Revised February 1, 2017

IRvalue.com Terms of Use

IRvalue.com (IRvalue BVBA, www.IRvalue.com, website, site, company or publisher) provides, through this website and other publications and services, certain information, ratings and estimates related to companies whose securities are publicly traded, and certain articles, explanatory text, and product information (collectively "information", "service").

These Terms of Use govern your ("customer", "user", "subscriber") access and use of this IRvalue.com website and its related sites and services (collectively, the "IRvalue.com site"). Please read these Terms of Use carefully before using the IRvalue.com site. By using the IRvalue.com site, you agree to these Terms of Use. If you do not agree to these Terms of Use, you may not use the IRvalue.com site. These Terms of Use are in addition to, and do not override, the terms and conditions that apply to the specific services offered by IRvalue.com.

For purposes of this IRvalue.com site, "IRvalue.com" means IRvalue BVBA, its subsidiaries, affiliates, divisions, contractors and all of its and their data sources and suppliers.

These Terms of Use, including those that are incorporated by reference, constitute the entire and only agreement between you and IRvalue.com and govern your use of our sites.

This policy is an integral part of our legal policies regarding Terms Of Use, Privacy Policy, and Copyrights. Please refer to individual policies on this website.

Warning

Neither the information, nor any opinion contained in this site constitutes a solicitation, an offer or a recommendation by IRvalue.com or its affiliates to buy or sell any financial instruments. IRvalue.com cannot guarantee the complete accuracy and reliability of the information. The services accessible via this site are subject to the acceptance by user of the conditions laid down by IRvalue.com for its use. Any use of the service is concurrent Terms of Use.

Service Registration

The company, as a publisher of a bona fide newspaper, news magazine or business or financial publication of general and regular circulation, does not constitute the definition of investment advisor subsequent Section 202(a)(11) of the Investment Advisers Act of 1940 (15 U.S.C. § 80b-2(a)(11)).

Compliant Section 401(f) of the Uniform Securities Act, the services provided do not consist of the rendering of advice on the basis of specific investment situations of individual clients. The services provided by the company are communicated by electronic means on the website. Compliant Section 17(b) of the Securities Act of 1933 (15 U.S.C. 77q(b)), the company does not describe securities for consideration received or to be received, directly or indirectly, from an issuer, underwriter or dealer.

Disclaimers and Limitations of Liability

The best person to handle your finances is, of course, you. By your use of our services, you are agreeing that you bear responsibility for your own investment research and investment decisions. You also agree that IRvalue.com, its directors, its employees, and its agents will not be liable for any investment decision made or action taken by you and others based on news, information, opinion, or any other material published through our services. We rely on various sources of information that we believe to be accurate and reliable. We do not take responsibility for, or make any claims or representations about, the accuracy, completeness, or even the truth of information, and opinion provided through our services.

We are not investment advisors and we cannot provide personalized advice. We cannot know all the relevant facts about you and your individual needs, and we cannot claim or represent that any particular services are suitable for you. If you want personal advice, then you should seek a registered investment advisor. Nothing on this website constitutes, or is meant to constitute, advice of any kind. If you require advice in relation to any financial matter you should consult an appropriate professional. If you are dissatisfied with any IRvalue.com information, your sole and exclusive remedy is to discontinue using the IRvalue.com information.

When you look at other people's predictions, you should remember that those people may have interests in the stocks that they're making predictions about. For example, some people may hope a company's stock will go up because they own many shares of it; others may hope that it will rise because they work for the company. When you review people's predictions (or the stock tips you see on television or read about), you should not assume that the person making a prediction is unbiased or independent. Even though IRvalue.com as a company remains independent, and is not liaised with any financial institution or other stock investment related organization, employees of IRvalue.com may, even unwittingly, have interests in the stocks about which they make predictions.

All press releases and other materials presented or released to the financial community that are contained on the IRvalue.com site were, to the best of IRvalue.com's knowledge, timely and accurate when issued. However, the passage of time can render information stale, and you should not rely on the continued accuracy of any such material beyond the date of issuance. IRvalue.com has no responsibility to update any information contained in any such material. All viewers should carefully check the dates of issuance of the material contained on this IRvalue.com site.

IRvalue.com can either add or remove publications, including publications of data or analysis of companies, without any reason being owed.

Though IRvalue.com and its affiliates use extensive procedures to keep its database current and to promote data accuracy, customer acknowledges that the information will contain a degree of error.

IRvalue.com does not warrant the accuracy, completeness or timeliness of any of the services. ALL SERVICES ON THIS IRVALUE.COM SITE, OR A LINKED SITE, ARE PROVIDED ON AN "AS IS," "AS AVAILABLE" BASIS. IRVALUE.COM DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTIES OF ACCURACY, COMPLETENESS, CURRENTNESS, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. IRVALUE.COM DOES NOT WARRANT THAT THE SERVICES WILL BE UNINTERRUPTED OR ERROR-FREE. IRVALUE.COM WILL NOT BE LIABLE FOR ANY LOSS OR INJURY ARISING OUT OF, IN WHOLE OR IN PART, IRVALUE.COM'S CONDUCT IN PROCURING, COMPILING, COLLECTING, INTERPRETING, REPORTING OR DELIVERING SERVICES OR INFORMATION.

IRVALUE.COM WILL NOT BE LIABLE, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE, FOR ANY DIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL, INCIDENTAL OR INDIRECT DAMAGES (INCLUDING WITHOUT LIMITATION LOST PROFITS, COST OF PROCURING SUBSTITUTE SERVICE OR LOST OPPORTUNITY) ARISING OUT OF OR IN CONNECTION WITH THE USE OF THE IRVALUE.COM SITE OR A LINKED SITE, OR WITH THE DELAY OR INABILITY TO USE THE IRVALUE.COM SITE OR A LINKED SITE, EVEN IF IRVALUE.COM IS MADE AWARE OF THE POSSIBILITY OF SUCH DAMAGES. THIS LIMITATION ON LIABILITY INCLUDES, BUT IS NOT LIMITED TO, THE TRANSMISSION OF ANY VIRUSES WHICH MAY INFECT A USER'S EQUIPMENT, FAILURE OF MECHANICAL OR ELECTRONIC EQUIPMENT OR COMMUNICATION LINES, TELEPHONE OR OTHER INTERCONNECT PROBLEMS (E.G., YOU CANNOT ACCESS YOUR INTERNET SERVICE PROVIDER), UNAUTHORIZED ACCESS, THEFT, OPERATOR ERRORS, STRIKES OR OTHER LABOR PROBLEMS OR ANY FORCE MAJEURE.

SOME STATES DO NOT ALLOW EXCLUSION OF IMPLIED WARRANTIES OR LIMITATION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE ABOVE LIMITATIONS OR EXCLUSIONS MAY NOT APPLY TO YOU. IN SUCH STATES, OUR LIABLITY AND THAT OF OUR THIRD-PARTY CONTENT PROVIDERS WILL BE LIMITED TO THE GREATEST EXTENT PERMITTED BY LAW.

Amendments

IRvalue.com has the right to amend these Terms of Use at any time and without notice to you. Such amendments shall be effective immediately upon posting. You agree to review the IRvalue.com site periodically to be aware of any such amendments. Your continued use of a IRvalue.com site after such amendments have been made shall constitute acceptance of the amendments.

International, national or local law may require that we notify you of certain events. You hereby acknowledge and consent that such notices will be effective upon our posting them on our websites or sending them to you via e-mail. If you do not provide us with accurate information, we cannot be held liable if we fail to notify you. You may request that we provide such notices to you in paper format by writing to addresses provided on the Address Page in the About IRvalue.com menu.

Choice of Law, Disputes

If any provision in this agreement is found to be invalid, unenforceable, or nonsensical, the remaining provisions will continue in full force and effect.

IRvalue.com's failure to insist upon or enforce strict performance of any provision of this agreement shall not be construed as a waiver of any provision or right. Neither the course of conduct between parties nor trade practice shall act to modify any provision of this agreement.

This agreement is governed by and construed in accordance with Belgian and international law, without regard to choice of law provisions. Any disputes arising out of this agreement that cannot be resolved by the parties will be brought in court located in Brussels, Belgium.

Customer will pay all costs and expenses, including reasonable attorneys' fees, that IRvalue.com incurs in any action to enforce customer's obligations under this agreement.

Our services are directed at an international audience. We cannot warrant that the services are appropriate for all users in all locations, or that use of the services is permitted under the laws of other jurisdictions.

All disputes fall under the exclusive jurisdiction of the courts competent for our headquarters. Information about alternative dispute resolution can be found on the consumer website of the European Commission (http://ec.europa.eu/consumers/solving_consumer_disputes/index_en.htm). We reserve the right to settle disputes exclusively at the courts.

Registration

Access to, and use of, password protected and/or secure areas of this IRvalue.com site is restricted to authorized users only. Unauthorized individuals attempting to access these areas of the IRvalue.com site may be subject to prosecution.

Users may only maintain one active registration with IRvalue.com. By accepting this agreement, you certify that you personally have no other registration with IRvalue.com.

If you subscribe to one of our publications, you will be asked to create a username and password, which you will need to access the publication.

As a registered user, you can update your account settings, including your e-mail address, by going to the Registration page in the My IRvalue.com menu. There, you can also change your password at any time. To change your username please contact us. Also, if you forget either your password or user name, please contact us. Use the Contact page in the About IRvalue.com menu.

Registrations using the same postal address may be considered as a single registration. It is impossible to distinguish between registrations using the same or a differentname at an identical address. In this case IRvalue.com cannot accept responsibility with regard to access to or availability of registration information, order information,and/or subscriptions (use of services, publications). We will, of course, make special accommodation in such cases; just contact us through the Contact page in the About IRvalue.com menu. Do keep in mind that registration and subscriptions are always limited to a single authorized user.

Subscription Agreement

As set forth in order forms (basket) or any renewal thereof (the "order") IRvalue BVBA ("IRvalue.com") and the individual or company identified in the order ("customer") agree that IRvalue.com shall make available to customer the services identified in the order ("services"), subject to this Subscription Agreement ("agreement"). Services may include, but are not limited to, business information, legal or financial data and ratings of world-wide business entities supplied by IRvalue.com or any affiliate of IRvalue.com ("information").

When subscribing to a publication such as Company Reports or Price Increase Potential Screenings, you will need to provide us with your name, e-mail address, and billing and shipping addresses if applicable, as well as, to our specialized online payment provider, your credit card information. You certify that all information you provide is accurate. You also agree to maintain and update your information as necessary so that it remains accurate and current. In the event that any information you provide is inaccurate or not up-to-date, IRvalue.com reserves the right to cancel your subscription.

For some publications free samples may be offered. They are meant as a trial or preview, and are covered by the terms and conditions herein.

Even though our investment strategy is medium to long term, we do not guarantee continued coverage of stocks or companies, nor do we accept claims to this regard.

Links may be present on the pages of this website, or in other publications by IRvalue.com. The presence of such links does not imply access to the linked (target) information, pages, publications, or services, whether internal or external. Such access may require a subscription to the respective service, e.g., Price Increase Potential Screenings link to Company Reports; access to either service, and its congruent publications, requires separate subscriptions.

1. Licenses

1.1 IRvalue.com grants to customer a non-exclusive, non-transferable license ("license") to use and display the information specified in an order, subject to the limitations contained in this agreement and such order. IRvalue.com retains all ownership rights (including copyrights and other intellectual property rights) in the services, in any form, and customer obtains only such rights as are explicitly granted in this agreement and such order.

1.2 Each license is for a term of twelve (12) months, beginning on the effective date of the order, unless another term is specified in the order, e.g., "by report". The service is available only for single users ("authorized users") and may not be shared with other persons or entities. IRvalue.com reserves the right to deny access to any and all users.

2. Restrictions on Use

2.1 The services are licensed for customer's internal use only and subject to any restrictions set forth in the order. Customer will not provide information, or other services to others, whether directly in any media or indirectly through incorporation in a database, marketing list, report, bulletin board, online forum, or otherwise, or use or permit the use of information to generate any statistical or other information that is or will be provided to third parties (including as the basis for providing recommendations to others); use or permit the use of information to prepare any comparison to other information databases that is or will be provided to third parties; or voluntarily produce information in legal proceedings.

2.2 Customer will not use information as a factor in establishing an individual's eligibility for (i) credit or insurance to be used primarily for personal, family, or household purposes, or (ii) employment. In addition, customer will not use any service to engage in any unfair or deceptive practices and will use the services only in compliance with applicable state, local, federal or foreign laws or regulations, including but not limited to laws and regulations, applicable export restrictions, and/or those laws and regulations regarding telemarketing, customer solicitation (including fax and/or e-mail solicitation), data protection and privacy.

2.3 If applicable, upon expiration or termination of a license with respect to particular information, or upon receipt of information that is intended to supersede previously obtained information, unless IRvalue.com instructs customer otherwise, customer will immediately delete or destroy all originals and copies of the information, as applicable, and upon request, provide IRvalue.com with certification thereof.

2.4 Customer will not copy, download, upload or in any other way reproduce information except for creating a reasonable and limited number of copies of information for internal use only in accordance with this agreement and not for general internal distribution.

2.5 IRvalue.com reserves the right to monitor customer's use of the service to ensure compliance with this agreement and prevent fraudulent use. Such monitoring of use may include but will not be limited to determining whether or not the service is accessed under the account from multiple computers, as well as noting downloads beyond the limit of the total number of records as may be set forth in the applicable order or a disproportionate number of users ("fair use"). IRvalue.com reserves the right to limit access to the services to (i) viewing or printing using a third party web browser print function, and (ii) downloading a maximum number of records per search. In addition, authorized users shall be bound by any access and download limitations per search session that are internal to a service. Per 12-month term of the license, customer authorized users shall be limited to downloading such total number of records as may be set forth in the applicable order or posted within a service. All download limitations will be enforced at IRvalue.com discretion. Customer may not make available a user name and password to a party that is not an authorized user. Systematic access or extraction of content from the service, including, but not limited to, the use of "bots" or "spiders," is prohibited. If such monitoring indicates you are not in compliance with this agreement or if fraudulent activity is suspected, IRvalue.com reserves the right to take such action as it deems necessary, including, but not limited to, suspension or termination of the account.

3. Payment and Fees

IRvalue.com reserves the right to increase subscription fees or institute new charges upon reasonable notice. Subscription fees are due in advance.

Your subscription will not automatically renew or be billed automatically. At the end of your subscription you will be notified, and invited to renew your subscription. You hereby consent to receiving such notifications, either by e-mail or through postal services.

3.1 Customer will pay IRvalue.com in accordance with the order. Prices and product descriptions are those set forth in the order. A late payment charge of the lesser of 1½% per month or the highest lawful rate may be applied to any outstanding balances until paid.

3.2 Customer will pay any applicable taxes relating to this agreement, other than taxes based on IRvalue.com income and franchise-related taxes.

3.3. VAT and/or (local) sales tax are charged based on the country declared by the customer (on the Registration page in the My IRvalue.com menu). VAT rates are applied in accordance with Belgian and EU regulations. If no VAT and/or local sales tax are charged by our company, or on our website, subscribers may be responsible for payment of said tax to local authorities. Please refer to your local tax office.

4. Cancellations and Termination of Service

IRvalue.com subscriptions are non-cancelable and/or non-refundable after 48 hours of activation. IRvalue.com subscriptions become non-cancelable and/or non-refundable inside of 48 hours at activation with the execution of any download function or publication view. Cancellations must be in writing, sent to through the Contact page in the About IRvalue.com menu.

In the event that we terminate a service or publication, you agree that IRvalue.com may transfer your subscription to another service of equal or greater value.

IRvalue.com and its information suppliers cannot be held responsible for any malfunctions, interruptions or errors in this publication and/or related information, nor for cessation. IRvalue.com is not required to continue offering its information and/or services. Malfunctions, interruptions, errors in the electronic delivery or cessation cannot under any circumstances give rise to any financial compensation. Upon termination of services, current subscriptions will be refunded in proportion to the unexpired period.

E-mail Policy

This policy applies to all information and contents of e-mail messages, and any attached files ("e-mail") from IRvalue.com ("sender").

E-mail is intended for the addressee only. If you are not the addressee, you should notify the sender, attaching the original e-mail message, and delete the e-mail message immediately thereafter.

You should not use, alter, copy or distribute messages, or disclose their contents to anyone. E-mail may contain confidential and/or privileged information, and/or information protected by intellectual property rights. E-mail does not contain any professional advice, and does not constitute an offer regarding any product or service toward the addressee, unless it contains an express statement to the contrary.

E-mail transmission cannot be guaranteed to be secure or error free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept liability for any errors or omissions in the contents of e-mail, and shall have no liability for any loss or damage suffered by the user, which arise as a result of e-mail transmission.

Any views or opinions expressed in e-mail are those of the author and do not necessarily represent those of IRvalue.com or any of its affiliates. Therefore e-mail does not constitute a commitment by IRvalue.com unless it contains an express statement to the contrary from an authorized representative.

Other conditions contained in IRvalue.com legal statements may apply to e-mail.

How To Contact Us

Should you have other questions or concerns about this policy, please contact us (all contact information can be found on the Address page in the About IRvalue.com menu). You may also send us an e-mail at corporate@IRvalue.com.