Disclosures

Employees of Zions Bancorporation, N.A. participate in an incentive compensation program under which the employee may receive a fee of more than a nominal amount for referring a customer to Zions Direct, Inc. and payment of this fee may be contingent on whether the referral results in a transaction with Zions Direct, Inc.

Zions Bancorporation, N.A. is registered as a municipal securities dealer with the U.S. Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB) as required by Section 15B of the Securities Exchange Act. The MSRB protects investors, state and local governments and other municipal entities, and the public interest, by regulating municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities.