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Disclaimer
<br />Unless the enclosed material specifically addresses Davenport & Company LLC ( "Davenport") provision of financial advisory services or investment advisory services, or Davenport has an agreement with
<br />the recipient to provide such services, the recipient should assume that Davenport is acting in the capacity of an underwriter or placement agent.
<br />The Municipal Securities Rulemaking Board ( "MSRB ") Rule G -17 requires an underwriter to deal fairly at all times with both municipal issuers and investors. The rule also requires an underwriter to
<br />disclose that the underwriter's primary role is to purchase securities with a view to distribution in an arm's length commercial transaction with the issuer and the underwriter has financial and other interests
<br />that differ from those of the issuer; unlike a municipal advisor, the underwriter does not have afiduciary duty to the issuer under the federal securities laws and is, therefore, not required by federal law to act
<br />in the best interest of the issuer without regard to its own financial or other interests; the underwriter has a duty to purchase securities from the issuer at a fair and reasonable price, but must balance that duty
<br />with its duty to sell municipal securities to investors at prices that are fair and reasonable; the underwriter will review the official statement of the issuer's securities in accordance with, and as part of its
<br />responsibilities to investors under the federal securities laws, as applied to the facts and circumstances of the transaction.
<br />Davenport's compensation when serving as an underwriter is normally contingent on the closing of a transaction. Clients generally prefer this arrangement so they are not obligated to pay a fee unless the
<br />transaction is completed. However, MSRB Rule G -17 requires an underwriter to disclose that compensation that is contingent on the closing of a transaction or the size of a transaction presents a conflict of
<br />interest, because it may cause the underwriter to recommend a transaction that is unnecessary or to recommend that the size of the transaction be larger than is necessary.
<br />This material was prepared by investment banking, or other non - research personnel of Davenport. This material was not produced by a research analyst, although it may refer to a Davenport research analyst
<br />or research report. Unless otherwise indicated, these views (if any) are the author's and may differ from those of the Davenport fixed income or research department or others in the firm.
<br />This material may have been prepared by or in conjunction with Davenport trading desks that may deal as principal in or own or act as market maker or liquidity provider for the securities /instruments
<br />mentioned herein. The trading desk may have accumulated a position in the subject securities /instruments based on the information contained herein. Trading desk materials are not independent of the
<br />proprietary interests of Davenport, which may conflict with your interests. Davenport may also perform or seek to perform financial advisory, underwriting or placement agent services for the issuers of the
<br />securities and instruments mentioned herein.
<br />This material has been prepared for information purposes only and is not a solicitation of any offer to buy or sell any security /instrument or to participate in any trading strategy. Any such offer would be
<br />made only after a prospective participant had completed its own independent investigation of the securities, instruments or transactions and received all information it required to make its own investment
<br />decision, including, where applicable, a review of any offering circular or memorandum describing such security or instrument. That information would contain material information not contained herein and
<br />to which prospective participants are referred. This material is based on public information as of the specified date, and may be stale thereafter. We have no obligation to tell you when information herein
<br />may change. We make no representation or warranty with respect to the completeness of this material. Davenport has no obligation to continue to publish on the securities /instruments mentioned herein.
<br />Any securities referred to in this material may not have been registered under the U.S. Securities Act of 1933, as amended, and, if not, may not be offered or sold absent an exemption therefrom. Recipients
<br />are required to comply with any legal or contractual restrictions on their purchase, holding, sale, exercise of rights or performance of obligations under any securities /instruments transaction.
<br />The securities /instruments discussed in this material may not be suitable for all investors. This material has been prepared and issued by Davenport for distribution to market professionals and institutional
<br />investor clients only. Other recipients should seek independent financial advice prior to making any investment decision based on this material. This material does not provide individually tailored
<br />investment advice or offer tax, regulatory, accounting or legal advice. Prior to entering into any proposed transaction, recipients should determine, in consultation with their own investment, legal, tax,
<br />regulatory and accounting advisors, the economic risks and merits, as well as the legal, tax, regulatory and accounting characteristics and consequences, of the transaction. You should consider this material
<br />as only a single factor in making an investment decision.
<br />The value of and income from investments and the cost of borrowing may vary because of changes in interest rates, foreign exchange rates, default rates, prepayment rates, securities /instruments prices,
<br />market indexes, operational or financial conditions or companies or other factors. There may be time limitations on the exercise of options or other rights in securities /instruments transactions. Past
<br />performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realized. Actual events may differ from those assumed and changes
<br />to any assumptions may have a material impact on any projections or estimates. Other events not taken into account may occur and may significantly affect the projections or estimates. Certain assumptions
<br />may have been made for modeling purposes only to simplify the presentation and /or calculation of any projections or estimates, and Davenport does not represent that any such assumptions will reflect actual
<br />future events. Accordingly, there can be no assurance that estimated returns or projections will be realized or that actual returns or performance results will not materially differ from those estimated herein.
<br />Some of the information contained in this document may be aggregated data of transactions in securities or other financial instruments executed by Davenport that has been compiled so as not to identify the
<br />underlying transactions of any particular customer. This material may not be sold or redistributed without the prior written consent of Davenport.
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