Sunday, December 31, 2006

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First, if the author has a position in the security, it will be clearly noted at the bottom of each commentary. Second, we do not maintain an obligation to post additional commentary on a company if we change our mind about the company, nor do we maintain an obligation to provide updates on said company. Third, we will not buy or sell securities on behalf of Firm clients 2 days before or 2 days after we post an article about that security except under certain circumstances. Factors other than a company’s fundamental outlook affect our trading decisions. Thus, sometimes our portfolio actions may seem counter to our articles. Examples of factors which may cause this include: overall market conditions, position limits, and individual client needs for liquidity. Fourth, the authors are not permitted to write about a stock 2 days before or 2 days after the author has purchased or sold the stock.