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 Management Website User Agreement, Disclaimer, Privacy Statement and Important Legal Information JMP Securities LLC is a privately-held company and is based in San Francisco, California. JMP Securities LLC is a registered broker/dealer and is a member of the NASD and the Securities Investor Protection Corporation (SIPC). All references to "JMP" on this website refer to JMP Securities LLC. Website Use Agreement By using this website, you agree to the following terms and conditions, which JMP may modify at any time without prior notice. The information on this website (including but not limited to research reports) has been published for informational purposes only, and is not a solicitation or offer of any security or of any investment service. The content of this website is provided solely for your personal use (subject to the limitations described on this website), and the information may not be copied, reproduced, republished, transmitted or distributed in any way, without the express written permission of JMP. Modification or use of the information for any purpose other than your personal use is a violation of the copyrights and other proprietary rights of JMP. The information provided on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject JMP or its subsidiaries to any registration requirement within such jurisdiction or country. Neither the information, nor any opinion contained in this website, constitutes a solicitation or offer by JMP or its affiliates to buy or sell any securities, futures, options or other financial instruments. JMP does not intend the information at this website to be investment advice, and the information presented at this website should not be relied upon to make an investment decision. The research reports appearing on this website are archived reports prepared by JMP Securities LLC on the date(s) specified in the report and may not be current. The information contained therein may no longer be accurate through the passage of time or for other reasons. These reports should not be relied upon in making a determination to buy or sell any security which is discussed in any of these reports. Please contact your broker or the research analyst identified in any such report to determine if more recent information is available. Investment Protection Principles and Research Analysts' Conflict of Interest Policies Pursuant to NASD Rule 2711 and other initiatives stemming from the New York State Attorney General Eliot Spitzer's agreement with Merrill Lynch & Co. ("the Merrill Lynch principles"), effective July 1, 2002, JMP Securities has amended or reaffirmed its policies related to Research Analysts. Following are excerpts from our Written Supervisory Procedures that address the Merrill Lynch principles: No JMP research analyst may be subject to the supervision or control of any employee of JMP's Investment Banking Department. Our Research Department reports to the Managing Director with overall management responsibility for the Research Department (the "Research Department Manager"). In turn, the Research Department Manager reports to the Executive Committee. Currently, there are two members of the Executive Committee who are in the Investment Banking Department, however, they do not exercise any direct control over any employee of the Research Department. JMP will not pay any research analyst any bonus, salary or other form of compensation that is based upon a specific investment banking transaction. JMP's analysts' compensation shall be based upon several factors. Chiefly among such factors is the quality of the research and financial advice provided to our institutional customers and the impact that the analysts' research has on the success of JMP's overall business. Such success may be measured by the overall commissions and fees that our institutional customers pay JMP, as well as the overall number of times JMP is selected by its corporate customers to render advisory, underwriting and other financial services to them. The final compensation is decided by the JMP Compensation Committee consistent with NASD Conduct Rule 2711(d). If any member of the Compensation Committee is part of the Investment Banking Department, such a member will abstain from rendering any opinions regarding Research Analysts. JMP and its employees are prohibited from offering, directly or indirectly, favorable research, a specific rating or a specific price target, or threatening to change research, a rating or a price target, to a company as consideration or inducement for the receipt of business or compensation. It is JMP's stated mission statement to provide "thoughtful advice which markedly benefits our institutional customers in the areas they care most about..." As such, any reason to publish research, other than our professional obligation to provide good advice to our institutional customers, is against our policies and in violation of the Rule. In the event that JMP decides to drop coverage of a company, a final note will be published outlining the reasons. The Research Department Manager and the Product Manager will review and approve all research recommendations to ensure adherence to this policy, while the Compliance Manager will review all research to ensure adherence to the Rules. Research Report Disclosures. JMP must disclose in research reports if:
(i) the research analyst principally responsible for preparation of the report received compensation that is based upon (among other factors) the member's investment banking revenues;
Public Appearance Disclosures. JMP research analysts must disclose in public appearances if they know or have reason to know that the subject company is a client of JMP or its affiliates.
(ii) JMP or its affiliates managed or co-managed a public offering of securities for the subject company in the past 12 months; (iii) JMP or its affiliates received compensation for investment banking services from the subject company in the past 12 months; or (iv) JMP expects to receive or intends to seek compensation for investment banking services from the subject company in the next three months. The Compliance Manager shall attest annually to the NASD that JMP has adopted and implemented the aforementioned procedures. Disclaimer of Warranty and Limitation of Liability Although the information provided to you on this website is obtained or compiled from sources we believe to be reliable, the content of this website is provided “as is” without warranty of any kind (either express or implied). JMP does not assume any obligation to update the information and data at this website and does not guarantee that it is accurate, current, valid, complete or suitable for any particular purpose. JMP makes no representations concerning this website and disclaims all express, implied and statutory warranties of any kind, including warranties of merchantability or fitness for a particular purpose, to the fullest extent allowed by applicable law. In no event shall JMP or any of its affiliates, directors, officers, employees, or third party vendors be liable or have any responsibility of any kind for any damages of any kind arising from information at this website or the use of this website. The research reports appearing on this website are archived reports prepared by JMP Securities LLC on the date(s) specified in the report and may not be current. The information contained therein may no longer be accurate through the passage of time or for other reasons. These reports should not be relied upon in making a determination to buy or sell any security which is discussed in any of these reports. Please contact your broker or the research analyst identified in any such report to determine if more recent information is available. Privacy Notice In accordance with the Federal Financial Privacy Law (Gramm-Leach-Bliley Act, Nov. 1999), the following are JMP's policies applicable to this website and to our business relation in general: Collecting Information In the course of our relationship with you, we receive or develop information about you necessary to better service your account and your financial needs. This information may include: information you provide to us orally or on applications or other forms; information we develop about you in the course of providing our services to you, such as your account balance(s), the assets that we manage and transactions we place on your behalf; technical information we gather through your access to our website. Protecting the Information As a general rule, JMP does not sell, share or otherwise disclose this private information with others unless such sharing of information is necessary to provide our services to you. For instance, there may be sharing of information between the two subsidiaries of JMP, where each subsidiary is rendering a service to a customer common to both. Further, we share information with certain third parties, such as our clearing agent, custodian, attorneys and auditors who, in the ordinary course of providing their services to us, may require access to information containing your non-public personal information. In addition, we may disclose your non-public personal information to others with your consent, where required by law or judicial process (such as a court order), or otherwise to the extent permitted under the Federal Financial Privacy Law. Keeping the Information Secure is a Priority We restrict access to your non-public personal information to those associates who need to know that information to provide services to you. Where we are not comfortable that a service provider is already bound by duties of confidentiality (i.e. attorneys and auditors), we will require contractual assurances that it will maintain the confidentiality of any of the information it obtains from us. In addition, we maintain physical, electronic and procedural safeguards to protect your non-public personal information. We continually assess new technology and upgrade our system when appropriate to better protect information. If you have any questions about our practices with respect to your non-public personal information, you may write to us at 600 Montgomery Street, Suite 1100, San Francisco, CA 94111 or call us at (877) 263-1333. |
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© 2008 JMP Securities LLC