Fixed Income Offerings Prepared For: Customers Assuming 0% tax rate Prepared By: David Smith Southwest Securities, Inc. - Member: NYSE/FINRA/SIPC - 8350 Wilshire Boulevard - Suite 300 - Beverly Hills, CA 90211 Phone: 800-765-2200 Email: [email protected] Offer Sheet December 19, 2014 Qty (000) Cusip Rating / FDIC # 155 861361AD5 A2/AA 610 13080SEY6 Issue YTW YTM Accrued Interest Principal Net Amount $2,761.05 $156,550.00 $159,311.05 5.124% 5.124% $101.67 $651,175.00 $651,276.67 $109.417 4.400% 4.400% $597.64 $38,295.95 $38,893.59 08/15/2023 CA $111.754 4.100% 4.100% $821.30 $44,701.60 $45,522.90 3.625% 09/01/2028 CA $101.346 3.460% (c) 3.500% $208.44 $349,643.70 $349,852.14 $179.17 $11,624.40 $11,803.57 $13,421.53 $1,541,905.55 $1,555,327.08 Coupon Maturity ST Price Stockton Calif Pension Oblig Callable 09/17@100 TAXABLE - Material Events - Sinking Fund 09/18@100 - AGMC insured 5.675% 09/01/2026 CA $101.000 5.267% (c) 5.556% -/BBB California Statewide Cmntys Dev Auth Rev Extraordinary Calls - Hospitals Use - TAXABLE 6.000% 12/01/2024 CA $106.750 35 76443NDD3 WR/A- Richmond Calif Jt Pwrs Fing Auth Tax Allocation Rev TAXABLE - Material Events - Subject to Sinking Fund 09/21@100 - SYNCO insured 5.440% 09/01/2026 CA 40 786091AD0 A3/AA- Sacramento Cnty Calif Pensionoblig TAXABLE Material Events - Subject to - Sinking Fund 08/22@100 - NATL insured 5.730% Hesperia Calif Spl Tax Callable 09/24@100 - OID Extraordinary Calls - Gen Purp/Pub Impt Use 345 428059BD0 -/- 10 777863AT8 Baa2/A- Roseville Calif Nat Gas Fing Auth Gas Rev Material Events 5.000% 02/15/2026 CA $116.244 3.250% 3.250% 1,255 13063CNA4 Aa3/A+ California St For Previous Issues See 13063b Callable 10/24@100 - Material Events 5.000% 10/01/2027 CA $122.861 2.365% (c) 2.851% Garden Grove Calif Agy Cmnty Dev Successor Agy Tax Allocation BAM insured 5.000% 10/01/2024 CA $123.500 2.300% 2.300% $1,095.14 $117,325.00 $118,420.14 95 365250AL3 -/AA 500 13063CNB2 Aa3/A+ California St For Previous Issues See 13063b Callable 10/24@100 - Material Events 5.000% 10/01/2026 CA $123.531 2.297% (c) 2.658% $5,347.22 $617,655.00 $623,002.22 100 13063B4N9 Aa3/A+ California St Callable 04/23@100 - Material Events 5.000% 10/01/2027 CA $120.479 2.269% (c) 3.051% $1,152.78 $120,479.00 $121,631.78 Garvey Calif Sch Dist AGMC insured 5.000% 08/01/2023 CA $121.789 2.205% 2.205% $93.75 $54,805.05 $54,898.80 45 366658RM6 -/AA 100 13063CHD5 Aa3/A+ California St For Previous Issues See 13063b Callable 11/23@100 - Material Events 5.000% 11/01/2025 CA $123.011 2.133% (c) 2.558% $736.11 $123,011.00 $123,747.11 10 13063BFU1 Aa3/A+ California St Extraordinary Calls Gen Purp/Pub Impt Use - TAXABLE Material Events 6.200% 03/01/2019 CA $116.409 2.085% 2.085% $194.61 $11,640.90 $11,835.51 75 59266TJP7 Aa1/AAA Metropolitan Wtr Dist Southn Calif Wtrwrks Rev Callable 07/22@100 - Material Events 5.000% 07/01/2028 CA $120.807 2.005% (c) 3.104% $1,802.08 $90,605.25 $92,407.33 75 13048TGG2 Baa2/- California Mun Fin Auth Rev Extraordinary Calls Hospitals Use - Material Events 5.000% 07/01/2020 CA $115.602 2.000% 2.000% $1,802.08 $86,701.50 $88,503.58 50 54438CPW6 Aa1/AA+ Los Angeles Calif Cmnty College Dist Callable 08/23@100 - Material Events 5.000% 08/01/2024 CA $124.155 1.938% (c) 2.196% $993.06 $62,077.50 $63,070.56 Page 2 of 5 Offer Sheet December 19, 2014 Qty (000) Cusip Rating / FDIC # 2,185 13063CNJ5 Aa3/A+ Issue Coupon Maturity ST Price California St For Previous Issues See 13063b Material Events 5.000% 10/01/2023 CA $124.655 YTW YTM Accrued Interest Principal Net Amount 1.930% 1.930% $23,367.36 $2,723,711.75 $2,747,079.11 50 50420BBS0 -/AA- La Quinta Calif Redev Agy Successor Agy Tax Alloc 5.000% 09/01/2021 CA $119.434 1.892% 1.892% $1,145.83 $59,717.00 $60,862.83 50 010869GD1 A2/A- Alameda Corridor Transn Auth Calif Rev Extraordinary Calls - Mass/Rapid Tran Use Material Events 5.000% 10/01/2021 CA $120.141 1.823% 1.823% $576.39 $60,070.50 $60,646.89 25 54465ABC5 -/AA- Los Angeles Cnty Calif Redev Auth Tax Allocation Rev Extraordinary Calls - Redev/Ld Clearance Use Material Events 5.000% 07/01/2021 CA $119.941 1.750% 1.750% $600.69 $29,985.25 $30,585.94 50 95640HCF3 Aa1/AA West Vy Mission Cmnty College Dist Calif Callable 08/22@100 - Material Events 5.000% 08/01/2023 CA $123.243 1.725% (c) 2.040% $993.06 $61,621.50 $62,614.56 75 75213RAH8 -/BBB+ Rancho Santa Fe Calif Csd Fing Auth Rev OID Material Events 4.500% 09/01/2019 CA $112.579 1.696% 1.696% $1,059.38 $84,434.25 $85,493.63 65 13063BR87 Aa3/A+ California St Material Events 5.000% 02/01/2021 CA $120.442 1.484% 1.484% $1,290.97 $78,287.30 $79,578.27 25 75212YAM3 Baa2/- Rancho Mirage Calif Jt Pwrs Fing Auth Callable 07/17@100 - Extraordinary Calls Hospitals Use - Material Events - Sinking Fund 07/22@100 5.000% 07/01/2027 CA $108.746 1.452% (c) 4.100% $600.69 $27,186.50 $27,787.19 50 544495ZB3 Aa3/AA- Los Angeles Calif Dept Wtr & Pwr Rev Material Events 5.000% 07/01/2021 CA $122.064 1.442% 1.442% $1,201.39 $61,032.00 $62,233.39 75 804230MF4 -/- Saugus Calif Un Sch Dist Spl Tax Callable 03/15@103 - Extraordinary Calls Prim/Secndry Ed Use 2.000% 09/01/2018 CA $102.147 1.400% 1.400% $375.00 $76,610.25 $76,985.25 20 918826GD4 -/AA Val Verde Calif Uni Sch Dist Ctfs Partn Callable 03/19@100 - Material Events - Sinking Fund 03/23@100 - AGC insured 5.000% 03/01/2029 CA $114.695 1.375% (c) 3.662% $313.89 $22,939.00 $23,252.89 100 544525RW0 Aa2/AA Los Angeles Calif Dept Wtr & Pwr Wtrwks Rev 5.000% 07/01/2021 CA $122.549 1.372% 1.372% $2,402.78 $122,549.00 $124,951.78 290 13063BFB3 Aa3/A+ California St Callable 03/20@100 - Material Events 5.000% 03/01/2022 CA $118.671 1.268% (c) 2.179% $4,551.39 $344,145.90 $348,697.29 50 13066YPV5 Aa2/AA- California St Dept Wtr Res Pwr Supply Rev OID Material Events 3.500% 05/01/2020 CA $111.542 1.263% 1.263% $257.64 $55,771.00 $56,028.64 20 51378PAQ4 A3/AA- Lancaster Calif Fing Auth Taxallocation Rev Extraordinary Calls - Redev/Ld Clearance Use Material Events - NATL insured 5.250% 02/01/2018 CA $112.135 1.250% 1.250% $417.08 $22,427.00 $22,844.08 Page 3 of 5 Offer Sheet December 19, 2014 Qty (000) Cusip Rating / FDIC # Issue Coupon Maturity ST Price YTW YTM Accrued Interest Principal Net Amount 10 07786BBE9 A3/AA Bell Calif Callable 08/17@100 - Material Events AGC insured 5.000% 08/01/2019 CA $109.662 1.217% (c) 2.750% $198.61 $10,966.20 $11,164.81 100 21221MDE7 -/AA+ Contra Costa Calif Transn Auth Sales Tax Rev Callable 03/20@100 - Material Events 5.000% 03/01/2024 CA $119.220 1.169% (c) 2.631% $1,569.44 $119,220.00 $120,789.44 100 5447124U3 Aa2/AAA Los Angeles Cnty Calif Met Trans Auth Sales Tax Rev Material Events 5.000% 07/01/2020 CA $120.689 1.124% 1.124% $2,402.78 $120,689.00 $123,091.78 105 713575QX9 -/AA- Peralta Calif Cmnty College Dist Callable 08/19@100 - Material Events 5.250% 08/01/2021 CA $118.586 1.098% (c) 2.209% $2,189.69 $124,515.30 $126,704.99 625 59266TLF6 Aa1/AAA Metropolitan Wtr Dist Southn Calif Wtrwrks Rev Mandatory Put 10/01/2019@100 Callable 07/19@100 - Extraordinary Calls Water Use - Material Events 3.000% 10/01/2019 CA $108.395 1.091% (c) 1.184% $5,989.58 $677,468.75 $683,458.33 250 130685RC6 A1/A California St Pub Wks Brd Lease Rev Callable 04/19@100 - OID - Extraordinary Calls Govt/Pub Bldgs Use - Material Events 5.000% 04/01/2020 CA $116.381 1.065% (c) 1.733% $2,881.94 $290,952.50 $293,834.44 100 1306852S8 A1/A California St Pub Wks Brd Lease Rev Extraordinary Calls - Gen Purp/Pub Impt Use - Material Events 5.000% 04/01/2019 CA $116.493 1.040% 1.040% $1,152.78 $116,493.00 $117,645.78 50 130685RZ5 A1/A California St Pub Wks Brd Lease Rev Callable 04/19@100 - OID - Extraordinary Calls Public Higher Education Use - Material Events 5.250% 04/01/2020 CA $117.554 1.036% (c) 1.748% $605.21 $58,777.00 $59,382.21 100 798147N59 Ba3/BBB San Jose Calif Redev Agy Tax Allocation Callable 08/17@100 - Material Events - AMBAC insured 5.000% 08/01/2023 CA $110.250 1.000% (c) 3.603% $1,986.11 $110,250.00 $112,236.11 50 798147U85 Ba3/BBB San Jose Calif Redev Agy Tax Allocation Callable 08/17@100 - Material Events - SYNCO insured 5.000% 08/01/2027 CA $110.250 1.000% (c) 3.959% $993.06 $55,125.00 $56,118.06 260 13067JKS9 Aaa/AA+ California (State Of) Economic Recovery Bonds Material Events - Escrowed 4.600% 07/01/2019 CA $115.985 0.976% 0.976% $5,747.44 $301,561.00 $307,308.44 510 130685UZ1 Aaa/AA+ California St Pub Wks Brd Lease Rev PreRefund 04/01/2019@100 - OID - Extraordinary Calls - Hospitals Use - Material Events 5.000% 04/01/2019 CA $116.948 0.940% (r) 0.940% $5,879.17 $596,434.80 $602,313.97 80 13063CLF5 Aa2/AA California St For Previous Issues See 13063b 1.000% 12/01/2018 CA $100.399 0.897% 0.897% $51.11 $80,319.20 $80,370.31 75 130685D80 Aaa/AA+ California St Pub Wks Brd Lease Rev Extraordinary Calls - Public Higher Education Use - Material Events - Escrowed 5.000% 03/01/2019 CA $116.857 0.889% 0.889% $1,177.08 $87,642.75 $88,819.83 50 13063A4R2 Aa3/A+ California St Var Purp Callable 04/19@100 Material Events 5.625% 04/01/2026 CA $119.860 0.875% (c) 3.479% $648.44 $59,930.00 $60,578.44 Page 4 of 5 Offer Sheet December 19, 2014 Qty (000) Rating / FDIC # Issue 75 13063B4D1 Aa3/A+ 40 13066EWE9 Cusip YTW YTM Accrued Interest Principal Net Amount $107.879 0.871% 0.871% $518.75 $80,909.25 $81,428.00 12/01/2019 CA $114.706 0.664% (c) 1.867% $127.78 $45,882.40 $46,010.18 0.000% 09/01/2017 CA $98.254 0.657% 0.657% $0.00 $98,254.00 $98,254.00 2.500% 05/01/2016 CA $103.080 0.218% 0.218% $184.03 $51,540.00 $51,724.03 Coupon Maturity ST Price California St Material Events 3.000% 10/01/2018 CA Aa1/AAA California St Dept Wtr Res Wtr Rev Callable 06/18@100 5.000% 100 539561AV2 WR/AA- Local Govt Fin Jt Pwrs Auth Calif Rev Material Events - Escrowed - NATL insured 50 13066YQU6 Aa2/AA- California St Dept Wtr Res Pwr Supply Rev Material Events YIELDS REPRESENT YIELD TO MATURITY OR YIELD TO WORST CALL AS INDICATED. PLEASE REVIEW THIS INFORMATION CAREFULLY WITH YOUR FINANCIAL ADVISOR TO ASSURE IT MEETS YOUR INVESTMENT OBJECTIVES Minimum purchases may apply. Prices and yields are subject to change based upon market conditions and availability. Certain early redemption features, such as a call at issuer's option, provide the issuer an option to repay principal prior to maturity and may change the term of the investment. If securities are sold prior to maturity, you may receive more or less than your initial investment due to market fluctuations. High yield bonds are not suitable for all investors and are generally considered speculative in nature with greater potential loss of interest and/or principal. Credit quality ratings are assigned by Moody's Investors Service and Standard & Poor's. Insurance, if specified, relates to the timely payment of principal and interest. Insurance does not guarantee market value or protect against fluctuations in bond prices resulting from general market fluctuations. No representation is made as to the insurer's ability to meet its financial commitments. For more complete information about new issues, including charges and expenses, obtain a prospectus or municipal official statement from your Financial Advisor. Please read it carefully before you invest or send money. Interest from taxable zero coupon securities is subject to annual taxation as ordinary income, even thought no income is received. Interest from Private Activity Municipal securities, although federally tax-exempt, may be subject to federal alternative minimum tax (AMT). Please contact your tax advisor regarding suitability of tax-exempt investments for your portfolio. Modified Duration and Convexity are measures of price sensitivity of a fixed-income security to changes in interest rates. The information in this report has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. This firm may have a long or short position in the securities presented in this report and may buy or sell such securities in the course of our regular business. Page 5 of 5
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