Morgan Joseph

Instant Messaging Disclaimer

This message is intended only for the addressee. Please notify the sender by instant message if you are not the intended recipient. If you are not the intended recipient, you may not copy, disclose, or distribute this message or its contents to any other person and any such actions may be unlawful.

Please be advised that Morgan Joseph & Co. Inc. (hereinafter "MJ") is willing to use instant messenger ("IM") communication with you and your firm only as an accommodation to your business. If you choose to use IM to communicate with MJ representatives you are agreeing to the following terms and conditions:

- Use of IM involves certain risks, including but not necessarily limited to those referred to below. By using IM to communicate with MJ representatives you are agreeing to assume all such risks.

- Even though MJ representatives have IM open and/or MJ representatives have communicated with you through IM recently, MJ representatives may not (and MJ assumes no obligation to) timely see, process, act on or respond to any message from you through IM.

- MJ is responsible for honoring any order, trade, cancellation, instruction or other time sensitive communication only if, as and when MJ confirms back to you that MJ has received and is processing the same.

- Your orders, cancellations and other instructions must be sent in a manner and within time-frames that would allow MJ to timely process the same, including, without limitation, reasonably prior to the end of trading hours of the relevant market. Failure to do so may make it impossible for MJ to process your orders and act on your instructions.

- You assume full responsibility for your trading activity and communications, including , but not limited to, compliance with all applicable laws, rules and regulations and exchange or market requirements and practices (collectively, "Applicable Laws").

- You will provide MJ with all terms and conditions relevant to all orders and designate any short order as such, all in accordance with Applicable Laws.

- MJ will retain all messages sent to or from this IM address as required by regulation. MJ reserves the right to monitor and review such messages.

- IM may not be secure. MJ assumes no responsibility for assuring that any IM message has not been viewed, altered or forged by a third party without MJ's knowledge.