Disclosure Information

The Substantial Investor is an Internet-based publication, with printed version availability (both of which shall herein be referred to as the "Site") owned and published by Private Investor Research, LLC ("Publisher"). Publisher is not registered as an investment adviser with any federal or state regulatory agency. Rather, Publisher relies upon the "publisher's exclusion" from the definition of "investment adviser" as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. The Site is a bona fide publication of general and regular circulation offering impersonalized investment-related ideas, opinions, and commentary to subscribers and/or prospective subscribers. To the extent that any aspect or portion of the Site or Service could be construed as investment-related advice, subscribers and/or prospective subscribers acknowledge that the information is impersonal in nature (e.g., not tailored to the specific investment portfolio or needs of current and/or prospective subscribers).

The Site is limited to the dissemination of impersonal and objective investment-related information (together with access to additional impersonal investment-related information and links). The publication of the Site on the Internet and the publication of any content should not be construed by any subscriber and/or prospective subscriber as Publisher's (i) solicitation to effect, or attempt to effect transactions in securities over the Internet, or (ii) provision of any investment-related advice or services tailored to any particular individual's financial situation or investment objective(s).

Subscribers do not receive investment advisory, investment supervisory, or investment management services, nor the initial or ongoing review or monitoring of the subscriber's individual investment portfolio or individual particular needs. Therefore, no subscriber should assume that his/her/its subscription serves as a substitute for individual personalized advice from an investment professional of the subscriber's choosing. Rather, the Site is designed solely to provide subscribers with a method to evaluate and obtain information on certain securities and market analysis.

The subscriber maintains absolute discretion as to whether or not to follow any portion of the Site content. Publisher does not offer or provide investment implementation services, nor does it offer or provide initial or ongoing individual personalized advice (neither in person nor via the Internet). It remains the subscriber's exclusive responsibility to review and evaluate the content and to determine whether to accept or reject any investment idea and to correspondingly determine whether any such idea is appropriate for a subscriber's investment portfolio or strategy (of which Publisher has and expresses no knowledge or opinion). Publisher expresses no opinion as to whether any of the ideas or thoughts contained on the Site are appropriate for a subscriber's investment portfolio, strategy, financial situation, or investment objective(s).

The subscriber acknowledges that any past performance referred to on the Site relative to any idea or security may not be indicative of future results, and understands that any opinions contained on the Site reflect Publisher's judgment exclusively as of that particular date. Therefore, no current or prospective subscriber should assume that the future performance of any specific investment or investment strategy (including the investments and/or investment strategies profiled on the Site) will be suitable or profitable for a subscriber's portfolio, or equal historical or anticipated performance level(s).

Publisher does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Publisher's web site or incorporated herein, and takes no responsibility therefor. All such information is provided solely for convenience purposes only, and all users thereof should be guided accordingly.

Each subscriber or prospective subscriber acknowledges and accepts the limitations of the Site and agrees, as a condition precedent to his/her/its access to the Site, to release and hold harmless Publisher, its officers, directors, owners, employees, advisors, affiliates, and agents from any and all adverse consequences resulting from his/her/its subscription.

All content is provided for informational purposes only and should not be used for or considered a solicitation of an offer to sell, buy or subscribe for securities, investment partnerships or other financial instruments. Nothing contained herein should be considered individual investment, tax or legal advice or an endorsement or recommendation of any firm, financial advisor, individual, or investment. Any investment or strategy communicated herein can result in a complete loss of money. It is your money, and you are solely responsible for it. Information provided is believed to be reliable, but its accurateness and/or completeness is not guaranteed. Information is of the date referenced and publisher is under no obligation (nor does it plan) to update information. Information may change without notice. Publisher, its affiliates, principals, and employees may have long or short positions in public or private securities or investments mentioned. Securities or investments mentioned may not be suitable for all investors. Subscribers are bound by the Terms of Use to which they agreed upon subscribing to The Substantial Investor. Readers who are not subscribers are responsible for reviewing the Terms of Use, which are available at www.substantialinvestor.com, before implementing any of the ideas or strategies contained herein.

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