IMPORTANT INFORMATION ABOUT ACCESS TO THIS WEBSITE

General Matters

Please read these Terms of Use carefully. Use of and access to this website (the “Site”) is conditioned on your acceptance of these Terms of Use. By using or accessing the Site, you expressly acknowledge that you have read and understood these Terms of Use, and that you agree to be bound by them. If you do not agree to be bound by these Terms of Use, you are not permitted to use or access the Site. Unless otherwise indicated, in these Terms of Use, references to “you” and “your” are references to any person using or accessing (or attempting to use or access) the Site.

Evanston Capital Management, LLC, its affiliates and the funds and accounts it manages (collectively, “ECM”) may modify these Terms of Use at any time and in their sole discretion, with or without advance notice. Each time you use or access the Site, you are responsible for being familiar with, and are bound by, the then-current version of the Terms of Use.

If you use or access (or attempt to use or access) the Site in breach of any of the Terms of Use ECM will not be liable to you for any loss or damage that may result to you or a third party (including without limitation, any direct, indirect, incidental or consequential loss or damage, or any loss of revenue, business profits, goodwill, data, or any opportunity) in connection with such use or access (or attempt to use or access) of the Site.

Some of the individual websites linked to, or pages contained within, the Site may require you to agree to supplemental terms, conditions, disclaimers and/or disclosures (“Supplemental Terms’). In the event of a conflict between these Terms of Use and any Supplemental Terms, the Supplemental Terms will govern for any individual websites or pages on which they appear. By accessing the Site, you agree to be bound by any applicable Supplemental Terms. If you do not agree with any Supplemental Terms, do not continue to use or access any portion of the Site.

Your use of the Site may involve the transmission of information, including personally identifiable data, about you. You consent to the transmission of such information by electronic means through the Internet and represent that such consent shall be effective each time you use the Site.

ECM reserves the right, but does not have the obligation, to access, archive, or monitor any use of the Site, or your use of the Site. By using the Site, you accept ECM’s right to access, archive, or monitor usage to ensure service quality, or to evaluate the Site, the security of the Site, compliance with these Terms of Use, or for any other reason. You agree that ECM’s monitoring activities will not entitle you to any cause of action or other right with respect to the manner in which ECM monitors the Site usage and enforce, or fail to enforce, these Terms of Use. You further agree that in no event will ECM be liable for any damages incurred by you as a result of ECM’s usage monitoring

Purpose and Accuracy of Information on the Site

The information on the Site which contains general information about ECM, its funds or accounts (collectively, the “ECM Funds”), its principals, employees, and its research and, in certain cases, information specific to investors in the ECM Funds (collectively, the “Content”) is directed only at persons or entities in any jurisdiction or country where access to the Content and use of such Content is not contrary to local law or regulation. Accordingly, you are responsible for informing yourself of and complying with any such restrictions.

The Content is provided by ECM and certain third parties for information purposes only. The Content has been obtained from, or is based on, sources believed by ECM to be reliable, but is not guaranteed as to its accuracy or completeness. The Content is provided without obligation on the part of ECM and on the understanding that any person who acts upon it or changes his or her investment position in reliance on it does so entirely at his or her own risk. The Content is current only as at the date it is first posted and may no longer be true or complete when viewed by you. Additionally, the Content may be changed or amended without prior notice.

Nothing in these Terms of Use is intended to exclude or restrict any duty or liability that ECM has to investors in the ECM Funds under applicable law.

No Advice

Nothing on the Site is intended to, nor will it, constitute an offer (or an invitation to make an offer) to buy, sell or otherwise transact in any investment, security or financial instrument, or to provide any investment services or advice in any jurisdiction.

The Site is not intended to provide any tax, legal, or investment advice, and nothing on the Site should be construed as a recommendation, by ECM or any third party, to acquire or dispose of any investment or security, or to engage in any investment strategy or transaction. You alone, or in conjunction with a third party not affiliated with ECM, are solely responsible for determining whether any investment, security or strategy or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.

Limitations to Use

You warrant that you will not use the Site to conduct or engage in unlawful activities, to violate any law or regulation, or to violate or infringe upon the rights of ECM, or any third party, including without limitation, contractual rights, intellectual property rights, and privacy rights. You shall not use or introduce into the Site any device, software, or routine that could damage or interfere with the proper operation of the Site. You shall not directly or indirectly take any action to unduly stress the Site, including by way of example and not limitation, incurring session lengths that ECM reasonably determines to be abusive, or use any scraper, robot, spider, or other automated mechanism to access the Site or download the Content.

User Name; Password and Security

When you register for the Site and following the completion of ECM’s authorization process, you will receive a user name and password. You are responsible for maintaining the confidentiality of this information. You shall take all reasonable precautions to prevent unauthorized persons from obtaining access to or use of the Site. You shall be solely responsible for securing and maintaining all passwords issued in connection with the Site and shall be responsible for any actions taken using such passwords. You shall not allow use of any user identifier or user password to access the Site by any person other than the authorized user to whom such user identifier and user password were assigned by ECM. You agree (a) to immediately notify ECM of any unauthorized use of your password or account designation or any other breach of security, (b) to immediately notify ECM in the event that any person previously authorized by you is no longer authorized to have access to the Site, and (c) to ensure that you log-off from your account at the end of each session. ECM shall not be liable for any loss or damage arising from your failure to comply with this paragraph.

Connectivity

You agree that you are responsible for the means you use to access the Site and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to the Site may not perform as intended or desired.

Mobile Devices

Be aware that the Site may not appear accurately on mobile devices or through other access methods, and you use them only at your own risk. ECM does not manufacture the devices or operate the wireless services. ECM disclaims any responsibility for the capabilities or reliability of any equipment or software used to access the Site. Your wireless data usage is subject to the fees and terms of your wireless subscriber agreement or data service plan.

Use of the Site may involve the electronic transmission of information across the networks of your wireless service provider. Because ECM does not operate or control the wireless networks used to access the Site, ECM cannot guarantee the privacy or security of wireless data transmissions. Additionally, for mobile phones, the browser is generally pre-configured by your wireless internet service provider. Check with your wireless service provider for information about their privacy and security practices.

ECM will not be liable to you if circumstances beyond its control prevent the transmission or interfere with the integrity of the transmission, including, without limitation, unavailability of your wireless service, network delays, limitations on wireless coverage, system outages, or interruption of a wireless connection. ECM disclaims any responsibility for any wireless service used to access the Site.

Compliance with Laws

In using or accessing the Site, you agree to comply with all applicable federal, state and local laws and regulations. Any and all Content is subject to the export control laws and regulations of the United States and may also be subject to the laws of the country in which you reside. By accessing, using, downloading or otherwise receiving the Content from the Site, you are expressly agreeing that you are not in a country where such export is prohibited and are not a person or entity for which such export is prohibited. Anyone who accesses the Site from locations outside the United States does so on their own initiative and is responsible for compliance with applicable local laws.

Linked Websites

The Site may be linked to third party websites or contain information provided by third parties. ECM does not make any representation as to the accuracy or completeness of such websites or information, has not and will not review or update such websites or information, and cautions users that any use made of such websites or information is at their own risk. ECM shall not be deemed to endorse, recommend, approve, guarantee or introduce any third parties or their services or products, or any facts, views, advice and/or information found on such websites. ECM does not accept any liability arising out of the information contained on any linked website or information on the Site provided by a third party and the use of such websites and information is at your own risk.

Copyright, Trademarks and Other Rights

The Site and all intellectual property rights in it and in the Content (including, but in no way limited to, rights under the copyright law, trademark law or patent law of any jurisdiction) are owned by ECM, or licensed to ECM by relevant third party content providers. ECM grants you the limited, nonexclusive, nontransferable, and nonsublicenseable right to access the Content for your own personal or internal business use, and the right to reproduce the Content in hard copy for your own reference. Notwithstanding the foregoing sentence, nothing in these Terms of Use shall be construed as conferring upon you any license to use, modify, reproduce, distribute or transmit the Content, to create derivative works based upon the Content, or to incorporate the Content into other databases, documents or other materials.

All product names, trademarks, logos, service marks and trade names (collectively referred to as “Trademarks”) displayed on the Site are property of ECM and/or its associates or affiliates, related companies, licensors or business partners. The Trademarks are protected under U.S. and/or international law. Except as permitted within these Terms of Use or otherwise indicated in writing by ECM, any use of the Trademarks by you is expressly prohibited.

The layout and design of the Site, as well as images of people or places displayed on the Site, are either property of ECM or used with the permission of the copyright owner. Except as permitted within these Terms of Use or otherwise indicated in writing by ECM, any use of such layout, design or images by you is expressly prohibited.

Assignments and Third Party Rights

You are not permitted to assign, sub-contract or otherwise transfer your rights and/or obligations under these Terms of Use. ECM may freely assign, sub-contract or otherwise transfer its rights and/or obligations under these Terms of Use.

Disclaimers

EXCEPT AS EXPRESSLY PROVIDED HEREUNDER, THE SITE, INCLUDING WITHOUT LIMITATION ALL CONTENT AND INFORMATION PROVIDED IN CONNECTION WITH THE SITE, IS PROVIDED “AS IS,” WITH ALL FAULTS, AND WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESSED OR IMPLIED. TO THE GREATEST EXTENT PERMITTED BY LAW, ECM EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, EXPECTED RESULTS, OR ARISING FROM A COURSE OF DEALING, USAGE, OR TRADE PRACTICE. NO REPRESENTATION, WARRANTY OR UNDERTAKING IS GIVEN AS TO THE ACCURACY OR COMPLETENESS OF THE CONTENT BY ECM AND NO LIABILITY IS ACCEPTED BY ECM FOR THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. IN NO EVENT WILL ECM BE LIABLE TO YOU FOR ANY CLAIM OR LOSS CLAIMED BY YOU OR ANY THIRD PARTY RELATING TO BUSINESS DECISIONS MADE BY YOU AS A RESULT OF YOUR USE OF THE SITE OR THE CONTENT. THE INTERNET IS NOT A COMPLETELY RELIABLE TRANSMISSION MEDIUM, AND ECM SHALL NOT BE LIABLE FOR ANY DATA TRANSMISSION ERRORS SUCH AS DATA LOSS, DAMAGE OR ALTERATION OF ANY KIND. ECM DOES NOT GUARANTEE CONTINUOUS, UNINTERRUPTED OR SECURE ACCESS TO THE SITE OR ANY CONTENT CONTAINED THEREIN. UNDER NO CIRCUMSTANCES SHALL ECM BE LIABLE TO YOU OR ANY OTHER PARTY FOR DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, OR EXEMPLARY DAMAGES (EVEN IF SUCH DAMAGES ARE FORESEEABLE OR WHERE ECM HAS BEEN ADVISED OR HAS KNOWLEDGE OF THE POSSIBILITY OF SUCH DAMAGES) ARISING FROM YOUR USE OR MISUSE OF THE SITE, ANY CONTENT, OR ANY INFORMATION CONTAINED ON ANY OTHER HYPERLINKED WEBSITE.

Indemnity

You agree to indemnify, defend, and hold harmless ECM and its licensors, and the officers, partners, members, employees, and agents of ECM and its licensors, from and against any and all claims, liabilities, damages, losses, or expenses, including legal fees and costs, arising out of or in any way connected with your access to or use, or attempted access or use, of the Site.

Governing Law, Forum and Severability

Use of the Site and these Terms of Use shall be governed by the laws of the State of Illinois of the United States of America, without regard to its conflict of law provisions. Any claim related to any dispute arising as a result of the Site or under these Terms of Use will be made before a court of competent jurisdiction located in the City of Chicago, Illinois. You hereby consent to the exclusive jurisdiction and venue of any such court.

Notwithstanding anything to the contrary set forth in these Terms of Use, ECM may at any time seek injunctive or other appropriate relief against you and/or against others, in a court of competent jurisdiction located in the City of Chicago, Illinois or in any other court having jurisdiction, in the event that ECM believes that you have violated or threatened to violate any ECM’s intellectual property rights and, in such case, you hereby consent to the exclusive jurisdiction and venue of any such court. Any such equitable remedy shall not be deemed to be the exclusive remedy but shall be in addition to all other remedies available to ECM at law or equity.

In the event that any portion of these Terms of Use are deemed unenforceable, unlawful or void by a court of competent jurisdiction, in any jurisdiction for any reason, including but not limited to the scope, duration or area of its applicability, unless narrowed by construction, such provision shall for purposes of such jurisdiction only, be construed as if such invalid, prohibited or unenforceable provision had been more narrowly drawn so as not to be invalid, prohibited or unenforceable (or if such language cannot be drawn narrowly enough, the court making any such determination shall have the power to modify, to the extent necessary to make such provision or provisions enforceable in such jurisdiction, such scope, duration or area or all of them, and such provision shall then be applicable in such modified form in such jurisdiction). If, notwithstanding the foregoing, any such provision would be held to be invalid, prohibited or unenforceable in any jurisdiction for any reason, such provision, as to such jurisdiction only, shall be ineffective to the extent of such invalidity, prohibition or unenforceability, without invalidating the remaining provisions. No narrowed construction, court-modification or invalidation of any provision shall affect the construction, validity or enforceability of such provision in any other jurisdiction. No waiver by ECM of any term or condition of these Terms of Use shall be deemed a further or continuing waiver of such term or condition or of any other term or condition, and ECM’s failure to assert any right or demand compliance with any provision of these Terms of Use shall not be deemed to constitute a waiver of any such right or provision.

Termination

ECM reserves the right, in its sole discretion, to restrict, suspend or terminate these Terms of Use and your access to all or any part of the Site, at any time and for any reason without prior notice or liability. You further agree that, ECM shall not be liable to you or any third party for any suspension or termination of your access to the Content available through the Site, or for any deletion of your account information. We reserve the right to change, suspend, or discontinue all or any part of the Site or Content at any time without prior notice or liability. All provisions relating to disclaimer of warranties, limitation of liability, governing law, venue and severability, remedies and damages contained in these Terms and Use shall survive termination.

Force Majeure

ECM’s failure to maintain the Site and/or provide the Content as a result of conditions beyond its control such as, but not limited to, war, strikes, fires, floods, acts of God, governmental restrictions, power failures, natural disasters, acts of terrorism, or damage or destruction of any network facilities or servers, shall not be deemed a breach of these Terms of Use.

IMPORTANT- READ THIS DOCUMENT CAREFULLY.

IMPORTANT- READ THIS DOCUMENT CAREFULLY.

THE FOLLOWING DESCRIBES THE SEPARATE TERMS OF USE GOVERNING YOUR ELECTION TO RECEIVE YOUR SCHEDULE K-1 ELECTRONICALLY. YOUR ELECTION TO RECEIVE YOUR SCHEDULE K-1 ELECTRONICALLY MUST BE AGREED TO FOLLOWING AND IN CONJUNCTION WITH YOUR ACCEPTANCE OF THE GENERAL TERMS OF USE GOVERNING THE USE OF THE EVANSTON CAPITAL MANAGEMENT, LLC WEBSITE (THE “SITE”). IF YOU DO NOT CONSENT TO RECEIVE YOUR SCHEDULE K-1 ELECTRONICALLY A PAPER COPY OF YOUR SCHEDULE K-1 WILL BE MAILED TO YOU AS OUTLINED IN GREATER DETAIL BELOW.

Electronic Delivery of Schedule K-1

a. You hereby agree and consent to have Evanston Capital Management, LLC (“ECM”) or any investment fund managed by ECM (an “ECM Fund”) electronically deliver your Schedule K-1. Electronic communication includes email delivery and/or electronically making available to you your Schedule K-1 on the Site. It is your obligation to notify ECM in writing if your email address changes by contacting investorrelations@evanstoncap.com. By consenting to electronic delivery you agree to receive each Schedule K-1 for any ECM Fund through the Site. Notwithstanding that the Schedule K-1 will generally be posted to the Site, in certain circumstances it may be transmitted by email or other electronic means at the discretion of ECM or an ECM Fund.

b. If you choose not to consent to the electronic delivery of your Schedule K-1 you will be provided with a paper copy of your Schedule K-1 in accordance with your instructions to the relevant ECM Fund.

c. Notwithstanding your consent to electronic delivery of your Schedule K-1, you will be entitled to receive a paper Schedule K-1 upon request. Your request for a paper Schedule K-1 will not be treated as a withdrawal of consent for electronic delivery of your Schedule K-1.

d. You may revoke your consent to electronic delivery of your Schedule K-1 for any or all ECM Funds at any time by notifying ECM and the applicable ECM Fund, in writing, by mail in accordance with the contact information contained in your records or by email at investorrelations@evanstoncap.com of your intention to do so. You hereby agree that such revocation of consent shall be effective on the date such revocation of consent is received by ECM and the applicable ECM Fund or on a subsequent date as determined and communicated to you in writing or electronically by ECM and the applicable ECM Fund. ECM or the applicable ECM Fund will notify you in writing (including via email) the date your withdrawal of consent takes effect. A withdrawal of consent will not apply to a Schedule K-1 that was furnished electronically before the effective date of the withdrawal.

e. You agree that ECM and the applicable ECM Fund will cease delivering your Schedule K-1 electronically the year following the taxable year in which you fully withdraw from any and all ECM Funds.

f. ECM and/or the applicable ECM Fund will email you or post information on the Site if the contact information for ECM and/or the applicable ECM Fund changes.

g. The Schedule K-1 will generally be posted on the Site but may in certain circumstances also be emailed to you in Adobe Acrobat format. You may download a free copy of Adobe Acrobat Reader, which will allow you to view your Schedule K-1, by visiting http://get.adobe.com/reader/?promoid=JZEFU. That page contains information about the system requirements needed to use the software. Your Schedule K-1 will be posted on the Site for at least 12 months from the time of posting and may not be available following such time. You may request for a paper copy of these Terms of Use.

h. You agree that your consent to the electronic delivery of your Schedule K-1 shall be effective and in force until you revoke your consent in accordance with these Terms of Use.

i. Your Schedule K-1 may be required to be printed and attached to a Federal, State, or local income tax return.

j. Neither ECM nor any ECM Fund will be liable for any interception of your Schedule K-1. You should note that no additional charge for electronic delivery will be assessed, but you may incur charges from your Internet service provider or other Internet access provider. In addition, there are risks, such as systems outages, that are associated with electronic delivery.

k.Notifications of publication of Schedule K-1s will be communicated to you via email.