$18,430,000∗ CITY AND COUNTY OF SAN FRANCISCO REFUNDING CERTIFICATES OF PARTICIPATION $2,730,000* SERIES 2025-R2 (PORT FACILITIES PROJECT) (Non-AMT) $15,700,000* SERIES 2025-R3 (PORT FACILITIES PROJECT) (AMT) evidencing proportionate interests of the Owners thereof in a Project Lease, including the right to receive Base Rental payments to be made by the CITY AND COUNTY OF SAN FRANCISCO POS + INVESTOR PRESENTATION POSTED 11-3-25