Disclaimer

1. Limited activity on behalf of StockTargets
StockTargets is active at gathering forecasts and targets on stocks from users of the StockTargets Website. StockTargets thereby produces the forecast chart on stocks. These forecasts stem from data introduced by users. StockTargets produces the "adjusted arythmetic averages" of such forecasts for the user in order to generate a consensus forecast. The consensus forecasts are generated by Stocktargets following strictly the "Code of Ethics of StockTargets". By the nature of the system, StockTargets is neither the entity entering data into the system, nor the issuer of a forecast or a recommendation, but merely the transmitter of consensus data form several users for the individual user to review.

2. Not an offer to buy, sell or hold shares
All the informations, messages, numbers charts or opinions on these pages are legally no offers where prohibited by law.
The information produced on the StockTargets Web site is not addressed to any United States person (legal US person). Any United States person wishing to obtain further information or to effect a transaction in a security or debt or option discussed in these pages may do so after having:
* accepted that StockTargets do not accept responsibility for the contents of the information of these securities or debt or options or models under US legal requirements;
* checked the consequences of the transfer of information regarding these securities or debt or options for himself or for any third party;
* taken all the necessary measures to render legal under US law the transfer of information or a securities, debt or options transaction between him and StockTargets.

3. Not a broker / dealer
StockTargets is not a registered broker/dealer and may not sell, offer or offer to buy any security. StockTargets profiles are not a solicitation to buy, sell or hold securities. An offer to buy, hold or sell can be made only with accompanying disclosure documents from the company offering or selling securities and only is the states and provinces for which they are approved. The material in this Web site is intended to be strictly informational.

4. Process for adjusted arythmetic averages
StockTargets performs a particular calculation process for determining the consensus targets on stocks. Such process is called "adjusted arythmetic average" and consists of the following:
- calculating the average value of targets entered by users,
- setting and managing maximum and minimum barriers for stock targets entered by users according to the type of stock,
- permitting to delete targets that are manifestly erroneous, outdated or illegal (such deleting may only be performed by the CEO or the CTO),
- ensuring that security systems hinder users from entering data in an illegal manner (such as automated data entering by a programmed algorithm),
- ensuring that no employee of StockTargets or user may enter data in a manner other than traditional (through the Website and not the server).

5. No company approval
The companies that are discussed, presented or disclosed in this Web site have not approved the statements or information in this Web site, nor approved the timing of these statements or information.

6. Multiple sources
All the information disclosed made in this Web site are the sole opinion or disclosure of StockTargets and are subject to change without notice. Information in this Web site is derived from a variety of user sources, including that company’s publicly disseminated information, third parties and StockTargets’s research. The accuracy and the completeness of the information is not warranted and is only as reliable as the sources from which it was obtained.

7. Disclaimer of liability
StockTargets disclaims any and all liability as to the completeness or accuracy of the information contained and any omissions of material fact in this Web site. The Web site may contain technical inaccuracies or typographical errors. It is strongly recommended that any purchase or sales decision be discussed with a financial advisor, or a broker-dealer, or a member of any financial regulatory body. Investment in the securities of the companies profiled or presented in this Web site is highly speculative and carries a high degree of risk. StockTargets is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment, if they make a purchase in StockTargets profiled stocks.

8. Possible bias in companies information
The profile of a company is not without bias, as it may be a company having paid for StockTargets services. StockTargets has been compensated in the past and can be compensated in the future for dissemination of company information on behalf of one or more of the companies mentioned in this Web site and/or to the public. Stocktargets has been compensated in the past for coverage of stocks in this Web site, or for third parties, who are non-affiliated.

9. StockTargets may hold stock
StockTargets may hold a significant position in a stock, for services provided, including dissemination of company nformation in this Web site and/or to the public. StockTargets may receive shares for its services from the companies. It may have had some shares and it may receive additional shares of the extension of its services. StockTargets may have received shares of a company profiled in this Web site prior to the dissemination of the information in this Web site and/or to the public. StockTargets may immediately sell some or any shares in a profiled company held by StockTargets and may have previously sold shares in a profiled company held by StockTargets. StockTargets’s services for a company may cause the company’s stock price to increase, in which event StockTargets would make a profit when it sells its stock in a company. In addition, StockTargets’s selling of a company’s stock held may have a negative effect on the market price of the stock.

10. Directors may hold stock
A director of, an employee of, a shareholder of, or an entity associated with StockTargets or any related company, officers, directors, employees or shareholders of such associated company may from time to time:
* have a long or short position or holding in the securities or debt or options of such companies or models mentioned herein;
* buy or sell or participate in an issue of such securities or debt or options;
* provide corporate finance services to such companies or in relation to such securities or debt or options;
* participate in entering data or forecasts on stocks;
* work on public relations or investors relations mandates to such companies;
* be represented on the Board of Directors or similar supervisory entity of such companies;
* make a market in the securities or debt or options mentioned in these pages.

11. Forward-looking statements
The Web site contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 in the USA, as amended, and Section 21E of the Security and Exchange Act of 1934, as amended and such forward looking statements are made pursuant to the Safe Harbour provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected”, “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements. This includes the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this Web site are made as of the date thereof and StockTargets undertakes no obligation to update such statements.

12. Governing law and jurisdiction
This disclaimer shall be governed by and construed in accordance with the laws of Switzerland. Any dispute, controversy or claim arising out of or relating to this disclaimer shall be finally settled under the Rules of Conciliation and Arbitration of the International Chamber of Commerce, in accordance with Swiss rules. The arbitral tribunal will meet in Geneva, Switzerland. The language of the arbitration shall be English. The arbitral tribunal shall apply the procedural rules of the International Convention on Arbitration Matters of 1969 and, as far as necessary, the Geneva Code of Civil Procedure.

13. Trademark and copyright
StockTargets, stocktargets.com, stocktargets.com, StockTargets.org are trademarks and/or service marks belonging to StockTargets or related companies. The charts produced by StockTargets, including its forecast chart are copyright of StockTargets. All rights reserved. All other brand and product names which might appear on these pages are trademarks or registered trademarks of their respective companies.

14. Intellectual property
All stock data and subscribers data are property of StockTargets.