An Investment Advisor 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 Investment Advisor Representative requirements, as the case may be; and follow-up, individualized responses to consumers in a particular state by Investment Advisor 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 may be, shall not be made without first complying with the state's Investment Advisor Representative requirements, or pursuant to an applicable state exemption or exclusion. HFIS, Inc. CA Insurance Lic. 0E89971. 111 North Market Street, Suite 825 | San Jose, CA 95113 IRS CIRCULAR 230 NOTICE: Any tax advice given as part of any meeting or presentation is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of (i) avoiding tax penalties or (ii) promoting, marketing or recommending to another party any matter or transaction addressed herein.