TERMS OF USE
Please read these terms and conditions carefully BEFORE USING THIS WEBSITE. Your mere access of the Navigare Partners LLC (“Navigare”) website does not give rise to any duty or obligation on the part of Navigare to you; any such duty arises only by means of a contract which you may enter into with Navigare. Any such contract will supersede conflicting terms in these Terms of Use except as expressly contemplated in such contract. In the absence of such a contract, you have no right or basis to rely upon anything on this website. If you nonetheless believe you have a claim against Navigare based upon your reliance on any information or utility provided through this website, the following terms, conditions and acknowledgements will apply. By using this website, you agree to be bound by all of the terms and conditions below. If you do not agree to the terms and conditions below, you may not use or rely upon this Website.

COPYRIGHT
All material available on this website is the copyrighted property of Navigare or its licensors. The material is made accessible solely for your personal, internal use. Explicit reference to Navigare must be made in the event that the material, or any part thereof, is reproduced in any form, written or electronic. Furthermore, any republication of this material requires the express consent of Navigare, and you may not distribute any part of this website over any network, including, without limitation, a local area network, or sell or offer any portions of this website for sale. You shall not make use of the contents of this website in any manner that constitutes an infringement of our rights.

OWNERSHIP OF WEBSITE AND TRADEMARKS
Nothing on this website shall be construed as granting any license or right to use any image, trademark, service mark or logo, nor will any act of downloading or other copying from this website transfer title to any software or material, or whole or partial copy, to you.

NO OFFER
Neither the information nor any opinion expressed in this website constitutes, or is intended to constitute, an offer by any member of Navigare to buy or sell any securities or financial instruments, or provide or sell any product or service, or render advice on any topic, in any jurisdiction where such offer, solicitation, purchase, sale or advice, would be unlawful under the laws of such jurisdiction. None of the services, investments or investment funds referred to in this website is available, and prospectuses in respect of them will not be distributed, to persons resident in any state or territory where such distribution would be contradictory to local law or regulation. The information in this website is descriptive of Navigare as a whole and the services, securities and financial instruments described may not be available to or suitable for you.

NO RELIANCE
Although Navigare has taken all reasonable care that the information contained within this website was accurate at the time of publication, no representation or warranty, expressed or implied, is made by Navigare or its contractual partners as to the accuracy, timeliness, reliability or completeness, or as to the suitability of the website for your purposes or for the merchantable quality of any product or service referenced herein. Opinions and any other contents on this website are subject to change without notice. The posting of any information on this website should not be understood to imply that there has not been any change in the affairs of Navigare since the date that the information was published or that the information is accurate as of any time subsequent to the date that it was published. Navigare does not, by use of the website, provide investment, tax, financial, legal or other advice to any user, and no information or material on this website is to be relied upon for the purpose of making or communicating investment or other decisions. Past performance is not necessarily a guide to future performance. Please consult your financial, tax and legal advisor before making any investment decision. If you rely on this website and any materials available through this website, you do solely at your own risk.

ALL WARRANTIES ARE DISCLAIMED
The information and opinions contained on this website are provided without any warranty of any kind, either expressed or implied, to the fullest extent permissible in law; this website is available strictly on an “as is, where is” basis. Navigare assumes no responsibility for, and makes no warranties that, availability of this website or functions contained on this website will be uninterrupted or error-free, that defects will be corrected, or that this website or the servers that make it available will be free of viruses or other harmful components. Navigare may discontinue or modify this website at any time without prior notice and, upon modification, your subsequent use of this website will evidence your agreement to the application of these terms and conditions as so modified. Navigare is under no obligation to update this website at any time to reflect new or updated information, and may or may not elect to do so in its sole discretion. Any new features or functionalities that augment or enhance the website will be subject to these terms and conditions.

WAIVER OF LIABILITY
Under no circumstances, including, but not limited to, negligence, shall Navigare or its affiliates be liable for any special, consequential, incidental or punitive damages that result from the access or use of, or the inability to access or use, the materials at this website. Any claim against us shall be limited to the amount you paid, if anything, for use of the website.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
The information contained on this website may contain projections or other forward-looking statements related to Navigare that involve risks and uncertainties. Readers are cautioned that these statements are only projections and may differ materially from actual future results or events. All forward-looking statements are based on information available to Navigare on the date of posting and Navigare assumes no obligation to update such statements unless otherwise required by applicable law.

LINKS TO OTHER WEBSITES
Navigare has not reviewed any of the websites which link to this website, and is not responsible for the nature, accuracy, timeliness, completeness or other character of content of off-site pages or any other websites linked or linking to this website. A link to a service or website outside of our own is not an endorsement of the service or website, its content, or its sponsoring organization. Following links to any off-site pages or other websites is done at your own risk, and you agree that Navigare shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services available on or through such other websites.

THIRD PARTY CONTENT
This website includes third party information including, without limitation, trustee reports, portfolio manager communications and select third party items of a newsworthy nature, many limited to password access. Whether or not such content is expressly identified as third party information, Navigare does not warrant the accuracy, timeliness, completeness or utility of third party content, and your reliance on third party content is at user’s risk.

PASSWORD SECURITY
Portions of this website are restricted by password. You are responsible for all activities that occur in connection with your password. Accordingly, you are responsible to protect the confidentiality of your password, and to administer its storage and timely change. You should notify Navigare immediately if you suspect or become aware of any disclosure, loss, theft or unauthorized use of your password.

INFORMATION FOR FOREIGN USERS
Each user of this website from outside of the United States consents to the transmission of information which it may enter into the website to and from the United States, and use and disclosure of such information consistent with this policy. Notwithstanding the above, this website is intended to be made available only to persons in the United States. All persons outside of the United States interested in investing in Navigare funds, or learning more about Navigare funds, should telephone: 212-209-3892.

UNAUTHORIZED USE
You are prohibited from using this website in any manner intended to interfere with such use by any other party. Further, access to certain parts of this website is protected by password or other security mechanism and you may not attempt to defeat or circumvent such security mechanisms.

INDEMNITY
You agree to indemnify and hold Navigare and its third party providers, and their respective affiliates, members, managers, directors, officers, employees, representatives, agents, and Sinvestors, harmless from and against any and all claims, losses, liability, costs and expenses (including but not limited to reasonable attorneys' fees) incurred by Navigare or its contract providers by reason of any breach by you of these terms and conditions. Navigare reserves the right to assume the exclusive defense of any claim for which we are entitled to indemnification under this paragraph. In such event, you shall provide us with such cooperation as is reasonably requested by us.

SEVERABLE TERMS
If any of these terms and conditions is deemed unenforceable by competent court or other adjudicator, such provision shall be enforced to the maximum extent permitted, and the other terms shall remain in full force and effect.

APPLICABLE LAW & JURISDICTION
Any alleged claim by user on Navigare arising from user’s reliance on or use of any utility on this website shall be governed by the substantive laws of the state of New York, United States of America, without regard to choice of law principles; and the state and federal courts sitting in the County of New York shall have exclusive personal jurisdiction to adjudicate all such disputes.