First Republic Securities Company provides account protection through our clearing arrangement with Pershing LLC. Pershing provides some of the highest levels of account coverage in the marketplace today. First, your assets are covered by the Securities Investors Protection Corporation. The SIPC provides $500,000 of coverage, including $250,000 for claims for cash awaiting reinvestment. Pershing provides additional coverage through Lloyd’s of London for an aggregate loss limit of $1 billion for eligible securities over all client accounts and a per-client loss limit of $1.9 million for cash awaiting reinvestment—within the aggregate loss limit of $1 billion. The account protection applies when a SIPC member firm fails financially and is unable to meet obligations to securities clients, but it does not protect against losses from the rise and fall in the market value of investments.