IMPORTANT DISCLOSURE INFORMATION

Investment Management Advisors, Inc. ("IMA") is an SEC registered investment adviser located in New York, New York. IMA and its representatives are in compliance with the current filing requirements imposed upon SEC registered investment advisers by those states in which IMA maintains clients. IMA may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. IMA's web site is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of IMA's web site on the Internet should not be construed by any consumer and/or prospective client as IMA's solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Any subsequent, direct communication by IMA 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 IMA, please contact the SEC or the state securities regulators for those states in which IMA maintains a notice filing. A copy of IMA's current written disclosure statement discussing IMA's business operations, services, and fees is available from IMA upon written request.

Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk Therefore, no current or prospective client should assume that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended or undertaken by IMA) will be profitable or equal the corresponding indicated performance level(s).

Each client and prospective client agrees, as a condition precedent to his/her/its access to IMA's web site, to release and hold harmless IMA, its officers, directors, owners, employees and agents from any and all adverse consequences resulting from any of his/her/its actions and/or omissions which are independent of his/her/its receipt of personalized individual advice from IMA.

See Disclosure Statements on home page and disclosure page of this website