The Rules - Legal Notices and Disclaimers.

* ThePhoenixLetter.com ("TPL" or "we" or "us") is not registered as an investment adviser. TPL relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, TPL does not offer or provide personalized advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalized advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as TPL's solicitation to effect, or attempt to effect, any transaction in a security. Investments in the securities markets, and especially in options and futures, are speculative and involve substantial risk. The information that we provide or that is derived from our website should not be a substitute for advice from an investment professional. We encourage you to obtain personal advice from your professional investment advisor and to make independent investigations before acting on the information that you obtain from TPL or derive from our website. Only you can determine what level of risk is appropriate for you.

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* Prior to buying or selling an option, an investor should read and understand the booklet "Characteristics and Risks of Standardized Options." You can access and download a copy of the booklet on The Options /Clearing Corporations'(OCC) website at http://www.theocc.com/publications/risks/riskchap1.jsp. This link reference is provided as a courtesy and does not imply that the OCC is endorsing TPL or its products. This booklet is also available for free from your broker or from any of the U.S. options exchanges

* We encourage our readers to invest carefully and to utilize the information available at the web sites of the Securities and Exchange Commission at http://www.sec.gov, and the National Association of Securities Dealers at http://www.nasd.com. You can review public companies' filings at the SEC's EDGAR page. The NASD has published information on how to invest carefully at its web site

* Most of the information on our website or that we otherwise provide is derived directly from information published by the companies on which we report and/or from other sources we believe are reliable, without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. The information may contain discussions of, or provide access to, certain positions and recommendations as of a specific date. Due to various factors, including, but not limited to, changing market conditions, such discussions and positions/recommendations may no longer be reflective of current discussions and positions/recommendations. We do not in any way warrant or guarantee the success of or endorse any action which you take in reliance on the information that we provide or that is derived from our website.

* As indicated above, TPL makes no representations or warranties about the accuracy or completeness of the information contained on or derived from TPL's website or otherwise provided by TPL. Any links provided to other websites are offered as a matter of convenience and in no way are meant to imply that TPL endorses, sponsors, promotes or is affiliated with the owners of or participants in those sites, or endorses or warrants any information contained on those sites, unless expressly stated. Furthermore, TPL does not endorse, guarantee or warranty any third party products advertised on its site, in its newsletters, in any third party rental of its permission based lists or otherwise referenced in any information provided by TPL or derived from TPL's website, and TPL expressly disclaims any responsibility and accepts no liability with respect to such information and products. TPL may receive a fee from a service provider that has a link on TPL's website or is referenced in the information provided by TPL.

* Our personnel may own positions and/or trade in the securities mentioned in the information that we provide. However, TPL's policies prohibit all employees of TPL from engaging in any securities transaction that directly or indirectly competes with the interests of our subscribers that are actually known to TPL. We are not compensated in any way for publishing information about companies mentioned in our reports.

* Testimonials may or may not be representative of actual results.

* PERFORMANCE FIGURES

Performance figures are based on actual recommendations made by TPL. Due to the time critical nature of stock, options and futures trading, brokerage fees, and the activity of other subscribers, TPL cannot guarantee that subscribers will mirror the exact performance stated on our track records or promotions. Performance numbers shown are based on trades subscribers could enter based on our tracking guidelines. Past results are not necessarily indicative of future performance. Therefore, no subscriber or potential subscriber should assume or expect that future performance of any investment or strategy will be profitable or equal historical or anticipated performance levels. The information contained in TPL trading services is intended for use solely by individual subscribers and is not offered to institutional investment organizations.

* LIMITATION ON TPL LIABILITY

To the extent not prohibited by law, each subscriber and potential subscriber agrees, as a condition precedent to accessing or using TPL's website or receiving information provided by TPL, to release and hold harmless TPL and its directors, officers, shareholders, employees and agents from any and all liability in connection with accessing or using TPL's website or receiving information provided by TPL. In all other cases, TPL's liability to a subscriber, whether in contract, tort, negligence, or otherwise, shall be limited in the aggregate to direct and actual damages of the subscriber, not to exceed the fees received by TPL from the subscriber. TPL will not be liable for any consequential, incidental, punitive, special, exemplary or indirect damages resulting directly or indirectly from the use of or reliance upon any material provided by TPL or derived from TPL's website. Without limitation, TPL shall not be responsible or liable for any loss or damages related to, either directly or indirectly, (1) any decline in market value or loss of any investment; (2) a subscriber's inability to use or any delay in accessing TPL website or any other source of material provided by TPL; (3) any absence of material on TPL website; (4) TPL's failure to deliver or delay in delivering any material or (5) any kind of error in transmission of material. TPL and each subscriber acknowledge that, without limitation, the above-enumerated conditions cannot be the probable result of any breach of any agreement between TPL and the subscriber.

* DISCLAIMER OF WARRANTY

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* BROKERS

TPL is not affiliated with any brokerage firm and does not endorse or recommend any specific brokerage firm. TPL is not and will not be responsible for any trades made by a broker on the subscriber's behalf under any circumstances.

* ACKNOWLEDGEMENT AND AGREEMENT

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* SUBMISSIONS

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Due to the discounted nature of our trial offers, we must insist on cancellation within the trial period for the offer you have accepted. Please note that there are no refunds available after the trial period is over.

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* ACKNOWLEDGMENT AND AGREEMENT

Notwithstanding any other agreement or other communications between TPL and a subscriber or potential subscriber to the contrary, receiving or using any material provided by TPL or accessing or using TPL's website, at any time and through any means, whether directly or indirectly, represents acknowledgment by such person of the foregoing legal notices and disclaimers and agreement with their terms and conditions.