MANDATORY USER AGREEMENT asensio.com is available to you only if and only after you accept this user agreement in its entirety and irrevocably agree to comply with all of the instructions, terms, conditions, and notices contained herein without any modification or exception. asensio.com reports are only available and only distributed to users who have agreed to abide by this Mandatory User Agreement that contains material and substantial limitation on your rights to initiate any form of litigation against asensio.com and its sources and collaborations. asensio.com’s content is distributed solely to its users who have previously agreed to abide by this agreement. The purpose of the content is to educate investors about the value and importance of short-selling and the history of Asensio & Company, Inc., asensio.com and its founder. asensio.com is a non-commercial web site. The primary and exclusive purpose of this User Agreement is to prevent you the user from initiating any form of litigation in any U.S. Federal or State court. asensio.com’s Mandatory User Agreement containing thirty eight (38) paragraphs, composed of twenty-seven (27) paragraphs and eleven (11) sub-paragraphs, titled as follows: 1.) Instruction against reliance 2.) No financial advice or products available 3.) Instruction to assume undisclosed trading counter to published opinions 4.) Exclusively for informational purposes 5.) Change in tone and style, motive and allocation resources 6.) Terms prohibiting user’s ability to discover author and source a.) Protected public speech b.) No statement of fact c.) Protected opinion d.) Lack of attribution e.) Prohibition against asserting authorship or sources f.) No identification of real-life author g.) No one is responsible to you for the authorship of the writings found herein h.) Use of pseudonyms or pen names i.) No corporate existence and no affiliation with any corporate entity called “Asensio & Company, Inc.” or with Manuel P. Asensio j.) Anonymous domain name registration k.) Specific confirmation on restrictions on obtaining information about sources relating to digital images 7.) Lack of recourse 8.) Distribution of third party materials 9.) Right to use “Asensio & Company, Inc.” and “asensio.com” brand names without corporate existence 10.) Prohibition against use of Fraud-on-the-Market legal and economic theories 11.) Distribution and/or incorporation of unrelated third-party material without distinction 12.) User’s ability to forward link 13.) Prohibition against distribution 14.) Continuing consent 15.) Waiver and release 16.) Severability 17.) Jurisdiction 18.) Binding agreement not to contest any term or condition 19.) Modification without notice 20.) Disclaimer 21.) Copyright notice 22.) Non-Reliance On U.S.C. 223 23.) Forward looking statements 24.) Response to court filings and payment of legal expenses 25.)COMMINGLING of Manuel P. Asensio and Asensio & Company, Inc. materials. 26.)Distribution of information related to Manuel P. Asensio 27.) Seperation Date By clicking the check box “I accept this agreement in its entirety.” and then clicking the box containing the statement “I Agree” you are irrevocably agreeing with each and every statement contained in this Mandatory User Agreement. All users are required to irrevocably agree with all the terms listed below as a condition to using asensio.com. If you do not agree with any of the statements contained in the Mandatory Agreement you must click the box with the statement “I Do Not Agree” and you will not be allowed to view the materials contained in the asensio.com Internet web site. 1. INSTRUCTION AGAINST RELIANCE INVESTMENTS IN ALL SECURITIES, PARTICULARLY PUBLICLY-TRADED SHARES OF COMMON STOCK, HAVE INHERENT RISK, AND A PERSON TAKES SUCH RISKS KNOWINGLY AND BEARS FULL RESPONSIBILITY FOR HIS/HER OWN INVESTMENT RESEARCH AND DECISIONS. USE OF THIS SITE IS AT YOUR OWN RISK. NONE OF THE INFORMATION CONTAINED HEREIN SHOULD BE CONSTRUED AS AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. In cases where there exists controversy concerning a company's disclosures, investors should not sell or buy their shares based on the theory that markets price securities efficiently. Furthermore, investors should not rely on the market to substitute for their own individual due diligence and deliberate decision making. Opinions expressed are subject to change without notice. 2. NO FINANCIAL ADVICE OR PRODUCTS AVAILABLE asensio.com has no affiliation with Asensio & Company, Inc., which is a broker-dealer registered with the U.S. Securities and Exchange Commission and is an applicant for membership with FINRA. You nor any other party cannot obtain any services, including any investment or securities advisory services, or open an account for trading or any other purpose, obtain financial advice or make a deposit money or securities into a managed account or hedge fund through or from asensio.com. 3. INSTRUCTION TO ASSUME UNDISCLOSED TRADING COUNTER TO PUBLISHED OPINIONS asensio.com does not provide any disclosures pertaining to the amount, price or timing of any sales, purchases, short sells or purchases to cover short sales transactions in any of the securities referred to in its reports by any party. You agree to not either directly or through any legal proceeding attempt to discover any information concerning asensio.com or any related party transactions in any securities referred to on asensio.com. You are instructed to assume that asensio.com and its related party or parties, if any, actively engage in transactions prior to, at the time and after the release of a report, or at any other time, and that these transactions are solely and exclusively in its interest and counter to your own, and opposite to asensio.com’s published opinions. 4. EXCLUSIVELY FOR INFORMATIONAL PURPOSES The material provided in asensio.com is for informational purposes only. No mention of a particular security at the asensio.com web site constitutes a recommendation to buy, sell, or hold that or any other security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. No one will advise you personally concerning the nature, potential, value or suitability of any particular security, portfolio of securities, transaction, investment strategy or other matter. asensio.com does not guarantee or warrant the adequacy, accuracy, completeness or current state of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. Investments in securities, commodities or futures have inherent risk, and a person takes such risks knowingly and bears full responsibility for his/her own investment research and decisions. 5. CHANGE IN TONE AND STYLE, MOTIVE AND ALLOCATION RESOURCES. From 1996 to 2003 Manuel P. Asensio controlled Asensio & Company, Inc. and sometimes engaged in the activity of amassing large highly concentrated short position in companies that he believes were primarily constituted as vehicles to fraudulently promote stock sales that almost exclusively benefited its insiders. Several of these situations became highly contested and litigious. During the course of these engagements asensio.com published reports containing terms directed at the target and certain individuals involved with their schemes such as “false and untrue,” “solely to defraud investors,” and “fraud” in its description of the target’s certain specific closely defined activities. In 2003 asensio.com ceased its concentrated dedicated short selling operations and began to use asensio.com and certain short selling analytic and investigative resources available to it without cost or compensation for educational and public relations purposes. This required the elimination of the harsh, conflictive tone it used when it was commercially engaged in its concentrated, dedicated short sales. As a result investors must understand that the intensity of coverage and its effect, if any, on the publicly traded securities of asensio.com’s subjects pre-October 31, 2003 are not at all comparable to the post-October 2003 results. Under no circumstances should investors expect or assume that asensio.com will continue coverage or publish with a frequency or tone and style comparable to its pre-October 2003 form. 6. 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All of the statements on asensio.com involve, concern and are directed at public issues and public controversies of interest to the public at large. b.) NO STATEMENT OF FACT Any statement that appears as a fact is taken from other sources. These sources are not available nor deprived to you from asensio.com. asensio.com’s use of source does not imply any guarantee, representation or warranty of their accuracy. c.) PROTECTED OPINION asensio.com reports contain opinions and contain no statements of fact. All of the statements published by asensio.com constitute written opinions and are not provided to assist any individual or entity in making any investment decision. d.) LACK OF ATTRIBUTION NONE OF THE MATERIAL FOUND AT ASENSIO.COM MAY BE ATTRIBUTED TO ANY INDIVIDUAL PERSON INCLUDING OFFICERS, EMPLOYEES, DIRECTORS, SHAREHOLDERS, CONTRIBUTORS, CONSULTANTS, COLLABORATORS OR AGENTS OF ANY ENTERPRISE OR ENTITY RELATED TO MANUEL P. ASENSIO. e.) 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Users agree that they will not under any conditions or for any reason attribute or attempt to attribute any of the writings found herein to any individual author and agree to respect the anonymity of asensio.com's real-life author and/or authors. g.) NO ONE IS RESPONSIBLE TO YOU FOR THE AUTHORSHIP OF THE WRITINGS FOUND HEREIN Any reputational qualities created or generated from asensio.com’s prior writings belong to asensio.com alone. Users are specifically instructed not to give any preferential treatment because of reputation, for any other reason, to any analysis or opinions found on asensio.com over any other source. h.) USE OF PSEUDONYMS OR PEN NAMES Materials distributed by asensio.com may be published under a false or fictitious name assumed by one or more of its real-life authors or editors. You are required to irrevocably agree not to in any manner or way, or for any reason whatsoever, challenge the use of pseudonyms or attempt to identify the individual or individuals using pseudonymity to protect their identity as authors of any asensio.com content that bears or uses a false or fictitiously named author. i.) NO CORPORATE EXISTENCE AND NO AFFILIATION WITH ANY CORPORATE ENTITY CALLED “ASENSIO & COMPANY, INC.” OR WITH MANUEL P. ASENSIO asensio.com is not formed as a corporation or legal entity of any kind in any jurisdiction, is not owned or operated by or affiliated with, any corporate entity, including any corporate entity that may exist that is incorporated under the name Asensio & Company, Inc. or Manuel P. Asensio. j.) 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These materials may be edited and incorporated in whole or in part into content distributed to asensio.com subscribers with or without disclosing the source. asensio.com may know the identity of author(s) and/or submitters. The absolute prohibitions against users, subscribers and readers contained elsewhere in this Mandatory User Agreement pertaining to attempts to identify real life authors, to attribute and/or assert authorship, or claim or attempt to claim that anyone is responsible to you for asensio.com’s content applies to the authors, submitters, and collaborates of any third part material distributed by asensio.com or incorporated into asensio.com’s content. 9. RIGHT TO USE “ASENSIO & COMPANY, INC.” AND “ASENSIO.COM” BRAND NAMES WITHOUT CORPORATE EXISTENCE We obtained our limited right to use the “Asensio & Company, Inc.” brand on our web site, press releases, reports, industry surveys and email distributions from and upon the voluntary liquidation and dissolution with no adverse effect to any constituent of Asensio & Company, Inc., a Delaware corporation that was the holding company of a wholly-owned subsidiary that was formerly an NASD member firm called Asensio Brokerage Services, Inc., a Delaware corporation that was previously itself called Asensio & Company, Inc., that was also voluntarily liquidated and dissolved with no adverse effect to any of its constituents. 10. PROHIBITION AGAINST USE OF “FRAUD-ON-THE-MARKET” LEGAL AND ECONOMIC THEORIES Certain rulings have been constructed to allow shareholders of publicly-traded companies to litigate claims against publishers based on ”Fraud-on-the-Market” legal and economic loss theories. 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Each report should contain the following warning: “asensio.com reports are published and distributed solely and exclusively to registered asensio.com subscribers who have read and agreed to the Terms of Use and Mandatory User Agreement located at http://www.asensio.com/TermsOfUse.aspx and included herein in its entirety by reference thereto and by notice of its availability.” 14. CONTINUING CONSENT Your consent to each and every term in this Mandatory User Agreement is required for each and every use by you of the asensio.com website. Each visit to our homepage and web site, whether you store your consent on your computer or not, constitutes a new visit, and your access to our content, whether through the initial login page or otherwise, affirmatively consents to these terms. 15. WAIVER AND RELEASE It is understood that this website contains information that is of public interest and has specific value. User waives all rights of any kind, now and in the future, to pursue any claims against any entities arising out of the use of this site and out of the reliance, real or claimed, on any opinions asserted herein or on any information disseminated herein. User specifically releases asensio.com, its owners, agents, writers, operators and managers from any such potential claims and acknowledges that access to the information contained herein constitutes sufficient consideration for that release. 16. SEVERABILITY If any term or condition contained herein shall be held unenforceable by a court of competent jurisdiction, then the remaining terms of this agreement shall be considered to be severable and shall remain in full force and effect. 17. JURISDICTION Users agree that asensio.com has no assets and conducts no business, and does not seek to and has not solicited any business, in the United States of America. Users agree that the exclusive jurisdiction and venue for any disputes arising out of the use of this site shall not be under any circumstances any state, municipal, city of Federal court located in any state, city, county or district within the United States of America or its territories. 18. BINDING AGREEMENT NOT TO CONTEST ANY TERM OR CONDITION asensio.com only allows its content to be viewed by its registered users who have agreed to be bound by this Mandatory User Agreement in its entirety. asensio.com users agree that they will not under any circumstances seek to challenge or contest the enforceability, legality or applicability of this Mandatory User Agreement 19. MODIFICATION WITHOUT NOTICE asensio.com shall have the right, at its discretion, to change, modify, add or remove terms of this agreement at any time without notice. Changes shall be effective immediately. You agree to review this agreement periodically since subsequent use by you of this site shall constitute your acceptance of any changes. asensio.com shall have the right at any time to change or discontinue any aspect of the web site, including, but not limited to, the community areas, content, hours of availability and equipment needed for access to use. Such changes, modifications, additions or deletions shall be effective immediately upon posting and any subsequent use by you after such posting shall conclusively be deemed to be acceptance by you of such changes, modifications or deletions. 20. DISCLAIMER ALL MATERIALS AND SERVICES IN THIS SITE AND THIRD-PARTY SITES TO WHICH IT LINKS ARE PROVIDED & IS; WITHOUT WARRANTY OF ANY KIND. THE CONTENT PUBLISHED ON THIS WEB SITE MAY INCLUDE INACCURACIES OR TYPOGRAPHICAL ERRORS. CHANGES ARE PERIODICALLY MADE TO THE INFORMATION HEREIN. ASENSIO.COM MAY MAKE IMPROVEMENTS AND/OR CHANGES IN THIS WEB SITE AT ANY TIME INCLUDING CHANGES TO THESE TERMS AND CONDITIONS. ASENSIO.COM MAKES NO REPRESENTATIONS AND, TO THE FULLEST EXTENT ALLOWED BY LAW, DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE REGARDING THE SUITABILITY OF THE INFORMATION; THE ACCURACY, RELIABILITY, COMPLETENESS OR TIMELINESS OF THE CONTENT, SERVICES, PRODUCTS, TEXT, GRAPHICS, LINKS, OR OTHER ITEMS CONTAINED WITHIN THIS SITE, OR THE RESULTS OBTAINED FROM ACCESSING AND USING THIS SITE AND/OR THE CONTENT CONTAINED HEREIN. ASENSIO.COM DOES NOT WARRANT THAT MATERIALS WILL BE ERROR-FREE OR THAT DEFECTS WILL BE CORRECTED, OR THAT THIS SITE, INCLUDING THE SERVER THAT MAKES IT AVAILABLE, ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. THE USER ASSUMES THE ENTIRE COST OF ALL NECESSARY MAINTENANCE, REPAIR OR CORRECTION. THE INFORMATION CONTAINED HEREIN HAS BEEN PREPARED FROM ORIGINAL SOURCES AND DATA WHICH WE BELIEVE TO BE RELIABLE BUT ACCURACY IS NOT GUARANTEED. 21. COPYRIGHT NOTICE All contents of this Web site are: Copyright 2004 asensio.com. All rights reserved. This Web site is for the User's personal, noncommercial use. If you download any material, you must keep all copyright and other notices intact. The right to use it is not transferable to any other person or entity. User is responsible for all use of User's account (under any username or password). Users may not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer, or sell any information, or other content, software, products or services obtained from this Web site. In addition, the information may not be taken out of context or presented in an unfair, misleading or discriminatory manner. Our terms and conditions set out the detail of what you can and cannot do with asensio.com content and all use of asensio.com is subject to them. This copyright policy presents a summary of how users are permitted to use asensio.com’s content and uses that require the purchase of additional license. asensio.com reserved the right to change our copyright policy from time to time by publishing an updated to our copyright policy, which shall become effective and replace any previous policy with effect from publication. This version of the copyright policy was published on August 27, 2010. What is copyright? Copyright law gives the copyright owner the exclusive right to control the use of copyright protected works. All of the material published on asensio.com and other platforms is protected by copyright law and should only be used as set out in the “How users may use asensio.com content?” section below. Use without our permission may therefore infringe our copyright which can result in personal and corporate liability. Where we state below that something is not allowed or permitted, then to do so is a breach of our terms and conditions, i.e. is a breach of contract, and may also violate copyright law. How may I use asensio.com content? You may do the following: View our content for your personal use on any device and store our content on that device for your personal use; Print single copies of articles on paper for your personal use; How may I republish or redistribute asensio.com content? You may not copy asensio.com content from asensio.com or any third party source. You may not republish or redistribute full text articles, for example by pasting them into emails or republishing them in any media, including websites, newsletters or intranets. Full text means the whole article. We recognize that users of the Internet want to share information with others. We therefore permit limited republishing and redistribution of FT content as set out below provided that this does not reduces the need for users or other third parties to pay asensio.com directly for publishing or use rights, or which creates revenue from asensio.com content to the detriment of Manuel P. Asensio or asensio.com’s own ability to generate revenues from that content. Am I allowed to copy or summarize limited parts of asensio.com full text content? You may not republish or redistribute full text articles. You may however republish or redistribute summaries can be either an “extract” of 30 words copied verbatim from an asensio.com article that are inserted into a longer original work or an abstract of a 30 word non-verbatim summary of the news or facts published in an asensio.com article that does not form part of a longer work. These are the conditions you must comply with in order to produce summaries: - you source asensio.com as the author of any article from which you have derived a summary; - in the case of abstracts, you make clear that the abstract has been produced by you by stating “this is an abstract from article published by asensio.com”, with a hypertext link from the word “asensio.com” to the original story published on asensio.com; What am I not permitted to do with asensio.com content? You cannot do copy, publish or redistribute full text articles, photographs, graphics, tables or images in any way. Archive or store any of our content for access by anyone other than yourself. Create derivative works from our content, unless you are creating summaries as described above. Photocopy or scan copies of articles. Unauthorized copying is a way of avoiding paying for the value you are gaining by using the content. asensio.com makes significant investments to create asensio.com content to deliver value to you and to make a return on that investment. you cannot use our content in a matter that makes asensio.com unable to protect that investment. All material published on asensio.com is protected by copyright and so is asensio.com content published on third parties. Our content is also protected in other ways, for example, protected as a database by way of database rights. If you have any questions about your copyright policy, please email at info@asensio.com. 22. NON-RELIANCE ON U.S.C. 223 NO RELIANCE ON 47 U.S.C. 223 TITLED THE OBSCENE OR HARASSING TELEPHONE CALLS, AS AMENDED BY SECTION 113 TITLED PREVENTING CYBERSTALKING OF THE VIOLENCE AGAINST WOMEN AND DEPARTMENT OF JUSTICE REAUTHORIZATION ACT OF 2005. asensio.com users agree that its content is exempt from 47 U.S.C. 223, as the protections of the statute are limited to information transmitted anonymously by a telecommunications device "with intent to annoy, threaten or harass any person." Furthermore, asensio.com users agree that the anonymous and non-attributed nature of the website's publications are necessary to protect its speech. asensio.com users must agree that if they consider its content to annoy, threaten, or harass with information published on the asensio.com website and the distribution of that information to its registered users, their only sole and exclusive recourse is to remove their email address from asensio.com’s registered users list. This term is intended to prevent the event of a user, either registered or one having received or obtained an asensio.com report indirectly, which includes its User Agreement in its entirety, from commencing any action against asensio.com or an individual who is claimed to have written, edited or in any way assisted in the creation and/or distribution of an asensio.com report. 23. FORWARD LOOKING STATEMENTS Statements found on asensio.com or distributed by asensio.com relate to future plans or projected results of the subject companies and projected impact on future securities price of the subject company and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended by the Private Securities Litigation Reform Act of 1995 (the “PSLRA”), and Section 21E of the Securities Exchange Act of 1934, as amended by the PSLRA, and all such statements fall under the “safe harbor” provisions of the PSLRA. Actual results may vary materially from those described in any “forward-looking statement” due to, among other possible reasons errors and omission in asensio.com’s content. Users are cautioned not to put undue reliance on any asensio.com content or on forward-looking statements. 24. RESPONSE TO COURT FILINGS AND PAYMENT OF LEGAL EXPENSES Notice of a legal proceeding that could require a response by asensio.com could become known to individuals or entities other than asensio.com. In the event that individuals or entities other than asensio.com respond in some matter, or assist in the funding of such response, to such notice, you the user agree not to use any such act to support a claim that such individuals or entities have any financial interest in any securities that has been the subject of an asensio.com report, are the authors, or contributors to, of any asensio.com report, are contributors to the content of asensio.com or exert any control over asensio.com’s content, distribution or selection of subject companies. 25. COMMINGLING OF MANUEL P. ASENSIO AND ASENSIO & COMPANY, INC. MATERIALS COMMINGLING OF MATERIAL AND CONTENT PRODUCED BY MANUEL P. ASENSIO, ASENSIO & COMPANY, INC. AND ASENSIO.COM, INC. BEFORE THE SEPERATION OF ASENSIO.COM FROM THESE ENTITIES WITH MATERIALS PUBLISHED AT ASENSIO.COM UNDER THIS AGREEMENT. Users agree that the storage, displaying and the granting of access to users of asensio.com materials researched, written and distributed by Manuel P. Asensio, Asensio & Company, Inc., and asensio.com, inc. before the separation of asensio.com from these entities and/or before the incorporation of this agreement can not be used as a basis to claim in any civil proceedings or other venue that Manuel P. Asensio is the author or is in any way responsible for asensio.com’s content distributed under this agreement. 26. DISTRIBUTION OF INFORMATION RELATED TO MANUEL P. ASENSIO DISTRIBUTION OF ARTICLES OR INFORMATION ABOUT MANUEL P. ASENSIO’S ACTIVITIES OR HIS LETTERS, OPINIONS AND ANALYSIS STATMENTS OR OTHER WRITTEN MATERIALS, OR AUDIO OR VIDEO CONTENT CONTAINING HIS SPEECH OR IMAGE. Users must agree that they will not use the distribution of articles or information about Manuel P. Asensio’s activities or his letters, opinions and analysis statements, or other written materials, or audio or video content containing his speech or image, by asensio.com as a basis to claim or argue in any civil proceedings or other venue that Manuel P. Asensio is the author or is in any way responsible for any asensio.com content distributed under this agreement. Furthermore, users are completely prohibited from making such argument or claims even in cases where Manuel P. Asensio’s speech refers to, quotes or agrees with materials distributed by asensio.com, or where separate sources attribute such to Manuel P. Asensio. 27. SEPERATION DATE SEPARATION DATE OF ASENSIO.COM FROM ASENSIO & COMPANY, INC. AND MANUEL P. ASENSIO. Users must confirm their understanding that the effective date of the separation of asensio.com from Manuel P. Asensio was October 30, 2003 and that this separation has existed consistently and without interruption since October 30, 2003.   I accept this agreement in its entirety.