Investors' Bill of Rights

Clarity is the cornerstone of trust between investors and their financial representatives.

Ruan Securities Corporation is committed to clarity through full and unambiguous disclosure, as well as enhanced understanding of the securities markets.

We believe that the needs of the investor should always come first. As an investor, you have important rights, including the right to high quality products and services from the securities firm you choose.

At the same time, investors need to shoulder certain responsibilities themselves — for example, to plan carefully to meet their investment goals and to stay informed about the risks and rewards of their investments.

Your Rights as an Investor

As a Ruan Securities Corporation client, you have the right:

Quality Service

• To receive competent and courteous service and advice.
• To be treated in a fair, ethical and respectful manner in all interactions with Ruan Securities Corporation.
• To receive a prompt, courteous response to questions or problems.

Full, Clear Information

• To clear, accurate, easy-to-understand descriptions of all your transactions, statements, and other communications from Ruan Securities Corporation.
• To know all costs and commissions associated with an investment, as well as fees the firm charges for its services. An exception to the above is that the commissions and trading profits are included in the purchase price of a security traded in a principal capacity.
• To accurate and timely regular statements of your account, including detailed transactional information.
• To be provided with clear descriptions of Ruan Securities Corporation's policies and practices for protecting the privacy of non-public, personal information.

Prudent, Responsible Advice

• To be provided with responsible investment recommendations based on your personal objectives, time horizon, risk tolerance, and other factors, as disclosed by you.
• To be apprised of significant conflicts of interest identified in a financial relationship between you and your representative.
• To be able to rely on Ruan Securities Corporation's assistance in setting realistic expectations about the long-term performance and associated risks of various securities. Ruan Securities Corporation will present you with reasonable investment alternatives designed to meet those expectations, and disclose the comparative risks, benefits, and costs.

Prompt, Fair Resolution of Problems

• To fair consideration and a prompt response from Ruan Securities Corporation, if any problem with your account ever arises.
• To a clearly defined process for raising and resolving a complaint. Ruan Securities Corporation will provide you with full information about this process, particularly about how you can elevate an issue to the appropriate level of the firm's management to gain satisfaction.

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Your Responsibilities as an Investor

To help ensure the success of your investments, you will want to take a number of important steps personally.

Inform and Educate Yourself

• Read thoroughly all sales literature, prospectuses, official statements, and/or other offering documents, when available, before making any investment.
• Consider carefully all investment risks, fees, and/or other factors explained in these documents.
• Make certain that you understand the relationship not only between your investment objectives and the risks and returns on your particular investments but also between your particular investments and your investment objectives. You need to remember at all times that every investment has some degree of risk and that it is possible to lose money - some or all - on any investment.

Communicate With Your Financial Representative

• Provide completely accurate information about your financial status, investment goals, and risk tolerance when seeking investment advice, so that your investment firm can provide you with appropriate recommendations.
• Seek out whatever information you need or want from your financial representative by proactively asking any questions you have about your account, a specific transaction, risk exposures, potential conflicts of interest, and, of course, commissions, sales charges, and other fees.
• Notify your financial representative promptly whenever there is a significant change in your investment objectives, risk tolerance, income, net worth, or liquidity needs.
• Review your portfolio holdings on a regular basis, and whenever your financial circumstances change. You may want to make appropriate changes based on your investments' performance and your current objectives.
• If you have any holdings in mutual funds, to tell your financial representative about similar mutual-fund holdings you have at other broker-dealers or directly with the mutual funds, so that your representative can make sure you receive any applicable "breakpoint" discount.

Keep Your Accounts Current

• Have cash or available margin-buying power in your investment account, or transfer funds into that account, to ensure payment for securities purchases by the settlement date.
• Review all transaction confirmations and account statements or reports carefully and promptly. You should report any errors or any questions you have to Ruan Securities Corporation immediately.

Stay Informed

• Make certain that you understand your investments and how they may perform under various market conditions. Your Financial Professional is available to review these facts with you at any time.
• Meet regularly, at least annually, with your Financial Professional to review your financial information and your investments,
• Consult an attorney or a tax adviser for specific tax or legal advice.
• Consider carefully the validity and reliability of investment information obtained from all sources.