GENERAL DISCLAIMER

HEDGEfolios.com and its principal, Michael J. Steinhardt (”HF”, “we”, “us”) provide the website known as HEDGEfolios.com subject to your compliance with the terms and conditions set forth in this Agreement. This Agreement is made between HF and you, the user and/or member of the site (”you”). By using the site, you agree to be bound by these terms and conditions. If you do not agree to these terms and conditions, please do not use the site.

We reserve the right at any time to: change the terms and conditions of this Agreement; change the site, including eliminating any content or feature of the site; or change any fees or charges for use of the site. However, any future price increases will NEVER affect your current subscription rate.

Be sure to review this Agreement periodically to ensure familiarity with the most current version. This entire Agreement between you and us supersedes prior agreements regarding its subject matter. Whenever new products or services become available on HF, your use of them will be under this Agreement unless we notify you otherwise. By continuing to use the service, you agree to be bound by the changes in the new version of the Agreement. If any change is not acceptable to you, you may terminate your subscription.

Registration / Membership - To have full access to HF, you must be a registered guest or become a member. When, and if, you register, you agree to (a) provide accurate, current, and complete information about yourself on the appropriate registration form, and (b) to update your information to keep it accurate, current, and complete. You acknowledge that, if any information provided by you is untrue, inaccurate, not current, or incomplete, we reserve the right to terminate this Agreement and your use of the site.

As part of the registration process, you will be asked to select a username and password. You agree not to share, transfer or resell your use of, or access to, HF to any third party. If you are an HF member, and you have reason to believe that your account is no longer secure, you must promptly change your password by updating your account information. YOU ARE SOLELY RESPONSIBLE FOR MAINTAINING THE CONFIDENTIALITY OF YOUR USERNAME AND PASSWORD AND FOR ANY AND ALL ACTIVITIES THAT ARE CONDUCTED THROUGH YOUR ACCOUNT.

Free Trial - HF offers a free 31-day trial to anyone willing to register, and in good faith, we make this trial available without obtaining any payment information. All we require is an accurate, complete, and successful registration of user information. We recognize that it is possible for users to abuse this offer by repeatedly signing up for new free trials. If we detect this abuse, we reserve the right to immediately cancel all access to the site and prevent suspected users from registering in the future.

Payment and Renewal - Current subscription rates are available on the HF Membership page. Payment for your subscription is due in advance of the subscription period you select. After the free trial ends, you will need to purchase either a monthly or quarterly subscription. At this time, HF does not offer automatic renewals, so you will periodically need to purchase new subscriptions to extend your access. By accepting this agreement, you represent that you are the owner, holder and authorized user of the credit card or Paypal account specified by you in the HF subscription form, and you authorize HF to charge your credit card or Paypal account to pay for all site fees. You also agree to make payments according to the terms of your credit card or Paypal agreement.

Cancellation - If you do not agree to the provisions of this Agreement or are not satisfied with HF, your sole and exclusive remedy is to discontinue your use of the service. You may stop using HF at any time and may (but are not required to) officially cancel your subscription by notifying us at membership@hedgefolios.com. Please note, however, that due to processing costs, there are no refunds for monthly or quarterly subscriptions.

Termination - This Agreement shall remain effective until terminated in accordance with its terms. HF may terminate this Agreement, and/or your access to the site, immediately, in the event we determine, in our sole discretion, that you have breached this Agreement. In addition, we reserve the right, upon 5 business days notice and with the reimbursement of any whole months remaining on your subscription, to terminate this Agreement without cause.

Code of Conduct - While using the site, you agree not to: use the site for any unlawful purpose; permit anyone else to use the site through your subscription, username or password; engage in spamming, hacking, data mining or any other method to disrupt HF or use its information for any purpose other than managing your personal investments; modify or transmit any portion of the site without our prior authorization; or represent that any statements you make are endorsed by us, without our prior authorization.

Ownership Rights - The site and the service it offers are the property of HF and may only be displayed, formatted and printed for your personal, non-commercial use. You agree not to reproduce, distribute, sell, publish, broadcast, or circulate any information received through HF to anyone without our prior written consent, as that is a violation of our rights under copyright law. All information sent to HF becomes our property and can be used at our sole discretion. We shall not be subject to any obligations of confidentiality regarding submitted information, except if HF makes such a confidentiality agreement or is required by law to do so.

Links to Other Websites - The site may contain links to other websites or resources that are provided for convenience and informational purposes only. We neither control nor endorse such other websites, nor have we approved any content that appears on them. You acknowledge and agree that we shall not be held responsible for the legality, accuracy, usefulness, timeliness or inappropriate nature of any content, advertising, products, services, or information located on or through any other websites, nor for any loss or damages caused or alleged to have been caused by the use of, or reliance on, any such content. The links may provide you with access to other websites where the trading of securities is possible. You acknowledge and agree that we shall not be responsible or liable with regard to any trading which may be conducted there.

Failure to Access Service - You agree that we are not responsible for your inability to log-on to HF, either because of poor Internet connections, incorrect typing of log-ins or passwords, and/or browser incompatibility. We will make every effort to ensure that our servers remain operational with adequate performance and response time. However, there may be times when our servers are down or response time is slow due to power outages, network problems, regular maintenance, or high traffic volumes. You agree that neither we, nor our suppliers, are responsible or liable, for any loss or damage caused by your inability to use or access HF, whether or not caused in whole or part by our negligence and that we will not provide refunds or prorations for such inaccessibility.

Disclaimers - THE SERVICE IS PROVIDED “AS IS,” WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, ANY WARRANTY FOR INFORMATION, DATA, SERVICES, UNINTERRUPTED ACCESS, OR PRODUCTS PROVIDED THROUGH OR IN CONNECTION WITH THE SERVICE. SPECIFICALLY, HF DISCLAIMS ANY AND ALL WARRANTIES, INCLUDING, BUT NOT LIMITED TO: (i) ANY WARRANTIES CONCERNING THE AVAILABILITY, ACCURACY, USEFULNESS, OR CONTENT OF INFORMATION, PRODUCTS OR SERVICES; AND (ii) ANY WARRANTIES OF TITLE, WARRANTY OF NON-INFRINGEMENT, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. THIS DISCLAIMER OF LIABILITY APPLIES TO ANY DAMAGES OR INJURY CAUSED BY ANY FAILURE OF PERFORMANCE, ERROR, OMISSION, INTERRUPTION, DELETION, DEFECT, DELAY IN OPERATION OR TRANSMISSION, COMPUTER VIRUS, COMMUNICATION LINE FAILURE, THEFT OR DESTRUCTION OR UNAUTHORIZED ACCESS TO, ALTERATION OF, OR USE OF RECORD, WHETHER FOR BREACH OF CONTRACT, TORT, NEGLIGENCE, OR UNDER ANY OTHER CAUSE OF ACTION.

NEITHER HF NOR ANY OF ITS EMPLOYEES, AGENTS, SUCCESSORS, ASSIGNS, AFFILIATES, OR CONTENT OR SERVICE PROVIDERS SHALL BE LIABLE TO YOU OR OTHER THIRD PARTY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF USE OF SERVICE OR INABILITY TO GAIN ACCESS TO OR USE THE SERVICE OR OUT OF ANY BREACH OF ANY WARRANTY. BECAUSE SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LIABILITY FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES, THE ABOVE LIMITATION MAY NOT APPLY TO YOU. IN SUCH JURISDICTIONS, THE RESPECTIVE LIABILITY OF HF, ITS EMPLOYEES, AGENTS, SUCCESSORS, ASSIGNS, AFFILIATES, AND CONTENT OR SERVICE PROVIDERS RESPECTIVE LIABILITY IS LIMITED TO THE GREATEST EXTENT PERMITTED BY SUCH JURISDICTION.

Limitation of Liability - NEITHER HF NOR ITS SUPPLIERS, ADVERTISERS, AFFILIATES, OR AGENTS OR SPONSORS ARE RESPONSIBLE OR LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY, PUNITIVE OR OTHER DAMAGES UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER THEORY ARISING OUT OF OR RELATING IN ANY WAY TO THE SITE AND/OR CONTENT CONTAINED ON THE SITE, OR ANY PRODUCT OR SERVICE PURCHASED THROUGH THE SITE. YOUR SOLE REMEDY FOR DISSATISFACTION WITH THE SITE AND/OR CONTENT CONTAINED WITHIN THE SITE IS TO STOP USING THE SITE. THE SOLE AND EXCLUSIVE MAXIMUM LIABILITY TO HF FOR ALL DAMAGES, LOSSES, AND CAUSES OF ACTION (WHETHER IN CONTRACT, TORT (INCLUDING, WITHOUT LIMITATION, NEGLIGENCE), OR OTHERWISE) SHALL BE THE TOTAL AMOUNT PAID BY YOU, IF ANY, TO ACCESS THE SITE.

Indemnification - You agree to indemnify, defend and hold us, our officers, directors, employees, agents and representatives harmless from and against any and all claims, damages, losses, costs (including reasonable attorneys’ fees), or other expenses that arise directly or indirectly out of or from your breach of this Agreement or your activities in connection with the site or any services related to the site.

Legal Jurisdiction - This Agreement, your performance under it, and any disputes arising under it shall be governed exclusively by the laws of the United States of America and the state of Indiana, without giving effect to their conflict of laws principles. You expressly consent to the exclusive forum, jurisdiction, and venue of the Courts of the state of Indiana and the United States District Court for the state of Indiana in any and all actions, disputes, or controversies relating to this Agreement. You agree to personal jurisdiction by the federal and state courts located in Indianapolis, Indiana, United States of America, and waive any jurisdictional, venue, or inconvenient forum objections to such courts. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of the service or this Terms and Conditions must be filed within one (1) year after such claim or cause of action arose or be forever barred.

Severability - If any part of this Agreement is determined to be invalid or unenforceable pursuant to applicable law including, but not limited to, the warranty disclaimers and liability limitations set forth above, then the invalid or unenforceable provision will be deemed superseded by a valid, enforceable provision that most closely matches the intent of the original provision and the remainder of the Agreement shall continue in effect. No waiver by either party of any breach or default hereunder shall be deemed to be a waiver of any preceding or subsequent breach or default.

PRIVACY POLICY

HEDGEfolios.com (“HF”) recognizes the importance of protecting the privacy of our users.

We will not distribute information that identifies you individually or reveals your identity unless you give your prior approval in response to a request made by HF.

We may distribute information about you and your use of HF, but only in forms that do not identify you individually or reveal your identity.

We may collect and use information about you and your use of the website for our own internal purposes and to analyze how we may improve our service.

We reserve the right to access and disclose individually identifiable information to comply with applicable laws, regulations and lawful requests from legal or regulatory authorities and to protect HF’s legal position.

We collect information via the following methods:

• The website logs Internet Protocal (IP) addresses for systems administration, diagnostic, and site tracking purposes.

• The website employs files called “cookies” to store usernames, passwords, and other information so that users do not have to re-enter it each time they log in.

• The website’s registration form asks users to enter contact and general information. The site also requires users to select unique identifiers (username and password) so that it can verify users when they access HF.

We make no representations or warranties as to the privacy policies of any advertisers, sponsors or any links maintained on this site.

Any questions or comments regarding our privacy policy should be directed to membership@hedgefolios.com.