The Municipal Securities Rulemaking Board requires we notify you that when we are engaged by an issuer to serve as underwriter or placement agent for a specific municipal securities transaction, we act as a principal in a commercial, arm's length transaction with that issuer, and not as its municipal advisor or fiduciary for that transaction. As an underwriter or placement agent, we have certain financial and other interests that differ from those of the issuer. This communication and any attachment (this “email”) may contain confidential, privileged and/or proprietary material for the sole use of the intended recipient. Receipt by anyone else does not constitute loss of the confidential, privileged or proprietary nature of the communication. If you received this email in error, please contact the sender by return electronic mail and delete all copies of this communication. Information received or sent from our email system is subject to review by supervisory personnel, is retained and may be produced to regulatory authorities or others with a legal right to the information.