Disclosures

Choate Investment Advisors, LLC ("ChoateIA") is an SEC-registered investment adviser located in Massachusetts. ChoateIA may only transact business in those states in which it is notice filed or qualifies for a corresponding exemption from such requirements. ChoateIA's website is limited to the dissemination of general information regarding its investment advisory services to United States residents residing in states where providing such information is not prohibited by applicable law. Accordingly, the publication of ChoateIA's website on the Internet should not be construed as ChoateIA's solicitation to effect, or attempt to effect, transactions in securities or the rendering of personalized investment advice for compensation over the Internet.

Investing involves the risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results and may have been impacted by events and economic conditions that will not prevail in the future. No portion of this commentary is to be construed as a solicitation to buy or sell a security or the provision of personalized investment, tax or legal advice. Certain information contained in this report is derived from sources that ChoateIA believes to be reliable; however, the Firm does not guarantee the accuracy or timeliness of such information and assumes no liability for any resulting damages.

For information pertaining to the registration status of ChoateIA, please contact the United States Securities and Exchange Commission on their website at www.adviserinfo.sec.gov. A copy of ChoateIA's current written disclosure statement discussing ChoateIA's business operations, services and fees is available from ChoateIA upon written request. ChoateIA does not make any representations as to the accuracy, timeliness, suitability, completeness or relevance of any information prepared by any unaffiliated third party, whether linked to this website or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.