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The Sherman Sheet financial research newsletter and web site, hereinafter referred to as "The Sherman Sheet", are published by W.E. Sherman & Co. LLC, 2 CityPlace Drive, Suite 200, St. Louis, MO 63141.

The Sherman Sheet is intended for educational and informational use by licensed financial professionals only. It is not for client or general public use. The Sherman Sheet is not intended as investment advice, nor as an offer or solicitation of an offer to sell or buy any security, nor as an endorsement, recommendation or sponsorship of any company, security or fund. The Sherman Sheet, its publisher and the publisher's employees and affiliates have no fiduciary relationship with subscribers to The Sherman Sheet or with the clients of those subscribers.

W.E. Sherman & Co. is not a Registered Investment Advisor (RIA) and has no direct client accounts. Historical returns data has been compiled using price data provided by exchanges and not from actual accounts, and should therefore be considered to be hypothetical. Historical returns data is generated by applying the current models to the published historical timeframes using exchange-provided price data and may differ from historical returns data published using previous versions of the models.

The Sherman Sheet is provided "as is" without warranty of any kind. W.E. Sherman and Co. LLC, its affiliates and employees are not liable for its usefulness, timeliness, accuracy or suitability, and we specifically disclaim all other warranties, expressed or implied, including but not limited to implied warranties or fitness for any particular purpose. In addition, no representation or warranty, expressed or implied is made as to the effectiveness of its research or investment models or to its accuracy, completeness or correctness, and we assume no responsibility for typographical errors, inaccuracies or other errors which may occur. The user assumes all risk, and neither W.E. Sherman & Co. LLC, nor any of its affiliates or employees shall have any liability for any loss sustained by anyone who has used the information contained in The Sherman Sheet or associated publications and communications.

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