Univest Securities, Inc.

Penson Financial offers two levels of checkwriting.

Basic:

• First order of 200 wallet-style checks free
• $250 minimum per check

Premium:

Available exclusively to Valet Asset Management Account holders, premium checkwriting includes:

• First order of 200 wallet-style checks free
• Preaddressed labels for mailing additional deposits
• No minimum dollar requirement on checks written
• Expense codes for categorization of checks written
• Check number and payee printed on monthly statement
• Year-end recap of all checks written, by category
• Optional check styles available