All persons using the Arbiter Partners website (“Site”) expressly agree to the foregoing disclaimer as a pre-condition to using this Site for any purpose whatsoever. The materials on the Site including, without limitation, news articles, informational materials and all other manager-specific information, have been prepared for informational purposes only and do not constitute financial, legal, tax or any other advice. All information contained herein is provided “as is” and Arbiter Partners expressly disclaims making any express or implied warranties with respect to the fitness of the information contained herein for any particular usage, its merchantability or its application or purpose. Prior to making any investment or hiring any investment manager you should consult with a professional financial advisor, legal and tax advisor to assist in due diligence as may be appropriate and determining the appropriateness of the risk associated with a parti cular investment. In no event shall Arbiter Partners be responsible or liable for the correctness of any such material or for any damage or lost opportunities resulting from use of this data.

Arbiter Partners, and the logos and marks included on the Site that identify Arbiter Partners services and products are proprietary materials. The use of such terms and logos and marks without the express written consent of Arbiter Partners is strictly prohibited. Copyright in the pages and in the screens of the Site, and in the information and material therein, is proprietary material owned by Arbiter Partners unless otherwise indicated. The unauthorized use of any material on the Arbiter Partners website may violate numerous statutes, regulations and laws, including, but not limited to, copyright, trademark, trade secret or patent laws.