Investment Account Agreement

This Account Agreement contains a Predispute Arbitration Clause which is located in Paragraph No. 28 of the TERMS AND CONDITIONS displayed below.

1) Acknowledgements and Representations.

As a self-directed investor, you acknowledge that you alone are responsible for determining the suitability of your investment choices and investment strategies in light of your particular circumstances and you understand that Private Fund Management   assumes no responsibility for such choices or determinations. You further acknowledge that all orders are unsolicited, and that the market values of securities can and do fluctuate. Private Fund Management   cannot advise you or comment concerning the nature, risk or suitability of any security, transaction or investment strategy. You also recognize that Private Fund Management   does not give legal or tax advice. You represent that you are of the age of majority as defined by the laws of the state of your home of record in order to enter into this agreement and be bound thereby.

You agree to effect all transactions in your Private Fund Management   account via the Private Fund Management   Web site and to receive all communications from Private Fund Management   via the World Wide Web or e-mail. Such communications will include but not necessarily be limited to confirmations of transactions, account statements, tax documents, financial statements and reports of portfolio holdings, reorganization notices, proxy materials, notices of modifications to Private Fund Management’s Privacy Policy and Terms and Conditions, as well as annual and semiannual audited and unaudited reports for Private Fund Management   and other basic communications.

If you are opening a Private Fund Management   account in response to bank or credit union ("Depositary Institution") sponsored advertising or a web site provided by a Depositary Institution, you hereby specifically acknowledge your understanding that investments through Private Fund Management   are not insured by the FDIC or NCUA; are not a deposit or other obligation of, or guaranteed by, the Depository Institution; and are subject to investment risks, including possible loss of the principal amount invested..

2) Definitions: Private Fund Management

The Private Fund Management   Service is the investment program offered by Private Fund Management   Securities Corporation which allows individual investors to build personal investment portfolios through periodic purchases of selected securities.

Private Fund Management   transactions are periodic, open market purchases of selected securities to complete the fixed dollar investment instructions of customers of the Private Fund Management   Service. All Private Fund Management   customers who have selected the same security and the same transaction cycle will be participants in a given Private Fund Management   Transaction. Customer orders are aggregated for the purpose of keeping execution and processing costs to a minimum and then allocated to individual customer accounts based on their proportional participation in the entire transaction.

Transaction Cycle is the programmatic timing selected by each participant for his/her Private Fund Management   Transactions. This selection is normally based on the week(s) within each month most convenient for the participant to fund his/her Private Fund Management   Account through an electronic funds transfer or other means. Real-time Trades are standard brokerage transactions. You can place an order to buy or sell a fixed number of shares of most publicly traded securities.

Real-time Trades are executed in a manner and time appropriate to your specific instructions, e.g. market orders are executed immediately; limit orders are executed when your limit price is reached; and sales of fractional shares (no whole shares) are priced at the next market close after the order is received. Commissions charged for Real-time Trades are higher than the fees charged for Private Fund Management   Transactions.

Trade Date is the actual day of the week when securities are purchased or sold for a given Private Fund Management   account. Settlement Date is the Trade Date plus three (3) business days.

Private Fund Management   Stocks and ETFs are the approximately 6,000 stocks and exchange-traded investment funds which may be purchased or sold through Private Fund Management. Only stocks on this list, meeting certain trading price and market capitalization criteria, may be purchased and/or sold through Private Fund Management. The Private Fund Management   Stocks list is revised regularly at Private Fund Management’s sole discretion to add new stocks that meet Private Fund Management’s criteria and to remove stocks that no longer meet those criteria. You understand and agree that certain stocks which you purchase or which you may wish to purchase in the future may be subsequently removed from the Private Fund Management   Stocks list and, if so, would no longer be available to purchase through Private Fund Management. If a stock you have purchased through Private Fund Management   is subsequently removed from the list of Private Fund Management   Stocks, you will continue to be able to sell any positions in that stock acquired through Private Fund Management, but you may no longer be able to acquire additional shares through Private Fund Management   or transfer in additional shares from another brokerage account.

3) Services and Fees

Private Fund Management   will act as your broker for the purpose of buying and selling securities on your instructions. You are solely responsible for the trades entered, and will not hold Private Fund Management   or any of its employees liable for those investment decisions. Private Fund Management   reserves the right to refuse any account and to decline or change any order at its sole discretion. You agree to pay the applicable commissions, fees (including any extraordinary surcharges passed to Private Fund Management   by certain exchanges), and taxes that may apply at the time services are rendered to your account. For a schedule of standard fees relating to your Private Fund Management   account, you should refer to the "Customer Care" area on this Web site. You should understand that: commission fees for Private Fund Management   Transactions are deducted from the principal amount of funds applied to dollar-based purchase orders; commission fees for Real-time Trades are added to the amount payable for share purchase orders and deducted from the proceeds for share liquidation orders; all other fees may be deducted from your account balance, or covered by electronic funds transfer or separate payment. See "Pricing Programs - Basic, Standard & Advantage" regarding credit card payment option for subscription fees. Private Fund Management   reserves the right to pass on to you all fees imposed by an agent for any corporate action regarding securities you hold. Private Fund Management   further reserves the right to change its fees anytime by posting a modified fee schedule on the Private Fund Management   Web site.

A request to cancel a Real-time Trade is only a request and, as such, cancellation of any given trade is not guaranteed. Private Fund Management   processes requests to cancel orders on a best efforts basis and you agree to be bound by your order if Private Fund Management   liable if it is unable to cancel an order. Your order will only be cancelled if your cancellation request is received in the marketplace and matched up with the existing order before the order is executed. Market orders are subject to immediate execution and, as a general rule, cannot be cancelled during market hours.

4) Pricing Programs - Basic, Standard & Advantage

Subscription Fees - Monthly subscription fees for the Standard Pricing Program and for the Advantage Pricing Program are non-refundable once paid, and free automatic investments not used in one month are not rolled forward to future months. Additionally, pricing program subscriptions are processed immediately and are not pro-rated based on the number of days or weeks remaining in that month. In the event your Subscription fee payment reverses or otherwise fails with respect to your selected payment method, Private Fund Management   reserves the right to collect the Subscription fee from your account's money market cash balance in order to continue your selected pricing program, or revert your pricing program status back to the program previously in effect (Basic or Standard). Private Fund Management   reserves the right to appropriately re-calculate and/or assess transaction commissions applicable under your previous pricing program if the Subscription fee cannot be collected from your account's investing money market cash balance.

Pricing program Order Cancellations - Subscribers to the Standard or Advantage Programs should be aware that canceling automatic investments on the fourth Monday or Tuesday of any given month may result in the loss of one or more free automatic investments for that month and, depending on your number of scheduled investments, might result in commission charges on one or more automatic investments that should have been free under your pricing program. This may occur if, on the fourth Monday or Tuesday of a month, you cancel one or more automatic investments scheduled to occur that Tuesday and those canceled orders have already been "written" by Private Fund Management   as one of your free automatic investments for that month. If this occurs and you are charged for transactions that should have been free, you will automatically receive a corresponding number of free Automatic Investment credits which can be used in the following month. If you do not receive your Automatic Investment credits, please contact Private Fund Management   Customer Care (see Section 25 for contact information).

Pricing program Upgrades and Downgrades - In the event you upgrade from one pricing program to another (from Basic to Standard or Advantage, or from Standard to Advantage) in the middle of a month, you must cancel and re-enter any pending real-time trades (including limit orders) in order to receive the lower commission charges under the new pricing program. Commissions on trades already processed by Private Fund Management   prior to a program upgrade will not be refunded but automatic investments occurring prior to such an upgrade will be included in the number of free automatic investments under the new pricing program for that month. Downgrading from one pricing program to another (from Standard or Advantage to Basic, or from Advantage to Standard) in the middle of a month will not result in any rebate of your subscription fee for that month and will not become effective until the beginning of the following month. During the remainder of the month for which you have paid a subscription fee, you will continue to receive reduced investment transaction pricing and all other benefits of that program.

5) Governing Laws and Jurisdiction

These Terms and Conditions shall be governed by and construed in accordance with the laws of the State of Washington, as they apply to agreements made and solely performed in Washington, excluding conflict of law provisions. To the extent any dispute is not subject to mandatory arbitration, you consent to the personal jurisdiction and venue of the federal and state courts in King County, Washington for any court action or proceeding relating to your Private Fund Management   brokerage account. Your brokerage account will be subject to the rules, regulations, customs and practices of the exchanges, markets, clearing corporations, self-regulatory organizations, and applicable state and federal laws.

6) Service Not Available Outside the United States or to Non-Resident Aliens

Private Fund Management   makes no representation or warranty regarding its compliance with local laws in foreign jurisdictions, or regarding the appropriateness of the Web site's content or its compliance with such local laws. The products and services provided by Private Fund Management   and its Web site are not being offered to, and are generally not available to, anyone located outside the 50 U.S. states, including U.S. citizens residing or working abroad. The products and services provided by Private Fund Management   and its Web site are not being offered and are not available outside the United States. At this time Private Fund Management   does not accept accounts for non-resident aliens which require a Form W-8 for tax-withholding. You understand that the Private Fund Management   Web site is the only means of accessing your Private Fund Management   account and effecting your Private Fund Management   brokerage transactions. Your inability to access the Private Fund Management   Web site in certain foreign countries could result in your inability to access your brokerage account or to effect transactions. You agree that Private Fund Management   shall not be liable for any losses or damages you incur as a result of the unavailability of the Private Fund Management   Web site from foreign countries.

7) Accuracy and Notification

You represent and warrant that the information you supplied on your Account Application is accurate, and you agree to notify us in writing or by electronic communication of any changes in information. You also agree to notify us by the same means if you are or become: a) employed or affiliated with a stock brokerage firm, bank, trust company, insurance company or securities exchange; b) an officer, director, affiliate or 10% shareholder of a publicly traded company. You agree to indemnify and hold Private Fund Management   and its affiliates harmless from and against any and all damage, cost, judgment, liability, loss, award, settlement, tax, penalty, action, expense or fee (including reasonable attorneys' fees and costs of collection) of any nature, and claims therefore (collectively, "Losses") arising out of or relating to your failure to provide accurate information on your Private Fund Management   Account Application or to update that information as required. You further represent that no other person has an interest in your account except those you have disclosed in the Private Fund Management   Account Application.

8) Joint Accounts

Any joint holder may individually, without notice to other joint holders, authorize Private Fund Management   to buy, sell, tender, or exchange securities in the account and to receive any monies or securities into the account. However, separate written instructions, manually signed by all holders, are required to disperse or transfer any assets out of the account in a form or to an account not bearing registration identical to the subject Private Fund Management   account. Any notice, verbal, or written, we give to one account holder will be considered given to all account holders. Upon the death of any account holder, the surviving account holder(s) must give reasonably prompt notice to Private Fund Management. The surviving account holder(s) will be the owner(s) of the account and continue to be subject to the terms of this Agreement. Each account holder is jointly and severally liable to us for any obligation or liabilities arising in connection with the account. Private Fund Management   may use reasonable discretion in making any disbursements or transfers in the name of the account holders shown on the accounts. If Private Fund Management   becomes aware of a dispute between or among account holders, Private Fund Management   reserves the right, but is not obligated, to place restrictions on the subject Account and/or related Accounts and to maintain such restrictions until Private Fund Management   is satisfied in its own discretion that the dispute has been resolved following receipt of satisfactory documentation or a notarized instruction signed by all account holders. Private Fund Management   may also, at the expense of the account holders, commence or defend any action for or in the nature of interpleader to have the dispute resolved judicially. If a suit or proceeding for or in the nature of interpleader is brought by or against Private Fund Management, Private Fund Management   may deliver the account into the registry of the court, at which time Private Fund Management   will be deemed to be and will be released and discharged from all further obligations and responsibilities under this Agreement.

9) Obligations of Fiduciaries

Private Fund Management   does not review any action or inaction of a Fiduciary with respect to any Private Fund Management   account and disclaims responsibility for determining whether a Fiduciary's conduct satisfies applicable standards of care, as well as for determining the validity of a person's or entity's status or capacity to serve as a Fiduciary. Any Fiduciary using the Private Fund Management   Service agrees to indemnify and hold Private Fund Management   and its affiliates harmless from and against any Losses arising out of or relating to any act, error or omission of the Fiduciary. A custodian of a UTMA, UGMA or Education Savings Account is responsible for all activity in the account and all transactions in the account will be deemed to be the result of actions of the Custodian. The custodian agrees to indemnify and hold Private Fund Management   and its affiliates harmless from and against any losses arising out of or relating to any act, error or omission of the custodian or the minor.

10) Account Approval/Termination and Authorization to Obtain Consumer Report

This Agreement will be effective only upon our approval of your Account Application. As part of its account opening procedures, and under other circumstances it reasonably deems appropriate, Private Fund Management   reserves the right to obtain one or more consumer reports on all potential and existing account holders. Consumer reports may contain information bearing on your creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics or mode of living. You hereby consent and authorize Private Fund Management   or its authorized agents to: obtain from a consumer reporting agency one or more consumer reports on you to be used in evaluating whether to open and approve a new account for you or on your behalf, or to maintain any such account(s); and (ii) to provide to such consumer reporting agency any information you have provided to us in your Account Application. On written request, Private Fund Management   will advise you whether it obtained credit reports, and, if so, will provide the name and address of the reporting agency that furnished the reports. You further authorize Private Fund Management   to share such credit bureau information with its parent corporation, Private Fund Management    Private Fund Management   reserves the right to report to consumer and securities credit reporting agencies any debit balance or negative credit information pertaining to any Private Fund Management   account. Private Fund Management   further reserves the right to reject an Account Application for any reason.

Private Fund Management   may terminate any or all services rendered under this Agreement at any time and for any reason. The account holder may close his or her account at any time by giving notice to Private Fund Management   in accordance with the instructions published in the "Customer Care" area on the Private Fund Management   Web site. Upon termination, you will remain liable for any deficiencies or debit balances in the account. You agree to reimburse Private Fund Management   for any collection costs relating to any unsecured debit balance in your account, including attorney's fees, court costs, arbitration expenses, and interest.

11) Right of Offset and Liquidation

All assets held in any account, now or in the future, shall be subject to a general lien for discharge of any indebtedness you have to Private Fund Management. These assets shall be held by Private Fund Management   as security for payment of any liability you may have with the company. In the event you do not fully meet a settlement obligation, Private Fund Management   may, without further notice, take action, including but not limited to: liquidating or canceling the transaction; transferring securities or money from any other of your Private Fund Management   accounts; liquidating securities from any such Private Fund Management   accounts and applying the proceeds from such sales to your debt or liability to Private Fund Management  ; purchasing or borrowing securities to make delivery. You are responsible for commissions and all costs and losses arising from these actions.

12) Settlement

All transactions are on a "cash only" basis. You agree that prior to placing a purchase order for securities, you will provide a valid and sufficient authorization to Private Fund Management   for electronic funds transfers from an account at another financial institution(s) over which you have valid signatory authority and/or you will otherwise deposit sufficient funds with Private Fund Management   on or before trade date. You also agree that prior to placing a sell order; you will present securities in "good delivery form" for deposit with Private Fund Management   as necessary

13) Non-Sufficient Funds Policies

Private Fund Management   reserves the right to cancel or cover any transaction which is the subject of a returned check or electronic funds transfer reclamation. A service fee will be charged for such instances. Securities held in an account at Private Fund Management   may be liquidated to cover any indebtedness to Private Fund Management. Private Fund Management   also reserves the right to restrict your ability to withdraw funds until such time as it is reasonably assured that all deposits or other items in your account have cleared.

14) Fraud

In cases of fraud or theft by you, acting alone or in concert with others, involving, among other things, use of counterfeit checks, checks drawn on closed or non-existent accounts, checks stolen from third parties, unauthorized electronic funds transfers from bank accounts belonging to others, attempted electronic transfers from non-existent accounts or similar illegal or improper conduct involving account funding or withdrawals, and including situations in which you have allowed third parties to use your account in any such manner, Private Fund Management   shall assess against you, in addition to all other fees, damages and penalties to which it may be entitled, a $500 fee per forged, faked, fictitious, stolen or otherwise unauthorized item or transfer. This fee shall constitute liquidated damages to compensate Private Fund Management   for the time and effort of Private Fund Management   employees in rectifying said conduct.

15) Priority of Balance

Private Fund Management   Transactions will only be executed if the particular account contains an available balance on the morning of the scheduled transaction to cover all specified purchases. For example, if a participant has established a program to buy three separate securities on a given transaction cycle and there are sufficient funds to cover only two purchases, then no transactions will take place. Requests for withdrawal of funds or an order to buy a security via a standard Real-time Trade will have priority over scheduled Private Fund Management   Transactions provided the withdrawal request or the Real-time Trade order is received sufficiently in advance of a scheduled Private Fund Management   Transaction. Any unexecuted Real-time Trade purchase entered as a limit order will be deemed to have been executed for the purpose of calculating your available balance.

In the event you have an unsecured debit balance in an account, Private Fund Management   may, at its option and without further notice, inactivate a standing instruction to reinvest cash dividends in the account or any other of your accounts, in order to cover the debit. It is your responsibility to ensure that the reinvest dividend instruction is reset for all affected accounts after the debit is covered.

16) Cash/Credit Balances

All credit balances in Private Fund Management    customer accounts, including cash dividends, monies received prior to any purchase settlement date, and net proceeds from liquidations, are automatically transferred to a consolidated account at an independent money market fund (a regulated investment company). This account is registered in the name of Private Fund Management   and holds monies in aggregate for the exclusive benefit of its customers. Also, sufficient monies to cover purchases in Private Fund Management   customer accounts are automatically "swept" back from the money market fund on settlement date. Dividends paid by the money market fund are calculated daily and posted to individual Private Fund Management   accounts monthly. Proportionate customer balances in the money market fund are reported in individual Private Fund Management   account balances and statements. The money market fund is managed by a registered investment adviser. Private Fund Management   reserves the right to change the money market fund(s) it uses for this purpose or, in its discretion, to terminate this service. A complete prospectus for the money market fund is available for your review by referring to Private Fund Management’s Frequently Asked Questions in Help Center.

In order to protect itself and its customers from fraudulent activity, Private Fund Management   reserves the right to temporarily hold credit balances and to delay requested disbursements, regardless of whether the credit resulted from a cash deposit or a selling transaction. At Private Fund Management  's discretion, such holding period will generally be the customary time required to verify clearance of the originating deposit, depending upon the nature of the funds' transmittal (e.g. check, electronic transfer, wire, etc.). As circumstances dictate, Private Fund Management   may also extend such hold in order to confirm the identity of the requestor or to take other steps it deems reasonable to prevent fraudulent activity.

17) Selling Securities

Shares acquired through the Private Fund Management   Service may be sold through Private Fund Management   via a Real-time Trade only. Such sales will be subject to Private Fund Management’s base commission charge.

Sell orders for fractional shares (no whole shares) are subject to the same commission as Real-time Trade market orders and are priced at the next market close after the order is received.

Sell orders are accepted only for shares actually owned by customers and in Private Fund Management  's possession and control. "Short sales" are not permitted.

18) Standing Instructions for Balance and Positions

Shares acquired through or deposited to Private Fund Management   will be held in "street name" only. Shares will not be registered or transferred unless specifically requested by the customer. Private Fund Management   may charge a separate fee to register and or deliver securities. Participants understand that Private Fund Management   cannot transfer or deliver fractional shares of any security. Cash dividends paid by any individual company will be reinvested automatically, unless directed otherwise, which will increase the customer's share position in that company. Cash balances held at Private Fund Management   whether resulting from a deposit, bank transfer, dividend or securities sale will be held by Private Fund Management   unless specifically requested by the customer.

19) Restricted Securities

Private Fund Management   does not handle the sale of restricted securities. You agree to not enter sell orders with Private Fund Management   for securities that are subject to Rule 144 or 145(d) promulgated under the Securities Act of 1933. You agree to pay for any loss Private Fund Management   may incur in closing-out any such intentional or unintentional sale.

20) Order Flow Payment

The U.S. Securities and Exchange Commission requires that Private Fund Management   disclose to you any arrangement for receiving payment for directing order flow. Private Fund Management   currently has no such arrangement and does not receive compensation for securities transactions executed through designated exchanges, market makers, dealers or market centers.

21) Market Data, News and Other Information

You agree that the market data, news, and other information available to you through the Private Fund Management   Web site are for your personal use and that you will not retransmit or republish this information in any form. You acknowledge that the information provided to you is obtained from sources believed to be reliable and is presented solely on a best efforts basis, and that no accuracy or completeness of the information is guaranteed. You waive any claims against Private Fund Management   relating to such third party information and also acknowledge that the provision of such information does not constitute a recommendation by Private Fund Management   to purchase or sell any security.

22) Extraordinary Events

You agree that Private Fund Management   will not be liable to you or to third parties for losses incurred directly or indirectly by causes reasonably beyond its control, including but not limited to, government restrictions, natural disasters, severe weather conditions, wars, strikes, terrorist attacks, exchange or market rulings, interruptions of data processing services or communications, disruptions in orderly trading on any market or exchange, unauthorized access or operator errors.

23) Access to Services and Market Volatility

Access to Private Fund Management  's electronic services, and hence, your Private Fund Management   investment account, may be limited or unavailable during periods of market volatility, peak demand, systems upgrades, maintenance or for other reasons. You agree that Private Fund Management   will not be liable to you for any losses or damages incurred by you (including lost profits, trading losses and similar damages) resulting from such access limitations or unavailability.

Additionally, you understand that the Private Fund Management   Web site is generally the only means of processing your Private Fund Management   investment transactions and that, in the event of an interruption of communications systems or other hardware or software malfunction, access to view and to transact in your brokerage account could be delayed. In the event of a significant outage, Private Fund Management   would undertake best efforts to process transactions over the telephone through its Customer Care department, but would not be liable for any losses or damages you might suffer as a result of such delays or inability to access your account or effect transactions.

You understand that when you place a market order, you will receive the price at which your order is executed in the marketplace. During periods of high volume, illiquidity, fast movement or volatility in the stock markets, the execution price received may differ from the quote provided on entry of an order, and you may receive partial executions of any order at different prices. You also understand that orders for larger numbers of shares are relatively more likely to receive executions at prices that vary from a given quote. You agree to pay or receive the prevailing market price at the time your market order is executed. You understand that limit orders may not be executed at any particular time, or at all, if there is not sufficient trading at or better than the limit price you specify.

24) Communications between Private Fund Management   and the Customer

By opening an account at Private Fund Management   and agreeing to these Terms and Conditions, you agree to receive all communications from Private Fund Management   via the World Wide Web or e-mail [see special NOTE below]. This will include, but not necessarily be limited to, confirmations of transactions, account statements, financial statements, reports of portfolio holdings, reorganization notices, proxy materials, tax documents, notices of modifications to Private Fund Management  's Privacy Policy and Terms and Conditions, as well as annual and semiannual audited and unaudited reports for Private Fund Management   and other basic communications. Communications sent to your e-mail address or provided through the web site must be retrieved and read promptly. All communications sent by Private Fund Management   by any means will be deemed to have been received by you. You agree to advise us promptly of any changes to your e-mail and/or mailing address. You agree to advise Private Fund Management   promptly of any errors or omissions in any transaction or in the handling of your account. Failure to provide prompt notice of any errors will be deemed to constitute acceptance of the accuracy of all information sent to you.

NOTE: Private Fund Management   does not send e-mail messages to mobile devices. You understand that any e-mail address provided cannot be a mobile electronic mail address.

Further, you hereby represent that you have access to a printer in order to facilitate Private Fund Management’s document-delivery obligations and your record-keeping needs. You understand that Private Fund Management   does not send trade confirmations, account statements and certain other reports/materials in hardcopy form.

25) Complaints

Customer complaints should be directed to Private Fund Management’s Customer Care department by e-mail at customercare@Private Fund Management  .com. Written complaints can also be sent to Private Fund Management   Securities Corporation, Attn: Panama, Province of Panama, District of Panama, Jurisdiction of San Francisco, 50-th Street, GLOBAL BANK TOWER, 18-th floor

26) Recording

Private Fund Management   reserves the right to record telephone calls to monitor the quality of service you receive or for other purposes Private Fund Management   deems appropriate for its protection or for the protection of its customers.

27) Security and Confidentiality

You agree that you will be fully responsible for the confidentiality of your user name and password. You further agree that you will be fully and solely responsible for all activities, including brokerage transactions, that arise from the use of your user name and password. You will immediately notify us in writing or by e-mail of any loss, theft or unauthorized use of your user name, password and/or account number(s).

28) PREDISPUTE ARBITRATION CLAUSE DISCLOSURES:

ALL PARTIES TO THIS AGREEMENT ARE GIVING UP THE RIGHT TO SUE EACH OTHER IN COURT, INCLUDING THE RIGHT TO A TRIAL BY JURY, EXCEPT AS PROVIDED BY THE RULES OF THE ARBITRATION FORUM IN WHICH A CLAIM IS FILED.
ARBITRATION AWARDS ARE GENERALLY FINAL AND BINDING; A PARTY'S ABILITY TO HAVE A COURT REVERSE OR MODIFY AN ARBITRATION AWARD IS VERY LIMITED.
THE ABILITY OF THE PARTIES TO OBTAIN DOCUMENTS, WITNESS STATEMENTS AND OTHER DISCOVERY IS GENERALLY MORE LIMITED IN ARBITRATION THAN IN COURT PROCEEDINGS.
THE ARBITRATORS DO NOT HAVE TO EXPLAIN THE REASON(S) FOR THEIR AWARD.
THE PANEL OF ARBITRATORS WILL TYPICALLY INCLUDE A MINORITY OF ARBITRATORS WHO WERE OR ARE AFFILIATED WITH THE SECURITIES INDUSTRY.
THE RULES OF SOME ARBITRATION FORUMS MAY IMPOSE TIME LIMITS FOR BRINGING A CLAIM IN ARBITRATION. IN SOME CASES, A CLAIM THAT IS INELIGIBLE FOR ARBITRATION MAY BE BROUGHT IN COURT.
THE RULES OF THE ARBITRATION FORUM IN WHICH THE CLAIM IS FILED, AND ANY AMENDMENTS THERETO, SHALL BE INCORPORATED INTO THIS AGREEMENT.

SUBJECT TO THE LIMITED EXCEPTIONS DESCRIBED BELOW, YOU AGREE TO SUBMIT TO ARBITRATION ANY DISPUTE BETWEEN YOU AND Private Fund Management   AND/OR ANY OF ITS OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS RELATING TO YOUR BROKERAGE ACCOUNT(S). ANY ARBITRATION UNDER THIS AGREEMENT WILL BE CONDUCTED UNDER THE ARBITRATION RULES OF THE NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. ARBITRATION MAY BE INITIATED BY EITHER OF US SERVING WRITTEN NOTICE ON THE OTHER. THE ARBITRATORS' RULING WILL BE FINAL AND JUDGMENT ON IT MAY BE ENTERED IN ANY COURT OF COMPETENT JURISDICTION. SHOULD Private Fund Management   PREVAIL IN ARBITRATION, YOU AGREE TO PAY ALL REASONABLE ATTORNEY, FILING AND OTHER COLLECTION COSTS INCURRED BY Private Fund Management   INCLUDING MARKET INTEREST FROM THE DATE THE BALANCE BECAME DUE.

Private Fund Management   RESERVES THE RIGHT TO PURSUE LEGAL ACTION AGAINST YOU THROUGH THE STATE AND FEDERAL COURTS OF WASHINGTON OR OTHER APPROPRIATE JURISDICTION IN THE EVENT Private Fund Management   DETERMINES YOU HAVE COMMITTED FRAUD OR OTHER CRIMES AGAINST Private Fund Management   AND/OR THIRD PARTIES INVOLVING THE FUNDING OF, TRANSACTIONS IN, OR WITHDRAWALS FROM YOUR ACCOUNT(S) WITH Private Fund Management  . IN SUCH CASES, YOU SHALL BE DEEMED BY THIS AGREEMENT TO HAVE ACCEPTED AND CONSENTED TO THE PERSONAL JURISDICTION AND VENUE OF THE FEDERAL AND STATE COURTS IN KING COUNTY, WASHINGTON, FOR ANY COURT ACTION OR PROCEEDING.

NO PERSON SHALL BRING A PUTATIVE OR CERTIFIED CLASS ACTION TO ARBITRATION, NOR SEEK TO ENFORCE ANY PREDISPUTE ARBITRATION AGREEMENT AGAINST ANY PERSON WHO HAS INITIATED IN COURT A PUTATIVE CLASS ACTION; OR WHO IS A MEMBER OF A PUTATIVE CLASS ACTION WHO HAS NOT OPTED OUT OF THE CLASS WITH RESPECT TO ANY CLAIMS ENCOMPASSED BY THE PUTATIVE CLASS ACTION UNTIL: (I) THE CLASS CERTIFICATION IS DENIED; OR (II) THE CLASS IS DECERTIFIED, OR (III) THE CUSTOMER IS EXCLUDED FROM THE CLASS BY THE COURT. SUCH FORBEARANCE TO ENFORCE AN AGREEMENT TO ARBITRATE SHALL NOT CONSTITUTE A WAIVER OF ANY RIGHTS UNDER THIS AGREEMENT EXCEPT TO THE EXTENT STATED HEREIN.

29) Contributions to Qualified-Type Accounts

You are personally responsible for all tax consequences of any contribution to a qualified account (i.e. individual IRAs, Roth IRAs and Education Savings Accounts as well as employer-sponsored Retirement Accounts), including a contribution in excess of any respective limit under governing law (an "over-contribution"). You understand Private Fund Management’s business rule for posting a contribution as of the date of receipt into an account, regardless of the source of the funds for the deposit or the date/timing of any instruction or action which caused the deposit. You further understand that, in the absence of a specific instruction, the date of receipt at Private Fund Management   designates the "tax year" for a particular contribution.

You recognize that the foregoing policy also applies to a cash deposit which is the result of a promotional award to you by Private Fund Management, or on your behalf by entitled third-parties such as your financial institution, to a qualified-type Private Fund Management   account; and that it is your responsibility to monitor related amounts and their timing. Any such deposit is always considered to be a contribution for the year in which actually received into your account. Deposits, which are the result of a promotional award, cannot be designated for the prior tax year. (Note: it can take as long as 4 to 6 weeks for such deposits to post to your account after being awarded.)

30) Unique Reorganization Distributions

In situations where the reorganization of a stock results in the distribution of a security type or denomination which cannot be processed by Private Fund Management, Private Fund Management   reserves the right to liquidate or to decline to hold the resulting security. Examples of such unique distributions could include bonds, units and securities with unusual tax consequences.

31) Severability

These TERMS AND CONDITIONS constitute the entire agreement with respect to your access to and use of the Private Fund Management   Web site. If any provision of these TERMS AND CONDITIONS is unlawful, void or unenforceable, then that provision shall be deemed severable from the remaining provisions and shall not affect their validity and enforceability.

32) Successors

This Agreement will pass to the benefit of Private Fund Management’s successors, assigns and agents. Private Fund Management   may assign its rights and duties under this Agreement to any of its successors, subsidiaries or affiliates without giving you notice or to any other entity on prior written notice to you. In addition, you agree that this Agreement and all terms hereof, will be binding on your heirs executors, administrators and personal representatives and any assigns permitted by Private Fund Management.

33) Power of Attorney

You agree and hereby irrevocably appoint Private Fund Management   with full power as your true and lawful attorney-in-fact, to the full extent permitted by law, for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that Private Fund Management   deems necessary or advisable to accomplish the purposes of this Agreement.