipal underwriting RBC CM is the most active underwriter of municipal bonds in terms of total number of senior managed issues, underwriting hundreds of issues annually. We maintain two fundamental advantages: • Strong and enduring client relationships • Significant capital to underwrite unsold balances in the primary market and to create and maintain an active secondary market for client issues In 2015, RBC Capital Markets’ Public Finance Department ranked as the #5 Lead Manager on Negotiated Issues with 669 issues for an 8.1% market share. Total par amount on these issues was $23,432,600,000. Contact Us: RBC Plaza 60 South Sixth Street Minneapolis, MN 55402-4422 (612) 371-7730 Please see the following pages for RBC CM’s Lead Manager, US Municipal Composite and Negotiate Composite Amount tables, followed by highlighted issues of interest from U.S. regions.

Page 2 of 5 RBC Capital Markets’ strength in the municipal bond market, continued

Lead Manager League Table Negotiated: True Economics to Book Runner

01/01/2015 - 12/31/2015 Manager

Par Amount

Rank (US$ mil)

Mkt. Share

# of Issues

Citi

32,917.2

1

11.3

337

Bank of America Merrill Lynch

32,702.1

2

11.3

305

J P Morgan Securities LLC

32,115.8

3

11.1

275

Morgan Stanley

23,483.0

4

8.1

258

RBC Capital Markets

23,432.6

5

8.1

669

Stifel Nicolaus & Co Inc

16,718.3

6

5.8

811

Wells Fargo & Co

16,673.4

7

5.7

191

Barclays

14,280.9

8

4.9

123

Raymond James

13,549.4

9

4.7

479

Piper Jaffray & Co

11,966.7

10

4.1

497

377,583.6



100.0

Industry Total

12,077

Lead and Co-Manager League Table Negotiated: True Economics to Book Runner

01/01/2015 - 12/31/2015 Manager Bank of America Merrill Lynch

Par Amount (US$ mil)

Rank

Market Share (%)

# of Issues

111,312.7

1

38.3

695

J P Morgan Securities LLC

98,235.1

2

33.8

597

Citi

97,693.4

3

33.7

657

Morgan Stanley

93,314.4

4

32.1

614

Wells Fargo & Co

91,291.4

5

31.4

589

RBC Capital Markets

84,856.3

6

29.2

1062

Raymond James

75,361.2

7

26.0

941

Siebert Brandford Shank & Co

63,778.3

8

22.0

297

Loop Capital Markets

62,780.6

9

21.6

324

Barclays

60,089.8

10

20.7

303

Top 10

838,713.2



56.4

6,079

Industry Total

290,335.1



100.0

7,638

Page 3 of 5 RBC Capital Markets’ strength in the municipal bond market, continued

Healthcare Lead Manager League Table Negotiated: True Economics to Book Runner

01/01/2015 - 12/31/2015 Manager

Par Amount (US$ mil)

J P Morgan Securities LLC

4,212.2

Rank

Market Share (%)

# of Issues

1

18.9

45

Bank of America Merrill Lynch

4,074.1

2

18.3

46

Morgan Stanley

2,354.6

3

10.6

24

Goldman Sachs & Co

2,170.0

4

9.8

16

Citi

1,976.3

5

8.9

15

Piper Jaffray & Co

1,432.6

6

6.4

16

RBC Capital Markets

1,231.2

7

5.5

12

Barclays

1,108.3

8

5.0

8

Wells Fargo & Co

998.6

9

4.5

12

Jefferies LLC

491.5

10

2.2

6

94,993.3



100.0

Industry Total

5,838

Single Family Housing Lead Manager League Table Negotiated: True Economics to Book Runner

01/01/2015 - 12/31/2015 Manager

Par Amount (US$ mil)

Rank

RBC Capital Markets

1,876.5

1

J P Morgan Securities LLC

Market Share (%) 24.4

# of Issues 41

1,115.7

2

14.5

24

Bank of America Merrill Lynch

979.5

3

12.7

18

Citi

923.6

4

12.0

21

Morgan Stanley

846.2

5

11.0

20

Wells Fargo & Co

487.6

6

6.3

16

Raymond James

410.0

7

5.3

13

Academy Securities Inc

178.3

8*

2.3

2

Barclays

178.3

8*

2.3

5

Stifel Nicolaus & Co Inc

491.5

10

2.3

7

94,993.3



100.0

Industry Total

5,838

Page 4 of 5 RBC Capital Markets’ strength in the municipal bond market, continued

Highlighted issues in the East Coast Region 01/01/2015 - 12/31/2015 Issuer

Issue Description

Par Amount ($ mils)

Lead Manager

State

NYS Dorm Authority

Sales Tax Revenue Bonds

1,523.100

Morgan Stanley RBC Capital Markets Siebert Brandford Shank & Co

NY

NYS Utility Debt Securitization Auth

Restructuring Bonds

1,002.115

Bank of America Merrill Lynch Citi Barclays RBC Capital Markets

NY

New York City-New York

General Obligation Bonds

799.660

RBC Capital Markets

NY

Connecticut

Special Tax Oblig & Ref Bonds

839.770

RBC Capital Markets

CT

New Jersey Trans Trust Fund Au

Transportation Program Bonds

626.800

RBC Capital Markets

NJ

Highlighted issues in the Mid-Atlantic Region 01/01/2015 - 12/31/2015 Issuer

Issue Description

Par Amount ($ mils)

Lead Manager

Michigan Finance Authority

Hospital Revenue Refunding Bonds

398.435

RBC Capital Markets Morgan Stanley

State MI

Metro Washington Airports Auth

Airport System Rev Ref Bonds 227.335

Morgan Stanley RBC Capital Markets

DC

Ohio Water Development Authority

Wtr Poll Control Loan Fund Bonds

240.000

RBC Capital Markets

OH

Cuyahoga Co (Cleveland) MSD

GO Unltd Tax School Imp Bonds

120.516

RBC Capital Markets

OH

Michigan Finance Authority

Hospital Revenue & Ref Bonds

181.210

RBC Capital Markets

MI

Highlighted issues in the South Region 01/01/2015 - 12/31/2015 Issuer

Issue Description

Par Amount ($ mils)

Lead Manager

State

Univ of Oklahoma Bd of Regents

General Revenue Bonds

213.705

RBC Capital Markets

OK

Colorado St Univ Sys Bd of Gov

System Enterprise Revenue Bonds

134.730

RBC Capital Markets

CO

Park Creek Metropolitan Dt

Sr Ltd Prop Tax Supported Rev Ref

231.290

RBC Capital Markets

CO

Harris Co (Cypress-Fairbanks) ISD

Unltd Tax Scool Bldg & Ref Bonds

209.045

RBC Capital Markets

TX

San Antonio City – Texas

Elec & Gas Sys Jr Ln Rev Bonds

100.00

RBC Capital Markets

TX

Page 5 of 5 RBC Capital Markets’ strength in the municipal bond market, continued

Highlighted issues in the Upper Midwest Region 01/01/2015 - 12/31/2015 Issuer

Issue Description

Par Amount ($ mils)

Lead Manager

State

Utah State Board of Regents

Student Loan Backed Notes

415.500

RBC Capital Markets

UT

Illinois State Toll Highway Auth

Toll Highway Senior Rev Ref Bonds

333.060

RBC Capital Markets Siebert Brandford Shank & Co

IL

Indiana Finance Authority

Hospital Revenue Refunding Bonds

287.395

RBC Capital Markets J P Morgan Securities LLC

IN

Wisconsin Hsg & Econ Dev Auth

Home Ownership Revenue Bonds

137.855

RBC Capital Markets

WI

Minnesota Housing Fin Agency

Residential Housing Finance Bonds

96.930

RBC Capital Markets

MN

Par Amount

Lead Manager

Highlighted issues in the West Coast Region 01/01/2015 - 12/31/2015 Issuer

Issue Description

California Dept of Wtr Resources

Power Supply Revenue Bonds 382.923

J P Morgan Securities LLC RBC Capital Markets

State CA

California St Public Works Board

Lease Revenue Refunding Bonds

431.885

RBC Capital Markets Siebert Brandford Shank & Co

CA

Pierce Co (Tacoma) SD #10

Unlimited Tax GO & Ref Bonds

368.275

RBC Capital Markets

WA

Los Angeles (Long Beach) USD

General Obligation Bonds

89.998

RBC Capital Markets

CA

So California Metro Water Dt

Water Revenue Bonds

208.255

RBC Capital Markets US Bancorp

CA

RBC Capital Markets is a trade name of Royal Bank of Canada and its affiliates, including RBC Capital Markets, LLC and the fixed income businesses of RBC Wealth Management in the U.S. (members NYSE/SIPC), RBC Dominion Securities Inc. in Canada (member CIPF), and Royal Bank of Canada (Europe) Ltd. The fixed income investment banking, sales, trading and underwriting activities of Royal Bank of Canada throughout the world are carried out under the name RBC Capital Markets. The municipal securities underwriting and financial advisory services of RBC Capital Markets in the United States are provided by RBC Wealth Management, a fullservice broker-dealer (including retail brokerage). Balance sheet products, such as interest rate swaps and letters of credit, are provided by Royal Bank of Canada. [RBC Centura Bank is a bank in the southeastern United States that is a wholly-owned subsidiary of Royal Bank of Canada.] The terms “RBC,” “we” or “our” in this proposal refer to one or more of these entities as indicated by the context. RBC Wealth Management, a division of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC. © 2016 All rights reserved.

3689 (09/16)

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