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This press release concerns clients (a “holder”) of RBC Capital Markets, LLC (“we” or “we” or “RBC CM”) for whom we hold an account holding one or more debt securities called variable Rate Demand Bonds, Variable Rate Demand Notes or Variable Rate Demand Bonds (these names are used interchangeably and are all referred to as “bonds” in this notice). The bond interest rate is regularly reset, usually weekly, although reset intervals vary from loan to loan. Although the interest rate is regularly reset, bonds generally mature from 20 to 30 years from the initial issue date. In addition to keeping accounts for you and other owners, RBC CM serves as a remarketing agent for some or all of the obligations you hold. Our responsibility as a remarketing agent generally requires that we perform two functions: first, we have a responsibility to set the periodic interest rate payable at a level that we believe will allow us to keep at a price equal to 100% of the capital or to be placed with investors like you. Second, we are using our best efforts to commercialize the bonds announced by Holders, as described below. The terms of the senior bond, highlighted in the collection method, include the maturity date of the loan, the face value, the interest payment plan and the purpose of the bond issue. A return of confidence may indicate, for example. B, if a problem can be called. If the issuer can “call” the loan, the withdrawal includes the protection of the bondholder`s reputation, that is, the period during which the issuer cannot buy back the bonds from the market. The Securities and Exchange Commission (SEC) requires all bond issues, with the exception of municipal issues, to be bondholders. The remarketing agent may buy and sell VRDO, except as part of the tendering process. However, it is not required to do so and may hire it at any time without notice and may invite licensees who wish to tender to VRDO, through the store, with appropriate notification, as stated in the administrative documents.

Investors who purchase VRDO, whether in a remarketing or by any other means, should not expect to be able to sell their VRDO to the trustee, except through the award of the VRDO, in accordance with the tendering procedure described in the administrative documents. The remarketing agent assumes no responsibility for the performance of the agent or any other party in fulfilling its obligations in accordance with the tendering procedure in accordance with the administrative documents. Bond purchase contracts are generally private securities or small business investment vehicles. These securities are not sold to the community, but sold directly to insurers. In addition, borrowing agreements may be exempt from SEC registration requirements. The remarketing agent acts as a remarketing agent for a large number of VRDOs and regularly acquires these obligations on his own behalf at his discretion. The remarketing agent is authorized, but is not required to acquire VRDOs offered on his own behalf and, at his sole discretion, regularly acquires these VRDOs offered to obtain a successful remarketing of VRDO (i.e. because there are not enough buyers to purchase THE VRDO) or for other reasons. However, the remarketing agent is not required to purchase VRDO and can pay for it at any time without notice.

The remarketing agent can also create a VRDO market by buying and selling vrdo routinely, except in combination with an optional or mandatory offer and remarketing. These purchases and sales may be at or below the level. However, the remarketing agent is not required to create a market in the VRDO.