1. AUTHENTICITY RISKS: Forgery and counterfeiting are risks associated with the purchase of rare coins. To minimize these risks, it is recommended that investors only buy coins certified by one of the leading independent coin grading services. With the exception of certain uncertified circulated coins, each coin sold by Numismatic Assets, Inc. has been graded by either the Professional Coin Grading Service ("PCGS") or by Numismatic Guaranty Corporation ("NGC"). Each of these coin grading services is recognized within the coin grading industry for its superior expertise, and each guarantees unequivocally that coins certified by it are authentic. Numismatic Assets, Inc. relies upon those guarantees in selling coins, and does not independently verify whether certified coins are authentic. Accordingly, Numismatic Assets, Inc. expressly disclaims any express or implied warranties otherwise attaching to the coins, including that the coins are merchantable.

2. GRADING RISKS: The value of a coin is highly dependent upon the condition or "grade" of that coin. Since grading is a subjective process, there is risk in acquiring coins whose grades have not been independently certified by one of the leading independent coin grading services. The possibility exists that a coin could be misgraded by one of the independent grading services, and it is possible for such services to assign a different grade to the same coin upon resubmission. The guarantees provided by such services provide protection against misgrading, given the continuing solvency of the services. Numismatic Assets, Inc. cannot be responsible for any of the services' guarantees or for subsequent changes in their policies and expressly disclaims any express or implied warranties associated with the grades assigned by PCGS and NGC.

3. VOLATILITY: The coin market is subject to substantial fluctuations including significant and rapid increases and decreases in value from time to time. Investors must be able to assume the risk of such price fluctuations.

4. INVESTMENT PERFORMANCE: During the period in which relatively accurate statistics have been maintained, many rare coins have shown an excellent record as appreciating assets. Numismatic Assets, Inc. believes that rare coins are excellent long-term investments, but the future is never certain. The past performance of coins is a guide, not a prediction, of future events. Numismatic Assets, Inc. is always prepared to assist you in selecting coins for your portfolio or collection. You understand, however, that the decision to purchase coins, and which coins to purchase, is ultimately yours alone.

5. UNREGULATED STATE OF THE RARE COIN MARKET. The coin market is not subject to some of the forms of governmental regulation applicable to other forms of investment. Conversely, there can be no assurance that, in the future, regulations which materially affect the coin market will not be imposed. At present, there are no restrictions on the ownership of rare coins, and rare coin ownership offers certain tax and privacy advantages. However, there is no guarantee that, in the future, these benefits will not be restricted or totally removed by government regulation. There is no guarantee that the existing electronic coin exchange, which has brought certain benefits to the rare coin market, may not limit or suspend its operations, which could be disruptive to the rare coin market.