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Do not make investments based on our ratings. We do not account for the credit worthiness of companies.

TOTNERS is not investment advisor. We do not act as a “fiduciary” or as an “investment manager” to any investor.

TOTNERS do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and valuations, and are not responsible for errors and omissions, or for the results obtained from the use of such information, and shall have no liability for any errors, omission, or interruptions therein (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such information.

TOTNERS innovation ratings 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. TOTNERS ratings should not be relied on when making any investment or other business decision. TOTNERS does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.

TOTNERS may receive compensation for its ratings and certain analyses, normally from companies. TOTNERS reserves the right to disseminate its opinions and analyses. TOTNERS public ratings and analyses are made available on its Web site, www.totners.com (free of charge), and may be distributed through other means, including third party redistributors.

An investment based upon TOTNERS rating 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, interest rate 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.