A line of credit backed by securities, such as a securities based line of credit or a structured line of credit, or Margin account may not be suitable for all clients and investors. Borrowing on securities backed lending products or Margin accounts and using securities as collateral may involve a high degree of risk including unintended tax consequences and the possible need to sell your holdings, which may lead to a significant impact on long-term investment goals. An investor can lose more funds than he or she deposited in the account. Market conditions can magnify any potential for loss. If the market turns against the client, he or she may be required to quickly deposit additional securities and/or cash in the account(s) or pay down the loan to avoid liquidation. Clients and investors may not be entitled to choose which securities or other assets in his or her account are liquidated or sold to meet a Call. The firm can increase its maintenance requirements at any time and is not required to provide advance written notice. Clients and investors may not be entitled to an extension of time on Calls. The securities in the Pledged Account(s) may be sold to meet the Collateral Calls and the securities in a Margin account can be sold to meet Margin Calls; the firm can sell the client’s securities without contacting them. Increased interest rates could also affect SOFR rates (or any successor rate thereto) that apply to your line of credit causing the cost of the credit line to increase significantly. The interest rates charged on a line of credit are determined by (i) the market value of pledged assets and the net value of the client’s non- pledged Capital Access account or (ii) the line of credit amount. The interest rates charged on Margin accounts are determined by the amount borrowed. Please visit sec.gov/investor/pubs/margin.htm for additional information.

The proceeds from a securities based line of credit or a structured line of credit cannot be (a) used to purchase or carry securities; (b) deposited into a Raymond James investment or trust account; (c) used to purchase any product issued or brokered through an affiliate of Raymond James, including insurance; or (d) otherwise used for the benefit of, or transferred to, an affiliate of Raymond James. Raymond James Bank does not accept RJF stock or any securities issued by affiliates of Raymond James Financial as pledged securities towards a line of credit. Lines of credit are provided by Raymond James Bank. Securities based line of credit and structured line of credit provided by Raymond James Bank, Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. are affiliated with Raymond James Bank, Member FDIC.