US Municipal Securities Rulemaking Board (MSRB) G-10 Rule Disclosure

Pursuant to the Municipal Securities Rulemaking Board's (MSRB) Rule G-10, Banco de Madrid is required to notify clients who transact in municipal securities with Banco de Madrid Securities LLC that:

i) Banco de Madrid Securities LLC is registered with the U.S. Securities and Exchange Commission and the Municipal Securities Rulemaking Board; and

ii) An investor brochure is available on the MSRB website at www.msrb.org. This describes the protections that may be provided by the Municipal Securities Rulemaking Board rules and how to file a complaint with an appropriate regulatory authority.