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No Obligation to Update Information and Disclaimer of Warranty

CPM intends the information provided at this web site to be useful and accurate; however CPM does not guarantee that the information at this web site is accurate, current or suitable for any particular purpose. CPM does not assume any obligation to update information at this web site. All information available at or through this web site is provided "as is" without warranty of any kind, either express or implied. CPM makes no representations concerning this web site and disclaims all express, implied and statutory warranties of any kind, including warranties of merchantability or fitness for a particular purpose, to the fullest extent allowed by applicable law. In no event shall CPM be liable for any damages of any kind arising from information at this web site or the use of this web site. The terms of this disclaimer shall be construed in accordance with the laws of the Commonwealth of New York, without regard to its conflict of laws provisions.

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Copyright Notice

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Research May Not be Current

CPM intends that its research be useful and believes that, as of the date of its first publication, it is accurate. However, there is no representation that the information is accurate, complete or current, or that it reflects the current opinion or all information known to CPM or its affiliates. In some instances, CPM or its affiliates may be prohibited by the securities laws from providing updates regarding individual company research reports posted on the site, due to relationships with certain issuers of the subject securities, or for a variety of other reasons. Research Reports Are Not Recommendations or Solicitations.

These reports do not represent a recommendation to undertake transactions in the subject securities. The reports do not represent an offer to buy or sell a security or a solicitation to do so. CPM and its affiliates may effect transactions, maintain proprietary positions, make markets, and conduct investment banking services, or seek to provide investment banking services, with respect to the securities/issuers which are the subject of these reports.

No Warranty

CPM and its affiliates disclaim any warranty of any kind, whether express or implied, as to any matter whatsoever relating to these research reports. You understand that these research reports are provided on an "as is" basis for use at your own risk, and that neither CPM nor its affiliates are liable for any damages or injury resulting from use of this information. Performance data is provided by sources which we believe to be reliable, but there is no assurance that such information or calculations prepared using such information, are accurate or complete. Securities Discussed in Research Reports May Not Be Suitable.

Investments

Some or all of the securities discussed in these research reports may be speculative or high risk, and unsuitable for many investors. Neither CPM nor any of its affiliates makes any representation as to the suitability of these securities for individual investors. Investors must make their own determination as to the suitability of such investments, based on factors including their investment objectives, financial position, liquidity needs, tax status, and level of risk tolerance.

You Must Make Your Own Investment Decision

It is assumed that individuals accessing these research reports possess sufficient investment knowledge and expertise, either alone or with the assistance of their investment advisors, to make their own evaluation of the reports and investment decisions.

Disclosure of Order Execution and Routing Practices

SECURITIES AND EXCHANGE COMMISSION17 CFR Part 240 [Release No. 34-43590; File No. S7-16-00] RIN 3235-AH95Disclosure of Order Execution and Routing Practices http://www.sec.gov/rules/final/34-43590.htm

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