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Options Disclosure

Clients of First Republic Securities Company, LLC, should be aware that option trading is highly speculative in nature and therefore is not suitable for all investors. On certain days, option trading may cease and this could result in a financial loss to the client. Clients must recognize that by writing or selling an option contract (such as a call, put or straddle) without depositing the underlying security, the client's risk of loss is potentially unlimited. A separate agreement with First Republic Securities Company, LLC, must be in place before clients are permitted to trade options.

Clients are required to read the Options Disclosure Document before trading options. This document is available from:

First Republic Securities Company, LLC
111 Pine Street
San Francisco, CA 94111
Tel: (877) 348-5576