END USER LICENSE AGREEMENT

Software License Agreement for RSJ Portfolio Optimizer

IMPORTANT- PLEASE READ CAREFULLY: BY INSTALLING THE SOFTWARE (AS DEFINED BELOW), , YOU (EITHER ON BEHALF OF YOURSELF AS AN INDIVIDUAL OR ON BEHALF OF AN ENTITY AS ITS AUTHORIZED REPRESENTATIVE) AGREE TO ALL OF THE TERMS OF THIS END USER LICENSE

AGREEMENT ('AGREEMENT') REGARDING YOUR USE OF THE SOFTWARE. IF YOU DO NOT AGREE WITH ALL OF THE TERMS OF THIS AGREEMENT, CLICK ON THE 'NO' BUTTON. THIS WILL CANCEL THE INSTALLATION.

GRANT OF LICENSE: Subject to the terms below, RSJ Software GmbH hereby grants you a non-exclusive, non-transferable license to install and to use RSJ Portfolio Optimizer('Software'). Under this license, you may: (i) install and use the Software on a single computer for your internal use (ii) copy the Software for back-up or archival purposes. (iii)You may not distribute the software to others without first obtaining the required licenses, where applicable. Whether you are licensing the Software as an individual or on behalf of an entity, you may not: (i) reverse engineer, decompile, or disassemble the Software or attempt to discover the source code; (ii) modify, or create derivative works based upon, the Software in whole or in part without the express written

consent of RSJ Software GmbH; (iii) distribute copies of the Software; (iv) remove any proprietary notices or labels on the Software; (v) resell, lease, rent, transfer, sublicense, or otherwise transfer rights to the Software.

RSJ Portfolio Optimizer: You acknowledge that no title to the intellectual property in the Software is transferred to you. Title, ownership, rights, and intellectual property rights in and to the Software shall remain that of RSJ Software GmbH. The Software is protected by copyright and

patent laws of the United States and international treaties.

Included open source components: This product contains various open source components. The individual licenses for these components can be found in the file LICENSE.TXT.
DISCLAIMER OF WARRANTY: YOU AGREE THAT RSJ Software GmbH HAS MADE NO EXPRESS WARRANTIES, ORAL OR WRITTEN, TO YOU REGARDING THE PRODUCTS AND THAT THE PRODUCTS ARE BEING PROVIDED TO YOU 'AS IS' WITHOUT WARRANTY OF ANY KIND. RSJ Software GmbH DISCLAIMS ANY AND ALL OTHER WARRANTIES, WHETHER EXPRESSED, IMPLIED, OR STATUTORY. YOUR RIGHTS MAY

VARY DEPENDING ON THE STATE IN WHICH YOU LIVE. RSJ Software GmbH SHALL NOT BE LIABLE FOR INDIRECT, INCIDENTAL, SPECIAL, COVER, RELIANCE, OR CONSEQUENTIAL DAMAGES RESULTING FROM THE USE OF THIS PRODUCT.

LIMITATION OF LIABILITY: You use this program solely at your own risk. IN NO EVENT SHALL RSJ Software GmbH BE LIABLE TO YOU FOR ANY DAMAGES, INCLUDING BUT NOT LIMITED TO ANY LOSS, OR OTHER INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES OF ANY KIND ARISING OUT OF THE USE OF THE SOFTWARE, EVEN IF RSJ Software GmbH HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT WILL

RSJ Software GmbH BE LIABLE FOR ANY CLAIM, WHETHER IN CONTRACT, TORT, OR ANY OTHER THEORY OF LIABILITY, EXCEED THE COST OF THE SOFTWARE. THIS LIMITATION SHALL APPLY TO CLAIMS OF PERSONAL INJURY TO THE EXTENT PERMITTED BY LAW.

TERMINATION: This Agreement shall terminate automatically if you fail to comply with the limitations described in this Agreement. No notice shall be required to effectuate such termination. Upon termination, you must remove and destroy all copies of the Software.
MISCELLANEOUS:

Severability. In the event of invalidity of any provision of this Agreement, the parties agree that such invalidity shall not affect the validity of the remaining portions of this Agreement. Export. You agree that you will not export or re-export the Software outside of the jurisdiction in which you obtained it without the appropriate German or foreign government licenses. Governing Law. The United Nations Convention on Contracts for the International Sale of Goods is specifically disclaimed. Entire Agreement. You agree that this is the entire agreement between you and RSJ Software GmbH, which supersedes any prior agreement, whether written or oral, and all other communications between RSJ Software GmbH and you relating to the subject matter of this Agreement. Reservation of rights.

All rights not expressly granted in this Agreement are reserved by RSJ Software GmbH.