ACCEPTANCE OF TERMS

This site ("Site") is owned and operated by Paine & Partners, LLC (“Paine & Partners”). Services on this Site are currently provided to you free of charge, "as is" without express or implied warranties of any kind, and subject to all applicable laws and regulations and the following Terms of Use.

In addition, when using particular services available on the Site, you shall be subject to any posted guidelines or rules applicable to such services which may be posted from time to time. All such guidelines or rules are hereby incorporated by this reference into this Agreement. Paine & Partners reserves the right, in its sole discretion, to modify, alter or otherwise change this Agreement at any time, and you agree to be bound by such modifications, alterations and/or additions. The Agreement may be updated by Paine & Partners from time to time without notice to you. Accordingly, Paine & Partners recommends that you periodically visit this page to review the current Agreement.

COPYRIGHTS & TRADEMARKS

All Materials included on this Site including without limitation text, graphics, logos, button icons, images, audio clips, video clips and software are copyrighted materials, trademarks and/or other proprietary information, are owned or controlled by Paine & Partners or its content providers that have licensed to Paine & Partners the right to use the Materials ("Materials"). In addition, all the Materials of the Site are copyrighted as a collective work under the United States copyright laws and/or similar laws of other jurisdictions, and Paine & Partners owns a copyright in the selection, coordination, arrangement and enhancement of such Materials. Further, unless provided otherwise, you agree that the reproduction, modification, distribution, transmission, republication, display, performance or storage of Materials is strictly prohibited without the express written permission of Paine & Partners and any other respective copyright or trademark owner (from whom you are solely responsible for obtaining permission). Violations may result in severe civil and criminal penalties.

The trademarks and service marks displayed on this Site are registered or unregistered trademarks and service marks of Paine & Partners. Use of any trademark or service mark displayed at Paine & Partners without the express written consent of Paine & Partners or the registered owner of the trademark or service mark is strictly prohibited.

USE OF SITE

This Site or any of the Materials may not be reproduced, duplicated, copied, sold, resold, uploaded, posted, transmitted, distributed or otherwise used or exploited in any way that is not expressly permitted by Paine & Partners. You agree and acknowledge that you shall not acquire any ownership rights by downloading the Materials from the Site. You may download one copy of the Materials on any single computer for your personal, noncommercial home use only (provided you keep intact all copyright, trademark and other proprietary notices), but modification of the Materials or use of the Materials for any other purpose is a violation of Paine & Partners's and possibly other third party's copyright and other proprietary rights. You further agree to use the Materials and the Site only for purposes which are lawful in every nation jurisdiction in the world and all subdivisions thereof, and agree not to use the Materials, or any element of portion thereof for any commercial purpose whatsoever. Paine & Partners and its affiliates reserve the right to refuse service, including, without limitation, if Paine & Partners believes that customer conduct violates applicable law or is harmful to the interest of Paine & Partners and its affiliates. If you violate any provision of this Agreement, your permission to use the Materials automatically terminates, and you must immediately destroy any copy you may have of any of the Materials.

ACCURACY OF INFORMATION

While Paine & Partners uses its best efforts to include accurate and up to date information on Paine & Partners, Paine & Partners makes no warranties or representations as to its accuracy. Paine & Partners assumes no liability or responsibility for any errors or omissions in the content of the Site. Paine & Partners also assumes no responsibility for the timeliness, deletion, misdelivery or failure to store any visitor communication or personalization settings.

MARKET INFORMATION

We may make available to you through one or more Paine & Partners Services a broad range of financial information that we obtain from third party content providers. This includes financial market data, quotes, news, analyst opinions, and research reports. Collectively, we refer to this as "Market Information." Paine & Partners does not endorse or approve the Market Information, and we make it available to you only as a service and convenience. Paine & Partners and our third party providers do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing content of the Market Information, or (2) warrant any results from your use or reliance on the Market Information. Market Information may be unreliable when posted or may quickly become unreliable for various reasons including, for example, changes in market conditions or economic circumstances. Neither Paine & Partners nor the third party providers are obligated to update any information or opinions contained in any Market Information, and we may discontinue offering Market Information at any time without notice. You agree that neither Paine & Partners nor the third party providers will be liable in any way for the termination, interruption, delay, or inaccuracy of any Market Information. You will not redistribute or facilitate the redistribution of Market Information, nor will you provide access to Market Information to anyone who is not authorized by Paine & Partners to receive Market Information. If you are a securities broker, dealer, banker, or investment advisor, you agree not to use the Market Information provided by Paine & Partners for any purpose related to your business.

NO INVESTMENT ADVICE OR RECOMMENDATIONS

Any services or Materials (including Market Information) provided by Paine & Partners through this Site are for informational, educational, and entertainment purposes only. Although the Market Information may provide information relating to investment approaches and opportunities to buy or sell securities, you should not construe any Market Information or other content available through this Site as legal, tax, investment, financial or other advice. Nothing contained in any Materials on this Site constitutes a solicitation, recommendation, endorsement, or offer by Paine & Partners or a third party provider to buy or sell any securities or other financial instruments. You alone will bear the sole responsibility of evaluating the merits and risks associated with the use of any services or Material provided by Paine & Partners through this Site.

FORUMS

Paine & Partners is not responsible for any material posted on any message board or other forum included in this Site ("Forums"), and does not endorse any such material or represent or guarantee the truthfulness, accuracy or reliability thereof. You shall not upload, transmit, distribute, reproduce, use or otherwise publish, reproduce or use through such Forums any material that libels, defames, or is obscene, pornographic, hateful, abusive, harassing or threatening; infringes any intellectual property right or privacy or publicity right of any entity or person; violates any law; advocates illegal activity; interferes with or slows the operation of the Site or advertises or otherwise solicits funds or is a solicitation for good or services. Additionally, you shall not upload, transmit, distribute or otherwise publish materials that contain a virus, corrupted files or similar program that may damage the operation of another's computer or this Site. Paine & Partners shall have the right in its sole discretion to edit, refuse to post or remove any material submitted to or posted on such Forums for any reason whatsoever. Notwithstanding the foregoing, you are solely responsible for all materials you post on or submit to the Forums, and you acknowledge that Paine & Partners may not be monitoring the Forums and that you are not relying upon Paine & Partners to monitor the Forums.

By posting any notes, message/billboard postings, ideas, suggestions, concepts or other material to the Forums, you automatically grant to Paine & Partners a royalty-free, perpetual, irrevocable, non-exclusive license to use, reproduce, modify, publish, edit, translate, distribute, perform, display and otherwise exploit such material and all elements thereof alone or as part of other works in any form, media, or technology, whether now known or hereafter devised, and to sublicense such rights through multiple tiers of sublicenses, all without any obligation to you, whether by way of compensation, attribution or otherwise. You waive any and all so-called “Moral Rights” or similar rights under any jurisdiction, now or hereafter recognized with respect to Paine & Partners’ (or its assigns’) exercise of its rights hereunder.

You agree to indemnify Paine & Partners for any and all claims, damages, losses, and causes of action arising out of your publication, transmittal, reproduction, distribution or use of any materials or your failure to comply or your alleged failure to comply with this Agreement.

LINKS

Visitors should be aware that when they are on this Site, they could be directed to other sites that are beyond Paine & Partners’ control. There are links to other sites from Paine & Partners pages that take them outside our service. These other sites may send their own cookies to visitors, collect data, or solicit personal information. Paine & Partners makes no representations whatsoever concerning the content of those sites. The fact the Paine & Partners has provided a link to a site is not an endorsement, authorization, sponsorship or affiliation with respect to such site, its owners or its providers. There are risks in using any information, software, or products found on the Internet, and Paine & Partners cautions you to make sure you understand these risks before retrieving, using, relying upon, or purchasing anything via the Internet. You agree that under no circumstances will you hold Paine & Partners liable for any loss or damage caused by use of or reliance on any content, goods or services available on other sites.

Visitors should keep in mind that whenever they give out personal information online --- for example, via message boards or chat --- that information can be collected and used by people visitors do not know. Paine & Partners cannot guarantee the security of any information visitors disclose online, and visitors do so at their own risk. Paine & Partners bears no responsibility for any action or policies of any third parties who collect any information visitors may disclose on any public Forum on this Web site.

USE OF COOKIES

Cookies are pieces of information that a Web site transfers to an individual’s hard drive for record-keeping purposes. Cookies make Web-surfing easier for the visitor by saving the visitor's preferences while the visitor is at Paine &smp; Partners' sites. Paine & Partners never saves passwords or credit card information in cookies.

By showing how and when visitors use a site, cookies help Paine & Partners see which areas are popular and which are not. Many improvements and updates to the site are based on such data as total number of visitors and pages viewed. This information is most easily tracked with cookies. Paine & Partners uses the information from cookies to provide services better tailored to Paine & Partners’ visitors needs. Most browsers are initially set up to accept cookies. You can reset your browser to refuse all cookies or indicate when a cookie is being sent.

USE OF IP ADDRESSES

An IP address is a number that’s automatically assigned to your computer whenever you’re surfing the Web. Web servers -- the big computers that “serve up” Web pages -- automatically identify your computer by its IP address.

Paine & Partners may collect IP addresses for the purposes of system administration, to report aggregate information to our advertisers, and to audit the use of our site. When visitors request pages from Paine & Partners sites, our servers log the visitors' IP addresses. Paine & Partners does not normally link IP addresses to anything personally identifiable, which means that a visitor's session will be logged, but the visitor will remain anonymous to us. Paine & Partners can and will use IP addresses to identify a visitor when Paine & Partners feel it is necessary to enforce compliance with our house rules or terms of service or to protect our service, Site, customers, or others. For instance, Paine & Partners may disclose visitor information in special cases when Paine & Partners has reason to believe that disclosing this information is necessary to identify, contact or bring legal action against someone who may be causing injury to or interference with (either intentionally or unintentionally) Paine & Partners’ rights or property, other Paine & Partners visitors, or anyone else that could be harmed by such activities. Paine & Partners may disclose visitor information when Paine & Partners believes that the law requires it. Some services within Paine & Partners may display IP addresses along with the message poster’s name and message. Please review each service prior to use and only use those that disclose information you are comfortable with sharing.

SECURITY

No data transmission over the Internet can be guaranteed to be 100% secure. As a result, while Paine & Partners strives to protect visitors’ personal information, Paine & Partners cannot ensure or warrant the security of any information visitors transmit to Paine & Partners or from Paine & Partners' online products or services, and visitors do so at their own risk.

DISCLAIMERS AND LIMITATIONS ON LIABILITY

PAINE & PARTNERS MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF TITLE OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. THE ENTIRE RISK AS TO THE QUALITY, ACCURACY, ADEQUACY, COMPLETENESS, CORRECTNESS AND VALIDITY OF THIS SITE AND ANY MATERIALS RESTS WITH YOU. THIS SITE AND ALL MATERIALS CONTAINED ON IT ARE DISTRIBUTED AND TRANSMITTED "AS IS" AND ARE AT YOUR OWN RISK. PAINE & PARTNERS, ITS RESPECTIVE OFFICERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES, ACCOUNTANTS, ATTORNEYS, AGENTS, AFFILIATES, SUBSIDIARIES, SUCCESSORS AND ASSIGNS (COLLECTIVELY, FOR THE PURPOSES OF THIS SECTION, “PAINE & PARTNERS”) AND ITS THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, INDIRECT OR PUNITIVE DAMAGES ARISING OUT OF OR IN CONNECTION WITH YOUR USE OF THIS SITE OR ITS MATERIALS (INCLUDING WITHOUT LIMITATION MARKET INFORMATION) OR INABILITY TO USE THIS SITE OR ITS MATERIALS. PAINE & PARTNERS IS NOT RESPONSIBLE OR LIABLE FOR ANY INFECTIONS OR CONTAMINATION OF YOUR SYSTEM OR DELAYS, INACCURACIES, ERRORS, OR OMISSIONS ARISING OUT OF YOUR USE OF THIS SITE OR WITH RESPECT TO THE MATERIALS CONTAINED ON THIS SITE. YOU AGREE TO BE RESPONSIBLE FOR OBTAINING AND MAINTAINING ALL TELEPHONE, COMPUTER HARDWARE AND OTHER EQUIPMENT NEEDED FOR ACCESS TO AND USE OF THIS SITE, AND YOU SHALL BE RESPONSIBLE FOR ALL CHARGES RELATED THERETO.

IF YOU LIVE IN A STATE THAT DOES NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY OR INCIDENTAL OR CONSEQUENTIAL DAMAGES, THE ABOVE LIMITATION OR EXCLUSION MAY NOT APPLY TO YOU. NOTWITHSTANDING THE FOREGOING, IN NO EVENT SHALL PAINE & PARTNERS’ TOTAL LIABILITY TO YOU FOR ANY AND ALL CLAIMS, DAMAGES, LOSSES, AND CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) EXCEED THE AMOUNT PAID BY YOU, IF ANY, FOR ACCESSING THIS SITE.

MISCELLANEOUS

This Site is controlled and operated by Paine & Partners from its offices in the State of California, United States of America. Paine & Partners makes no representation or warranty that the Materials in this Site are legal, appropriate or available for use in other locations. Those who choose to access this Site from other locations do so at their own risk and are responsible for compliance with any and all local laws, if and to the extent local laws are applicable. No software from this Site may be downloaded, exported or reexported into (or to a national or resident of) any countries that are subject to U.S. export restrictions. Paine & Partners has the right at any time to modify, change, add to, discontinue or alter in any manner any aspect of this Site including, without limitation, the Materials and this Agreement.

This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all previous written or oral agreements between the parties hereto with respect to such subject matter. No waiver by either party of any breach or default hereunder shall be deemed to be a waiver of any preceding or subsequent breach or default. The section headings used herein are for convenience only and shall not be given any legal import. You hereby waive any and all defenses you may have based on the electronic form of this Agreement and the lack of signing by the parties hereto to execute this Agreement. This Agreement is effective until terminated by either party. You may terminate this Agreement at any time by discontinuing your use of the Site and destroying all Materials obtained from it. This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of California, as it is applied to agreements entered into and to be performed entirely within such State. Any action you bring to enforce this Agreement or any matters related to this Site shall be brought in either the state or federal courts located in [San Francisco][Santa Clara County] , California. If any provision of this agreement is void or unenforceable in whole or in part, the remaining provisions of this Agreement shall not be affected thereby.

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