As we work together, you often entrust us with personal and financial information, such as your name, address, occupation, assets, income and debts, and tax information. In the case of insurance products, you may also entrust us with health information. We use information given by you to provide products and services to you, to help you achieve your financial goals, and to communicate better with you. We promise to protect the security, privacy, and use of your personal and financial information, including account and transaction details.

We may collect information from you in person, on the telephone, through regular mail, or through electronic means, such as sending Stifel an e-mail message or requesting services through the Stifel web site. Stifel does not collect any personal information from anyone who is merely visiting or browsing our web site.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means to you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver�s license or other identifying documents.

When you use the Internet to access your Stifel account, you can feel confident that we use security measures that are appropriate to protect personal and financial information.

We strive to keep your personal and financial information accurate. If you believe that our records are incorrect or out of date, please notify us. We will make any necessary corrections quickly.

Stifel employees have limited access to client information based on their job function. This enables them to assist you in your transactions, offer additional financial services, and resolve problems that might arise. All employees are instructed to use strict standards of care outlined in our Code of Conduct. Employees not adhering to these standards of conduct are subject to disciplinary action including dismissal.

We may share your information with Stifel affiliates or with nonaffiliated companies outside Stifel to facilitate your transactions. Examples of nonaffiliated companies may include financial service companies, such as mutual fund or insurance companies. Other nonaffiliated companies may include companies we have contracted with to provide services on our behalf, such as statement and report printers, data processing vendors, computer software maintenance, transaction clearing firms, or third parties to distribute annual reports and proxy statements. We may share your information to implement security measures and fight fraud for your continued protection. We may also supply the most current and accurate information to credit bureaus or similar organizations.

10. Stifel will continue to provide you notice of our privacy policy annually, as long as you maintain an ongoing relationship with us. This policy may change from time to time. You may review our current policy on our web site at www.stifel.com. When you access our web site, your information is protected through various forms of Internet security, such as passwords, data encryption, and Secure Socket Layers (SSL) technology.

*Affiliates include Stifel, Nicolaus & Company, Incorporated, Stifel Bank & Trust, Choice Financial Partners, and Stifel Independent Advisors, LLC Stifel Independent Advisors, LLC is an introducing firm and uses Stifel as its clearing firm.

Understanding How Stifel and Your Financial Advisor Are Compensated

Stifel and our Financial Advisors receive compensation when clients invest in mutual funds and annuities. Depending on the available share class, compensation may be the result of a front-end sales charge, a concession from a mutual fund or insurance company, ongoing servicing fees (commonly referred to as 12b-1 fees), or a fee if mutual funds are purchased in a Stifel fee-based account. You should discuss with your Financial Advisor the form of compensation he or she receives.

Stifel may also receive other networking, processing, marketing, or operational 12b-1 fees from companies on an annual basis, including the Dreyfus money market funds, and some mutual fund and annuity companies pay or make contributions to Stifel for employee training and educational meetings, due diligence, and/or promotional activities. Our Financial Advisors are not required to recommend those investment products, nor do they directly share in any of the marketing support fees received.

Additionally, Stifel may on occasion receive commissions as compensation for executing trades on behalf of mutual funds and annuities.

Please visit our web site, www.stifel.com, for additional  information, or see the prospectus, Statement of Additional Information, or issuer web site for a particular investment.