The Prudent Speculator

Terms of Use

TERMS OF USE – WWW.AFAMCAPITAL.COM AND THE PRUDENT SPECULATOR AND PRUDENT SPECULATOR

PLEASE READ THE TERMS OF USE CAREFULLY These Terms of Use describe rules for visitors to the websites located at www.alfrank.com and www.prudentspeculator.com (“Site”). The Site contains information about products and services authorized in the United States, and is intended for an U.S. audience. If you live outside the U.S., you may see information on this Site about products or services that are not available or authorized in your country.

These terms were last updated February 2013. We may change these Terms of Use at any time. Please review Terms of Use each time you visit the Site. By using this Site, it means you accept the Terms of Use.

The terms “we”, “our” and “AFAM” mean AFAM Capital, Inc. and all related and affiliated entities. “You” means you, the user of this Site.

AFAM does not recommend that you provide your user ID or password for any reason to anyone. If you choose to provide this information to a third party, you do so at your own risk. AFAM will not be responsible for any misuse of the information or resulting loss to you.

DISCLOSURE ABOUT FINANCIAL ADVICE
This Site and its content are for information, education, and entertainment purposes. You alone will need to evaluate the merits and risks associated with the use of this Site and the information provided herein. Although this Site may provide information relating to approaches to investing or types of securities and other investments you might wish to buy or sell, no information provided on this Site is intended or should be construed as an investment recommendation or endorsement from AFAM. Decisions based on information contained in this Site are your sole responsibility. In exchange for using this Site, you agree to not hold AFAM liable for any possible claim for damages arising from or relating to any decision you make based on information on this Site.

This Site may make available certain financial market data, quotes, news, research, and opinions or other financial information that has been independently obtained by certain financial market information services, financial publishers, various securities markets, investment bankers and other providers including AFAM. AFAM does not guarantee or certify the accuracy, completeness, timeliness or correct sequencing of the information made available through this Site. You agree that AFAM will not be liable in any way for the accuracy, completeness, timeliness, or correct sequencing of the information, or for any decision made or action taken by you relying upon the information. You further agree that AFAM shall not be liable in any way for the interruption of any data, information or other aspect of the Site. With regard to any security, mutual fund, or other investment, past performance is no guarantee of future results.

MARKET COMMENTARY UPDATE AND NEWSLETTER DISCLOSURE
AFAM Capital, Inc., an Investment Advisor, registered with the Securities & Exchange Commission, is editor to The Prudent Speculator (TPS) and the weekly Market Commentary Updates. Information in TPS and TVR come from independent sources believed reliable, but accuracy is not guaranteed. AFAM has not independently verified the accuracy of the information published by the independent sources. All material published in TPS and weekly Market Commentary Updates is subject to change without notice from AFAM. AFAM’s security recommendations disclosed in TPS and Market Commentary Updates are the opinions of AFAM and the performance results of such recommendations are subject to risks and uncertainties beyond the control of AFAM. Such risks and uncertainties include: (i) national and international economic conditions and fluctuations, (ii) economic conditions of particular industry and service sectors; and (iii) the ability of the management of the company whose security is recommended to perform and achieve expected results of operations. AFAM's recommendations may not yield profitable results and may actually result in a loss of investment capital.

AFAM Capital, Inc. is advisor to certain proprietary mutual funds (the Funds) and is manager of individual client investment accounts. As advisor of the Funds and manager of individual client accounts, AFAM may purchase and sell securities identified, recommended and analyzed in TPS. In consideration of the Funds performance objectives and the investment objectives of clients of individual client accounts, AFAM may purchase and sell securities identified in TPS without notice to newsletter subscribers and may take a position in such securities that is inconsistent with the recommendation disclosed in TPS. The Funds and AFAM's employees may hold, purchase or sell securities recommended in TPS subject to AFAM's insider trading policy.

USE OF MATERIALS ON THIS SITE
United States and foreign copyright laws protect the materials on this Site. Title to the materials remains with us, or with the authors of the materials contained on this Site. We give you permission to download or print one copy of the material on this Site solely for your personal, noncommercial use. When you download or print a copy of the materials on this Site, you must include the copyright notice that is written on the bottom of each page: "Copyright 2013, AFAM Capital, Inc. All rights reserved." You must also include any other copyright and proprietary rights notices that were contained in the materials. All rights not expressly granted are reserved.

If you use the materials in a way that is not expressly permitted by these Terms and Conditions, you are violating your contract with us and may be violating copyright, trademark, and other laws. In this case, we automatically revoke your permission to use the materials and you must immediately destroy any copies you have made of any portion of the materials.

ADVERTISING
This Site may include advertisements for products or services offered by other companies. We may receive payment from these advertisers. We do not allow advertisers to have any influence on the information we provide. Although we believe you may find that information offered by advertisers is helpful, we do not endorse or guarantee any product or service offered by advertisers. The Site includes promotional material about our products and services.

YOUR FEEDBACK, COMMENTS AND IDEAS
While we are pleased to receive feedback, comments and ideas from visitors to this Site, we want you to understand that any information that you submit through this Site will be considered non-personal, non-confidential and non-proprietary (other than personal financial information, as that term is defined in the Gramm-Leach-Bliley Act and our Privacy Policy). If you transmit any ideas, information, concepts, know-how or techniques or materials to us through this Site, you hereby grant us an unrestricted, royalty-free, irrevocable license to use, reproduce, display, perform, modify, transmit and distribute them, and agree that we are free to use them for any purpose.

DISCLAIMERS AND LIMITATION OF LIABILITY
Your use of this Site and the information on it is at your own risk. When using this Site, information will be sent over communication channels that we do not control. As a result, we assume no liability for or relating to the delay, failure, interruption or corruption of any information sent as a part of your use of this Site. This Site and the materials are provided on an "as is" basis. You understand that we cannot and do not guarantee or promise that files available for downloading through the Site will be free from infection, viruses, worms, or other contaminating or destructive code that may damage your computer files.

AFAM, TO THE FULLEST EXTENT PERMITTED BY LAW, DISCLAIMS ALL WARRANTIES, EITHER EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT OF THIRD PARTIES' RIGHTS, AND FITNESS FOR A PARTICULAR PURPOSE.

YOU AGREE THAT NEITHER AFAM NOR ANY PERSON OR COMPANY ASSOCIATED WITH AFAM SHALL BE LIABLE FOR ANY DAMAGE RESULTING FROM YOUR USE OR INABILITY TO USE THIS SITE OR THE MATERIALS OF THIS SITE. THIS PROTECTION COVERS CLAIMS BASED ON WARRANTY, CONTRACT, TORT AND ANY OTHER LEGAL THEORY. THIS PROTECTION COVERS AFAM, ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AND ALL INFORMATION PROVIDERS MENTIONED ON THIS SITE. THIS PROTECTION COVERS ALL LOSSES INCLUDING, WITHOUT LIMITATION, INCIDENTAL AND CONSEQUENTIAL DAMAGES, PERSONAL INJURY/WRONGFUL DEATH, LOST PROFITS, OR DAMAGES RESULTING FROM LOST DATA OR BUSINESS INTERRUPTION.

NOTWITHSTANDING THE FOREGOING PARAGRAPH, THE TOTAL LIABILITY OF AFAM, ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AND SUPPLIERS, IF ANY, FOR LOSSES OR DAMAGES SHALL BE LIMITED TO THE AMOUNT OF YOUR ACTUAL DAMAGES, NOT TO EXCEED THE AMOUNT OF MONEY YOU HAVE PAID AFAM AS AND FOR YOUR SUBSCRIPTION. IN NO EVENT SHALL AFAM, ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, OR SUPPLIERS BE LIABLE TO YOU FOR ANY LOSSES OR DAMAGES

OTHER THAN THE AMOUNT DESCRIBED ABOVE. ALL OTHER DAMAGES, DIRECT OR INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE RESULTING FROM ANY USE OF THE SITE OR MATERIALS ARE EXCLUDED EVEN IF AFAM, ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, OR SUPPLIERS HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

SITE SECURITY AND SPECIFICATIONS
Information communicated over the Internet may not be secure. We provide you with the ability to send your personal information through secured and encrypted channels if you use a similarly equipped web browser. When our registration/order form asks you to enter sensitive information (such as credit card number and/or social security number), that information is encrypted and is protected with the best encryption software in the industry -"SSL." While on a secure page, such as our registration page, the lock icon on the bottom of Web browsers such as Netscape Navigator and Microsoft Internet Explorer becomes locked, as opposed to un-locked, or open, when you are just 'surfing.'

To learn more about SSL, follow this link http://www.learnthenet.com.

LINKS TO OTHER SITES
This Site may contain links to web sites operated by other parties. We make no representation or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to the web site or incorporated within. We provide these links for your convenience, but we do not review, control or monitor the materials on any third party web sites. We do not control or endorse this type of information. We are not responsible for the performance of these sites or for your business dealings with them, such as buying a product. Your use of third party web sites is subject to the terms and conditions of use for such sites.

INDEMNIFICATION
You agree to defend, indemnify and hold AFAM harmless from and against any claims, actions or demands, liabilities and settlements. This indemnification also covers AFAM's officers, directors, employees, agents, and suppliers. Your indemnification includes, without limitation, the costs of reasonable legal and accounting fees, resulting from, or alleged to result from, your violation of these Terms and Conditions.

JURISDICTION AND VENUE
You agree that the only proper jurisdiction and venue for any dispute with Al Frank, or in any way relating to your use of this Site, is in the courts of Travis County, Texas. You further agree and consent to the exercise of personal jurisdiction in these courts in connection with any such dispute including any claim involving AFAM or its affiliates, subsidiaries, employees, contractors, officers, directors, telecommunication providers and materials providers.

These Terms and Conditions are governed by the internal substantive laws of the State of Texas, without respect to its conflict of laws principles, and the federal laws of the United States. If any provision of these Terms and Conditions is found to be invalid by any court having competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any of these Terms and Conditions shall be deemed a further or continuing waiver of such term or condition or any other term or condition.

OTHER RULES ABOUT THIS SITE
AFAM is a California corporation with offices in Austin, Texas and Aliso Viejo, California. AFAM does not claim that the materials are appropriate or may be downloaded in any other country. Access to the materials by certain persons or

in certain countries may be illegal. If you access this Site from outside the United States, you do so at your own risk and are responsible for obeying the laws of your country.

The following provisions of this agreement survive the expiration or termination of these Terms and Conditions for any reason whatsoever: “Disclaimers and Limitation of Liability” “Indemnification” “Jurisdiction and Venue” and “Other Rules About this Site”.

Except as written in any other disclaimers or "legal notice" on this Site, these Terms and Conditions are the complete agreement between you and Al Frank with respect to your use of this Site and materials.

NOTICE
AFAM may deliver notice to you by electronic mail, a general notice on this Site, or by written communication delivered by First Class U.S. Mail to your address on record in AFAM's account information. You may deliver notice to AFAM at any time via electronic mail to This email address is being protected from spambots. You need JavaScript enabled to view it. or by letter addressed by First Class Postage Prepaid U.S. Mail or overnight courier to the following address:

AFAM Capital, Inc. 12117 FM 2244 Bldg. 3 Ste. 170 Austin, Texas 78738