Disclaimer
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Information, opinions, or recommendations contained in the reports are submitted solely for advisory and information purposes. The factual statements have been taken from sources believed reliable but such statements of fact are made without representation to accuracy, completeness, or otherwise. The opinions expressed are those of the analyst and are subject to change without notice. The report or study is not intended to be construed as an offering or a solicitation of an offer to buy or sell the securities mentioned or discussed. The analyst preparing the report has contractually agreed with JM Dutton & Associates, LLC that the analyst will neither own nor trade in any of the securities of the covered company during the enrollment period for which the analyst is responsible for coverage. Management of JM Dutton & Associates, LLC is precluded from owning or trading in the securities of any enrolled company.

The analyst receives compensation for research coverage only from JM Dutton & Associates, LLC, which is prepaid to eliminate pecuniary interests and insure independence. The analyst receives no fees or payments for the reports from the company or from any source. All reports prepared by the analyst and JM Dutton & Associates, LLC are performed on behalf of the public, and are not a service to any company. ÝThe prepaid enrollmentÝfee for JM Dutton one year research coverage is $20,000, and can be paid by any party. For companies domiciled outside North America, the enrollment fee is US $25,000.

The analysts of JM Dutton & Associates, LLC are members of Association for Investment Management and Research (AIMR), which is the worldwide organization for professionals engaged in investment management, research, and education. The AIMR, an international nonprofit organization, has more than 49,000 investment practitioners and educators in over 100 countries. The AIMR website is located at www.aimr.org. It is the parent organization to the professional designation program of Chartered Financial Analyst (CFA), the highest designation the society can bestow on an analyst after a three-year program of study and examination. Most of the analysts of JM Dutton & Associates, LLC have been awarded this designation or are completing their course of study and examination. In order to be a member of the AIMR, an analyst must have passed the first level CFA examination or have demonstrated equivalent work related experience. Additionally, all analysts are members of their local society of security analysts and participate in continuing education activities. A list of the local analyst societies worldwide may be found on the AIMR website.

A member of the AIMR is required to adhere to its Code of Ethics and Standards of Professional Practice, which are "ethical guidelines that promote integrity, competence, and dignity within the investment community worldwide". All JM Dutton & Associates, LLC analysts are bound by these guidelines, and all members of the AIMR file as a requirement of annual renewal a statement of professional conduct.

The AIMR:
AIMR MISSION STATEMENT and CORE VALUES
To establish a direction for serving our members and setting a higher standard within the global investment community, the AIMR Board of Governors, regional directors, and senior management identified the values, vision, and purpose of the organization, from which AIMR's mission statement was created:

to advance the interests of the global investment community by establishing and maintaining the highest standards of professional excellence and integrity.

AIMR identified four values around which all of its programs, services, and initiatives revolve:

  • EXCELLENCE
  • INTEGRITY
  • STRENGTH OF COMMUNITY AND COOPERATION
  • VOLUNTEER SERVICE

Analysts are required to adhere by the AIMR to the Code of Ethics and Standards of Practice as set by the AIMR, and JM Dutton & Associates, LLC also mandates compliance for all of its analysts. Failure to maintain AIMR membership or failure to adhere to these Ethics and Practice standards by an analyst or management of JM Dutton & Associates, LLC is grounds for termination. John M. Dutton is the supervisory analyst.

Enrollment Fee:
The cost of enrolment in the JM Dutton & Associates, LLC one-year continuing research program is US $20,000 prepaid before commencement of its research activities. Effective November 1, 2001, the enrollment fee will be US $22,000. The company is additionally responsible for certain other costs which are a) the cost at the start of coverage for the analyst due diligence company trip and b) elective hard copy report printing estimated at $2,000 for the year. All electronic reports and distribution is included in the initial research fee. For companies based outside North America, enrollment fees are US $25,000. Although any party can pay the enrollment fee, reports are performed on behalf of the members of the public, and are not a service to any company. The analysts are responsible only to the public. JM Dutton & Associates, LLC does not accept payment of any of its fees in company stock or any form of securities, as receipt and disposal of these securities under these alternative payment methods might compromise the integrity of the continuing research program.

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The J.M. Dutton & Associates website can be accessed via the Internet by professional investment organizations and individuals resident in many countries in the world. Securities laws of these resident countries vary significantly. This site is intended to be accessed by residents of the United States of America and by residents of other jurisdictions only where permitted by applicable law. If you are not a resident of the United States of America, you should consult with your advisors as to whether you are permitted to access this site.