This Subscriber Agreement (the “Agreement”), between JYC3, Inc. (owner of Alhambra Investment Research, referred to in this agreement as JYC3) including the http://alhambrainvestments.com web site (referred to in this Agreement as the “Website”) and the subscriber (referred to in this Agreement as “Subscriber”) describes the terms and conditions upon which the Subscriber may use the information available at the Website.

1. All material at the Website is for informational purposes only and is believed to be accurate at the time of its publication. This information is not intended to and does not constitute the rendering of investment advice. JYC3 is not a registered investment advisor and JYC3 is not responsible for any actions taken by Subscribers as a result of the information published at this Website. Subscribers should perform their own due diligence and consult with a professional investment advisor, if appropriate, prior to making any decisions regarding investments discussed at the Website.

2. All JYC3 material is copyrighted. Subscribers may not distribute this material to others or re-produce this material (in whole or in part) under any circumstances without the express written consent of JYC3.

3. A subscription entitles access to a single Subscriber. Subscriptions may not be shared with others and Subscribers agree that they will not reveal their login details (user name and password) to others. Subscribers may login with their user name and password from any computer, however, login access will be periodically monitored for purposes of enforcing this term of the agreement.

4. Email addresses will be used by JYC3 exclusively for communication with Subscribers and will not be shared with any other organization.

5. Website and model portfolios will be updated as necessary and there are no minimum requirements for the fulfillment of the subscription.

6. Subscribers may cancel their subscriptions at any time with no questions asked. Annual subscriptions cancelled within the first 30 days will receive a complete refund, provided that notice is made in writing to the following address within the 30 day period: support@alhambrainvestments.com. Due to the terms of our payment service provider, no refunds will be granted after this 30 day period. Monthly subscriptions through PayPal must be cancelled with PayPal as described in the PayPal terms of service. Cancelled monthly subscriptions will remain valid until the end of the current billing period and, provided the subscriber has cancelled this service through PayPal, no further billing will occur.

7. JYC3 reserves the right to cancel any member’s subscription at any time for any reason. Under these circumstances, the Subscriber will be notified via email and a refund, prorated monthly, will be provided within 30 days.