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PROSPECTUS DELIVERY METHODS

Important prospectus delivery information for customers of Lafayette Investments, Inc.

In January 2008, First Clearing and Lafayette Investments, Inc. adopted the “Access Equals Delivery” (AED) model which presumes that investors have access to the Internet, and permits securities issuers and their intermediaries to satisfy their prospectus delivery requirements by filing the final prospectus with the U.S. Securities and Exchange Commission (SEC) via EDGAR, or in the case of municipal bonds, with the MSRB via EMMA (Electronic Municipal Market Access), within the required time, and directing the client to the SEC website (www.sec.gov) or EMMA (www.emma.msrb.org) to obtain the information.

The AED model eliminates the requirement for issuers and intermediaries to print and deliver paper final prospectuses to investors. The rules also allow issuers and intermediaries to send each purchaser of securities, in lieu of the final prospectus, a notice that the sale was made pursuant to a registration statement.

With the introduction of "Access Equals Delivery", effective January 14, 2008, we will no longer mail a hardcopy prospectus to clients who purchase certain securities subject to registration under the SEC's "Access Equals Delivery" regulations. Instead of receiving a hardcopy prospectus through the mail, trade confirmations for AED eligible securities will direct clients to the U.S. Securities and Exchange Commission website for company information including real-time prospectus filings, or, in the case of municipal bonds, the MSRB via EMMA. Official statements, financial statements, notices of material events and other documents for municipal securities are available at the EMMA website referenced above.

Please note that preliminary prospectuses are not covered by this ruling and need to be handled as they have been in the past. Trade confirmations for non-AED eligible securities will continue to state that the prospectus was mailed (or sent electronically) under separate cover. Please contact your registered rep or advisor if you have questions.

This policy is effective 6/27/2016.

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Lafayette Investments is registered with the Securities and Exchange Commission as an investment advisor and a broker-dealer.