Stifel is permitted to distribute debt research reports only to institutional investors.

Institutional investors that are qualified institutional buyers (“QIBs”) and are capable of evaluating investment risks independently may receive institutional debt research reports after affirmatively indicating that the QIB is exercising independent judgment in evaluating Stifel’s debt security recommendations. QIBs should complete the Notice of Negative Consent to Qualified Institutional Buyer to Receive Institutional Debt Research form and return the form to the QIB’s salesperson.

Institutional investors that are not QIBs but meet the definition of “institutional account” as defined in FINRA Rule 4512(c) may not receive institutional debt research until completing the Affirmative Consent Certificate of Institutional Account to Receive Institutional Debt Research form and returning the form to the institutional client’s salesperson.

The views expressed in institutional debt research reports may differ from the views expressed in retail debt research reports. Institutional debt research reports may not be independent of Stifel’s proprietary interests, Stifel may trade the securities covered in institutional debt research reports for its own account and on a discretionary basis on behalf of certain clients, and such trading interests may be contrary to the recommendation or recommendations made in institutional debt research reports.

If you have any questions relating to Stifel’s institutional debt research, please contact your salesperson or the Compliance Department at Compliance-TaxableFixedIncome@stifel.com.