New Account Application Packet

New Account Application Packet Dear Client, Thank you for your interest in opening an account with Transcend Capital. We require the following documentation to be completed and returned to proceed with the account opening process: 1. New Account Application; 2. Agreement for Prime Brokerage Clearing Services; 3. Clearing and settlement instructions for your prime broker; 4. Copies of a government issued ID for each signer on the account. Please pay special attention to the following: 1. Sign all forms where indicated and to complete all forms accurately and thoroughly as mistakes or incomplete information can delay the opening of your account; 2. Mandatory fields have a red box around them and must be completed. 3. The entity name listed on the account and on the Agreement for Prime Brokerage Clearing Services must match exactly. 4. All pages must be returned, even pages not requiring a signature (excluding the Privacy Policy and Business Continuity Plan). Return these documents to: 1. Your representative (if you have one); 2. Email: newaccounts@transcendcapital.com, or 3. Fax: 512 346 7774, or 4. Mail to the address below. If you have any questions about the account opening process, please contact your representative or our Sales group at 512 623 7774, option 2. We look forward to working with you. Sincerely, Transcend Capital 6500 River Place Boulevard, Building 4, Suite 102 Austin, TX 78730 Phone: 512-623-7774 Fax: 512-346-7774 Member FINRA / SIPC / NFA www.transcendcapital.com

Penson Financial Services 1700 Pacific Avenue, Suite 1400 Dallas, Texas 75201 214.765.1100 Member FINRA and SIPC New Account Application for DVP/RVP Date / / Introducing Firm New Account # Office/Rep Code Type of Customer Corporation Registered Investment Advisor Bank Hedge Fund Pension Fund Broker Dealer Insurance Company State/Local Government Other (specify) Institutional Customer Account Information Company ATTN: Address City State Zip Country of Incorporation TAX ID/S.S.# ACCT. TEL# ACCT. FAX# Email Address Authorized Persons, Title & Phone Number: *Per organizational documents or other authorizations (please provide) A. B. C. Hard copy confirms or statements? YES / NO Is this account for a foreign bank? YES / NO If yes, please list U.S. agent for service of process: Is this account for a foreign shell bank? YES / NO Does this firm offer services to a foreign shell bank? YES / NO If you answered yes to any of the above questions, Corporation will need to complete Certification Regarding Correspondent Accounts. Comment: Settlement Instructions: If available from Prime Broker, Custodian, or Omgeo s ALERT system, please attach instructions or send electronic (PDF). Prime Broker or Custodian Participant/DTC number Customer internal account number ALERT Acronym Institution number Agent bank number ALERT Code Tax ID # Interested Party ID# If account is carried with a Prime Broker, SIA Form 151 (Executing Broker Agreement), MUST be received before account is approved. Prime Broker s Form 1 to Schedule A will not be signature-validated without Penson receipt of SIA Form 151. Special Instructions: DVP/RVP - New Account Application 9-2007 Page 1 of 2

Interested Party: (Duplicate Confirm or Statement) Hard copy confirms or statements? YES / NO Name Interested Party ID# Phone Number Address City State Zip Interested Party: (Duplicate Confirm or Statement) Hard copy confirms or statements? YES / NO Name Interested Party ID# Phone Number Address City State Zip For Internal Use Only: DVP/RVP Account Number Comments Registered Rep s Name (Please Print) Signature Approved By Date / / Registered Principal DVP/RVP - New Account Application 9-2007 Page 2 of 2

AGREEMENT FOR PRIME BROKERAGE CLEARANCE SERVICES This Agreement sets forth the terms and conditions under which the Clearing Broker, Penson Financial Services, its successors and assigns (the Clearing Broker ) will clear securities transactions for (hereinafter, Customer ) with such broker-dealer as Customer may designate, from time to time, as Customer s prime broker ( Prime Broker ), provided that the Clearing Broker has entered into a Prime Brokerage Agreement with Customer s Prime Broker with respect to Customer s prime brokerage transactions (hereinafter referred to as Prime Brokerage Transaction(s) ). For the avoidance of doubt, the Clearing Broker is either (i) an executing self-clearing firm or (ii) the clearing firm of an introducing broker acting as an executing broker. 1. Establishment of Account The Clearing Broker will clear Customer s Prime Brokerage Transactions in a broker-dealer credit account established in the name of Prime Broker and designated for Customer s benefit. On the settlement date for each Prime Brokerage Transaction, the Clearing Broker will deliver or receive Customer s securities to or from Prime Broker against payment in full by or to Prime Broker on Customer s behalf. 2. Customer Trades Customer hereby authorizes the Clearing Broker to inform Prime Broker on the OMGEO/DTC ID System, or any successor system, of all the details of each Prime Brokerage Transaction that Customer instructs to be cleared by the Clearing Broker for Customer s account, including, but not limited to, the contract amount, the security involved, the number of shares or number of units, and whether the transaction was a long, short or short exempt sale of a purchase (collectively, the Trade Data ), and Customer hereby agrees to inform Prime Broker of the Trade Data on trade date by the time designated to Customer by Prime Broker. In the event of any discrepancy in the Trade Data reported to Prime Broker by Customer and the Trade Data reported to Prime Broker by the Clearing Broker, Customer shall be responsible for resolving such discrepancy promptly, and Customer shall be liable to the Clearing Broker for any loss, cost or expense sustained by the Clearing Broker arising out of such Prime Brokerage Transaction. 3. Applicable Law and Regulations All Prime Brokerage Transactions shall be subject to all applicable laws and the rules and regulations of all federal, state, and self-regulatory agencies including, but not limited to, the Securities and Exchange Commission, all relevant securities and commodity exchanges, the Municipal Securities Rulemaking Board, the Financial Industry Regulatory Authority, the Board of Governors of the Federal Reserve System, and the constitution, rules and customs of the exchange or market (and its clearing house, if any) where executed. In addition, all Prime Brokerage Transactions shall be performed in a manner not inconsistent with the SEC No- Action Letter dated January 25, 1994 relating to prime brokerage services, which was issued by the Division of Market Regulation and all amendments, modifications and supplements thereto (the SEC Letter ), as the same may be amended, modified or supplemented from time to time. SIA Form 151 Agreement for Prime Brokerage Clearance Services Page 1 of 10 Revised 04/2008

4. Short, Short Exempt and Long Sales When placing any order to sell securities short, Customer is responsible for designating the order as such, and Customer hereby authorizes the Clearing Broker to mark the order as being short or short exempt. In placing any long sell order, Customer will designate the order as such and hereby authorizes the Clearing Broker to mark the order as being long. The designation of a sell order as being long shall constitute a representation by Customer that (i) Customer owns the security with respect to which the sale order has been placed and (ii) if Prime Broker does not have the security in its possession at the time Customer places the sell order, Customer shall deliver the security to Prime Broker by settlement date in good deliverable form and if Customer fails to deliver as such, pay to the Clearing Broker any losses and expenses it may incur or sustain as a result of Prime Broker s failure to settle any such Prime Brokerage Transaction on Customer s behalf. Customer further agrees to provide the Clearing Broker with information concerning any securities borrowing arrangements made by Customer and/or Prime Broker in connection with any short sales. 5. Customer Qualification (a) Customer shall be required to maintain in Customer s account with Prime Broker such minimum net equity in cash or securities as may be required, from time to time, by Prime Broker (the Minimum Net Equity ), which shall in no event be less than the minimum net equity required by the SEC Letter, as such requirement may be amended from time to time (initially: (i) $100,000 in cash or securities with a ready market, for trades executed on behalf of a customer account managed by an investment adviser registered under Section 203 of the Investment Advisors Act of 1940 (a Registered Investment Adviser ), or (ii) $500,000 in cash or securities with a ready market for trades executed on behalf of an account not managed by a Registered Investment Advisor). Customer further understands that, in the event Customer s account falls below such Minimum Net Equity, Customer shall bring Customer s account into compliance in a timely fashion. Each time Customer enters an order with the Clearing Broker, Customer hereby represents that Customer shall be in compliance with such Minimum Net Equity or will notify the Clearing Broker otherwise. (b) In the event that Prime Broker indicates its intention to disaffirm any trade, Customer hereby authorizes and instructs Prime Broker to provide the Clearing Broker, upon the request of the Clearing Broker, the following information: (i) the account or accounts to which any of Customer s orders or trades relate; (ii) the instructions, if any, provided to Prime Broker regarding the allocation of any orders or trades to any sub-accounts; and (iii) information available to Prime Broker with respect to any net equity in the account. In addition, this Agreement will serve as further authorization and instruction to Prime Broker to furnish to the clearing Broker in the event of a disaffirmance all such further and additional information concerning an account as the Clearing Broker shall request, provided that such authorization shall have been confirmed by Customer in an separate letter addressed and delivered to Prime Broker and the Clearing Broker. This paragraph shall remain in effect so long as this Agreement is in effect, shall survive the termination of this Agreement and shall apply to all orders and trades given by Customer to the Clearing Broker for clearance and settlement through Prime Broker. Customer hereby agrees to release and discharge Prime Broker from all responsibility and liability arising out of or incurred in connection with Prime Broker furnishing any information to the Clearing Broker pursuant to this paragraph. 6. Confirmations The Clearing Broker shall confirm the Trade Data to Prime Broker and shall issue a confirmation of each Prime Brokerage Transaction by the morning of the next business day after trade date. As used in this Agreement, the term Business Day means any day which not a Saturday or SIA Form 151 Agreement for Prime Brokerage Clearance Services Page 2 of 10 Revised 04/2008

Sunday on which The New York Stock Exchange, Inc. is open for business. Customer may direct the Clearing Broker to send confirmations to Customer in care of Prime Broker; the form of such directive may be obtained from the Clearing Broker and appended to this Agreement. 7. Customer s Settlement Obligation In the event Prime Broker indicates its intention not to settle, or fails to settle, any of Customer s Prime Brokerage Transactions, Customer shall be responsible and liable to the Clearing Broker for settling such Prime Brokerage Transaction directly with the Clearing Broker in a margin account that the Clearing Broker will open or has opened in Customer s name on its books in accordance with Regulation T of the Board of Governors of the Federal Reserve System. The Clearing Broker shall send Customer a new confirmation of the replacement transaction. 8. Discretionary Account If Customer s account is managed on a discretionary basis by an investment advisor, money manager or other person ( advisor ), Customer hereby acknowledges that Customer s Prime Brokerage Transactions may be commingled with those of other accounts of Customer s advisor ( sub-accounts ), according to Customer s advisor s instructions, for clearance by the Clearing Broker in a single bulk trade and for settlement in bulk with Prime Broker. Customer further acknowledges that in the event the Prime Broker indicates its intention not to settle or does not settle or does not settle such bulk trade because of one or more sub-accounts receiving an allocation, the Clearing Broker will either cancel and re-bill the bulk trade to reflect the reduction of the securities which were originally allocated to the objectionable sub-accounts or, if permissible, execute a corrected allocation of the Prime Brokerage Transaction to sub-accounts in accordance with Customer s advisor s instructions, To facilitate such allocation, the Clearing may open and carry an account in Customer s name on its books and Customer shall be solely responsible and liable to the Clearing Broker for settling such transaction directly with the Clearing Broker. Customer acknowledges that Customer s advisor may resubmit the bulk trade and execute a corrected allocation of the Prime Brokerage Transaction. 9. Fees and Charges Customer understands that the Clearing Broker may charge commissions and other fees for clearance or any other service furnished to Customer and Customer agrees to pay such commissions and fees at the Clearing Broker s then prevailing rates. Customer further understands that commissions and service fees may be changed from time to time, upon 30 days prior written notice. 10. Restrictions on Account Customer understands that the Clearing Broker, in its sole discretion, may refuse to accept or execute Prime Brokerage Transactions on Customer s behalf or restrict or prohibit trading of securities in Customer s account(s) with the Clearing Broker, or refuse to clear Customer s securities transactions. 11. Default If (i) Customer fails to perform Customer s settlement obligations or in the event Prime Broker indicates its intention not to settle, or fails to settle, any of Customer s Prime Brokerage Transactions, as set forth in paragraph 7 of this Agreement, (ii) any representation made by or on behalf of Customer shall have been incorrect or untrue in any material respect when made, (iii) Customer shall have admitted Customer s inability to, or intention not to, perform any of Customer s obligations hereunder, (iv) Customer files a petition or other proceeding in SIA Form 151 Agreement for Prime Brokerage Clearance Services Page 3 of 10 Revised 04/2008

bankruptcy, insolvency, or for the appointment of a receiver, or such a petition or proceeding is filed against Customer, (v) a levy of an attachment is made against Customer s account(s) with the Clearing Broker, (vi) Customer, if a natural person, dies or becomes mentally incompetent or, if an entity, dissolves, or (vii) Customer shall have otherwise breached the terms of this agreement ( any one being an Event of Default ), the Clearing Broker shall have the right to sell, without prior notice to Customer, any and all property in which Customer has an interest held by or for the benefit of the Clearing Broker, to buy any property that may have been sold short, to cancel any outstanding transactions and/or to purchase or sell any other securities or other instruments to offset market risk, and Customer shall be liable to the Clearing Broker for all losses, costs and expenses caused by such Event of Default, together with interest earned thereon from the date of such Event of Default at the prime rate, until payment in full is received by the Clearing Broker. 12. Legally Binding Customer hereby agrees that this Agreement and all the terms hereof shall be binding upon the Customer and, if Customer is a natural person, upon Customer s estate, heirs, executors, administrators, personal representatives, and if Customer is an entity, upon Customer s successors and assigns. Customer agrees that all Prime Brokerage Transactions shall be for Customer s account(s) in accordance with Customer s oral or written instructions. Customer hereby waives any and all defenses that any such instruction was not in writing as may be required by the Statue of Frauds or any other similar law, rule or regulation. 13. Clearance Accounts In the event Customer s Prime Brokerage Transactions are executed by Customer s broker, who has introduced Customer s account to the Clearing Broker for clearance services only, Customer agrees that Customer s broker and its employees are third party beneficiaries of his Agreement, and that the terms and conditions hereof, including, but not limited to, the Arbitration and Telephone Conversation provisions, shall be applicable to all matters between or among any of Customer, Customer s broker and its employees, and the Clearing Broker and its employees. 14. Margin Account, Security Interest, Consent to Loan or Pledge Securities In the event Prime Broker fails to settle any of Customer s Prime Brokerage Transactions, the Clearing Broker shall open a margin account in Customer s name on its books in accordance with Regulation T of the Board of Governors of the Federal Reserve System, and the following terms shall apply: (a) Customer hereby agrees to deposit and maintain such margin in Customer s margin account as the Clearing Broker may in its sole discretion require, and Customer agrees to pay immediately on demand any debit balance therein. Upon Customer s failure to pay, or at any time the Clearing Broker deems necessary for its protection, without prior demand, call or notice, the Clearing Broker shall be entitled to exercise all rights and remedies provided herein. Unless Customer advises us to the contrary, Customer represents that Customer is not an affiliate (as defined in Rule 144(a)(1) under the Securities Act of 1933) of the issuer of any security held in Customer s account. (b) As security for the payment of Customer s obligations to the Clearing Broker, the Clearing Broker shall have a continuing security interest in all property in which Customer has an interest held by or for the benefit of the Clearing Broker and may, without prior notice to Customer, use apply or transfer any such property. In the event of a breach or default under this Agreement, SIA Form 151 Agreement for Prime Brokerage Clearance Services Page 4 of 10 Revised 04/2008

the Clearing Broker shall have all rights and remedies available to a secured creditor in addition to the rights and remedies provided herein. (c) Within the limits of applicable law and regulations, Customer hereby authorizes the Clearing Broker to lend either to itself or to others any securities held by or for the benefit of the Clearing Broker in Customer s account, together with all attendant rights of ownership, and to use all such property as collateral for its general loans. Any such property, together with all attendant rights of ownership, may be pledged, re-pledged, hypothecated or re-hypothecated either separately or in common with other such property for any amounts due to the Clearing Broker thereon or for a greater sum, and the Clearing Broker shall have no obligation to retain a like amount of similar property in its possession and control. (d) Customer hereby acknowledges receipt of the Clearing Broker s Truth-in-Lending disclosure statement. Customer understands that interest will be charged on any debit balances in Customer s account, in accordance with the methods described in such statement or in any amendment or revision thereto which may be provided to Customer. Any debit balance which is not paid at the close of an interest period will be added to the opening balance for the next interest period. 15. Amendment: Entire Agreement Customer agrees that the Clearing Broker may modify the terms of this Agreement at any time upon prior written notice. If such modifications are unacceptable to Customer, Customer must notify the Clearing Broker in writing within 30 days of the Clearing Broker s transmittal of such notice. Customer s Account may then be terminated by the Clearing Broker, after which Customer agrees to remain liable to the Clearing Broker for all existing liabilities or obligations. Otherwise, this Agreement may not be waived or modified absent a written instrument signed by an authorized representative of the Clearing Broker. Except as set forth above, this Agreement represents the entire agreement and understanding between Customer and the Clearing Broker concerning the subject matter hereof. 16. Governing Law This Agreement shall be governed by the laws of the State of New York without giving effect to the conflicts of law principles thereof. 17. Assignability This Agreement and the rights and obligations arising out of the Prime Brokerage Transactions cleared pursuant hereto may not be assigned without the prior consent of the other party, other than by the Clearing Broker as part of a general transfer of the Clearing Broker s business. 18. Severability If any provision of this Agreement is or becomes inconsistent with any applicable present or future law, rule or regulation, that provision shall be deemed modified or, if necessary, rescinded in order to comply with the relevant law, rule or regulation. All other provisions of this Agreement shall continue to remain in full force and effect. 19. Extraordinary Events The Clearing Broker shall not be liable for losses caused directly or indirectly by government restrictions, exchange or market rulings, suspension of trading, war, civil disturbances, terrorism, strikes nature calamities, acts or omissions of exchanges, specialists, markets, SIA Form 151 Agreement for Prime Brokerage Clearance Services Page 5 of 10 Revised 04/2008

clearance organizations or information providers, delays in mails, delays or inaccuracies in the transmission of orders or information, governmental, exchange or self-regulatory organization laws, rules or actions or other conditions beyond its control that may delay the performance of the Clearing Broker s obligations hereunder. 20. Headings The headings of the provisions hereof are for descriptive purposes only and shall not modify or qualify any of the rights or obligations set forth in such provisions. 21. Telephone Conversations For the protection of both Customer and the Clearing Broker, and as a tool to correct misunderstandings, Customer hereby authorizes the Clearing Broker in its discretion and without prior notice to Customer or Customer s advisor, to monitor and/or record any or all telephone conversations between or among Customer, or Customer s advisor, the Clearing Broker and any of the Clearing Broker s employees or agents. Customer acknowledges that the Clearing Broker may determine not to make or keep such recordings and such determination shall not in any way affect any party s right. 22. ARBITRATION; CONSENT TO JURISDICTION; SERVICE OF PROCESS a) THIS AGREEMENT CONTAINS A PREDISPUTE ARBITRATION CLAUSE. BY SIGNING AN ARBITRATION AGREEMENT THE PARTIES AGREE AS FOLLOWS: b) 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 ARBITRATIONFORUM IN WHICH A CLAIM IS FILED. c) ARBITRATION AWARDS ARE GENERALLY FINAL AND BINDING; A PARTY S ABILITY TO HAVE A COURT REVERSE OR MODIFY AN ARBITRATION AWARD IS VERY LIMITED d) THE ABILITY OF THE PARTIES TO OBTAIN DOCUMENTS, WITNESS STATEMENTS AND OTHER DISCOVERY IS GENERALLY MORE LIMITED IN ARBITRATION THAN IN COURT PROCEEDINGS. e) THE ARBITRATORS DO NOT HAVE TO EXPLAIN THE REASON(S) FOR THEIR AWARD. f) THE PANEL OF ARBITRATORS WILL TYPICALLY INCLUDE A MINORITY OF ARBITRATORS WHO WERE OR ARE AFFILATED WITH THE SECURITIES INDUSTRY. g) 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. SIA Form 151 Agreement for Prime Brokerage Clearance Services Page 6 of 10 Revised 04/2008

h) THE RULES OF THE ARBITRATION FORUM IN WHICH THE CLAIM IS FILED, AND ANY AMENDMENTS THERETO, SHALL BE INCORPORATED INTO THIS AGREEMENT. i) NO PERSON SHALL BRING A PUTATIVE OR CERTIFIED CLASS ACTION TO ARBITRATION, NOR SEEK TO ENFORCE ANY PRE-DISPUTE ARBITRATION AGREEMENT AGAINST ANY PERSON WHO HAS INITIATED IN COURT A PUTATIVE CLASS ACTION OR WHO IS A MEMBER OF A PUTATIVE CLASS WHO HAS NOT OTED OUT OF THE CLASS WITH RESPECT TO ANY CLAIMS ENCOMPASSED BY THE PUTATIVE CLASS ACTION UNTIL: (i) THE CLASS CERTIFICATION IS DENIED; (ii) THE CUSTOMER IS DECERTIFIED; OR (iii)the CUSTOMER IS EXCLUDED FROM THE CLASS BY THE COURT. SUCH FORBEARANCE TO ENFORCE AN AGREEMENT TO REBITRATE SHALL NOT CONSTITUTE A WAIVER OF ANY RIGHTS UNDER THIS AGREEMENT EXCEPT TO THE EXTENT STATED HEREIN. Customer agrees, and by agreeing to maintain an account in the name of Prime Broker and designated for Customer s benefit, the Clearing Broker agrees, that controversies arising between customer and the Clearing Broker, its control person, predecessors, subsidiaries and affiliates and all respective successors, assigns and employees, whether arising prior to, on or subsequent to the date hereof, shall be determined by arbitration. Any arbitration under this agreement shall be held at the facilities and before an arbitration panel appointed by the New York Stock Exchange, Inc., The American Stock Exchange, Inc., or the Financial Industry Regulatory Authority, Inc. (and only before such exchanges or association). Customer may elect one of the foregoing forums for arbitration, but if Customer fails to make such election by registered mail or telegram addresses to the Clearing Broker (or any address of which Customer is advised in writing), before the expiration of ten days after receipt of a written request from the Clearing Broker to make such election, then the Clearing Broker may make such election. For any arbitration solely between Customer and a broker for which the Clearing Broker acts as clearing agent, such election shall be made by registered mail to such broker at its principal place of business. The award of the arbitrators, or of the majority of them, shall be final, and judgment upon the award rendered may be entered in any court, state or federal, having jurisdiction. 23. Capacity to Contract; Customer Affiliation [applicable only if Customer is a natural person] Customer represents that he/she is of legal age and that, unless he/she has notified the Clearing Broker to the contrary, neither Customer nor any member of Customer s immediate family is an employee of any exchange or member thereof, an employee of the National Association of Securities Dealers, Inc. or a member thereof, an employee of any corporation, firm or individual engaged in the business of dealing, as broker or principal, in securities, options or futures, or an employee of any bank, trust company or insurance company. 24. Representations of an Investment Advisor, Money Manager or Other Person. If this Agreement is executed by an investment advisor, money manager of other person on behalf of one or more Customers, by signing below, the undersigned advisor represents and covenants to the Clearing Broker that: (i) each time it executes an order on a Customer s behalf, such Customer is in compliance with the Minimum Net Equity or it shall notify the Clearing Broker otherwise; (ii) it shall not enter an order for a Customer in the event such SIA Form 151 Agreement for Prime Brokerage Clearance Services Page 7 of 10 Revised 04/2008

Customer falls below the Minimum Net Equity; (iii) it will provide the Clearing Broker with each Customer s name, address, and Tax I.D. Number to enable the Clearing Broker to open and maintain an account for each such Customer s benefit; (iv) the undersigned has sufficient knowledge of each Customer to make the representation set forth in paragraph 23 of this Agreement, if applicable; and (v) the undersigned has been duly authorized by each Customer to execute this Agreement to bind each such Customer to arbitration, to enter orders to effect Prime Brokerage Transactions, to execute a directive to the Clearing Broker regarding the mailing of confirmations, to disclose such financial information as the Clearing Broker deems necessary to effect such transactions and to take such other actions as are contemplated by this Agreement. If this is a Joint Account, both parties much sign. Persons signing on behalf of other should indicate the titles or capacities in which they are signing By signing this Agreement Customer acknowledges or is deemed to acknowledge that this Agreement contains a pre-dispute arbitration clause at paragraph 22 on page 6. This Agreement is dated as of, 20. (Typed or Printed Name) (Signature) (Secondary Typed or Printed Name) (Secondary Signature) (Mailing Address) Accepted By: Penson Financial Services, Inc. Date: Account #: SSN or Tax ID: SIA Form 151 Agreement for Prime Brokerage Clearance Services Page 8 of 10 Revised 04/2008

SCHEDULE E List of funds/managed accounts covered by agreement for Prime Brokerage Clearance Services: Customer Name Address Tax ID # / SSN SIA Form 151 Agreement for Prime Brokerage Clearance Services Page 9 of 10 Revised 04/2008

APPENDIX Instructions to the Clearing Broker (Penson Financial Services, Inc.) regarding the Mailing of Confirmations. The undersigned customer has entered into an Agreement for Prime Brokerage Clearance Services (the Agreement ) with the Clearing Broker, Penson Financial Services, Inc. ( Penson ) which provides, among other things, that Clearing Broker shall issue a confirmation for each transaction it executes or clears on behalf of the undersigned, unless the undersigned directs Clearing Broker, in writing, to send confirmations to the undersigned in care of the undersigned s prime broker. The undersigned hereby requests that Penson, as executing broker or as clearing agent for an executing broker, send confirmations to the undersigned in care of the undersigned s prime broker. This instrument shall not be deemed to be either incorporated in or made a part of the Agreement. The undersigned acknowledges that if its account is managed on a discretionary basis by an investment advisor or money manager, each confirmation may cover a single bulk trade representing transactions that have been commingled with those of other accounts of the undersigned s advisors. By accepting these instructions, Penson hereby acknowledges that this instrument is not a condition for entering into the Agreement or the prime brokerage arrangement. Clearing Broker further agrees that it shall not charge differential fees based on whether an instruction such as this provided nor shall Penson otherwise create incentives for the undersigned to execute this instrument. (Typed or Printed Name) (Signature) (Secondary - Typed or Printed Name) (Secondary - Signature) Account # SSN / Tax ID #. SIA Form 151 Agreement for Prime Brokerage Clearance Services Page 10 of 10 Revised 04/2008

Privacy Notice Transcend Capital, LP and its affiliated companies believe strongly in its customers right to privacy. In accordance with the Gramm Leach Bliley Act of 1999, Transcend Capital is providing you with this Privacy Notice. Please read it carefully. If you have any question, please contact Transcend Capital, LP. The Information We Collect About You. Transcend Capital collects certain non public personal information about you primarily from the account applications and other forms you submit to us. For example, we obtain information such as your name, address, phone number, financial assets and investment objectives. We may also collect certain non public information about your transactions and account relationship with us, as well as information from consumer reporting agencies. Our Disclosure Policies. Transcend Capital will not disclose any non public information about you to anyone except as permitted by law and will not sell your personal information. Nonpublic information may be shared with certain affiliated and non affiliated companies that perform support services for us, process your transactions with us or provide certain products on our behalf. If you decide to close your account(s) with us, we will continue to adhere to the Privacy Policies as described in this notice. Our Information Security Policies. Transcend Capital will maintain physical, electronic, and procedural safeguards designed to guard your non public personal information. Unless you authorize us otherwise, Transcend Capital will limit access to your personal and account information to those employees who need to know that information in order to provide products or services to you or to administer your account with us. This notice is being provided on behalf of the following affiliated companies of Transcend Capital: Transcend Capital, LP Transcend Capital Management, LLC 6500 River Place Boulevard, Building 4, Suite 102 Austin, TX 78730 Phone: 512-623-7774 Fax: 214-233-0318 Member FINRA / SIPC / NFA www.transcendcapital.com

Fee Notification & Acceptance Transcend Capital provides you, our client, with access to personalized service, multiple options for third party order execution software and streaming market data. We incur significant costs to provide you these and other services. To offset the rising cost of these services it may be necessary for us to pass through some of these various costs. We charge a limited number of fees for such things as market data, trading platforms, wire requests, processing securities certificates, paper statements and confirmation, etc. These fees may be changed from time to time upon thirty days' prior written notice to you and, in each case, you agree to be bound thereby. You understand and agree that notice may be given by modifying the fees and rates published on the Transcend Capital website and that such modification shall constitute written notice to you on the date such modifications first appear on the Web site. You also agree that emails to you constitute written notice to you on the date sent as long as the emails were sent to an email address provided by you. Additionally, written notice may be made to you via notice included in your monthly account statement and such notice will be effective as of the date that said statement is made available on the clearing firm website and/ or mailed to you. The registered representative handling your account, if any, may impose certain fees in addition to those mentioned above and may also, at their sole discretion, waive fees mentioned above and on the Firm's Website. Individual Accounts Entity Accounts Account holder signature Authorized signer signature Joint account holder (if any) Name Title 6500 River Place Boulevard, Suite 4-102; Austin, TX 78730 Phone: 512.623.7774 Fax: 512.346.7774 www.transcendcapital.com Member: FINRA / SIPC / NFA ver. 03262010

Customer Identification & Verification As required by the USA Patriot Act of 2001 and NASD Rule 3011, and as part of Transcend Capital's Anti Money Laundering Program, we require all new account holders to provide appropriate documents for verifying their identity. Appropriate documents for verifying the identity of natural persons include the following: For US persons, an unexpired driver s license, passport, or other government identification showing nationality, residence, and photograph or other biometric safeguard; For non U.S. persons, an unexpired alien registration card or other government issued identification showing nationality, residence and photograph or other biometric safeguard; For businesses, a certificate of incorporation, a government issued business license, any partnership agreements, any corporate resolutions, or similar documents. Please place a photocopy of your personal identification below or attach it on a separate sheet. 6500 River Place Boulevard, Building 4, Suite 102 Austin, TX 78730 Phone: 512-623-7774 Fax: 512-346-7774 Member FINRA / SIPC / NFA www.transcendcapital.com

Client Disclosure Document Introduction Business Continuity Plan The purpose of this letter is to provide you with very important information about Transcend Capital LLC s ( TCLLC ) Business Continuity Plan ( BCP ) so that you are aware of what you need to do to in the event that our firm experiences a significant business disruption ( SBD ). As a result of our ever changing and evolving world, it has become necessary for firms in the financial services industry to take steps to ensure their preparedness to meet customer needs and resume regular business operations in a timely manner in the event of an SBD. There are several types of SBDs varying in severity and scope that may occur on an internal or external level. An internal SBD, such as a fire in our building, would only affect the firm s ability to conduct its normal business. An external SBD, such as an earthquake, regional power outage, or terrorist attack, would affect the operations of several firms or the financial markets as a whole. On April 7, 2004, the Securities and Exchange Commission ( SEC ) approved the new NASD Rule 3500 Series, which requires members to establish emergency preparedness plans and procedures. Rule 3510 requires each member to create and maintain a BCP and enumerates certain requirements that each plan must address. The Rule further requires members to update their BCPs upon any material change and, at a minimum, to conduct an annual review of their BCP. Each member also must disclose to its customers how its BCP addresses the possibility of a future SBDs and how the member plans to respond to events of varying scope. Firm Policy Our policy is to respond to an SBD in a manner that prioritizes the immediate safety of our employees, preservation of the firm s property, and a quick recovery in order to meet the business needs of our clients. If we determine that the SBD has been catastrophic to the level that we are unable to continue our business, we will ensure that our clients have prompt access to their funds and securities. 6500 River Place Boulevard, Building 4, Suite 102 Austin, TX 78730 Phone: 512-623-7774 Fax: 512-346-7774 Member FINRA / SIPC / NFA www.transcendcapital.com

Alternate office location In the event that the main office becomes inoperable, the firm will shift its operations to its designated back up facility which is reasonably distant from the main office so as to reduce the chance that it will be affected by the same SBD, yet close enough to relocate to quickly if necessary. All of the firm s employees are familiar with the back up facility and have been provided with driving directions. Back up books and records TCLLC maintains back ups of all its client files and other internal books and records at an off site facility. Should an SBD cause our primary records to be inaccessible or destroyed, we have procedures in place to access the back up files and implement them promptly in order to assure the least possible impact on our clients. Third party business relationships TCLLC has business relationships with several entities upon which we rely for varying services. Such entities include our clearing firm, banks, telecommunications providers, etc. We have contacted our essential third parties to assess the impact that varying types of SBDs may have on the services we are provided by them. Based on that information we have been able to develop alternate plans to counter any interruptions in these services that we may experience during an SBD. Key systems The firm has identified the possibility of a loss of functionality of the systems relied upon for its regular business operations in the event of an SBD. We have enumerated our key systems in our BCP, identified the individual(s) responsible for them, and developed procedures to switch to alternative systems should our primary systems be incapacitated. Based on the trial conversions we have run, we expect minimal down time if a situation arises which forces us to switch to our alternate systems. Potential SBD Scenarios In an effort to prepare for the variety of effects that different types of SBDs might have on TCLLC, we have outlined some SBD scenarios and the corresponding actions that the firm will need to take in order to assure that the SBD has the least possible effect of the firm and our clients. We are aware that the exact ramifications of any type of SBD cannot be predicted precisely and in the event of an SBD, we will take the time to assess the firm s particular 6500 River Place Boulevard, Building 4, Suite 102 Austin, TX 78730 Phone: 512-623-7774 Fax: 512-346-7774 Member FINRA / SIPC / NFA www.transcendcapital.com

resulting situation and take the necessary steps as described in our BCP to handle the situation as effectively as is possible under the circumstances we encounter. Illustration #1 Internal SBD In the event that a fire consumes TCLLC s main office destroying all hardware and files, after assuring the safety and well being of our employees, the following actions will be taken: Effect of SBD Action to be taken Personal computers, servers, and data Acquire new computers, transport them to storage hardware are destroyed alternate location, and install the necessary software obtained from off site storage facility. Contact network service provider if necessary to re establish technological infrastructure and web services. Books and records are destroyed Obtain back up books and records from off site facility and transport them for immediate use to the alternate location. Office is destroyed Relocate to the alternate location and establish operations. Once business has resumed and is fully operational, start searching for a new main office location. Telecommunications hardware is destroyed Contact service provider to transfer existing service to the alternate location, arrange for necessary hardware and software installations. We estimate the resumption of business and communications channels within forty eight (48) hours of the onset of this type of SBD. Illustration #2 External regional SBD In the event that an earthquake, or other natural disaster causes structural damage to our building and the buildings of some of our service providers, including our clearing firm, TCLLC will make the following assessments and take the following steps: Effect of SBD Building is not structurally sound Action to be taken All vital equipment and files will be transported to the alternate location and business will resume promptly. If the equipment and files are damaged beyond use, new equipment (as necessary) shall be obtained and the firm s back 6500 River Place Boulevard, Building 4, Suite 102 Austin, TX 78730 Phone: 512-623-7774 Fax: 512-346-7774 Member FINRA / SIPC / NFA www.transcendcapital.com

Clearing firm has been forced to relocate to its secondary business location Other vendors are experiencing service interruptions up files shall be retrieved from its off site storage facility(s). Contact the clearing firm and assess the repercussions of its relocation on its business. Determine which method will be the most effective for delivering customer orders and requests for withdrawals to the clearing firm. Contact vendors to determine when they anticipate being fully operational and make arrangements for the continuance of service, if possible, in the meantime. Depending on the impact of this particular type of SBD on our third party vendors, we estimate a range of forty eight (48) to seventy two (72) hours for the firm to be able to resume normal business operations. Illustration #3 Catastrophic SBD In the event of an SBD on the level of a terrorist attack, major natural disaster, political crisis, or other event that is of a magnitude great enough to force the close of the markets but does not physically affect TCLLC, the firm will take the following steps: Effect of SBD Action to be taken The financial markets are closed (other than Communicate the situation to clients and assure normal market holidays) that the clearing firm will be able to process transactions when the markets re open. One of TCLLC s banks has been significantly affected and cannot continue its business for a prolonged (more than seventy two hours) period of time The firm s investments in the financial markets are frozen There is a possibility of further SBDs resulting from the primary SBD Contact the bank to determine how funds may be withdrawn and transfer the funds to another account. If funds are frozen for an uncertain amount of time, assess the firm s financial situation and pursue additional financing if necessary. Perform a risk assessment based on the overall status of the SBD to decide how to best preserve the firm s capital position under a variety of market re open scenarios. Test the firm s procedures for handling an SBD that results in the firm s relocation. Assure that back up systems, hardware, and files are ready to be utilized and can be set up quickly if needed. 6500 River Place Boulevard, Building 4, Suite 102 Austin, TX 78730 Phone: 512-623-7774 Fax: 512-346-7774 Member FINRA / SIPC / NFA www.transcendcapital.com

It is virtually impossible to predict a recovery time for this category of SBD due to the scope and the myriad of ramifications on the financial services industry as a whole. We are confident that with the procedures we have in place we will be able to ensure the least possible impact on our clients as dictated by the circumstances. Important Contact Information Transcend Capital LLC 6500 River Place Blvd. Building 4, Suite 102 Austin, TX 78730 Tel: 512 623 7774 Fax: 512 346 7774 www.transcendcapital.com For Additional Information About Our BCP Should you have any questions in relation to our BCP or this notice, please do not hesitate to contact us at 512 623 7774. Summary At TCLLC we deeply value the relationships we have built with our clients and we strive to meet their changing needs in any business climate. It is not the intent of this document to assure our clients that there will be no impact on them whatsoever in the event that TCLLC is affected by an SBD. Rather, we wish to convey the fact that we have developed procedures for varying types of possible SBDs which will allow us to address the effects on our firm on a variety of levels, manage those effects, and utilize our alternate arrangements in a manner that we expect will minimize client impact. In our procedures, we stress the importance of maintaining communications with our clients through as many media as possible so that we may continue to meet their needs and transact business in as smooth a fashion as is possible under whatever circumstances may have arisen. 6500 River Place Boulevard, Building 4, Suite 102 Austin, TX 78730 Phone: 512-623-7774 Fax: 512-346-7774 Member FINRA / SIPC / NFA www.transcendcapital.com