March 2024

To Our Clients, Colleagues and Business Associates,

First American serves many of the largest and most sophisticated organizations in the United States. We are proud to work with the nation’s most prestigious universities, renowned hospitals, innovative manufacturers, and leading service firms. Each client’s mission matters to us, and we are incredibly grateful to play a small role in their success.

In 2023, First American was recognized by Monitor as the 25^th largest equipment finance business in the U.S.¹, moving up eight spots in the ranking year-over-year. New business volume totaled $1.8 billion and our portfolio of leased assets surpassed $4.0 billion for the first time. Most importantly, a record number of new clients chose First American for their equipment leasing and financing needs.

Our business success is made possible by the effort of our 293 genuine, passionate and client-focused colleagues. Our long-term vision is to become the best company to work for and the best company to work with. In 2023, our progress toward that vision was recognized with several awards:

• #1 - Best Large Companies to Work For in New York
• #7 - Fortune 100 Best Workplaces in Financial Services & Insurance
• #46 - Fortune 100 Best Medium Sized Workplaces
• #41 - Fortune 100 Best Workplaces for Millennials
• #70 - PEOPLE Top 100 Companies That Care
• #1 - Top Midsize Workplace in Rochester
• #21 - Selling Power 50 Best Companies to Sell For

We continue to innovate and modernize the client experience. Our clients often choose to manage their projects and leases digitally, with available API connectivity for seamless integration into our clients’ existing workflows. These digital capabilities are complemented by our team’s expertise. First American employs 148 Certified Lease & Finance Professionals (CLFPs) – the largest number of any company globally. This technical proficiency is combined with our industry specialization to create a unique and valuable experience for our clients.

While we have experienced significant growth over the past three decades, the opportunity ahead of us is even greater. The equipment finance industry is massive, as each year businesses in the U.S. lease and finance more than $1 trillion of capital expenditures. As a subsidiary of City National Bank, a Royal Bank of Canada (RBC) company, we are proud to be a part of institutions that share our passion for serving clients. With our available resources and talented team, our future has truly never been brighter.

Sincerely,