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• Unless we otherwise agree with you in writing, Schwab will act only as your broker-dealer and not as an investment advisor (“Investment Advisor”); and your Account will be a brokerage account and not an investment advisory account governed by the Investment Advisers Act of 1940;

• Unless we otherwise agree with you in writing, Schwab will not provide financial planning services to you or your Account, and any collection of your financial data by Schwab, or analysis or evaluation of such data by Schwab, will be in furtherance of our broker-dealer activities such as recommending investments for your Account and determining

suitability, and not in connection with establishing or implementing a financial plan;

• You, or you and an Investment Advisor other than Schwab, if you have one, are responsible for deter- mining the nature, potential value and suitability for you of any particular investment strategy, transac- tion (including futures transactions) or security (including equities and options) . Schwab has no responsibility for any such determination (1) unless we otherwise agree with you in writing, (2) unless required by applicable law, or (3) unless Schwab or a Schwab representative gives advice directly to you that is clearly identified as a Schwab recommenda- tion for you to enter into a particular transaction or transactions or to buy or sell a particular security or securities;

• You agree that any such Schwab recommendation will remain in effect only for as long as we tell you that it will remain in effect at the time we make the recommendation;

• Unless we otherwise agree with you in writing, Schwab does not have any discretionary authority or obligation to review or make recommendations for the investment of securities or cash in your Account; • You, or you and an Investment Advisor other than

Schwab, if you have one, will rely on multiple sources of information in making investment decisions for your Account, and any information Schwab may provide will not serve as the sole basis for any investment decision you make or made on your behalf; • You, or you and an Investment Advisor other than

Schwab, if you have one, have an affirmative duty to monitor profits and losses in your Account and to modify your trading decisions accordingly; • Schwab may make available, to you and your

Account, enrollment in certain Schwab offerings which will be composed of specified investment advisory services for which you pay a quarterly asset-based fee, which will generally be charged based on the amount of certain assets in your Account, or, in the case of financial planning ser- vices, a one-time flat fee . Other fees and charges may also apply, as set forth in a separate agree- ment you will enter into and that will become part of this Account Agreement;

• While Schwab may make available its own propri- etary research, or other information, this does not constitute an individualized recommendation that a security or transaction is appropriate for you or your Account . Additionally, while Schwab makes available research, analysis, news and other information

prepared by third parties, this also does not constitute an individualized recommendation by Schwab (or any third party) or a solicitation of any offer to buy or sell securities by Schwab (or any third party) . Schwab does not create or prepare any of this third-party information, and it gives no assurances as to its accuracy, quality or timeliness and does not warrant any results from use of any such information; • Any research, analysis, news or other information

made available through electronic channels (e .g ., the Schwab .com website or email alerts) does not constitute an individualized recommendation to you to buy or sell a particular security;

• Schwab does not give legal advice; and

• Schwab does not give tax or estate planning advice, but we may provide you with general tax and estate planning information and principles . You agree that these principles do not apply to your specific circum- stances or take into account your comprehensive tax or estate planning situation . For that type of assistance, you agree to consult your own tax or legal advisor .

You agree not to hold Schwab liable for any trading losses, lost profits or other damages resulting from your use of any information Schwab may provide, whether it is prepared by Schwab or a third party . 32. Market and Limit Orders

You acknowledge a quote that you obtain at or prior to the time you place a market order is not a guaran- tee that all or part of your order will be executed at the quoted price . You acknowledge that when you place a market order, the price of the security may change between the time the order is placed and the time it is executed, and you agree not to hold Schwab liable for these price fluctuations . In addition, if you place a market order when the trading exchanges or marketplaces are closed, or for a security that has not traded on the public market before, you acknowl- edge that the security may open for trading at a price substantially higher or lower than the previous closing price or the anticipated price . You agree to pay or receive the prevailing market price at the time your market order was executed, even if the execution price is significantly higher or lower than you antici- pated at the time you placed the order .

The price quotes you receive when placing an order apply only to orders for a small number of shares . You acknowledge that the price you will pay or receive may vary substantially if your order is larger than the number of shares to which a price quote applies .

Large market orders may be executed in multiple lots at different prices .

You should understand that you can limit the risk of price fluctuations by placing a limit order . However, if you place a limit order, you are less likely to get an execution . Schwab can provide no assurance that your limit order will be executed at any particular time, or at all . If you do not understand the purpose or effect of either market or limit orders, you agree to call a Schwab representative to assist you .

33. Acknowledgment of Obligations and Risks of