Please read the following Terms and Conditions of Use before using the Arrowhead Investment Management LLC ("Arrowhead") website or any data, products, materials, information or services contained on this website. Should you not agree with any of the Terms or Conditions of Use contained herein, then do not use this website. Arrowhead may change the Terms and Conditions of Use at any time, without prior notice. It is your responsibility to review Arrowheads' Terms and Conditions of Use on a periodic basis.

Monitoring by Arrowhead

Arrowhead reserves the right, in its sole discretion, to change, modify, add or remove portions of these Terms and Conditions of Use at any time. Your use of the data, products, materials, information and services contained on this website may be monitored by Arrowhead. As a result of your use of this website, Arrowhead may retain and use any information gathered from your use of the same for its internal business purposes or in accordance with applicable regulatory requirements.

Disclaimer of Warranty

Arrowhead makes no representation, warranty, express or implied, of any kind concerning the data, products, materials information and services contained on this website. The data, products, materials, information and services provided by us and our third party providers are on an "as is" and "as available" basis at your sole risk. Arrowhead expressly disclaims any warranties, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose, title or non-infringement, and any warranty for the use, or the results of the use, of the data, products, materials, information and services with respect to their correctness, quality, accuracy, completeness, reliability, performance, timeliness, or continued availability.

Neither Arrowhead, nor any of its third party providers, shall have any responsibility to: (i) maintain the data, products, information, materials and/or services that are made available on this website, or (ii) supply any corrections, updates, or releases in connection therewith. Availability of data, products, information, materials and/or services is subject to change without notice.

Limitation of Liability

Neither Arrowhead, nor any third party vendor will be liable, whether contingent or otherwise, to you or to third parties, or have any responsibility of any kind, for any loss or damage that you may incur in connection with, the failure, interruption or disruption of any connection, communication or access to the Arrowhead Website, or for any erroneous communication between Arrowhead and you. Arrowhead 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 data, products, information, material and/or services available on the Arrowhead Website. In no event will Arrowhead be liable for any direct, indirect, incidental, consequential, special, punitive, or exemplary damages or loss which may arise from, or directly or indirectly relate to, (even if Arrowhead has been advised of the possibility of such damages or loss) (i) your use of the data, products, information, material and/or services made available on Arrowhead Website, (ii) any other matter relating to this website, (iii) your downloading of any information, software or other materials through the Arrowhead Website, or (iv) any claim or cause of action arising out of, or relating to, breach of contract, breach of warranty, tort, negligence, strict liability, product liability or any other legal theory. Arrowhead will have no responsibility to inform you of any difficulties experienced by Arrowhead or third parties with respect to the use of the data, products, information, material and/or services or to take any action in connection therewith.

System Outages, Slowdowns, Capacity Limitations/Delays in Order Routing, Executions, Trade Reports and Electronic
Communications (E-Mail)

As a result of high Internet traffic, transmission problems, systems capacity limitations, and other problems, at times, you may experience difficulty accessing the Arrowhead Website or communicating with Arrowhead through the Internet or other electronic and/or wireless service. Any computer system or other electronic device, whether, it is yours, an Internet service providers' or Arrowheads' can experience unanticipated outages or slowdowns, or have capacity limitations.

You should be aware that electronic messages sent through the Internet are neither confidential nor secure and may be viewed by third parties, lost, intercepted or altered. For your protection, you should avoid sending certain personal identifying information via e-mail. Such information, includes, but is not limited to, account information, Social Security numbers or other confidential information. It is recommended that you communicate with Arrowhead by using a secure channel, if such channel is provided by Arrowhead. Unless explicitly stated otherwise, Arrowhead does not accept any orders or instructions sent by e-mail or any other electronic messaging system. Arrowhead reserves the right to monitor electronic communications (subject to and in accordance with local laws).

No Solicitation or Recommendations; No Suitability Determination; Non-disclosure of Risks; and Private Advisors Should be Consulted

The data, material and information contained on the Arrowhead Website has been prepared for informational purposes only without regard to any particular user's investment objectives, financial situation, or means. Any of the data, information or material contained on the Arrowhead Website should not be used as the primary basis for any investment decisions by you or on your behalf. When making a decision about your investments, you should seek the advice of a professional financial advisor, and if necessary, your attorney, and tax and accounting advisors concerning any contemplated transaction. The fact that Arrowhead has made the data, products, information, materials and services available to you on this website constitutes neither a recommendation that you enter into a particular transaction nor a representation that any product described herein is suitable or appropriate for you. No information contained on this website constitutes an offer, or a recommendation to buy or sell, or the solicitation of an offer to buy or sell, any security, financial product, or instrument; or to participate in any particular trading strategy in any jurisdiction in which such an offer or solicitation, or trading strategy would be illegal. Unless specifically stated otherwise, all price information is indicative only. Certain transactions, including those involving foreign securities, collateralized mortgage obligations and high-yield securities, give rise to substantial risk and are not suitable for all investors. Many of the products described on the Arrowhead Website involve significant risks, and any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of the risks which are mentioned. You should not enter into any transaction unless you fully understand all such risks and have independently determined that such transactions are appropriate for you. Any opinions are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of Arrowhead as a result of using different assumptions and criteria. Nothing contained on this website constitutes professional, business, financial, investment, hedging, trading, legal, regulatory, tax, or accounting advice.

Local Restrictions

The Arrowhead Website and all information contained herein are not directed at or intended for distribution to, or use by, any person or entity in any jurisdiction or country where the distribution or use of such information is contrary to the laws or regulation of such jurisdiction, or such distribution or use would subject Arrowhead to any registration requirement within such jurisdiction or country within such jurisdiction or country.

Links to other Websites

The Arrowhead Website may contain third party content or links to third party websites. The content and links to such websites are provided solely for your convenience and information, and do not constitute endorsement or sponsorship by Arrowhead of the material contained on such sites. Should you leave the Arrowhead Website via a link contained herein, and view content that is not provided by Arrowhead, you do so at your own risk. Arrowhead has not reviewed any of these third-party websites, has no control over, does not assume any responsibility for, and does not make any warranties or representations as to, such content or websites, including but not limited to, the accuracy, subject matter, quality or timeliness. Arrowhead shall have no liability for third party content or websites linking to or framing the Arrowhead Website.

Intellectual Property

Arrowhead, or the applicable third party owner, retains all right, title and interest to and under all patents (including all reissues, divisions, continuations and extensions of such patents) patent applications, trademarks, trademark registrations servicemarks, trademark registration applications, tradenames, all other names and slogans embodying business, product or service goodwill, copyrights, computer software, specifications, data, designs, trade secrets, technology, diagnostic tools, inventions, know-how, processes and confidential and proprietary information and any other intellectual property or other right, in all information and content (including all text, data, graphics and logos) on the Arrowhead Website. Individual pages and/or sections on the Arrowhead Website may be printed for personal or internal use only, provided that such printouts retain all applicable copyright or other proprietary notices. Without the prior written consent of Arrowhead, you are strictly prohibited from, including, without limitation, modifying, copying, transmitting, distributing displaying, performing, reproducing, publishing, licensing, framing, creating derivative works from, transferring or otherwise using in any other way for commercial or public purposes, in whole or in part, any information, text, graphics, images, video clips, directories, databases, listings or software obtained from the Arrowhead Website. Systematic retrieval of content from the Arrowhead website to create or compile, directly or indirectly, a collection, compilation, database or directory (whether through robots, spiders, automatic devices or manual processes) or creating links to the Arrowhead Website without written permission from Arrowhead is strictly prohibited.

Severability

To the extent that any one or more of the provision of these Terms and Conditions of Use are held to be invalid, illegal, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired. Moreover, if any one or more of the provisions contained in these Terms and Conditions of Use are held to be excessively broad as to duration, activity or subject, such provision will be construed by limiting or reducing it so as to be enforceable to the maximum extent compatible with applicable law.

Conflict with Additional Terms

Certain web pages on the Arrowhead Website may contain additional terms, conditions, disclosures and/or disclaimers (hereinafter collectively referred to as the "Additional Terms"). In the event of a conflict between these Terms and Conditions of Use and the Additional Terms, the Additional Terms will govern for those specific web pages.

USA PATRIOT Act

In response to the terrorist attacks on September 11, 2001, the U.S. congress passed the the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the "PATRIOT Act"). The PATRIOT Act is designed to deter and punish terrorists in the United States and abroad, to enhance law enforcement investigating tools by prescribing, among other things, new surveillance procedures, new immigration laws, and new and more stringent anti-money laundering laws.