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Peark
& Fisher Investments ("P&F")
makes this Web site (the "Site"),
and the information, data, documents, communications,
downloads, graphics, images, files and other
materials made available or enabled via the
site by P&F (collectively, "Materials").

1.
Acceptance of Terms. By accessing
or using this Site in any way, you agree to
and are bound by the terms and conditions set
forth in this document and in any changes thereto
that P&F may publish from time to time (collectively,
the "Terms of Use"). If you
do not agree to all of the terms and conditions
contained in the Terms of Use, do not access
or use this Site.

2.
Changes. P&F may change
the Terms of Use and other guidelines and rules
posted on the Site from time to time at its
sole discretion. Your continued access or use
of the Site constitutes your acceptance of the
changes.

3.
Securities Disclaimer. You understand
that no content published on the Site constitutes
a recommendation that any particular security,
portfolio of securities, transaction or investment
strategy is suitable for any specific person.
You further understand that P&F and its
affiliates will not advise you personally concerning
the nature, potential, value or suitability
of any particular security, portfolio of securities,
transaction, investment strategy or other matter.
Past results are not necessarily indicative
of future performance. P&F does not guarantee
any specific outcome or profit, and you should
be aware of the real risk of loss in following
any strategy or investments discussed on the
Site. To the extent any of the content
published on the Site may be deemed to be investment
advice, such information is impersonal and not
tailored to the investment needs of any specific
person. You understand and agree that,
from time to time, the owners or contributors
or their affiliates may provide opinions about
securities in which they have a position, and
that they may trade for their own account.

4.
Privacy Policy. P&F will
use data you submit, such as your name and e-mail
address, for Site services such as to send you
a free newsletter if you submit your information
and register for that purpose. You have
the right to access and correct your personal
information and privacy preferences at any time
by e-mailing P&F at [e-mail alias]. Please
be aware that in order to improve the Site and
provide more convenient, relevant experiences
to our visitors, the Site might log the IP address
of the computer from which you access the Site
and use "cookies" and similar devices
to track your activities. Your browser
must be configured to accept cookies and similar
devices to use certain aspects of the Site.
P&F does not share your information
with other parties except as may be required
by law, but we cannot guarantee the security
of our servers or the transmission of information
over the Internet.

5.
Intellectual Property Rights. This
Site and the Materials, including their selection
and arrangement, are protected by copyrights,
trademarks, patents, trade secrets and all other
intellectual property and proprietary rights
(collectively, "Intellectual Property Rights"),
and any unauthorized use of the Site and Materials
may violate such laws and the Terms of Use.
Except as expressly provided herein, P&F
and its suppliers do not grant any express or
implied rights to use the Site or Materials.
The trademarks, logos and service marks
("Marks") displayed on this Site are
the property of P&F or other third parties.
You are not permitted to use the Marks without
the prior written consent of P&F or such
third party that may own the Marks. P&F
and the P&F logo are trademarks of P&F.

6.
Links to other sites. The Site
or Materials may include links that will take
you to other sites outside of the Site ("Linked
Sites"). The Linked Sites are provided
by P&F to you as a convenience. P&F
is not responsible for the contents of any Linked
Site and the inclusion of the links does not
imply any endorsement by P&F of any Linked
Site.

7.
Disclaimer of Warranties. THE
SITE AND MATERIALS, ARE PROVIDED BY P&F
UNDER THESE TERMS OF USE "AS IS" WITHOUT
WARRANTY OF ANY KIND, EITHER EXPRESS, IMPLIED,
STATUTORY OR OTHERWISE, INCLUDING, BUT NOT LIMITED
TO, THE IMPLIED WARRANTIES OF TITLE, NON-INFRINGEMENT,
MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE. WITHOUT LIMITING THE FOREGOING, P&F
MAKES NO WARRANTY THAT (i) THE SITE OR MATERIALS
WILL MEET YOUR REQUIREMENTS; (ii) THE SITE OR
MATERIALS WILL BE UNINTERRUPTED, TIMELY, SECURE,
OR ERROR-FREE; (iii) THE RESULTS THAT MAY BE
OBTAINED FROM THE USE OF THE SITE OR MATERIALS
WILL BE EFFECTIVE, ACCURATE, OR RELIABLE; (iv)
THE QUALITY OF THE SITE OR MATERIALS PURCHASED
OR ACCESSIBLE BY YOU WILL MEET YOUR EXPECTATIONS;
AND (v) ANY ERRORS OR DEFECTS IN THE SITE OR
MATERIALS WILL BE CORRECTED.
 THIS
SITE AND MATERIALS MAY INCLUDE TECHNICAL OR
OTHER MISTAKES, INACCURACIES, OR TYPOGRAPHICAL
ERRORS. P&F MAY MAKE CHANGES TO THE SITE
AND MATERIALS, INCLUDING OPINIONS CONTAINED
THEREIN, AT ANY TIME IN ITS SOLE DISCRETION
AND WITHOUT NOTICE. THE SITE AND MATERIALS MAY
BE OUT OF DATE, AND P&F MAKES NO COMMITMENT
TO UPDATE THE SITE AND MATERIALS.
 SOME
JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF
IMPLIED WARRANTIES OR LIMITATIONS ON HOW LONG
AN IMPLIED WARRANTY MAY LAST, SO THE ABOVE LIMITATIONS
MAY NOT APPLY TO YOU. TO THE EXTENT PERMISSIBLE,
ANY IMPLIED WARRANTIES ARE LIMITED TO NINETY
(90) DAYS.

8.
Limitation of Liability. IN
NO EVENT SHALL P&F, ITS OFFICERS, DIRECTORS,
EMPLOYEES, PARTNERS OR SUPPLIERS BE LIABLE TO
YOU OR ANY THIRD PARTY FOR ANY SPECIAL, PUNITIVE,
INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES
OR LOSSES OF ANY KIND, OR ANY DAMAGES OR LOSSES
WHATSOEVER, INCLUDING THOSE RESULTING FROM LOSS
OF USE, DATA OR PROFITS, WHETHER OR NOT FORESEEABLE
OR IF P&F HAS BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES OR LOSSES, AND ON ANY THEORY
OF LIABILITY, INCLUDING BREACH OF CONTRACT OR
WARRANTY, NEGLIGENCE OR OTHER TORTIOUS ACTION,
OR ANY OTHER CLAIM ARISING OUT OF OR IN CONNECTION
WITH: (1) THE ACCESS OR USE OF OR THE INABILITY
TO ACCESS OR USE THE SITE OR MATERIALS; (2)
THE STATEMENTS OR ACTIONS OF ANY THIRD PARTY
ON OR VIA THE SITE OR MATERIALS; (3) ANY DEALINGS
WITH VENDORS OR OTHER THIRD PARTIES; (4) ANY
UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR
TRANSMISSIONS, USER MATERIALS OR OTHER DATA;
(5) ANY INFORMATION THAT IS SENT OR RECEIVED
OR NOT SENT OR RECEIVED; (6) ANY WEB SITE REFERENCED
OR LINKED TO FROM THIS SITE; OR (9) YOUR ACCESS
TO OR USE OF OR INABILITY TO ACCESS OR USE ANY
LINKED SITE. SOME JURISDICTIONS PROHIBIT THE
EXCLUSION OR LIMITATION OF LIABILITY FOR CONSEQUENTIAL
OR INCIDENTAL DAMAGES. ACCORDINGLY, THE LIMITATIONS
AND EXCLUSIONS SET FORTH ABOVE MAY NOT APPLY
TO YOU.

9.
Indemnification. You agree to
indemnify and hold P&F and its officers,
partners and employees harmless from any claim
or demand, including reasonable attorneys' fees,
made by any third party due to or arising out
of: (a) your access to or use of the Site or
Materials (including any use by your employees,
contractors or agents); (b) your connection
to the Site or Materials; (c) your violation
of the Terms of Use; (d) your violation of any
rights of any third party; (e) your access to
or use of Linked Sites and your connections
thereto; or (f) any dealings between you and
any third parties advertising or promoting via
the Site or Materials.

10.
Termination. P&F may terminate
or deny your access to or use of the Site or
Materials for any reason in its sole discretion.
If you breach any of the Terms of Use,
your authorization to access or use this Site
automatically terminates, and any Materials
downloaded or printed from the Site in violation
of the Terms of Use must be immediately destroyed.

11.
Miscellaneous. These Terms of
Use constitute the entire agreement between
the parties with respect to the subject matter
hereof and supersedes and replaces all prior
or contemporaneous understandings or agreements,
written or oral, regarding such subject matter.
Any waiver of any provision of the Terms of
Use will be effective only if in writing and
signed by P&F.
 The
Site is controlled, operated and administered
by P&F from its offices within Germany.
P&F makes no representation that the Site
or Materials are appropriate or available for
use at other locations outside Germany, and
access to the Site from territories where the
Site or Materials are illegal is prohibited.
If you access the Site from a location outside
Germany, you are responsible for compliance
with all local laws. By accessing this
Site, you agree that all matters relating to
your access to, or use of, this Site shall be
governed by the statutes and laws of Germany,
without regard to the conflicts of laws principles
thereof. The parties specifically disclaim the
U.N. Convention on Contracts for the International
Sale of Goods. You also agree and hereby submit
to the exclusive personal jurisdiction and venue
of the courts of competent jurisdiction in Munich
/ Germany with respect to such matters.

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