Privacy Policies, Disclosures, & Disclaimers for SMH Capital Inc., Sanders Morris Harris Group, Cummer Moyers Financial, Kissinger Financial, Salient Partners & Salient Trust Co. can be found in this document.

SANDERS MORRIS HARRIS PRIVACY POLICY

Your Privacy is Important to Us

At Sanders Morris Harris Inc., we recognize the importance of protecting your privacy. We strive to maintain the privacy of such information while we help you achieve your financial objectives. The following disclosure explains what nonpublic personal information we collect about you, why we collect it, what we do with that information, and the steps we have put in place to protect the nonpublic personal information you have entrusted to us.

Information We Collect

To serve you better and manage our business, it is important that we collect and maintain accurate information about you. We collect nonpublic personal information about you from the following sources:

Protecting Your Information

We restrict access to your nonpublic personal information to those employees and agents who need access to the information to perform their job functions or provide products or services to you. We protect your nonpublic personal information from access by third parties by maintaining physical, electronic, and procedural safeguards.

Information We Disclose to Third Parties

It is our policy not to disclose any of your nonpublic personal information to non-affiliated third parties without your consent except as required or permitted by law or unless those parties are providing services or support to us and have agreed to keep your nonpublic personal information confidential. Examples of these parties include the companies we use to clear our securities transactions, prepare and mail your account statements, or to perform our internal auditing. Even if you cease to transact business with Sanders Morris Harris, we will continue to apply the same protections to your nonpublic personal information as we did when you were an active client.

The Sanders Morris Harris Group Family of Companies

Sanders Morris Harris Inc. is at the center of a family of related companies that are owned in whole or in part by Sanders Morris Harris Group Inc. (Nasdaq: SMHG). These affiliated companies allow us to provide greater value to our customers, employees, and shareholders. To provide you with the products and services you request, to serve you better, to manage our business, and as otherwise permitted or required by law, we may disclose personal information we collect about you to other Sanders Morris Harris Group companies. They have agreed to hold your information in confidence and to comply with the privacy policy established by Sanders Morris Harris Inc.

Cummer Moyers Financial

DISCLAIMER: This web-site is for informational purposes only and does not constitute a complete description of our investment services or performance. This web-site is in no way a solicitation or offer to sell securities or investment advisory services except, where applicable, in states where we are registered or where an exemption or exclusion from such registration exists. Information throughout this site, whether stock quotes, charts, articles, or any other statement or statements regarding market or other financial information, is obtained from sources which we, and our suppliers believe reliable, but we do not warrant or guarantee the timeliness or accuracy of this information. Nothing on this web-site should be interpreted to state or imply that past results are an indication of future performance. Neither we or our information providers shall be liable for any errors or inaccuracies, regardless of cause, or the lack of timeliness of, or for any delay or interruption in the transmission thereof to the user. THERE ARE NO WARRANTIES, EXPRESSED OR IMPLIED, AS TO ACCURACY, COMPLETENESS, OR RESULTS OBTAINED FROM ANY INFORMATION POSTED ON THIS OR ANY 'LINKED' WEB-SITE."

Kissinger Financial

IMPORTANT CUSTOMER INFORMATION:

1) A broker-dealer, investment adviser, BD agent or IA representative may only transact business in a particular state after licensure or satisfying qualifications requirements of that state, or only if they are excluded or exempted from the state's broker-dealer, investment adviser, BD agent or IA representative requirements, as the case may be; and

2) Follow-up, individualized responses to consumers in a particular state by a broker-dealer, investment adviser, BD agent or IA representative that involve either the effecting or attempting to effect transactions in securities or the rendering of personalized investment advice for compensation, as the case my be, shall not be made without first complying with the state's broker-dealer, investment adviser, BD agent or IA representative requirements, or pursuant to an applicable state exemption or exclusion.

3) For information concerning the licensure status or disciplinary history of a broker-dealer, investment adviser, BD agent or IA representative, a consumer should contact his or her state securities law administrator.

Legal Disclaimer: None of the information on this site is intended for use without professional advice. Further, the information contained is intended to afford general guidelines on matters of interest. The application and impact of the laws can vary widely, however, from case to case, based upon the specific or unique facts involved. Accordingly, the information in this site is not intended to serve as legal, accounting or tax advice. Users are encouraged to consult with professional advisors for advice concerning specific matters before making any decision. All rights reserved. No part of the text or graphics on this site may be reproduced or transmitted in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, re-keying, or using any information storage or retrieval system without permission in writing from KFS, Inc. Requests for permission or further information should be addressed to Kissinger Financial Services, Inc.

Certain links on this site lead to resources located on servers maintained by third parties over whom KFS has no control. As such, KFS makes no representation as to the accuracy or any other aspect of the information contained on such servers.

Salient Partners & Salient Trust Co.

YOUR RIGHT TO FINANCIAL PRIVACY


At Salient Trust Co. we have established policies and practices that respect the financial privacy of all individuals who use our trust company. We believe it is critical to comply with the laws and regulations designed to secure your financial privacy. Your relationship with us as our client is very important to us, and we want you to understand our policies and practices about handling your information.

This Policy applies to you

This Policy applies to our relationships with individual clients who inquire about or obtain products or services from us for personal, family and household purposes.

Strict security measures

We take the security of information very seriously. We have established security standards and procedures to prevent access to client information. We maintain physical, electronic and procedural safeguards to guard client information.

Limited employee access

We have established procedures to limit employee access to information to only those employees with a business reason for accessing such information. We educate our employees about the importance of confidentiality and client privacy. We take appropriate disciplinary measures to enforce employee responsibilities regarding client information.

Why we collect information

We collect information about you to:

• accurately identify you

• protect and administer your records, accounts and funds

• help us design or improve our products and services

• understand your financial needs

• save you time when you apply for new products and services

• offer you quality products and services

• comply with certain laws and regulations

We collect information from

We collect and maintain your personal information so that we can provide investment management and other services to you. The types and categories of information that we collect and maintain about you include:

• Information we receive from you to open an account or provide investment advice or other services to you (such as your home address, social security number, telephone, financial information and investment objectives).

• Information that we generate to service your account or from our transactions with you (such as account statements and other financial information).

• Information on your transactions with nonaffiliated third parties.

We have established procedures so that the financial information we collect is accurate, current and complete. We are committed to work with you to promptly correct any inaccurate information.

Our selective sharing of information

In order for us to provide investment management and other services to you, we do disclose your personal information in very limited instances, which include:

• Disclosures to nonaffiliated companies as permitted by law, including those who help us service your account (such as providing account information to brokers and custodians).

• Other limited disclosures as permitted by law, for example, required reports to government entities.

We do not share your information with third parties for marketing purposes. We do not sell your information.

Former clients

If you end your relationship with us, we will continue to adhere to the privacy policies and practices described in this notice.

Salient Trust Co., LTA is chartered under the laws of the State of Texas and by state law is subject to regulatory oversight by the Texas Department of Banking.  Any consumer wishing to file a complaint against Pinnacle Trust Co., LTA should contact the Texas Department of Banking through one of the means indicated below:

In Person or U.S. Mail:  2601 North Lamar Boulevard, Suite 300, Austin, Texas 78705-4294

Telephone: 1-877-276-5554 (toll-free)

Fax:  1-512-475-1313

E-mail: consumer.complaints@banking.state.tx.us

Website:   www.banking.state.tx.us

Important information about keeping your account secure