Terms of Use

By accessing or using this website of Crawford Lake Capital Management, LLC ("Crawford Lake" or the "Adviser", which unless the context indicates otherwise includes its affiliates, officers or employees)(the "Site", which shall include any company profile controlled by Crawford Lake and maintained on any third party social media websites or services ("Social Media") that references these Terms of Use), or reviewing the information contained in any electronic communication from Crawford Lake referencing theseTerms of Use of the Site(including attachments thereto) ("Electronic Communications"), you hereby accept and agree to comply with the following Terms of Use and all applicable laws and regulations. These Terms of Use (as amended and/or supplemented from time to time) are a binding agreement between you and Crawford Lake, and govern your access to and use of the Siteand review of Electronic Communications, which includes any text, graphics, user interfaces, visual interfaces, information, data, tools, products, services and other content (together, "Content"), including but not limited to the design, structure, selection, coordination, expression and arrangement of the Content available on or through the Site or Electronic Communications. Content does not include any information you submit through the Site.
PLEASE READ THESE TERMS OF USE CAREFULLY BEFORE USING THE SITE. EACH TIME YOU USE THE SITE, OR ENGAGE IN ELECTRONIC COMMUNICATIONS WITH CRAWFORD LAKE, YOUR USE OR COMMUNICATION INDICATES YOUR FULL ACCEPTANCE OF AND AGREEMENT TO ABIDE BY THESE TERMS OF USE IN THEIR THEN CURRENT FORM AND ACKNOWLEDGEMENT OF THE DISCLAIMER SET FORTH BELOW. IF YOU DO NOT ACCEPT THE TERMS AND CONDITIONS STATED IN THESE TERMS OF USE, YOU MAY NOT USE THE SITE OR ENGAGE IN ELECTRONIC COMMUNICATIONS WITH CRAWFORD LAKE.
Crawford Lake grants you a limited right to use the Site. Your right to use the Site is subject to your agreement to abide by these Terms of Use in their entirety, as well as any other rules, procedures, policies, terms or conditions that govern all or any portion of the Site and all applicable laws and regulations. At any time and for any reason Crawford Lake may revoke your right to use all or any portion of the Site. Any rights not expressly granted herein are reserved.
You may not violate or attempt to violate the security of the Site.
The Site does not constitute an offer or promise of employment with respect to any employment position referenced herein. Any employment offer that may result from your submission of information to Crawford Lake shall be solely in accordance with the specific terms of such employment offer, not the terms of the Site.
The Site is owned or controlled by Crawford Lake. The Site was developed, compiled, prepared, selected and arranged by Crawford Lake and others, including for the purposes of recruiting potential employees, through the application of methods and standards or judgment developed and applied through the expenditure of substantial time, effort and money and constitute valuable intellectual property of Crawford Lake and others.
All trade names, trademarks, service marks, logos, and images displayed on the Site are proprietary to Crawford Lake. Nothing contained on the Site should be construed as granting, by implication, estoppel or otherwise, any license or right to use any trademark displayed on the Site without the written permission of Crawford Lake or such other third party that may own the trademark displayed on the Site. The use of the trade names, trademark, service marks, logos, or images displayed on the Site by you, or anyone else authorized by you, is prohibited unless specifically permitted herein, and in any case you will make no use of any such trade names, trademarks, service marks, logos, or images in a manner that creates the impression that you own or are licensed to make such use. Any such unauthorized use may violate copyright laws, trademark laws, the laws of privacy and publicity, and communications regulations and statutes. If you download any information or software from the Site, you agree that you will not copy it or remove or obscure any copyright, trademark, or other proprietary notices or legends contained in any such information.
You agree to respect and protect the proprietary rights of Crawford Lake in the Site during and after the time you use the Site and shall promptly notify Crawford Lake if you become aware of any infringement of these rights.
You may not decompile, reverse engineer, disassemble or otherwise deconstruct all or any portion of the Site.
You may not link other websites to the Site without Crawford Lake's prior written permission.
You may not modify, copy, publish, broadcast, retransmit, reproduce, repackage, scrape, frame, commercially exploit, create any derivative of or otherwise re-sell, license, transmit or redistribute all or any portion of the Site except as explicitly permitted in these Terms of Use.
You are prohibited from using the Site to advertise or perform any commercial solicitation. You are also prohibited from using any robot, spider, scraper or other automated means to access the Site for any purpose without the prior written permission of Crawford Lake. You may not take any action that imposes or may impose, in Crawford Lake's sole discretion, an unreasonable or disproportionately large load on Crawford Lake or any other party's infrastructure, interfere or attempt to interfere with the proper working of the Site or any activities conducted on the Site, or bypass any measures Crawford Lake or any third party may use to prevent or restrict access to the Site.
You make the following representations and warranties regarding your use of the Site. You represent and warrant that you:

• • have full authority and all rights necessary to enter into and fully perform all your obligations pursuant to these Terms of Use;
• • have not and you will not enter into any agreement or perform any act which might contravene the purposes and/or effects of these Terms of Use;
• • will not use the Site for any illegal purpose or in any manner inconsistent with these Terms of Use; and
• • will not delete or attempt to delete any Content.

All Content is for informational purposes only, and you acknowledge it being subject to the Disclaimer set forth below.
THE SITE IS PROVIDED "AS IS" AND "AS AVAILABLE." CRAWFORD LAKE DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, OF ANY KIND WITH RESPECT TO THE SITE INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT OF INTELLECTUAL PROPERTY AND OTHER PROPRIETARY RIGHTS. WITHOUT LIMITING THESE GENERAL DISCLAIMERS, CRAWFORD LAKE DOES NOT WARRANT THE AVAILABILITY, ACCURACY, COMPLETENESS, TIMELINESS, FUNCTIONALITY, RELIABILITY, SEQUENCING OR SPEED OF DELIVERY OF THE SITE OR ANY PART OF THE CONTENT.
There are risks you assume in relying on the Content. Dated Content speaks only as of the date indicated. Crawford Lake will make reasonable efforts to provide accurate Content, but at times we may not promptly update or correct the Site even if we are aware that it is inaccurate, outdated or otherwise inappropriate. We may change all or any portion of the Site at any time without notice to you. We suggest you check these Terms of Use periodically for changes. If you use the Site after we post changes to these Terms of Use, you accept the changed Terms of Use.
Crawford Lake is not liable for any technological problems or any resulting impact. All or any portion of the Site may be unavailable or may function improperly at any time. Crawford Lake makes reasonable efforts to avoid technological problems, but at any time the Site may have and may cause technological problems such as viruses and other damaging computer programming routines or engines. Crawford Lake makes reasonable efforts to ensure that the Site is secure, but does not guarantee the security of the Site.
Crawford Lake takes reasonable security precautions when using the Internet, telephone or other means to transport data or other communications, but disclaims liability for any interception of data or communications.
Crawford lake is not liable for any damage or injury caused by the performance or failure of performance of all or any portion of the Site.Crawford Lake is not liable for any defects, delays or errors in or resulting from your use of the Site.
Crawford Lake is not responsible for information on any third-party web site referenced in, accessible through or connected by hyperlink to or from the Site. If you access any third-party web site through the Site or otherwise, you do so at your own risk. Hyperlinks to or from the Site do not constitute or evidence of our endorsement or sponsorship of or affiliation with any linked web site.
When you visit the Site, Crawford Lake or certain third parties may collect technical and navigation information, including, but not limited to, device type, browser type, Internet protocol address, pages visited, and the average time spent on the Site. We use this information for a variety of purposes, such as maintaining the security of the Site and any Content, facilitating Site navigation and improving Site design and functionality. Crawford Lake and certain third parties may use cookies and similar technologies to support the operations of the Site. Cookies are pieces of information that a website places on the hard drive of your computer when you visit the website. Cookies may involve the transmission of information from us to you and from you to us, to another party on our behalf, or to another party. Crawford Lake may also use cookies to bring together information it collects about you. You can choose to have your computer warn you each time a cookie is being sent, or you can choose to turn off all cookies. If you refuse a cookie when on the Site, or if you delete cookies, you may experience some inconvenience in your use of the Site.
Protecting Children's Privacy Online. Our website is not directed to individuals under the age of thirteen (13). Consistent with the Children's Online Privacy Protection Act of 1998, Crawford Lake does not knowingly collect personal information from individuals who are under 13.
Crawford Lake has the right but not the obligation to monitor and record activity on the Site and respond as it deems appropriate. We may monitor and record activity on the Site for any reason or for no reason. We may investigate any complaint or reported violation of our policies. We may report any activity that we suspect may violate any law or regulation to regulators, law enforcement officials or other persons or entities that we deem appropriate. We may issue warnings, suspend or terminate use of the Site, deny access to all or part of the Site or take any other action that we deem appropriate.
You will be responsible for any liability to Crawford Lake that arises out of your breach of these Terms of Use or your use of the Site.
You agree to indemnify and hold harmless Crawford Lake and its affiliates, agents, officers, directors, partners, members, employees and third party sources from and against any and all suits, losses, claims, demands, liabilities, damages, costs and expenses (including reasonable external attorneys' fees) that arise from or relate to your use of the Site, your breach of these Terms of Use or any representation, warranty or covenant made by you in these Terms of Use, or your violation of any applicable law or regulation or of any third party's rights.
These Terms of Use are governed by the laws of the State of New Jersey without regard to its choice of law provisions. You hereby consent to the exclusive and personal jurisdiction and venue of courts in the State of New Jersey, which shall have exclusive jurisdiction of any and all disputes arising out of or relating to these Terms of Use and the use of the Site.
Crawford Lake may assign these Terms of Use in whole or in part at any time without your consent. You may not assign these Terms of Use or delegate any of your obligations under these Terms of Use. Any purported assignment of these Terms of Use in violation of its terms is void.
If any provision of these Terms of Use is found invalid or unenforceable, that provision shall be enforced to the maximum extent possible and the remaining provisions of these Terms of Use shall remain in full force and effect.

Disclaimer:
Please read this entire disclaimer before making use of the Site, or reviewing the information contained in any Electronic Communication, as it explains certain restrictions on the use of the Site and the information in such emails or attachments thereto. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.
Unless otherwise specifically indicated, the contents of any Electronic Communications are for informational purposes only, are not an official confirmation of any transaction, and are not a solicitation or an offer to buy a security or related financial product. Attachments to Electronic Communications may have additional important disclosures and disclaimers, which you should read. This disclosure, when referenced in an Electronic Communication, shall be deemed to have been reprinted in its entirety within the text of such communication.
The Site and the information contained herein does not constitute an offer or solicitation by Crawford Lake to purchase securities or investment advisory services. Any such offer may only be made by means of definitive offering documents including a subscription agreement or an investment management or similar agreement; any summary or information contained herein is incomplete and is qualified by reference to such document(s), including the risk factors referenced therein; and in the event of any discrepancies between the information herein and such document(s), such document(s) will govern.
The Site does not constitute a recommendation or advice by the Adviser; you should consult your own tax, legal, accounting, financial or other advisors about the issues discussed herein based on your specific risk profile and financial requirements, including the suitability of an investment in the strategy referenced herein (the "Strategy"), with the Adviser, or in any investment product managed by the Adviser. Any investor references provided by the Adviser, including reference herein to the identity of any investors, are intended to serve as references for the Adviser and its principals and their business conduct, and were not selected on the basis of the investment returns experienced by such persons; but rather upon the length and nature of their relationship with the Adviser and its principals.
The firm's initial management entity was Crawford Lake GP, LLC (the "General Partner"), in its capacity as general partner of the first vehicle to have been managed by the firm. As part of an ongoing institutionalization process, in 2013 the Adviser was formed to serve as the investment manager for all firm accounts. At that time, management responsibilities were transferred from the General Partner to the Adviser, though the General Partner continues to serve as general partner to limited partnerships under management by the Adviser. Reference to the operations of the Adviser before 2013 refer to those of the General Partner, and thereafter refer to the operations of both the Adviser and the General Partner. The Adviser and the General Partner changed their names to their current respective names in April 2015. SEC registration does not imply any level of skill or training.
Past performance is not an indication of future performance. Any investment is subject to the risk of loss of principal. The Strategy and any investment product managed by the Adviser is speculative and involves a high degree of risk. Any investor must be able to bear the risks involved. There can be no assurance that the Adviser will be able to successfully implement the Strategy, that the risk management parameters referenced herein will be effective, or that any investment objectives or other targets or goals referenced herein will be achieved. The Adviser may modify its investment approach and portfolio and risk parameters in the future, and has broad flexibility within the Strategy.
No representation, warranty, or undertaking, express or implied, is given as to the accuracy or completeness of the information contained on the Site by Crawford Lake or any other person; no reliance may be placed for any purpose on such information; and no liability is accepted by any person for the accuracy and completeness of any such information. The Site provides general information only. Nothing in the Site is to be relied upon in making any investment decision. Users must carefully make their own investment decisions based upon their specific investment objectives and financial positions and using such independent advisors as they believe necessary.
No investment with the Adviser, or interest in any investment product managed by the Adviser, may be offered or sold in any jurisdiction in which such offer, solicitation, or sale would be unlawful. The Site and the information contained herein are not directed at, 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 applicable law or regulation or which would subject Crawford Lake or its affiliates to any registration or licensing requirement within such jurisdiction. The advisory services mentioned in the Site may not be provided in some jurisdictions.
Crawford Lake maintains the Site for the convenience of its users. You acknowledge that the internet, and electronic communications, are not a completely reliable and secure medium of communication. The information on the Site is provided to you "as is." Crawford Lake does not guarantee the accuracy, validity, timeliness, completeness or suitability of any information or data on the Site. Crawford Lake disclaims all warranties, express or implied, including, but not limited to, warranties of title, non-infringement, merchantability or fitness for a particular purpose. Crawford Lake will not be liable for any damages or injuries arising out of your use of any such information or data, including without limitation, damages relating to any (i) error, omission, interruption, delay in operation or transmission, (ii) computer virus, (iii) failure or defect in any communication facilities, hardware or software, or (iv) theft and destruction or unauthorized access to, alteration of, or use of information, whether resulting in whole or in part from negligence or otherwise. All electronic communications to and from Crawford Lake are subject to retention and review by Crawford Lake and its supervisory personnel, and may be viewed by third parties. The use of the Site is at your own risk.
Except as may be expressly authorized, no information or material contained on the Site may be reproduced, transmitted, or displayed without the prior written consent of Crawford Lake, which may be withheld in its sole discretion.

Disclaimer for European Union Investors:
The Alternative Investment Fund Managers Directive (the "AIFM Directive") imposes regulatory requirements with respect to each European Union ("EU") country. Accordingly, any offering of interests or shares of an investment vehicle (a "Fund") to prospective investors in the EU must be made in accordance with national private placement marketing rules in force in each EU jurisdiction, which have been amended to comply with the AIFM Directive requirements.
A Fund may permit an investment by an investor located in an EU country even where it does not comply with the national private placement marketing requirements, provided that the investor acknowledges and agrees that none of Crawford Lake, or any of its directors or officers, any director or officer of a Fund, nor any of their affiliates or representatives, marketed, offered or solicited an investment in the Fund to the investor and the investor agrees that it initiated contact regarding the Fund with Crawford Lake. Nothing on this website or in this communication is to be construed as an offer of an investment in, or as pertaining to, a Fund. Rather, this website pertains solely to separately managed accounts.

Social Media Terms & Conditions
Crawford Lake may publish content on Twitter, LinkedIn, and other Social Media platforms for informational, educational or other business purposes. Please carefully read the following Social Media Terms and Conditions of Use ("Social Media Terms of Use") before using Social Media. By using Social Media, you agree to follow and be bound by these Social Media Terms of Use, which govern your use of Social Media, in addition to the Terms of Use set forth above. Nothing contained in these Social Media Terms of Use is intended to modify or amend any other written agreement, if any, that may currently be in effect between you and Crawford Lake with regard to matters other than your use of Social Media. Crawford Lake may periodically modify these Social Media Terms of Use, and any such modifications will be effective immediately upon posting. We suggest that you periodically check these Social Media Terms of Use for modifications. If you do not agree to these Social Media Terms of Use, do not use Social Media.
Links to Social Media mentioned on crawfordlakecapital.com will open new browser windows. Crawford Lake is not affiliated with Social Media or any services provided on Social Media. Except where noted, Crawford Lake accepts no responsibility for content on Social Media. Social Media is owned by third parties unaffiliated with Crawford Lake; your use any Social Media or other third-party websites and materials at your own risk. Crawford Lake is not responsible for and does not endorse any content, advertising, products, advice, opinions, recommendations, terms of use or privacy policies, or other materials on or available from Social Media or other third parties. Crawford Lake is not responsible for content made available by other Social Media users. Any opinions expressed by Social Media users are those of the persons submitting the comments or posts and don't represent the views of Crawford Lake or its management. Crawford Lake's use of the "like" or equivalent function pertains only to the comment or post we "like." It is not endorsement of the individual or organization who posted the content. Crawford Lake does not endorse content posted by third parties. Furthermore, any use of Social Media by Crawford Lake is subject to the Disclaimer set forth above.
For your own security, we ask that you not communicate with Crawford Lake via Social Media using tweets, posts, messages or other Social Media communications (collectively, "Messages"), including to request transactions, to ask questions about your investments, or raise account specific issues. Instead, please contact Crawford Lake directly by email or phone. Further, to the extent you send any Messages, for your own safety we ask that you not include personal or account information in such Messages.
Industry regulations prevent us from posting information about the investment returns experienced by any investor with Crawford Lake, or the opinion of any such investor regarding Crawford Lake.
We may express an appreciation of an article, including regarding the economy or financial markets, but that does not constitute a recommendation or advice by the Adviser
To the extent you send Messages or otherwise communicate with or about us on Social Media, please use appropriate language, and refrain from ad hominem or general attacks on Crawford Lake (particularly when unrelated to the posting), any Crawford Lake partners or employees, other investment firms or companies, your fellow users, and others.
We will never ask you to update your Crawford Lake login or disclose personal information or personal account information on Social Media. Please do not include personal information or personal account information in any Messages.Crawford Lake is not responsible for and does not endorse the content by other Social Media users available from other pages. Crawford Lake is not responsible for the terms of use or privacy or security policies on Social Media and you use Social Media at your own risk. Crawford Lake reserves the right to block any follower who Messages content on Social Media that is deemed inappropriate or offensive or constitutes a testimonial, advice, recommendation, or advertisement for securities, products, or services or is promotional in nature. We also reserve the right to block followers whose Social Media pages contain offensive or inappropriate content or serve as promotional sites, or for any other reason at Crawford Lake's sole discretion.Any opinions expressed by our Social Media followers are those of the persons submitting the comments and don't necessarily represent the views of Crawford Lake or its management.

No comments or activity by Crawford Lake on Social Media shall constitute an offer or solicitation by Crawford Lake to purchase securities or investment advisory services. SEC registration does not imply any level of skill or training.
Past performance is not an indication of future performance. Any investment is subject to the risk of loss of principal.