Risk disclosure

Products are subject to availability, prior sale and/or change in price. The information contained herein has been obtained from sources we believe to be reliable but does not purport to be a complete statement of the available data. Bonds are subject to market and interest risk; values will decline as interest rates rise. Investment returns may not be realized if bonds are sold prior to maturity and may be worth more or less than original cost. Interest and principal payments may be interrupted or ceased and loss of both interest and principal. Bonds may not be suitable for all investors and you should consider specific risks such as credit risk, default risk and volatility prior to investing. Diversification does not ensure a profit or guarantee against loss. Insurance does not guarantee market value or protect against fluctuations in bond prices resulting from general market fluctuations. No representation is made as to the insurer's ability to meet its financial commitments. Yields could be higher or lower depending on par amount, are inclusive of dealer mark-up and represent yield-to-worst, which may reflect yield-to-maturity, yield-to-worst-call, or yield-to-a-mandatory-put as indicated. Municipal securities may be subject to federal alternative minimum tax (AMT).

Lebenthal and/or its affiliates and employees may hold a position or act as market maker in the financial instruments of any issuer discussed herein or act as underwriter, placement, agent, advisor or lender to such an issuer. Lebenthal is a member of FINRA, MSRB, and SIPC. Clients should contact Munigo@Lebenthal to determine if such bonds may be appropriate to your individual circumstances.

This communication is for informational purposes only and not a recommendation. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Lebenthal, its subsidiaries and affiliates.

The ratings reflect only the views of each rating agency and an explanation of the significance of the ratings may be obtained from such rating agencies. There is no assurance that the ratings will be retained for any given period of time or that the ratings will not be revised downward, upward or withdrawn entirely by the rating agencies if, in their judgment, circumstances so warrant. Any such downward revision or withdrawal of the ratings will be likely to have an adverse effect on the market price of the Bonds.

For Official Statement and pricing information, please visit www.emma.msrb.org