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Disclosure: The risk of loss in securities and other Investments can be substantial. You should always carefully consider whether Investments either entered into directly by you, or on a discretionary managed basis through Commerce Trust or any financial institution, is appropriate for you, in light of your investment objectives, financial circumstances, tax status, your tolerance to risks and your investment experience. In considering whether to trade or invest, you should inform yourself and be aware of the risks generally. Non-depository investments offered in connection with Commerce Bank and its affiliates are not guaranteed, are not FDIC insured, and as noted earlier, may lose value. Past performance is no guarantee of future results, and the opinions and other information in the commentary are provided as of this date and are subject to change. Information provided is for the purpose of general education, information, or illustration only and is not to be treated as the opinion of Commerce Trust Company or Commerce Bank as a recommendation on any future investment or market behavior.Providing this information which may be of value to you or others in the general audience shall not detract from an investor’s responsibilities to take all such steps and make all such inquiries as may be necessary or desirable to ensure that you fully understand and are familiar with any potential future investment. Neither Commerce nor any of its officers, employees or agents have made any recommendation or given any advice as to the terms and profitability of any investment or market activity which may be referenced here. Accordingly, you understand that you are and shall at all times be, fully responsible for any investment transaction you choose to enter into, and that you shall not have relied on any of the preceding or following information from Commerce as a basis for an investment decision.Please also note that Commerce does not offer tax, legal or specific estate planning advice, and while we may provide information or express general opinions from time to time, such information or opinions are not offered as professional tax or legal advice. If you are in any doubt about the risks involved in any trading or investment arrangements or you are uncertain of or have not understood any aspect of this Risk Disclosure Statement, you should seek independent professional advice. Markets, economic forecasts and specific investments can change from time to time based on a variety of individual, interrelated or complex factors of varying degree. This disclosure statement cannot, of course, disclose all the risks and other significant aspects of investments, economies or markets in which you may elect to transact from time to time. You should therefore carefully study relevant investment arrangements in advance of making decisions regarding investing.December 2019 Commerce Trust Company is a division of Commerce Bank.