IMPORTANT CONSUMER DISCLOSURE from Capital Investment Services, Inc.

Capital Investment Services, Inc. ("Capital Investment Services") is an SEC registered investment adviser principally located in West Chester, Pennsylvania. Capital Investment Services and its representatives are in compliance with the current filing requirements imposed upon SEC registered investment advisers by those states in which Capital Investment Services maintains clients. Capital Investment Services may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Capital Investment Services' web site is limited to the dissemination of general information pertaining to its diversified services. Accordingly, the publication of Capital Investment Services' web site on the Internet should not be construed by any consumer and/or prospective client as Capital Investment Services' solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Any subsequent, direct communication by Capital Investment Services with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of Capital Investment Services, please contact the SEC or the state securities law administrators for those states in which Capital Investment Services maintains a notice filing. A copy of Capital Investment Services' current written disclosure statement discussing Capital Investment Services' business operations, services, and fees is available from Capital Investment Services upon written request. All investment adviser representatives of Capital Investment Services are also registered representatives of Royal Alliance Associates, Inc. ("Royal"), a broker-dealer registered with the United States Securities and Exchange Commission and a member of both the Financial Industries Regulatory Authority ("FINRA") and Securities Investor Protection Corporation ("SIPC"). Registered representatives of Royal, may, in their individual capacities, effect securities transactions for public customers on a fully disclosed commission basis in those states in which both Royal and the specific registered representative is registered, or qualifies for an exemption or exclusion from registration requirements. For information pertaining to the registration status and/or disciplinary history of Royal or any registered representative of Royal, please contact the SEC, FINRA and/or state securities law administrators for those states in which Royal and/or the specific registered representative maintain a registration filing. Capital Investment Services does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Capital Investment Services' web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.


The Advisors at Capital Investment Services, Inc. are Registered Representatives of, and offer securities products and services through, Royal Alliance Associates, Inc. Member FINRA/SIPC, a registered broker-dealer. In this regard, this communication is strictly intended for individuals residing in the states of AR, CA, CT, DE, FL, GA, IL, KS, MA, MI, MN, MO, NC, NJ, NY, PA, RI, TX, VA. No offers may be made or accepted from any resident outside the specific states referenced.


Wayne Guidotti, John Guidotti, and David Visintainer are also separately registered as investment advisors under Capital Investment Services, Inc. entity, a registered investment advisor registered with the Securities Exchange Commission. As such, these services are strictly intended for individuals residing in states where we are exempt or these listed states where we have notice filed: FL, LA, PA, TX, VA.