IMPORTANT NOTICE REGARDING MASS TRANSFERS

Pursuant to the Texas Securities Act, the fee for any original application for an agent or investment adviser representative is $235 (increases to $285 on September 1, 2009). The application fee for each registered branch office is $25.

Effectively immediately, the Texas State Securities Board will collect application fees through the Mass Transfer functionality for any agent, investment adviser representative or branch office that will be mass transferred to a successor entity.

The Mass Transfer functionality on the CRD/IARD System is available for FINRA member firms to mass transfer certain agents, investment adviser representatives and/or branch offices that are affiliated with two or more firms involved in an organizational change such as a merger, acquisition or succession.

Mass Transfer allows agents, investment adviser representatives, and branch offices to be systematically terminated from their predecessor firm and their status (whether deficient, pending, or registered) will be automatically transferred to the successor firm without requiring submission of Forms U4, U5 or BR.

If you have any questions, please call Ms. Patricia Loutherback of the Registration Division at (512)305-8300, or Email: ploutherback@ssb.state.tx.us

July 30, 2009