Disclaimer

Sahler Research ("Sahler") is an independent research provider and is not a member of the FINRA or the SIPC. Sahler is not a registered broker dealer. The content of this site and the reports contained on this site and/or distributed to clients or prospective clients may be derived from Sahler research reports, notes, or analyses and other important disclosures may be obtained on this site. This site, and the reports contained on this site, and/or distributed to clients or prospective clients are not an offer to sell, or a solicitation of an offer to buy, any security. The information, reports and material presented on this site are for general information only and do not specifically address individual investment objectives, financial situations or the particular needs of any specific person who may view this site or receive any information or report contained on this site or otherwise from Sahler. Investing in any security or investment strategy discussed may not be suitable for you and it is recommended that you consult an independent investment adviser. Nothing on this site, or any report contained on this site, constitutes individual investment, legal or tax advice. The opinions and information contained on this site and the reports contained on this site have been obtained or derived from sources believed to be reliable, but Sahler makes no representation as to their timeliness, accuracy or completeness. Sahler may issue, or may have issued, other reports that are inconsistent with, or that may reach different conclusions than, those represented on this site and the reports contained on this site and/or distributed to clients or prospective clients, and all opinions are reflective of judgments made on the original date of publication. Sahler is under no obligation to ensure that other reports are brought to the attention of any viewer of this site or any recipient of any information or report contained on this site and/or distributed to clients or prospective clients. Sahler shall accept no liability for any loss arising from the use of this site or any information or report contained on this site and/or distributed to clients or prospective clients and shall not treat all viewers of this site, or recipients of any report contained on this site and/or distributed to clients or prospective clients, as customers simply by virtue of their viewing this site or having received this material. Investments involve risk and an investor may incur either profits or losses. Past performance should not be taken as an indication or guarantee of future performance. Sahler officers, employees, agents and/or affiliates may have positions in stocks discussed on this site or in any report contained on this site.

Terms and Conditions

This site and its content are provided to you as a service of Sahler. By accessing and using this site, you agree to certain terms and conditions as outlined herein.

Sahler provides research products related to publicly traded companies. Your use of this information is entirely at your own risk and it is your sole responsibility to evaluate the usefulness of all information.

Timeliness of Content

The information displayed on this site and/or distributed to clients or prospective clients, including, but not limited to, reports and other opinions, is current as of the date appearing on such information and is subject to change without notice. Sahler does not guarantee or warrant the accuracy, timeliness or completeness of any rating or other information on this site.

You acknowledge and agree that (A) all information on this site is the exclusive property of its owners, and not within the public domain and (B) the information on this site is created by its owners or obtained from third parties and that you are not obtaining any ownership rights of any kind to any such information, which rights shall remain at all times with their owners. You will not contest the ownership or validity of any rights of any information on this site. Any unauthorized use of any content is strictly prohibited.

Rights

This site and/or information distributed by Sahler to clients or prospective clients is for your personal use only. You may not copy, distribute, download, store, modify, adapt, reproduce, further transmit translate, reverse engineer, decompile, disassemble, sublicense or assign any aspect of any such information by any means, including but not limited to the Internet, Intranet or other type of network. All forms of copying, sub-licensing, reselling, republication or other form of distribution, including, but not limited to, any internet posting, electronic mailing, faxing, archiving in a public database or redistributing through any computer network, or in any printed form, to third parties, is strictly prohibited unless previously agreed to by Sahler in writing.

Governing Law

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Liability Restrictions

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None of Sahler or any third party shall be responsible for, or assumes any liability (including, but not limited to, any damage or loss), to you based upon any use, or the results of any use, of any Sahler information, service or data base, including, without limitation: (a) any financial results based on the use of any Sahler service or information; (b) any delay, or loss of use of, any such service or information, or any system performance; and (c) any effect on, or damage to, any software and hardware in connection with any use of this site or any service or information contained on this site.

In addition to, and without limiting the foregoing, none of Sahler or any third party shall be liable for any harm caused by the transmission, through this site or any service or information distributed by Sahler to clients or prospective clients, of any computer virus or other computer code or programming device that might be used to access, modify, delete, damage, corrupt, deactivate, disable, disrupt or otherwise interfere, in any manner, with the operation of this site, any information or services by Sahler, or any of your software, hardware, data, network or property.

Termination

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Miscellaneous

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In the event that any portion of these Terms and Conditions is held to be unenforceable, such portion shall be construed in accordance with applicable laws, rules and regulations to reflect, as closely as possible, the original intentions of these Terms and Conditions and the remainder of the provisions of these Terms and Conditions shall remain in full force and effect.

Sahler may make changes to this site, or any Sahler information or services , or these Terms and Conditions at any time without any notice. You should periodically visit this page to review current Terms and Conditions to which you are bound.

Not an Offer

This site, and the services, information, materials and data contained on this site and/or information distributed by Sahler to clients or prospective clients, do not constitute an offer to sell, or the solicitation of an offer to buy, any security, and must not be relied upon in connection with any investment decision.

Indemnification

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Linking Disclaimer

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We maintain physical, electronic and procedural safeguards to protect nonpublic personal customer information. We restrict access to nonpublic personal customer information to those employees who need to know that information to provide products or services to you. If you have access to our site through another site, however, we have no control over, and are not responsible for, the privacy policies of such sites.

If our privacy policy changes, we will notify all users by posting the new policy on this site.

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