Welcome to Picard Capital Management's online service (the "Service"). As part of our Service, Picard Capital Management provides you with data, news, information, statistics, data indices, e-mail service, and other computer services (“Material”) that Picard Capital Management may decide to offer, subject to the terms of this user policy (the "Agreement"). Upon notice published through the Service, Picard Capital Management may modify this Agreement at any time. You agree and continue to agree to use Picard Capital Management Services in a manner consistent with all applicable laws and regulations and in accordance with the terms and conditions set out in the policies and guidelines outlined below.

Picard Capital Management grants to Registered User a personal, non-exclusive, non-assignable and non-transferable license to use and access Picard Capital Management's online services. Unauthorized copying of any Fund Material or duplication of any Fund Material in any manner is expressly forbidden. Registered User acknowledges that Registered User may not sublicense, transfer, sell or assign this license. Any attempt to sublicense, transfer, sell or assign the license is void.

Unauthorized use of any Materials, including without limitation any copyrighted materials, photographs, drawings, graphics, text or other writings, computer programs or other software, recordings or designs; files containing advertisements or solicitations aimed at persuading other members to use certain goods, services or products, or invest in certain funds without the express written permission of Picard Capital Management;
Copyrighted material, including without limitation text, photographs, sound, video and music, may not be placed on the Service without the express permission of the author or owner of the copyright on the material. Registered User acknowledges that only the owner or someone authorized by the owner to post the material may do so. The downloading of copyrighted material is allowed by Registered Users only for Registered Users' own use. Registered Users may not copy, reproduce, retransmit, distribute, publish, commercially exploit or otherwise transfer any copyrighted material. The burden of determining that any information, software or any other content on the Service is not protected by copyright rests with the Registered User. Registered User acknowledges that Picard Capital Management and/or third-party content providers remain the owners of the posted materials, and that Registered User does not acquire any of those ownership rights by downloading materials.

REGISTERED USER AGREES THAT USE OF THE SERVICE IS ENTIRELY AT REGISTERED USER’S OWN RISK. PICARD CAPITAL MANAGEMENT'S SERVICES AND FUND MATERIALS ARE PROVIDED "AS IS," WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY WARRANTY FOR INFORMATION, SERVICES, UNINTERRUPTED ACCESS, PRODUCTS, GOODS, SERVICES, OR FUND INFORMATION PROVIDED THROUGH OR IN CONNECTION WITH THE SERVICE, THE RESULTS , INFORMATION, OR DECISIONS MADE OR OBTAINED THROUGH THE SERVICE. SPECIFICALLY, PICARD CAPITAL MANAGEMENT DISCLAIMS ANY AND ALL WARRANTIES,
INCLUDING WITHOUT LIMITATION:
1) ANY WARRANTIES CONCERNING THE AVAILABILITY, ACCURACY OR CONTENT OF INFORMATION, PRODUCTS OR SERVICES; AND
2) ANY WARRANTIES OF TITLE OR 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, TORTIOUS BEHAVIOR, NEGLIGENCE, OR UNDER ANY OTHER CAUSE OF ACTION. REGISTERED USER SPECIFICALLY ACKNOWLEDGES THAT PICARD CAPITAL MANAGEMENT IS NOT LIABLE FOR THE DEFAMATORY, OFFENSIVE OR ILLEGAL CONDUCT OF OTHER REGISTERED USERS OR THIRD-PARTIES AND THAT THE RISK OF INJURY FROM THE FOREGOING RESTS ENTIRELY WITH REGISTERED USER.
NEITHER PICARD CAPITAL MANAGEMENT NOR ANY OF ITS AGENTS, AFFILIATES OR CONTENT PROVIDERS SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF USE OF THE SERVICE OR INABILITY TO GAIN ACCESS TO OR USE THE SERVICE OR OUT OF ANY BREACH OF ANY WARRANTY. REGISTERED USER HEREBY ACKNOWLEDGES THAT THE PROVISIONS OF THIS SECTION SHALL APPLY TO ALL CONTENT ON THE SERVICE.

Picard Capital Management may give notice to Registered Users by means of a general notice on the Service, electronic mail to Registered User's e-mail address on record with Picard Capital Management, or by written communication sent by first class mail to a Registered User's address on record with Picard Capital Management. You may give notice to Picard Capital Management (such notice shall be deemed given when received by Picard Capital Management at any time by any of the following):
1. electronic mail to info@Picard Capital Management;
2. letter telecopied to Picard Capital Management at the following fax number: 413-410-3941;
3. letter delivered by first class postage prepaid mail or courier to Picard Capital Management at the following address:
Picard Capital Management
155 E. 34th Street, Ste 15B
New York, NY 10016
Phone number: 212-252-1620
Fax number: 413-410-3941
E-Mail : info@Picard Capital Management

Registered User agrees to indemnify and hold Picard Capital Management harmless from any dispute which may arise from a breach of terms of this Agreement. Registered User agrees to hold Picard Capital Management harmless from any claims and expenses, including reasonable attorney's fees and court costs, related to Registered User's violation of this Agreement, or any information, software or other content placed on the Service by Registered User.

This Agreement shall be construed and controlled by the laws of the State of New York. Further, any dispute arising from the terms of this agreement or a breach of this Agreement will be governed by the laws of the State of New York. Registered User agrees to personal jurisdiction by the state and federal courts sitting in the State of New York.

This Agreement constitutes the entire agreement between the parties with respect to the subject matter contained herein and supersedes all previous and contemporaneous agreements, proposals and communications, written or oral between Picard Capital Management representatives and Registered User. Picard Capital Management may amend or modify this Agreement or impose new conditions at any time upon notice from Picard Capital Management to Registered User as published through the Service. Any use of the Service by Registered User after such notice shall be deemed to constitute acceptance by Registered User of such amendments, modifications or new conditions.