Disclosures and Disclaimers

Capital Markets Disclosures

Capital Markets Disclaimers

Fixed Income Securities. Fixed income investments, including municipal bonds, are subject to various risks including changes in interest rates, call features, credit quality, possible default, difficulty in market valuations, liquidity, prepayments, early redemption, tax ramifications, inflation and other factors.

Treasury and Government Agency Obligations. Not all obligations of the U.S. government or its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. In addition, if not held to maturity, prices will rise and fall on interest rate movements in response to economic conditions.

Mortgage Backed Securities (MBS). Only GNMA is backed by the full faith and credit of the U.S. Government securities issued by Fannie Mae, Freddie Mac and MBS in general have recently experienced volatility and other increased risks due to homeowner defaults and severe problems in the housing market.

Commercial Paper. Commercial paper, an unsecured, short-term debt instrument, is not usually backed by any form of collateral, and although there may be back up lines of credit or back up liquidity, may still be subject to default by the issuer.

Certificates of Deposit. Certificates of Deposit are most suitable for holding until maturity. No secondary market for CDs currently exists, but early withdrawal of any CD is available, subject to applicable penalties.

CDs: Limits on FDIC insurance. If you have or will have money on deposit (such as a savings account) at the same Insured Institution that issues the CDs, the total value of your deposit accounts could exceed the amount of FDIC insurance to which your deposits (including CDs) are entitled.

Money Market Mutual Funds and Ultra Short Bond Funds. Money market funds may only invest in certain high-quality, short-term investments issued by the U.S. government, U.S. corporations and state and local governments and they are subject to strict diversification and maturity standards. Ultra-short bond funds are not subject to these requirements. The net asset value (NAV) of an ultra-short bond fund will fluctuate, while money market funds seek to maintain a stable NAV of $1 per share.

Mutual Funds. Before investing in mutual funds, it is important to understand the sales charges, expenses, and management fees that you will be charged, as well as any available volume-based breakpoint discounts, and whether the mutual fund's investment strategy is compatible with your investment objectives.

Equity Securities. Prices may fluctuate and it is possible that such fluctuations may be substantial in response to many factors including, without limitation, general market, and market sector, conditions, U.S. and global, in addition to company specific conditions.

ETFs. ETFs generally represent an interest in a portfolio of securities and/or commodities, subjecting the investor to a substantial loss in principal and income due to market risk, interest rate risk, liquidity risk, currency exchange risk, and risks specific to a particular sector.

Options. Options carry a high level of risk and are not suitable for all investors. An option holder may lose the entire amount paid for the option in a relatively short period of time if the price of the underlying interest declines.

Investment Banking and Public Finance. The Company should discuss any financial instrument offering, engagement, or relationship with its own counsel and financial advisors. BNYMCM does not provide tax, legal, or accounting advice, and this presentation does not include the legal, tax or accounting effects of consummating any transaction.

Structured Products. Structured products are, generally speaking, unsecured debt with performance linked to a variety of underlying assets. These products can be attractive to investors because they might offer higher returns and might even feature a level of principal protection — meaning some or all of the initial investment may be guaranteed by the issuer if the investment is held to maturity or called, subject to the credit worthiness of the issuer. However, these products can have significant drawbacks such as credit risk, market risk, lack of liquidity and high hidden costs. In addition, they may be callable after a fairly short period of time, like one year. For additional information about risks, see Special Risks Concerning Structured Investments.

For more information about the risks of structured products on the FINRA website, see:

BNYMCM: General. BNYMCM is a full service broker-dealer and a wholly owned non-bank subsidiary of The Bank of New York Mellon Corporation. BNYMCM is a registered broker-dealer and member of The Financial Industry Regulatory Authority (www.finra.org) and of the Securities Investor Protection Corporation ("SIPC"), which protects customers of its members up to $500,000 in securities (including $100,000 for claims for cash). You may obtain information about SIPC, including the SIPC brochure, by contacting SIPC at http://www.sipc.org or by writing to Securities Investor Protection Corporation, 805 15th Street, N.W. Suite 800, Washington, D.C. 20005-2215, or by calling them at Tel: 202 371 8300. SIPC's facsimile number is 202 371 6728 and their e-mail is: asksipc@sipc.org. Supplemental protection is provided by a private insurance company for account net equity in excess of $500,000. This protection is not equivalent to and is separate and apart from FDIC insurance.

No Tax, Legal or Accounting Advice. BNYMCM does not provide tax, legal, or accounting advice. You should independently and carefully consider whether any Information or investment instruments in this material are suitable for your particular investment objectives and financial position and, if you believe it appropriate, seek professional advice, including tax, legal and accounting advice.

Past Performance is not Indicative of nor a Guarantee of Future Performance and a Loss of Original Capital may Occur. Recipient should not enter into any transactions unless recipient has fully understood all such risks, that not all investments will be suitable, and has independently determined that such transactions are appropriate, for recipient. Investing in securities involves risk, including loss of the principal amount invested. Additional information is provided on FINRA's Web site at http://www.finra.org/Investors/ProtectYourself/index.htm