S & Y Online Stone & Youngberg LLC Privacy Policy

The Gramm-Leach-Bliley Act directs financial services firms to establish and communicate a policy for defining and protecting the privacy of their clients and customers. To that end, Stone & Youngberg LLC has developed the following statement of position regarding client privacy issues. Stone & Youngberg must collect certain personal information in order to open customer accounts, to process customer transactions and to otherwise maintain appropriate levels of customer service. We understand that by selecting Stone & Youngberg, institutional clients have entrusted us with certain financial information and we are committed to protecting that trust. No private customer information is sold to any person or organization for any purpose.

Statement of Privacy Policy:

It is the policy of Stone & Youngberg that:

1. No client information is sold to any third parties.

2. Client information may be disclosed to third parties under the following circumstances:

* When information is needed to assist in processing or servicing customer transactions or accounts, including providing such information to outside organizations for the printing and mailing of trade confirmations and monthly account statements.

* When such information assists us in providing customers with new services or products, in the development or maintenance of our computer systems, or in the distribution of important information from ourselves or from outside organizations.

* When we believe in good faith that disclosure is required to comply with existing securities regulations and rules, relevant regulatory inquiries, or other circumstances as may exist under the law.

* When a customer specifically asks us to do so in writing.

3. All Firm employees receive instruction regarding their responsibilities in matters involving privacy issues and are required to safeguard personal information.

4. Customer information is protected by the Firm's physical, electronic, and procedural safeguards.

5. If the Firm wishes to disclose customer information in a manner not consistent with this Policy, we will provide advance notice giving the client an opportunity to opt out of such disclosure.

Special Privacy Information Related to the Internet and Our Web Site:
When a customer signs on to our Website, the customer utilizes an internet access provider and a Web browser software program which supports a security technology called Secure Sockets Layer ("SSL"). Examples of browsers that support SSL include Netscape Navigator TM software (version 1.22 or later), Microsoft's Internet Explorer or America Online SM (version 3.0). SSL technology encrypts all data so that anything that is passed between computers on the internet cannot be read by others. These browsers will activate the SSL automatically when a customer signs on to his or her Stone & Youngberg account.
Our Web server sends an electronically transmitted file (commonly called a "cookie") that holds bits of information. When a customer navigates through our Web site, their browser "requests" pages to view, and that request includes the information stored in the cookie previously sent to the customer's computer. Some cookies contain encrypted information about customer accounts and/or identifying information that has been provided by the customer, thereby allowing Stone & Youngberg to process online transactions and requests.
Our Privacy Policy applies to all current or former institutional Stone & Youngberg clients. Stone & Youngberg is committed to communicating our Privacy Policy. We will provide a copy of that Policy to our clients and subscribers on an annual basis. Customers who have further concerns about their account information (or who want to correct, update, or confirm their account information) can do so by writing:

Stone & Youngberg
50 California Street, 35th Floor
San Francisco, CA 94111
Or by calling us at 1-800-44-STONE; or by sending an e-mail message to info@syllc.com.