Disclaimer

Terms, Conditions and Notices
The bold captions and paragraphs in these Terms, Conditions and Notices are provided for comfort of reading, and are not to be considered as part of the Terms, Conditions and Notices.

SPE Structured Products Experts GmbH
SPE Structured Products Experts is a Gesellschaft mit beschraenkter Haftung (GmbH) incorporated in Germany.
Headquarters: Weingartenstrasse 19a, 4. OG, 77654 Offenburg, Deutschland.
Registered at the Handelsregister of Freiburg under # HRB 711884.

Structured Products Experts Registered Trademark
Structured Products Experts is a registered trademark of SPE Structured Products Experts GmbH. The Structured Products Experts logo is a trademark of SPE Structured Products Experts GmbH. All other trademarks and servicemarks mentioned in this site are the property of their respective holders.

Use of the Web Site
This web site (the web site) is located at www.spegmbh.de. It is hosted by JustHost, 560 Timpanogos Pkwy Orem, UT 84097, USA.
This web site is the property of SPE Structured Products Experts GmbH and is offered to you, the User, conditioned upon your acceptance without modification of the terms, conditions and notices contained herein. Your use of this web site constitutes your agreement to, and acceptation of all such terms, conditions and notices.
As a condition of your use of this web site, you warrant to SPE Structured Products Experts GmbH that you will not use this web site or any information contained on the web site for any purpose that is unlawful or prohibited by these Terms, Conditions and Notices.
SPE Structured Products Experts GmbH reserves the right to modify the web site at any time with or without notice. SPE Structured Products Experts GmbH shall incur no liability either to you or to any third party as a result of any modification of the web site for whatever reason.
SPE Structured Products Experts GmbH reserves the right to change the Terms, Conditions and Notices under which this web site is offered, without prior notice to users.
SPE Structured Products Experts GmbH reserves the right to terminate this agreement at any time for any reason, including, but not limited to, violating any of the terms or conditions of this agreement.
If any part of this agreement is determined to be invalid or unenforceable pursuant to applicable law, including without limitation, the warranty disclaimers and liability limitations set forth above, then the invalid or unenforceable provisions will be deemed superseded by a valid, enforceable provision that most closely matches the intent of the original provision and the remainder of the agreement shall continue in full force and effect.
This agreement constitutes the entire agreement between you and SPE Structured Products Experts GmbH with respect to the use of this web site and it supersedes all prior or contemporaneous communications and proposals, whether electronic, oral or written, between you and SPE Structured Products Experts GmbH with respect to this web site. A printed version of this agreement and of any notice given in electronic form shall be admissible in judicial or administrative proceedings based upon or relating to this agreement to the same extent and subject to the same conditions as other business documents and records originally generated and maintained in printed form.

Registrations
SPE Structured Products Experts GmbH is not registered as a securities broker-dealer or an investment adviser with the United States Securities and Exchange Commission, the Financial Industry Regulatory Authority or any United States state securities regulatory authority.
At present, SPE Structured Products Experts GmbH is exempt from United States federal registration as an investment adviser because it does not provide "continuous and regular supervisory or management services" to United States clients contemplated by the definition of "investment adviser" under the United States Investment Advisers Act of 1940.

Copyrights
The contents of all material available on the site are copyrighted by SPE Structured Products Experts GmbH unless otherwise indicated. All rights are reserved by SPE Structured Products Experts GmbH and, except for purposes of researching, the content may not be reproduced, quoted, downloaded, disseminated, published, or transferred in any form or by any means, except with the prior written permission of SPE Structured Products Experts GmbH.
When content from the web site is downloaded to your computer, you do not obtain any ownership interest in such content, any modifications of the content or any use of the content for any other purpose. Ownership of all such content will at all times remain with SPE Structured Products Experts GmbH.
Any rights not expressly granted to you herein are reserved by SPE Structured Products Experts GmbH.

Documents, Software and Services Available on this Web Site
The research and other information that might be provided herein are not intended to give investors advice on the merits as to whether they should buy, sell or hold any security or investment product mentioned. The research and other information is not investment advice as it is not specific to financial instruments, and it is not tailored to particular investors circumstances.
Certain assumptions may have been made in connection with the analysis presented herein, and changes to the assumptions may have a material impact on the analysis or results.
Information with respect to past performance of a security or investment product is not necessarily a guide to its future performance.
The research and information have been prepared as of a certain date, and SPE Structured Products Experts GmbH does not undertake to update or advise you of changes in the research and information.
SPE Structured Products Experts GmbH makes no representations about the suitability of the information contained in the documents published on this website for any purpose. All such documents are provided ìas isî, without warranties of any kind.
Non-factual statements, including statements regarding possible future events, constitute only subjective views and/or present intentions, are not representations or warranties, and are subject to change. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward looking statements." Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through the use of words such as "expects", "will", "anticipates", "estimates", "believes", or statements indicating certain actions "may", "could", or "might" occur.
SPE Structured Products Experts GmbH hereby disclaim all warranties and conditions regarding this information, including all implied warranties and conditions of fitness for a particular purpose, title and non infringement.
SPE Structured Products Experts GmbH assumes no responsibility for consequences from the use of the information herein, or in any respect for the content of such information, including, but not limited to, delays, errors or omissions, the accuracy or reasonableness of information, the defamatory nature of statements, ownership of copyright or other intellectual property rights, and the violation of property, privacy or personal rights of others. SPE Structured Products Experts GmbH is not responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference or reliance on such information.
The investments discussed herein may be unsuitable for investors depending on their specific investment objectives and financial position. SPE Structured Products Experts GmbH makes no representation or recommendation as to investments discussed herein. You should independently evaluate each investment discussed in the context of their own objectives, risk profile and circumstances. SPE Structured Products Experts GmbH does not provide tax, legal or accounting advice and you should consult your own tax, legal and accounting advisors before engaging in any transaction.
With respect to the information contained herein that has been obtained from public sources, while SPE Structured Products Experts GmbH believes this information to be reliable, SPE Structured Products Experts GmbH does not guarantee its accuracy, adequacy or completeness and is not responsible for any errors or omissions or for the results obtained from the use of such information.
SPE Structured Products Experts is not responsible for typographic errors or other inaccuracies in the web site.

External Links
At certain places on this site, "links" to other Internet addresses might be accessed ("Linked Sites"). Such Linked Sites contain information created, published, maintained, or otherwise posted by institutions or organizations independent of SPE Structured Products Experts GmbH. SPE Structured Products Experts does not endorse, approve, certify or control these Linked Sites and does not guarantee the accuracy, completeness, efficacy, timeliness or correct sequencing of information that they contain.
Use of Linked Sites is voluntary, and should only be undertaken after an independent review of the accuracy, completeness, efficacy and timeliness of information contained therein. In addition, it is the user's responsibility to take precautions to ensure that material selected from such Linked Sites is free of such items as viruses, worms and other items of a destructive nature.
SPE Structured Products Experts GmbH is not responsible for, and expressly disclaims all liability for, damages of any kind arising out of the use of such Linked Sites, or reference to or reliance on information contained therein.

Jurisdiction
The Terms, Conditions and Notices are governed by German Law, and the User irrevocably submits to the jurisdiction of the Court of Offenburg, even in the event of a multiplicity of defendants, or third party proceedings.
Nothing in the Terms, Conditions and Notices herein will affect the right of SPE Structured Products Experts GmbH to seek injunctive or interim relief against the User in any jurisdiction, and SPE Structured Products Experts GmbH shall be entitled to use any evidence obtained against the User in any jurisdiction for the purposes of legal action before the Court of Offenburg.