Morgan Joseph

Morgan Joseph LLC
Business Continuity Plan ("BCP")

Morgan Joseph LLC ("Morgan Joseph" or the "Firm") is committed to safeguarding the interests of its customers, the safety of its employees, and the continuity of our business in the event of an emergency or significant business disruption.

Morgan Joseph conducts an investment banking business supported by investment research and the trading of equity and fixed income securities. Customer securities accounts are introduced to J.P. Morgan Clearing Corp. ("J.P. Morgan") on a fully disclosed basis, and J. P. Morgan maintains the records of customer funds and securities. J. P. Morgan's Business Continuity Plan is posted at www.globalclearing.com and is mailed to new clients at the time an account is opened and is available upon written request. The J.P. Morgan Business Continuity Plan encompasses multiple backup sites for its mission critical systems and contemplates recovery times for these systems ranging between real time recovery and 4 to 12 hours. J.P. Morgan also maintains a backup operations center about 30 miles from its headquarters. The Firm also introduces certain accounts to Southwest Securities Inc. for the clearance of certain underwriting transactions. Their Business Continuity Plan is posted at http://swst.com/pages/SwstCorporateGovernance.aspx and they can be reached in an emergency at 866-797-5227.

This Morgan Joseph Business Continuity Plan ("BCP") is posted at www.morganjoseph.com and is mailed to new clients at the time an account is opened and is available upon written request. However, keep in mind that our Business Continuity Plan will change to reflect changes in our business and the circumstances of a business interruption.

Unforeseen business interruptions can affect a single office, a business district, a city-wide area, or an entire region. Because Morgan Joseph conducts its business from eleven separate locations in eleven different cities, we believe that we are able to diminish the risks posed by local disruptions. In the event of a significant business disruption rendering a Morgan Joseph location inaccessible or inoperable, our strategy for continuing business is to first ensure the safety and security of all employees and then to continue critical business operations at predefined alternate sites.

The Firm is dependent upon the availability of power and telecommunications and certain computer systems to operate each of its facilities and is dependent upon others to supply these utilities. In addition, extreme weather conditions can result in personnel being unable to travel to our offices for work. In the event that one or more of our offices suffers a business interruption event, we intend to continue our business from our other locations, and, if necessary, will have key personnel displace to these other facilities. If you are unable to contact our Firm utilizing your normal means of communication with us, please use the following telephone numbers as alternatives:

In New York City: 212-218-3700 or 212-218-3832.
In Pittsford, NY: 585-899-6021
In Nashville, TN: 615-238-2300

Or you may look at our website, www.morganjoseph.com for current contact information.

In the event that you are totally unable to make contact with our Firm and need information regarding your securities account, please contact J.P. Morgan Clearing Corp. at 212-552-1919 for liquidating orders, check and wire requests, and ACAT transfers only.

Our Firm's BCP is highly dependent upon critical infrastructure and resources over which Morgan Joseph maintains no control, including, but not limited to: electricity, telecommunications, computer systems, water, external exchanges, market utilities, our clearing firm, and clearing houses. Morgan Joseph cannot guarantee that it will be able to fully implement the plans summarized herein if a significant business disruption results in substantial loss of life.

If you have any questions regarding our Business Continuity Plans, please contact Steven Blecher at 212-218-3733.