TERMS AND CONDITIONS OF USE

Use of the Website
THIS WEBSITE IS INTENDED FOR ACCESS OR USE ONLY BY PERSONS WHO ARE ACCREDITED, PROFESSIONAL, QUALIFIED OR INSTITUTIONAL INVESTORS (AS DEFINED IN THE JURISDICTION OF THE USER) OR FINANCIAL INTERMEDIARIES TO WHOM THE INFORMATION IT CONTAINS MAY LEGALLY BE MADE AVAILABLE OR ACTED UPON AND NOT FOR ACCESS OR USE BY OTHER PRIVATE INDIVIDUAL INVESTORS. PLEASE READ THE BELOW TEXT BEFORE PROCEEDING. IT EXPLAINS CERTAIN RESTRICTIONS IMPOSED BY LAW ON THE DISTRIBUTION OF THIS INFORMATION AND THE JURISDICTIONS IN WHICH OUR PRODUCTS ARE AUTHORISED FOR SALE. WHEN YOU HAVE READ AND UNDERSTOOD THE INFORMATION BELOW, PLEASE CLICK ON THE ACCEPT BUTTON TO ACKNOWLEDGE THAT YOU HAVE READ THE INFORMATION AND THAT YOU ACCEPT THE TERMS AND CONDITIONS SET OUT HEREIN.

This website is not directed to any person in any jurisdiction which prohibits the publication or availability of this website or where such publication or availability would subject any funds promoted by Managing Partners Limited to any registration requirement within such jurisdiction. Persons in respect of whom such prohibitions apply must not click on the ACCEPT button. It is your responsibility to be aware of and to observe all the applicable laws and regulations of your jurisdiction. You should consult your professional advisers as to whether you require any governmental or other consents or need to observe any formalities to enable you to access the information. Please do not access this website if the publication or availability of this website is in any way prohibited in your jurisdiction. If you are in any doubt, please do not proceed. By proceeding, you are representing and warranting that the applicable laws and regulations of your jurisdiction allow you to access the information.

No Reliance
This website contains information relating to investment products offered by Managing Partners Limited (“MPL”). The information is not guaranteed as to its accuracy, nor is it a complete statement of the financial products or markets referred to. While we use reasonable efforts to obtain information from sources which we believe to be reliable, we make no representation that the information or opinions contained in this website are accurate, reliable or complete. The information and opinions contained in this website are provided by us for personal use and informational purposes only and are subject to change without notice. Nothing contained on this website constitutes investment, legal, tax or other advice nor is it to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision.

The material on this website has been prepared for informational purposes only and is not intended to and shall not in any way constitute an invitation or an offer or be construed as a solicitation or offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction. Information contained in this website does not constitute investment advice. Potential investors should note that investments can involve significant risks. No assurance can be given that the investment objective of any investment products will be achieved.

Any past performance information presented is not indicative of future performance. Some of the information herein may contain projections or other forward looking statements regarding future events or future financial performance of countries, assets, markets or companies. These statements are only predictions and actual events or results may differ materially. Any geographic, political, economic, statistical, financial and exchange rate data may in certain cases be presented in approximate or summary or simplified form and may change over time. Any reference to any specific company, financial product or asset class in whatever way is used for illustrative purposes only and does not constitute a recommendation of any kind. While all the reasonable care has been taken in preparing the material on this website, no warranty whatsoever is given and no responsibility or liability is accepted for any loss arising directly or indirectly in connection with or as a result of any person acting on any information, opinion or statement expressed in the same. Potential investors should read the relevant offering documents carefully for further details including the risk factors before any investment decision is made. Prospective investors should consult their own professional advisers, stock brokers, lawyers, accountants, tax consultants, bank managers or any other professional advisers they consider necessary before making an investment.

Exclusion and limitation of liability
This website is provided "as is" and we give no warranties of any kind express or implied in respect thereof. Specifically, without limitation, we do not warrant that: you will be able to use this website or that it will continue to be made available in its current or any other form; the website or any software or material of whatsoever nature available on or downloaded from it will be free from viruses or defects, compatible with your equipment or fit for any purpose. It is your responsibility to: use anti-virus software on any software or other material that you may download from this website and to ensure compatibility of such software or material with your equipment; check any content or information published on this website is accurate or complete. The editorial content of any other website to which you have gained access by means of any hyperlinks published on this website remains the sole responsibility of the provider of that other website.

Except as expressly set out in these terms and conditions of use, all warranties, conditions and representations expressed or implied by statute, common law or otherwise (including, without limitation, warranties as to satisfactory quality, fitness for purpose or skill and care) are hereby excluded to the fullest extent permitted by law.

We will not (subject only to the exclusion provisions for fraud, death or personal injury below) be liable to you, whether for negligence, breach of contract or otherwise, for any loss or damage of whatsoever nature suffered by you (including, without limitation, direct loss or damage, indirect or consequential loss or damage, loss of goodwill, loss of business opportunity, loss of data or loss of profit), arising from: any computer virus or other bug transmitted through this website; your use or inability to use this website at any time and any error in the provision of this website; your use of or reliance on other websites to which you have gained access by means of hyperlinks published on this website; any inaccurate information published on this website; your failure to comply with any laws or regulations that are applicable to you; or your reliance on any information published on this website. You should note specifically that information might be published on this website about investments that may not be appropriate for your specific purposes or circumstances.

In the United Kingdom, Traded Policies Fund may only be promoted or marketed by qualified independent financial advisers or investment institutions which are Authorised and Regulated by the Financial Services Authority (FSA). Managing Partners Capital Limited (“MPC”) has been appointed to distribute Traded Policies Fund. In the UK, this website is directed only at persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (Exempted Persons) and in particular persons who are authorised under FSMA 2000 (Authorised Persons). Traded Policies Fund should only be sold to professional clients and/or self certified sophisticated high net worth individuals by an FSA Regulated Investment Advisor who has carried out a suitability test as this is an Unregulated Collective Investment Scheme (UCIS) and is not regulated by the FSA in the United Kingdom. Not all investment products are suitable for all investors. The content of this website has not been approved by an authorised person and such approval is, save where it is directed at exempted persons, required by Section 21 of FSMA. Any investment or investment activity to which this communication relates is only available to persons falling into these categories. This communication is not directed at and should not be relied upon by retail clients.

In other jurisdictions where promotion of Traded Policies Fund has to be carried out in accordance with local regulations by an authorised person, who is engaged by an authorised and regulated local firm, MPL, the Fund Manager of Traded Policies Fund, will engage with such a firm.

Your use of this website and reliance on the information herein are entirely at your own risks. Without prejudice to the foregoing in no event shall Traded Policies Fund, or any of its subsidiaries or affiliates, and their respective officers, directors, employees, representatives, agents, information providers, service providers, suppliers, licensors and licensees, and all other related, associated, or connected persons be liable for any loss, damage or injury to any data, income, goodwill, property or third parties, whether it be direct, indirect, special, punitive, exemplary, consequential or incidental, caused by or arising out of or in relation to (i) the use of access of this website and the information therein or (ii) any failure of performance, error, omission, interruption, deletion, defect, transmission blackout, incorrect data transmission, delay in operation, computer virus or other destructive items. Nothing in these terms and conditions of use shall operate to exclude or restrict our liability for either fraud, death or personal injury resulting from our, or our employees' negligence or any duty or liability we may have to a client under the UK regulatory system (within the meaning of the Financial Services Authority Handbook Definitions).

Severability
If any provision of these terms and conditions of use is found by a court of competent jurisdiction to be invalid, you agree that the other provisions of these terms and conditions of use will remain in full force and effect in so far as possible.

Governing Law and Jurisdiction
These terms and conditions of use, and all matters connected with them, are governed by the laws of the Cayman Islands. The courts of the Cayman Islands have exclusive jurisdiction to settle any dispute, controversy or claim arising from or connected with these terms and conditions of use, including regarding the existence, validity or termination of these terms and conditions of use or consequences of their nullity.

Disclaimer Date: 29th February 2012
Disclaimer Version Number: MPL/WS/V3