Kosmont Transactions Services, Inc. is an Independent Registered Municipal Advisor with the U.S. Securities and Exchange Commission and the Municipal Securities Rulemaking Board.

Disclosure of Conflicts of Interest and Legal or Disciplinary Events

Pursuant to Municipal Securities Rulemaking Board (“MSRB”) Rule G-42 regarding Duties of Non-Solicitor Municipal Advisors, Kosmont Transactions Services, Inc. (“KTS”) is required to make certain written disclosures to clients that include, among other things, existing or potential Conflicts of Interest and any Legal or Disciplinary events of KTS and our Municipal Advisory Professionals. KTS routinely provides such disclosures to our clients as a matter of course and as may be applicable and/or required by Rule G-42, and in accordance with our Written Supervisory Procedures (“WSP”).

Conflicts of Interest Related to Compensation

In connection with the issuance of municipal securities, KTS may receive compensation from an Issuer or Obligated Person for services rendered that is contingent upon the successful closing of a transaction and/or that is based on its size, as well as other forms of compensation (e.g. hourly or fixed fees), all of which may present a potential conflict of interest regarding KTS’s ability to provide advice regarding a municipal securities transaction. KTS manages and mitigates these potential conflicts of interest and fulfills our fiduciary duties and loyalty obligations by dealing with our clients fairly, honestly, transparently and in good faith; in accordance with MSRB Rules, including, among others, G-17, G-42 and G-44; and in accordance with our WSP.

Other Municipal Advisor Relationships

KTS serves a wide variety of clients that, from time to time and depending on the specific circumstances, could possibly have competing interests. KTS strives to prevent the occurrence of such circumstances, but should any so arise, KTS will manage and mitigate these potential conflicts of interest and fulfill our fiduciary duties and loyalty obligations by dealing with our clients fairly, honestly, transparently and in good faith; in accordance with MSRB Rules, including, among others, G-17, G-42 and G-44; and in accordance with our WSP.

Legal or Disciplinary Events

There are no legal events or history of disciplinary actions disclosed on KTS’s Form MA or Forms MA-I, including: information about criminal actions; regulatory actions; investigations; misconduct terminations; judgments; liens; civil judicial actions; customer complaints; arbitrations; or civil litigation, against KTS or our Municipal Advisory Professionals. KTS’s most recent Form MA and each most recent Forms MA-I filed with the SEC are accessible at the following website: www.sec.gov/edgar/searchedgar/companysearch.html.