Outsourced Trading is offered through BNY Mellon Capital Markets, LLC only to Institutional Clients in the US and select countries in EMEA where permitted by local law. Not all products and services are offered in all countries. BNY Mellon Capital Markets, LLC (“Capital Markets”) is a full-service registered broker-dealer and an indirect wholly owned non-bank subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”). BNY Mellon and its affiliates lend and provide other products and services to issuers and others and provide and receive related fees and compensation. Capital Markets is a member of FINRA and SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org. SIPC does not protect against loss due to market fluctuation. SIPC protection is not the same as, and should not be confused with, FDIC insurance. This material is for reference purposes only and not intended to be a recommendation with respect to, or solicitation or offer to buy or sell, any particular financial instrument, including but not limited to BNY Mellon stock, or to participate in any particular trading strategy and is not tax, legal, investment or accounting advice. Nor is it an offer or solicitation in any jurisdiction in which such an offer or solicitation would be illegal. Capital Markets does not make representations as to the actual value to be received in connection with a transaction. Although information is from sources believed reliable, there is no undertaking as to accuracy and opinions and information contained herein are subject to change without notice. Difficulties in the mortgage and broader credit markets have led to a substantial decrease in the availability of credit. The extent and duration of any future continued weakening of U.S. and global credit and financial markets, higher costs of borrowing, and disruptions in debt and equity markets potentially make it more difficult to liquidate an investment, or determine the impact, if any, on the performance and prospects of particular issuers or securities. A client should not enter into any transactions unless it has fully understood all risks and that not all investments will be suitable, and has independently determined that such transactions are appropriate, for the client. 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. Past performance is not a guide to future performance of any instrument, transaction or financial structure, and a loss of original capital may occur. UK Financial Promotion Disclosure: This communication is being issued by BNY Mellon Capital Markets, LLC to, and/or is directed at, persons to whom it may lawfully be issued or directed at under the United Kingdom (“UK”) Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”) including persons who are authorised (“authorised persons”) under the UK Financial Services and Markets Act 2000 Act (the “Act”) and certain persons having professional experience in matters relating to investments. The products/services referenced in this communication are only available to such persons in the UK and this communication must not be relied or acted upon by any other persons in the UK. BNY Mellon Capital Markets, LLC is not an “authorised person” in the UK under the Act. Please note that the individual with whom you are communicating, has the authority to issue communications on behalf of more than one entity within The Bank of New York Mellon Corporation group of entities, and may not be employed by BNY Mellon Capital Markets, LLC. Please consult an authorised person if in doubt. The communication is not covered by UK regulatory regime protections. This communication is exempt from the general restriction in Section 21 of the Act on the communication of invitations or inducements to engage in investment activity on the grounds that it is being issued to and/or directed at only the types of person referred to above. The content of this communication has not been approved by an authorised person and such approval is, save where this communication is directed at or issued to the types of person referred to above, required by Section 21 of the Act. 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. 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. Dividends are not guaranteed and are subject to change or elimination. Derivatives Disclosure: Where distribution of material is subject to the rules of the U.S. Commodity Futures Trading Commission (the “CFTC”), it shall be considered a “solicitation” of derivatives business generally, as such term is used within CFTC Rule 1.71 and 23.605, pursuant to the U.S. Commodity Exchange Act. 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 and an options writer may incur significant loss if the price of the underlying interest declines. No Tax, Legal or Accounting Advice. Capital Markets does not provide tax, legal, or accounting advice. You should independently and carefully consider whether any information or investment instruments 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. You should not enter into any transactions unless you have fully understood all risks, that not all investments will be suitable, and you have independently determined that such transactions are appropriate, for you. Investing in securities involves risk, including loss of the principal amount invested. Additional information is provided on FINRA's Web site at https://www.finra.org/investors/learn-to-invest/key-investing-concepts/evaluating-investment-performance. BNY Mellon (including its broker-dealer affiliates) may have long or short positions in any currency, derivative or instrument discussed herein. BNY Mellon has included data in this material from information generally available to the public from sources believed to be reliable. Any price or other data used for illustrative purposes may not reflect actual current conditions. No representations or warranties are made, and BNY Mellon assumes no liability, as to the suitability of any products and services described herein for any particular purpose or the accuracy or completeness of any information or data contained in this material. Price and other data are subject to change at any time without notice. ©2023 BNY Mellon Capital Markets, LLC. All rights reserved. Trademarks, service marks and logos are the property of their respective owners. Securities Products: Not FDIC-Insured – Subject to Loss in Value – Not a Deposit of or Guaranteed by a Bank or any Bank Affiliate.