Appendix Additional Firm Bios 1 RAYMOND JAMES FINANCIAL, INC. COMPANY OVERVIEW Raymond James Financial, Inc. (RJF) is a diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiaries. RJF was founded in 1962 with the objective of providing a comprehensive range of investments to investors. A public company since 1983, RJF is listed on the New York Stock Exchange and its shares are owned by more than 18,000 individual and institutional investors. In total RJF employs over 14,000 people in over 2,600 locations. On April 2, 2012, Raymond James closed on the purchase of Morgan Keegan. On February 17, 2013, the two entities will became one broker-dealer under the name Raymond James & Associates (“RJA”). The subsidiaries’ services include retail, institutional equity and fixed income sales, investment banking, trading, asset management, and lending services. Raymond James and its subsidiaries have over 7,000 financial advisors serving more than 1.9 million accounts in locations throughout the United States. Raymond James is now the largest independent securities firm in the United States by market capitalization. The firm has grown to its present size and organization by adhering to what has been its primary philosophy for 50 years, that of keeping the client’s financial well-being foremost. Over this time, Raymond James has become a respected, multinational company with distinct business units that serve a variety of clients, from individuals and small business owners to municipalities and major corporations. Retail Brokerage Fixed Income & Asset RJ Bank Equity Capital Management Domestic Retail Brokerage Public Finance Eagle Asset Management $8.9 billion in Total Assets 7,000 Financial Advisors in 181 Public Finance Pension & profit sharing, Innovative Banking 2,600 retail offices professionals in 27 offices retirement funds, foundations Services $298 billion in Retail Assets Fixed Income Sales, Trading Both lending and depository Under Management & Research Eagle Boston Investment services offered across 50 Sales/Trading force of more Management states Canadian Retail Brokerage Small cap equity portfolios than 400 Professionals, More than 450 financial 10 Underwriters advisors in more than 100 offices Corporate Finance Int’l Retail Brokerage Equity Syndicate & 20 offices in 10 countries Research Commitment to Public Finance The Public Finance Division sits within Fixed Income and Equity Capital Markets and is a primary focus of the combined firm. The acquisition of Morgan Keegan by Raymond James underscores the combined entity’s commitment to developing and growing its public finance and fixed income franchise. Collectively, over the past ten years, RJA’s municipal bond department grew. During the past four years, while many other firms downsized or eliminated their municipal bond departments, RJA has taken advantage of changes in the 2 municipal market to add key talented professionals. We have recently opened public finance offices in Boston and San Francisco, for a total of 27 locations with 181 investment banking personnel. This recent expansion is indicative of our long-term commitment to the business. With over 700 banking, underwriting, sales, and trading professionals, our municipal bond department is one of the largest in the country. One of Raymond James’ strategic rationales for acquiring Morgan Keegan was to combine “premier complementary fixed income franchises.” Distribution Capabilities - Raymond James is well qualified to Retail Distribution Channels serve as senior manager on transactions for a number of reasons. 2,600 Retail Offices Our Firm’s marketing strength is comprehensive, selling to retail 7,000 Retail Brokers investors through more than 7,000 retail brokers located throughout the United States in over 2,600 retail locations and Fixed Income Distribution Channels 2,400 Institutional Accounts covering the major institutional buyers of municipal products. 350 Sales & Trading Professionals Including: Unlike any of our competitors with institutional distribution 23 Dedicated Solely to Municipals capabilities, we focus on a large number of second and third tier 49 Fixed Income Strategists institutional investors through our fixed income sales force, 13 Underwriters specifically by calling on over 2,400 institutional accounts being covered by 350 fixed income sales, traders, underwriters and fixed income strategists. Our Firm has demonstrated its willingness to underwrite and position unsold bonds in inventory. It is extremely important to clients that the managing underwriters, particularly the senior manager, be willing to own a sizeable position in inventory. We believe that describes our Firm, day in and day out. National Underwriting Status – Raymond James brings in-depth market knowledge to its clients as a result of our extensive municipal underwriting experience. The firm’s long-term national underwriting activity places it among the top investment banks nationally. Our expertise and success in the public finance industry is best demonstrated by the firm’s national rankings among the top lead managers of municipal bonds throughout the country. Over the last three years, RJA has ascended the rankings chart and is now solidly entrenched as a top 10 underwriter of long-term municipal issues. Raymond James’s expertise and success in the public finance industry is best demonstrated by the firm’s national rankings among the top lead managers of municipal bonds. These rankings encompass our senior- managed variable and fixed rate long-term municipal bond underwritings, and they demonstrate that although RJA is an expanding regional firm, we consistently rank among the top national firms in the United States. RJA is one of the industry’s leading underwriters of municipal bonds and is ranked 9th in the nation for underwriting municipal issues sold in 2012. National Municipal New Issues National Municipal New Issues National Municipal New Issues Full Credit to Book Runner Full Credit to Book Runner Full Credit to Book Runner Year End 2010 Year End 2011 Year End 2012 Par Amount No. of Par Amount No. of Par Amount No. of Rank Underwriter (US$ mil) Issues Rank Underwriter (US$ mil) Issues Rank Underwriter (US$ mil) Issues 1Bank of America Merrill Lynch 59,942.0 591 1J P Morgan Securities LLC 39,208.3 387 1Bank of America Merrill Lynch 53,008.7 462 2 Citi 58,755.6 471 2 Citi 36,567.9 333 2J P Morgan Securities LLC 43,235.1 372 3J P Morgan Securities LLC 47,147.8 429 3Bank of America Merrill Lynch 35,346.8 352 3 Citi 42,407.7 450 4Morgan Stanley 36,804.8 338 4Morgan Stanley 21,320.0 242 4Morgan Stanley 24,207.7 259 5Barclays Capital 29,857.8 225 5Goldman Sachs & Co 17,509.4 94 5RBC Capital Markets 20,886.9 631 6Goldman Sachs & Co 25,163.1 165 6Barclays Capital 14,228.0 119 6 Barclays 20,177.6 137 7RBC Capital Markets 19,542.1 659 7RBC Capital Markets 13,774.2 534 7 Wells Fargo & Co 19,395.7 259 8 Raymond James 16,069.6 882 8Wells Fargo & Co 13,167.4 170 8Goldman Sachs & Co 18,719.5 100 9Wells Fargo & Co 13,636.4 313 9Raymond James 12,640.9 696 9 Raymond James 12,109.2 748 10 Siebert Brandford Shank & Co 9,279.5 76 10 Stifel Nicolaus & Co Inc 8,584.5 479 10 Piper Jaffray & Co 9,258.4 568 11 Robert W Baird & Co Inc 8,996.6 929 11 Piper Jaffray & Co 6,914.5 520 11 Stifel Nicolaus & Co Inc 8,741.9 550 12 Piper Jaffray & Co 8,045.3 566 12 Robert W Baird & Co Inc 5,538.9 607 12 Robert W Baird & Co Inc 8,586.3 863 13 Stifel Nicolaus & Company Inc 5,347.4 398 13 Siebert Brandford Shank & Co 5,222.5 48 13 Jefferies & Company Inc 7,319.6 102 14 Jefferies & Company Inc 5,113.3 88 14 Jefferies & Company Inc 3,776.2 59 14 Siebert Brandford Shank & Co 4,649.0 36 15 Loop Capital Markets 5,018.0 52 15 Loop Capital Markets 2,945.7 26 15 Loop Capital Markets 3,127.5 36 3 Historical Capital Position - As of June 30, 2013 (most recent available), the firm’s total equity capital is $3.5 billion, including $372 million in excess net capital. Our capital position gives us flexibility to aggressively price bonds, even in difficult markets. RJA also maintains a significant daily inventory of fixed income securities - typically between $200 and $250 million. Virginia Underwriting Experience. RJA has been one of the most prolific senior managers of negotiated municipal bonds in the Commonwealth of Virginia since opening its Richmond office in mid-2000. The Richmond-based public finance effort is supported by seven professionals who collectively have in excess of 100 years of experience working with Virginia issuers. RJA was the leading underwriter of negotiated issues in Virginia for each of the past three calendar years, as shown in th ranking tables below. During this time, RJA has served as senior managing underwriter on 66 transactions (31 more than our closest competitor) totaling over $2.6 billion in par. In addition, for the period January 1, 2001 to December 31, 2012, our firm ranked 1st in the number of transactions and 1st in total par having senior managed 213 transactions representing a par amount of over $8.1 billion. Our rankings since 2010 are displayed below and confirms our underwriting strength and experience in the Commonwealth of Virginia. Virginia Negotiated Municipal New Issues Virginia Negotiated Municipal New Issues Virginia Negotiated New Issues Full Credit to Book Runner Full Credit to Book Runner Full Credit to Book Runner Year Ended 2010 Year Ended 2011 Year End 2012 Par No. Par Par No. Amount of Amount No. of Amount of Rank Underwriter (US$