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17 <br /> DAVENPORT& COMPANY <br /> May 1S' 2O17 <br /> The U.S.Securities and Exchange Commission(the"SEC")has clarified that a broker,dealer or rnunicipal securities dealer engaging in rnunicipal <br /> advisory activities outside the scope of underwriting a particular issuance of rnunicipal securities should be subject ID 111 U 1-1 cipal advisor registration. <br /> Davenport.&Company LLC("Davenport")has registered as a municipal advisor with the SEC.As a registered municipal advisor Davenport.may provide <br /> advice u`a municipal entity or obligated person.An obligated person is an entity other than a municipal entity,such as a not.for profit corporation,that <br /> Ias coITITence(i an aIDpIicaion or with an entity to issue municipal securities on its behalf and.for which it will provide support.Vf and when <br /> an issuer eia.es Davenport ID provide.financial advisory or consultant services with respect ID the issuance of municipal securities, Davenport.is <br /> obligated u`evidence such a.financial advisory relationship with a written agreement. <br /> When acting as a registered municipal advisor Davenport is a.fiduciary required by federal law to aa in the best interest of a municipal entity without <br /> regard to its own.financial or other interests. Davenport is not a fiduciary when it ac.t..s as a registered investment a.dvisor, when advising an obligated <br /> person,or when acting as an underwriter,though it is required ID deal fairly with such persons. <br /> This material was prepared by public.finance, or other non-research personnel of Davenport.. This material was not produced by a research analyst, <br /> although i may refer o a Davenport research analyst or research report. un|eootxewv|oemmuyeo,mexev|ewo(nany)ammeamxor'oanomayomer <br /> from those of the Daverport..fixed income or research department or others in the.firm. Davenport may perform or seek to perform.financial advisory <br /> services or he issuers o he securities and instruments mentioned herein. <br /> This material has been prepared.for information purposes only and is not a solicitation of any offerto buy or sell any security/instrument or ID participate <br /> in any trading sraegy. Any such offer would be made only after a prospective participant had completed its own independent mveu|Qa|on of the <br /> securities, instruments or transactions and received all information it required ID make its own investment decision,including,where applicable,a review <br /> o any oflering circular or memorandum describing such security or instrument. iha inormaion would contain material inormaion not contained herein <br /> and o which PrO5lDec ive pa rtici pants are referred. This material is based on public information as of the specified date,and may be stale thereafter. We <br /> have no obligation to tell you when information herein may change. We make no representation or warranty with respect to the completeness of this <br /> material. Davenport has no obligation to continue to publish information on he securities/instruments mentioned herein. Recipients are required to <br /> comply with any legal or contractual restrictions on their purchase, holding, sale, exercise of rights or performance of ou|Qa|ono under any <br /> oevur|t|eo/mstrumemotmnoam|on. <br /> The securities/instruments discussed in this material may not be suitable for all investors or issuers. Recipients should seek independent fl nancia I advice <br /> prior to making any investment decision based on this material. This material does not provide individually tailored investment advice or offer tax, <br /> regulatory, accounting or legal advice. Prior.to entering into any proposed transaction, recipients should determine, in consultation with their own <br /> investment, legal, tax, regulatory and accounting advisors, the economic risks and merits, as well as the legal, tax, regulatory and accounting <br /> characteristics and consequences,o he transact ion. You should consider this material 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, <br /> prepayment rates,securities/instruments prices, market indexes, operational or.financial conditions or companies or other.factors. There may be time <br /> limitations on the exercise of options or other rights in securities/instruments transactions. Past performance is not necessarily a guide to future <br /> performance and estimates of future performance are based on assumptions that may not be realized. Amua| eventsmaymmerfmmmmeamumeo <br /> and changes to any assumptions may have a material impact on any projections or estimates. Other events not taken into account may occur and may <br /> o|Qnn|cmnoyanemmeprojem|onooreu|maex. Certain assumptions may have been made.for modeling purposes or to simplify the presentation and/or <br /> calculation of any projections or estimates,and Davenport.does not represent that any such assumptions will reflect actual future events. Accordingly, <br /> 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 <br /> hose estimated herein. This material may not be sold or redistributed without the prior written consent of Davenport. <br /> Version 01.13.14. V CH MB IC <br /> Member NYSE I F|NRA | S|PC Page 6 <br />