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DPC Disclaimer

Subscribers may only (a) use the Information for their internal business purposes and (b) redistribute externally to their clients copies of Information retrieved from the Services related to specific municipal bonds, only within the scope of the services the Subscriber provides to such clients related to such municipal bonds, and provided that Subscribers may not create or redistribute externally any such materials for profit or in bulk.

MSRB Disclaimers:

WE ARE PROVIDING CERTAIN DATA SUPPLIED TO US BY THE MUNICIPAL SECURITIES RULEMAKING BOARD ('"THE SERVICE'") WITHOUT WARRANTIES OR REPRESENTATIONS AND ON AN '"AS IS'" BASIS. WE HEREBY DISCLAIM ALL REPRESENTATIONS AND WARRANTIES (EXPRESS OR IMPLIED), INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE REGARDING THE SERVICE. SUBSCRIBER (REFERRED TO HEREIN AS “YOU” OR “YOUR”) SHALL BEAR ALL RISK, RELATED COSTS AND LIABILITY AND BE RESPONSIBLE FOR YOUR USE OF THE SERVICE. WE ASSUME NO RESPONSIBILITY FOR THE CONSEQUENCES OF ANY INTENTIONAL OR UNINTENTINAL ERROR, OMISSION, INACCURACY, INCOMPLETENESS OR UNTIMELINESS IN OR WITH RESPECT TO THE SERVICE.

The MSRB, its officers, directors, employees, agents, consultants and licensors shall not be liable or responsible to you or anyone else for any losses, injuries, damages, costs, expenses or claims caused by, arising out of or relating to the following: (a) acts, omissions, occurrences or contingencies beyond their control; (b) service interruptions or performance failures, such as those that result from the use of telecommunications facilities that are outside their control, including the Internet; (c) negligence, gross negligence or willful misconduct in procuring, compiling, interpreting, editing, writing, reporting or delivering any of the content and material; (d) lost, stolen, late, corrupted, misdirected, failed, incomplete or delayed transmissions by anyone using the Service, including, but not limited to, any technical malfunctions, human error, computer viruses, lost data transmissions, omissions, interruptions, deletions, defects, hyperlink failures or line failures of any telephone network, computer equipment, software or any combination thereof; (e) damage to your computer systems, equipment, software, data or other tangible or intangible property resulting from or sustained in connection with your use of the Service; and/or (f) any disruption of business, lost sales or lost profits or any punitive, exemplary, indirect, special, incidental or consequential damages associated or in connection with, resulting from or arising out of any use of the Service or the content and material in the Service.

The MSRB and its officers, directors, employees, agents, consultants and licensors shall have no liability in tort, contract or otherwise (and as permitted by law, product liability) to you or anyone else for any reason associated or in connection with, resulting from or arising out of your use of the Service. The MSRB, its officers, directors, employees, agents, consultants and licensors make, and have made, no recommendations regarding any of the securities or other investment vehicles identified, referred to or described in the Service.

The Service is reproduced by permission of the MSRB under a non-exclusive limited license. The MSRB accepts no responsibility or liability for the accuracy of the reproduction of the Service or that such Service is current.

MuniGUARD News Content:

The Information contains news content (“MuniGUARD News Content”) from Supplier’s third party information provider (“News Content Provider”). All MuniGUARD News Content is the sole and exclusive property of the News Content Provider. Subscribers will not sell or in any way make MuniGUARD News Content available to any entity other than a Subscriber’s end-users; provided, however, that inconsequential portions of MuniGUARD News Content may be made available to Subscriber’s customers in the ordinary course of Subscriber’s business. This provision is for the benefit of the News Content Provider, and the News Content Provider shall have the right to enforce its rights hereunder directly and on its own behalf.

Subscribers shall not use or permit the use of any MuniGUARD News Content in any way that compromises the integrity thereof, which violates any copyrights or other intellectual property rights, contracts or proprietary interests, or which defames, commercially disparages, or libels a third-party.

THE NEWS CONTENT PROVIDER DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES, EXPRESSED OR IMPLIED, WITH REGARD TO MUNIGUARD NEWS CONTENT, INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES AS TO THE ACCURACY OF ANY MUNIGUARD NEWS CONTENT, ANY WARRANTIES OF

MERCHANTABILITY, WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE OR ANY WARRANTIES OF NON-INFRINGEMENT.

IN NO EVENT SHALL THE NEWS CONTENT PROVIDER BE LIABLE FOR (A) ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, INCLUDING, BUT NOT LIMITED TO, ANY LOSS OF PROFITS OR INCOME, WHETHER ARISING FROM ANY ACT OR FAILURE TO ACT BY THE NEWS CONTENT PROVIDER OR ANY OTHER CAUSE OR CLAIM, AND WHETHER OR NOT THE NEWS CONTENT PROVIDER HAD ANY KNOWLEDGE, ACTUAL OR CONSTRUCTIVE, THAT SUCH DAMAGES MIGHT BE INCURRED, OR (B) WITHOUT LIMITING ANY OF THE FOREGOING, ANY DAMAGES CAUSED BY ANY FAILURE OF PERFORMANCE, MISTAKES, OMISSIONS, INTERRUPTIONS, DELETIONS OF FILES, DEFECTS, DELAYS IN OPERATION OR TRANSMISSION, COMMUNICATIONS LINES FAILURE, THEFT, DESTRUCTION OR UNAUTHORIZED ACCESS TO OR USE OF MUNIGUARD NEWS CONTENT AND/OR ANY MUNIGUARD NEWS CONTENT. The News Content Provider will not be liable for delay or default in the performance of its obligations if such delay or default is caused by conditions beyond its control, including, but not limited to, fire, flood, accident, storm, acts of war, riot, government interference, power failures, internet or other communications systems outages, strikes and/or walkouts.

Each Subscriber that accesses the MuniGUARD News Content (each, an “Indemnifying Party”) will indemnify and hold the News Content Provider harmless against any claim, damage, loss, liability or expense (including attorney’s fees) of the Indemnifying Party or its end users or of any third-party arising out of the Indemnifying Party’s use of any MuniGUARD News Content.

CUSIP Service Bureau (“CSB”) Required Terms

Each Subscriber that accesses the Information (each, an “Accessing Party”) agrees and acknowledges the CUSIP database (the “CUSIP Database”) and the information contained therein is and shall remain valuable intellectual property owned by, or licensed to, CSB and the American Bankers Association (“ABA”), and that no proprietary rights are being transferred to Accessing Party in such materials or in any of the information contained therein. Any use by Accessing Party outside of the clearing and settlement of transactions requires a license from CSB, along with an associated fee based on usage. Accessing Party agrees that misappropriation or misuse of such materials will cause serious damage to CSB and ABA, and that in such event money damages may not constitute sufficient compensation to CSB and ABA; consequently, Accessing Party agrees that in the event of any misappropriation or misuse, CSB and ABA shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which CSB and ABA may be entitled.

Accessing Party agrees that it shall not publish or distribute in any medium the CUSIP Database or any information contained therein or summaries or subsets thereof to any person or entity except in connection with the normal clearing and settlement of security transactions. Accessing Party further agrees that the use of CUSIP numbers and descriptions is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a master file or database of CUSIP descriptions or numbers for itself or any third party recipient of such service and is not intended to create and does not serve in any way as a substitute for the CUSIP MASTER TAPE, PRINT, DB, INTERNET, ELECTRONIC, CD-ROM Services and/or any other future services developed by the CSB.

Neither CSB, ABA nor any of their affiliates make any warranties, express or implied, as to the accuracy, adequacy or completeness of any of the information contained in the CUSIP database. All such materials are provided to Accessing Party on an “As Is” basis, without any warranties as to merchantability or fitness for a particular purpose or use nor with respect to the results which may be obtained from the use of such materials. Neither CSB, ABA nor their affiliates shall have any responsibility or liability for any errors or omissions nor shall they be liable for any damages, whether direct or indirect, special or consequential, even if they have been advised of the possibility of such damages. In no event shall the liability of CSB, ABA or any of their affiliates pursuant to any cause of action, whether in contract, tort, or otherwise, exceed the fee paid by Subscriber for access to such materials in the month in which such cause of action is alleged to have arisen. Furthermore, CSB and ABA shall have no responsibility or liability for delays or failures due to circumstances beyond their control.

Accessing Party agrees that the foregoing terms and conditions shall survive any termination of its right of access to the materials identified above