Disclosures

Disclosures about SWS’ Role as Underwriter, Not as Municipal Advisor
Siebert Williams Shank & Co., LLC (“SWS” or the “Firm”) is hosting this webcast (the “Webcast”) to provide you (the “Recipient”) with general market information as an underwriter or in anticipation of serving as an underwriter on a future transaction, and not as a financial advisor or a municipal advisor. The primary role of SWS, as underwriter, is to purchase securities with a view to distribution and/or for resale to investors in an arm’s-length commercial transaction with an issuer. SWS has financial and other interests that differ from those of issuers. An underwriter is required to deal fairly at all times with both issuers and investors. An underwriter has a duty to purchase securities from an issuer at a fair and reasonable price, but must balance that duty with its duty to sell municipal securities to investors at prices that are fair and reasonable. SWS, as underwriter, will review any official statement for the Issuer’s securities in accordance with, and as part of, its responsibilities to investors under the federal securities laws, as applied to the facts and circumstances of the transaction.

SWS is not acting as a municipal advisor to the Recipient. Rather, as an underwriter acting for its own interest and unlike a municipal advisor, SWS does not have or owe a fiduciary duty to the Recipient pursuant to Section 15B of the Securities Exchange Act of 1934, as amended (the “Act”), and, therefore, is not required by federal law to act in the best interests of the Recipient without regard to its own financial or other interests. The Recipient should consult with its own financial and/or municipal, legal, accounting, tax and other advisors, as applicable, to the extent it deems appropriate before acting on any information or material provided during the Webcast. If the Recipient would like a municipal advisor and does not have one that owes fiduciary duties to the Recipient, then the Recipient is free to engage a municipal advisor to serve in that capacity.

No Recommendations or Advice
SWS is not recommending any action to the Recipient. Unless otherwise expressly stated therein, the information provided during the Webcast will consist of general information that is factual in nature and may incorporate certain hypothetical information based on the facts and assumptions described therein. Such information, hypotheticals, facts and assumptions are not intended to be or to imply a recommendation or to be construed as “advice” within the meaning of Section 15B of the Act.

Additional Disclosures and Disclaimer
All information presented during the Webcast will be obtained from sources believed to be reliable and in good faith, but no representation or warranty, express or implied, is made as to its accuracy or completeness. All information, hypotheticals, facts and assumptions (including prices, rates, yields and other calculations) are current only as of the time of the live Webcast and are subject to change without notice. Any estimations or hypothetical results based on market conditions or the occurrence of future events are based upon the best judgment of SWS from publicly available information as of the date of the live Webcast.

THERE IS NO GUARANTEE THAT ANY OF THESE ESTIMATES OR HYPOTHETICALS WILL BE ACHIEVED.

Member FINRA, MSRB, and SIPC