PAS, in conjunction with its affiliates, maintains a business continuity plan (the Plan) that covers the resumption of business processes for each PAS department in the event of a business interruption, consistent with applicable regulations, including NASD Rule 3510. These plans are updated whenever there is a material change to the PAS business. Additionally, PAS policy requires formal semi-annual reviews, including business risk assessments of the Plan. Changes to PAS processes, products, or the business environment are evaluated, and modifications to the configuration of PAS Business Continuity Disaster Recovery Sites (Recovery Sites) are performed as required. Current copies of the Plan are maintained in several off-site locations. PAS also maintains Recovery Sites for its personnel. The Recovery Sites provide for the relocation of PAS associates to resume processing operations and trading functions in the event of a business interruption. Each operations or trading workstation to be used under the Plan is equipped with all the software, as well as all the telecommunication equipment, needed for PAS associates to continue in their role. A centralized fax and wire printer room, where all communications to PAS are controlled, is also maintained.

Partitions on the hard drives of the workstations to be used under the Plan separate business continuity client server, market data, and desktop applications from the day-to-day uses of the Recovery Sites workstations.

PAS also employs telephone rollover technology whereby the local telephone company is able to route inbound calls and faxes to the Recovery Sites' facilities outside of Jersey City , New Jersey.

In the event you are unable to contact your investment advisor due to a significant business interruption, PAS may be contacted directly by you to process limited trade-related transactions, cash disbursements, and security transfers. Such instructions to PAS must be in writing and transmitted via facsimile or postal service as follows:

Pershing Advisor Solutions LLC
P.O. Box 2065
Jersey City, New Jersey 07303-2065
Fax: (201) 413-4444

For additional instructions, please select the Business Continuity and Customer Support links at the bottom of the home page on the PAS website at www.pershingadvisorsolutions.com, or contact PAS at (877) 604-8967.

PAS has entered into a Clearing Agreement with Pershing, pursuant to applicable regulations including NYSE Rule 382. Under the terms of the Clearing Agreement, Pershing provides certain services to PAS including trade execution, clearance, and custodial services. Pershing maintains its own business interruption plan (the Pershing Plan), which is outlined below.

Pershing maintains the Pershing Plan, including redundant data centers and alternate processing facilities, to address interruptions to its normal course of business. The Pershing Plan is reviewed annually and updated as necessary.

The Pershing Plan outlines the actions Pershing will take in the event of a building, city-wide, or regional incident, including relocating technology and operational personnel to preassigned alternate regional facilities. Technology data processing can also be switched to an alternate regional data center. All Pershing operational facilities are equipped for resumption of business and are tested several times per year. Pershing's recovery time objective for business resumption, including those involving a relocation of personnel or technology, is four (4) hours. This recovery objective may be negatively affected by the unavailability of external resources and circumstances beyond its control.

In the event that you and your investment advisor(s) are unable to contact PAS due to a significant business interruption, you may contact Pershing directly to process limited trade-related transactions, cash disbursements, and security transfers. Instructions to Pershing must be in writing and transmitted via facsimile at (201) 413-5368 or by postal service as follows:

Pershing LLC
P.O. Box 2065
Jersey City, New Jersey 07303-2065

For additional information about how to request funds and securities when your financial organization cannot be contacted due to a significant business interruption, please select the Business Continuity and Other Disclosures link at the bottom of the home page on the Pershing website at www.pershing.com or call (201) 413-3635 for recorded instructions. If you cannot access the instructions from the web site or the previously noted telephone number, Pershing may be contacted at (213) 624-6100, extension 500, as an alternate telephone number for recorded instructions.

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