Regulatory Disclosures

Kosmont Financial Services is an Independent Registered Municipal Advisor with the U.S. Securities and Exchange Commission and the Municipal Securities Rulemaking Board.

Pursuant to Municipal Securities Rulemaking Board (“MSRB”) Rule G-42 regarding Duties of Non-Solicitor Municipal Advisors, Kosmont Financial Services (“KFS”) is required to make certain written disclosures to clients that include, among other things, existing or potential Conflicts of Interest and any Legal or Disciplinary events of KFS and our Municipal Advisory Professionals. KFS routinely provides such disclosures to our clients as a matter of course and as may be applicable and/or required by Rule G-42, and in accordance with our Written Supervisory Procedures (“WSP”).

In connection with the issuance of municipal securities, KFS may receive compensation from an Issuer or Obligated Person for services rendered that is contingent upon the successful closing of a transaction and/or that is based on its size, as well as other forms of compensation (e.g. hourly or fixed fees), all of which may present a potential conflict of interest regarding KFS’s ability to provide advice regarding a municipal securities transaction. KFS manages and mitigates these potential conflicts of interest and fulfills our fiduciary duties and loyalty obligations by dealing with our clients fairly, honestly, transparently and in good faith; in accordance with MSRB Rules, including, among others, G-17, G-42 and G-44; and in accordance with our WSP.

KFS serves a wide variety of clients that, from time to time and depending on the specific circumstances, could possibly have competing interests. KFS strives to prevent the occurrence of such circumstances, but should any so arise, KFS will manage and mitigate these potential conflicts of interest and fulfill our fiduciary duties and loyalty obligations by dealing with our clients fairly, honestly, transparently and in good faith; in accordance with MSRB Rules, including, among others, G-17, G-42 and G-44; and in accordance with our WSP.

There are no legal events or history of disciplinary actions disclosed on KFS’s Form MA or Forms MA-I, including: information about criminal actions; regulatory actions; investigations; misconduct terminations; judgments; liens; civil judicial actions; customer complaints; arbitrations; or civil litigation, against KFS or our Municipal Advisory Professionals. KFS’s most recent Form MA and each most recent Forms MA-I filed with the SEC are accessible at the following website: www.sec.gov/edgar/searchedgar/companysearch.html.