THE CANANDAIGUA NATIONAL BANK AND TRUST COMPANY (CNB) PREAPPLICATION DISCLOSURE. IMPORTANT TERMS of our FLEXEQUITY MASTER LINE OF CREDIT (MORTGAGE)

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1 THE CANANDAIGUA NATIONAL BANK AND TRUST COMPANY (CNB) PREAPPLICATION DISCLOSURE IMPORTANT TERMS of our FLEXEQUITY MASTER LINE OF CREDIT (MORTGAGE) For applications received on or after January 1, 2011 IMPORTANT: I. KEEP A COPY OF THIS DISCLOSURE, AND RETURN ONE TO CNB. This disclosure contains important information about CNB s FlexEquity Master Line of Credit mortgage loan. You should read it carefully and keep a copy for your records. All of the terms below are subject to change. II. AVAILABILITY OF TERMS AND REFUND OF FEES This loan product is only available for 1 to 4-family owner-occupied homes and second homes. The minimum loan amount is $10,000 and the maximum loan amount is $250,000. Refund of Fees: If these terms change prior to your entering into a FlexEquity Credit Line Agreement (Agreement) with CNB (other than a change due to fluctuations in the index) and you decide, as a result, not to enter into an Agreement with us, you are entitled to a refund of all fees that you have paid to us or anyone else in connection with your application. III. SECURITY INTEREST We will take a mortgage on your home. You could lose your home if you do not meet the obligations in your agreement with us. IV. POSSIBLE ACTIONS We can terminate your loan, require you to pay us the entire outstanding balance in one payment, and charge you certain fees if: you engage in fraud or material misrepresentation in connection with the loan. you do not meet the repayment terms. your action or inaction adversely affects the collateral or our rights in the collateral. We can refuse to make additional extensions of credit or reduce your credit limit if: the value of the dwelling securing the loan declines significantly below its appraised value at the beginning of the loan. we reasonably believe you will not be able to meet the repayment requirements due to a material change in your financial circumstances. you are in default of a material obligation in the Agreement. government action prevents us from imposing the annual percentage rate provided for in the Agreement or impairs our security interest such that the value of the security interest is less than 120 percent of the credit line amount. a regulatory agency has notified us that continued loan advances would constitute an unsafe and unsound practice. the maximum annual percentage rate allowed by the Agreement is reached. The initial Agreement permits us to make certain changes to the terms of the Agreement at specified times or upon the occurrence of specified events. This disclosure notice is not a replacement for or a part of any loan commitment, loan agreement, mortgage or other document you may sign if CNB agrees to make a home equity loan to you. You should become familiar with and understand the provisions of all such documents before signing them.

2 V. PARTS OF YOUR FLEXEQUITY ACCOUNT 2 FlexEquity Line of Credit FlexEquity Fixed Loan(s) (this option is described at the end of this document) FLEXEQUITY LINE OF CREDIT ACCOUNT DRAWS You can obtain advances from the Line of Credit Account for twenty (20) years (the Draw Period ). The term of the loan is twenty (20) years unless continued in writing by CNB. As a result, you will be required to repay the entire principal balance and any accrued interest then owing twenty (20) years from the date on which the Credit Line Agreement is signed (the Maturity Date ). The minimum amount of any draw on your Line of Credit Account is $500. CNB will allow a draw of less than $500, but may charge a $10 service fee for any draw under $500. Advances can be made by check or on the web at cnbank.com. VI. MINIMUM PAYMENT REQUIREMENTS The minimum payment for your account will be due monthly, and will never be higher than its total outstanding balance. The minimum monthly payment will be: (1) the sum of the minimum monthly payment due on the Line of Credit Account, or (2) $100, whichever is greater; plus the total of the monthly payments due for any Fixed Loans. The Line of Credit Account and all Fixed Loans will be billed on one monthly statement. VII. THE LINE OF CREDIT ACCOUNT You can choose one of two payment options for the Line of Credit Account during the Draw Period, principal and interest payments or interest only payments: Minimum payment examples for each option are set forth below. Payment Option 1 The amount of your minimum payment will equal the greater of $100 or the sum of 1/240th of: (i) the outstanding balance of your line as of the most recent advance plus; (ii) unpaid interest and late charges assessed on your line during the billing period covered by the statement we sent you plus; (iii) any past-due payment. During the draw period, payments will be due monthly. If the balance due on your Line of Credit account as described above is less than $100, the payment will equal the balance due. Payment Option 2 The amount of your monthly payment during the first 60 (sixty) months (5 years) will be interest only on the unpaid principal balance. Your payments will be due monthly and will be equal to the finance charges that accrue on the outstanding balance during the preceding month plus any amount that is past due including late charges. During the interest-only period, the minimum payment will not reduce the principal that is outstanding on your Line of Credit. Beginning with the 61 st month, the amount of your minimum payment will equal the greater of $100 or the sum of 1/180 th of: (i) the outstanding balance of your line as of the most recent advance plus; (ii) unpaid interest and late charges assessed on your line during the billing period covered by the statement we sent you plus; (iii) any past-due payment. During the draw period, payments will be due monthly. If the balance due on your Line of Credit account as described above is less than $100, the payment will equal the balance due. Balloon Payment 20 year term Payment of only the minimum payments may not repay any or all of the principal balance by the Maturity Date. At the Maturity Date, all amounts then outstanding on your Line of Credit Account and Fixed Loans will be required to be paid in full. CNB will notify you at least 90 days but no more than 120 days before the Maturity Date. THE REPAYMENT PERIOD FOR THE LINE OF CREDIT ACCOUNT ENDS ON THE MATURITY DATE, UNLESS CONTINUED IN WRITING BY CNB. AS A RESULT, YOU WILL BE REQUIRED TO REPAY THE ENTIRE PRINCIPAL BALANCE AND ANY ACCRUED INTEREST ON THE LINE OF CREDIT ACCOUNT THEN OWING 20 YEARS FROM THE DATE ON WHICH THE CREDIT LINE AGREEMENT IS SIGNED. THE LENDER HAS NO OBLIGATION TO REFINANCE THIS LOAN AT THE END OF ITS TERM. THEREFORE, YOU MAY BE REQUIRED TO REPAY THE LOAN OUT OF ASSETS YOU OWN OR YOU MAY HAVE TO FIND ANOTHER LENDER WILLING TO REFINANCE THE LOAN. ASSUMING THIS LENDER OR ANOTHER LENDER REFINANCES THIS LOAN AT MATURITY, YOU WILL PROBABLY BE CHARGED INTEREST AT MARKET RATES PREVAILING AT THAT TIME AND SUCH RATES MAY BE HIGHER THAN THE INTEREST RATE ON THIS LOAN. YOU MAY ALSO HAVE TO PAY SOME OR ALL OF THE CLOSING COSTS NORMALLY ASSOCIATED WITH A NEW MORTGAGE LOAN.

3 VIII. MINIMUM PAYMENT EXAMPLE 3 If you made only the minimum monthly payments required ($100.00) and took no other credit advances and transferred no portion of your Line of Credit Account balance to a Fixed Loan, it would take approximately 10 years, 7 months to pay off a credit advance of $10,000 based on an annual percentage rate of 4.575%. This rate is based on an index (Wall Street Journal Prime) of in effect as of January 1, 2011, a Loan to Value (LTV) ratio above 80% (up to 85%), a credit limit between $10,000 and $24,999 and a margin of 1.325%. Minimum payment examples for both payment options are as follows: Payment Option 1 At an ANNUAL PERCENTAGE RATE of 4.575% you would make approximately 127 monthly payments of $100 (the minimum payment required) during the 20-year term. Payment Option 2 At an ANNUAL PERCENTAGE RATE of 4.575%, you would make minimum monthly payments of interest only in the amount of $ Following the interest only period you would make approximately 127 monthly payments of $ (the minimum payment required) during the remaining 15 years. IX. VARIABLE INTEREST RATE INFORMATION Your Line of Credit Account will have a variable interest rate, and the ANNUAL PERCENTAGE RATE (corresponding to the periodic rate) and the monthly minimum payment could change as a result. The ANNUAL PERCENTAGE RATE includes only interest and not other costs. The ANNUAL PERCENTAGE RATE will be The Wall Street Journal Prime (the index) in effect on the 1 st day of each month plus a margin as determined below. In determining the ANNUAL PERCENTAGE RATE for your Line of Credit Account, we take into account the ratio between the FlexEquity Loan amount for which you are applying, together with any existing first mortgage, and the value of your home as determined by an appraisal or the assessed value of the real estate. This ratio is the total loan-to-value ratio. If we determine that your total loan-to-value ratio is 80% or less, the ANNUAL PERCENTAGE RATE will be the highest Prime Rate as published in THE WALL STREET JOURNAL'S listing of Money Rates (the index) on the first day of each month (fourteen days prior to the rate change) PLUS: 0.25% for Lines $100,000 - $250,000; or 0.50% for Lines $ 50,000 - $ 99,999; or 0.75% for Lines $ 25,000 - $ 49,999; or 1.20% for Lines $ 10,000 - $ 24,999. If we determine that your total loan-to-value ratio is above 80% -- up to 85% -- the ANNUAL PERCENTAGE RATE will be the highest Prime Rate as published in THE WALL STREET JOURNAL'S listing of Money Rates (the index) on the first day of each month (fourteen days prior to the rate change) PLUS: 0.375% for Lines $100,000 - $250,000; or 0.625% for Lines $ 50,000 - $ 99,999; or 0.875% for Lines $ 25,000 - $ 49,999; or % for Lines $ 10,000 - $ 24,999. You will be notified of changes in the prime rate as published in the WALL STREET JOURNAL in the regular monthly billing statement affected by that adjustment. There is no limitation on rate increases or decreases except that the ANNUAL PERCENTAGE RATE will not be greater than 16.98% or less than 4.00%. In the event that the Prime Rate as published in THE WALL STREET JOURNAL is no longer reported, we reserve the right to substitute a comparable index, and if necessary, a substitute margin, so that the change in the index results in substantially the same rate as required under the previous index. Any increase in your rate will increase your Minimum Monthly Payment, and any decrease in your rate will have a corresponding decrease in your Minimum Monthly Payment. You will pay interest at the rate or rates stated in this Agreement until principal and all other charges are paid. The table below provides examples of the ANNUAL PERCENTAGE RATE (APR) determination based on the total loan-to-value (TLTV) ratio and the original amount of the FlexEquity Credit Line Agreement assuming you transfer no portion of the balance to a Fixed Loan. For purposes of this example, we have used WALL STREET JOURNAL S Prime Rate of, which was in effect as of January 1, CNB offers an opportunity to reduce your ANNUAL PERCENTAGE RATE an additional:.25% if you maintain an Optimum Checking account with CNB..25% if monthly payments on the FlexEquity account are automatically deducted from your CNB checking account. At time of closing, forms will be available allowing you to choose one or both of these discounts. These discounts will be discontinued if the Optimum Checking account or auto deduct feature is discontinued for any reason during

4 4 the term of your Account causing your ANNUAL PERCENTAGE RATE to automatically increase.25% for each discount which is discontinued. Assuming the same outstanding balance, this increase in the ANNUAL PERCENTAGE RATE will cause your minimum payment to increase. The table below reflects how the Margin is reduced as a result of these discounts. FlexEquity Line of Credit Pricing Matrix TLTV 80% or below Credit Line Amt. $10,000 to $24,999 TLTV above 80% - up to 85% Credit Line Amt. $10,000 to $24,999 Index Margin % % Contract APR 4.45% 4.575% w/.25 Margin OR Automatic Debit +.95% 4.20% % 4.325% w/.50 Margin AND Automatic Debit +.70% 4.00% * +.825% 4.075% FlexEquity Line of Credit Pricing Matrix TLTV 80% or below Credit Line Amt. $25,000 to $49,999 TLTV above 80% - up to 85% Credit Line Amt. $25,000 to $49,999 Index Margin +.75% +.875% Contract APR 4.00% 4.125% w/.25 Margin OR Automatic Debit +.50% 4.00% * +.625% w/.50 Margin AND Automatic Debit +.25% +.375% FlexEquity Line of Credit Pricing Matrix TLTV 80% or below Credit Line Amt. $50,000 to $99,999 TLTV above 80% - up to 85% Credit Line Amt. $50,000 to $99,999 Index Margin +.50% +.625% Contract APR w/.25 Margin OR Automatic Debit +.25% +.375% w/.50 Margin AND Automatic Debit +.00% +.125%

5 FlexEquity Line of Credit Pricing Matrix TLTV 80% or below Credit Line Amt. $100,000 to $250,000 TLTV above 80% - up to 85% Credit Line Amt. $100,000 to $250,000 5 Index Margin +.25% +.375% Contract APR w/.25 Margin OR Automatic Debit +.00% +.125% w/.50 Margin AND Automatic Debit -.25% *All Rates Subject to 4% floor rate -.125% * *All Rates Subject to 4% floor rate You should ask us for the current index value, margin and ANNUAL PERCENTAGE RATE. After you open an account, rate information will be provided on periodic statements that we send you. X. RATE CHANGES The ANNUAL PERCENTAGE RATE on your Line of Credit Account can change monthly. There is no limit on the amount by which the rate can change in any one-year period. The maximum ANNUAL PERCENTAGE RATE that can apply to your Line of Credit Account during the term is 16.98% and the minimum ANNUAL PERCENTAGE RATE that can apply during the term is 4.00%. XI. MAXIMUM RATE AND PAYMENT EXAMPLE If you had an initial balance on your Line of Credit Account of $10,000, the minimum monthly payment at the maximum ANNUAL PERCENTAGE RATE of 16.98% would be as follows: Payment Option 1 -- $ Payment Option 2 -- $ during the interest-only period and $ during the remaining 15-year term. This ANNUAL PERCENTAGE RATE could be reached during the first month of the draw period. XII. FEES AND CHARGES To open a typical $10,000 FlexEquity Account, we estimate the following charges: Appraisal Fee $200.00(e) Title Report (e) Mortgage Recording Fee 39.00(e) Mortgage Tax 50.00(e)* Flood Certification Fee 9.50 Tax Service Fee 84.24**** Title Insurance 0.00** Total $485.34(e)*** Out of these fees and charges you will pay: Appraisal Fee $ 0.00 Title Report 0.00 Mortgage Recording Fee 0.00 Mortgage Tax 0.00 Flood Certification Fee 0.00 Tax Service Fee 0.00**** Title Insurance 0.00** Total $ 0.00 Note: The cost of title insurance and mortgage recording tax is based on the maximum credit limit of the Line of Credit, whether advanced or not. (e) Indicates estimated cost. *The amount of mortgage tax due is determined by the principal amount of your mortgage. In Ontario County the mortgagor pays ½ of one percent of the original mortgage amount. In Monroe County the mortgagor pays ¾ of one percent, minus $25. This rate may vary in other counties. **If your loan is greater than $250,000 or there is no institutional first mortgage on your property, title insurance will be required and you will be charged for title insurance premium at closing. Estimated costs for title insurance are as follows: $10,000 mortgage - $324; $250,000 mortgage $1,125; $500,000 mortgage - $1,952.

6 6 ***If within three years of the date of the FlexEquity Credit Agreement you close your FlexEquity Account, you agree to repay CNB, on demand, all expenses normally paid by a borrower that were paid by CNB on your behalf to establish a FlexEquity Line of Credit. ****For mortgages of $500,000 or more, add $10.00 for every $100,000 or portion thereof over $499, XIII. INSURANCE You will be required to maintain property and casualty insurance at your own expense with CNB named as a mortgagee and you will be required to purchase flood insurance if your property is within a flood hazard zone. XIV. TAX DEDUCTIBILITY You should consult a tax advisor regarding the deductibility of interest and charges on this loan. XV. FLEXEQUITY FIXED LOAN OPTION During the Draw Period, you have the option to convert all or a portion of the outstanding principal balance of the Line of Credit Account to a loan with a fixed interest rate, term and payment amount ( Fixed Loans ). The minimum amount you can transfer under this option is $5,000. You may choose to convert all or portion of the outstanding principal balance during the Draw Period as many times as you want, so long as you have no more than five (5) Fixed Loans established on your account at any one time. You can choose a Repayment Period for each Fixed Loan on your account from 36 months (3 years) up to 120 months (10 years) or the number of months remaining until the original Maturity Date of the Line of Credit, whichever is shorter. The last opportunity to convert all or a portion of your Line of Credit balance to a Fixed Loan will be 3 years prior to the Maturity Date of the Line of Credit Account. The regular monthly payment for each Fixed Loan, during its Repayment Period will be the amount required to repay the principal balance of the loan, with interest, amortized over the term selected at the rate in effect as of the date we receive your request to establish that Fixed Loan.* Repayments on any Fixed Loan will replenish the available principal balance on the Line of Credit portion of your FlexEquity Account. For example, if you repay $100 of principal owed on any Fixed Loan, the available principal balance of the Line of Credit portion of your Account will increase by $100. At maturity, the final payment on any Fixed Loan may differ from your regular monthly payment to repay the remaining principal balance plus accrued interest. The ANNUAL PERCENTAGE RATE (corresponding to the periodic rate) for a Fixed Loan will not change once it is established. The rate of interest for a Fixed Loan will be established based on the value of an index. The index is the highest prime rate published in the WALL STREET JOURNAL S Money Rates section. To establish the ANNUAL PERCENTAGE RATE that will apply to a Fixed Loan, we add a margin to the value of the index at the time you transfer a portion of the principal balance to a Fixed Loan. The ANNUAL PERCENTAGE RATE will never be greater than the highest Prime Rate as published in THE WALL STREET JOURNAL'S listing of Money Rates (the index) on the first day of each month PLUS a margin. The margin we use for a Fixed Loan is not necessarily the same margin we use for the Line of Credit. The following shows the margin(s) we have used recently; your margin may be different. Terms from 3 years but not to exceed 5 years: Term from 6 years but not to exceed 10 years: 3.00% for Loans $50,000 and over; or 3.50% for Loans $50,000 and over; or 3.50% for Loans from $25,000 to $49,999; or 4.00% for Loans from $25,000 to $49,999; or 4.00% for Loans from $10,000 to $24, % for Loans from $10,000 to $24,999 If you choose to reduce the ANNUAL PERCENTAGE RATE on your Line of Credit Account by maintaining an Optimum Checking Account with CNB or having the loan payments automatically deducted from your CNB checking account as discussed above, the ANNUAL PERCENTAGE RATE for any Fixed Loan will also be discounted:.25% if you maintain an Optimum Checking account with CNB..25% if monthly payments on the FLEXEQUITY Account (including any Fixed Loan payments) are automatically deducted from your CNB checking account. Ask us for the current index value, margin, ANNUAL PERCENTAGE RATE and possible discount for Fixed Loans. After you open an account, rate information will be provided on periodic statements that we send to you. *Rates quoted prior to establishing a Fixed Loan Account are subject to change without notice.

7 7 Each time you convert a portion of the outstanding balance from your Line of Credit to a Fixed Loan, you may be charged a Conversion Fee of up to $49 per occurrence. This Conversion Fee will be charged to your Line of Credit. Allow up to 48 hours to process each request. XVI. HISTORICAL EXAMPLE: The following tables are for the Line of Credit Account (excluding the Fixed Loan option) and show how the ANNUAL PERCENTAGE RATE and the minimum monthly payments for a credit advance of $10,000 would have changed based on changes in the index over the past 15 years. The index values are from the first business day in January of each year and the table assumes that no additional credit advances were taken, that only the minimum payments were made, that the rate remained constant during each year, and no portion of the Line of Credit Account balance was transferred to a Fixed Loan. While only one payment amount per year is shown, payments would be varied during each year depending upon changes in the index. This table does not necessarily indicate how the index or your payments will change in the future. TLTV 80% or below -- Payment Option 1 Principal and Interest/20 years Payment Option 2 Interest only first five years; Principal and Interest remaining 15 years. Option 1 Option 2 ANNUAL Minimum Minimum Year Index Margin * PERCENTAGE RATE Payment Payment (%) (%) (%) ($) ($) ** ** ** ** ** ** ** ** ** ** ** ** ** ** **** ** ** **** 0.00 ** **** 0.00 ** * This is a margin that we have used recently for loans with a total loan-to-value ratio of 80% or below. ** Minimum Payment Required; *** Loan balance will pay off in less than 15 years. **** Subject to 4% floor rate TLTV above 80% - up to 85% -- Payment Option 1 Principal and Interest/20 years Payment Option 2 Interest only first five years; Principal and Interest remaining 15 years. Option 1 Option 2 ANNUAL Minimum Minimum Year Index Margin * PERCENTAGE RATE Payment Payment (%) (%) (%) ($) ($) ** ** ** ** ** ** ** ** ** ** ** ** ** ** **** ** ** **** 0.00 ** **** 0.00 ** * This is a margin that we have used recently for loans with a total loan-to-value ratio above 80% - up to 85%. ** Minimum Payment Required; ***Pricing Structure Modified *** Loan Balance will pay off in less than 15 years ****Subject to 4% floor rate

8 Notice: If you are applying for a FLEXEQUITY Account to be secured by a junior lien on your home the following applies to you: YOU SHOULD CHECK WITH YOUR LEGAL ADVISOR AND WITH OTHER MORTGAGE LIEN HOLDERS AS TO WHETHER ANY PRIOR LIENS CONTAIN ACCELERATION CLAUSES WHICH WOULD BE ACTIVATED BY A JUNIOR ENCUMBRANCE. I/We acknowledge receiving and reading the above disclosure notice and that I/we received the booklet entitled When Your Home is on the Line: What You Should Know About Home Equity Lines of Credit. 8 Applicant's Signature Date Applicant's Signature Date Revised 01/12/2011

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