Zions Capital Markets is the trade name for certain business activities of Zions Bancorporation, N.A. and its divisions and subsidiaries, including Zions Direct, Inc., member FINRA/SIPC. Corporate and commercial banking activities performed by Zions Bancorporation, N.A.

Investment banking, securities underwriting and brokerage activities offered through Zions Direct, Inc. and are (1) NOT insured by the FDIC or any federal or state governmental agency, are (2) NOT deposits or other obligations of, or guaranteed by, Zions Bancorporation or its affiliates, and (3) MAY be subject to investment risks, including the possible loss of principal value or amount invested.

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.

Additional information about the protections provided by MSRB Rules as well as procedures to file a formal complaint surrounding any suspected violation or unfair practice by a regulated entity, may be found in the MSRB’s Investor Brochure located at www.msrb.org.

Clients must meet certain bank and regulatory requirements for derivative solutions (e.g., Foreign Exchange, Commodities, Swaps).

Derivative transactions can involve a variety of potential risks, depending on the specific type of transaction. Before entering into any derivative transaction, you should carefully consider whether the transaction is appropriate for you in light of your experience, objectives, financial and operational resources and other relevant circumstances.

All credit products are offered through Zions Bancorporation, N.A., and its associated divisions, and are subject to credit approval, terms and conditions apply. See banker for details.