A. Important Legal Information about Using This Web Site
This site is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, investment management service or advisory service. This site does not intend to provide investment, tax or legal advice. Research Affiliates does not represent that the securities, products, or services discussed in this site are suitable or appropriate for all investors.

The information on this 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 Research Affiliates to any registration requirement within such jurisdiction or country.

The reliability and accuracy of the material on this site cannot be assured, because of possible technical malfunctions and unauthorized tampering. The material on this site, including any opinions expressed herein, are subject to change without notice.

Past performance is no guarantee of future results. No part of this site may be reproduced in any form, or referred to in any other publication without express written consent. Any links to other Internet sites ("hyperlinks") are included as a convenience for our visitors and Research Affiliates assumes no liability for the content or the presentation of linked sites. Third party links to this website are permitted only by prior written permission. Research Affiliates does not endorse nor have under its control the content of such links. Research Affiliates is not responsible for the accuracy or completeness and assumes no liability for the information contained on the linked sites. No representation or warranty is provided for any software that may be downloaded from this Web site.

B. Visiting Our Site
When you go directly to the information portion of our websites and move from page to page, read pages or download content onto your computer, we learn which pages are visited, what content is downloaded, and the address of websites that you visited immediately before coming to our websites. However, none of this is associated with you as an individual. It is measured only in aggregate.

We use this information to find out how many people visit our websites and which sections of the sites are visited most frequently. This helps us to know what type of information is most useful to you so that we can improve our websites and make it easier for you to access information. We record the statistical information on the numbers of visitors to our websites, but no information about you in particular will be kept or used.

C. Cookies
A cookie is a small file containing certain pieces of information that a website creates when you visit the site. It can track how and when you use a site, which site you visited immediately before, and it can store that information about you.

There are two common types of cookies, "session cookies" and "persistent cookies". Session cookies store information only for the length of time that you are connected to a website - they are not written onto your hard drive. Once you leave the website, the originator of the cookie no longer has the information that was contained on it.

Research Affiliates uses session cookies as an additional security feature for its online services. For example, when you login to any web service and are authenticated through your login ID and password, a cookie will store the identification number of your browser. Throughout your session, the cookie acts as a type of digital signature to identify your current session to the web server.

We also use session cookies to track your visits within our site. We use that information to determine the type of information that you are looking for in our site and to improve our site. We use information about the site you visited immediately prior to our site to assess the viability of links to our site that we have created on third party sites.

The information stored in "persistent cookies" is written onto your hard drive and remains there until the expiry date of the cookie. Research Affiliates uses persistent cookies to store non-sensitive information that you are aware of and have agreed to.

Currently, most browsers do not distinguish between session cookies and persistent cookies. For web services to operate, your browser must be set to accept cookies. If you are concerned about having your browser enabled to accept cookies while you are surfing other websites, we recommend that you enable your browser to notify you when it is receiving a cookie. This gives you the ability of accepting or rejecting any cookie presented by the web server you are visiting.

D. E-mail comments, questions, or responses
When you send us an e-mail or when you ask us to respond to you by e-mail, we learn your exact e-mail address and any information you have included in the e-mail.

We use your e-mail address to acknowledge your comments and/or reply to your questions, and we will store your communication and our reply in case we correspond further. We will not sell your e-mail address to anyone outside Research Affiliates. We may use your e-mail address to send you information about offers on products and services that we believe may be of interest to you. If you don't want us to contact you by e-mail with offers on products and services, you may tell us so at any time.

If you have asked us to put you on an e-mail mailing list to provide you with certain information on a regular basis, or if we send you information about our offers on products and services by e-mail, you may ask us to remove you from the list at any time (using the unsubscribe instructions provided with each e-mail and on the site where you signed up).

Remember that e-mail sent over the Internet is generally unencrypted. If Research Affiliates requests that you transmit confidential information to us over the Internet when filling out an application online, we ensure that such transmission is encrypted. We recommend that you use caution when forwarding free-format e-mail messages to us and that you do not include confidential information (such as account numbers) in those messages, as they are not encrypted.

E. Disclaimer
Research Affiliates, LLC is an SEC registered investment advisor pursuant to the Investment Advisers' Act of 1940. This site is limited to the dissemination of general information pertaining to its investment advisory services and products.
Accordingly, Research Affiliates does not, and will not, effect or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Advice can only be rendered after all of the following conditions are met:

1. Delivery of our SEC Form ADV, Part II to you.
2. Execution of a written agreement.

As a registered investment advisor, Research Affiliates may render investment advice only as applicable federal and state laws allow. This site is designed to provide general information on investment strategies and financial planning. Any material provided in this site either directly or through cross-reference to another site is for informational purposes only. Any information provided in this site does not purport to be, and is not intended to be, financial, legal, accounting, tax or investment advice. The information provided, therefore, should not be viewed as financial, legal, accounting, tax or investment advice.

Past performance is not necessarily a guide to future performance. The value of an investment and the amount of periodic income realized on an investment may go down as well as up and there is no guarantee that you will recoup the amount of your original investment. Some of the investment strategies presented in this site may involve transactions in foreign currencies. A foreign currency is a currency other than that issued by the government of the country in which you are domiciled or, in some cases, in which you reside. Transactions in foreign currencies may introduce additional risk to the investment transaction.

Persons engaging in investment activities should be aware that investing is an inherently risky activity. Depending on the nature of the investment, these risks include, but are not limited to, interest rate, foreign currency, liquidity, credit, legal, and political risk. The information contained in this site is based on factual assumptions that may not be applicable to the particular circumstances of any person accessing this site (a "viewer") scientific assumptions that are liable to require revision due to changing circumstances, and statistical assumptions that are based on confidence levels which may require revision. For these reasons, no representations or warranties, expressed or implied, are made to the accuracy or applicability of any information contained in this site or any linked site to any particular viewer specifically, or to all viewers generally. Also, no representations or warranties, express or implied, are made as to the result any viewer might experience from using any of the information contained in this site or to any linked site.

The investment strategies presented in this site cannot, in all likelihood remove all of the risks associated with investing activities generally and persons engaging in investment activities are cautioned that they should familiarize themselves with the associated risks of any investment transaction before it is entered into. While Research Affiliates, its agents, and employees have exercised due diligence to ensure that the information and any calculations presented in this site is accurate, neither Research Affiliates, its agents, and employees warrant that the information or calculations are free from error.

All of the information contained in this site, including this Disclaimer, is the property of Research Affiliates. Research Affiliates intends to retain all of the rights in such property and by allowing public access to it, does not grant any license to any person to copy, retransmit (either electronically or otherwise), revise, or otherwise exercise any rights of ownership associated with intellectual property generally under the copyright and other applicable laws of the United States and equivalent laws of any other country. Any person who seeks to exercise any ownership right in the information contained in this site without first obtaining the express written consent of Research Affiliates will be prosecuted to the fullest extent permitted under law.

The Internet Communications shall not involve either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, as the case may be, in this state over the Internet, but shall be limited to the dissemination of general information on products and services. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.