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The Capital Management Group and its Investment Adviser Representatives may only transact business in states that it is properly licensed, excluded, or exempted from the District of Columbia’s Investment Adviser or Investment Adviser Representative licensing requirements; and follow-up, individualized responses provided to persons in a state where the Investment Adviser or its Investment Adviser Representatives are involved in either effecting or attempting to effect transactions in securities, or rendering of personalized investment advice for compensation, will not be made without compliance with the District of Columbia’s Investment Adviser and/or Investment Adviser Representative licensing requirements, or an applicable exemption or exclusion.