Thank you for visiting the website of Los Angeles Capital Management and Equity Research, Inc. (“Los Angeles Capital,” “we” or “us”). By accessing our website, you agree to accept the following Terms and Conditions of Use (“Terms of Use”) which Terms of Use apply to each of the pages of this website (the “Site”) and to accept our Privacy Policy (below).

The Terms of Use constitute a legal agreement between you and Los Angeles Capital. Please read these Terms of Use carefully before using this Site. If you do not accept these Terms of Use, you may not use the Site. Los Angeles Capital reserves the right to modify these Terms of Use without notice, and each use of the Site constitutes your acceptance to be bound by the terms set forth in the Terms of Use then in effect at the time of such use.

Los Angeles Capital has the right (but not the obligation) to monitor this Site for any unauthorized or objectionable conduct and to take all appropriate actions in response, without notice to you. Los Angeles Capital reserves the right to change or supplement the Site policies at any time to the fullest extent permitted by applicable law.

Any opinions expressed on this Site are current only as of the time made and are subject to change without notice. Los Angeles Capital assumes no duty to update any such statements. The views expressed herein by individuals are solely those of the speaker/author and may not represent the views of Los Angeles Capital as a firm or of any other member of Los Angeles Capital. Any holdings of a particular company or security discussed herein are under periodic review by the author/speaker and are subject to change at any time, without notice. In addition, Los Angeles Capital manages a number of separate strategies and the managers in those strategies may have differing views or analysis with respect to a particular company, security or the economy than the views expressed herein.

No Advice or Offer of Advisory Services

This Site is limited to the dissemination of general information about the services provided by Los Angeles Capital. The Site and information contained herein do not constitute and should not be construed as an offering of advisory services or an offer to sell or a solicitation to purchase any securities, investments, financial instruments or other services in any jurisdiction.

The Site does not represent that the securities or services described herein are suitable for any specific investor and does not provide specific investing advice to any individual viewing the content of the Site. No information or materials on this Site should be construed or relied upon as investment, tax, legal, accounting or other professional advice or in connection with any offer or sale of securities. Los Angeles Capital will not treat users of the Site as a client, customer, investor or partner.

Prohibited Uses of Our Site and Content

Unless otherwise permitted in writing by Los Angeles Capital, no materials from www.lacapm.com or any website operated, licensed or owned by Los Angeles Capital may be copied, reproduced, republished, uploaded, posted, transmitted or distributed in any way. You may not distribute, modify, transmit, reuse, report or use the content of this Site for public or commercial purposes, including the text, images, audio and video, without Los Angeles Capital’s prior written permission. You may not copy large portions of the Site (such as robots or spiders that “harvest” the Site), interfere with the functioning of the Site or restrict or inhibit any others from using the Site. If you download any page from the Site, you agree that you will not remove or obscure any copyright or other notices or legends contained in any content. You may not alter or modify the content in your copies. You may not violate any law, regulation, rule or the intellectual property or contractual rights of others or attempt to violate the security of this Site or use or gain access to the identities, information or computers of others through this Site. You may not transmit any virus, worm, time bomb or similar system interference through this Site.

Jurisdictional Issues

The laws of the State of California govern these Terms of Use. The information provided in or accessible through the Site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Los Angeles Capital to any registration or other requirement within such jurisdiction or country.

Unless otherwise specified, the materials in or accessible through the Site are directed at residents of the United States, its territories, possessions and protectorates. The Site is controlled and operated by Los Angeles Capital from its offices in California, United States of America. Los Angeles Capital makes no representation that material in or accessible through the Site is appropriate or available for use in other locations. Those who choose to access the Site from other jurisdictions do so on their own initiative and are responsible for establishing the legality, usability and correctness of any information or materials under any or all jurisdictions and the compliance of that information or material with local laws to the extent applicable.

Investment Performance

Past performance is not indicative of future results. Moreover, whenever there is the potential for profit there is also the possibility of loss. No representation is being made that any investment or transaction will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided. The investment return and principal value of an investment will fluctuate and, as a result, your redemption value may be more or less than original cost.

The Site contains forward-looking statements, which reflect our current views with respect to, among other things, the operations and performance of our businesses. You can identify these forward-looking statements by the use of words such “estimate,” “will,” “anticipate,” or other comparable words. Forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Los Angeles Capital undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Linked Sites

This Site may contain links to other websites. Los Angeles Capital does not review or monitor any websites linked from or to its Site and will not be responsible for the content of any such linked website. If you decide to access the linked website, you do so at your own risk. Los Angeles Capital is not responsible for the information, materials or services obtained on or from such other websites and will not be liable in any respect for any damages arising from your access of such websites. Any such links are provided merely for the convenience of users of the Site and the inclusion of the links does not imply any endorsement, representation or warranty by Los Angeles Capital with respect to any such website or the content or services contained or accessible through such websites. Furthermore, you agree not to link any websites to this Site without the express prior written consent of Los Angeles Capital.

Copyrights and Trademarks

This Site and all its content including, all trademarks, service marks, logos, trade names and icons are proprietary to Los Angeles Capital. Nothing contained on the Site should be construed as granting, by implication, estoppel or otherwise, any license or right to use any trademark or image displayed on this Site without the prior written permission of Los Angeles Capital or such third party that may own the trademarks displayed on this Site. Your use of the trademarks or images displayed on this Site, or any other content on the Site, except as provided herein, is strictly prohibited. Any unauthorized use of the images may violate copyright laws, trademark laws, the laws of privacy and publicity, and communications regulations and statutes.

Los Angeles Capital reserves the right to change content without notice. No part of this Site may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying or recording, or by any information storage or retrieval system, without the express written permission of Los Angeles Capital.

Security Notifications and Passwords

Access to specific areas of this Site may require the use of a login identifier and associated password. You may not attempt to access any password protected areas of the Site without authorization. In the event that you have been issued such a password, you acknowledge and agree that Los Angeles Capital has granted you limited access to specific files and you agree not to attempt to access other computer files. The contents of the password protected areas of the Site are subject to confidentiality and, by accessing such information, you are responsible for maintaining such confidentiality. If you have a login and password, you are responsible for the activities which occur in connection with their usage and as such should take steps to protect them from misuse. If you become aware of any unauthorized use of, loss or theft or your login and password, immediately inform a representative of Los Angeles Capital.

Disclaimers and Indemnity

Los Angeles Capital and its officers, directors, managers, shareholders, employees, affiliates and agents make no representations or warranties of any kind, express or implied, as to the accuracy, completeness, reliability, availability or other characteristics of the information or materials presented on the Site. Los Angeles Capital does not warrant that this Site is free of viruses or other harmful components. Electronic communications can be intercepted by third parties and, accordingly, electronic mail and other transmissions to and from the Site or made via the Site may not be secure. Under no circumstances shall Los Angeles Capital or any party involved in creating or delivering this Site be liable for any direct, indirect, incidental or punitive damages that result from the use of, or the inability to use, the materials on this Site, even if an authorized representative of Los Angeles Capital has been advised of the possibility of such damages.

Los Angeles Capital assumes no responsibility, and shall not be liable for, any damages to, or viruses that may infect your computer equipment or other property on account of your access to, use of or browsing in this Site or, your downloading of any materials, data, images, audio or video from this Site.

As consideration for access to the Site, you agree to indemnify and hold harmless Los Angeles Capital and its officers, directors, managers, shareholders, employees, affiliates and agents (collectively, “Related Persons”) from and against any claims whatsoever and of any nature for damages, losses and causes of action, including but not limited to actions by third parties against you, Los Angeles Capital or its Related Persons, arising out of or in connection with any decisions that you make based on such Site content, your use of the Site, or your violation of our Site policies. Unless prohibited by law, you agree to make Los Angeles Capital and its Related Parties whole for any and all claims, losses, liabilities, and expenses (including attorneys’ fees) arising from your use of the Site or any violation of this Agreement.

WITHOUT LIMITING ANYTHING ELSE SET FORTH HEREIN, THIS SITE AND ALL OF ITS CONTENTS ARE MADE AVAILABLE ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITH ALL FAULTS, AND WITHOUT ANY WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED. ALL WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE, NON-INFRINGEMENT, TITLE, UNINTERRUPTED USE, QUIET ENJOYMENT, SYSTEM INTEGRATION, OR ACCURACY, SECURITY OF INFORMATION, OR RELIABILITY, ARE SPECIFICALLY EXCLUDED AND DISCLAIMED.

LOS ANGELES CAPITAL MAKES NO WARRANTY THAT THE SITE, IN WHOLE OR IN PART, WILL MEET USERS’ REQUIREMENTS. USERS OF THE SITE ASSUME ALL RISK AS TO THE QUALITY, ACCURACY, SUITABILITY, AVAILABLILTY AND PERFORMANCE OF THE SITE AND ITS CONTENTS AND ACKNOWLEDGE THAT THE SITE AND ITS CONTENTS MAY BE REVISED, ALTERED AND CHANGED FROM TIME TO TIME IN THE SOLE DISCRETION OF LOS ANGELES CAPITAL. LOS ANGELES CAPITAL DOES NOT REPRESENT OR WARRANT THAT ANY SITE WILL BE UNITERRUPTED OR ERROR-FREE OR THAT ANY DEFECTS WILL BE CORRECTED, OR THAT THIS SITE OR ANY SITE REFERRED OR LINKED TO ON THE SITE IS FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS.

LOS ANGELES CAPITAL ASSUMES NO LIABILITY FOR LOSS OR DAMAGE RESULTING FROM ANY USE OF OR RELIANCE UPON THE SITE OR ITS CONTENTS. IN NO EVENT WILL LOS ANGELES CAPITAL BE LIABLE FOR ANY LOST PROFITS, LOST SAVINGS, LOST DATA, BUSINESS ITERRUPTION, OR OTHER DIRECT, INDIRECT, EXEMPLARY, PUNATIVE, SPECIAL, CONSEQUENTIAL OR INCIDENTAL DAMAGES OR CLAIMS (WHETHER IN CONTRACT, IN TORT, OR OTHERWISE) ARISING OUT OF OR RELATING TO THE SITE, ITS CONTENTS, THE USE THEREOF, OR THE INABLITY TO USE THE SITE, EVEN IF LOS ANGELES CAPITAL HAS BEEN ADVISED OF THE POSSIBLITY OF SUCH LOSS OR DAMAGE.

Integration and Severability; Waiver

This Agreement represents the entire agreement between Los Angeles Capital and the user relating to the subject matter herein. If, for any reason, a court of competent jurisdiction finds any provision in this Agreement to be unenforceable, that provision shall be enforced to the maximum extent permissible so as to effect the intent of this Agreement, and the remainder shall continue in full force and effect. No waiver by Los Angeles of any breach of these Terms of Use will be deemed a waiver of any subsequent or different breach.

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