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

Wedbush Morgan Securities (WMS) is committed to clarity through full and fair disclosure, as well as an informed understanding of securities markets

At WMS, the clients' needs always come first. As a WMS client, you have important rights, including the right to high-quality products and services from us.

Clients have certain responsibilities themselves-for example, to communicate carefully to accomplish their investment goals and to stay informed about the risks and rewards of their investments.

Your Rights as a Client

As a client of WMS, you have the following rights:

Quality Service

• To be treated in a fair, ethical and respectful manner in all interactions with WMS, our colleagues and affiliates.
  
• To receive competent and courteous service and advice at a fair price.
  
• To select your own Investment Executive.
  
• To move your account to a new Investment Executive or another firm entirely, whenever you wish, in a simple, efficient manner.
  

• To clear, accurate, easily understood descriptions of all of your transactions, statements and other communications from WMS.
  
• To be informed clearly of all costs associated with your account and costs related to individual transactions, including commissions, sales charges and other fees.
  
• To accurate and timely regular statements of your account, including detailed transactional information.
  
• To be provided with clear descriptions of our policies and practices for protecting the privacy of non-public, personal information.
  

• To be provided with responsible investment recommendations based on your personal objectives, time horizon, risk tolerance and other factors disclosed by you.
• To be apprised of important conflicts of interest identified in a financial relationship between the client and WMS or the Investment Executive.
• To expect that WMS will provide professional assistance to help you clarify your investment goals and risk tolerance.
• To be able to rely on our assistance in setting realistic expectations about the long-term performance and associated risks of various securities. WMS will present you with reasonable investment alternatives designed to meet those expectations and will disclose the comparative risks, benefits and costs.

• To fair consideration and a prompt response from WMS, if any problem with your account arises.
• To a clearly defined process for raising and resolving a complaint. WMS will provide you with full information about this process, particularly about how you can elevate an issue to the appropriate level of our management to gain satisfaction.
• To be apprised of alternatives if WMS is unable to resolve a dispute to your satisfaction.

To help ensure the success of your investments, it is in your best interest to take a number of important steps personally:

Inform and Educate Yourself

• Read thoroughly all sales literature, prospectuses 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. It is important 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.

• Provide complete and accurate information about your financial status, investment goals and risk tolerance when seeking investment advice, so that WMS can provide you with appropriate recommendations.
• Seek out information you need or want from your Investment Executive by proactively asking questions you have about your account, a specific transaction, risk exposures, potential conflicts of interest and commissions, sales charges and other fees.
• Notify your Investment Executive 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, inform your Investment Executive about similar mutual fund holdings you have at other firms or directly with the mutual funds, so that WMS can ensure that you receive any applicable "breakpoint" discount.

• 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. If you are paying by check or funds transfer, you should always make payments directly to WMS.
• Review all transaction confirmations and account statements or reports carefully and promptly. You should report any errors or questions to your Investment Executive or the Sales Office Manager immediately.

• Consult an attorney or tax adviser for specific tax or legal advice.
• Keep in mind that you are fully responsible for your investment decisions, when using automated channels (Internet or telephone) for your trading needs.
• Consider carefully the validity and reliability of investment information obtained from all sources, especially unsolicited information obtained over the Internet.
• Understand that the opinions of securities research analysts should never be interpreted as a guarantee of future performance or rate of return.