Terms and Conditions to Use this Website

Please carefully read these Terms and Conditions of Use (these “Terms”).  Your access to or use of this website
signifies that you understand and agree to be bound by these Terms.  If you do not agree to be bound by or
comply with these Terms, do not use this website.

Modifications of Terms and Conditions of Use

This website is owned and operated by Horizon Asset Management, Inc. (“Horizon”).  Horizon reserves the right,
in its sole discretion, to change, modify, add, or remove portions of these Terms at any time.  We suggest that
you check these Terms periodically for changes.   Any changes, modifications, additions to, or deletions from
these Terms shall be effective upon posting on this website.  If you use this website after we post changes to the
Terms, you accept the Terms as changed.    Horizon expressly reserves the right to monitor any use of this
website.

Intended Audience

The information provided on this website 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 Horizon or its affiliates to any registration requirement within such jurisdiction or country.
Horizon is a New York Corporation registered with the U.S. Securities and Exchange Commission (“SEC”) as an
investment advisor pursuant to the Investment Advisors Act of 1940.  Horizon does not claim that the products
or services described in this website are available in any particular jurisdiction or appropriate for any particular
investor.  If you choose to access this website from a location other than the United States, you do so at your
own initiative, and you are responsible for compliance with any applicable local laws.

No Offer or Advice

This website does not constitute an offer to sell or a solicitation of an offer to buy any security that may be
referenced on or through this website.   Nor does this website constitute an offering or recommendation by
Horizon of any security, investment management service, or advisory service.    Horizon does not provide
investment advice, tax advice, or legal advice through this website, and you agree that this website will not be
used by you for such purposes.  Horizon does not represent that the securities, products, or services discussed
in, or accessible through, this website are suitable for any particular investor.    You acknowledge that your
requests for information are unsolicited, and the provision of any information through this website shall not
constitute or be considered investment advice, or an offer to sell, or a solicitation of an offer to buy any security.

Disclaimers

All information and content on this website is subject to applicable statutes and regulations, furnished “as‐is”,
without warranty of any kind, expressed or implied, including but not limited to implied warranties of
merchantability, fitness for a particular purpose, or non‐infringement.    Any commentaries, articles or other
opinions herein are intended to be general in nature and for current interest.  Decisions based on information
contained in this website site are the sole responsibility of the visitor, and in exchange for using this website, the
visitor agrees to hold Horizon, its directors, officers and employees harmless against any claims for damages
arising from any decision that the visitor makes based on such information.  Horizon and its directors, officers, or
employees will not be liable or have any responsibility of any kind for any loss or damage that you incur arising
from or in connection with:

  • any delay, termination, failure, defect, or interruption in the transmission of this website;
  • any inaccuracy, error, unavailability, or incompleteness in the transmission of this website;
  • any termination or interruption of your access to this website;
  • your reliance on or use of this website;
  • any e‐mail requests, orders, or instructions you send, or the interception by third parties of any requests,
    orders, or instructions you send via e‐mail;
  • any act or omission of Horizon in making this website available to you; or
  • any other cause relating to your access to or use of this website, whether or not the circumstances giving
    rise to such cause may have been within the control of Horizon or within the control of any other party
    providing software or services support for this website.

Horizon does not warrant that this website, or the functions contained in this website, will be uninterrupted or
error‐free, that defects will be corrected, or that this website, or the servers that make it available, are free from
viruses or other harmful components.    You assume the entire cost of any necessary servicing, repairing, or
correcting of your property or operations as a result of using this website.  You accept at your own risk that the
Internet or other online communications medium may not perform as intended as a result of human,
mechanical, or other error, despite the efforts of Horizon, you, or any third party.
All content on this website is presented as of the date published or indicated, and may be superseded by
subsequent market events or for other reasons.  Additionally, you are responsible for setting the cache settings
on your browser to ensure you are receiving the most recent data.
In no event will Horizon or its directors, officers, or employees be liable to you for any direct, indirect, special,
consequential, or incidental damages related in any way to your use of this website including, but not limited to,
(i) loss of anticipated profits, benefits, use, or data, or (ii) injury caused by any performance, failure of
performance, error, omission, interruption, deletion, defect, delay in operation of transmission, computer virus
or worm, communications line failure, theft or destruction or unauthorized access to, alteration of, or use of
information, resulting from the use of or access to this site, even if (i) such damages are reasonably foreseeable,
or (ii) Horizon or any other party has been advised of the possibility of such damages.  It is possible that all or a
portion of the forgoing disclaimers or limitations of liability may not be enforceable in the jurisdiction in which
you reside.

You agree to indemnify, defend, and hold harmless Horizon and affiliates, and the officers, directors, employees,
and agents of Horizon and affiliates, from and against any and all claims, liabilities, damages, losses, or expenses,
including attorney fees and costs, arising out of or in any way connected with your access to or use of this
website.

Linked Websites

Horizon is not responsible for the content of any site owned by a third party that may be linked to this website
via hyperlink.    The information to which the user links is neither prepared nor maintained by Horizon, and
Horizon has not and will not review or update the information contained in any linked website.  Horizon is not
responsible for, and makes no warranty with respect to the contents, accuracy, completeness, timeliness,
suitability, or reliability of the linked website.  Use of any website hyperlinked to or from this website shall be at
your own risk.   Horizon does not endorse or make any representations about the companies, products, or
materials accessible through these hyperlinks.  If you opt to hyperlink to other websites accessible through the
Horizon website, you do so entirely at your own risk. No representation or warranty is provided for any software
that you may download from a link from this website.

Third Party Content

Through this website, you may have access to information relating to securities, indexes or the securities
markets (“Market Data”).    Horizon may compile or obtain this Market Data from third parties who are
independent of Horizon.  Even though the sources of the Market Data provided on this website are believed to
be reliable, Horizon is not responsible for, and makes no warranty with respect to the contents, accuracy,
completeness, timeliness, suitability, or reliability of the Market Data.  The Market Data that may be provided is
not a complete summary or statement of all available information or data. HORIZON MAKES NO EXPRESS OR
IMPLIED WARRANTIES (INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE) WITH RESPECT TO THE MARKET DATA.
Any Market Data and other information accessible through this website is for personal, non‐commercial use.
You agree not to reproduce, modify, sell, distribute, broadcast, publish, or use for any commercial or unlawful
purpose any Market Data or other information you access through this website.
Any Market Data is provided “as is” and on an “as available” basis. Horizon will not be responsible for lost
profits, trading losses, or any other damages resulting from inaccurate, defective, or unavailable Market Data or
other information.  Horizon is not obligated to update or to continue to offer Market Data or other information
accessible through this website.

Electronic Communication

To the extent electronic mail is submitted to this site it should be considered neither secure nor confidential.
Horizon makes no representation whatsoever concerning the security or confidentiality of your electronic
messages and makes no representation that any electronic messages submitted through this website will be
received by Horizon.  Delivery, and timely delivery, of electronic mail is not guaranteed.  Do not send sensitive or
confidential information to us via electronic mail.  Horizon therefore recommends that you do not send time‐
sensitive or action‐oriented messages to us via electronic mail.  Such requests, orders, or instructions will not be
processed until Horizon can confirm your instructions or obtain appropriate written documentation where
necessary.
Furthermore, any communications or material you transmit to Horizon’s website by electronic mail or
otherwise, including, but not limited to, data, questions, comments, or suggestions will be treated as non‐
confidential and nonproprietary and will become the property of Horizon. Such communications or materials
may be used for any purpose, including, but not limited to, reproduction, disclosure, transmission, publication,
broadcast and posting.  Further, Horizon reserves the right to use any ideas, concepts, know‐how, or techniques
contained in any electronic communication you send to this website for any purpose whatsoever.

Intellectual Property

All copyrights, trademarks, logos, service marks, trade names, or other intellectual property displayed on, or
used in conjunction with, this website are proprietary to Horizon, unless otherwise noted.  The content of this
website is protected by applicable intellectual property law.    Horizon reserves all rights with respect to
intellectual property ownership of all material on this website, and will enforce such rights to the full extent
permissible by law.  The material accessible on or through this website is accessible for personal browsing and
printing purposes only.  Users of this website may not otherwise:

  • copy, reproduce, modify, sell, republish, post, transmit, or distribute in any way material from this website
    without the express, written permission of Horizon;
  • use, copy, modify, or display any Horizon name, logo, text, or graphic image without Horizon’s express,
    written permission;
  • display any of the pages, text, images, or other content of this website using “framing” technology without
    Horizon’s express written permission;
  • modify or use the pages, text, images, or other content from this website for any purpose other than
    browsing or printing for personal, non‐commercial use; or
  • take any action to create an impression of affiliation, sponsorship, or endorsement between any user
    and/or website and Horizon.

Limited Linking License for Other Users and Sites

In accordance with the following terms only, other users and sites may include a link to Horizon’s website by
pointing to Horizon’s homepage (www.horizonassetmgt.com).  This Limited License entitles other users and sites
to link to Horizon’s homepage (www.horizonassetmgt.com) only.  Linking to other content within this website is
prohibited without the express written permission of Horizon.    This Limited License expressly prohibits the
framing of the content contained in this website in any way or any other activity that may create a
misimpression or confusion among users with respect to sponsorship or affiliation.  Any site offering a link to
this website under this Limited License must deliver our homepage address as stated above.

Prohibited Uses

You may not use this website in any manner that could damage or overburden any Horizon server, or any
network connected to any Horizon server, or in any manner that would interfere with another party’s use of the
website.  Unless expressly authorized by Horizon in writing or as otherwise allowed by these Terms, you may not
include the term ” Horizon,” “Horizon Asset Management, Inc.” or any Horizon executive’s name or any Horizon
logo, trademark, service‐mark, or any variation of the foregoing, within another website or as a meta‐tag,
hidden textual element or use this website or any of its content in any manner that could create the impression
of an affiliation, sponsorship or endorsement by Horizon.
You may not, without the express written permission of Horizon, use any robot, spider, intelligent agent, other
automatic device, or manual process to search, monitor or copy this website or the reports, data, information,
content, software, products services, or other materials on, generated by or obtained from this website,
whether through links or otherwise, provided that generally available third‐party web browsers may be used
without such permission.    You may not attempt to probe, scan or test the vulnerability of this website or to
breach security or authentication measures without proper authorization.

Termination

Horizon reserves the right to terminate your access to this website at any time, without notice, for any reason
whatsoever.

Governing Law and Severability

These Terms will be governed and construed under the laws of the state of New York. Nothing in these Terms
creates any rights or protections that you are not already entitled to by law.  If any part of these Terms is held
invalid or unenforceable, that part will be deemed modified as necessary to make it effective, and the remaining
provisions of these Terms will remain in effect.