Capitol PFG is registered as a "Municipal Advisor" pursuant to Section 15B of the Securities Exchange Act and rules and regulations adopted by the United States Securities and Exchange Commission ("SEC") and the Municipal Securities Rulemaking Board ("MSRB").

The MSRB has made available on its website a municipal advisory client brochure that describes the protections that may be provided by MSRB rules and how to file a complaint with the appropriate regulatory authority.


MSRB Rule G-42 requires that municipal advisors provide disclosures relating to all material conflicts of interest, including certain categories of potential conflicts of interest identified in Rule G-42, if applicable. Capitol PFG makes the following general representations, which in each case are subject to any more updated or specific disclosures that you may receive from us as part of a contract for municipal advisory services:

• A conflict may arise to the extent that any compensation to be paid to Capitol PFG is based on the size of the project or financing and/or is contingent on the completion of the project or financing. While this form of compensation is customary in the market for municipal advisory services, this may present a conflict of interest as we would have an incentive to recommend to our client a project or financing that is unnecessary or provides insufficient benefit or an incentive to advise our client to increase the size of the project or financing. This potential conflict is mitigated by Capitol PFG's duties to our clients.
• A conflict may arise to the extent that a client of Capitol PFG has employed or may employ any affiliated entity of Capitol PFG to provide services. This has the potential to result in a conflict of interest by creating an incentive for Capitol PFG to recommend to our client a course of action that would increase the client's business activity with the affiliated entity or conversely that would discourage a course of action that would decrease the client's business activity with the affiliated entity. The conflict is mitigated by Capitol PFG's duties to our clients. Moreover, if Capitol PFG makes a recommendation that could influence the level of business with an affiliated entity, Capitol PFG will consider alternatives to the recommendation, which will be disclosed to our client.

MSRB Rule G-42 requires that municipal advisors provide their clients disclosures of legal or disciplinary events material to the evaluation of the municipal advisor or the integrity of the municipal advisor's management or advisory personnel. Capitol PFG sets out required disclosures and related information below:

• A. There are no legal or disciplinary events material to a potential client's evaluation of Capitol PFG or the integrity of Capitol PFG's management or advisory personnel disclosed, or that should be disclosed, on any Form MA or Form MA-I with the Securities and Exchange Commission (the "SEC").
• B. Capitol PFG's most recent Form MA and each most recent Form MA-I filed with the SEC are available on the SEC's EDGAR system.

Effective Date: September 2026

Capitol PFG values your privacy and is committed to protecting your personal information. This Privacy Policy outlines our practices regarding the collection, use, disclosure, and protection of information collected through our website (capitolpfg.com), email communications, and direct interactions.


This Privacy Policy applies to personal information collected through our website, electronic communications, and client intake channels. By using our website or engaging our services, you consent to the practices described in this policy.


We collect personal information through voluntary disclosures and automated website technologies:

• Identifiers & Contact Details: Name, email address, telephone number, mailing address, and company name provided via contact forms or direct correspondence. Email and text correspondence are retained in our secure compliance archives.
• Technical & Usage Data: IP address, browser type, cookies, and usage patterns collected automatically to evaluate site traffic and improve functionality.

To deliver advisory services and administrative efficiency, Capitol PFG utilizes secure, enterprise- and commercial-grade technologies. These include analytical software, communications archiving platforms, AI-assisted workflow integration, automated meeting transcription, and generative AI workspaces. These technologies operate under commercial or enterprise agreements. For the purposes of data processing, "Client Information" is defined as data, communications, and materials provided by or generated on behalf of the client.

• Vendor Confidentiality: Technology vendors are bound by commercial confidentiality obligations.
• No AI Training: Capitol PFG does not utilize Client Information to train, fine-tune, or improve any publicly accessible AI models, and contractually prohibits its technology vendors from doing so.
• Data Retention & Use: Client Information processed by these technologies remains confidential and is used for the limited purpose of executing our services. Technologies are deployed such that vendors are prohibited from retaining this data for third-party use.
• Human Oversight: Capitol PFG maintains human oversight over these tools; automated data processing, AI-generated analysis, and synthesized deliverables are subject to review by a qualified professional prior to final utilization.

Mobile information will not be shared with third parties or affiliates for marketing or promotional purposes. Described categories in this policy exclude text messaging originator opt-in data and consent; this information will not be shared with any third parties.


We do not sell, rent, or trade your personal information. We may share information with:

• Authorized Service Providers: Software vendors who assist in website hosting, archiving, administrative technology, or operational delivery under confidentiality terms.
• Legal & Regulatory Authorities: As required by law, court order, or regulatory mandate (including SEC and MSRB requirements).

If you are a California resident, you have specific rights under the California Consumer Privacy Act:

• Right to Know: The right to request the categories and specific pieces of personal information we have collected about you over the past 12 months.
• Right to Deletion: The right to request the deletion of your personal information, subject to statutory record-retention requirements under federal securities laws.
• Right to Non-Discrimination: We will not discriminate against you for exercising any of your privacy rights.
• Right to Opt-Out of Sale: Capitol PFG does not sell personal information.

Capitol PFG employs enterprise-grade security and encrypted archiving solutions for internal operations. While website communications force the HTTPS protocol VIA SHA-256/RSA encryption algorithms, we advise all visitors utilize encrypted-only methods of communications when interfacing with any transmission to and from Capitol PFG once those communications have left Capitol PFG's area of control.


If you have questions regarding this Privacy Policy or wish to exercise your privacy rights, please contact us:

Capitol PFG
Attn: Compliance & Privacy
Email: jsmall@capitolpfg.com


Capitol PFG is a registered independent municipal advisor with the U.S. Securities and Exchange Commission (SEC File No. 867-00440) and the Municipal Securities Rulemaking Board (MSRB ID K0554).


The information contained on this website is for general informational purposes only. Any financial, market, or historical analysis included on this website is not indicative of future results. Information on this site does not constitute a formal recommendation, solicitation, or legal/financial advice within the meaning of MSRB Rule G-42. No municipal advisory relationship is established solely by accessing or interacting with this website.


Pursuant to MSRB rules, Capitol PFG provides written disclosure statements regarding material conflicts of interest and legal or disciplinary events directly to clients prior to or concurrently with executing a service agreement.

Capitol PFG's most recent Form MA and Form MA-I filings are electronically accessible via the SEC EDGAR Company Search database at www.sec.gov.