Disclaimer

Disclaimer and Terms of Use / Privacy Statement

The information found on Dorsey, Wright & Associates' Web Pages has been prepared without regard to any particular investor's investment objectives, financial situation, and needs. Accordingly, investors should not act on any recommendation (express or implied) or information in this report without obtaining specific advice from their financial advisors and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. However, such information has not been verified by Dorsey, Wright and Associates, LLC (DWA) or the information provider and DWA and the information providers make no representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein. DWA and the information provider accept no liability to the recipient whatsoever whether in contract, in tort, for negligence, or otherwise for any direct, indirect, consequential, or special loss of any kind arising out of the use of this document or its contents or of the recipient relying on any such recommendation or information (except insofar as any statutory liability cannot be excluded). Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice. DWA, or their respective affiliates or their officers, directors, analysts, or employees may have positions in securities or commodities referred to herein, may act as a market maker, and may, as principal or agent, buy and sell such securities or commodities. An employee, analyst, officer or a director of DWA, or their affiliates may serve as a director for companies mentioned in this report. Neither the information nor any opinion expressed shall constitute an offer to sell or a solicitation or an offer to buy any securities or commodities mentioned herein. This document does not purport to be a complete description of the securities or commodities, market or developments to which reference is made. There may be instances when fundamental, technical, and quantitative opinions may not be in concert. DWA, or their respective affiliates may from time to time perform investment banking or other services for, or solicit investment banking or other business from, any company mentioned in this report.

The Dorsey Wright SmallCap Technical Leaders Index is calculated by Dow Jones, the marketing name and a licensed trademark of CME Group Index Services LLC (“CME Indexes”). “Dow Jones Indexes” is a service mark of Dow Jones Trademark Holdings LLC (“Dow Jones”).

Products based on the Dorsey Wright SmallCap Technical Leaders IndexSM, are not sponsored, endorsed, sold or promoted by CME Indexes, Dow Jones and their respective affiliates make no representation regarding the advisability of investing in such product(s).

There are risks inherent in international investments, which may make such investments unsuitable for certain clients. These include, for example, economic, political, currency exchange, rate fluctuations, and limited availability of information on international securities. DWA, and their affiliates make no representation that the companies which issue securities which are the subject of their research reports are subject to, or in compliance with certain informational reporting requirements imposed by the Securities Exchange Act of 1934. Sales of securities covered in this report may be made in only those jurisdictions where such securities are qualified for sale.

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You may not reproduce, retransmit, disseminate, sell, publish, broadcast, or circulate the Information without the express written consent of Dorsey, Wright & Associates. You are entitled to use the Information it contains for your private, non-commercial use only.

Copyright Notice Copyright © 1995-2012 Dorsey, Wright & Associates, LLC

DORSEY, WRIGHT & ASSOCIATES, LLC - NOTICE OF PRIVACY POLICY

Maintaining your privacy is important to us. Your personal information is kept secure. You have a right to know what information is being collected about you and how that information will be used.

We collect nonpublic personal information about you from the following sources:

* Information we receive from you on applications or other forms; and

* Information about your transactions with us.

We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law. Under the law, the information we collect is provided to companies that perform support services on our behalf as necessary to effect, administer, or process a transaction, or for maintaining and servicing your account.

We do not give or sell information about you or your accounts to any other company, individual or group.

We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, administrative, and technical procedural safeguards to protect your nonpublic personal information.

You do not need to call or do anything as a result of this notice. It is meant to inform you of how we safeguard your nonpublic personal information.

In some instances Dorsey Wright may use pixels, or transparent GIF files, to help manage online advertising. These GIF files are provided by our ad management partner. These files enable our ad management partner to recognize a unique cookie on your Web browser, which in turn enables us to learn which advertisements bring users to our website. The cookie was placed by us, or by another advertiser who works with our ad management partner. With cookies, the information that we collect and share is anonymous and not personally identifiable. It does not contain your name, address, telephone number, or email address.

In some instances Dorsey Wright may use third party advertising companies to serve ads on our behalf across the Internet. These third-party advertising companies employ cookie and 1X1 pixel.gifs or action tags technology to measure and improve the effectiveness of ads for their clients. To do so, these companies may use anonymous information about your visits to our website and other websites. This information can include date/time of banner ad shown, their cookie, and the first three octets of the IP address. They do not collect personally identifying information (PII). This anonymous information can also be used for online preference marketing purposes.