User Agreement

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The financial market information, news, and research (collectively “Information”) accessible through this site are prepared by information providers (“Information Providers”) that may be independent of WR Hambrecht + Co, Inc. Analyst research and opinions (“Research Reports”) available through the web site have been developed by WR Hambrecht + Co or obtained from various third-parties (the “Research Providers”). None of the Information or Research Reports constitutes a recommendation or a solicitation by WR Hambrecht + Co or a recommendation or solicitation that any particular investor should purchase or sell any particular security in any amount, or at all. The Information and the Research Reports are not intended to provide tax, legal, or investment advice. Neither WR Hambrecht + Co nor any Information or Research Provider assesses for you, or any particular investor, the suitability of any particular investment. WR Hambrecht + Co does not assess for you, or any particular investor the potential value of any particular investment or the suitability of any Information source or Research Provider. WR Hambrecht + Co will treat as unsolicited any security order you place after accessing Information or Research Reports.

WR Hambrecht + Co and/or its employees or directors may have positions in securities referenced in Information or Research Reports, and may, as principal or agent, buy from or sell to customers. Consultants to WR Hambrecht + Co may have, or may have clients with, positions in securities referenced in Information or Research Reports. WR Hambrecht + Co may perform investment banking or other services for, or solicit such services from, any company mentioned in Information or Research Reports.

Neither WR Hambrecht + Co nor the Information or Research Providers (1) guarantee the accuracy, timeliness, completeness, or correct sequencing of the Information or Research Reports, or (2) warrant any results from use of the Information or Research Reports. Information or Research Reports have been prepared as of the date(s) indicated and may become unreliable because of subsequent market or economic circumstances. Neither WR Hambrecht + Co nor any Information or Research Provider is under any obligation to update Information or opinions contained in any Research Report or continue to offer Information or Research Reports regarding any company or security. From time to time, WR Hambrecht + Co and/or a Research Provider may be unable to provide Research Reports with respect to certain companies with which WR Hambrecht + Co, a Research Provider, or their respective affiliates have certain business relationships.

IN NO EVENT WILL WR HAMBRECHT + CO, THE INFORMATION PROVIDERS, THE RESEARCH PROVIDERS, OR OTHER PERSONS TRANSMITTING THE INFORMATION OR RESEARCH REPORTS BE LIABLE TO YOU OR ANYONE ELSE FOR ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL, OR INDIRECT DAMAGES (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS, TRADING LOSSES, AND DAMAGES THAT MAY RESULT FROM THE USE OF THE INFORMATION OR THE RESEARCH REPORTS OR FROM INCONVENIENCE, DELAY OR LOSS OF USE OF INFORMATION OR RESEARCH REPORTS OR FOR OMISSIONS OR INACCURACIES IN THE INFORMATION OR THE RESEARCH REPORTS) EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND, AS A CONDITION TO ACCESSING SUCH INFORMATION OR RESEARCH REPORTS, YOU EXPRESSLY WAIVE ANY CLAIM YOU MAY HAVE AGAINST WR HAMBRECHT + CO, ANY INFORMATION OR RESEARCH PROVIDER, OR ANY OTHER PERSON WITH RESPECT TO ANY INFORMATION OR RESEARCH REPORT.

THERE IS NO WARRANTY OF MERCHANTIBILITY, NO WARRANTY OF FITNESS FOR A PARTICULAR USE, AND NO WARRANTY OF NON-INFRINGEMENT. THERE IS NO WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, REGARDING THE INFORMATION OR THE RESEARCH REPORTS.

The Information and the Research Reports are the property of WR Hambrecht + Co or the Information or Research Providers or their licensers and are protected by applicable copyright law. You agree not to reproduce, retransmit, disseminate, sell, distribute, publish, broadcast, circulate, or commercially exploit the Information or Research Reports in any manner without the express written consent of WR Hambrecht + Co and the Information or Research Providers and relevant others.

WR Hambrecht + Co reserves the right to terminate your access to the Information and/or the Research Reports, and to take any other action WR Hambrecht + Co deems appropriate, in its sole discretion, without limitation for any reason whatever including, but not limited to, the unauthorized use of your WR Hambrecht + Co Brokerage Account number(s), breach of this Agreement, or discontinuance of WR Hambrecht + Co’s access to any Information or Research Reports or termination of one or more agreements between WR Hambrecht + Co and the Information or Research Providers.

The WR Hambrecht + Co web site contains links to other web sites on the Internet operated by third parties. WR Hambrecht + Co provides links to these third party web sites only as a convenience. The inclusion of a link to a third party web site on the WR Hambrecht + Co web site is not an endorsement by WR Hambrecht + Co, implied or otherwise, of the linked sites or any products or services offered therein. No information contained on third party sites has been endorsed, reviewed or approved by WR Hambrecht + Co, and WR Hambrecht + Co does not monitor, or accept responsibility for the content of third party sites or any link contained therein. Following links to any other websites or pages shall be at your own risk.

This site is subject to periodic update and revision. Materials should only be considered current as of the date of initial publication appearing thereon, without regard to the date on which you may access the information. WR Hambrecht + Co maintains the right to delete or modify information on this site without prior notice.

The services and products described on this web site are intended to be made available only to persons in the United States, and the information on this web site is only for such persons. Nothing on this web site shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.

This Agreement shall be governed by the law (but not the choice of law doctrines) of the state of California, regardless of whether you reside or transact business with WR Hambrecht + Co in California or elsewhere, except that arbitration provisions shall be governed by the Federal Arbitration Act.

THE FOLLOWING PROVISIONS APPLY TO RESEARCH REPORTS AVAILABLE THROUGH THE WR HAMBRECHT + CO WEB SITE.

You agree not to contact any analyst who authors or is named on any Research Report or any representative of any Research Provider.