IMPORTANT DISCLOSURE STATEMENT

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. Royal Alliance Associates, Inc. (“Royal”) is a broker-dealer registered with the United States Securities and Exchange Commission and a member of both the National Association of Securities Dealers, Inc. (“NASD”) 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, NASD 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.
 
Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that future performance of any specific investment, investment strategy (including the investments and/or investment strategies recommended by Capital Investment Services) or product made reference to directly or indirectly by Capital Investment Services in its web site, or indirectly via a link to an unaffiliated third party web site, will be profitable or equal the corresponding indicated performance level(s). Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a client or prospective client’s investment portfolio. Historical performance results for investment indices and/or categories generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results.
 
Certain portions of Capital Investment Services’ web site (i.e. newsletters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, Capital Investment Services’ (and those of other investment and non-investment professionals) positions and/or recommendations as of a specific prior date. Due to various factors, including changing market conditions, such discussion may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Capital Investment Services, or from any other investment professional. Correspondingly, each client and prospective client agrees, as a condition precedent to his/her/its access to Capital Investment Services’ web site, to release and hold harmless Capital Investment Services, its officers, directors, employees and agents from any and all adverse consequences resulting from any of his/her/its actions and/or omissions which are independent of his/her/its receipt of personalized individual advice from Capital Investment Services.
 
To the extent that any client or prospective client utilizes any economic calculator or similar device contained within or linked to Capital Investment Services’ web site, the client and/or prospective client is advised that the information resulting from the use of any such calculator/device, is not, and should not be construed, in any manner whatsoever, as the receipt of, or a substitute for, personalized individual advice from Capital Investment Services, or from any other investment professional.
 

PRIVACY POLICY

Capital Investment Services, Inc., an independent financial planning firm, is committed to safeguarding the confidential information of its clients.  We hold all personal information provided to our firm in the strictest confidence.  These records include all personal information that we collect from you in connection with any of the services provided by Capital Investment Services, Inc.  We have never disclosed information to nonaffiliated third parties, except as permitted by law, and do not anticipate doing so in the future.  If we were to anticipate such a change in firm policy, we would be prohibited under the law from doing so without advising you first.  As you know, we use health and financial information that you provide to us to help you meet your personal financial goals while guarding against any real or perceived infringements of your rights of privacy.  Our policy with respect to personal information about you is listed below:

• We limit employee and agent access to information only to those who have a business or professional reason for knowing, and only to nonaffiliated parties as permitted by law.  (For example, federal regulations permit us to share a limited amount of information about you with a brokerage firm in order to execute securities transactions on your behalf, or so that our firm can discuss your financial situation with your accountant or lawyer.)

• We maintain a secure office and computer environment to ensure that your information is not placed at unreasonable risk.

• The categories of nonpublic personal information that we collect from a client depend upon the scope of the client engagement.  It will include information about your personal finances, information about your health to the extent that it is needed for the planning process, information about transactions between you and third parties, and information from consumer reporting agencies.

• For unaffiliated third parties that require access to your personal information, including financial service companies, consultants and auditors, we also require strict confidentiality in our agreements with them and expect them to keep this information private.  Federal and state regulators also may review firm records as permitted under law.

• We do not provide your personally identifiable information to mailing list vendors or solicitors for any purpose.

• Personally identifiable information about you will be maintained during the time you are a client, and for the required time thereafter that such records are required to be maintained by federal and state securities laws, and consistent with the CFP Board Code of Ethics and Professional Responsibility.  After this required period of record retention, all such information will be destroyed.