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8 <br /> The U.S.Securities and Exchange Commission (the "SEC") has clarified that a broker, dealer or municipal securities dealer engaging in <br /> municipal advisory activities outside the scope of underwriting a particular issuance of municipal securities should be subject to municipal <br /> advisor registration. Davenport & Company LLC ("Davenport") has registered as a municipal advisor with the SEC. As a registered <br /> municipal advisor Davenport may provide advice to a municipal entity or obligated person.An obligated person is an entity other than a <br /> municipal entity,such as a not for profit corporation,that has commenced an application or negotiation with an entity to issue municipal <br /> securities on its behalf and for which it will provide support. If and when an issuer engages Davenport to provide financial advisory or <br /> consultant services with respect to the issuance of municipal securities, Davenport is obligated to evidence such a financial advisory <br /> 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 <br /> entity without regard to its own financial or other interests. Davenport is not a fiduciary when it acts as a registered investment advisor, <br /> 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 <br /> analyst,although it may refer to a Davenport research analyst or research report. Unless otherwise indicated,these views(if any)are the <br /> author's and may differ from those of the Davenport fixed income or research department or others in the firm.Davenport may perform or <br /> seek to perform financial 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 <br /> to participate in any trading strategy. Any such offer would be made only after a prospective participant had completed its own <br /> independent investigation of the securities, instruments or transactions and received all information it required to make its own <br /> investment decision,including,where applicable,a review of any offering circular or memorandum describing such security or instrument. <br /> That information would contain material information not contained herein and to which prospective participants are referred. This material <br /> is based on public information as of the specified date,and may be stale thereafter. We have no obligation to tell you when information <br /> herein may change. We make no representation or warranty with respect to the completeness of this material. Davenport has no <br /> obligation to continue to publish information on the securities/instruments mentioned herein. Recipients are required to comply with any <br /> legal or contractual restrictions on their purchase, holding, sale, exercise of rights or performance of obligations under any <br /> securities/instruments transaction. <br /> The securities/instruments discussed in this material may not be suitable for all investors or issuers. Recipients should seek independent <br /> 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 <br /> determine,in consultation with their own investment,legal,tax,regulatory and accounting advisors,the economic risks and merits,as well <br /> as the legal,tax, regulatory and accounting characteristics and consequences, of the transaction. You should consider this material as <br /> 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 <br /> rates,default rates,prepayment rates,securities/instruments prices, market indexes,operational or financial conditions or companies or <br /> 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 and estimates of future performance are based on assumptions that may <br /> not be realized. Actual events may differ from those assumed and changes to any assumptions may have a material impact on any <br /> projections or estimates. Other events not taken into account may occur and may significantly affect the projections or estimates. Certain <br /> assumptions may have been made for modeling purposes or to simplify the presentation and/or calculation of any projections or <br /> estimates,and Davenport does not represent that any such assumptions will reflect actual future events. Accordingly,there can be no <br /> assurance that estimated returns or projections will be realized or that actual returns or performance results will not materially differ from <br /> those estimated herein. This material may not be sold or redistributed without the prior written consent of Davenport. <br /> Version 01.13.14 1 BD CB MB TC <br />