In accordance with the Municipal Securities Rulemaking Board (MSRB) Rule G-10, Northern Capital Securities Corporation is providing this disclosure electronically for its clients who effected or hold a municipal securities position and qualify as a sophisticated municipal market professional under MSRB Rule D-15.

• Northern Capital Securities Corporation is registered with the U.S. Securities and Exchange Commission and the MSRB.
• The MSRB website is http://www.msrb.org/. The website provides a link to an investor brochure that describes the MSRB rule’s protections and how to file a complaint with an appropriate regulatory authority.

If you have questions, please contact your Northern Capital representative.