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Organizational Structure & Terms and Conditions of Use

Access to the Kepler Capital Markets Website is subject to the following Terms and Conditions of Use (“Agreement”) defined below.

For purposes of this Agreement, “Kepler" shall mean Kepler Capital Markets SA and its affiliates, subsidiaries, and their officers, directors, managing directors, partners, and employees.

“Kepler Capital Markets” refers to branches, affiliates and subsidiaries of Kepler Capital Markets SA. Kepler Capital Markets, Inc. is referred to as the “New York Office” and is a wholly owned subsidiary of Kepler Capital Markets SA. Kepler Capital Markets, Inc. is a broker dealer in the United States and a Member of FINRA and SIPC.

Kepler legal organization affiliates and subsidiaries.

Legal Entities

For clarification, branch offices, subsidiaries and affiliates of Kepler Capital Markets are listed below.

Kepler Capital Markets Benelux

De Entree 89

Toren A 19th Floor

1101 BH Amsterdam Zuid-Oost

Tel: +31 (20) 563 2365

Fax: +31 (20) 564 1700

Kepler Capital Markets Germany

Taunusanlage 19

D-60325 Frankfurt am Main

Tel: +49 (0) 69 7 56 96-0

Fax: +49 (0) 69 7 56 96-319

Kepler Capital Markets S.A.

Chemin du Joran 10

CH - 1260 Nyon

Tel: +41 22 361 51 51

Fax: +41 22 365 45 32

Kepler Capital Markets UK

Providian House

16-18 Monument Street

London EC3R 8AJ

Tel: +44 203 350 5000

Fax: +44 207 868 5233

Kepler Capital Markets España

calle Alcalá, 95

28009 - Madrid

Tel: +34 91 436 51 00

Fax: +34 91 436 51 51

Kepler Capital Markets Italia

Corso Europa 2

20122 Milano

Tel: +39.02.85507.1

Fax: +39.02.85507500

Kepler Capital Markets, Inc.

Member FINRA and SIPC

600 Lexington Avenue

New York, New York 10022 (USA)

Tel: + 1 212 710 7600

Fax: + 1 212 710 7665

Equity trading: 212-710-7602

Fixed Income trading: 212-710-7605

Compliance department: 212-710-7625

Note: If you are a client located in the United States, you must contact Kepler Capital Markets, Inc. for any and all securities transactions.

Kepler Capital Markets

112 avenue Kléber

75784 Paris Cedex 16

Tel: +33 1 53 65 35 00

Fax: + 33 1 53 65 35 21

Kepler Capital Markets Switzerland

Stadelhoferstrasse 18/22

Postfach

8024 Zürich

Tel: +41 43 333 66 66

Fax: +41 43 333 66 52

Kepler Website:

The "Kepler Website" shall mean the website of Kepler Capital Markets, which is available at domains that include www.keplercapitalmarkets.com and www.keplercm.com

This Agreement is not intended to, and will not, transfer or grant any rights in or to the information other than those which are specifically described herein, and all rights not expressly granted herein are reserved by Kepler. You are required to read and abide by any additional terms and conditions that may be posted on or added to the Kepler Website.

Kepler Website Monitoring:

Your use of the Kepler Website is subject to monitoring and this information may be used by Kepler for its internal business purposes or in accordance with the rules of any applicable regulatory or self-regulatory organization.

Information Ownership:

All information, content and material available on or through the Kepler Website are the property of Kepler. You are not permitted to publish, transmit, or otherwise reproduce this information, in whole or in part, in any format to any third party without the express written consent of Kepler. In addition, you are not permitted to alter, obscure, or remove any copyright, trademark or any other notices associated with information on the Kepler Website.

Subject to Change Notice:

Kepler reserves the right, at any time and from time to time, in the interests of Kepler’s own editorial discretion and business judgment to add, modify, or remove any of the information on the Kepler Website without notice to you.

Information, Data and Usage Indemnification:

Kepler hereby expressly disclaims any warranty, whether implied or otherwise, with respect to the accuracy, correctness, quality, completeness, reliability, performance, timeliness, or continued availability of information on the Kepler Website.

Kepler shall have no liability, contingent or otherwise, to you or to third parties, for the correctness, quality, accuracy, timeliness, reliability, performance, continued availability, completeness, omissions, or interruptions in the delivery of the information available on the Kepler Website. In no event will Kepler be liable for any special, indirect, incidental, or consequential damages which may be incurred or experienced on account of you using the data or services made available on the Kepler Website, even if Kepler has been advised of the possibility of such harm and/or damage. Kepler will have no responsibility to inform you of any difficulties experienced by Kepler or third parties with respect to the use of the Kepler Website.

Kepler herby disclaims any responsibility to supply any corrections, updates, or releases in connection with the Kepler Website. Any and all information available on the Kepler Website is subject to change without notice.

Access and Security Indemnification:

Kepler makes no warranty whatsoever to you, express or implied, regarding the security of the Kepler Website. The Kepler Website may be subject to system outages, slowdowns, capacity limitations and delays. As a result, you may experience difficulty accessing the Kepler Website.

No Solicitation; No Recommendation:

No determination of suitability is made with any information available on the Kepler Website.

Any and all information, material and content on the Kepler Website cannot be construed as a solicitation or recommendation. All content on the Kepler Website is prepared for informational purposes only without regard to any particular user's investment objectives, financial situation, tax status, or means, and Kepler is not soliciting any action based upon it.

Information and material on the Kepler Website is not to be construed as a recommendation, or an offer or sale, or the solicitation of an offer to buy or sell any security, financial product, or instrument, or to participate in any particular trading strategy in any jurisdiction in which such an offer or solicitation, or trading strategy would be illegal.

Although material on the Kepler Website is based upon information that Kepler considers reliable and endeavors to keep current, Kepler has not verified this information and does not represent that this material is accurate, current, or complete and it should not be relied upon as such.

Links to Third Party Sites and Other Information:

Any links to information and/or websites provided by Kepler and/or third party providers does not constitute an endorsement, authorization, sponsorship, or affiliation with Kepler. Kepler does not make any representations with respect thereto, including any representations regarding the content or sponsors of the website, or the suitability or appropriateness of the products or services described therein.

This Agreement applies to the following Kepler links:

Research Disclosures:

http://www.keplercapitalmarkets.com/Categories/Research/ResearchDisclosures.aspx

Electronic Mail and Email Terms and Conditions of Use:

http://www.keplercapitalmarkets.com/Categories/Research/EmailDisclosures.aspx