MA/A 0001620072 XXXXXXXX Carol Shortall 2156206250 cshortall@capmark.org cshortall@capmark.org Capital Markets Advisors, LLC 02-0582108 866-00234-00 867-00807 11 Grace Ave Suite 308 GREAT NECK NY 10021 516-487-9815 Add 4211 North Buffalo Street Suite 19 Orchard Park NY 14127 716-662-3910 Y 4211 North Buffalo Street Suite 19 Orchard Park NY 14127 www.capmark.org Richard Rafael Tortora

11 Grace Road Suite 308 Great Neck NY 11021

516-487-9815 rtortora@capmark.org Richard Joseph Ganci

4211 North Buffalo Street Suite 19 Orchard Park NY 14127

716-662-3910 rganci@capmark.org Add Capital Markets Advisors, LLC 4211 North Buffalo Street Suite 19 Orchard Park NY 14127 716-662-3910 Financial data December NY 04-01-2002 N 11 11 0 0 0 350 Municipal Entities Other School Districts 0 0 0 Not Applicable Hourly Charges Fixed Fees Contingent Fees Not Applicable Advice Insurance Of MS Advice ME Investments Advice On Selection N 0 N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N Y Y Y N N Y N Richard Joseph Ganci Executive Vice President 01-20-2018 B Y 000000000 Richard Raffael Tortora President/CCO 04-01-2002 E Y 000000000 Richard Joseph Ganci Executive Vice President 01-20-2018 B Y 000000000 Richard Raffael Tortora President/CCO 04-01-2002 E Y 000000000 2 9-G Richard Tortora 868-03461 05-10-2024 0001620072-24-000007 Richard R Tortora N Richard Tortora 868-03461 05-10-2024 0001620072-24-000007 Richard Joseph Ganci N Richard Ganci 868-03461 05-10-2024 0001620072-24-000008 2 9-H2 United States District Court Western District of New York Case No. 22-cv-6273 Kenneth B Keating Federal Building 100 State Street Rochester NY 14614 The SEC alleged that offering documents prepared with the assistance with the firm in connection with a note issue were materially misleading. The SEC also alleged that the firm failed to disclose the material conflict of interest that exists when municipal advisor is paid via a contingency fee agreement. 06-14-2022 SEC Y Capital Markets Advisors, LLC, Richard Ganci and Richard Tortora Y CivilAdminPenaltyFine Disgorgement 06-14-2022 Other Municipal Advisory The SEC alleged that Offering Documents that the Firm assisted with were materially misleading. Failure to disclose conflict of interest related to contingency of fee arrangements. Breached Fiduciary duty. 12-26-2024 Judgement Rendered Settled The Court entered a final judgment in the action that dismissed with prejudice all claims alleging fraud or negligence concerning the sale of certain notes by the City of Rochester. The final judgment also included injunctive relief and other sanctions concerning the SEC's claims that violations of MSRB Rule G42 and related sections of the Federal securities laws had occurred as a result of the firm's failure to identify affirmatively contingent compensation arrangements as creating a material conflict of interest. The court issued an opinion finding in favor of the SEC on those claims. The final judgment was entered with the consent of the defendants and ended the civil judicial action. Y Y Injunction CivilAdminPenaltyFine 12-26-2024 No registration capacities affected. Applicant and associated persons enjoined from violations of MSRB Rule G42 and related Federal securities laws and regulations. 235000.00 235000.00 12-15-2025 253000.00 Richard Raffael Tortora N United States District Court Western District of New York Case No. 22-cv-6273 Kenneth B Keating Federal Building 100 State Street Rochester NY 14614 06-14-2022 SEC Y Capital Markets Advisors, LLC, Richard Ganci and Richard Tortora Y CivilAdminPenaltyFine Disgorgement 06-14-2022 Other Municipal Advisory The City's Offering Documents were material misleading. Failure to disclose conflict of interest. Breached Fiduciary duty. 06-14-2022 Richard Joseph Ganci N United States District Court Western District of New York Case No. 22-cv-6273 Kenneth B Keating Federal Building 100 State Street Rochester NY 14614 06-14-2022 SEC Y Capital Markets Advisors, LLC, Richard Ganci and Richard Tortora Y CivilAdminPenaltyFine Disgorgement 06-14-2022 Other Municipal Advisory The City's Offering Documents were material misleading. Failure to disclose conflict of interest. Breached Fiduciary duty. 06-14-2022 2 9-H1a 9-H1b 9-H2 Richard Tortora 868-03461 05-10-2024 0001620072-24-000007 Richard R Tortora N Richard Torotra 868-03461 05-10-2024 0001620072-24-000007 Richard Joseph Ganci N Richard Ganci 868-03461 05-10-2024 0001620072-24-000008 Carol Shortall Carol Shortall Consultant 06-30-2026 N N N N N Y N Y Y N Y N N N N N N N N N N