Pershing Fixed Income Trading Services

Disclaimer Any information contained in this communication from Pershing LLC (“Pershing”) trading desk personnel is produced for general informational purposes by Pershing fixed income trading desks that facilitate transactions and trade on a proprietary basis in instruments mentioned herein. It does not constitute a research report and it is not a research recommendation. Pershing does not have a research department and does not publish research reports. This market commentary is for the sole use of Pershing’s introducing brokers and is not meant for distribution to the investing public. An investment decision to purchase or sell a security is a subjective decision requiring analysis of numerous factors. Pershing Market Commentary is not an analysis of all such factors and it does not form a basis upon which you can reasonably make such an investment decision. The information is not an offer to buy or sell, or the solicitation of an offer to buy or sell any instrument. The information contained herein may be from a third party and it is provided “as is” without representation or warranty of any kind, either expressed or implied. Observations and views expressed herein may be changed at any time without notice and Pershing has no duty to update this information. This material may contain information on securities (and/or related instruments and derivative securities thereof) which Pershing or its affiliates may at any time sell to or buy from customers on a principal basis, and/or hold long or short positions in such instruments. Pershing or its affiliates may also maintain proprietary positions in the securities (or related instruments or derivative securities thereof) that are the subject of this Pershing Market Commentary, and/or hold long or short positions in such securities, and may act as a lender to the subject company or provide and receive related fees and compensation. Pershing or its affiliates may also have, or take positions, different from, or inconsistent with, the information herein. Pershing’s trading desk will have information about customer activity. Pershing has implemented policies and procedures reasonably designed to prevent the trading desk from trading to the detriment of customers or from misusing customer information. Pershing does not offer brokerage services or products in jurisdictions where prohibited by law or regulation. Not all products and services are offered at all locations and such products or services may differ (by fees, charges, interest rates, and balance requirements) among locations. Securities described herein may not be FDIC insured, are not deposits or other obligations of and are not guaranteed by Pershing or any bank or non-bank affiliate, and involve investment risk, including possible loss of principal. Neither Pershing nor its affiliates nor any third parties shall have any liability for any loss sustained by anyone who has relied on any information, opinion or data contained herein. Pershing LLC (a subsidiary of The Bank of New York Mellon Corporation), is a member of FINRA and SIPC. An explanatory brochure is available upon request or at www.sipc.org.

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