Disclosures

and other legal requirements

Smith, Salley & Associates, LLC ("Smith Salley") is a registered investment adviser located in Greensboro, North Carolina. Smith Salley and its representatives are in compliance with the current registration requirements imposed upon registered investment advisers by those states in which Smith Salley maintains clients. Smith Salley may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Smith Salley's web site is limited to the dissemination of general information regarding its investment advisory services to United States residents residing in states where providing such information is not prohibited by applicable law. Accordingly, the publication of Smith Salley's web site on the Internet should not be construed by any consumer and/or prospective client as Smith Salley's solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Furthermore, the information resulting from the use of tools or other information on this Internet site should not be construed, in any manner whatsoever, as the receipt of, or a substitute for, personalized individual advice from Smith Salley. Any subsequent, direct communication by Smith Salley with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of Smith Salley, please contact the United States Securities and Exchange Commission on their web site at http://www.adviserinfo.sec.gov/ or and/or the state securities law administrators for those states in which Smith Salley is registered. A copy of Smith Salley's current written disclosure statement discussing Smith Salley's business operations, services, and fees is available from Smith Salley upon written request. Smith Salley does not make any representations as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Smith Salley's web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

ACCESS TO THIS WEB SITE IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND WITHOUT ANY WARRANTIES, EXPRESSED OR IMPLIED, REGARDING THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS OBTAINED FROM ANY INFORMATION POSTED ON THIS WEB SITE OR ANY THIRD PARTY WEB SITE LINKED TO THIS WEB SITE.