The Internet has given individual investors unprecedented access to information and their brokerage accounts. While breakthroughs in technology have increased control of assets and simplified trading, effectively and wisely using this power requires that investors take a more active role, which includes becoming as knowledgeable as possible.

While on-line trading continues to become a more popular and reliable way to trade, there are a number of market and technology related variables that you should be aware of when placing orders. Before investing, you must also understand that these variables create potential problems including, but not limited to, order outcomes. These variables include, but are not limited to:
Volatility and Fast MarketsComputer & technology flaws and failuresTrading regulations resulting in non-acceptance of orders

Electronic Access Policies Disclosure

THIS DOCUMENT CONTAINS IMPORTANT TERMS AND CONDITIONS THAT APPLY TO ELECTRONIC ACCESS BROKERAGE ACCOUNTS MAINTAINED WITH LEIGH BALDWIN & CO/KULLBACK STOCKBROKERS (“KULLBACK STOCKBROKERS”) AND CARRIED BY FISERV SECURITIES, INC. (“FSI”). THE TERMS AND CONDITIONS CONTAINED HEREIN SUPERSEDE AND REPLACE ANY CONFLICTING TERMS AND CONDITIONS CONTAINED IN ANY PRE-EXISTING AGREEMENTS OR DOCUMENTS, INCLUDING BUT NOT LIMITED TO CUSTOMER ACCOUNT AGREEMENTS, MARGIN AGREEMENTS, AND OPTIONS TRADING AGREEMENTS PREVIOUSLY ENTERED INTO BETWEEN YOU AND KULLBACK STOCKBROKERS. PLEASE READ THIS STATEMENT CAREFULLY AND RETAIN IT FOR YOUR FUTURE REFERENCE. YOUR ACCEPTANCE OF THE TERMS AND CONDITIONS CONTAINED IN THIS STATEMENT WILL BE INDICATED BY YOUR DECISION TO CONTINUE CONDUCTING BUSINESS WITH KULLBACK STOCKBROKERS.

USAGE OF ON-LINE SERVICES:

Account holder(s) agree to use the Leigh Baldwin & Co/Kullback Stockbrokers (Kullback Stockbrokers) on-line services (collectively, the “Service”), and any additional services offered through the Service in the future, only in accordance with the Kullback Stockbrokers New Account Agreement and Policies and Procedures enumerated. Account holder(s) shall be the only authorized users of the Service under this Agreement. Account holder(s) shall be responsible for the confidentiality and use of the User ID, sign-on password, trading password, and PIN number. Account holder(s) shall be solely responsible for all orders entered through the Service using the User ID, sign-on password, trading password, and PIN number. Account holder(s) understand and agree that, as a condition of using the Service to place orders and send/receive information, account holder(s) accept full responsibility for the monitoring of the account(s), and that account holder(s) shall immediately notify Kullback Stockbrokers if: (a) an order has been placed through the Service and have not received an order number; (b) an order has been placed through the Service and account holder(s) have not received an accurate acknowledgment (whether through hard copy, electronic or verbal means) of the order or of its execution within 5 business days; (c) account holder(s) have received acknowledgment (whether through hard copy, electronic or verbal means) of the existence of or an execution for an order which they did not place, or any similar conflict; or (d) account holder(s) become aware of any unauthorized use of the User ID, sign-on password, trading password, or PIN number; or (e) there is a discrepancy in the account balance or securities positions. If account holder(s) fail to notify Kullback Stockbrokers as soon as practicable when any of the above conditions occur, neither Kullback Stockbrokers nor any of its officers, employees, agents, affiliates or subsidiaries can or will have any responsibility or liability to the account holder(s) or to any other person whose claim mayarise with respect to the handling, mishandling or loss of any order. Any liability arising out of any action or omission by Kullback Stockbrokers to account holder(s) hereunder shall be limited to an amount equal to the benefit which would have resulted from the transaction during the five (5) business days in which the account holder(s) should have acted. Account holder(s) agree that Kullback Stockbrokers and its affiliates will not be liable for any consequential, incidental, special, or indirect damage (including lost profits, trading losses and damages) that result from inconvenience, delay or loss of the use of the Service even if Kullback Stockbrokers has been advised of the possibility of such damages.

ALTERNATIVE ACCESS:

Kullback Stockbrokers offers you various ways of accessing your account, including live broker, and Internet connection. Account holder(s) agree that should they experience any problems in reaching Kullback Stockbrokers through any particular method, account holder(s) will attempt to use alternate methods to communicate with Kullback Stockbrokers.

EXTRAORDINARY EVENTS:

Kullback Stockbrokers shall not be liable for loss caused directly or indirectly by conditions beyond the control of Kullback Stockbrokers, including, but not limited to, war, natural disasters, government restrictions, exchange or market rulings, suspension of trading, strikes, interruption of communications or data processing services, or disruption of orderly trading on any exchange or market. Kullback Stockbrokers shall not be responsible for, and makes no warranties regarding, the access, speed or availability of Internet or network services.

PROCEDURES REGARDING ACCEPTANCE OF CUSTOMER’S ORDERS:

Customer’s instructions to buy or sell securities may not constitute acceptance by Kullback Stockbrokers simply because of receipt of instructions by a Kullback Stockbrokers representative or electronic order entry medium. In certain instances and at Kullback Stockbrokers’s sole discretion, orders are deemed accepted only after they have been approved by Kullback Stockbrokers’s compliance department or its designated compliance representatives. Kullback Stockbrokers will not be held responsible for delays in accepting customer’s orders to buy or sell securities resulting from the need to obtain the prior approval of its compliance officials before a particular order may be entered. In periods of extreme market volatility and heavy trading volume, Kullback Stockbrokers reserves the right, at its sole discretion, to limit and restrict the types of orders it will accept from its customers, and to limit the method of acceptable order entry on certain securities. Also in such periods, various exchanges may limit the types of orders they will accept. For example, under certain unusual circumstances, Kullback Stockbrokers may decline to accept Good ‘Till Canceled orders (“GTC”) and Stop orders. Further, Kullback Stockbrokers retains the right, at its sole discretion and without prior notice, to prioritize the entry of customer orders, for example giving market orders a higher priority than limit orders. Customer price limit orders placed in increments not accepted by the primary marketplace will be adjusted to the nearest acceptable price that is more beneficial to the customer upon execution. Buy orders placed in Individual Retirement Accounts may be adjusted based upon available funds in the account to ensure that no overspending occurs. This adjustment may take the form of either a limit on shares ordered or a limited price stipulation, even on market orders, at Kullback Stockbrokers’s sole discretion. Accounts with regulatory restrictions on margin purchasing may be restricted to one day only buy orders and/or limit buy orders may be restricted to approved funds available.

DEPOSIT OF EQUITY:

Kullback Stockbrokers may require full payment or an acceptable deposit prior to the acceptance of any order. For orders involving low priced securities, Kullback Stockbrokers requires payment in advance for purchases and securities in advance for sales. For options orders, Kullback Stockbrokers requires cleared funds in the account prior to the acceptance of any purchases or stock certificates prior to acceptance of orders writing covered calls.

PROCEDURES REGARDING GOOD UNTIL CANCELLED ORDERS:

Unless otherwise stipulated, all orders are day orders only. Good ’till Canceled (“GTC”) or open orders, as they are commonly referred to, are accepted for a period of 120 days unless otherwise instructed. At the end of 120 days, the GTC order is automatically canceled unless otherwise instructed. It is the client’s responsibility to re-enter the order if so desired. In addition, should the price of a GTC (or any other) order be too far away from the then existing market price, Kullback Stockbrokers reserves the right not to accept the order or to cancel the order at our own discretion. It is the client’s responsibility to keep track of GTC orders. Kullback Stockbrokers's inability or failure to contact you by telephone to advise account holder(s) of an execution does not excuse account holder(s) from the obligation to make payment or delivery of securities by settlement date.

ORDER CANCELLATION AND CHANGE REQUESTS, LATE AND CORRECTED REPORTS:

When you place a request to cancel or change an existing order, the cancellation or change of stipulated terms is not guaranteed. Your order will only be canceled or changed if your request is received in the marketplace and matched up with your order before your order executes. Market orders are subject to immediate execution. During market hours, it is rarely possible to cancel your market order. For the best chance of ensuring that a market order is canceled, a cancellation request should be placed at least fifteen minutes prior to the opening of the market. Do not assume that any order has been executed or canceled until a transaction confirmation has been received from Kullback Stockbrokers. Also, please be aware that Kullback Stockbrokers, from time to time, receives late reports from exchanges and market makers reporting the status of transactions. Accordingly, you will be subject to late reports related to orders that were previously unreported to you or reported to you as being expired, canceled or executed. In addition, any reporting or posting errors, including errors in execution prices, will be corrected to reflect what actually occurred in the marketplace.

DUPLICATION OF ORDERS:

When making changes to an existing unexecuted order, or attempting to make a trade that is subject to a prior unexecuted order, it is the customer’s responsibility to advise a Kullback Stockbrokers representative, at that time, that a prior unexecuted open order is being changed or canceled. Changes to existing orders placed using electronic medium must utilize the "Change Existing Order" function. Account holder(s) failure to advise Kullback Stockbrokers that they are changing or canceling an existing order will result in the prior order remaining outstanding and subject to execution for the account and risk of the account holder(s). Kullback Stockbrokers will not be held responsible, financially or otherwise, for losses resulting from the failure of a customer to advise Kullback Stockbrokers that a prior unexecuted order is being canceled or changed.

PROCEDURES REGARDING STOCK SPLITS, OPTION CONTRACT ADJUSTMENTS AND SYMBOL CHANGES:

If a stock split (forward or reverse), an option contract term adjustment, or a symbol change has become effective, Kullback Stockbrokers will make its best efforts to promptly adjust the customers' accounts. An adjustment which has not been affected on FSI's database may prevent the customer from affecting transactions in the security. In such case, the customer must inform Kullback Stockbrokers immediately. It is the customer's responsibility to be aware of their actual positions, selling or purchasing securities in excess of those owned, and the result of doing so, which may include, but not limited to, margin calls.

RECONCILING OF POSITIONS AND BALANCES

Customers with account activity should reconcile balances and positions daily against their Trade Confirmations and monthly against their Monthly Statements. Kullback Stockbrokers should be notified immediately if there is a discrepancy.

Orders may not be placed, adjusted or cancelled via e-mail, by fax, nor by leaving a voice mail message. Orders may be placed only on the Kullback Stockbrokers system or by speaking to a Kullback Stockbrokers Representative.

MARKET DATA:

Each participating national securities exchange or association asserts a proprietary interest in all of the market data it furnishes to the parties that disseminate the data. Account holder(s) understand that neither any participating national securities exchange or association nor any supplier of market data guarantees the timeliness, sequence, accuracy, or completeness of market data or any other market information, or messages disseminated by any party. Neither Kullback Stockbrokers nor any dissemination party shall be liable in any way, and account holder(s) agree to indemnify and hold harmless Kullback Stockbrokers and such disseminating party, for (a) any inaccuracy, error, or delay in, or omission of (i) any such data, information, or message or (ii) the transmission or delivery of any such data, information, or message; or (b) any loss or damage arising from or occasioned by (i) any such inaccuracy, error, delay, or omission, (ii) nonperformance, or (iii) interruption of any such data, information, or message, due either to any negligent act or omission by Kullback Stockbrokers or any dissemination party or to any “force majeure” (i.e., floods, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of government, communications, power failure, or equipment or software malfunction) or any other cause beyond the reasonable control of Kullback Stockbrokers or any dissemination party. Account holder(s) understand that the terms of this Agreement may be enforced directly against account holder(s) by the national securities exchanges and associations providing market data. Account holders shall use real-time quotes only for individual use and shall not furnish such data to any other person or entity.

Kullback Stockbrokers - PRIVACY STATEMENT

With the passage of the Gramm-Leach-Bliley Act, it is our obligation to provide our customers with our privacy policy.

The relationships we have with our customers are extremely important to us and we value them. We do, as Registered Representatives, collect a great deal of information about our customers. This helps us to determine what investment is suitable for you. This is an obligation we have by law. We consider the information that you provide to us, about you, a private matter and we do not sell this information to anyone.

If we provide information to an outside vendor, i.e. a mutual fund company, insurance company or our clearing firm, it is the required information to open or service the account. This is standard securities industry practice. These are vendors we know and work with often. It is not standard practice for them to sell information.

We, as a firm, do everything we can to protect our customers, including the information they provide. Privacy in today’s world, is valuable and difficult to maintain. We respect your privacy.