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Municipal Advisor Disclosure ORANGE COUNTY <br /> NORTH CAROLINA <br /> The U.S.Securities and Exchange Commission(the"SEC")has clarified that a broker,dealer or municipal securities dealer engaging in municipal advisory activities outside the scope of underwriting a particular issuance of <br /> municipal securities should be subject to municipal advisor registration. Davenport&Company LLC ("Davenport") has registered as a municipal advisor with the SEC.As a registered municipal advisor Davenport may <br /> provide advice to 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 has commenced an application or negotiation with an entity to <br /> issue municipal securities on its behalf and for which it will provide support.If and when an issuer engages Davenport to provide financial advisory or consultant services with respect to the issuance of municipal securities, <br /> Davenport is obligated to 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 act in the best interest of a municipal entity without regard to its own financial or other interests.Davenport is not a fiduciary <br /> when it acts as a registered investment advisor,when advising an obligated person,or when acting as an underwriter,though it is required to 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,although it may refer to a Davenport research analyst or research report. <br /> 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.Davenport may perform or seek to perform financial <br /> advisory services for the issuers of the 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 made only after a <br /> 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 decision, including, where <br /> applicable,a review of any offering circular or memorandum describing such security or instrument. That information would contain material information not contained herein and to which prospective participants are <br /> 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 may change. We make no representation or warranty <br /> with respect to the completeness of this material. Davenport has no obligation to continue to publish information on the securities/instruments mentioned herein. Recipients are required to comply with any legal or <br /> 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 or issuers. Recipients should seek independent financial advice prior to making any investment decision based on this material. <br /> This material does not provide individually tailored investment advice or offer tax, regulatory,accounting or legal advice. Prior to entering into any proposed transaction, recipients should determine, in consultation with <br /> their own investment, legal,tax, 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 <br /> 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,prepayment rates,securities/instruments prices,market indexes, <br /> 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 performance is not necessarily a guide <br /> to future performance and estimates of future performance are based on assumptions that may not be realized. Actual events may differ from those assumed and changes to any assumptions may have a material impact <br /> on any projections or estimates. Other events not taken into account may occur and may significantly affect the projections or estimates. Certain assumptions may have been made for modeling purposes or to simplify the <br /> presentation and/or calculation of any projections or estimates, and Davenport does not represent that any such assumptions will reflect actual future events. Accordingly, there can be no assurance that estimated <br /> returns or projections will be realized or that actual returns or performance results will not materially differ from those estimated herein. This material may not be sold or redistributed without the prior written consent of <br /> Davenport. Version 1.13.14 CH I MB I TC <br /> DAVENPORT&COMPANY <br /> April 27,2017 Orange County, NC 6 <br />