Please read these Terms and Conditions of Use (“Terms and Conditions”) carefully. By registering for, logging into, visiting and/or otherwise using the website in any way, you indicate that you understand and intend these Terms and Conditions to be the legal equivalent of a signed, written contract, and you accept the terms of use as set forth herein and agree to be legally bound by them. If you do not agree to these Terms and Conditions, please do not access this website or any pages thereof. This website, and the information, tools and materials contained in it (the “Website”) is provided by Fischer Francis Trees & Watts, Inc. a New York corporation registered with the U.S. Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940, as amended.

The Website and the information, services, tools and material contained in it are not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any country or jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject FFTW to any registration or licensing requirement within such jurisdiction.

The Website’s contents may not be reproduced in whole or in part or otherwise be made available without the prior written consent of FFTW.

NO OFFER

The information, tools and material presented in this Website are provided to you for informational purposes only and are not intended to be, and should not be used or considered as an offer, recommendation or a solicitation to sell or an offer, recommendation or solicitation to buy or subscribe to any financial instruments, investment management services or advisory services. This Website does not intend to provide investment, tax or legal advice. FFTW does not represent that the securities, financial instruments, products or services are suitable or appropriate for all investors. Decisions based on information contained on this Website are the sole responsibility of the user and the user agrees to hold FFTW harmless against any claims for damages arising from any decision the user makes in reliance on information provided on the Website. Prior to the execution of any transaction involving information provided by this Website, the user should consult its business advisor, attorney, and/or tax and accounting advisors with respect to the price, suitability, value or other aspects of any stock, bond, mutual fund, security or other investment. Depending on the user’s specific investment objectives and financial position, the investments discussed on this Website may or may not be suitable. It is up to the user to weigh any decision carefully. FFTW accepts no liability for any loss arising from the use of the material presented in this Website.

FORWARD-LOOKING STATEMENTS

Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words “may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue” and similar expressions identify forward-looking statements.

DISCLAIMER OF WARRANTIES

Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Opinions and/or estimates reflect a judgment at the original date of publication by FFTW and are subject to change without notice. The price, value of and income from any of the financial instruments mentioned on this Website can fall as well as rise. Foreign currency denominated financial instruments are subject to fluctuations in exchange rates that may have a positive or adverse effect on the value, price or income of such securities or financial instruments. Investors in financial instruments effectively assume this risk.

This Website is subject to periodic update and revision. FFTW reserves the right, in its sole discretion, without any obligation and without any notice, to change, modify or delete the information, materials and descriptions on this Website and to suspend or deny access to it. FFTW may discontinue or change any product or services described on this Website at any time. Materials should only be considered current as of the date of initial publication, without regard to the date on which you may access the information.

THE INFORMATION PROVIDED ON THIS WEBSITE IS PROVIDED “AS IS” AND WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. FFTW HEREBY EXPRESSLY DISCLAIMS TO THE EXTENT PERMITTED BY APPLICABLE LAW AND/OR REGULATION ALL WARRANTIES, EXPRESS, STATUTORY OR IMPLIED, REGARDING THE WEBSITE AND ANY RESULTS TO BE OBTAINED FROM THE USE OF THE WEBSITE, INCLUDING BUT NOT LIMITED TO ALL WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR USE AND ALL WARRANTIES ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING AND/OR USAGE OF TRADE OR THEIR EQUIVALENTS UNDER THE APPLICABLE LAWS AND/OR REGULATIONS OF ANY JURISDICTION. FFTW DOES NOT WARRANT OR GUARANTEE THE ACCURACY, TIMELINESS, SUITABILITY, COMPLETENESS OR AVAILABILITY OF THIS WEBSITE OR THE INFORMATION OR RESULTS OBTAINED FROM USE OF THIS WEBSITE, OR THAT THIS WEBSITE OR THE INFORMATION OR RESULTS WILL BE FREE FROM ERROR.

UNDER NO CIRCUMSTANCES AND UNDER NO THEORY OF ANY APPLICABLE LAW AND/OR REGULATION, TORT, CONTRACT, STRICT LIABILITY OR OTHERWISE, SHALL FFTW BE LIABLE TO ANYONE FOR ANY DAMAGES RESULTING FROM ACCESS TO OR USE OF OR INABILITY TO ACCESS OR USE THIS WEBSITE REGARDLESS OF WHETHER THEY ARE DIRECT, INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES OF ANY CHARACTER, INCLUDING DAMAGES FOR TRADING LOSSES OR LOST PROFITS, OR FOR ANY CLAIM OR DEMAND BY ANY THIRD PARTY, EVEN IF FFTW KNEW OR HAD REASON TO KNOW OF THE POSSIBILITY OF SUCH DAMAGES, CLAIM OR DEMAND.

CLIENTS OF FFTW

FFTW will not treat users of this Website as its clients by virtue of them accessing those areas of the Website which are not password protected. Nothing in this Website constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to your individual circumstances, or otherwise constitutes a personal recommendation to you. FFTW does not advise on the tax consequences of investments and you are advised to contact an independent tax adviser. Please note in particular that the bases and levels of taxation may change.

The information provided to FFTW’s clients on the password protected areas of the Website (“Portfolio Data”) is not intended to take the place of any written statements provided to clients pursuant to any client agreement and is indicative only. FFTW provides its clients with limited access to their account information as a courtesy in order for clients to access their portfolio information for their internal purposes only. The Portfolio Data is preliminary information used internally by FFTW and has not been verified, audited or checked for accuracy. Nor has the Portfolio Data been reconciled with the official books and records of the portfolio’s custodian. In addition, the Portfolio Data may not reflect the portfolio’s correct valuation at the time it is accessed.

By using the Website you expressly acknowledge the above representations and agree to indemnify and hold FFTW harmless from any and all claims, liabilities or causes of action that may arise out of your reliance on the Portfolio Data.

COPYRIGHT AND TRADEMARK

All material presented on this Website, unless specifically indicated otherwise, is under copyright to FFTW. The material is freely downloadable for browsing purposes only. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of FFTW. All trademarks, service marks, trade names and logos used on this site are trademarks or service marks or registered trademarks or service marks of FFTW or one of its affiliates or other entities. Nothing contained in this Website should be construed as granting by use, implication, estoppel or otherwise, any license or right to use any trademark displayed on this Website without the express consent of FFTW. FFTW neither warrants nor represents that use of materials displayed on this Website will not infringe rights of third parties not owned by or affiliated with FFTW.

LINKED SITES

We may provide addresses or hyperlinks which lead you out of this Website. Except to the extent to which the Website refers to FFTW’s own Website links, and FFTW is not responsible for the content of any other websites or pages linked to or linking from this Website. Such addresses or hyperlinks (including addresses or hyperlinks to FFTW’s own website material) are provided solely for your convenience and information. The existence of any such links shall not constitute an endorsement, representation or warranty of such link. Accessing such website or following such links to any other websites or pages shall be at your own risk. FFTW is not responsible for and shall have no liability for the accuracy, subject matter, completeness, quality, timeliness, suitability or reliability of any instruments on such links.

TRANSMISSIONS TO AND FROM WEBSITE

Electronic mail submitted to this Website should be considered neither secure nor confidential. FFTW makes no representation whatsoever concerning the security or confidentiality of your email messages and specifically makes no representation that any email message submitted through this Website will be received by FFTW.

INTEGRATION AND SEVERABILITY

If any provision of these terms is deemed unlawful, void or for any reason unenforceable, then that provision will be deemed severable from these terms and will not affect the validity and enforceability of the remaining provisions.

The preceding terms and conditions of use represent the entire agreement between FFTW and the user relating to the subject matter herein.