This document contains forward-looking statements which are subject to risks, assumptions and uncertainties (many of which are beyond the company's control) and speak only as of the date of this letter. All statements other than statements of historical fact included in this letter are forward-looking statements and are based on assumptions the Company has made in light of its industry experience, perceptions of historical trends, current conditions, expected future developments and other factors it believes are reasonable and appropriate under the circumstances. As you consider an investment, you should understand that these statements are not guarantees of performance or results, and should one or more of these risks or uncertainties materialize, or should any of these assumptions prove incorrect or change, the Company's actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements. The Company undertakes no obligation to update any forward-looking statement, except as may be required by law.

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