LIQUIDITY, FINANCING & COLLATERAL

Capital Markets U.S. Disclaimer

Buy-Side Trading Solutions and Portfolio Transition Services (together, “BTS”) are offered through BNY Mellon Capital Markets, LLC (“BNYCM”) only to Institutional Clients in the United States (“U.S.”) and select countries where permitted by local law.

Buy-Side Trading Solutions are offered through Pershing Securities Limited (“PSL“) in the United Kingdom (“UK”) and select countries where permitted by law, and in all cases only to Eligible Counterparties and Professional Clients (as defined in the rules of the UK Financial Conduct Authority (“FCA”)).

Not all products and services are offered in all countries.

BNYCM is a full-service U.S. registered broker-dealer and an indirect wholly owned non-bank subsidiary of The Bank of New York Mellon Corporation (“BNY”). PSL is authorised and regulated by the Financial Conduct Authority, No. 146576. BNY and its affiliates lend and provide other products and services to issuers and others and provide and receive related fees and compensation. Neither BNYCM nor PSL is acting as an investment adviser. In relation to Portfolio Transition Services, BNYCM and will not be providing any investment advice or recommendations, or other otherwise exercise investment discretion or act as fiduciary, with respect to the decision to transition or liquidate any assets or purchase or select any assets. BNYCM will be acting as a “fiduciary” under ERISA solely with respect to the exercise of discretion as to the price, timing and venue of the liquidation, sale or purchase transactions that are directed by Portfolio Transition Services clients.

This material is intended for wholesale/professional clients (or the equivalent only), and is not intended for use by retail clients and no other person should act upon it. Persons who do not have professional experience in matters relating to investments should not rely on this material. BNYCM and PSL will only provide the relevant investment services, and this material is only being distributed, to investment professionals. Not all products and services are offered in all countries. If distributed in the UK, this material is a financial promotion. If distributed in the EU, this material is a marketing communication.

BNYCM is a member of FINRA and SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org. SIPC does not protect against loss due to market fluctuation. SIPC protection is not the same as, and should not be confused with, FDIC insurance.

This material is for reference purposes only and not intended to be a recommendation with respect to, or solicitation or offer to buy or sell, any particular financial instrument, including but not limited to BNY stock, or to participate in any particular trading strategy and is not tax, legal, regulatory, investment or accounting advice by BNYCM or any affiliate. Neither BNYCM nor PSL is an adviser or provide advice with respect to, or as part of, the services comprising BTS. You should independently and carefully consider whether any information or investment instruments are suitable for your particular investment objectives and financial position and, if you believe it appropriate, seek professional advice, including tax, legal and accounting advice.

This material is not to be distributed in any jurisdiction in which such distribution would be illegal. BNYCM, PSL and their affiliates do not make representations as to the actual value to be received in connection with a transaction. Although information is from sources believed reliable, there is no undertaking as to accuracy and opinions and information contained herein are subject to change without notice.

A client should not enter into any transactions unless it has fully understood all risks and that not all investments will be suitable, and has independently determined that such transactions are appropriate, for the client. Prices may fluctuate and it is possible that such fluctuations may be substantial in response to many factors including, without limitation, general market and market sector conditions, U.S. and global, in addition to company specific conditions. Past performance is not a guide to future performance of any instrument, transaction or financial structure, and a loss of original capital may occur.

The Bank of New York Mellon, London Branch (“BNYLB”) is not providing any facilitation or arranging services to you in connection with products/services referenced in this communication. The services will be contracted with and delivered by BNYCM and/or PSL alone and recipients of the services will be entering into the BNYCM and PSL contractual documents directly with BNYCM and PSL respectively (not BNYLB). Any contractual terms will be subject to approval by BNYCM and/or PSL (as the case may be).

Fixed Income Securities. Fixed income investments, including municipal bonds, are subject to various risks including changes in interest rates, call features, credit quality, possible default, difficulty in market valuations, liquidity, prepayments, early redemption, tax ramifications, inflation and other factors.

Equity Securities. Prices may fluctuate and it is possible that such fluctuations may be substantial in response to many factors including, without limitation, general market and market sector conditions, U.S. and global, in addition to company specific conditions. Dividends are not guaranteed and are subject to change or elimination.

Derivatives Disclosure. Where distribution of material is subject to the rules of the U.S. Commodity Futures Trading Commission (the “CFTC”), it shall be considered a “solicitation” of derivatives business generally, as such term is used within CFTC Rule 1.71 and 23.605, pursuant to the U.S. Commodity Exchange Act. Derivatives and Options carry a high level of risk and are not suitable for all investors. In particular, an option holder may lose the entire amount paid for the option in a relatively short period of time and an options writer may incur significant loss if the price of the underlying interest declines.

Past performance is not indicative of, nor a guarantee of future performance and a loss of original capital may occur. You should not enter into any transactions unless you have fully understood all risks, that not all investments will be suitable, and you have independently determined that such transactions are appropriate, for you. Investing in securities involves risk, including loss of the principal amount invested.

Additional information is provided on FINRA’s Web site at https://www.finra.org/investors/learn-to-invest/key-investing-concepts/evaluating-investment-performance.

BNYCM and/or PSL (including its broker-dealer affiliates) may have long or short positions in any currency, derivative or instrument discussed herein. BNYCM and/or PSL have included data in this material from information generally available to the public from sources believed to be reliable. Any price or other data used for illustrative purposes may not reflect actual current conditions. No representations or warranties are made, and neither BNYCM nor PSL assumes no liability, as to the suitability of any products and services described herein for any particular purpose or the accuracy or completeness of any information or data contained in this material. Price and other data are subject to change at any time without notice.  

This material may not be reproduced or disseminated in any form without the prior written permission of BNY.

Trademarks, service marks and logos are the property of their respective owners.

Securities Products: Not FDIC-Insured – Subject to Loss in Value – Not a Deposit of or Guaranteed by a Bank or any Bank Affiliate.

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