Important Legal Information & Terms of Use for HAV Capital, LLC

Please read these Terms and Conditions of Use (“Terms and Conditions”) carefully. HAV Capital, a registered investment adviser in the State of California, owns and operates this website (“Site”). By registering for, logging into, visiting and/or otherwise using the Site in any way, you indicate that you understand and intend these Terms and Conditions to be the legal equivalent of a signed, written contract, and you accept the terms of use as set forth herein and agree to be legally bound by them. If you do not agree to these Terms and Conditions, please do not access this Site or any pages thereof.

Services and Registration

This Site provides information about HAV Capital, its investment strategies and products, investment performance, investment manager profiles and any other services which we may provide from time to time through the Site (collectively, the “Services”).

There are portions of this Site that we make available to the general public without registering and you may visit or browse those portions; provided, however, you comply with these Terms of Use. There are other features of this Site, that we make available only to users who register to use this Site. Your registration is subject to our review and approval and we reserve the right not to approve, or withdraw our approval of, your registration for any reason or no reason.

In registering, you agree to provide, maintain, and update information that is true, accurate, current and complete about yourself when registering and on an ongoing basis. If, you do not provide such information, or we have reasonable grounds to suspect as much, we have the right to suspend or terminate your use of this Site. During the registration process, you will designate a user name and password. You are responsible for maintaining the confidentiality of your user name, password and account information, and are responsible for all activities that occur and financial liabilities incurred under your user name and password, whether or not authorized by you. We will not be liable for any loss or damage arising from your failure to comply with this paragraph.

Internet

Use of the Internet is solely at your own risk. HAV Capital has attempted to create a secure and reliable Site, however, it is important to be aware that the confidentiality or privacy of any communication of information transmitted to or from the Site and over the Internet cannot be guaranteed. In this regard, the user acknowledges and agrees that, to the extent the provision of Services through the Site is dependent on the use of the Internet, the provision of Services may be adversely affected by, among other risks, breaches in security, temporary loss of Services, delays in Services and/or inconsistent quality of Services, loss of data and/or business interruption, and uncertain legal, regulatory and tax issues concerning the use of the Internet, all of which risks are beyond HAV Capital’s control. In the event of the occurrence of any such risk, HAV Capital shall not be liable for any losses, damages, costs or expenses of any nature incurred by the User or any other person in connection therewith.

HAV Capital assumes no responsibility for the transmission, deletion or failure to store information submitted by you or other users to HAV Capital. Although certain portions of this Site may be restricted to only authorized persons, HAV Capital shall have no liability if unauthorized persons nevertheless obtain access.

Grant of License

HAV Capital grants to you a personal, revocable, nonexclusive, nontransferable license to use this Site conditioned on your continued compliance with these Terms and Conditions. Any unauthorized use of this Site or the Content will terminate the permission granted herein and may violate applicable laws, including copyright law, trademark laws, and commercial regulations and statutes.

No Warranty

HAV Capital makes no warranty, express or implied, concerning this Site. The Site Content provided by HAV Capital and its respective licensors are on an “AS IS” basis at your sole risk. HAV Capital expressly disclaims any implied warranty of merchantability or fitness for a particular purpose, including any warranty for the use or the results of the use of the services with respect to their correctness, quality, accuracy, completeness, reliability, performance, timeliness, or continued availability. Neither HAV Capital nor any of its respective licensors shall have any responsibility to maintain the data and services made available on this Web site or to supply any corrections, updates, or releases in connection therewith. Availability of data and services are subject to change without notice. HAV Capital further assume no responsibility for, and makes no warranties that, functions contained on this Site will be uninterrupted or error-free, that defects will be corrected, the Site is secure from unauthorized persons intercepting or accessing information transmitted by you, or that this Site or the servers that make it available will be free of viruses or other harmful components.

Reservation of Rights

HAV Capital reserves the right, at its discretion, to change, modify, add, or remove portions of these Terms and Conditions at any time. Such changes, modifications, additions or removals shall be effective immediately upon posting. Your continued use of the Site following such changes will be conclusively deemed acceptance of any changes to these Terms and Conditions. At all times, you are bound by the then-current version of the Terms and Conditions and of all applicable laws.

Copyright and Trademarks

This Site (including the software and files), the computers hosting this Site, and content provided on this Site, including any text, information, music and sound, graphics, images, photographs, audio and video, footage, animations, podcasts, analyses, studies, reports, and downloads (all such content collectively, the “Content”) are the exclusive property of HAV Capital or are licensed to HAV Capital, and are protected by law, including United States copyright, database, trade secret, and trademark law, as well as other state and national laws and regulations. In addition, the HAV Capital logo is a registered trademark of HAV Capital, LLC in the United States. You are permitted to store, display, analyze, modify, reformat, and print the Content made available to you via these services only on an occasional basis for personal, scholarly, research or non-commercial purposes; provided that all hard copies contain all copyright and other applicable proprietary rights notices included in such content and information and/or appropriate attribution to HAV Capital. However, you may not copy, distribute, modify, publish or otherwise reproduce any Content obtained from or through this Site, without written permission from HAV Capital. In addition, you are not permitted to alter, obscure, or remove any copyright, trademark or any other notices that are provided to you in connection with the information. Nothing at this Site shall be construed as granting to you a license or right to use any image, trademark, service mark or logo, which is the property of HAV Capital or its respective licensors. HAV Capital and its respective licensors reserve all rights with respect to this Site Content and will enforce such rights to the full extent of applicable copyright and trademark law. Any downloading or otherwise copying from this Site will not transfer title to any software or material to you.

No Offer

Nothing on this web site shall be considered a solicitation to buy or an offer to sell a security or to provide any services to any person in any jurisdiction where such offer, solicitation, purchase, or sale or provision would be unlawful under the applicable laws of such jurisdiction. This web site is not intended for distribution to or use by any person in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. HAV Capital makes no representations or warranties that the Content of this Site is applicable to or appropriate for use in locations outside of the United States of America.

Investments

Past performance is no guarantee of future results. Investing in global markets is subject to certain risks. The value of investments can go down as well as up, and you may not recover the amount of your original investment. Where investments involve currency exposure, changes in rates of exchange may cause the value of the investment to go up or down. Any tax benefits referred to on this Site are subject to change and their availability and value will depend on your individual circumstance. Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words “may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue” and similar expressions identify forward-looking statements.

Investments in any private fund are speculative and involve a high degree of risk. You could lose all or a substantial amount of your investment. You should carefully read a fund’s offering materials and related information for specific risk and other important information regarding an investment in the fund before investing. You also should consult with a professional financial, legal, and tax advisor to assist in due diligence to determine the appropriateness of the fund’s investment strategy, policies and risk. In no event shall HAV Capital be responsible or liable for any damage or lost opportunities, or lost profits or revenues resulting from use of the Site.

By accessing the password-protected area of the Site, you agree not to invest in any fund managed by HAV Capital (other than a fund in which you are already an investor) for thirty (30) days after the approval of your application.

Additionally, by accessing the password-protected area of the Site, you agree to immediately contact HAV Capital if there is any change in your status as an “accredited investor” under Rule 501 of Regulation D of the Securities Act of 1933, a “qualified purchaser” under Section 2(a)(51) of the Investment Company Act, or “qualified client” under Rule 205-3(d)(1) of the Investment Advisers Act. For individuals such changes may include, for example, a registered user’s net worth (either solely or jointly with his or her spouse) declining below $1,000,000 in the case of “accredited investors,” (or $2,000,000 for “qualified clients”), or an expectation that income for the next twelve months may total less than $200,000, or an expectation that the registered user’s combined income with his or her spouse may total less than $300,000 in the next twelve months. All registered users should consult with their legal advisors if they believe that their investor status has changed.

You acknowledge and agree that any fund managed by HAV Capital: (i) may engage in leveraging and other speculative investment practices that may increase the risk of investment loss; (ii) can be highly illiquid; (iii) are not required to provide daily pricing or valuation information to investors; (iv) may involve complex tax structures and delays in distributing important tax information; and (v) are not subject to the same regulatory requirements as mutual funds.

No Reliance

Although HAV Capital has taken reasonable care to ensure that the information contained within this Site is accurate, no representation or warranty (including liability towards third parties), expressed or implied, is made as to its accuracy, reliability or completeness by HAV Capital. Opinions and any other contents at the Site are provided by HAV Capital for personal use and informational purposes only and are subject to change without notice. The fact that HAV Capital has made the Content available to you constitutes neither a recommendation that you enter into a particular transaction nor a representation that any product described on this Site is suitable or appropriate for you. Many of the products and services described on this Site involve significant risks, and you should not enter into any transactions unless you have fully understood all such risks and has independently determined that such transactions are appropriate for you. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or complete discussion of the risks which are mentioned. Nothing contained on this Site constitutes investment, legal, tax or other advice and is not to be relied on in making an investment or other decision. Investors should determine for themselves whether a particular service or product is suitable for their investment needs or should seek such professional advice for their particular situation.

Liability Waiver

HAV Capital shall have no liability, contingent or otherwise, to you or to third parties, or any responsibility whatsoever, for the failure of any connection or communication service to provide or maintain your access to this service, or for any interruption or disruption of such access or any erroneous communication between HAV Capital and you, regardless of whether the connection or communication service is provided by HAV Capital or a third party service provider. HAV Capital shall have no liability, contingent or otherwise, to you or to third parties, for the correctness, quality, accuracy, timeliness, reliability, performance, continued availability, completeness or delays, omissions, or interruptions in the delivery of the Content available on this Site or for any other aspect of the performance of this service or for any failure or delay in the execution of any transactions through this service. In no event will HAV Capital be liable for any special, indirect, incidental, or consequential damages which may be incurred or experienced on account of you using the Content available on this Site.

Events Beyond HAV Capital’s Control

You expressly absolve and release HAV Capital an all of its respective officers, members, employees, legal representatives, attorneys, agents, successors and assigns, from any claim of harm resulting from a cause beyond its control including, but not limited to, the failure of electronic or mechanical equipment or communication lines, telephone or other interconnect problems, computer viruses or software failures, unauthorized access, theft, operator errors, severe weather, earthquakes, or natural disasters, strikes or other labor problems, wars, acts of domestic or foreign terrorism or governmental restrictions.

User Representations

You represent and warrant to HAV Capital that you will not use this Site for any purpose that is unlawful or prohibited by these Terms and Conditions, including but not limited to attempting or actually (a) disrupting, impairing or otherwise interfering with the operation or integrity of the Site or circumventing any Site security system; (b) collecting any information about other users of the Site; or (c) systematically extracting Content or other information or data contained in the Site to populate databases or other sites.

Latest Revision: 5/23/2013