Disclaimer

2n20.com Inc

Terms and Conditions

Version June 2010

1.General

This website (including email newsletters) and the information, tools and material contained in it (this “Site”) is issued by 2n20.com Inc (“2n20.com”), a service and advisory company incorporated in Switzerland.

A minority, if any, of the investment products mentioned herein are regulated collective investment schemes for the purposes of the Swiss Federal Act on Collective Investment Schemes. The promotion of such products and the distribution of the contents of this document are accordingly restricted by law. Most of the protections provided by the Swiss regulatory system will not be available.

2. Grant of license

This Site and the materials and information available on or through it are provided by 2n20.com as a service to its users. These Terms and Conditions and any further rules and regulations of 2n20.com (together the “Agreement”) provides you and/or your firm (hereinafter, “Participant”), with a limited, revocable, non-exclusive, non-transferable license to use this Site conditioned on Participant’s continued compliance with the Agreement.

The Participant may print and download materials and information on this Site solely for its private or internal business use or as provided in another agreement between 2n20.com and the Participant, provided that all hard copies contain all copyright and other applicable notices contained in such materials and information.

Notwithstanding the foregoing and except as otherwise expressly permitted in the Agreement, the Participant may not modify, copy, distribute, broadcast, transmit, reproduce, publish, license, transfer, sell, mirror, frame, or otherwise use any information or material obtained from or through this Site. As a further condition of use of this Site, the Participant shall not use this Site for any purpose that is unlawful or prohibited by the Agreement and shall comply with any applicable national, or international laws or regulations when using this Site.

3. Access

This Site is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject 2n20.com to any registration or licensing requirement within such jurisdiction.

4. International use

We control and operate the Site from Switzerland. We do not make any representations or warrant that the services or content on the Site are appropriate or available for use in other locations. Persons who choose to access the Site from other locations do so on their own initiative.

You agree to comply with all local laws applicable to (a) your access to and use of the Site, content, and the services, (b) your online conduct, (c) content provided by you, and (d) your transmission of technical data exported from Switzerland or the country in which you reside. Access to this Site from jurisdictions or territories where the contents of this site are illegal or penalized is prohibited. 2n20.com has no obligation to provide access to the Site and services and reserves the right to not approve the registration application of an Applicant accessing the Site from such jurisdictions or territories.

5. No advice

No information provided on this Site (and in particular any information which does not require the use of security codes to obtain access) in relation to any product or investment should be construed as advice to you on the suitability or otherwise of that product or investment for you or any other person, such suitability depending on all the circumstances of the person concerned. Independent advice should be taken unless such advice is not appropriate (e.g. you are, or are accessing this Site on behalf of, an authorised person or an exempted person).

6. Disclaimer of warranties

Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied is made regarding future performance. Opinions and estimates reflect a judgment at original date of publication and are subject to change. The value and income of any of the securities or financial instruments mentioned in this Site can fall as well as rise. Foreign currency denominated securities and financial instruments are subject to fluctuations in exchange rates that may have a positive or adverse effect on the value, price or income of such securities or financial instruments. Investment funds may not achieve their investment objectives.

Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own investigation and analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase.

Investments in hedge funds are speculative and involve a high degree of risk. Hedge funds may exhibit volatility and investors may lose all or substantially all of their investment. A hedge fund manager typically controls trading of the fund and the use of single advisor’s trading platform may result in a lack of diversification. Hedge funds also may use leverage and trade on foreign markets, which may carry additional risks. Hedge funds charge higher fees than many other types of investments, which can offset any trading profits. Interests in hedge funds may be subject to limitations on transferability.

This Site is subject to periodic update and revision. Materials should only be considered current as of the date of initial publication appearing thereon, without regard to the date on which you may access the information. 2n20.com maintains the right to delete or modify information on this Site without prior notice and assumes no obligation to update materials included herein.

2N20.COM HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESS, STATUTORY OR IMPLIED, REGARDING THE SITE, AND ANY RESULTS TO BE OBTAINED FROM THE USE OF THE SITE, INCLUDING BUT NOT LIMITED TO ALL WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR USE, AND ALL WARRANTIES ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING AND USAGE OF TRADE OR THEIR EQUIVALENTS UNDER THE LAWS OF ANY JURISDICTION. 2N20.COM DOES NOT WARRANT OR GUARANTEE THE ACCURACY, TIMELINESS, SUITABILITY, COMPLETENESS OR AVAILABILITY OF THIS SITE OR THE INFORMATION OR RESULTS OBTAINED FROM USE OF THIS SITE, OR THAT THIS SITE OR THE INFORMATION OR RESULTS WILL BE FREE FROM ERROR.

THE USER CONFIRMS THAT HE UNDERSTANDS THAT 2N20.COM IS REPLICATING EXTERNAL DATA AND THAT 2N20.COM IS NEITHER RESPONSIBLE NOR ACCEPTS ANY LEGAL LIABILITY FOR THE ACCURACY, TIMELINESS, SUITABILITY OR COMPLETENESS OF THE DATA PROVIDED BY THIRD PARTIES.

UNDER NO CIRCUMSTANCES AND UNDER NO THEORY OF LAW, TORT, CONTRACT, STRICT LIABILITY OR OTHERWISE, SHALL 2N20.COM BE LIABLE TO ANYONE FOR ANY DAMAGES RESULTING FROM ACCESS OR USE OF OR INABILITY TO ACCESS OR USE THIS SITE REGARDLESS OF WHETHER THEY ARE DIRECT, INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES OF ANY CHARACTER, INCLUDING DAMAGES FOR TRADING LOSSES OR LOST PROFITS, OR FOR ANY CLAIM OR DEMAND BY ANY THIRD PARTY, EVEN IF 2N20.COM KNEW OR HAD REASON TO KNOW OF THE POSSIBILITY OF SUCH DAMAGES, CLAIM OR DEMAND.

7. Investment availability

The Participant acknowledges that 2n20.com provides no assurances as to the availability of an investment in any of the financial products, separate accounts or funds on the Site. The Participant acknowledges that each investment with an investment manager, or in a separate account or fund or financial product will require the Participant to comply with each such investment manager’s, separate account’s or fund’s or financial products investment requirements. You acknowledge that 2n20.com does not act as an agent on behalf of you or any investment manager, separate account, fund or financial product or sponsor for investment orders and that a manager or fund may accept or reject an investment from you in its discretion.

8. Copyright and trademark

All material presented at this Site, unless specifically indicated otherwise, is under copyright to 2n20.com. The material is freely downloadable for browsing purposes only. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, or distributed to any other party, without the express written permission of 2n20.com. All trademarks, service marks and logos used on this site are trademarks or service marks or registered trademarks or service marks of 2n20.com or one of its affiliates or other entities.

9. Linked websites

2n20.com has not reviewed any of the websites which link to this Site or to which this Site links, and is not responsible for the content of any other websites or pages linked to or linking to this Site. Such links are provided solely for your convenience and information. Following links to any other websites or pages shall be at your own risk.

10. Submission of information

If you submit any information or ideas to us through this Site, then such information or ideas shall become our property which we are free to use and we shall not be bound by any duty of confidentiality in respect of them unless such a duty arises under a separate customer relationship between us. The internet is not a secure system so please do not send information that you wish to remain confidential to us through this Site.

11. General provisions and place of jurisdiction

11.1 Certain Jurisdictions

2n20.com reserves the right to declare special rules and conditions for potential participants from certain jurisdictions.[nbsp]

11.2 Amendments to the Terms and Conditions

2n20.com may amend these Terms and Conditions at any time. The most up-to-date Terms and Conditions are posted on the website www.2n20.com.

11.3 Severability

If any part of these Terms and Conditions is determined to be invalid or unenforceable pursuant to applicable law including, but not limited to, the warranty disclaimers and the liability limitations set forth above, then the invalid or unenforceable provision will be deemed superseded by a valid, enforceable provision that most clearly matches the intent of the original provision and the remainder of this Agreement shall continue in effect.

11.4 Binding character

By its participation, the Participant shall expressly recognize the Terms and Conditions and the other rules and regulations of 2n20.com.

11.5 Applicable law

These Terms and Conditions shall be governed and construed in all respects by the laws of Switzerland.

11.6 Place of jurisdiction

Any dispute, controversy or claim arising out of or related to these Terms and Conditions or the breach, termination or invalidity thereof, shall be submitted to the Commercial Courts of the Canton Zurich.