TERMS OF USE

Intended Audience
The information provided on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject Mad River to any registration requirement within such jurisdiction or country. Mad River is a Delaware Corporation registered with the U.S. Securities and Exchange Commission ("SEC") as an investment advisor pursuant to the Investment Advisors Act of 1940. Mad River does not claim that the products or services described in this website are available in any particular jurisdiction or appropriate for any particular investor .If you choose to access this website from a location other than the United States, you do so at your own initiative, and you are responsible for compliance with any applicable local laws.

No Offer or Advice
This website does not constitute an offer to sell or a solicitation of an offer to buy any security that may be referenced on or through this website. Nor does this website constitute an offering or recommendation by Mad River of any security, investment management service, or advisory service. Mad River does not provide investment advice, tax advice, or legal advice through this website, and you agree that this website will not be used by you for such purposes. Mad River does not represent that the securities, products, or services discussed in, or accessible through, this website are suitable for any particular investor. You acknowledge that the provision of any information through this website shall not constitute or be considered investment advice, or an offer to sell, or a solicitation of an offer to buy any security.

Disclaimers
All information and content on this website is subject to applicable statutes and regulations, furnished "as is", without warranty of any kind, expressed or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose, or non infringement. Any commentaries, articles or other opinions herein are intended to be general in nature and for current interest. Decisions based on information contained in this website site are the sole responsibility of the visitor. Mad River and its directors, officers, or employees will not be liable or have any responsibility of any kind for any loss or damage that you incur arising from or in connection with:

• Any delay, termination, failure, defect, or interruption in the transmission of this website;
• any inaccuracy, error, unavailability, or incompleteness in the transmission of this website;
• any termination or interruption of your access to this website;
• your reliance on or use of this website;
• any act or omission of Mad River in making this website available to you; or
• any other cause relating to your access to or use of this website, whether or not the circumstances giving rise to such cause may have been within the control of Mad River or within the control of any other party providing software or services support for this website.

Linked Websites
Mad River is not responsible for the content of any site owned by a third party that may be linked to this website via hyperlink. The information to which the user links is neither prepared nor maintained by Mad River, and Mad River has not and will not review or update the information contained in any linked website. Mad River is not responsible for, and makes no warranty with respect to the contents, accuracy, completeness, timeliness, suitability, or reliability of the linked website. Use of any website hyperlinked to or from this website shall be at your own risk. Mad River does not endorse or make any representations about the companies, products, or materials accessible through these hyperlinks. If you opt to hyperlink to other websites accessible through the Mad River website, you do so entirely at your own risk. No representation or warranty is provided for any software that you may download from a link from this website.

Third Party Content
Through this website, you may have access to information relating to securities, indexes or the securities markets ("Market Data"). Mad River may compile or obtain this Market Data from third parties who are independent of Mad River. Even though the sources of the Market Data provided on this website are believed to be reliable, Mad River is not responsible for, and makes no warranty with respect to the contents, accuracy, completeness, timeliness, suitability, or reliability of the Market Data. The Market Data that may be provided is not a complete summary or statement of all available information or data. Any Market Data and other information accessible through this website is for personal, non-commercial use. You agree not to reproduce, modify, sell, distribute, broadcast, publish, or use for any commercial or unlawful purpose any Market Data or other information you access through this website. Any Market Data is provided "as is" and on an "as available" basis. Mad River will not be responsible for lost profits, trading losses, or any other damages resulting from inaccurate, defective, or unavailable Market Data or other information. Mad River is not obligated to update or to continue to offer Market Data or other information accessible through this website.

Electronic Communication
To the extent electronic mail is submitted to this site it should be considered neither secure nor confidential. Mad River makes no representation whatsoever concerning the security or confidentiality of your electronic messages and makes no representation that any electronic messages submitted through this website will be received by Mad River. Delivery, and timely delivery, of electronic mail is not guaranteed. Do not send sensitive or confidential information to us via electronic mail. Mad River therefore recommends that you do not send time sensitive or action oriented messages to us via electronic mail. Such requests, orders, or instructions will not be processed until Mad River can confirm your instructions or obtain appropriate written documentation where necessary. Furthermore, any communications or material you transmit to Mad River by electronic mail or otherwise, including, but not limited to, data, questions, comments, or suggestions will be treated as nonconfidential and nonproprietary and will become the property of Mad River. Such communications or materials may be used for any purpose, including, but not limited to, reproduction, disclosure, transmission, publication, broadcast and posting. Further, Mad River reserves the right to use any ideas, concepts, know how, or techniques contained in any electronic communication you send to this website for any purpose whatsoever.

Governing Law and Severability
These Terms will be governed and construed under the laws of the state of Massachusetts. Nothing in these Terms creates any rights or protections that you are not already entitled to by law. If any part of these Terms is held invalid or unenforceable, that part will be deemed modified as necessary to make it effective, and the remaining provisions of these Terms will remain in effect.

PRIVACY NOTICE

We collect information about you from our discussions with you, from documents that you may deliver to us and in the course of providing advisory services for you. We may use this information to provide advisory services to you, to open an account for you, to process a transaction for your account or otherwise in furtherance of our business. In order to service your account and effect your transactions, we may provide your personal information to our affiliates and to firms that assist us in servicing your account and have a need for such information, such as a broker or fund administrator. We may also disclose such information to service providers and financial institutions with which we have joint marketing arrangements. We require third party service providers and any financial institutions with which we have joint marketing arrangements to protect the confidentiality of your information and to use the information only for the purposes for which we disclose the information to them. We do not otherwise provide information about you to outside firms, organizations or individuals except to our attorneys, accountants and auditors and as permitted by law.

We restrict access to nonpublic personal information about you to our employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard your personal information.