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Applied Fundamental Research Website Terms and Conditions of Use

These Website Terms and Conditions of Use ("Terms") are effective as of May 1, 2013.

Applied Fundamental Research ("AFR" or "we") reserves the right to change, modify, add or remove portions of the Terms or Privacy Policy at any time for any reason and in our sole discretion. We suggest that you periodically review the Terms and Privacy Policy for amendments. You acknowledge that by accessing http://www.appliedfr.com (or other webpages with links to the Terms or Privacy Policy) (collectively, "Website") you are agreeing to the Terms and Privacy Policy as modified from time to time. We will alert you if changes have been made by indicating on the Terms or Privacy Policy the date they were last amended.

Please feel free to contact us with any comments, questions, complaints or suggestions you might have regarding the information practices described in these Terms or Privacy Policy. You may send us an e-mail at info@appliedfr.com or write to us at: Applied Fundamental Research, 101 Main Street, 14th Floor, Cambridge, MA 02142, Attention: Corporate Counsel.

WEBSITE TERMS AND CONDITIONS OF USE

PLEASE READ THESE TERMS CAREFULLY BEFORE VISITING THE WEBSITE OR USING THE ONLINE SERVICES AND PRODUCTS PROVIDED THEREON. BY UTILIZING THE WEBSITE, YOU ACKNOWLEDGE THAT YOU (the "User") HAVE READ THESE TERMS AND THAT YOU AGREE TO BE BOUND BY THEM. IF YOU DO NOT AGREE TO ALL OF THE TERMS, YOU ARE NOT AN AUTHORIZED USER OF THESE SERVICES AND PRODUCTS AND YOU SHOULD NOT USE THIS WEBSITE.

UNAUTHORIZED USE OF THIS WEBSITE, INCLUDING BUT NOT LIMITED TO MISUSE OF PASSWORDS OR POSTED INFORMATION, IS STRICTLY PROHIBITED. AUTHORIZED USERS OF THIS WEBSITE INCLUDE ANY USERS VISITING THIS WEBSITE FOR PERSONAL AND/OR INFORMATIONAL PURPOSES, CLIENTS AND POTENTIAL CLIENTS OF AFR, AFR EMPLOYEES, CANDIDATES FOR EMPLOYMENT OR USERS SEEKING INFORMATION ABOUT EMPLOYMENT OPPORTUNITIES AT AFR, AND ANY OTHER USERS AUTHORIZED BY AFR.

USE OF THIS WEBSITE BY RECRUITERS, "HEAD HUNTERS," EMPLOYMENT CONSULTANTS OR AGENCIES, PERSONNEL PLACEMENT AGENCIES, PROFESSIONAL SERVICES COMPANIES, EMPLOYMENT CONTRACTORS AND STAFFING AGENCIES SEEKING CURRENT AFR EMPLOYEES AS CANDIDATES FOR PLACEMENT IS STRICTLY PROHIBITED.

No Offer/Local Restrictions

Nothing contained in or on the Website should be construed as a solicitation of an offer to buy or offer, or recommendation, to acquire or dispose of any security, commodity, or investment or to engage in any other transaction. AFR may now or in the future offer a number of products and services designed specifically for various categories of investors in various countries and regions. Not all products will be available to all investors. These products or services are only offered to such investors, in those countries and regions, in accordance with applicable laws and regulations. The information provided on the Website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. All persons and entities accessing the Website do so of their own initiative and are responsible for compliance with applicable local laws and regulations. The Website is not directed to any person in any jurisdiction where the publication or availability of the Website is prohibited, by reason of that person's nationality, residence or otherwise. Persons subject to these restrictions must not access the Website.

Copyrights

All materials displayed or otherwise contained on this Website, including without limitation, all images, text, articles, programs, photographs, illustrations, and graphics are owned by AFR, or a licensor thereof, and are protected by U.S., and international copyright laws. Any commercial use of these materials by the User is strictly prohibited without the express written permission of AFR, and nothing contained on this Website should be construed as granting, by implication, estoppel, or otherwise, such permission.

By utilizing this Website, the User agrees not to sell, copy, publish, distribute, transfer, modify, display, reproduce or create derivative works from the materials on this Website for commercial use. The User agrees not to publish, display or redeliver any of the pages, text, images or content of this Website using "framing" or similar techniques. The User also agrees not to publish or maintain a hyperlink to any portion or page of this Website other than to the homepage (/) unless such hyperlink is for personal use AND is created and transmitted using the "email this page" function of the Website.

Trademarks and Service Marks

All trademarks, service marks, trade names, and logos displayed on this Website (collectively referred to as the "Marks") are proprietary to AFR or their respective owners, and are protected by U.S. and international trademark laws. Any use of the Marks, or any other Marks owned by or licensed to AFR without AFR's express written consent, is strictly prohibited.

No Warranty, Limitation of Liability

THE INFORMATION ON THE WEBSITE IS PROVIDED "AS IS". AFR DOES NOT WARRANT THE ACCURACY OF THE MATERIALS PROVIDED HEREIN, EITHER EXPRESSLY OR IMPLIEDLY, FOR ANY PARTICULAR PURPOSE AND EXPRESSLY DISCLAIMS ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

YOU ACKNOWLEDGE THAT AFR SHALL HAVE NO LIABILITY, CONTINGENT OR OTHERWISE, TO YOU OR TO ANY THIRD PARTIES, OR ANY RESPONSIBILITY WHATSOEVER, FOR THE FAILURE OF ANY CONNECTION OR COMMUNICATION SERVICE, TO PROVIDE OR MAINTAIN YOUR ACCESS TO ONLINE SERVICES OR PRODUCTS, OR FOR ANY INTERRUPTION OR DISRUPTION OF SUCH ACCESS OR ANY ERRONEOUS COMMUNICATION BETWEEN AFR AND YOU. AFR SHALL HAVE NO LIABILITY, CONTINGENT OR OTHERWISE, TO YOU OR TO THIRD PARTIES, FOR THE ACCURACY, QUALITY, TIMELINESS, PERFORMANCE, RELIABILITY, OR COMPLETENESS OF THE INFORMATION OR SERVICES CONTAINED ON THE WEBSITE, OR DELAYS, OMISSIONS, OR INTERRUPTIONS IN THE DELIVERY OF THE DATA OR SERVICES OR PRODUCTS AVAILABLE ON THIS WEBSITE OR FOR ANY OTHER ASPECT OF THE PERFORMANCE OF THESE SERVICES AND PRODUCTS. IN NO EVENT WILL AFR BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES THAT MAY BE INCURRED OR EXPERIENCED ON ACCOUNT OF THE USE OF ANY DATA OR SERVICES OR PRODUCTS MADE AVAILABLE ON THIS WEBSITE, EVEN IF AFR HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. AFR SHALL HAVE NO RESPONSIBILITY TO INFORM OR NOTIFY YOU OF ANY DIFFICULTIES EXPERIENCED BY AFR OR ANY THIRD PARTIES WITH RESPECT TO THE USE OF THE SERVICES, PRODUCTS OR DATA PROVIDED HEREIN.

YOU FURTHER ACKNOWLEDGE THAT NOTHING CONTAINED ON THIS WEBSITE (INCLUDING, BUT NOT LIMITED TO, STRATEGIES AND RESEARCH, DAILY WIRES, AND EDUCATIONAL ARTICLES) CONSTITUTES INVESTMENT, LEGAL, TAX OR OTHER ADVICE, NOR IS IT TO BE RELIED UPON IN MAKING ANY INVESTMENT OR OTHER DECISIONS. YOU SHOULD SEEK PROFESSIONAL ADVICE PRIOR TO MAKING ANY INVESTMENT DECISIONS.

Severability

If any of the provisions of these Terms are deemed unlawful or for any reason unenforceable, the same shall be inoperative only to the extent necessary to achieve compliance with applicable law and shall not affect the remaining Terms, which shall be given full effect, without regard to the invalid portion(s).

Governing Law

The laws of the Commonwealth of Massachusetts shall govern these Terms. The User agrees that any dispute or controversy arising out of these Terms shall be prosecuted exclusively in the state or federal courts in the Commonwealth of Massachusetts.

Additional Terms

Certain web pages on this Website may contain separate terms and conditions, which are in addition to these Terms. In the event of a conflict, the additional terms and conditions will govern such web pages.