2020 Annual Report

• developments and uncertainty related to the future use and availability of some reference rates, such as the London Interbank Offered Rate, as well as other alternative reference rates. Legal, Accounting and Compliance Risks • The effectiveness of the risk management framework; • the commencement and outcome of litigation and other legal proceedings and regulatory actions against us; • the extensive regulatory framework that applies to us; and • the impact of recent and future legislative and regulatory changes. Market and Interest Rate Risks • Interest rate risk; and • fluctuations in the values of the securities held in our securities portfolio. COVID-19 Pandemic Related Risks • The negative effects of the COVID-19 pandemic, including its effects on the economic environment, our clients and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with the pandemic.

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