TERMS AND CONDITIONS

DISCLAIMER

Schaeffer’s Investment Research, Inc. (SIR) does not give individualized stock market advice. We publish information regarding companies in which we believe our subscribers 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 Corporation’s (OCC) website at http://www.optionsclearing.com/about/publications/character-risks.jsp This link reference is provided as a courtesy and does not imply that the OCC is endorsing SIR or its products. This booklet is also available for free from your broker or from any of the U.S. options exchanges.

We encourage you to invest carefully and to utilize the information available at the websites of the Securities and Exchange Commission at http://www.sec.gov and the Financial Industry Regulatory Authority at http://www.FINRA.org. You can review public companies’ filings at the SEC’s EDGAR page. The FINRA has published information on how to invest carefully at its website. We encourage you to get personal advice from your professional investment advisor or 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.

Our personnel may own positions in the equities mentioned in our reports. However, all employees are prohibited from any transaction that directly or indirectly competes with the interests of our subscribers. We are not compensated in any way for publishing information about companies mentioned in our reports.

Testimonials may or may not be representative of actual results.

PERFORMANCE FIGURES

Performance figures are based on actual recommendations made by SIR. Due to the time critical nature of stock and options trading, brokerage fees, and the activity of other subscribers, SIR cannot guarantee that subscribers will mirror the exact performance stated on our track records or promotions. Performance numbers shown are based on trades subscribers could enter based on our tracking guidelines. Past results are not necessarily indicative of future performance.

LIMITATION ON SIR’S LIABILITY

SIR’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 SIR from Subscriber. SIR 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 SIR. Without limitation, SIR 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 SIR’s website or any other source of material provided by SIR; (3) any absence of material on SIR’s website; (4) SIR’s failure to deliver or delay in delivering any material or (5) any kind of error in transmission of material. SIR and Subscriber acknowledge that, without limitation, the above- enumerated conditions cannot be the probable result of any breach of any agreement between SIR and Subscriber.

DISCLAIMER OF WARRANTY

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

BROKERS

SIR is not affiliated with any brokerage firm and does not endorse or recommend any specific brokerage firm. SIR is not and will not be responsible for any trades made by a broker on the subscriber’s behalf under any circumstances.

ACKNOWLEDGEMENT AND AGREEMENT

Notwithstanding any other agreement or other communications between SIR and Subscriber to the contrary, receipt or use of any material provided by SIR, 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.

COPYRIGHT NOTICE

SIR 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, without prior written permission of SIR. You may link to SIR’s website only if visitors are aware that it is SIR’s website to which the link has been made. 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.