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Not a Municipal Advisor

JPMS unless otherwise expressly agreed, acts in its capacity or in its attempt to be engaged as a principal in a commercial, arm’s length transaction. JPMS is not recommending an action to any municipal entity or obligated person. JPMS is not acting as an advisor to any municipal entity or obligated person and does not owe a fiduciary duty pursuant to Section 15B of the Exchange Act to any municipal entity or obligated person with respect to the information and material contained in this communication. JPMS is acting for its own interests. Any municipal entity or obligated person should discuss any information or material contained in communications provided by JPMS with any and all internal or external advisors and experts that the municipal entity or obligated person deems appropriate before acting on the information or material.


MSRB Rule G-10 Investor Education and Protection

JPMS is registered with the U.S. Securities and Exchange Commission (“SEC”) and the Municipal Securities Rulemaking Board (“MSRB”). The website for the SEC is www.sec.gov and the website for the MSRB is www.msrb.org. There is a brochure available on the MSRB website that describes the protections provided by MSRB rules and how to file a complaint with the appropriate regulatory authority.