Carpenter

DISCLAIMERS

The information on this website (the “Site”) has been prepared solely for informational purposes, subject to the terms of the User Agreement.  The information provided on this Site is not directed to, nor is it intended for distribution to or use by, any person or entity in any jurisdiction or country where such direction, distribution or use is restricted by law or regulation.  Nothing on the Site shall be considered a solicitation to buy or an offer to sell a security.  Users of the Site are urged to consult with their own financial advisors, accountants or attorneys regarding their individual circumstances and needs.

Information

The information in the Site is provided to you subject to the terms of the User Agreement.  You understand that your use of the Site constitutes your consent to, and agreement to abide by, the terms of the User Agreement.  You understand that Carpenter may have opinions from time to time with regard to any or all of the information listed herein and that those opinions may be different than those obtained by using or stated in parts of the Site.

You understand and agree that at all times or from time to time, Carpenter and/or its employees may hold positions in the securities listed or otherwise mentioned in the Site.  You understand that Carpenter and/or its employees may trade for their own account and consequently, that at the time of any transaction that you make, Carpenter and its employees may have a position in such securities.

You understand that any performance data that may be supplied in the Site is derived from sources believed to be reliable, that the calculations herein are made using such data, and that such calculations are not guaranteed by these sources, Carpenter, or any other person or entity, and may not be complete.

Disclaimers and Limitations

Carpenter intends that the information contained in the Site be accurate and reliable; however, errors sometimes occur.  THE SITE IS PROVIDED ON A “AS IS” and “AS AVAILABLE” basis.  REFER TO THE USER AGREEMENT FOR A DETAILED DISCLAIMER OF WARRANTIES.

Carpenter is not responsible for information on any third party website that is referred to in or accessible or connected by hyperlink to, the Site.  A link to a service or site outside of Carpenter is not an endorsement of such a service or site, its content, or its sponsoring organization.  By providing access to other websites, Carpenter is not recommending the purchase or sale of the securities issued by, nor is it an endorsement of services provided by, its sponsoring organization.

All provision of services by Carpenter is conducted based on signed written agreements between Carpenter (or one of its affiliates) and its customers, and the terms of those agreements are binding on the parties.  No other representation, whether made in person, online, electronically, in written, graphical, or verbal communication, may alter the terms of those agreements except that your use of the Site constitutes your agreement to the additional terms and conditions contained in the User Agreement.

The value of investments and the income derived from them may fall as well as rise and investors may not get back the amount invested.  Past performance is not necessarily a guide to the future performance of an investment.

The Site contains information about funds and other investment products and services which are not intended for or available to certain investors in certain jurisdictions.  Moreover, such funds and investment products have not been registered with the Securities and Exchange Commission, and, as a result, such funds and investment products are only available to certain accredited investors who have been pre-qualified by Carpenter Fund Manager GP, LLC.  As such, any pages referring specifically to any investment product or services attributable to Carpenter are only available for view with a user name and password.

Forward Looking Statements

This website may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements as to future operating results and plans that involve risks and uncertainties. We may use words such as “expects”, “anticipates”, “believes”, “estimates”, the negative of these terms and similar expressions to identify forward looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Carpenter and its investments to differ materially from any future results, performance or achievements expressed or implied by those projected in the forward-looking statements for any reason.

Copyright Notices

Copyright 2011, CARPENTER FUND MANAGER GP, LLC (“Carpenter”).  All Rights Reserved.  Unless otherwise specified, the Site and its content are owned by Carpenter and/or its affiliates and are protected by the United States Copyright Act of 1976, as amended, and the copyright laws of other countries.  Certain materials are used by permission of their respective owners.  The materials provided in the Site, including graphic images, buttons, and text, may not be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, without the prior written permission of Carpenter, except that you may download, display, or print one copy of the materials on any single computer solely for your personal, non-commercial, home use, provided that you keep intact all copyright, trademark, and other proprietary notices.  Modification of the materials or use of the materials for any other purpose is a violation of Carpenter’s copyrights and/or other proprietary rights.  Nothing contained herein shall be construed as conferring by implication, estoppel, or otherwise, any license or right under any copyright, patent, trademark, or other proprietary interest of Carpenter.