Fiduciary Status and Receipt of Regulatory Disclosures.

To the extent our services, we shall be serving as a fiduciary under the Investment Advisers Act of 1940 (the “Advisers Act”). We will provide you a copy of our Privacy Policy and a copy of our written disclosure statement set forth on Part II of Form ADV (Uniform Application for Investment Adviser Registration) or otherwise meeting the requirements of Rule 204-3 of the Advisers Act.

Risk Acknowledgement.

We do not guarantee the future performance of any of your assets or accounts for which we provide services for under any agreement, any specific level of performance, or the success of any investment recommendation or strategy that we may recommend. You understand that our advice and investment recommendations are subject to various market, currency, economic, political and business risks, and that the result of following our advice will not always be profitable.

 Advisor Liability.

Except for gross negligence or malfeasance, or violation of applicable law, neither we nor any of our partners, principals, employees or agents shall be liable hereunder or otherwise for any action performed or omitted to be performed or for any errors of judgment in performing services under this Agreement. The federal securities laws impose liabilities under certain circumstances on persons who act in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights which you may have under any federal securities laws.