It is my pleasure to welcome you to the web site of Girard Securities, Inc. My name is Dick Woltman and I'm Girard's Chairman of the Board. Girard Securities, Inc. is a broker/dealer and registered investment adviser headquartered in San Diego, CA. There are a number of things that make Girard distinctive in a crowded field of 5,100 broker/dealers of various kinds. Several things differentiate us: First, who is Girard (who we are is as important as what we are)? Girard is a company built on basic human values which define the word character. These character traits include: trust, stewardship, integrity, ethics, respect, honesty, loyalty and honor. They inspire us to treat people with dignity and respect, to treat people the way we would like to be treated and to be accountable and fix things if they go wrong. The management team at Girard holds these values dear as they help guide the decisions we make and define our vision and mission.

Girard's Vision

To empower our financial consultants and employees to be successful in managing client relationships through service excellence and commitment to our core values.

Girard's Mission

• To operate a broker/dealer which is entrepreneurial and supportive of our registered representatives so they can deliver efficient and excellent services and products to clients.
• Each Girard employee will be challenged moment by moment to support our vision and mission.
• Girard's management will develop and maintain an environment and culture which is supported by an understanding and belief in our core values, a commitment to excellence in our performance, accountability for decisions and actions, and a willingness to adapt and support change in processes and procedures.

The market has finally come to recognize the value of intangible assets and so should you. Some of our critical intangible assets include our people, systems and technology. They make a difference in our mutual drive for success. At Girard we believe that our success is based on performance in operations. Excellence in operations is as important as strong investment results. Therefore we are committed to hiring, training and retaining experts in operations. Our success in operations enhances the ability of our financial consultants to translate products and services into successful client relationships, profitability and growth. We know that retaining good people is essential to success and we work hard at creating an inviting, secure work environment. That same sense of well being extends to our independent registered representatives and advisers. We really are all the things we say we are!

The broker/dealer industry was deregulated in 1975. The design of products and delivery of service has rapidly evolved and expanded since that time. In order to protect the interests of investors the regulatory climate has changed and become more demanding and complex. Having formed one of the first independent firms in 1975, I have guided Girard's programs in order to have the people, systems, technology, organizational structure and strategic plans to be responsive to the complex nature of delivering financial products and services. Secondly, there are other very important differentiating, intangible assets:

• Girard is independently owned. The company has allocated 40% of its stock ownership to its employees and registered representatives.
• Girard has a "Built to Last" culture which is committed to its core values and supports high quality producers.
• The management team is mature and experienced; the CEO was a pioneer in developing the independent model in 1975.
• Girard is entrepreneurial; not bureaucratic.
• Girard maintains two clearing platforms, a proprietary managed account platform, and support systems for separately managed accounts.
• Employee to registered representative ratio is 1 to 3.

Sincerely,

Richard P. Woltman

Chairman of the Board

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