REPORT ON OBJECTIVES FISCAL YEAR 2016 : SEC

The Office of the Investor Advocate (sometimes referred to herein as the “Office” or “we” or “our”) was established pursuant to Section 915 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), as codified under Section 4(g) of the Securities Exchange Act of 1934 (the “Exchange Act”), 15 U.S.C. § 78d(g). Exchange Act Section 4(g)(2)(A)(ii) provides that the Investor Advocate be appointed by the Chair of the U.S. Securities and Exchange Commission (the “Commission” or the “SEC”) in consultation with the other Commissioners and that the Investor Advocate report directly to the Chair. On February 24, 2014, SEC Chair Mary Jo White appointed Rick A. Fleming as the Commission’s first Investor Advocate.

Exchange Act Section 4(g)(6) requires the Investor Advocate to file two reports per year with the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives.A Report on Objectives is due not later than June 30 of each year, and its purpose is to set forth the objectives of the Investor Advocate for the following fiscal year. The instant report is the Investor Advocate’s second annual Report on Objectives. It contains a summary of the Investor Advocate’s primary objectives for Fiscal Year 2016, beginning October 1, 2015.