Common use of Additional Margin Disclosure Clause in Contracts

Additional Margin Disclosure. When you purchase securities, you may pay for the securities in full or, if you have been approved for margin by Stifel, you may opt to borrow part of the purchase price from Stifel. If you choose to borrow funds from Stifel, you will need to establish margin privileges on your account. To do so, you must un- derstand the risks of a margin account and agree to the terms governing the margin account. Margin privileges are not avail- able for Custodian Accounts. As a result, a Custodian Account will not have the ability to cover with margin any Check, ACH, or Card Transactions in excess of the Free Credit Balances and any amounts you hold in a Sweep Option. The securities purchased are Stifel’s collateral for the loan to you. If the securities in your account decline in value, so does the value of the collateral supporting your loan. As a result, Stifel can take action, such as issue a Maintenance Call or a Margin Call and/or sell securities in your account, in order to maintain the required equity in the account. It is important that you fully understand the risks involved in in- vesting in or trading securities on margin. These risks include the following: • You can lose more funds than you deposit in the margin account. A decline in the value of securities that are purchased on margin may require you to provide additional funds to Stifel to avoid the forced sale of those securities or other securities in your account. • Stifel can force the sale of securities in your account. If the equity in your account falls below the maintenance margin requirements under the law, or Stifel’s higher “house” require- ments, Stifel can sell the securities in your account to cover the margin deficiency. You also will be responsible for paying any remaining shortfall in the account after such a sale. • Stifel can sell your securities without contacting you. Some investors mistakenly believe that a firm must contact them for a margin call to be valid, and that a firm cannot liquidate securities in their accounts to meet the call unless a firm has contacted them first. This is not the case. Most firms will attempt to notify their clients of margin calls, but they are not required to do so. Moreover, even if a firm has contacted a client and provided a specific date by which the client may meet a margin call, the firm can still take necessary steps to protect its financial interests, including immediately selling the securities without notice to the client. • You are not entitled to choose which security in your margin account is liquidated or sold to meet a margin call. Because the securities are collateral for the margin loan, Stifel has the right to decide which security to sell in order to protect its interests. • Stifel can increase its “house” maintenance margin re- quirements at any time and is not required to provide you • You are not entitled to an extension of time on a margin call. While an extension of time to meet margin require- ments may be granted to clients under certain conditions, a client does not have a right to an extension.

Additional Margin Disclosure. When you purchase securities, you may pay for the securities in full or, if you have been approved for margin by Stifel, you may opt to borrow part of the purchase price from Stifel. If you choose to borrow funds from Stifel, you will need to establish margin privileges on your account. To do so, you must un- derstand the risks of a margin account and agree to the terms governing the margin account. Margin privileges are not avail- able for Custodian Accounts. As a result, a Custodian Account will not have the ability to cover with margin any Check, ACH, or Card Transactions in excess of the Free Credit Balances and any amounts you hold in a Sweep Option. The securities purchased are Stifel’s collateral for the loan to you. If the securities in your account decline in value, so does the value of the collateral supporting your loan. As a result, Stifel can take action, such as issue a Maintenance Call or a Margin Call and/or sell securities in your account, in order to maintain the required equity in the account. It is important that you fully understand the risks involved in in- vesting in or trading securities on margin. These risks include the following: • You can lose more funds than you deposit in the margin account. A decline in the value of securities that are purchased on margin may require you to provide additional funds to Stifel to avoid the forced sale of those securities or other securities in your account. • Stifel can force the sale of securities in your account. If the equity in your account falls below the maintenance margin requirements under the law, or Stifel’s higher “house” require- ments, Stifel can sell the securities in your account to cover the margin deficiency. You also will be responsible for paying any remaining shortfall in the account after such a sale. • Stifel can sell your securities without contacting you. Some investors mistakenly believe that a firm must contact them for a margin call to be valid, and that a firm cannot liquidate securities in their accounts to meet the call unless a firm has contacted them first. This is not the case. Most firms will attempt to notify their clients of margin calls, but they are not required to do so. Moreover, even if a firm has contacted a client and provided a specific date by which the client may meet a margin call, the firm can still take necessary steps to protect its financial interests, including immediately selling the securities without notice to the client. • You are not entitled to choose which security in your margin account is liquidated or sold to meet a margin call. Because the securities are collateral for the margin loan, Stifel has the right to decide which security to sell in order to protect its interests. • Stifel can increase its “house” maintenance margin re- quirements at any time and is not required to provide you with advance written notice. These changes in Firm policy often take effect immediately and may result in the issuance of a maintenance margin call. Your failure to satisfy the call may cause Stifel to liquidate or sell securities in your account. • You are not entitled to an extension of time on a margin call. While an extension of time to meet margin require- ments may be granted to clients under certain conditions, a client does not have a right to an extension.

Additional Margin Disclosure. When you purchase securities, you may pay for the securities in full or, if you have been approved for margin by Stifel, you may opt to borrow part of the purchase price from Stifel. If you choose to borrow funds from Stifel, you will need to establish margin privileges on your account. To do so, you must un- derstand the risks of a margin account and agree to the terms governing the margin account. Margin privileges are not avail- able for Custodian Accounts. As a result, a Custodian Account will not have the ability to cover with margin any Check, ACH, or Card Transactions in excess of the Free Credit Balances and any amounts you hold in a Sweep Option. The securities purchased are Stifel’s collateral for the loan to you. If the securities in your account decline in value, so does the value of the collateral supporting your loan. As a result, Stifel can take action, such as issue a Maintenance Call or a Margin Call and/or sell securities in your account, in order to maintain the required equity in the account. It is important that you fully understand the risks involved in in- vesting in or trading securities on margin. These risks include the following: • You can lose more funds than you deposit in the margin account. A decline in the value of securities that are purchased on margin may require you to provide additional funds to Stifel to avoid the forced sale of those securities or other securities in your account. • Stifel can force the sale of securities in your account. If the equity in your account falls below the maintenance margin requirements under the law, or Stifel’s higher “house” require- ments, Stifel can sell the securities in your account to cover the margin deficiency. You also will be responsible for paying any remaining shortfall in the account after such a sale. • Stifel can sell your securities without contacting you. Some investors mistakenly believe that a firm must contact them for a margin call to be valid, and that a firm cannot liquidate securities in their accounts to meet the call unless a firm has contacted them first. This is not the case. Most firms will attempt to notify their clients of margin calls, but they are not required to do so. Moreover, even if a firm has contacted a client and provided a specific date by which the client may meet a margin call, the firm can still take necessary steps to protect its financial interests, including immediately selling the securities without notice to the client. • You are not entitled to choose which security in your margin account is liquidated or sold to meet a margin call. Because the securities are collateral for the margin loan, Stifel has the right to decide which security to sell in order to protect its interests. • Stifel can increase its “house” maintenance margin re- quirements at any time and is not required to provide you • You are not entitled to an extension with advance written notice. These changes in Firm policy often take effect immediately and may result in the issuance of time on a maintenance margin call. While an extension of time Your failure to meet margin require- ments satisfy the call may be granted cause Stifel to clients under certain conditions, a client does not have a right to an extensionliquidate or sell securities in your account.

Additional Margin Disclosure. When you purchase securities, you may pay for the securities in full or, if you have been approved for margin by Stifel, you may opt to borrow part of the purchase price from Stifel. If you choose to borrow funds from Stifel, you will need to establish margin privileges on your account. To do so, you must un- derstand the risks of a margin account and agree to the terms governing the margin account. Margin privileges are not avail- able for Custodian Accounts. As a result, a Custodian Account will not have the ability to cover with margin any Check, ACH, or Card Transactions in excess of the Free Credit Balances and any amounts you hold Balance plus the value of Fund shares in a Sweep Optionthe account. The securities purchased are Stifel’s collateral for the loan to you. If the securities in your account decline in value, so does the value of the collateral supporting your loan. As a result, Stifel can take action, such as issue a Maintenance Call or a Margin Call and/or sell securities in your account, in order to maintain the required equity in the account. It is important that you fully understand the risks involved in in- vesting in or trading securities on margin. These risks include the following: • You can lose more funds than you deposit in the margin account. A decline in the value of securities that are purchased on margin may require you to provide additional funds to Stifel to avoid the forced sale of those securities or other securities in your account. • Stifel can force the sale of securities in your account. If the equity in your account falls below the maintenance margin requirements under the law, or Stifel’s higher “house” require- mentsrequirements, Stifel can sell the securities in your account to cover the margin deficiency. You also will be responsible for paying any remaining shortfall in the account after such a sale. • Stifel can sell your securities without contacting you. Some investors mistakenly believe that a firm must contact them for a margin call to be valid, and that a firm cannot liquidate securities in their accounts to meet the call unless a firm has contacted them first. This is not the case. Most firms will attempt to notify their clients of margin calls, but they are not required to do so. Moreover, even if a firm has contacted a client and provided a specific date by which the client may meet a margin call, the firm can still take necessary steps to protect its financial interests, including immediately selling the securities without notice to the client. • You are not entitled to choose which security in your margin account is liquidated or sold to meet a margin call. Because the securities are collateral for the margin loan, Stifel has the right to decide which security to sell in order to protect its interests. • Stifel can increase its “house” maintenance margin re- quirements requirements at any time and is not required to provide you with advance written notice. These changes in firm policy often take effect immediately and may result in the is- suance of a maintenance margin call. Your failure to satisfy the call may cause Stifel to liquidate or sell securities in your account. • You are not entitled to an extension of time on a margin call. While an extension of time to meet margin require- ments may be granted to clients under certain conditions, a client does not have a right to an extension.