Margin Disclosure Statement

Base rate as of October 31, 2019 = 7.00%

The annual rate of interest applicable to your account will be computed using a selected rate above, at, or below the Base Rate. The Base Rate is set at our discretion with reference to commercially recognized interest rates, industry conditions relating to the extension of margin credit and general credit market conditions. The annual rate of interest will change without prior notice to you, in accordance with changes in our Base Rate. If the interest rate charged to you is individually negotiated (a "Negotiated Rate"), such Negotiated Rate will be a percentage at, above or below our Base Rate. Your Negotiated Rate will change consistent with changes to the our Base Rate without prior notice to you. We may terminate your Negotiated Rate without prior notice to you and you will be charged an interest rate above your Negotiated Rate but not more than the table of interest rate in your Statement of Interest Charges provided to you at the time of your margin agreement or call your financial advisor.