Disclosure Hermes Econometrics is registered with the United States Securities and Exchange Commission (SEC) as an Investment Advisor and has filed notice in the following states: CA, FL, GA, MI, NJ, OR, UT, VA. All information contained herein is for informational purposes only ad does not constitute a solicitation or offer to sell securities or investment advisory services. Such an offer can only be made in states where Hermes Econometrics is registered or where an exception from such registration is available, and no new accountwill be accepted unless and until any and all local regulations have been satisfied. It is not our intention to state or imply in any manner that past, results and profitability is an indication of future performance. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS Inherent in any investment is the potential for loss as well as profit. A list of all recommendations made within the immediately preceding twelve months is available upon written request.