Maxcor Financial Legal Disclosure

Research Disclosure

The ratings and company and financial product profile assessments of Maxcor research analysts reflect the opinion of the individual analyst and are subject to change at any time.

Maxcor Financial Inc. (“MFI”) or one or more affiliates (including Maxcor’s respective directors, officers and employees) at times may deal as principal in any security described herein (and/or in related securities, options, futures or other derivative instruments based thereon), resulting in long or short positions from time to time. MFI or such affiliate also may deal as agent for customers who have provided them with indications of interest to buy or sell on their behalf any security described herein

The contents of our reports are subject to change without notice, and Maxcor makes no representations or warranties with respect to their accuracy, completeness, timeliness, suitability or otherwise. Price targets and earnings and other estimates contained herein reflect significant assumptions and subjects judgments by the analyst, which may or may not prove to be correct. There can be no assurance that any projected results are attainable or will be realized. Moreover, any opinions expressed herein should be independently investigated and verified. Maxcor specifically disclaims any liability to any person for any errors or omissions in, or any decision made or action taken or omitted in reliance upon, any of the material contained in our reports.

The compensation of the research analyst is based in part upon the trading activity and performance of MFI’s relevant sales and trading department, and, like all Maxcor employees, analysts may receive compensation related to the overall profitability of Maxcor.

Securities Products

None of the information contained in this web site constitutes a recommendation, solicitation or offer by Maxcor or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service. The information contained in this web site has been prepared without reference to any particular user’s investment requirements or financial situation. Certain transactions give rise to substantial risk and are not suitable for all investors. Prior to the execution of any transaction by you involving information you received from this web site, you should consult your business advisor, attorney and tax and accounting advisors with respect to the price, suitability, value, risk or other aspects of any stock, mutual fund, security or other investment. Pricing and other information generated through the use of data or services made available herein may not reflect actual prices or values that would be available in the market at the time provided or at the time that the user may want to purchase or sell a particular security or other instrument. The information and services provided on this web site are not provided to and may not be used by any person or entity in any jurisdiction where the provision or use thereof would be contrary to applicable laws, rules or regulations of any governmental authority or regulatory or self-regulatory organization or clearing organization or where Maxcor is not authorized to provide such information or services. Some products and services described in this web site may not be available in all jurisdictions or to all clients.