Keefe, Bruyette & Woods, Inc. ("KBW" or the "Company") is a New York corporation which, directly or through subsidiaries, provides investment banking, institutional brokerage, research, asset management and private client services. Subsidiaries include KBW Asset Management, Inc., a registered investment adviser under the Investment Advisers Act of 1940, and Keefe Bruyette & Woods Limited, a United Kingdom based limited liability company, conducting a regulated investment business in the UK and Europe. KBW is a broker-dealer registered with the Securities and Exchange Commission and is a member of the New York Stock Exchange, Inc., the National Association of Securities Dealers, Inc and the Securities Investor Protection Corporation ("SIPC"). KBW is 100% beneficially owned by its employees.

AGREEMENT REGARDING USE OF WEB SITE

By accessing this web site, you agree to read and abide by all of the Terms of Use contained on this page or any other terms elsewhere on this web site. You understand that the information on this web site is provided for your personal use and remains the property of KBW. You cannot copy, reproduce, republish, transmit or otherwise distribute any of the information on this web site without KBW’s express permission. Improper use of the content of this web site or any copyrighted material or trademark, trade name, trade secret or proprietary information may also be a violation of copyright and other intellectual property rights of KBW.

Only persons who are the registered owners of KBW passwords are permitted to enter any password protected portion of this web site. Unauthorized access or misuse of a password may result in revocation of related password privileges or other legal actions that KBW may feel are appropriate to safeguard password related information. If you have obtained a password from KBW, you understand and agree that KBW may transfer certain information concerning you to other providers of web site services to KBW in order to allow you to use this web site. If you have concerns about this, please see our Privacy Policy on this web site. You agree to take appropriate commercially reasonable measures to protect any password you may obtain from KBW from unauthorized use. You will also safeguard personal information about you so that others may not use this information to improperly obtain a KBW password.

The information on this web site is obtained from various sources. We do not warrant the accuracy or completeness of any information on this web site or make any other express warranty relating to this web site. We also disclaim any and all implied warranties, including, but not limited to, warranties of merchantability or fitness for your use. The information may be changed, modified or deleted at any time in the sole discretion of KBW. Information which is dated speaks only as of its date and we have no obligation to update, modify, or amend any dated information. All information is provided on an "as is" basis at your sole risk. You agree that KBW will have no liability to you for any damages which may result from your use of this web site.

Unless expressly stated, no information on this web site is, or will be deemed by you to be, an offer to sell, or the solicitation of an offer to buy any securities. This web site is not intended to solicit any interest from you in any specific transaction. All solicitations of interests are governed by and conducted in accordance with the terms of the laws of applicable jurisdictions where specific services are provided by KBW. The terms of this Agreement Regarding Use of Web Site are governed by the laws of the State of New York.

KBW RESEARCH REPORTS

Research reports provided by KBW on this web site are password protected. Unauthorized access is prohibited. Research is provided as of its date of publication and there is no representation that it is current as of any other date. We have no obligation to update any of this information. Securities laws and KBW policies may prohibit amendment or modification of research information as of other dates. Information included in research reports is prepared solely by members of our Research Department and may not reflect all information concerning a subject company or security in possession of other persons related to KBW. When you read a research report, you need to read all related disclosure information provided by KBW on this web site relating to that report. Among other things, that disclosure explains the meaning of KBW’s rating system for securities.

Ratings and estimates included in any KBW research are not recommendations to anyone that they should engage in a transaction in the related securities. We do not make any representation or warranty that the research report contains the information that you need to make an investment decision. Providing you with a password to access the research information does not mean that KBW has made any assessment of the suitability of any transaction in securities for your personal investment. You must make your own individual investment decision in a specific transaction based on your own personal factors, including your investment objectives, financial position, liquidity needs, tax status, risk tolerance and your own assessment of the suitability of the transaction to fit within these factors. If you do not have the requisite level of financial sophistication to make a decision, you should consult with an expert before making any investment decision.

LINKS TO OTHER SITES

Any links which may be provided to any other site are provided solely for information that you may find of use. KBW assumes no responsibility for the content or maintenance of any such site and makes no warranties, express or implied, with respect to any such linked site. Placement of a link to another site on the KBW web site does not guarantee the authenticity of information on such site. You should also be aware that certain types of information may become available to you during your use of our web site through "pop up" screens or other types of links over which we have no control. Forms of software may be placed on your computer which track your internet use or provide information to unrelated parties which you may not want them to have. You should only follow such links if you have satisfied yourself as to the security of such a web site. You are responsible for maintaining the security of your own information technology systems and KBW makes no representation to you concerning the ability of unauthorized persons to intercept or access information transmitted by or to you through this or any other linked site.

DISRUPTIONS IN SERVICE

A number of factors, such as high internet traffic, transmission problems, system limitations, hardware or software problems or other problems may lead to disruptions from time to time in your ability to access this web site. Many of these factors could be beyond our control and we cannot guarantee that you will be able to access any or all of this web site at a given time or over any period of time.

USE IN THE UNITED KINGDOM

Where this communication constitutes a financial promotion having an effect in the UK for the purposes of the United Kingdom Financial Services and Markets Act 2000, it is issued and approved for distribution (and solely for such purposes) by Keefe, Bruyette & Woods Limited.