Terms of Service

The Bear Traps Report, LLC (the “Company“) provides certain services (collectively, the “Services“) throughhttp://www.thebeartrapsreport.com and www.lawrencegmcdonald.com (collectively, the “Website“) and via email and other electronic
communications. Access to and use of the Website and the Services is subject at all times to these Terms of Service (“Terms of Service“),
which are a binding contract between the Company and you. The Company shall be deemed to conduct its business operations related to these Terms of Service
from its headquarters in the State of New York, United States of America, and all transactions between you and the Company, including without limitation
the provision of information by or to the Company, shall be deemed to have occurred at such headquarters. Please be aware that the Company offers no
individualized investment advice via the Website or the Service (as set forth in greater detail in Section 2, below).

EACH TIME YOU ACCESS OR USE THE WEBSITE OR THE SERVICE, YOU AGREE TO BE BOUND BY THESE TERMS OF SERVICE AND REPRESENT THAT YOU HAVE READ AND UNDERSTOOD
THEM. IF YOU DO NOT OR CANNOT AGREE TO BE BOUND BY ANY OF THE PROVISIONS OF THESE TERMS OF SERVICE (OR IF YOU ARE LEGALLY INCAPABLE OF BEING BOUND), PLEASE
EXIT FROM THE WEBSITE AND DISCONTINUE ANY USE OF THE SERVICES. IF YOU ARE ENTERING INTO THESE TERMS OF SERVICE IN CONNECTION WITH YOUR EMPLOYMENT, YOU
HEREBY REPRESENT TO THE COMPANY THAT YOU ARE AUTHORIZED TO AND HEREBY DO BIND YOUR COMPANY/EMPLOYER TO THESE TERMS OF SERVICE; IF ANY COURT OF COMPETENT
JURIDICTION DETERMINES THAT YOU HAVE FAILED TO BIND YOUR COMPANY/EMPLOYER, THESE TERMS OF SERVICE SHALL BE BINDING UPON YOU PERSONALLY. ANY REFERENCES
HEREIN TO “YOU” AND “YOUR” REFER BOTH TO YOU AND TO YOUR COMPANY/EMPLOYER, AS APPLICABLE.

The Company may, from time to time, modify, amend, or supplement these Terms of Service, and post the revised version of the Terms of Service in place of
the present webpage. Such modifications, amendments, or supplements shall be effective immediately upon posting on the Website (or other transmission to
you). You are responsible for periodically checking the Website for changes to these Terms of Service. If you do not or cannot agree to be bound by any of
the provisions of the revised version of the Terms of Service (or if you are legally incapable of being bound), you agree that your sole remedy is to
cancel your Account and cease using the Website and the Services. Your continued use of the Website and/or the Services constitutes your agreement to be
bound by the revised version of the Terms of Service.

1. ACCOUNT REGISTRATION AND POLICIES

By completing the registration process, you may establish an account (“Account“) and register as a Bear Traps Report Silver, Gold, Pro, or
Institutional Subscriber (“Subscriber“), and you may access and use the Website and the Services commensurate with your subscription
level/selections. The Services may include the receipt by you of email newsletters, alerts, and other communications issued by the Company. As part of the
registration process, a login ID and password will be assigned to your Account that you must use to access the Services. You are solely responsible for all
activity on your Account and for the security of your computer system and access credentials. You may not reveal, transfer or sell your Account login ID or
password to any other person. If your company/employer has entered into an enterprise services agreement, some restrictions in these Terms of Service may
not apply to you.

(A) Charges and Billing

Terms of payment are within the Company’s sole discretion and may be modified, amended, or supplemented at any time and shall become effective upon posting
on the Website. All applicable fees and other charges for services as well as any products marketed through the Website are payable by the 15th day of the
quarter to which such fees or charges apply. The Company reserves the right to change prices at any time. The Company is not responsible for pricing,
typographical, or other errors in any offer by the Company and reserves the right to cancel any service or product orders resulting from such errors.

(B) Termination of Account

i. Subscriber. Subject to the terms described herein, each Subscriber has the right to terminate such Subscriber’s Account at any time
upon written notice to the Company. Each Subscriber understands and agrees that the termination of a Subscriber’s Account is such Subscriber’s sole right
and remedy with respect to any dispute, regarding or arising out of (but not limited to):

(a) Any term of these Terms of Service or the Company’s enforcement or application of these Terms of Service;

(b) The Subscriber’s ability to access and/or use the Service; or

(c) The amount or type of fees, surcharges, applicable taxes, billing methods, or any change to the fees, applicable taxes, surcharges or billing methods.

The Company reserves the right to collect accrued fees and charges and costs incurred by the Company upon receipt of a Subscriber’s notice to cancel an
Account.

ii. Company. The Company may terminate a Subscriber’s account at any time in its sole and absolute discretion for any reason including,
without limitation, upon the occurrence of any one of the following events:

(a) Improper use of the Subscriber’s login ID or password.

(b) The information provided by a Subscriber during the Account registration process is found to be untruthful or inaccurate.

(c) Improper use of the information provided on the Website or in connection with the Services and/or taking any other action which adversely affects the
Website, the Services, or the Company.

(d) Any violation of these Terms of Service.

If the Company terminates an Account because of a Subscriber’s breach of these Terms of Service, the Company shall have no liability or responsibility to
such Subscriber or any third party.

iii. General. In the event an Account is terminated by the Subscriber for any reason (other than the Company’s permanent discontinuance of
the Website and/or the Services), or by the Company for any of the reasons set forth in Section 1(B)(ii) above, no refund will be granted and the
Subscriber will have no further access via the subject Account. Any delinquent or unpaid Account with unresolved disputes must be settled before the
Company may allow a Subscriber to register again. Any and all of a Subscriber’s personal information submitted in connection with the Account and/or the
Services, including any Account information and password information, may promptly be destroyed by the Company upon termination of such Account.

(C) Privacy Policy

The Company Privacy Policy is incorporated herein by reference and is made part of these Terms of Service. You hereby represent and agree that you have
read, understood, and agree to all of the terms of the Company Privacy Policy, a copy of which is available at: ______________

2. LIMITATIONS, RESTRICTIONS, AND OBLIGATIONS

(A) Generally

The Company is an online financial media firm publishing content relating to global financial markets and global political systematic risks (the ” Content“). The Content is produced without regard to individual levels of sophistication or investment experience, and without regard to
the suitability of individuals who may access the content. You understand and agree that:

i. The Content does not constitute a specific recommendation of any particular investment, security, portfolio, transaction, or strategy, nor that any
specific course of action is suitable for any specific person;

ii. No Company analysts or other personnel shall advise you with regard to your investments;

iii. You shall not attempt to contact the Company or any Company personnel seeking personalized investment advice;

iv. All Content is impersonal and not tailored to any specific investment needs and suitability requirements, including yours;

v. The views expressed in the Content are opinions of the authors;

vi. The Company does not instruct its employees which opinions to hold;

vii. The opinions of one Company employee may differ from the opinions held on the same topic by another employee, or may change without notice;

viii. Past results are not indicative of future performance;

ix. The opinions expressed in the Content are derived from sources generally believed to be reliable, but the Company does not guarantee that the Content
is error-free and is not liable for any damage resulting from any errors, omissions, inaccuracies, or incomplete or out of date information in the Content;

x. The information, data, analyses and opinions contained in the Content include the confidential and proprietary information of the Company that may not
be copied or redistributed;

xi. The Content is provided solely for informational purposes and therefore nothing in the Content shall constitute an offer to buy or sell a security.

xii. Except as otherwise required by law, the Company shall not be responsible for any trading decisions, damages, or other losses resulting from, or
related to, the Content it provides, including alerts, data, reports, analyses or opinions or their use.

(B) Modification to Services

The Company may at any time and from time to time revise, supplement, suspend, or discontinue, temporarily or permanently, the Services (or any part
thereof) with or without notice to you, and terminate all permissions/licenses granted in these Terms of Service. You agree that neither the Company nor
any of its affiliates, licensors, agents, or employees is liable to you or any third party for any revision, supplement, suspension, or discontinuation of
the Services, and termination of any permission/license.

(C) Limited License to Use the Website and Services

i. Grant of License. Subject to your compliance with these Terms of Service, if you are a Subscriber, you are hereby granted a
non-exclusive, non-transferable, non-sublicensable right and license to access the Website and the Services commensurate with your paid subscription
level/selections. The Website, Services, and Content may be used only for your internal business (or personal, as the case may be) purposes, and no part of
the Website, Services, or Content may be copied, reproduced, or redistributed by you. This right and license to access and use the Website, Services, and
Content is personal to you and is not transferable to any other person or entity, nor may it be shared, resold, rented, licensed or leased by you. You are
responsible to ensure that your use the Website, Services, and Content is for lawful purposes only and is in conformity with the requirements of these
Terms of Service. You shall be responsible for protecting the confidentiality of your password(s), if any. The Company shall have the right at any time to
change or discontinue any aspect or feature of the Services, including (but not limited to) Content, hours of availability, and equipment needed for access
or use.

ii. Reservation of Rights. All rights not expressly granted by the Company herein are reserved by the Company. Access to the Website,
Services, and Content is granted under license; no ownership rights are transferred to you by the Company. Except for the license granted herein, the
Company retains all right, title and interest in and to the Website, Services, Content, and all information and other content provided in connection
therewith.

iii. Restrictions.

(a) Limitations of Reverse Engineering, Decompilation and Disassembly. You may not reverse engineer, decompile, or disassemble the
Website, any of the Services, or any other material available in connection with the Services, except and only to the extent that such activity is
expressly authorized by applicable law notwithstanding this limitation. You agree not to circumvent or attempt to circumvent any security measures
associated with the Website and/or the Services.

(b) Rental. You may not rent, lease or lend access to the Website or any of the Services.

(c) Redistribution. You may not redistribute any information provided by, through, or in connection with the Website or any of the
Services to any other person.

(d) Other Restrictions. You hereby agree not to:

1) Infringe upon the intellectual property rights of the Company or any third party.

2) Alter or cancel another Subscriber’s Account, or attempt to do so.

3) Impersonate another person, indicate that you are a Company employee, or attempt to mislead Subscribers or guests by indicating that you represent the
Company or any of the Company’s licensors or affiliates.

4) Attempt to get a login ID, password, or other Account information, or any other private information from a Subscriber.

5) Engage in or promote or encourage any illegal activity including hacking, cracking or distribution of counterfeit software for the purpose of accessing
the Website, the Services, or Content.

6) Modify, delete or create derivative works of the Website, the Services, or Content, or any part thereof.

7) Remove or alter any legal notice, including any copyright management information, or any other notice or name or mark of the Company or its suppliers
that appears in or is affixed to the Website or any of the Services.

8) Interfere with, hack into or decipher any transmissions to or from the servers running the Website or the Services.

9) Do anything that interferes with the ability of other Subscribers to access and use the Website and the Services or that adversely affects the Website,
the Services or the Company’s business.

10) Use information provided on or in connection with the Website or the Services for any purpose that is not authorized by a license or permission granted
by the Company herein.

11) Perform any acts that violate any applicable laws or regulations in connection with the manner in your access or use the Website and/or the Services.

iv. Ownership. You understand and acknowledge that the Website, the Services, the Content, and all other information provided to you in
connection therewith are, as between you and the Company, owned solely and exclusively by the Company (including by its licensors and/or its affiliates or
suppliers), and are protected by applicable laws and regulations, including treaty obligations relating to intellectual property rights. Under no
circumstances will you obtain any ownership interest in any element of the Website, the Services, or the Content under these Terms of Service or otherwise.

(D) Company Trademarks

You are not authorized under any circumstances to use any trademark, service mark, logo, trade dress, company name, brand, or domain name owned by the
Company or used by the Company in connection with the Website or the Services. You agree not to infringe or dilute any trademark, service mark, logo, or
trade dress owned by the Company.

 

3. DISCLAIMER OF WARRANTIES

YOU HEREBY EXPRESSLY AGREE THAT ACCESS TO AND USE OF THE WEBSITE, THE SERVICES, THE CONTENT, AND THE INTERNET IS AT YOUR SOLE RISK. THE WEBSITE, THE
SERVICES, AND THE CONTENT (AS WELL AS ANY THIRD-PARTY SERVICES, PRODUCTS, AND INFORMATION DELIVERED TO YOU IN CONNECTION THEREWITH) ARE PROVIDED ON AN “AS
IS” AND “AS AVAILABLE” BASIS FOR YOUR USE, WITHOUT WARRANTIES OF ANY KIND (EXPRESS OR IMPLIED); THE WARRANTIES HEREBY DISCLAIMED INCLUDE ANY WARRANTY OF
MERCHANTIBILITY, NON-INFRINGEMENT, OR FITNESS FOR A PARTICULAR PURPOSE. THE COMPANY DOES NOT GUARANTEE THAT YOU WILL BE ABLE TO ACCESS OR USE THE WEBSITE
OR THE SERVICES AT TIMES OR LOCATIONS OF YOUR CHOOSING OR THAT THE COMPANY WILL HAVE ADEQUATE CAPACITY FOR THE WEBSITE OR THE SERVICES AS A WHOLE OR IN ANY
SPECIFIC GEOGRAPHIC AREA. THE WEBSITE, THE SERVICES, AND THE CONTENT MAY CONTAIN ERRORS, INCLUDING TECHNICAL INACCURACIES AND TYPOGRAPHICAL ERRORS. In
addition, the Website and the Services may enable you to access or download harmful or malicious code introduced onto the Internet by third parties. The
Website and the Services may be available internationally and may contain references to programs or services of the Company and/or its suppliers that are
not available in your location. Such references do not imply that the Company or its suppliers intend to make available such products, programs or services
in your location.

4. LIMITATIONS OF LIABILITIES

YOU ACKNOWLEDGE AND AGREE THAT YOUR SOLE AND EXCLUSIVE REMEDY IN RELATION TO ANY DISPUTE WITH THE COMPANY, ITS LICENSORS, SUPPLIERS OR AFFILIATES (OR ANY
OF THEIR EMPLOYEES, OFFICERS, SUBSCRIBERS, OR DIRECTORS) IS TO STOP USING THE WEBSITE AND THE SERVICES, AND TO CANCEL YOUR ACCOUNT. YOU ACKNOWLEDGE AND
AGREE THAT IN NO EVENT WILL THE COMPANY, ITS LICENSORS, SUPPLIERS, OR AFFILIATES (OR ANY OF THEIR EMPLOYEES, OFFICERS, SUBSCRIBERS, OR DIRECTORS) BE LIABLE
FOR ANY ACT OR FAILURE TO ACT BY THEM OR ANY OTHER PERSON REGARDING ANY CONDUCT, COMMUNICATION OR CONTENT ASSOCIATED WITH THE WEBSITE, THE SERVICES, OR THE
CONTENT.

MOREOVER, IN NO CASE SHALL THE COMPANY, ITS LICENSORS, SUPPLIERS OR AFFILIATES (OR ANY OF THEIR EMPLOYEES, OFFICERS, SUBSCRIBERS, OR DIRECTORS) BE LIABLE
TO YOU OR ANYONE DERIVING RIGHTS FROM YOU IN AN AMOUNT EXCEEDING THE AMOUNT YOU PAID TO THE COMPANY FOR THE SERVICES DURING THE ONE (1) YEAR PERIOD PRIOR
TO THE DATE ON WHICH YOUR CLAIM PURPORTEDLY AROSE. IN NO CASE SHALL ANY OF SUCH PERSONS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL OR
PUNITIVE DAMAGES (INCLUDING, WITHOUT LIMITATION, THOSE RESULTING FROM THEFT OR LOSS OF PROFITS, DATA, USE, GOODWILL, BUSINESS INTERRUPTION, OR OTHER
INTANGIBLE LOSS) RELATINGING IN ANY WAY TO YOUR USE OF OR INABILITY TO USE THE WEBSITE, THE SERVICES, OR THE CONTENT. THIS LIMITATION SHALL APPLY
REGARDLESS OF WHETHER SUCH ALLEGED LIABILITY IS BASED ON WARRANTY, CONTRACT, TORT OR ANY OTHER LEGAL THEORY, AND REGARDLESS OF WHETHER ANY PERSON HAS BEEN
ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

BECAUSE SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR THE LIMITATION OF CERTAIN CATEGORIES OF LIABILITY, THE FOREGOING LIMITATIONS SHALL APPLY TO YOU
ONLY TO THE FULL EXTENT PERMITTED BY APPLICABLE LAW.

THE COMPANY DOES NOT ENDORSE, WARRANT OR GUARANTEE ANY THIRD-PARTY PRODUCT OR SERVICE OFFERED THROUGH OR IN CONNECTION WITH THE WEBSITE OR THE SERVICES AND
WILL NOT BE A PARTY TO OR IN ANY WAY BE RESPONSIBLE FOR MONITORING ANY TRANSACTION BETWEEN YOU AND THIRD-PARTY PROVIDERS OF PRODUCTS OR SERVICES.

5. LINKS WITH OTHER SITES

The Website and/or the Services may provide links or references to websites or services that are maintained or provided by third parties. The Company is
not responsible for and does not assume responsibility for any content or practice of any such site or service. Your use of any such site or service is
entirely at your own risk. The Company provides such links and/or references solely as a convenience to you and not as an endorsement or approval of any
content, practice, owner, or sponsor. The company makes no warranties of any kind in relation to such sites and/or services.

6. INDEMNIFICATION

You agree to defend, indemnify and hold harmless the Company and its licensors, affiliates, suppliers, employees, officers, and directors from and against
all claims (including investigations and allegations that are not yet presented as litigation) and liabilities, losses and expenses, including attorneys’
fees and costs, arising in connection with any breach of these Terms of Service. If you fail to provide a defense satisfactory to the Company, the Company
may assume the defense and invoice you for the cost thereof, which invoice(s) you shall pay immediately upon presentation.

7. GOVERNING LAW

These Terms of Service, as well as your use of the Website and the Services, are governed by and shall be construed in accordance with the laws of the
State of New York, without regard to its provisions relating to conflicts of laws. By agreeing to these Terms of Service or by accessing or using the
Website and/or any of the Services, you submit to the personal jurisdiction of the federal and state courts of the State of New York. You further agree
that such courts shall have exclusive jurisdiction over any claim brought by you under or in connection with these Terms of Service, the Website, or any of
the Services.

8. VOID WHERE PROHIBITED

The Company makes no representation or warranty that any material on the Website or in the Services is lawful in every jurisdiction from which such
material can be accessed, or is available for use in all jurisdictions. If you access or use the Website or the Services from a jurisdiction outside of the
United States you are responsible for compliance with all applicable local laws.

9. COPYRIGHT POLICY

The Company respects copyright law and requests you to do the same. The Company may, in appropriate circumstances and at its discretion, suspend or
terminate the access of, or take other action against you or other account holders who infringe the copyrights of others.

If you believe that your work is accessible on the Services in a way that constitutes copyright infringement, in accordance with the Digital Millennium
Copyright Act 17 U.S.C § 512(c)(3), you may notify us by sending an email or a written notice to our designated agent for infringement claims that includes
the following information:

i. A physical or electronic signature of person authorized to act on behalf of the owner of a right that is allegedly infringed;

ii. Description of the copyrighted work claimed to have been infringed, or, if multiple copyrighted works at a single online site are covered by a single
notification, a representative list of such works at that site;

iii. Identification of the material that is claimed to be infringing and access to which is to be disabled, in addition to information reasonably
sufficient to permit Best Venues New York to locate the material, such as a URL identifying where it is located on the Services;

iv. The address, telephone number, and if available, an electronic mail address at which you may be contacted by Best Venues New York;

v. A statement by you, stating that you have a good faith belief that the use of the material in the manner complained of is not authorized by the
copyright owner, its agent, or the law; and

vi. A statement by you under the penalty of perjury that the information in the notification is accurate and that you are authorized to act on behalf of
the rights-holder whose right is allegedly infringed.


The Bear Traps Report’s Agent for Claims of Infringement:

support@thebeartrapsreport.com

9. MISCELLANEOUS

If any provision of these Terms of Service is held to be invalid or unenforceable, that provision will be deemed to be restated to reflect as nearly as
possible the original intention in accordance with applicable law, and the remainder of these Terms of Service will remain in full force and effect. These
Terms of Service constitute the entire agreement between the Company and you with respect to the subject matter hereof and supersede and replace all prior
or contemporaneous understandings or agreements, written or oral, regarding such subject matter. Any waiver of any provision of these Terms of Service will
be effective only if in writing and signed by the Company. The failure of the Company to assert any right under these Terms of Service shall not be
considered a waiver of that right, which shall remain in full force and effect. In addition, these Terms of Service are not intended to confer, and do not
confer, any rights or remedies upon any person other than you. These Terms of Service and all related documents are written and shall be interpreted in the
English language.

10. CONTACT US

If you have any questions, concerns, or comments regarding these Terms of Service, or have other questions or suggestions about our Website or the
Services, you may contact us via email at support@thebeartrapsreport.com.

Last Updated: May 17, 2016.

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© 2016 LGM Group LLC.
The information contained herein is the property of LGM Group LLC, which reserves all rights thereto. Redistribution of any part of this information is prohibited without the express written consent of LGM Group LLC. LGM Group LLC is not responsible for any errors in or omissions to this information, or for any consequences that may result from the use of this information. This material is provided for information purposes only and is not to be construed as an offer to sell or a solicitation to buy any securities. Although this material has been compiled from sources believed to be reliable, we cannot guarantee its accuracy or completeness. All opinions expressed and data provided herein are subject to change without notice. This material is not intended to provide, and should not be construed as providing individual financial, investment, tax, legal or accounting advice.