AIM Disclosure

This disclosure document applies to the files and reports uploaded to this website.

Analyst Certification and Disclosure

Student Analyst Certification: Each student research analyst(s) primarily responsible for the preparation and content of all or any identified portion of this Investment research report hereby certifies that: With respect to each issuer or security or any identified portion of the report and/or with respect to an issuer or security that the student research analyst(s) covers in this research report, all of the views expressed in this research report accurately reflect their personal views about those issuer(s) or securities. The student research analysts are not investment professionals.

Other Important Disclosures

This report does not constitute investment advice and should not be used to make investment decisions. This student prepared investment research report is for the sole use of the Applied Investment Management (AIM) course and its students in the management of the student run investment portfolios and may or may not have resulted in implementation of the investment recommendation included therein. This investment research report has been prepared as an educational exercise and may not be complete or reflect all available information. The Kenan-Flagler Business School and the University of North Carolina make no direct or implied warranties as to the accuracy of data or statements in this report. External interested parties should not rely on any securities recommendations made in this student prepared investment research report.

The student and/or faculty advisors may have positions in the securities discussed in the report.

This student prepared investment research report and the Applied Investment Management course are not affiliated in any way with, nor are they the investment opinions, of the University of North Carolina Management Company or any of the University’s other endowment funds.

The student may have received assistance from the subject company(ies) referred to in this report including, but not limited to, discussions with management of the subject company(ies). The student may have received assistance in the preparation and/or review of this student prepared investment research report from member(s) of the faculty and other related persons. This information is provided on an "as is" basis.

 © 2011 Kenan-Flagler Business School (KFBS), University of North Carolina, Chapel Hill North Carolina. All rights are reserved. Any unauthorized use, duplication, redistribution or disclosure is prohibited by law and will result in prosecution. Where included in this report, KFBS sourced information is the exclusive property of Kenan-Flagler Business School. Without prior written permission of KFBS, this information and any other KFBS intellectual property may not be reproduced, re-disseminated or used to create any financial products, including any indices.