DISCLAIMER

Schaeffer's Investment Research does not give individualized market advice. We publish information regarding companies in which we believe our readers may be interested and our reports reflect our sincere opinions. However, they are not intended to be personalized recommendations to buy, hold, or sell securities. Investments in the securities markets, and especially in options, are speculative and involve substantial risk. Only you can determine what level of risk is appropriate for you. Prior to buying or selling an option, an investor must have a copy of Characteristics and Risks of Standardized Options. You can access and download the booklet on The Options /Clearing Corporations' (OCC) website at http://www.optionsclearing.com/publications/risks/riskchap1.jsp This link reference is provided as a courtesy and does not imply that the OCC is endorsing Schaeffer's Investment Research (SIR) or its products. This booklet is also available for free from your broker or from any of the U.S. options exchanges or you can call SIR toll-free at 1-800-327-8833 and we'll be happy to send one to you. If this is your first service with us, a booklet will be included with your welcome materials. We encourage our readers to invest carefully and to utilize the information available at the web sites of the Securities and Exchange Commission at http://www.sec.gov and the National Association of Securities Dealers at http://www.nasd.com. You can review public companies' filings at the SEC's EDGAR page. The NASD has published information on how to invest carefully at its web site. We encourage you to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Most of our information is derived directly from information published by the companies on which we report and/or from other sources we believe are reliable, without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way warrant or guarantee the success of any action which you take in reliance on our statements.

LIMITATION ON SCHAEFFER'S LIABILITY

Schaeffer's liability, whether in contract, tort, negligence, or otherwise, shall be limited in the aggregate to direct and actual damages not to exceed the fees received by Schaeffer's from Subscriber. Schaeffer's will not be liable for consequential, incidental, punitive, special, exemplary or indirect damages resulting directly or indirectly from the use of or reliance upon any material provided by Schaeffer's. Without limitation, Schaeffer's shall not be responsible or liable for any loss or damages related to, either directly or indirectly, (1) any decline in market value or loss of any investment; (2) a subscriber's inability to use or any delay in accessing Schaeffer's website or any other source of material provided by Schaeffer's; (3) any absence of material on Schaeffer's website; (4) Schaeffer's failure to deliver or delay in delivering any material or (5) any kind of error in transmission of material. Schaeffer's and Subscriber acknowledge that, without limitation, the above-enumerated conditions cannot be the probable result of any breach of any agreement between Schaeffer's and Subscriber.

DISCLAIMER OF WARRANTY

ANY AND ALL MATERIAL PROVIDED BY SCHAEFFER'S IS PROVIDED "AS IS" AND SCHAEFFER'S MAKES NO WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

ACKNOWLEDGEMENT AND AGREEMENT

Notwithstanding any other agreement or other communications between Schaeffer's and Subscriber to the contrary, receipt or use of any material provided by Schaeffer's, at any time and through any means, whether directly or indirectly, represents acknowledgement by such person of this disclaimer and agreement with its terms and conditions.

Schaeffer's Investment Research is the copyright owner of all information contained in this service, except as otherwise indicated. Other parties' trademarks and service marks that may be referred to herein are the property of their respective owners. You may print a copy of the information contained herein for your personal use only, but you may not reproduce or distribute the information to others or substantially copy the information on your own server, or link to Schaeffer's Investment Research's website, without prior written permission of Schaeffer's Investment Research. Use or reproduction of information from this service for any other purpose is expressly prohibited by law, and may result in civil and criminal penalties. Violators will be prosecuted to the maximum extent possible.