Common use of EXTENDED HOURS TRADING RISK DISCLOSURE Clause in Contracts

EXTENDED HOURS TRADING RISK DISCLOSURE. Your introducing broker may accept orders outside regular trading hours in certain limited circumstances - currently only limit orders for NASDAQ and NYSE listed securities between the hours of 8:00 a.m. - 9:25 a.m. and 4:05 p.m. - 5:00 p.m. Eastern time Monday through Friday, and subject to change. "Extended hours trading" means trading outside of "regular trading hours." Regular trading hours generally means the time between 9:30 a.m. and 4:00 p.m. Eastern time. Orders handled in the extended hours trading sessions are subject to unique risks described below, which can negatively affect execution quality. You should consider the following points before engaging in extended hours trading. • Risk of Lower Liquidity - Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in extended hours trading as compared to regular trading hours. As a result, your order may only be partially executed, or not at all. • Risk of Higher Volatility - Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility in extended hours trading than in regular trading hours. As a result, when engaging in extended hours trading, your order may only be partially executed, or not at all, or you may receive a price inferior to what you would during regular trading hours. • Risk of Changing Prices - The prices of securities traded in extended hours trading may not reflect the prices either at the end of regular trading hours, or upon the opening the next morning. As a result, you may receive an inferior price when engaging in extended hours trading than you would during regular trading hours.

EXTENDED HOURS TRADING RISK DISCLOSURE. Your introducing broker may accept orders outside regular trading hours in certain limited circumstances - currently only limit orders for NASDAQ and NYSE listed securities between the hours of 8:00 a.m. - 9:25 a.m. and 4:05 p.m. - 5:00 p.m. Eastern time Monday through Friday, and subject We do not recommend or provide advice as to change. "Extended hours trading" means trading outside of "regular trading hours." Regular trading hours generally means the time between 9:30 a.m. and 4:00 p.m. Eastern time. Orders handled in the whether extended hours trading sessions is appropriate for you. The availability of extended hours trading is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. All investment decisions you make involving extended hours trading are subject to unique risks described below, which can negatively affect execution qualitysolely your responsibility. You should consider the following points before engaging in extended hours trading. “Extended hours trading” means trading outside of “regular trading hours.” “Regular trading hours” generally means the time between 9:30 a.m. and 4:00 p.m. Eastern Time. • Risk of Lower Liquidity - — Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in extended hours trading as compared to regular trading hours. As a result, your order may only be partially executed, or not at all. • Risk of Higher Volatility - — Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility in extended hours trading than in regular trading hours. As a result, when engaging in extended hours trading, your order may only be partially executed, or not at all, or you may receive a price inferior to what you would during regular trading hours. • Risk of Changing Prices - The prices of securities traded in extended hours trading may not reflect the prices either at the end of regular trading hours, or upon the opening the next morning. As a result, you may receive an inferior price when engaging in extended hours trading than you would during regular trading hours.

EXTENDED HOURS TRADING RISK DISCLOSURE. Your introducing broker may accept orders outside regular trading hours in certain limited circumstances - currently only limit orders for NASDAQ and NYSE listed securities between the hours of 8:00 a.m. - 9:25 a.m. and 4:05 p.m. - 5:00 p.m. Eastern time Monday through Friday, and subject to change. "Extended hours trading" means trading outside of "regular trading hours." Regular trading hours generally means the time between 9:30 a.m. and 4:00 p.m. Eastern time. Orders handled in the extended hours trading sessions are subject to unique risks described below, which can negatively affect execution quality. You should consider the following points before engaging in extended hours trading. “Extended hours trading” means trading outside of “regular trading hours.” “Regular trading hours” generally means the time between 9:30 a.m. and 4:00 p.m. Eastern Time. • Risk of Lower Liquidity - Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in extended hours trading as compared to regular trading hours. As a result, your order may only be partially executed, or not at all. • Risk of Higher Volatility - Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility in extended hours trading than in regular trading hours. As a result, when engaging in extended hours trading, your order may only be partially executed, or not at all, or you may receive a price inferior to what you would during regular trading hours. • Risk of Changing Prices - The prices of securities traded in extended hours trading may not reflect the prices either at the end of regular trading hours, or upon the opening the next morning. As a result, you may receive an inferior price when engaging in extended hours trading than you would during regular trading hours.

EXTENDED HOURS TRADING RISK DISCLOSURE. Your introducing broker may accept orders outside regular trading hours in certain limited circumstances - currently only limit orders for NASDAQ and NYSE listed securities between the hours of 8:00 a.m. - 9:25 a.m. and 4:05 p.m. - 5:00 p.m. Eastern time Monday through Friday, and subject to change. "Extended hours trading" means trading outside of "regular trading hours." Regular trading hours generally means the time between 9:30 a.m. and 4:00 p.m. Eastern time. Orders handled in the extended hours trading sessions are subject to unique risks described below, which can negatively affect execution quality. You should consider the following points before engaging in extended hours trading. • Risk of Lower Liquidity - Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in extended hours trading as compared to regular trading hours. As a result, your order may only be partially executed, or not at all. • Risk of Lower Liquidity - Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in extended hours trading as compared to regular trading hours. As a result, your order may only be partially executed, or not at all. • Risk of Higher Volatility - Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility in extended hours trading than in regular trading hours. As a result, when engaging in extended hours trading, your order may only be partially executed, or not at all, or you may receive a price inferior to what you would during regular trading hours. • Risk of Changing Prices - The prices of securities traded in extended hours trading may not reflect the prices either at the end of regular trading hours, or upon the opening the next morning. As a result, you may receive an inferior price when engaging in extended hours trading than you would during regular trading hours.