Eligible Securities
Only unconditional limit orders on exchange listed and NASDAQ securities are eligible for execution, any size.

Placing a Trade
Extended hours trades must be placed with a time in force of GTEM (Good Till Extended Market).

Commission Extended Hours Trades
$25 up to 5000 shares, .003¢ per share over 5000.

• Unexecuted orders will be canceled at 6:00 p.m. EST (no GTC orders)
• Trade more than 300 Stocks, including the NASDAQ 100® and the most active NASDAQ issues and the NASDAQ 100 Tracking Stock.
• Prices in Extended Hours Trading Session may vary from the close or opening of the primary markets during regular trading hours. Also, quotations and transaction prices may vary among different extended hours trading systems.
• Orders submitted to Values Based Investor and Extended Hours Trading Session orders are available from 8:00 a.m. to 6:00 p.m. EST. If an order is not executed, it will expire automatically at 6:00 EST.
• Only unconditional limit orders on exchange listed and NASDAQ securities are eligible for execution during the Extended Hours Trading Session.
• Not every security is eligible for Extended hours trading.

How Extended Hours Trading Differs From Regular Hours
Extended Trading Hours are those periods when trades can be placed and potentially executed. The term specifically refers to stock trading outside Wall Street's traditional trading hours of 9:30 a.m. to 4 p.m. ET. Extended hours investing involves unique risks that investors should fully understand before placing an order after hours. These risks include, but are not limited to, greater price volatility, less liquidity, and wider bid/ask spreads than during regular market hours. Prior to participating in this unique Extended Hours session, you should review and be aware of the various risks and requirements involved in Extended Hours Trading. While trading in the Extended Hours sessions is not new, in the past it has been a mostly institutional market with institutional traders working primarily on behalf of banks, insurance companies, mutual funds and pension funds.

Nature of Extended Hours Trading
A new crop of electronic trading venues, often called electronic communications networks (ECNs) have been developed recently, targeting individual investors who want to trade during nontraditional hours. So far, these systems have not standardized either the way they work or the time periods that they operate.

Since Extended Hours Trading for retail customers is still a relatively small market, many brokerage firms staff for the traditional trading hours, with a smaller staff during the Extended Trading sessions. The availability of customer support staff and other particulars relating to policies and operations during Extended Hours Trading hours may also be limited, including access to account information and account representatives and support staff (such as margin clerks and cashiers) especially in the event of heavy Internet traffic, phone usage, or system capacity problems.

As mentioned above, there are many different systems currently offering Extended Hours Trading. While NASDAQ began leaving its quotation reporting system running during Extended Hours in October 1999, this simply means quotes are available from the various ECNs. Most brokerages opt to allow customers to make Extended Hours trades only in the brokerage's designated system.

Most ECNs only allow customers to enter limit orders, meaning that they will only accept orders to buy and sell at a specific price. If a trade can't be consummated at that price, the order will go unfilled. Essentially, the EC systems simply list orders to buy and sell, and when they detect a match, the system automatically executes the trades. Regardless of whether or not a particular ECN allows market orders or sticks to limit orders only, it is good practice to for investors to place only limit orders, thus protecting themselves somewhat from the wide price swings that might occur in the Pre and Extended-trading session market, where trading volume is lower.

Price Quotes for Extended Hours Trading
The NASDAQ is already keeping its trade-reporting system running after 4 p.m. ET. NASDAQ consolidates these reports and sells them to market news and quote vendors. NASDAQ strongly recommends that organizations that display Pre and Extended-hours quotes should identify them as such. CNBC, for example, on the streaming ticker on its TV channel, displays after-hours quotes of NASDAQ trades until 6:30 p.m. ET. It shades after-hours trades in gold, to differentiate them from other trades.

Risks of Extended Hours Trading
The risks of Extended hours trading include but are not limited to:

• Limited liquidity, Lack of Depth and Breath
  Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in Extended hours trading as compared to regular market hours. Only specific stocks, or groups of stocks, and other securities will be available for trading in Extended hours sessions. Not all stocks may be traded during Extendedtrading sessions. Trading volume may be lighter than regular trading sessions, resulting in less liquidity for certain securities. As a result, customers may receive partial executions, or no executions at all.
• Increased Volatility
  Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility in Extended hours trading than in regular market hours. As a result, your order may only be partially executed, or not at all, or you may receive an inferior price in Extended hours trading than you would during regular market hours.
• Inaccurate "Real-time" Quotes
  Depending on the Extended hours trading system or the time of day, the prices displayed on a particular Extended hours trading system may not reflect the prices in other concurrently operating Extended hours trading systems dealing in the same securities. There may be multiple, unlinked after hours trading facilities trading the same security. You may receive an inferior price in one Extended hours trading system than you would in another Extended hours trading system. Accordingly, "real-time" quotes may or may not reflect the true condition of the market. As a protection, only limit orders should be used in after hours trading.
• Wider Than Normal Spreads
  The spread refers to the difference in price between what you can buy a security for and what you can sell it for. Lower trading volumes and higher volatility, as well as other characteristics of Extended hours trading sessions, could result in wider than normal spreads. As a result, customer orders could be executed away from prices that prevailed during regular market sessions, or not be executed at all.
• Fragmentation of the Market
  There may be multiple, unlinked after hours trading facilities trading the same security but operating independently of one another. Accordingly, investors may pay more or receive less for their securities purchases or sales when trading in a particular after hours trading facility in comparison to the securities primary market or other Extended hours trading facility.
• Impact of News Announcements
  Normally, issuers make news announcements that may affect the price of their securities after regular market hours. Similarly, important financial information is frequently announced outside of regular market hours. In Extended hours trading, these announcements may occur during trading. The impact of news announcements immediately preceding or during an Extended hours session could cause an exaggerated effect on the market due to fewer market participants, less liquidity, and less trading volume than during regular trading sessions.
  If securities have been halted during the regular trading session, such trading halts will continue to be in effect during the after-hours trading session. No trading halts will be initiated by the after-hours trading session itself during the after hours trading session.
• Risk of Changing Prices
  The prices of securities traded in Extended hours trading may not reflect the prices either at the end of regular market hours, or upon the opening the next morning. As a result, you may receive an inferior price in Extended hours trading than you would during regular market hours. Understand what it means to trade on margin. While practiced by many knowledgeable investors, trading with borrowed funds may result in magnified losses, even to the point of exceeding your initial investment.

Trading may have become as easy as "point and click," but there's still only one way to invest. Investigate before you invest. Be informed. Invest smart.

Options involve risk and are not suitable for all investors. Certain requirements must be met to trade options through Values Based Investor. On-line trading has inherent risks due to delay or loss of online services, system performance, market conditions, erroneous or unavailable market data. Investors should understand these and additional risks before trading. Before considering any option transaction, please read Characteristics and Risks of Standardized Options provided by the Options Clearing Corporation (OCC), available in Adobe Acrobat PDF format. A current copy may also be obtained by calling Values Based Investor at 1-800-92-REGAL or by mailing your request to Values Based Investor, P.O. Box 9503, Fort Myers, FL 33906-9503. Because of the importance of tax considerations, Values Based Investor recommends consulting your tax advisor before contemplating any options transaction.