Relationship With Pershing, LLC

Cambridge Investment Research works with Pershing LLC³ (Pershing), one of the largest clearing firms in the industry. Pershing is composed of more than 4,000 highly focused, experienced personnel developing and supporting more than 1,600 financial organizations worldwide. Pershing has evolved into one of the largest clearing firms in the US and the combination of Cambridge Investment Research Inc.

Pershing is a member of the Securities Investors Protection Corporation (SIPC) that protects a client's assets up to $500,000, of which $250,000 can be in cash. SIPC protection does not cover any losses due to market fluctuations. More information about SIPC protection can be obtained at www.sipc.org. In addition to SIPC protections, Pershing carries "excess SIPC" protection through a private insurance company, Lloyd's, for the net equity of your clients' securities positions and cash in their accounts in excess of the SIPC limits discussed above. Net equity refers to the value of your clients' securities, plus cash minus any amount that may be owed, such as margin loans. For more information about Lloyd's, please see lloyds.com.