March Statement Message - Auction Rate Securities

First Clearing LLC acts as the clearing firm for Folger Nolan Fleming Douglas Incorporated (“FNFD”) which services your account. The market for Auction Rate Securities (“ARS”) has recently experienced turmoil. Additional information concerning ARS may be obtained by contacting your financial advisor at FNFD. If you own ARS in your account they are priced at par (i.e., 100). You can tell whether you own ARS by the security description on your statement that will reflect references to Var. (i.e., variable) or Auction Rate. First Clearing LLC reserves the right to price ARS on statements at market in the future, which may be more or less than par. For further information on ARS generally and auction practices please contact your financial advisor at FNFD.