S&P Capital IQ Equity Research

Research Objectivity Policy and Conflict of Interest Policies

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Equity Research Regulatory Disclosures and Disclaimers

The following information should be read in conjunction with equity research reports and comments prepared and issued by S&P Capital IQ Equity Research.

Products and publications containing equity research reports and comments include, but are not limited to:

• S&P Capital IQ Stock Reports
• The Outlook
• NetAdvantage
• MarketScope Advisor

Required Disclosures 

In contrast to the qualitative STARS recommendations covered in this report, which are determined and assigned by S&P Capital IQ equity analysts, S&P Capital IQ ranks stocks in accordance with three other ranking methodologies: (a) S&P’s Capital IQ’s quantitative evaluations are derived from S&P Capital IQ’s proprietary Fair Value quantitative ranking model. The Fair Value Ranking methodology is a relative ranking methodology. As a quantitative model, Fair Value relies on history and consensus estimates and does not introduce an element of subjectivity. (b) Global Markets Intelligence uses two different quantitative methodologies to determine recommendations for the Trade Detector research report. One methodology is based on a target price model, while the other methodology is based on four separate quantitative strategies. The STARS, quantitative evaluations and Trade Detector methodologies reflect different criteria, assumptions and analytical methods and may have differing recommendations.

S&P Capital IQ Global STARS Distribution as of March 31, 2013

5-STARS (Strong Buy): Total return is expected to outperform the total return of a relevant benchmark, by a wide margin over the coming 12 months, with shares rising in price on an absolute basis.

4-STARS (Buy): Total return is expected to outperform the total return of a relevant benchmark over the coming 12 months, with shares rising in price on an absolute basis.

3-STARS (Hold): Total return is expected to closely approximate the total return of a relevant benchmark over the coming 12 months, with shares generally rising in price on an absolute basis.

2-STARS (Sell): Total return is expected to underperform the total return of a relevant benchmark over the coming 12 months, and the share price is not anticipated to show a gain.

1-STARS (Strong Sell):Total return is expected to underperform the total return of a relevant benchmark by a wide margin over the coming 12 months, with shares falling in price on an absolute basis.

Relevant benchmarks: In North America, the relevant benchmark is the S&P 500 Index, in Europe and in Asia, the relevant benchmarks are the S&P Europe 350 Index and the S&P Asia 50 Index, respectively.

For All Regions:

All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. Analysts generally update stock reports at least four times each year.

S&P Capital IQ Global Quantitative Model Recommendations Distribution as of March 31, 2013

Trade Detector Recommendations Distribution as of March 31, 2013

The Trade Detector research report was published after March 31, 2013. Ranking distributions will be provided as of June 30, 2013.

About S&P Capital IQ’s Distributors

S&P Capital IQ’s research reports (the “research reports”) have been prepared and issued by S&P Capital IQ and/or one of its affiliates. In the United States, research reports are prepared by Standard & Poor’s Investment Advisory Services LLC (“SPIAS”) and issued by Standard & Poor’s Financial Services LLC (“S&P”). SPIAS is authorized and regulated by the U.S. Securities and Exchange Commission; in the United Kingdom, research reports are issued by McGraw-Hill Financial Research Europe Limited (“MHFRE”), which is authorized and regulated by the Financial Conduct Authority and trades as Standard & Poor’s; in Hong Kong, research reports are issued by Standard & Poor’s Investment Advisory Services (HK) Limited, which is regulated by the Hong Kong Securities Futures Commission; in Singapore, research reports are issued by McGraw-Hill Financial Singapore Pte. Limited (“MHFSPL”), which is regulated by the Monetary Authority of Singapore; in Malaysia, research reports are issued by Standard & Poor’s Malaysia Sdn Bhd (“S&PM”), which is regulated by the Securities Commission of Malaysia; in Australia, research reports are issued by Standard & Poor’s Information Services (Australia) Pty Ltd (“SPIS”), which is regulated by the Australian Securities & Investments Commission; in Japan, research reports are issued by McGraw-Hill Financial Japan KK, which is registered by Kanto Financial Bureau; and in South Korea, research reports are issued by SPIAS, which is also registered in South Korea with the Financial Supervisory Service (FSS) as a cross-border investment adviser.

S&P Capital IQ or an affiliate may license certain intellectual property or provide pricing or other services to, or otherwise have a financial interest in, certain issuers of securities, including exchange-traded investments whose investment objective is to substantially replicate the returns of a proprietary index of S&P Dow Jones Indices, such as the S&P 500. In cases where S&P Capital IQ or an affiliate is paid fees that are tied to the amount of assets that are invested in the fund or the volume of trading activity in the fund, investment in the fund will generally result in S&P Capital IQ or an affiliate receiving compensation in addition to the subscription fees or other compensation for services rendered by S&P Capital IQ. A reference to a particular investment or security by S&P Capital IQ and/or one of its affiliates is not a recommendation to buy, sell, or hold such investment or security, nor is it considered to be investment advice.

Indexes are unmanaged, statistical composites and their returns do not include payment of any sales charges or fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

S&P Capital IQ and its affiliates provide a wide range of services to, or relating to, many organizations, including issuers of securities, investment advisers, broker-dealers, investment banks, other financial institutions and financial intermediaries, and accordingly may receive fees or other economic benefits from those organizations, including organizations whose securities or services they may recommend, rate, include in model portfolios, evaluate or otherwise address.

For details on the S&P Capital IQ research objectivity and conflict-of-interest policies, please see the links at the top of this page.

For a list of companies mentioned in a research report with whom S&P Capital IQ and/or one of its affiliates has had business relationships within the past year, please go to: http://www.standardandpoors.com/products-services/articles/en/us/?assetID=1245187982940

General Disclaimers

For all jurisdictions: Where S&P Capital IQ’s research reports are made available in a language other than English and in the case of inconsistencies between the English and translated versions of a research report, the English version will control and supersede any ambiguities associated with any part or section of a research report that has been issued in a foreign language. Neither S&P Capital IQ nor its affiliates guarantee the accuracy of the translation. Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not necessarily indicative of future results.

S&P Capital IQ, its affiliates, and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively, “S&P Parties”) do not guarantee the accuracy, completeness or adequacy of this material, and S&P Parties shall have no liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of the information provided by the S&P Parties. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the information contained in this document even if advised of the possibility of such damages.

Ratings from Standard & Poor’s Ratings Services are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. Standard & Poor’s assumes no obligation to update its opinions following publication in any form or format. Standard & Poor’s ratings should not be relied on and are not substitutes for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. Standard & Poor’s rating opinions do not address the suitability of any security. Standard & Poor’s does not act as a fiduciary. While Standard & Poor’s has obtained information from sources it believes to be reliable, Standard & Poor’s does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.

S&P Capital IQ keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P Capital IQ may have information that is not available to other S&P Capital IQ business units. S&P Capital IQ has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

Standard & Poor’s Ratings Services does not contribute to or participate in the development of research reports. Standard & Poor’s may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of securities or from obligors. Standard & Poor’s reserves the right to disseminate its opinions and analyses. Standard & Poor’s public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via Standard & Poor’s publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

Research reports are not intended to be investment advice and do not constitute any form of invitation or inducement by S&P Capital IQ to engage in investment activity. This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors and this material is not intended for any specific investor and does not take into account an investor’s particular investment objectives, financial situations or needs. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only current as of the stated date of their issue.

Prices, values, or income from any securities or investments mentioned in this report may fluctuate, and an investor may, upon selling an investment, lose a portion of, or all of the principal amount invested. Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate. Where an investment or security is denominated in a different currency to the investor’s chosen currency, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor. The information contained in research reports does not constitute advice on the tax consequences of making any particular investment decision. Before acting on any recommendation in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice.

Additional information on a subject company may be available upon request.

Each research report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject S&P Capital IQ or its affiliates to any registration or licensing requirements in such jurisdiction.

For residents of Australia: Research reports are issued and/or distributed in Australia by SPIS. Any express or implied opinion contained in a research report is limited to "General Advice" and based solely on consideration of the investment merits of the financial product(s) alone. The information in a research report has not been prepared for use by retail investors and has been prepared without taking account of any particular investor's financial or investment objectives, financial situation or needs. Before acting on any advice, any investor using the advice should consider its appropriateness having regard to their own or their clients' objectives, financial situation and needs. Investors should obtain a Product Disclosure Statement relating to the product and consider the statement before making any decision or recommendation about whether to acquire the product. Each opinion must be weighed solely as one factor in any investment decision made by or on behalf of any adviser and any such adviser must accordingly make their own assessment taking into account an individual's particular circumstances. SPIS holds an Australian Financial Services License Number 258896. Please refer to the SPIS Financial Services Guide for more information at http://advisor.marketscope.com/static/FinancialServicesGuide.pdf

For residents of Bahrain: Research reports are not intended for distribution to investors.

For resident of Bermuda: The Bermuda Monetary Authority or the Registrar of Companies in Bermuda has not approved the research reports and any representation, explicit or implicit, is prohibited.

For residents of Brazil: Research reports are distributed by S&P Capital IQ and in compliance with Instruction 483 enacted by Comissão de Valores Mobiliários (the Brazilian Securities Commission) dated as of July 6, 2010, the analyst (where applicable) who prepares a research report or a report extract affirms: (i) that all the views expressed herein and/or in a research report accurately reflect his or her personal views about the securities and issuers; (ii) that all recommendations issued by him or her were independently produced, including from the opinion of the entity in which he or she is an employee and (iii) that the distributor of the research report has disclosed any circumstances that may impact the independence of S&P Capital IQ’s research report, in accordance with section 17, II of Instruction 483. S&P Capital IQ further declares that there is no situation or conflict of interest believed to impact the impartiality of the recommendations herein and/or made in a research report, pursuant to section 18 of Instruction 483.

For residents of British Virgin Islands: Research reports are distributed by S&P Capital IQ, and all products and services offered by S&P Capital IQ and its affiliates are provided or performed, outside of the British Virgin Islands. The intended recipients of the research reports are (i) persons who are not members of the public for the purposes of the Securities and Investment Business Act, 2010 (“SIBA”); (ii) persons who are professional services providers to the British Virgin Islands business companies for the purposes of SIBA; and (iii) any other person who is given the research reports by a person licensed as an investment advisor in the British Virgin Islands. If you are in any doubt as to whether you are the intended recipient of this document, please consult your licensed investment advisor.

For residents of Canada: Canadian investors should be aware that any specific securities discussed in a research report can only be purchased in Canada through a Canadian registered dealer and, if such securities are not available in the secondary market, they can only be purchased by eligible private placement purchasers on a basis that is exempt from the prospectus requirements of Canadian securities law and will be subject to resale restrictions.

For residents of Chile:  S&P Capital IQ is not acting as an intermediary of securities referred to in a research report. S&P Capital IQ is not registered with, and such securities may not be registered in the Securities Registry maintained by the Superintendencia de Valores y Seguros de Chile (Chilean Securities and Insurance Superintendence or “SVS”) pursuant to the Chilean Securities Market Law 18,045. Accordingly, investment research presented in a research report is not intended to constitute a public or private offer of securities in Chile within the meaning of Article 4 of the Chilean Securities Market Law 18045, as amended and restated, and supplemental rules enacted thereunder.

For residents of China: S&P Capital IQ’s Research reports are not distributed in or directed to residents in The People’s Republic of China. Neither S&P Capital IQ nor its affiliates target investors in China.

For residents of Colombia: This information and/or information contained in research reports is not intended or should not be construed as constituting information delivery to the Colombian Securities Market under Colombian Law.

For residents of Dubai (DIFC): The information contained in research reports distributed by S&P Capital IQ is intended for investors who are “professional clients”, as defined in Rule 2.3.2(2) of the Conduct of Business Module (COB) of the DFSA Rulebook.

For residents of the European Union:  The following individuals are members of S&P Capital IQ’s Equity Research management staff who oversee the preparation and issuance of research reports.

Stephen Biggar (US) stephen.biggar@spcapitaliqom
Lorraine Tan (Asia Pacific) lorraine.tan@spcapitaliq.com
Roger Hirst (Europe) roger.hirst@spcapitaliq.com .

A list of S&P Capital IQ's equity analysts follows:

More information about the written criteria and methodologies for the generation of research reports and historical information for research reports for the past 12 months are available by contacting S&P Capital IQ Client Services Department at (212) 438-4510 or via e-mail at spsupportcenter@standardandpoors.com.

For residents of Guernsey, Isle of Man and Jersey: The Research Reports provide by S&P Capital IQ serve to assist the Intermediary in determining the advice it provides to its clients, but are not intended as advice to any of the Intermediary's clients and the intermediary, and not S&P Capital IQ, will be solely responsible for the provision of investment advice to the client Independent investment advice should be sought by persons in their capacity as investors or potential investors and the Intermediary will be solely responsible for complying with any applicable regulatory obligations relating to the distribution of investment research.

For residents of Hong Kong: No information in the research reports shall be treated as soliciting, offering or inducing or attempting to induce any investor to enter into an agreement for or with a view to acquire, dispose, subscribe or underwrite any securities and shall not be construed to imply any relationship, advisory or otherwise, between S&P and the recipient user of the research report unless expressly agreed by S&P Capital IQ. S&P Capital IQ is not acting nor should it be deemed to be acting, as a "fiduciary" or as an "investment manager" or "investment advisor" to any recipient of this information unless expressly agreed by S&P Capital IQ.

For residents of India: You should consult your financial and legal advisers regarding the suitability of any of S&P Capital IQ’s services and products. S&P Capital IQ does not intend to utilize the research report service to invite or carry out any business activities and no information provided while offering this service should be construed as an invitation to do or carry out any business with S&P Capital IQ.

For residents of Indonesia: Research reports do not constitute an offering document and it should not be construed as an offer of securities in Indonesia, and any such securities will only be offered or sold through a financial institution.

For residents of Ireland: Research reports constitute investment research under Irish Law, and investors should be aware that the reports may not have been prepared in alignment with Markets in Financial Instruments Directive (MiFID) requirements.

For residents of Israel: Research reports are intended only for distribution to “Qualified Investors”, as defined by Israel’s Investment Advice law. All other parties who are not Qualified Investors under Israeli law should seek additional investment advice from their financial advisers. The relevant analyst declares that the views expressed in a particular research report faithfully reflect the analyst’s personal views regarding the securities under review and the issuer of the securities.

For residents of Japan: Research reports are intended only for distribution to “Asset Management Firms”.

For residents of Malaysia: Research reports are issued and/or distributed in Malaysia by S&PM. All queries in relation to Research report should be referred to Ching Wah Tam at chingwah.tam@spcapitaliq.com or Ahmad Halim at ahmad.halim@spcapitaliq.com.

For residents of Malta: The distributor of Research reports in Malta, and not S&P Capital IQ, is responsible for ensuring that the investment research produced by S&P Capital IQ and proposed to be disseminated in or from within Malta is reviewed for compliance with the investment services rules issued by the Malta Financial Services Authority in terms of the Investment Services Act, Cap 370 of the laws of Malta.  

For residents of Mexico: S&P Capital IQ is not regulated or supervised by the Mexican National Banking and Securities Commission (CNBV). S&P Capital IQ has a licensed rating agency affiliate in Mexico (Standard & Poor’s, S.A. De C.V.), in respect of which S&P maintains firewalls and seeks to avoid conflicts of interest, pursuant to approved policies. S&P Capital IQ will only provide its research reports to Mexican qualified and institutional investors. 

For residents of Peru:  Research reports shall not, under any circumstances, be considered an invitation to take deposits or funds from the public, under any mechanism, or to carry on any activities that may be prohibited by Peruvian law.

For residents of Russia:  Research reports on financial instruments designated for “qualified investors”, as defined in the Securities market law of the Russian Federation dated 22 April 1996, as amended, are only intended to be used by qualified investors. 

For residents of Saudi Arabia: S&P Capital IQ and its affiliates do not distribute research reports in Saudi Arabia. Residents of Saudi Arabia should be aware that the distributor of a research report may not be permitted to distribute the investment research either: (i) from a permanent place of business in or otherwise within the territory of the Kingdom of Saudi Arabia; or (ii) to an investor in the Kingdom of Saudi Arabia unless that investor is a Capital Market Authority authorized investor or the Saudi Arabian Monetary Agency. 

For residents of Singapore:  Research reports that contain extracts from S&P Capital IQ’s Research reports are not prepared, issued or reviewed by MHFSPL and MHFSPL assumes no responsibility for the research reports, and nothing referenced by MHFSPL should be considered to be a solicitation or recommendation to buy or sell any security, nor should it be considered to be investment advice.

For residents of Spain:  Certain of S&P Capital IQ’s equity research reports may be considered to be marketing communications for purposes of Spanish law. 

For residents of the United Arab Emirates (UAE): S&P Capital IQ and its affiliates neither undertake banking, financial, or investment consultations business in or into the UAE within the meaning of the Central Bank Board of Directors’ Resolution No. 164/8/94 regarding the regulations for investment companies nor provides financial analysis or consultation services in or into the UAE within the meaning of UAE SECURITIES AND COMMODITIES AUTHORITY DECISION NO. 48/R OF 2008 concerning financial consultation and financial analysis.

Investment research distributed by S&P Capital IQ and its affiliates is not intended to amount to an offer of securities within the meaning of DIFC Law NO. 12 OF 2004 (the DIFC Markets Law) or the equivalent laws, rules and regulations made by the Central Bank of the UAE and their Emirates Securities and Commodities Authority. Neither the Dubai Financial Services Authority, the UAE Securities nor Commodities Authority of the Central Bank of the UAE has reviewed or verified any of the information provided in a research report or through any service provided by S&P Capital IQ or its affiliates, or has any responsibility for it.

If you do not understand any of the contents of a research report, you should contact a financial advisor. Users of extracts of investment research reports should be aware that if it is distributed in the UAE by an intermediary, the intermediary is solely responsible for the distribution and content of the investment research in the UAE..

For residents of the United Kingdom: Research reports are only directed at and should only be relied on by investors outside of the United Kingdom or investors who are inside the United Kingdom and who have professional experience in matters relating to investments or who are high net worth investors, as defined in Article 19(5) or Article 49(2) (a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001, respectively. S&P Capital IQ’s Stock Reports are to be read in conjunction with “Your Guide to S&P Capital IQ’s Stock Reports” which can be found at:
www.standardandpoors.com/stockreportguide.

For residents of Uruguay: S&P Capital IQ does not provide any warranty with respect to the contents of the research reports, but has merely conducted investment research. Additionally, S&P Capital IQ is not a risk assessment entity registered with the Central Bank of Uruguay, and S&P’s research reports do not constitute a risk assessment.

Performance Disclosure for S&P Capital IQ’s STARS Performance Chart

The STARS performance chart represents the results of S&P Capital IQ model portfolios. Model performance has inherent limitations. S&P Capital IQ maintains the models and calculates the model performance shown, but does not manage clients’ funds or securities. . The U.S. STARS model performance chart is presented only as an illustration of S&P Capital IQ research; it shows how U.S. common stocks, ADRs (American Depositary Receipts) and ADSs (American Depositary Shares), (collectively “equities”), that received particular STARS rankings performed. STARS categories are models only; they are not collective investment funds. The STARS performance does not show how any actual portfolio has performed over time. STARS model performance does not represent the results of actual trading in an investor’s account. . Thus, the model performance shown does not reflect the impact that material economic and market factors might have had on decision-making if actual investor money had been managed by SPIAS.. Performance is calculated using a time-weighted rate of return. While model performance for some or all STARS categories performed better than the S&P 500 for the period shown, the performance during any shorter period may not have, and there is no assurance that they will perform better than the S&P 500 in the future. STARS does not take into account any particular investment objective, financial situation or need and is not intended as an investment recommendation or strategy. An investor should be aware that an individual’s investments based on the STARS methodology may lose money. High returns are not necessarily the norm and there is no assurance that they can be sustained. Past model performance of STARS is no guarantee of future performance.

For model performance calculation purposes, the equities within each STARS category at December 31, 1986 were equally weighted. Thereafter, additions to the composition of the equities in each STARS category are made at the average value of the STARS category at the preceding month end with no rebalancing. The average value of the equity equals the total market value of the STARS category at the prior month-end divided by the number of equities in the STARS category at the prior month-end. The number of shares of the new equity added equals the average value of an equity in the STARS category at the preceding month-end divided by the price of the added equity at the close of the day it was added. The number of shares remains fixed unless there is a subsequent distribution. Subsequent to the addition of the equity, the performance calculation is based on the number of shares and the daily closing prices. An equity is deleted in its entirety, and the deletion is made at the closing price of the day that the deletion is made. Performance was calculated from inception through March 31, 2003 on a monthly basis, and subsequently, performance is calculated daily. Equities in each STARS category will change over time, and some or all of the equities that received STARS rankings during the time period shown may not have maintained their STARS ranking during the entire period.

Model performance does not include dividends. Also, model performance does not consider taxes and brokerage commissions, nor does it reflect the deduction of any advisory or other fees charged by advisors or other parties that investors will incur when their accounts are managed in accordance with the models. The imposition of these fees and charges would cause actual performance to be lower than the performance shown. For example, if a model returned 10 percent on a $100,000 investment for a 12-month period (or $10,000) and an annual asset-based fee of 1.5 percent were imposed at the end of the period (or $1,650), the net return would be 8.35 percent (or $8,350) for the year. Over 3 years, an annual 1.5% fee taken at year end with an assumed 10% return per year would result in a cumulative gross return of 33.1%, a total fee of $5,375 and a cumulative net return of 27.2% (or $27,200). Fees deducted on a frequency other than annual would result in a different cumulative net return in the preceding example.

The S&P 500 index is the benchmark for U.S. STARS. The S&P 500 index is calculated in U.S. dollars and does not take into account dividends. Indexes are unmanaged, statistical composites and their returns do not include payment of any sales charges or fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. The S&P 500 index includes a different number of constituents and has different risk characteristics than the STARS equities. Some of the STARS equities may have been included in the S&P 500 index for some (but not necessarily all) of the period covered in the chart, and some such equities may not have been included at all. The S&P 500 excludes ADRs and ADSs. The methodology for calculating the return of the S&P 500 index differs from the methodology of calculating the return for STARS. Past performance of the S&P 500 index is no guarantee of future performance.

An investment based upon the models should only be made after consulting with a financial advisor and with an understanding of the risks associated with any investment in securities, including, but not limited to, market risk, currency risk, political and credit risks, the risk of economic recession and the risk that issuers of securities or general stock market conditions may worsen, over time. Foreign investing involves certain risks, including currency fluctuations and controls, restrictions on foreign investments, less governmental supervision and regulation, less liquidity and the potential for market volatility and political instability. As with any investment, investment returns and principal value will fluctuate, so that when redeemed, an investor’s shares may be worth more or less than their original cost.