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BNY Mellon. It’s all right here.

BNY Mellon Capital Markets, LLC, member FINRA/SIPC For US Institutional Distribution Only “Whether you’re looking for exceptional fixed income execution or world-class custody, at BNY Mellon, we give you the best of both worlds.”

Adam Vos Head of BNY Mellon Markets

2 3 Fixed Income Why Choose at BNY Mellon BNY Mellon?

We’ve been at the forefront of US fixed income Whether you’re simply seeking exposure to securities since the founding of the nation. or you’re a custody* client looking to enhance the performance of your assets, our fixed income offering is guided by six principles designed to help you achieve your goals.

Warrant No. 1 issued by The facilitating primary and secondary 1. TRANSACTION EFFICIENCY of New York on September trading in instruments from Transacting within our custody construct enables you to access straight- 13, 1789, represented the first US Treasuries to commercial through processing at . This means as soon as your transaction tranche of a $200,000 loan to the paper and corporate bonds to settles, your cash or securities are in your account and available. newly established US government, mortgage-backed securities. extended to enable the fledging 2. CONNECTIVITY body to commence repayment Our fixed income specialists are We can connect you to a unique universe of counterparties, including of its Revolutionary War debt. here to assist you in meeting your 1,300 broker-dealers, fund managers, registered investment advisors, investment goals, informed by family offices and wealth managers through the Pershing network,** More than 230 years later, BNY decades of market experience over 5,000 credit unions and a large community of small and midsize Mellon remains at the center and supported by advanced US mortgage . of US fixed income markets, electronic trading capabilities. 3. UNIQUE PRODUCTS With a range of distinct products like CDARS and ICS, BNY Mellon* hands you access to innovative solutions not available through other providers.

4. EXECUTION OPTIONS Our array of enhanced execution capabilities – from electronic trading 1789 2020 on a range of venues to sophisticated algorithmic solutions† – ensures that you can execute however you see fit.

5. PEACE OF MIND Combining your fixed income execution† with custody* removes unnecessary links in the execution chain and lessens the potential for trade disruption.

6. TRUSTED COUNTERPARTY The world’s largest custodian, and one of the market’s most creditworthy financial institutions, today BNY Mellon continues its proud centuries-old tradition of being one of the globe’s most trusted banks.

*Custody services, CDARS and ICS provided by The Bank of New York Mellon All references to BNY Mellon in this document refer to BNY Mellon Capital Markets LLC, unless stated otherwise. * *Network provided by BNY Mellon affiliate broker-dealer Pershing LLC 4 Products and services of our affiliates are available only to direct customers of those affiliates. †Services offered by BNY Mellon Capital Markets, LLC 5 It’s all right here.

TREASURIES Ranked top 10 in traded volume, client inquiries and hit ratios.1

COMMERCIAL PAPER # Ranked 1 in executed volume with regional broker-dealers.2

MUNICIPAL BONDS # Ranked 5 in total number of municipal competitive deals underwritten in 2019.3

FIXED INCOME LENDING # Ranked 1 globally and in the Americas among fixed income agent lenders.4

1 Bloomberg US Treasury Dealer Rankings 2 Bloomberg 3 Bloomberg League Table Rankings 6 4 Securities Lending provided by The Bank of New York Mellon 7 At a Glance & Long-Duration

Our Fixed US Treasuries Income Offering*

As a leading US government securities settlement agent, we are a major participant in the US Treasury market. Our Treasuries desk also ranks in the top 10 among broker-dealers.5

Short-Duration Long-Duration SHORT-DURATION LONG-DURATION Instruments Instruments At the short end of the In the longer-dated space, curve, we offer: we facilitate trading in: Liquidity & Easy Access Customization & Generally Higher Yields Treasury Bills Treasury Bonds RATES Tenors: 1 month, 2 months, Tenors: 2 years, 3 years, 5 years, • US Treasuries & US Treasury • US Treasury Bills 3 months, 6 months, 1 year 7 years, 10 years, 20 years, 30 years • Treasury Floating Rate Notes Inflation-Protected Securities (TIPS) • Agency Discount Notes • Corporate Bonds Treasury Floating Rate Treasury Inflation-Protected • Municipal Bonds Notes (FRNs/Floaters) Securities (TIPS) CREDIT • US Tenor: 2 years Tenors: 5 years, 10 years, 30 years • Commercial Paper and Institutional CDs AGENCY MORTGAGE- BACKED SECURITIES • Short-Term Corporate Bonds Where you can find us: • Municipal Notes and Variable • TBA Securities Rate Demand Notes • Specified Pools — Bloomberg ­— BondDesk Group FDIC-INSURED DEPOSITS DEBT CAPITAL MARKETS — ICE Bondpoint — Tradeweb • Brokered Certificates of Deposit PUBLIC — TMC Bonds † • CDARS OTC DERIVATIVES† • Insured Cash Sweep†

*All services are provided by BNY Mellon Capital Markets, LLC, unless stated otherwise. 8 †OTC derivatives and FDIC-insured products are provided by The Bank of New York Mellon. 5 Bloomberg US Treasury Dealer Rankings 9 Short-Duration Short-Duration

FDIC-Insured Deposits Commercial Paper

Certificates of Deposit (CDs) offer investors the of Commercial Paper (CP) allows creditworthy , federal deposit insurance up to $250,000, enabling them to invest banks and other entities to secure short-term funding. Since with confidence and peace of mind. For issuers, CDs present a CP contains a credit component, investors can achieve higher stable and secure source of funding for a set term, allowing them yields when deploying cash in the CP market relative to to make plans for the future with a firm degree of certainty.6 short-term government fixed income products.

CD ORIGINATORS CDARS*: Seeking large exposure OUR GROWTH STORY INSTITUTIONAL CDs We work closely with bank issuers to CDs but concerned about losing Since we launched in 2012, our desk As a significant dealer in Yankee to ascertain their funding needs, FDIC insurance? CDARS enables has grown from no commercial paper CDs and the domestic CD space, then originate CDs on their behalf. you to split a large CD holding dealerships to 75 dealerships today, we provide flow to more than 40 For community and midsize banks, into $250,000 increments among increasing market while some banks active in the institutional credit card banks, and credit different issuers, allowing you competitors have retrenched. CD market. union issuers, our expertise in CD to establish an outsize CD position, structuring and market knowledge with the peace of mind of As of 2020, our desk averages BNY Mellon ranks #1 in is particularly invaluable. knowing that your investment is federally insured. $8 billion to # executed CP volume with regional broker-dealers.** CD INVESTORS 1 Insured Cash Sweep*: A cash $12 billion Our wide network of bank issuers BNY Mellon ranks #1 investment vehicle that operates in executed CP volume each day. enables us to present investors in executed CP volume, along the same lines as CDARS, # with a broad range of CDs and work ** Insured Cash Sweep enables 1 five months and longer. with them to select the investment you to split a large cash balance that works best for their return into $250,000 segments across Growth of CP Programs at expectations and risk tolerance. BNY Mellon Capital Markets multiple deposit accounts 80 We are also active in the secondary or market funds to 70 75 CD market, providing liquidity gain yield while still enjoying 74 60 both for institutions looking for FDIC insurance. 63 50 new investment opportunities and 52 Unrivalled Distribution 40 investors seeking to exit positions. via Pershing LLC. 30 37

Number of Programs 20 8 10 3 5 17

2012 2013 2014 2015 2016 2017 2018 2019 2020 Year of Launch

6FDIC deposit insurance applies to principal and accrued on all deposit accounts (including CDs) maintained in the same insurable capacity at a single institution, currently up to $250,000. You are responsible for monitoring the total amount of deposits that you hold with each institution to determine the extent of FDIC insurance available to you. 10 *CDARS and Insured Cash Sweep provided by The Bank of New York Mellon. **Bloomberg Rankings 11 Short & Long-Duration Short & Long-Duration

US Agencies Municipal Bonds

Agency securities can offer yield enhancement over US Municipal bonds (munis) are an attractive investment Treasuries without taking on substantially more . due to the favorable tax treatment they often enjoy Liquidity in Agencies is generally very deep, but the product over alternative fixed income instruments. is not as liquid as government securities.

We trade: In addition, we also make markets Our strong relationships with Competitive Offering: For issuers in debt issued by the super governmental organizations across whose focus is borrowing cost AGENCY DISCOUNT NOTES sovereign community: the US have enabled us to rapidly above all else, we bid in blind Tenor: From 1 to 365 days EXIM – Export-Import Bank of the grow our presence in the muni auctions to deliver bonds to our United States; IFC – International market in recent years. network of institutional customers AGENCY FLOATING Finance ; IDB – Inter- to endeavor to secure the issuer RATE NOTES American Development Bank; OPIC; Active in short-term muni notes, the lowest possible interest rate. Tenor: Customizable based TVA and The World Bank. variable rate demand notes and on issuer and investor needs. long-term muni bonds, we provide SECONDARY MARKET liquidity in both the primary and Can range from 6 months L ARGE & Our muni desk customers can secondary markets, servicing to 30 years. CUSTOMIZED BLOCKS buy and sell via voice or issuers and investors. Our desk can provide liquidity electronically. We also provide AGENCY FIXED-RATE in the secondary Agencies bidders with enhanced efficiency PRIMARY MARKET market as well as source blocks through programming capabilities In the new-issue market, we price such as Python and VBA, as well Tenor: Customizable based of new-issue bonds for investors and place everything from bonds as via algorithmic technology. on issuer and investor needs. who wish to invest in size. We’re also able to engineer with durations of less than one Can range from 6 months reverse inquiries, approaching year to serial structures with to 30 years. agency issuers to structure a maturities as long as 30 years We make markets in the debt bond transaction specifically in two primary ways: securities of all major US tailored to investors’ needs. Agency fixed income issuers: Negotiated Offering: For issuers FHLBs Banks; Federal Farm Credit looking for financing with specific Banks Funding Corporation; Freddie features (discretion over Mac; Fannie Mae; US Department of payments, embedded optionality, Housing and Urban Development. etc.), we underwrite the bond and work with our community of large institutional clients to locate the right investor.

12 13 Short & Long-Duration Long-Duration

Corporate Bonds Agency Mortgage-Backed Securities

Investing in corporate bonds provides exposure to many of the The agency Mortgage-Backed Securities (MBS) market is the world’s largest and most creditworthy corporations. Corporate second-largest fixed income market in the world and offers bonds offer generally higher yields than government securities, investors access to high-quality and highly liquid securities that and you also enjoy more latitude to move along the credit spectrum, present a yield advantage over government bonds. As such, it’s no potentially securing higher returns in exchange for more risk. surprise that mortgages are central to our fixed income offering.

Our trading desk can not only Leveraging the extensive BNY In agency MBS, we operate an OUR MORTGAGE NETWORK execute in a variety of sizes but Mellon network through our agency pass-through business Our strong links among issuers, can also make markets in both affiliates, our issuer clients enjoy that makes markets in mortgages particularly with small and mid- fixed and floating rate notes. extensive distribution through of all major tenors, backed by all size US mortgage bank/brokers, various platforms. These include three agency guarantors – Fannie allow you access to a segment of Among the sectors we service the BNY Mellon institutional, Mae, Freddie Mac and Ginnie Mae. the agency MBS market that has in our business: middle market and retail client We also maintain an active To Be traditionally been underserved. community, and also include Announced (TBA) trading desk, • Technology, Media & Telecoms the Pershing network of asset as well as a robust inventory of Through our deep ties with these • Banking, Insurance, managers, broker-dealers and specified pools. mortgage originators and other Financial Services & Autos fund managers (where available institutional accounts, you’re able • Energy, Utilities & Pipelines and permitted). to gain high-quality MBS exposure • Industrials & Healthcare from across the US, with the Where you can find us: convenience and confidence of — MarketAxess transacting through BNY Mellon. — Bloomberg — Tradeweb Where you can find us: — KCG BondPoint — Bloomberg BBTM — BondDesk Group — Tradeweb

14 15 Long-Duration Origination

OTC Derivatives* Debt Capital Markets

Derivatives allow you to hedge risk by entering For clients looking for a more bespoke financing structure, into a bespoke transaction with a counterparty. we’ve been a major participant in Debt Capital Markets (DCM) for more than two decades.

At BNY Mellon, we may enter into We structure OTC contracts Our business is particularly EQUITY CAPITAL MARKETS over-the-counter (OTC) derivatives referencing a variety of focused on clients in the For those who prefer to raise trades with highly rated clients benchmarks across a range utilities, REIT, healthcare and funds via equity rather than looking to hedge exposures in both of tenors and : financial services industries. debt, At-the-Market (ATM) the bilateral and cleared markets. Our underwritten products include Equities enable you to issue • Fixed-to-Floating/Floating-to- fixed rate and floating rate debt common more efficiently, Fixed Swaps securities, preferred shares with greater discretion over • Caps/Floors and convertible bonds. trade terms and potentially • Swaptions with a lower fee structure. • Callable/Cancellable Swaps Through our extensive network (Bermudan & European) of liquidity providers, we can Why choose BNY Mellon for DCM? assist in locating and securing • STIRTs the financing you need, including • FX Forwards for large and complex debt 20+ • Cross- Swaps placements. Years’ Experience • Equity Total Return Swaps

Our Credit Rating8 150+

Moody’s S&P Fitch DCM Investor Community Long-Term Deposits Aa1 AA- AA+ Long-Term Aa2 AA- AA Subordinate Debt NR A NR $5.2 billion+ Short-Term Deposits P-1 A-1+ F1+ Commercial Paper P-1 A-1+ F1+ in ATM Equity Offerings Outlook Stable Stable Stable in the Past 15 Years NR – Not Rated

8 Credit rating of The Bank of New York Mellon, as of March 18, 2020 *OTC derivatives are provided by 16 The Bank of New York Mellon 17 Origination

Public Finance BNY Mellon Around the World

Public Finance enables investors to potentially gain yield while also providing funds for projects by public authorities.

We are an established player in 2. IN SYNDICATION this space. In fact, we’ve worked BNY Mellon is a frequent with municipalities from the Arctic participant in financing syndicates, Circle to Pakistan to access US working in concert with other financing markets. We serve in underwriters to develop, structure two primary roles: and find investors for public bond issuances. 1. LEAD UNDERWRITER When leading public financing CASE STUDY deals, we work with the client to City of New York structure the deal, get the bond As part of the rated by the rating agencies and syndicate selected to provide locate investors. financing to New York City multiple times each year, BNY Mellon CASE STUDY provides due diligence services, North Slope, Alaska gives advice on how best to In 2018, BNY Mellon led a structure the deal and then works $100 million deal for the Borough with investors to place the bonds. of North Slope, Alaska, funding the construction of schools and roads as lead underwriter. 1. Alaska, Borough of North Slope 5. Honduras School & road construction Environmental cleanup 2. Pakistan 6. City of New York Wind farm construction placement 3. Colombia 7. South Africa Developed cellular telephone Financing for vehicle leasing networks program for low-income 4. Haiti individuals Plastic reclamation and environmental cleanup

18 19 Access Equities

Our European Hub Our Equities Offering

To ensure that our EMEA clients are serviced locally, For investors seeking returns via share ownership rather we have a team of fixed income specialists located than debt, our fixed income offering is complemented in the London branch of The Bank of New York Mellon. by a comprehensive equities trading capability.

For clients in EMEA, our The Bank of New York Mellon Our offering is built on 3. SYNTHETIC EQUITIES† product lineup includes: London branch also offers four core pillars: Looking to capitalize on the brokerage services with performance of an equity or • US Government Securities transparent fee structures 1. EXCHANGE-TRADED equity index without holding • US Agencies that adhere to best execution FUNDS (ETFs) AND the actual stock on your • Corporate Bonds obligations, monitored through PORTFOLIO TRADING balance sheet? Our equity • Brokerage Services Transaction Cost Analysis As an Authorized Participant (AP) Total Return Swaps desk can • Fixed Income (TCA) tools. with most ETF issuers and fund execute the swap structure Outsourced Execution families, we sit at the heart of the you need to provide synthetic ETF marketplace. In our role as an exposure without maintaining AP, we have the ability to construct an outright holding. or deconstruct underlying baskets of securities. We can also provide 4. OUTSOURCED you with primary market access, EQUITIES EXECUTION helping you to easily trade ETFs Our experienced desk trades in a variety of asset classes. in more than 90 global markets and provides 24/6 coverage 2. CORPORATE EQUITIES for your stock execution and Our equities desk has the ability to listed options trading needs. execute agented share repurchase plans. Informed by this extensive experience, our team follows your share repurchase instructions and provides real-time feedback on the stock and order, while focusing on best execution and sending daily reports recapping volumes and average pricing to help you gauge your performance.

†OTC derivatives are provided by 20 The Bank of New York Mellon 21 It’s all right here.

Your Complete Custody, Trading, Financing, Liquidity & Solution

Fixed income is just one element of the overall BNY Mellon offering. As the world’s largest custodian, we and our affiliates provide clients with a broad range of products and services, encompassing trading, financing, collateral, liquidity and more. SECURITIES FINANCE* In need of funding but trying to avoid actually liquidating positions? In short, it’s all right here. Through BNY Mellon’s securities lending, triparty repo and collateral desks, you can easily secure financing against a wide range of fixed * CUSTODY income collateral. Securities finance can also help you transform With more than $37 trillion in assets under custody and/or assets into higher-rated securities. administration, we offer all of the below services with the operational efficiency of pursuing your investment and funding objectives within OVERNIGHT FUNDING* the custody ecosystem, removing unnecessary links in the chain and Have excess cash balances you’re looking to invest short term? lessening the opportunity for trade disruption. Our LiquidityDirect portal gives you access to a broad universe of mutual funds, including prime and government funds. FOREIGN EXCHANGE* Looking for state-of-the-art execution across a range COLLATERAL* of currencies and traded products? Facing new regulatory requirements calling for you to pledge Our full-service FX trading desk delivers a comprehensive suite and receive margin securities on OTC trades? of currency trading capabilities across spot, forwards and more. Our Clearance & Collateral Management business enables you to do it all, Whatever your FX goals, we’re positioned to help. from safely posting and accepting segregated collateral, to empowering us to administer the entire end-to-end collateral workflow on your behalf.

22 *Services provided by The Bank of New York Mellon 23 Contact Us

For more information on BNY Mellon’s fixed income and equities capabilities, and to learn how we can help you achieve your investment goals, please reach out to the following contacts:

Leadership* EMEA Sales & Trading

Sandeep Kohli Robert Lynch Paul Brophy Richard Warrender Co-Head of Fixed Income Co-Head of Fixed Income [email protected] [email protected] & Equities & Equities +44 207 964 4339 +44 207 964 4358 [email protected] [email protected] +1 212 815 5213 +1 212 815 8170

Fixed Income Sales* Equity Sales*

New York New York New York Pittsburgh Bill Quill Delaney Gardiner Ron Hooey Michael Ludwig [email protected] [email protected] [email protected] [email protected] +1 212 815 2627 +1 212 815 5476 +1 212 815 7092 +1 412 234 8343

New York San Francisco Bill Lista Phil Larson [email protected] [email protected] +1 212 815 5599 +1 212 815 5394

Pittsburgh Boston Robert Steiner John Gifford [email protected] [email protected] +1 412 234 0386 +1 617 722 7738

24 *Employees of BNY Mellon Capital Markets, LLC. 25 Fixed Income. It’s all right here.

26 27 bnymellon.com

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic Securities instruments and services other than money market mutual funds and off-shore liquidity funds are term to reference the corporation as a whole and/or its various group entities. This material and any products offered by BNY Mellon Capital Markets, LLC. and services may be issued or provided under various brand names of BNY Mellon in various countries by duly Services provided in the United States by BNY Mellon Capital Markets, LLC, member of FINRA, SIPC and a authorized and regulated subsidiaries, affiliates, and joint ventures of BNY Mellon, which may include any of wholly owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”). Services provided in the those listed below: United Kingdom by The Bank of New York Mellon, London Branch, a wholly owned subsidiary of BNY Mellon. The Bank of New York Mellon, a banking corporation organized pursuant to the of the State of New York, Please contact your BNY Mellon representative for services available outside the United States and the United whose registered office is at 240 Greenwich St, NY, NY 10286, USA. The Bank of New York Mellon is supervised Kingdom. and regulated by the New York State Department of Financial Services and the US and is Prime brokerage services are provided by Pershing LLC, a FINRA registered broker-dealer. Pershing Prime authorized by the Prudential Regulation Authority (“PRA”) (Firm Reference Number: 122467). Services is a service of Pershing LLC, member FINRA, NYSE, SIPC, a wholly owned subsidiary of The Bank The Bank of New York Mellon operates in the UK through its London branch (UK companies house numbers of New York Mellon Corporation (“BNY Mellon”). For professional use only. Not for distribution to the public. FC005522 and BR000818) at One Canada Square, London E14 5AL and is subject to regulation by the Financial Securities in your account protected up to $500,000. For details, please see www.sipc.org. Conduct Authority (“FCA”) at 12 Endeavour Square, London, E20 1JN, UK and limited regulation by the PRA at The Bank of New York Mellon, member of the Federal Deposit Insurance Corporation (“FDIC”). Bank of England, Threadneedle St, London, EC2R 8AH, UK. Details about the extent of our regulation by the PRA are available from us on request. BNY Mellon Capital Markets, LLC (“Capital Markets”) is a full service registered broker-dealer and an indirect wholly owned non-bank subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”). BNY Mellon Regulatory information in relation to the above BNY Mellon entities operating out of Europe can be accessed and its affiliates lend and provide other products and services to issuers and others, and provide and receive at the following website: https://www.bnymellon.com/RID. related fees and compensation. Capital Markets is a member of FINRA and SIPC, which protects securities The Bank of New York Mellon, Singapore Branch, is subject to regulation by the Monetary Authority of customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure Singapore. The Bank of New York Mellon, Hong Kong Branch (a branch of a banking corporation organized and available upon request or at www.sipc.org. SIPC does not protect against loss due to market fluctuation. SIPC existing under the laws of the State of New York with limited liability), is subject to regulation by the Hong Kong protection is not the same as, and should not be confused with, FDIC insurance. Monetary Authority and the Securities & Futures Commission of Hong Kong. This material is for reference purposes only and not intended to be a recommendation with respect to, or For Clients located in Australia: THE BANK OF NEW YORK MELLON IS EXEMPT FROM THE REQUIREMENT TO solicitation or offer to buy or sell, any particular , including but not limited to BNY Mellon HOLD, AND DOES NOT HOLD, AN AUSTRALIAN FINANCIAL SERVICES LICENSE AS ISSUED BY THE AUSTRALIAN stock, or to participate in any particular trading strategy and is not tax, legal, investment or accounting advice. SECURITIES AND INVESTMENTS COMMISSION UNDER THE CORPORATIONS ACT 2001 (CTH) IN RESPECT OF Nor is it an offer or solicitation in any jurisdiction in which such an offer or solicitation would be illegal. Capital THE FINANCIAL SERVICES PROVIDED BY IT TO PERSONS IN AUSTRALIA. THE BANK OF NEW YORK MELLON IS Markets does not make representations as to the actual value to be received in connection with a transaction. REGULATED BY THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES AND THE US FEDERAL RESERVE Although information is from sources believed reliable, there is no undertaking as to accuracy and opinions UNDER CHAPTER 2 OF THE CONSOLIDATED LAWS, THE BANKING ENACTED APRIL 16, 1914 IN THE STATE and information contained herein are subject to change without notice. A client should not enter into any OF NEW YORK, WHICH DIFFERS FROM AUSTRALIAN LAWS. transactions unless it has fully understood all risks and that not all investments will be suitable, and has The Bank of New York Mellon has various other branches in the Asia-Pacific Region which are subject to independently determined that such transactions are appropriate, for the client. Prices may fluctuate and it is regulation by the relevant local regulator in that jurisdiction. 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 The Bank of New York Mellon Securities Company Japan Ltd, as intermediary for The Bank of New York Mellon. performance is not a guide to future performance of any instrument, transaction or financial structure, and a The Bank of New York Mellon, DIFC Branch, regulated by the Dubai Financial Services Authority (“DFSA”) and loss of original capital may occur. located at DIFC, The Exchange Building 5 North, Level 6, Room 601, P.O. Box 506723, Dubai, UAE, on behalf of Fixed Income Securities. Fixed income investments, including municipal bonds, are subject to various The Bank of New York Mellon, which is a wholly-owned subsidiary of The Bank of New York Mellon Corporation. risks including changes in interest rates, call features, credit quality, possible , difficulty in market Past performance is not a guide to future performance of any instrument, transaction or financial structure valuations, liquidity, prepayments, early redemption, tax ramifications, inflation and other factors. and a loss of original capital may occur. Calls and communications with BNY Mellon may be recorded, for Floating Rates. Investment in any floating rate instrument presents unique risks, including the discontinuation regulatory and other reasons. of the floating rate reference or any successors or fallbacks thereto. Capital Markets does not guarantee This material is intended for wholesale/professional clients (or the equivalent only), is not intended for use and is not responsible for the availability or continued existence of a floating rate reference associated by retail clients and no other person should act upon it. Persons who do not have professional experience with any particular instrument. Before investing in any floating rate instrument, please evaluate the risks in matters relating to investments should not rely on this material. BNY Mellon will only provide the relevant independently with your financial, tax and other advisors as you deem necessary. investment services to investment professionals. Treasury and Government Agency Obligations. Not all obligations of the U.S. government or its agencies and Not all products and services are offered in all countries. instrumentalities are backed by the full faith and credit of the U.S. Treasury. In addition, if not held to , If distributed in the UK, this material is a financial promotion. If distributed in the EU, this material is a prices will rise and fall on interest rate movements in response to economic conditions. marketing communication. Corporate Debt. Corporate debt securities are subject to risks including, but not limited to: early call or This material, which may be considered advertising, is for general information purposes only and is not redemption risk, reinvestment risk, interest rate risk, credit risk, event risk, sector risk or market risk. intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter. Commercial Paper. Commercial paper, an unsecured, short-term debt instrument, is not usually backed by any This material does not constitute a recommendation or advice by BNY Mellon of any kind. Use of our products form of collateral, and although there may be back up lines of credit or back up liquidity, may still be subject and services is subject to various regulations and regulatory oversight. You should discuss this material with to default by the issuer. appropriate advisors in the context of your circumstances before acting in any manner on this material or Certificates of Deposit. Certificates of Deposit are most suitable for holding until maturity. Early withdrawal of agreeing to use any of the referenced products or services and make your own independent assessment (based any CD may not be available and may be subject to applicable penalties. on such advice) as to whether the referenced products or services are appropriate or suitable for you. This material may not be comprehensive or up to date and there is no undertaking as to the accuracy, timeliness, CDs: Limits on FDIC insurance. If you have or will have money on deposit (such as a savings account) at the completeness or fitness for a particular purpose of information given. BNY Mellon will not be responsible for same insured institution that issues the CDs, the total value of your deposit accounts could exceed the amount updating any information contained within this material and opinions and information contained herein are of FDIC insurance to which your deposits (including CDs) are entitled. subject to change without notice. BNY Mellon assumes no direct or consequential liability for any errors in or Yankee CDs/No FDIC Insurance. Yankee CDs are not FDIC insured in whole or in part. reliance upon this material. Money Market Mutual Funds and Ultra Short Bond Funds. Money market funds generally only invest in certain This material may not be distributed or used for the purpose of providing any referenced products or services high-quality, short-term investments issued by the U.S. government, U.S. corporations and state and local or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, governments and are subject to strict diversification and maturity standards. Ultra-short bond funds are services, offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such not subject to these requirements. The net asset value (NAV) of an ultra-short will fluctuate, while distribution, new or additional registration requirements. money market funds seek to maintain a stable NAV of $1 per share, although there is no guarantee that they Any references to dollars are to US dollars unless specified otherwise. will achieve this goal. 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Any products or services provided by BNY Mellon shall applicable, to the extent it deems appropriate. If the addressee would like a municipal advisor in a transaction not be deemed to have been provided as fiduciary or adviser except as expressly provided in such definitive that has legal fiduciary duties to the addressee, then the addressee is free to engage a municipal advisor to agreement. BNY Mellon may enter into a foreign exchange transaction, derivative transaction or collateral serve in that capacity. Notwithstanding the foregoing, Capital Markets is registered as a municipal advisor arrangement as a counterparty to a client, and its rights as counterparty or secured party under the applicable and may, from time to time, act as a municipal advisor with respect to municipal issuers and their investments. transactional agreement or collateral arrangement shall take precedence over any obligation it may have as Issuers should contact their Capital Markets representative to discuss an engagement with Capital Markets fiduciary or adviser or as service provider under any other agreement. as a municipal advisor. Investment in any floating rate instrument presents unique risks, including the discontinuation of the floating Mutual Funds. Before investing in mutual funds, it is important to understand the sales charges, expenses, rate reference or any successors or fallbacks thereto. BNY Mellon does not guarantee and is not responsible and management fees that you will be charged, as well as any available volume-based breakpoint discounts, for the availability or continued existence of a floating rate reference associated with any particular and whether the mutual fund’s investment strategy is compatible with your investment objectives. instrument. Before investing in any floating rate instrument, please evaluate the risks independently with your Equity Securities. Prices may fluctuate and it is possible that such fluctuations may be substantial in financial, tax and other advisors as you deem necessary. response to many factors including, without limitation, general market and market sector conditions, U.S. and Pursuant to Title VII of The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the global, in addition to company specific conditions. Dividends are not guaranteed and are subject to change applicable rules thereunder, The Bank of New York Mellon is provisionally registered as a swap dealer with or elimination. the Commodity Futures Trading Commission and is a swap dealer member of the National Futures Association Exchange-Traded Funds (ETFs). ETFs generally represent an interest in a portfolio of securities and/or (NFA ID 0420990). commodities, subjecting the investor to a substantial loss in principal and income due to market risk, interest BNY Mellon (including its broker-dealer affiliates) may have long or short positions in any currency, derivative rate risk, liquidity risk, currency exchange risk, and risks specific to a particular sector. or instrument discussed herein. BNY Mellon has included data in this material from information generally Options. Options carry a high level of risk and are not suitable for all investors. An holder may lose the available to the public from sources believed to be reliable. Any price or other data used for illustrative entire amount paid for the option in a relatively short period of time and an options writer may incur significant purposes may not reflect actual current conditions. No representations or warranties are made, and BNY loss if the price of the underlying interest declines. Mellon 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. Investment Banking and Public Finance. The Company should discuss any financial instrument offering, Price and other data are subject to change at any time without notice. engagement, or relationship with its own counsel and financial advisors. Capital Markets does not provide tax, legal, or accounting advice, and any information provided by Capital Markets does not include the legal, Neither BNY Mellon nor any of its respective officers, employees or agents are, by virtue of providing the tax or accounting effects of consummating any transaction. materials or information contained herein, acting as an adviser to any recipient (including a “municipal advisor” within the meaning of Section 15B of the Securities Exchange Act of 1934, as amended, “Section No Tax, Legal or Accounting Advice. Capital Markets does not provide tax, legal, or accounting advice. You 15B”), do not owe a fiduciary duty to the recipient hereof pursuant to Section 15B or otherwise, and are acting should independently and carefully consider whether any information or investment instruments are suitable only for their own interests. for your particular investment objectives and financial position and, if you believe it appropriate, seek professional advice, including tax, legal and accounting advice. Money market fund shares are not a deposit or obligation of BNY Mellon. Investments in money market funds are not insured, guaranteed, recommended or otherwise endorsed in any way by BNY Mellon, the Federal Past performance is not indicative of nor a guarantee of future performance and a loss of original capital Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to may occur. You should not enter into any transactions unless you have fully understood all risks, that not all preserve the value of your investment at $1.00 per share, fund shares are subject to investment risk and your investments will be suitable, and you have independently determined that such transactions are appropriate, investment may lose value. Money market fund yield performance represents past performance, which is no for you. Investing in securities involves risk, including loss of the principal amount invested. Additional guarantee of future results and investment returns will fluctuate. Before investing, investors should carefully information is provided on FINRA’s Web site at http://www.finra.org/Investors/ProtectYourself/index.htm. consider the investment objectives, risks, charges, tax impact and expenses of the fund that are explained in Mortgage Backed Securities (MBS). Potential issuers of securities should discuss any financial instrument each fund’s prospectus. The following factors, among many, could reduce any one fund’s income level and/ offering, engagement, or relationship with their own counsel and financial advisors. or share price: interest rates could rise sharply, causing the value of the fund’s investments and its share Only GNMA is backed by the full faith and credit of the U.S. Government. Securities issued by Fannie Mae, price to drop; interest rates could drop, thereby reducing the fund’s yield; any of the fund’s holdings could Freddie Mac and MBS in general have recently experienced volatility and other increased risks. have its downgraded or could default; and there are risks generally associated with concentrating investments in any one industry. Investments in instruments of non-U.S. issuers are subject to the risks of Securities Products: Not FDIC-Insured – Subject to Loss in Value – Not a Deposit of or Guaranteed by a Bank certain domestic events—such as political upheaval, financial troubles, nationalization (certain assets, or any Bank Affiliate. entities or sectors) or natural disasters—that may weaken a country’s securities markets. Country risk may be © 2020 The Bank of New York Mellon Corporation. All rights reserved. especially high in emerging markets. Such investments may be affected by market risk on a global scale based on responses of certain foreign markets to markets of other countries or global market sectors. Foreign- currency denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived from, the investment. Investments in foreign instruments are subject to the risk that the value of a foreign investment will decrease because of unfavorable changes in currency exchange rates.