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THIRD - SECURITIES Revenue Bonds "Revenue bonds" are debt securities that are payable only from a specific source or sources of revenues. Revenue bonds are not a pledge of your full faith and credit and you are obligated to pay principal and interest on your revenue bonds only from the revenue source(s) specifically pledged to the bonds, Revenue bonds do not permit the bondholders to compel you to innpose a tax levy for payment of debt service. Pledged revenues may be derived from operation of the financed project or system., grants or excise or other specified taxes. Generally, subject to state lama or local charter requirements, you are not required to obtain voter approval prior to issuance of revenue bonds. If the specified source(s) of revenue become inadequate, a default in payment of principal or interest may occur. Various types of pledges of revenue may be used to secure interest and principal payments on revenue bonds. The nature of these pledges may differ widely based on state law, the type of issuer, the type of revenue stream and other factors. Some revenue bonds (conduit revenue bonds) may be issued by a governmental issuer acting as conduit for the benefit of a private sector entity or a 501(c)(3) organization (the obligor). Conduit revenue bonds commonly are issued for not -for -profit hospitals, educational institutions, single and multi -family housing, airports, industrial or economic development projects, and student loan programs, among other obligors. Principal and "interest on conduit revenue bonds normally are paid exclusively from revenues pledged by the obligor. Unless otherwise specified under the terms of the bonds, you are not required to make payments of principal or interest if the obligor defaults. The description above regarding "Security" is only a brief sununary of certain possible security provisions for the bonds and is not intended as legal advice. You should consult with your bond counsel for further rnformationn regarding the security for the bonds. Financial Risk Considerations Certain risks may arise in connection with your issuance of Fixed rate Bonds, including some or all of the following (generally, the obligor, rather than you, will bear these risks for conduit revenue bounds): Issuer Default risk You may be in default if the funds pledged to secure your bonds are not sufficient to pay debt service on the bonds when due. The consequences of a default may be serious for you and, depending on applicable state law and the terms of the authorizing documents, the holders of the bonds, the trustee and any credit support provider may be able to exercise a range of available remedies against you. For example, if the bonds are secured by a general obligation pledge, you may be ordered by a court to raise taxes. Other budgetary adjustments also may be necessary to enable you to provide sufficient funds to pay debt service on the bonds, if the bonds are revenue bonds, you may be required to take steps to increase the available revenues that are pledged as security for the bonds. A default may negatively impact your credit ratings and nnay effectively limit your ability to publicly offer bonds or other securities at market interest rate levels. Further, if you are unable to provide sufficient funds to remedy the default, subject to applicable state law and the terms of the authorizing documents, you may find :it necessary to consider available alternatives under stake law, including (for some issuers) state -mandated receivership or bankruptcy. A default also may occur .if you are unable to comply with covenants on: other provisions agreed to in connection with the issuance of the bonds. Filth Tlfird Securities is the trade nranae used by Fifth Tfbird C3ecwitues, Inc., member HNRA/SlPC, a wwholly owned subsidi€r y of Flftlt Third t wik, a registered bsaker-dealer, aiid a regis�tc.red iwesttmetit advi,01, registel,ed with the U.S, Socui� Hes, and E hinge:; C:ommi asion _. Fly. Registmtiof) does r7CFt imp?ya cel'tail) level cif sl"M otk tocairY'frlg. Sec.rint,les ii)(d I %lestii)e'.iils uf6€,med thioP,Igh Fuhh Tltird:'aecutities, Inn. and InsCu'run(ra IMOduC:ts: Ate Not, FINL ht.atared Offor No Bark GUarai'rteer Nlay+ Lose'w!aluc Are Not Irrsurcd By Airy Y=edcral Govetima ent Agency Are, Not A Deposit: lnsmante: prottuets exude available thiouggh Fifth Third fi)suiwice Agency, Inc.