Green Bonds California 2019

The Milken Institute • 1250 4th St, CA 90401

Co-sponsors

Assured Guaranty, the leading provider of municipal bond insurance, has helped reduce the cost of municipal finance and protected municipal investors for more than three decades. It offers guarantees of timely payment of U.S. municipal bonds' principal and interest. Our bond insurance makes municipal borrowing more cost-efficient and creates greater security and market liquidity for investors, who value the unconditional and irrevocable promise of payment. We have extensive experience with credit underwriting, negotiated terms, surveillance and, if necessary, remediation of bonds it insures. Assured Guaranty Ltd. is listed on the New York Stock Exchange (AGO). Learn more at https://assuredguaranty.com/

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,700 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 33 million active users and approximately 20 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world.

Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Build America Mutual Assurance Company (BAM) is the first mutual municipal bond insurance company. Our mission is to deliver market access and substantial interest cost savings for issuers of U.S. Municipal bonds and durable protection against loss for municipal bondholders. We guarantee timely payment of scheduled principal and interest payments when due on U.S. municipal bonds, exclusively. BAM is rated AA/Stable by S&P and sponsored by the National League of Cities. Licensed in all 50 states.

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. For more information about Goldman Sachs' commitment to environmental sustainability, which encompasses each of our businesses please visit www.goldmansachs.com/citizenship/environmental-stewardship

Morgan Stanley is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley's sustainable investing activities and capabilities, please visit www.morganstanley.com/sustainableinvesting.

Ramirez is a nationwide, full-service investment bank, brokerage and advisory firm serving the needs of thousands of individual investors, business owners, top institutional investors, corporations and government agencies in the United States through 11 regional offices. Since 1971, our mission has been to help clients succeed by executing with integrity, experience, teamwork and performance.

The Ramirez Sustainable Finance Team has led the first transactions in the United States to be certified under the Climate Bonds Initiative's Standards for Low Carbon Transport and Renewable Energy and the first municipal transactions to be secured by residential solar and energy efficiency loans. Ramirez is the #1 ranked minority-owned underwriter for Green Bonds in the municipal market. We are committed to developing financing solutions to foster the growth of sustainable capital projects nationwide.

RBC Capital Markets is recognized by the most significant corporations, institutional investors, asset managers, private equity firms, and governments around the globe as an innovative, trusted partner with an in-depth expertise in capital markets, banking, and finance. With more than 7,200 professionals, RBC Capital Markets operates out of 70 offices in 15 countries across North America, the UK, Europe, and the Asia-Pacific region. We are part of Royal Bank of Canada (RBC), a leading, diversified provider of financial services and one of the strongest banks globally. Founded in 1864, RBC is the 10th largest bank worldwide and the 5th in North America, as measured by market capitalization. RBC is among a small group of highly rated global banks and is recognized time and time again for its financial strength, market leadership and philanthropic work. As a Green Bond Principles signatory, Climate Bonds Initiative partner and leading Green Bond underwriter, RBC Capital markets is committed to supporting the growth and development of a strong Green Bond market.

SEB is a leading Nordic financial services group.* The international nature of SEB's business is reflected in its presence in some 20 countries worldwide. On December 31, 2017, the Group's total assets amounted to SEK 2,560 bn while its assets under management totalled SEK 1,830 bn. As a global sustainable finance specialist, and advisor to investors, SEB has underwritten over 180 Green Bonds over the last decade and has acted as green structural advisor for issuers representing around 20% of outstanding Green Bonds. SEB has a dedicated team working directly with issuers and investors on Green Bond strategies and transactions, and we are also a dedicated Green Bond investor, issuer and investment research house.

S&P Global Ratings is the world's leading provider of independent credit ratings. Our ratings are essential to driving growth, providing transparency and helping educate market participants so they can make decisions with confidence. We have more than 1 million credit ratings outstanding on government, corporate, financial sector and structured finance entities and securities. We offer an independent view of the market built on a unique combination of broad perspective and local insight. We provide our opinions and research about relative credit risk; market participants gain independent information to help support the growth of transparent, liquid debt markets worldwide. S&P Global Ratings is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit www.spglobal.com/ratings.

With a national footprint, extensive experience in serving municipal bond issuers and a keen understanding of all investor segments, we help our clients achieve their goals with best-in-class solutions. About 34% of UBS's 60,000 employees work in the Americas. UBS provides financial advice and solutions to individual, institutional, governmental and corporate clients worldwide through its four business divisions: Global Wealth Management, the Investment Bank Personal & Corporate Banking, and Asset Management. Public Finance resides in the capital markets business that collaborates across Global Wealth Management and the Investment Bank. It serves the needs of local government entities and not-for-profit organizations.

Marketing Partner

Ethical Markets Media Certified B Corporation (USA and Brazil) is a micro-multinational social enterprise with the mission of reforming markets and metrics while helping accelerate and track the transition to the green economy worldwide with the Green Transition Scoreboard®, Ethical Biomimicry Finance®, Transforming Finance TV Series and research and daily news at www.ethicalmarkets.com.

The Chartered Alternative Investment Analyst (CAIA) Association is the world leader in alternative investment education. Earning the CAIA Charter is the gateway to becoming a Member of the Association, a global network of more than 11,000 alternative investment leaders. CAIA also offers the Fundamentals of Alternative Investments certificate program. CAIA.org.

The California Alternative Investments Association (CalALTs) is a not-for-profit membership organization whose members include alternative asset managers, investors and service providers who are dedicated to the continuing evolution of the alternative asset management industry in California. Originally founded in 2010 as the California Hedge Fund Association (CHFA), CalALTs continues the mission of fostering meaningful connections among its members and a vast network of thought leaders, influencers and peers who share investment ideas, best practices and industry intelligence that drive tomorrow’s success. The organization hosts education and networking events for members and its digital and social platforms provide members with the relationships, information, and opportunities to generate better outcomes.