Municipal Securities Disclaimers

General Disclaimer:

The information and statistics in this report have been obtained from sources we believe are reliable but we do not warrant their accuracy or completeness. We do not undertake to advise the reader as to changes in figures or our views. This is not a solicitation of an order to buy or sell any securities.

Municipal Advice:

The content of Hilliard Lyons’ Municipal Securities Group website was prepared to provide you with general information (as that term is defined in the SEC’s Municipal Advisor Rule) and we are not providing you with any advice or making any recommendation concerning the structure, timing or terms of any issuance of municipal securities or municipal financial products. To the extent that we provide any alternatives, options, calculations or examples in the website’s content, we are not intending to express any view that you could achieve those results in any municipal securities transaction and those alternatives, options, calculations or examples do not constitute a recommendation that you should effect any municipal securities transaction. Hilliard Lyons does not act as your municipal advisor.

Underwriting Disclosures:

The following disclosures are required by Municipal Securities Rulemaking Board ("MSRB") Rule G-17, in instances in which Hilliard Lyons proposes to serve as an underwriter, and not as a financial advisor, municipal advisor or fiduciary to any person or entity, in connection with the issuance and sale of securities for the issuer to whom this is addressed:

(i) MSRB Rule G-17 requires an underwriter to deal fairly at all times with both municipal issuers and investors.
(ii) An underwriter’s primary role is to purchase securities with a view to distribution in an arm’s-length commercial transaction with an issuer; and an underwriter has financial and other interests that differ from those of such an issuer.
(iii) Unlike a municipal advisor, an underwriter does not have a fiduciary duty to an issuer under the federal securities laws and is, therefore, not required by federal law to act in the best interests of that issuer without regard to its own financial or other interests.
(iv) 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 those securities to investors at prices that are fair and reasonable.
(v) An underwriter will review the official statement, if any, for those 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.

Tax and Legal Advice:

Hilliard Lyons and its representatives do not provide tax or legal advice. You should consult your individual tax or legal professional before taking any action that may have tax or legal consequences.

Fixed Income Securities Disclosure:

Products are subject to availability, prior sale and/or change in price. The information contained herein has been obtained from sources we believe to be reliable but does not purport to be a complete statement of the available data. Any listing is published for informational purposes only and is not to be construed as a solicitation of an offer to buy or sell any security in any state where such a sale would be illegal. Investing in bonds involves a significant amount of risk. Bonds are subject to market and interest risk; values will decline as interest rates rise. Bonds may not be suitable for all investors and you should consider specific risks such as credit risk, default risk and volatility prior to investing. Yields could be higher or lower depending on par amount, are inclusive of commission and represent yield-to-worst, which may reflect yield-to-maturity, yield-to-worst-call, or yield-to-a-mandatory-put as indicated. Municipal bonds may be subject to optional redemption, sinking fund redemption and mandatory redemption prior to maturity. Municipal securities may also be subject to federal alternative minimum tax (AMT). Hilliard Lyons and its representatives do not provide tax or legal advice. You should consult your individual tax or legal professional before taking any action that may have tax or legal consequences. Refer to a bond’s Official Statement for more specific information.