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Ritholtz Research ("RR" or "we" or "us") is not registered as an investment adviser. RR relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, RR does not offer or provide personalized advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalized advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as RR's solicitation to effect, or attempt to effect, any transaction in a security. Investments in the securities markets, and especially in options and futures, are speculative and involve substantial risk. The information that we provide or that is derived from our website should not be a substitute for advice from an investment professional. We encourage you to obtain personal advice from your professional investment advisor and to make independent investigations before acting on the information that you obtain from RR or derive from our website.

Only you can determine what level of risk is appropriate for you.

* Due to the exclusive nature of our subscription services, your subscription fee is non-refundable.

* Prior to buying or selling an option, an investor should read and understand the booklet "Characteristics and Risks of Standardized Options." You can access and download a copy of the booklet on The Options /Clearing Corporations (OCC) website at http://www.theocc.com/publications/risks/riskchap1.jsp. This link reference is provided as a courtesy and does not imply that the OCC is endorsing RR or its products. This booklet is also available for free from your broker or from any of the U.S. options exchanges or you can call RR toll-free at 1-800-327-8833 and we will be happy to send one to you. If this is your first service with us, a booklet will be included with your welcome materials.

* Prior to buying or selling a future, an investor should read and understand the booklet "Security Futures: An Introduction to Their Use and Risks." You can access and download a copy of the booklet at the National Futures Association website at http://www.nfa.futures.org/investor/security_futures/security_futures.pdf. This link reference is provided as a courtesy and does not imply that the National Futures Association is endorsing RR or its products. This booklet is available from your broker or from any of the US Futures Exchanges or you can call RR toll-free at 1-800-327-8833 and we will be happy to send one to you. If this is your first futures service with us, a booklet will be included with your welcome materials.

* We encourage our readers to invest carefully and to utilize the information available at the web sites of the Securities and Exchange Commission at http://www.sec.gov, and the National Association of Securities Dealers at http://www.nasd.com. You can review public companies' filings at the SEC's EDGAR page. The NASD has published information on how to invest carefully at its web site

* Most of the information on our website or that we otherwise provide is derived directly from 1) information published by the companies on which we report and/or from other sources we believe are reliable, 2) Government Data sources, 3) Other public sources of information, data, analysis and is obtained without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. The information may contain discussions of, or provide access to, certain positions and recommendations as of a specific date. Due to various factors, including, but not limited to, changing market conditions, such discussions and positions/recommendations may no longer be reflective of current discussions and positions/recommendations. We do not in any way warrant or guarantee the success of or endorse any action which you take in reliance on the information that we provide or that is derived from our website.

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However, RR's policies prohibit all employees of RR from engaging in any securities transaction that directly or indirectly competes with the interests of our subscribers that are actually known to RR. We are not compensated in any way for publishing information about any specific companies mentioned in our reports.

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