Disclosures | Aspetuck Financial

Business Continuity Plan Disclosure Statement And Fee Disclosures

In general, Aspetuck Financial Management LLC (the “Firm”), and Charles Schwab & Co. Inc. (Schwab) maintain business continuity plans and intend to continue business in the event of a significant business disruption. Our Custodian holds your assets and our Broker/Dealer processes all transactions in your brokerage account as directed by the Firm and owner of account.

Aspetuck Financial Management LLC has arrangements and plans to service your business in case our offices are closed for either one day or an extended period of time. Certain services such as the execution of securities transactions and the maintenance of customer funds and securities are expected to be available even if the offices are closed due to a business disruption event. Accordingly, the Firm’s ability to respond to certain business disruptions is partially dependent on Charles Schwab & Co. Inc. to carry out those functions.

In the event of a significant business disruption the firm may route calls to our custodians from alternate locations, or transfer operations to the alternate emergency office, 1400 Cross Highway Fairfield CT; or The Patterson Club if there is no power at 1400 Cross Highway. The Patterson club is a Hot site with its own power generator and secure web access services. Although Aspetuck Financial Management LLC intends to continue business in the event of a significant business disruption, there are some disruptions that may render the Firm unable to continue business. Under such circumstances, the Firm will ensure that clients will be able to access their funds and securities within a reasonable time.

To provide clients with up-to-date information during a significant business disruption to Aspetuck Financial Management LLC office, clients may call the Firm’s telephone number at (203)226-5733. If for any reason the main line is not in service, then clients should use the following emergency number, 203-216-4882. If the main line is down (203-226-5733), calls will be forwarded to 203-216-4882. Please identify yourself, state that you’re a client of Aspetuck Financial Management, and that you would like to speak to an Investment Adviser. Your message will be forwarded to your Investment Adviser who will return your call as soon as possible.

Aspetuck Financial Management LLC Response to Events of Varying Scope:

The following sections describe specific events and Aspetuck Financial Management LLC (Aspetuck) corresponding general response to those events. Clients, however, should note that these responses are subject to modification and, depending on the severity of a specific event; Aspetuck Financial Management LLC cannot guarantee that it will be able to follow the stated course of action. If these responses are modified, Aspetuck Financial Management LLC will update the information on its Web site.

If Aspetuck Financial Management LLC office is closed for more than one day to five days, we plan to service your business from alternate locations by telephone and using web-based technology provided by our broker/custodian. You will be instructed via our website, email correspondence, or by recorded message on how to contact your Investment Adviser in order to conduct business. All business-related documents can be mailed by overnight courier to the address stated on our recorded message and on our web site. Alternate emergency address to use if 27A Imperial Ave. office is closed down is 1400 Cross Highway.

Our Brokerage firm and custodian provides backup account services, disbursements, and trading for AFM clients. You may call Schwab Alliance at 800-515-2157 for those services if Aspetuck Investment Adviser cannot be reached for service. You may also access your Schwab account online for account services by visiting SchwabAlliance.com. In all Aspetuck related business disputations situations, clients have the option to call Schwab Alliance at 800-515-2167 for help.

If Aspetuck Financial Management LLC office is closed for more than five days to ten business days, we plan to service your business from a pre-arranged alternate location. Clients will be able to visit our temporary office. You will be instructed via our website, email correspondence, or by recorded message on how to contact your Investment Adviser in order to conduct business and get the address of our alternate temporary office.

If Aspetuck Financial Management LLC office is closed for more than ten business days, we plan to service your business from an alternative location based in Westport area indefinitely until further notice. You will be instructed via our website, email correspondence, or by recorded message on how to contact your Investment Adviser in order to conduct business and get the address of our alternate office.

Under the following scenarios, Aspetuck Financial Management LLC intends to continue its business:

A Disruption to a single building or Firm-Only business disruption

These disruptions may be caused by physical damage, technology problems, or an inability to have personnel arrive at an office. In the event that there is a significant business disruption to a single building or the Firm’s internal primary systems, Aspetuck Financial Management LLC may, if necessary, transfer its operations or route incoming calls to Charles Schwab, another alternative office in Westport area, or provide instructions via our website and telephone message on how to conduct business. From this separate location, Aspetuck Financial Management LLC. will accept client orders. In this process, clients may experience a minor delay in reaching the firm due to increased client calls, technology delays, or other minor difficulties arising from the transfer of operations. Aspetuck Financial Management LLC expects that operations could be disrupted for several hours or days. If Charles Schwab Inc. trading platform is affected, there may be a more significant delay.

A Business-District, City-Wide or Regional Disruption

In the event that there is a significant business disruption that affects the business district, city or region where any of the Aspetuck Financial Management LLC primary systems are located, Aspetuck Financial Management LLC may, if necessary, transfer its operations or route incoming calls to an alternate temporary office. In this process, Aspetuck Financial Management LLC may experience a minor delay in reaching our Custodians due to increased client calls, technology delays or other minor difficulties arising from the transfer of operations.

In the event that Aspetuck Financial Management LLC employees cannot be accessed by clients.

If client cannot contact Aspetuck Financial Management LLC service personnel, then clients must call Schwab Alliance at 800-515-2157 for assistance. If our custodian is also experiencing an emergency, then visit Schwab’s emergency web page online for instructions:

Schwab Client account, login at www.schwaballiance.com

Clients may also use their Schwab mobile application to access account information.

Client may use your Morningstar site at http://cwp.morningstar.com/ to access account balances. You will need your ID and password to access account information on Morningstar. Morningstar client service number is 866-215-2503. They can only provide instructions on how to access your account balances. You cannot access funds or make any business transactions.

If you have a 529 College Savings account, contact American Funds Service at (800) 421-0180 x3 for service. Web address for American Funds is https://www.americanfunds.com. Morningstar has emergency contact information on site in case of an emergency and multiple backup service groups in different geographical areas of the country.

If clients cannot make contact with a Aspetuck Financial Management LLC appropriate service personnel then call Schwab Alliance at 800-515-2157. If you use your Schwab mobile application, you may access account information and services using your smart phone. You may call me at 203-216-4882, our emergency line, if you need help or service.

Send all deposit and account related documents to:

Schwab

Overnight; Mail:

Charles Schwab & Co. Inc.

1958 Summit Park Drive

Orlando, FL 32810-5931

Regular Mail:

Charles Schwab & Co. Inc.

P.O. Box 628291

Orlando, FL 32862

Make check payable to Charles Schwab & Co. Inc. and write account number in footnote section.

Clients may use their smart phone to deposit checks using Schwab mobile application.

American Funds Accounts:

Regular Mail:

CollegeAmerica/American Funds

P.O. Box 2280

Norfolk, VA

23501-2280

Overnight Mail

American Funds Service Center

5300 Robin Hood Rd.

Norfolk VA, 23513-2430

Make check payable to CollegeAmerica, and write account number in footnote section.

For Aspetuck Client Correspondence ONLY

Aspetuck Financial Management, LLC

1400 Cross Highway

Fairfield, CT 06824

A. Trades

Custodian will process the following closing security trades: (1) Sale of security position held long in your account or (2) Purchase of a security to close-out a short security position. These orders will only be handled as market orders. In order to place these specific orders, you must provide our Custodian with the following information:

Your brokerage account number.

1. Your name (as registered on the brokerage account);

2. Security description, including symbol or CUSIP® number; and

3. Number of shares

If web account access is down and Aspetuck Financial can’t process your trades then Aspetuck can call in trade. If Aspetuck can’t place trade client can call Schwab Alliance using phone numbers provided.

B. Cash Disbursements

Our Custodian will process cash disbursements upon written instructions (verbal confirm) that must include the following information:

1. Your brokerage account number;

2. Your name (as registered on the brokerage account);

3. Exact amount to be disbursed;

4. Indicate method of disbursement (as follows) and provide the information indicated:

a. For a check, which is payable to account name only, indicate name and address of record check is to be mailed to;

b. For federal funds, please indicate receiving bank name, ABA number, and receiving bank account number. Please note that the receiving bank account name and brokerage account name must be identical unless we have a letter of authorization on file indicating alternate instructions.

If web account access is down and Aspetuck Financial can’t process your disbursement, then Aspetuck can call in disbursement instructions. If Aspetuck can’t disburse funds client can call Schwab Alliance using phone numbers provided to provide instructions for disbursement.

C. Securities Transfers

Our Custodian will process security transfer requests upon written instructions that must include the following information:

1. Your brokerage account number.

2. Your name (as registered on the brokerage account);

3. Description of security (ies) to be transferred, including symbol(s) or CUSIP number(s);

4. Quantity to be transferred; and

5. Receiving account information for securities, as follows:

a. Name of brokerage firm (address, phone number), account title (names, address), account number, DTC number. A simple way to transfer securities is to complete a Transfer of Asset form obtainable on client website.

Fee Disclosures
Aspetuck Financial Management, LLC (AFM) charges for its investment advisory services as a percentage of assets under management per account. As a participant in the Program, Client will pay an annualized Investment Advisory Fee, in accordance with Schedule A appearing below. Effective for all new clients, January,1, 2018, the maximum Investment Advisory Fee is 0.85% per annum, and reduces based on asset breakpoints. AdvisoryHQ 2023 Average Financial Advisor Fees study reports that investors with less than $150,000 pay 1.09% on average; investors with a $1,000,000 account pays 1.02% on average. Advisory fee may also be subject to negotiation depending upon a number of factors, including size of the Account(s)(multi-million dollars) or a special promotional offer. Fees may be lower for different clients in the future, which may be lower than existing clients. In addition to paying for portfolio management services, Advisory fee covers cost of administrative services, client support services, research, portfolio management tools, portfolio reports, tax reports, tax preparation assistance, brokerage statements, and financial/retirement planning services. Additionally, there may be a nominal transaction fee/commission for execution of each trade by brokerage firm. The transaction fee or commission is charged by the brokerage firm and not by AFM. AFM is not compensated by commission or transaction fee. AFM will seek to minimize transaction costs when possible by investing in no-transaction fee mutual funds, no-transaction fee ETFs, no transaction fee individual equity and fixed-Income securities. Transaction fees incurred by a client may be added to your cost basis in non-retirement accounts thereby lowering future taxes. At present time, Schwab does not charge commissions for equity and ETF transactions. AFM does not purchase mutual funds for accounts. Clients shall pay Brokerage firm’s short term mutual fund redemptions fees if charged given client has transferred a mutual fund position into account. AFM as a matter of practice will seek to avoid those fees by investing in no transaction fee ETFs whenever possible. The above rates apply to online trades only. The transaction costs of liquidation requests or client account closing liquidation request are charged to client. The Adviser will not be compensated on the basis of a share of capital gains upon or capital appreciation of client funds (or any portion of client funds). Client understands that Client may be able to purchase shares of mutual funds or ETFs offered through the Program outside of the Program directly from the mutual fund complex issuing them or Discount Brokerage Firm, its principal underwriter or distributor without paying the Advisory Fees on such shares (by subject to any applicable sales charges). Clients will not be invested in mutual funds that have upfront or contingent deferred sales charges nor mutual funds that have 12b-l distribution fees (trail commissions).

SCHEDULE A Program: Risk Managed Portfolio Program Fee Schedule
Assets Under Investment Advisory Management Fee
First $1,000,000       0.85%
Next $3,000,000    0.70%
Thereafter    0.65%

CollegeAmerica 529 Savings Plan advisory fee is a flat fee of 0.65%.

Disclosure

Aspetuck Financial Management is an SEC registered investment adviser. Aspetuck Financial Management may only transact business in those jurisdictions in which it is registered or qualifies for an exemption or exclusion from registration requirements. Aspetuck Financial Management’s web site is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of Aspetuck Financial Management’s web site on the Internet should not be construed by any consumer and/or prospective client as Aspetuck Financial Management’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Any subsequent, direct communication by Aspetuck Financial Management with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of Aspetuck Financial Management. A copy of Aspetuck Financial Management’s current written disclosure statement discussing Aspetuck Financial Management’s business operations, services, and fees is available at the SEC’s investment adviser public information website – www.adviserinfo.sec.gov or from directly from Aspetuck Financial Management upon request at no additional cost. Contact us at marketingAFM@optonline.net for our Firm Brochure.

This website and information are provided for guidance and information purposes only. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy. This website and information are not intended to provide investment, tax, or legal advice.

Aspetuck Financial Management does not offer legal or accounting advice to our clients. However, we may from time to time, discuss or recommend financial strategies, products, and services which have tax implications, and under specific agreements with clients or because of our fiduciary role, assist with the preparation of tax returns. Clients are urged to consult with their own legal, accounting, and tax adviser with respect to specific situations. Advisory services offered through Aspetuck Financial Management, LLC, a Registered Investment Advisor. Aspetuck Financial is an independent firm not affiliated with either Charles Schwab & Co, Inc.

These materials have been independently produced by Aspetuck. Aspetuck is independent of, and has no affiliation with, Charles Schwab & Co., Inc. or any of its affiliates (“Schwab”). Schwab is a registered broker-dealer and member SIPC. Schwab has not created, supplied, licensed, endorsed, or otherwise sanctioned these materials nor has Schwab independently verified any of the information in them. Aspetuck provides you with investment advice, while Schwab maintains custody of your assets in a brokerage account and will effect transactions for your account on our instruction.

Aspetuck has selected Charles Schwab & Co., Inc. as primary custodian for our clients’ accounts. Having Schwab act as custodian for client assets provides us access to a wide range of services that help us serve our clients. Schwab Advisor Services, which includes the custody, trading and support services of Schwab, is the leading provider of those services to independent investment advisors. Since 1987, Schwab has provided independent advisors with the platform, products, programs and resources they need to serve their clients and grow their businesses efficiently and effectively.

By using Schwab as primary custodian, Aspetuck has access to a wide range of products and services that help us serve our clients, including:

• Full range of investment products and trading services

• Technology and service support

• Wide array of investment account types including retirement accounts, charitable giving, and education accounts

• Full range of investment options such as stocks, mutual funds, bonds, exchange traded funds, CDs and other investments.

• Technology and service support so investors can access all their accounts online and view positions, balances and account histories in one place.

There is no guarantee that participation in the Aspetuck Financial Management's RMP - Risk Managed Portfolio Program will protect you against loss of investment or meeting your financial objectives. This is no guarantee financial planning services will accomplish stated objectives. Aspetuck Financial Management does not offer legal or accounting advice to our clients. However, we may from time to time, discuss or recommend financial strategies, products, and services which have tax implications, and under specific agreements with clients or because of our fiduciary role, assist with the preparation of tax returns. Clients are urged to consult with their own legal, accounting, and tax adviser with respect to specific situations. Past performance may not be indicative of future results. Asset allocation is the process of spreading assets across several different investment styles and asset classes. The purpose is to potentially reduce long-term risk and capture potential profits across various asset classes. Asset allocation does not ensure a profit nor protect against losses. All investing is subject to risk, including the possible loss of the money you invest. Past performance is no guarantee of future returns. Diversification does not ensure a profit or protect against a loss. Be aware that fluctuations in the financial markets and other factors may cause declines in the value of your account. There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income. IT SHOULD NOT BE ASSUMED THAT RECOMMENDATIONS MADE IN THE FUTURE WILL BE PROFITABLE OR WILL EQUAL THE PERFORMANCE OF THE SECURITIES IN THIS LIST. A copy of Firm Brochure, ADV Part 2A, discussing our advisory services and fees is available for review upon request.

Please refer to Aspetuck Financial Management’s Firm Brochure for more information including advisory services and fees. Aspetuck’s Risk Managed Portfolio program risk-management process includes an effort to monitor and manage risk, but should not be confused with, and does not imply, low risk, or the ability to control risk. Diversification strategies does not ensure a profit and do not protect against losses in declining markets. Past performance may not be indicative of future results. There is risk of loss.

Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary therefore, the information should be relied upon when coordinated with individual professional advice. For educational purposes only. Advisory services offered through Aspetuck Financial Management LLC (“FIRM”) a registered investment advisor, located at 27A Imperial Ave. Westport C.T. 06880. FIRM & its representatives are in compliance with the current registration & notice filing requirements imposed upon registered investment advisers by those states in which FIRM maintains clients. FIRM may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements. The information in this presentation should not be construed, in any manner whatsoever, as a substitute for personalized individual advice from FIRM. Information presented is also dated material and may be out of date or obsolete after the date of publication. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. Therefore, no current or prospective client should assume that future performance of any specific investment, investment strategy (including the investments and/or investment strategies recommended by FIRM), or product referenced directly or indirectly in this presentation, will be profitable. Different types of investments involve varying degrees of risk, & there can be no assurance that any specific investment or investment strategy will suitable for a client’s or prospective client’s investment portfolio.

Aspetuck Financial Management, LLC (“FIRM”) is a registered investment adviser located in Westport, Connecticut.

FIRM & its representatives are in compliance with the current registration & notice filing requirements imposed upon registered investment advisers by those states in which FIRM maintains clients. FIRM may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements. The information in this presentation should not be construed, in any manner whatsoever, as a substitute for personalized individual advice from FIRM.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Information presented is also dated material and may be out of date or obsolete after the date of publication. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Any client examples were hypothetical and used to demonstrate a concept.

Past performance is not indicative of future performance. Therefore, no current or prospective client should assume that future performance of any specific investment, investment strategy (including the investments and/or investment strategies recommended by FIRM), or product referenced directly or indirectly in this presentation, will be profitable. Different types of investments involve varying degrees of risk, & there can be no assurance that any specific investment or investment strategy will suitable for a client’s or prospective client’s investment portfolio.

Various indexes were chosen that are generally recognized as indicators or representation of the stock market in general. Indices are typically not available for direct investment, are unmanaged and do not include fees or expenses. Some indices may also not reflect reinvestment of dividends.

Charts and graphs are only illustrative and should not be relied upon for purchases of securities, these only present limited information.

S&P 500 Index is composed of 500 largest U.S. companies by market capitalization. These widely held stocks often used as a proxy for the U.S. equity market. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. Barclays U.S. Aggregate Bond Index is composed of U.S. securities in Treasury, Government-Related, Corporate, and Securitized sectors that are of investment-grade quality or better, have at least one year to maturity, and have an outstanding par value of at least $250 million. Barclays Emerging Market Bond Index includes fixed and floating rate USD-denominated debt from emerging markets in the following regions: Americas, Europe, Middle East, Africa, and Asia. DJ Global World Real Estate TR USD. Global Real Estate Index is designed to represent general trends in eligible real estate equities worldwide. MSCI EAFE Index is a free float-adjusted market capitalization weighted index designed to measure the developed markets’ equity performance, excluding the U.S. & Canada, for 21 countries. MSCI Emerging Markets Index is a free float-adjusted market capitalization index that measures emerging market equity performance of 22 countries. BofAML US Treasury Bills 0-3 Months, Total Return, US dollar, comprised of a Treasury bills with maturity of 3 months that are rolled over into new issue. DJ UBS Commodity Index, Total Return, U.S. Dollar, is composed of commodities traded on U.S. exchanges, with the exception of aluminum, nickel and zinc, which trade on the London Metal Exchange. Barclays Euro Aggregate Gov’t 10+ Year, total return, euro denominated, aims to track the performance of the European Government Bond with maturities of 10 years plus, as closely as possible. The index offers exposure to Euro denominated investment grade government bonds issued by EMU member states with an original term of 10 years or greater. Barclays Euro Aggregate Non-Gov’t total return, euro denominated, index tracks the fixed-rate, investment-grade euro-denominated corporate bond market. The index includes publicly issued securities from industrial, utility, and financial companies that meet specified maturity, liquidity and quality requirements. Issuers included in the index are the major issuers of debt from EMU member states. Morningstar Moderately Aggressive Asset Allocation Funds indexes asset mix is 70-85% global equities, 15-30% US Fixed-income & Cash-equivalents. Morningstar Moderate Asset Allocation Funds asset mix is 50-70% global equities, 30-50% US Fixed-income & Cash-equivalents. Morningstar Moderately Conservative Asset Allocation Funds asset mix is 30-50% global equities, 50-70% US Fixed-income & Cash-equivalents. Morningstar Conservative Asset Allocation Funds asset mix is 15-30% global equities, 70-85% US Fixed-income & Cash-equivalents. Various indexes were chosen that are generally recognized as indicators or representation of the stock market in general. Indices are typically not available for direct investment, are unmanaged and do not include fees or expenses. Some indices may also not reflect reinvestment of dividends. Charts and graphs are only illustrative and should not be relied upon for purchases of securities, these only present limited information.

Advisory fees will reduce returns. All investing is subject to risk, including the possible loss of the money you invest. Past performance is no guarantee of future returns. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Investments in bonds are subject to interest rate, credit, and inflation risk. Diversification does not ensure a profit or protect against a loss. Be aware that fluctuations in the financial markets and other factors may cause declines in the value of your account. There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income.

BY ACCESSING THIS WEBSITE, YOU AGREE TO THE FOLLOWING INFORMATION

The Web Site includes information obtained from various third-party sources and other opinions that must be construed solely as statements of opinion and should not be construed as statements of fact. Aspetuck Financial Management LLC (AFM) opinions are not recommendations to buy, sell or hold any security or obligation issued by any obligor. Aspetuck Financial Management LLC relies on information provided by obligors, their accountants, counsel and other experts and does not perform an audit in connection with any of the information found on our site. The use of the Aspetuck Financial Management LLC Web Site by User should not be construed as an endorsement of the accuracy of any of the data or conclusions, or as an attempt to independently assess or vouch for the financial condition of any company. Each recommendation made or other opinion must be considered, if at all, as only one factor in any investment decision made by you.

Due to the number of sources from which the Content is obtained, and the potential hazards of electronic distribution, there may be delays, omissions or inaccuracies in such Content and the Web Site. THE CONTENT AND THE WEB SITE ARE PROVIDED "AS IS", WITHOUT ANY WARRANTIES. ASPETUCK FINANCIAL MANAGEMENT DOES MAKES ANY GUARANTEES OR WARRANTIES AS TO THE ACCURACY OR COMPLETENESS OF OR RESULTS TO BE OBTAINED FROM, ACCESSING AND USING ASPETUCK FINANCIAL MANAGEMENT WEB SITE. THE OTHER CONTENT, NOR ANY MATERIAL THAT CAN BE ACCESSED (VIA A DIRECT OR INDIRECT HYPERLINK OR OTHERWISE) THROUGH OUR WEB SITE. ASPETUCK FINANCIAL MANAGEMENT HEREBY DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AND OF NONINFRINGEMENT. ASPETUCK FINANICAL MANAGEMENT (AFM) SHALL NOT BE LIABLE TO THE USER OR ANYONE ELSE FOR ANY INACCURACY, DELAY, INTERRUPTION IN SERVICE, ERROR OR OMISSION, REGARDLESS OF CAUSE, OR FOR ANY DAMAGES RESULTING THEREFROM. IN NO EVENT WILL AFM NOR ANY OF THEIR THIRD-PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOST TIME, LOST MONEY, LOST PROFITS OR GOOD WILL, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE, AND WHETHER OR NOT SUCH DAMAGES ARE FORESEEN OR UNFORESEEN WITH RESPECT TO ANY USE OF THE AFM WEB SITE. NEITHER AFM NOR ANY OF ITS AFFILIATES, AGENTS OR LICENSORS WILL BE LIABLE TO YOU OR ANYONE ELSE FOR ANY LOSS OR INJURY RESULTING FROM USE OF THE WEB SITE, IN WHOLE OR PART, WHETHER CAUSED BY NEGLIGENCE, CONTINGENCIES BEYOND ITS CONTROL IN PROCURING, COMPILING, INTERPRETING, REPORTING OR DELIVERING THE WEB SITE AND ANY CONTENT AT THE WEB SITE OR OTHERWISE. IN NO EVENT WILL AFM, ITS AFFILIATES, AGENTS OR LICENSORS BE LIABLE TO YOU OR ANYONE ELSE FOR ANY DECISION MADE OR ACTION TAKEN BY YOU IN RELIANCE ON SUCH CONTENT OR THE WEB SITE.

LINKS TO OTHER WEB SITES FROM THIS WEB SITE.

You may, through hypertext or other computer links, gain access to Web Sites operated by persons other than AFM's. Such hyperlinks are provided for your reference and convenience only and are the exclusive responsibility of such Web Sites' owners. You agree that AFM's is not responsible for the content or operation of such Web Sites, and that AFM's shall have no liability to you or any other person or entity for the use of third-party Web Sites. Except as described below, a hyperlink from this Web Site to another Web Site does not imply or mean that AFM endorses the content on that Web Site or the operator or operations of that site. You are solely responsible for determining the extent to which you may use any content at any other Web Sites to which you link from AFM's Web Site. AFM's assumes no responsibility for the use of third-party software on AFM's site and shall have no liability whatsoever to any person or entity for the accuracy or completeness of any outcome generated by such software.

TIMELINESS OF CONTENT

The Content displayed on the Web Site, including, but not limited to, reports and other opinions, are current as of the date appearing on the report and are subject to change without notice. Unless indicated otherwise, recommendations are updated periodically by AFM to reflect changes in the market and other criteria. AFM does not guarantee or warrant the accuracy, timeliness, or completeness of any recommendations you receive using the Web Site. Information presented is also dated material and may be out of date or obsolete after the date of publication.