Federal copyright law, Title 17 of the U.S. Code, makes it illegal to reproduce this information by any means and for any purpose, unless you have our written permission. Republication or redistribution of Integrity Research Associates LLC (Integrity Research) content, including by framing or similar means, is expressly prohibited without the prior written consent of Integrity Research. Copyright infringement carries a statutory fine of up to $100,000 per violation. We offer a reward of $5,000 for information that leads to the successful prosecution of copyright violators.

Integrity Research produces research, analysis, and reports on investment research firms and other selected companies. Integrity Research is not a registered investment advisor or broker-dealer. Information has been obtained from sources Integrity Research believes to be reliable. Integrity Research does not guarantee the accuracy or completeness of the information.

Any decision to hire an investment research firm, do business with an investment research firm, rely on the research provided by an investment research firm or otherwise transact with an investment research firm must be made independently of any information or recommendations provided by Integrity Research. Integrity Research makes no representations or warranties about the suitability of any investment research firm for investment or other purposes, nor about its ethics, compliance procedures, operating policies, the quality of its research, the performance of its investment recommendations (if any), or any other aspect of the firm, its personnel or its research or other products.

Integrity Research receives revenues from institutional investors which subscribe to its services. It also publishes reports which may be purchased by research firms mentioned in the report. Such industry reports have been sold for less than $10,000. From time to time, research firms, along with institutional investors and investment banks, engage Integrity Research in strategic consulting projects for which Integrity Research is paid fees based on its level of time and effort. Historically, the fees charged to research firms for such consulting engagements have ranged from $2,500 to $75,000.

Integrity Research ’s services are prepared for institutional investors and other financial market professionals and assume a certain level of investment sophistication on the part of the user. Users who are not institutional investors or other financial market professionals should seek advice of their advisors relating to any information received from Integrity Research.

All opinions and estimates constitute Integrity Research ’s judgment as of the date of the analysis and are subject to change without notice. Integrity Research accepts no liability for any loss arising from reliance on or use of its products and services.

© Copyright 2013 INTEGRITY RESEARCH ASSOCIATES, LLC. All rights reserved. This service is not meant for individual consumers.