National Association of Online Investors

The content provided to users of the National Association of Online Investors (the "NAOI") Individual Investor Study Courses (the "Study Courses") and the related NAOI Web site (the "NAOI Site") is to be used exclusively by the members ("Members") of the National Association of Online Investors for their individual use. Under no circumstance may the content be sold, leased, duplicated (except as specifically allowed), published, distributed in any medium, stored, framed, or re-transmitted or otherwise transferred whether or not for value or for any other purpose.

Disclaimers

NAOI disclaims any liability for the content contained in its course materials, the NAOI Site, links or related pages. Users of the Study Course materials and the NAOI Site assume all risk and liability for their use. By opening the Members Only section of the NAOI Site and acting in reliance on any information contained therein, Members hereby agree to indemnify and hold NAOI, officers, directors, agents, employees, and representatives harmless from and against any and all claims, damages, losses which may arise from such access. NAOI does not edit any referenced materials or linked sites, nor does it possess any control over those sites or their content. To the extent that NAOI becomes aware that the content it provides is inaccurate or the Web links it provides are outdated, it will endeavor to update the Study Courses and/or the Web site in a commercially reasonable manner.

NAOI MAKES NO REPRESENTATION ABOUT THE SUITABILITY, RELIABILITY, AVAILABILITY, TIMELINESS, OR ACCURACY OF THE INFORMATION, SOFTWARE, PRODUCTS, SERVICES, OR RELATED CONTENT CONTAINED IN THE STUDY COURSE MATERIALS, THE NAOI SITE OR REFERENCED OR LINKED SITES ('INFORMATION") FOR ANY PURPOSE. ALL SUCH INFORMATION IS PROVIDED TO MEMBERS "AS IS" WITHOUT ANY WARRANTY OF ANY KIND. ALL EXPRESS WARRANTIES REGARDING THIS INFORMATION AND ALL IMPLIED WARRANTIES INCLUDING FITNESS FOR A PARTICULAR PURPOSE, MERCHANTABILITY, TITLE AND NON-INFRINGEMENT ARE HEREBY EXPRESSLY DISCLAIMED. IN NO EVENT SHALL NAOI, OFFICERS, DIRECTORS, AGENTS, EMPLOYEES, AND REPRESENTATIVES BE LIABLE FOR ANY ACTUAL, DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, OR CONSEQUENTIAL DAMAGES, INCLUDING, WITHOUT LIMITATION, DAMAGES FOR ANY LOSS OF: USE, DATA, PROFITS, OR TAX BENEFITS, ARISING IN ANY WAY FROM SAID MEMBER'S MEMBERSHIP IN THE NAOI.

Accuracy of Information, Timeliness and Calculations

Information contained in the NAOI Study Courses and on the NAOI Web Site (the "content") was at the time of writing believed to be accurate. However due to the very nature of the content NAOI cannot and does not warrant the accuracy of these course materials or the accuracy, timeliness or usefulness of any of the calculations, links or reference materials cited in the content. Members should independently verify all such information and calculations obtained from the content before taking any action.

Securities Laws

The information provided by the NAOI shall not be deemed to be investment advice. The NAOI is not registered or licensed by any industry, governmental or quasi-governmental agency for the delivery of investment advisory services. NAOI is not a broker-dealer, nor is it licensed to sell or solicit for sale any security or business opportunity in any state or country. The information contained in the NAOI Study Courses does not constitute legal, securities or tax advice nor shall any of the information in the NAOI Study Courses or contained on the NAOI Site be deemed to be such advice. Members are advised to consult with professional advisors such as financial planners, attorneys, certified public accountants, tax advisors, licensed business advisors, registered broker-dealers and/or members of recognized exchanges before making any investments. Neither the Securities and Exchange Commission nor any state agency has reviewed, or approved the content of the NAOI Study Courses or any investment approaches discussed. The NAOI shall not be responsible for any losses incurred as a result of the use of the Study Course materials, online content or investment sites referred to in the Study Courses or on the NAOI Site. Members expressly agree to hold NAOI harmless from any such claims or losses, or any other damages whether direct or indirect whether actual or consequential arising from the use of the NAOI Study Courses and/or the NAOI Web Site.

Copyright/Trademark/ServiceMark

The content in the NAOI Study Courses and on the NAOI Web Site is covered by U.S. and foreign trademark, servicemark and copyright laws and is the sole and exclusive property of the NAOI or the other identified holders of such marks. All rights, except Member use in accordance with that Member’s rights, as applicable, are prohibited without prior written consent of the NAOI. Links from other Web sites to the NAOI Site are permitted without prior consent, but must only link to the home page of the NAOI Site and must identify that the user is being linked to "NAOI". NAOI reserves the right to prohibit links to the NAOI Site if such links are deemed inappropriate for any reason.

Governing Law

The laws of the District of Columbia shall govern the relationship between NAOI and its Members. As a condition of Membership in NAOI and all benefits accruing thereto, including, but not limited to, access to the NAOI Site, members consent to the exclusive jurisdiction and venue of the U.S. District Court for the District of Columbia. Any and all disputes arising out of an Individual, Professional or Corporate Membership shall be exclusively resolved by that court applying the laws of the District of Columbia except those laws relating to the choice of laws. NAOI shall be entitled to recover its attorney fees and court costs in connection with the investigation, defense or prosecution of all actions in which it is, or potentially could become a party. Under no circumstances shall any Member be entitled to any monetary damages other than a return of the Member's initial membership fee in full.