Terms of Use 

Please read the following terms and conditions (“Terms of Use”) before using the Partner Fund Management, L.P. (the “Firm”) website (the “Website”). Your access to and use of the Website is subject to these Terms of Use and all applicable laws and regulations. The Terms of Use constitute a legal agreement between you and the Firm. The Website is available only to, and may only be used by, individuals who can form legally binding contracts under applicable law. By accessing and using the Website, you accept, without qualification, these Terms of Use.

 

NO SECURITIES OFFERING OR INVESTMENT ADVICE  

The Funds that the Firm advises are not offered through the Website. An offer regarding any such Fund may be made only after you have received from the Firm a Confidential Offering Circular or Private Offering Memorandum concerning that Fund and have had the opportunity to discuss all matters concerning any prospective investment with your counsel and any other relevant advisers. The Website does not provide all information material to an investor’s decision to invest in any such Fund, including, but not limited to, risk factors.

The information on the Website is intended to enable investors to understand the nature of the Firm’s investment advisory services. It is not intended as and does not constitute investment advice, legal or tax advice, an offer to sell any securities to any person or a solicitation of any person of any offer to purchase any securities. The information in the Website should not be construed as the Firm’s endorsement, recommendation or sponsorship of any company or security. There are inherent risks in relying on, using or retrieving any information found on the Website, and the Firm urges you to make sure that you understand these risks before relying on, using or retrieving any information on the Website. You should evaluate the information made available through the Website, and you should seek the advice of professionals, as appropriate, to evaluate any data, information, product or service.

 

IMPORTANT PERFORMANCE INFORMATION  

Performance information reflects the Fund’s investment results, including the reinvestment of interest, dividends and other earnings and the deduction of brokerage commissions, dividends (on short sales) and other direct investment costs. Performance also reflects gains or losses generated from the Fund’s participation in new issues.  Not all investors will be subject to the same management, special profit allocation or performance fee or be allocated profits and/or losses from new issues.  The performance results (i) are historical and should not be considered an indication of future returns and (ii) have not been compiled, reviewed or audited by an independent accountant and are estimates and subject to adjustment.

The Firm believes that comparing any Fund’s performance to any single market index or other benchmark is inappropriate. The index and benchmark is provided only as an example of general market performance. Each Fund’s portfolio may contain investments in securities or other financial instruments than those reflected in the index or benchmark.

 

SPECIAL PROVISIONS FOR EUROPEAN USERS

If you are an investor domiciled or having a registered office in a member state of the European Economic Area that has implemented the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) in a manner that imposes disclosure, reporting or other obligations on PFM or its affiliates, you or any other person or entity you represent initiated the discussion, correspondence or other communications with PFM or its affiliates or agents, which resulted in your requesting access to the Website and the information regarding any investment funds sponsored or managed by PFM; and none of PFM or its affiliates or agents at any time directly or indirectly contacted you with respect to the provision of investment services or investment in any investment fund sponsored or managed by PFM or its affiliates prior to such unsolicited initiation of discussions, correspondence or other communications.

 

PERSONAL AND NON-COMMERCIAL USE LIMITATION 

The Website is for your personal and non-commercial use. The Firm grants you a non-exclusive, non-transferable and limited personal license to access and use the Website, conditioned on your continued compliance with these Terms of Use. You may not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer or sell any data, information, products or services obtained from the Website. You may not allow others to use your user name and password to access or use any part of the Website. If your password has been compromised for any reason, you should contact the Firm immediately for a new password. All information on the Website is subject to confidential treatment and is made available solely for your authorized use in connection with your investment activities. You are prohibited from using the Website to advertise or perform any commercial solicitation. You also are prohibited from using any robot, spider, scraper or other automated means to access the Website for any purpose without the prior written permission of the Firm.

 

DISCLAIMERS AND LIMITATION OF LIABILITY  

THE DATA, INFORMATION, PRODUCTS AND SERVICES PUBLISHED ON THIS WEBSITE MAY INCLUDE INACCURACIES OR TYPOGRAPHICAL ERRORS AND THE RESULTS OBTAINED THEREFROM ARE NOT GUARANTEED BY THE FIRM OR ANY PERSONS CREATING OR TRANSMITTING SUCH DATA, INFORMATION, PRODUCTS AND SERVICES. THE FIRM AND/OR ITS RESPECTIVE SUPPLIERS MAY MAKE IMPROVEMENTS AND/OR CHANGES IN THE CONTENT AND OPERATION OF THE SITE AT ANY TIME WITHOUT NOTICE. THE SITE MAY BE TEMPORARILY UNAVAILABLE FROM TIME TO TIME DUE TO REQUIRED MAINTENANCE, TELECOMMUNICATIONS INTERRUPTIONS OR OTHER REASONS.

THE FIRM AND/OR ITS SUPPLIERS MAKE NO REPRESENTATIONS ABOUT THE SUITABILITY OF THE DATA, INFORMATION, PRODUCTS AND SERVICES CONTAINED ON THIS WEBSITE FOR ANY PURPOSE. ALL SUCH DATA, INFORMATION, PRODUCTS AND SERVICES ARE PROVIDED “AS IS” WITHOUT WARRANTY OF ANY KIND. THE FIRM AND/OR ITS RESPECTIVE SUPPLIERS HEREBY DISCLAIM ALL WARRANTIES AND CONDITIONS WITH REGARD TO THIS DATA, INFORMATION, PRODUCTS AND SERVICES, INCLUDING ALL IMPLIED WARRANTIES AND CONDITIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT AND AVAILABILITY. BECAUSE SOME STATES/JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF IMPLIED WARRANTIES, THE ABOVE EXCLUSION MAY NOT APPLY TO YOU.

YOUR USE OF THE SITE IS AT YOUR OWN RISK. YOU ARE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM, LOSS OF DATA OR ANY OTHER DAMAGE OR LOSS THAT RESULTS FROM THE DOWNLOAD OF ANY CONTENT FROM THE SITE. IN NO EVENT SHALL THE FIRM AND/OR ITS SUPPLIERS BE LIABLE FOR ANY DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN ANY WAY CONNECTED WITH OR RELATING TO THE USE OF OR ACCESS TO THIS WEBSITE OR WITH THE DELAY OR INABILITY TO USE THIS WEBSITE, OR FOR ANY DATA, INFORMATION, PRODUCTS OR SERVICES OBTAINED THROUGH THIS WEBSITE, WHETHER BASED ON CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE, EVEN IF THE FIRM OR ANY OF ITS SUPPLIERS HAS BEEN ADVISED OF THE POSSIBILITY OF DAMAGES. BECAUSE SOME STATES/JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LIABILITY FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES, THE ABOVE LIMITATION MAY NOT APPLY TO YOU.

THE FIRM AND ANY PERSON CREATING OR TRANSMITTING THE DATA AND INFORMATION ON THE SITE SHALL NOT BE LIABLE FOR ANY INFECTION BY VIRUSES OF OR DAMAGE TO ANY COMPUTER THAT RESULTS FROM YOUR USE OF, ACCESS TO OR DOWNLOADING OF SUCH INFORMATION. IF YOU ARE DISSATISFIED WITH THE DATA, INFORMATION, PRODUCTS OR SERVICES OFFERED AT THE SITE OR WITH THE TERMS AND CONDITIONS OF THESE TERMS OF USE, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USE OF AND ACCESS TO THE SITE.

 

OWNERSHIP OF CONTENT  

The Website and all of its content, including but not limited to all text, graphics, charts, audio, logos, images, data compilations, icons, code and software (“Content”), are the property of the Firm and are protected by U.S. and international copyright laws, with all rights reserved unless otherwise noted. All trademarks, service marks, trade names and other product and service names and logos displayed on the Website are proprietary to the Firm, including all registered and unregistered trademarks and service marks of the Firm. If the Website includes any trademarks, service marks, trade names or logos of any third parties, such items are the proprietary marks and names of their respective owners and are protected by applicable trademark and intellectual property laws. Your use of any Content, whether owned by the Firm or any third party, without the Firm’s express written permission, is strictly prohibited except as otherwise expressly permitted in these Terms of Use. Without limiting the foregoing, you are prohibited from using any of the Firm’s copyrighted material or trademarks for any purpose, including, but not limited to, use as metatags, links or otherwise on any website, without the prior written permission of the Firm.

 

REFERENCES TO PUBLICATIONS AND OTHER COMPANIES  

References to any publication or any other company in the Website are for reference and informational purposes only and are not intended to suggest that any of such companies endorse, recommend or approve of the services, analysis or recommendations of the Firm or that the Firm endorses, recommends or approves the services or products of such companies. News stories reflect only the author’s opinion and not necessarily that of the Firm.

 

MODIFICATION AND MONITORING OF WEBSITE  

The Firm may, at its discretion, change, modify, add or remove portions of these Terms of Use at any time without notice to you. The Firm expressly reserves the right to monitor any and all use of the Website.

 

TERMINATION AND CANCELLATION 

The Firm may modify or terminate the Website and terminate your access to the Website, without notice at any time and for any reason.

 

INDEMNITY  

You agree, at your own expense, to indemnify, defend and hold harmless the Firm, its parents, subsidiaries and affiliates, and their officers, partners, managers, members, employees, agents, distributors and licensees, from and against any judgments, losses, deficiencies, damages, liabilities, costs, claims, demands, suits, and expenses (including, without limitation, reasonable attorneys’ fees and expenses) incurred in, arising out of or in any way related to your breach of these Terms of Use or the Privacy Policy, your use of the Website or any product or service related thereto, or any of your other acts or omissions.

 

JURISDICTIONAL ISSUES AND APPLICABLE LAW  

Unless otherwise specified, the Firm controls and operates the Website from its offices within the State of California, United States of America. The Firm does not claim that materials in the Website are appropriate or available for use in locations other than California. If you choose to access the Website from other locations, you do so on your own initiative, and you are responsible for compliance with any applicable local laws.

These Terms of Use are governed by the laws of the State of California, without regard to its choice of law provisions. You hereby consent to the exclusive and personal jurisdiction and venue of courts in the City and County of San Francisco, California, which shall have exclusive jurisdiction over any and all disputes arising out of or relating to these Terms of Use, the use of the Website or any product or service related thereto. Use of the Website is unauthorized in any jurisdiction that does not give effect to all provisions of these terms and conditions, including without limitation this paragraph.

 

GENERAL  

You agree that no joint venture, partnership, employment or agency relationship exists between you and the Firm as a result of these Terms of Use or use of the Website.

The Firm’s performance of these Terms of Use is subject to existing laws and legal process, and nothing in these Terms of Use is in derogation of the Firm’s right to comply with law enforcement requests or requirements relating to your use of the Website or information provided to or gathered by the Firm with respect to such use.

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

By reviewing or using the information on the Website after accessing the Website, you represent and warrant that (a) you have the authority to enter into these Terms of Use and create a binding contractual obligation, (b) you understand and intend these Terms of Use to be the legal equivalent of a signed, written contract equally binding and (c) you will use the information on the Website in a manner consistent with applicable laws and regulations in accordance with these Terms of Use, as the Firm may amend them online or otherwise from time to time. A printed version of these Terms of Use and of any notice given in electronic form shall be admissible in judicial or administrative proceedings based on or relating to these Terms of Use to the same extent and subject to the same conditions as other business documents and records originally generated and maintained in printed form.

These Terms of Use constitute the entire agreement between you and the Firm with respect to the Website and they supersede all prior or contemporaneous communications and proposals, whether electronic, oral or written, between you and the Firm with respect to the Website. You agree to be bound by any agreement or consent you transmit to or through the Website via any media or electronic device, including internet, telephone and wireless devices.

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Partner Fund Management, L.P., Partner Investment Management, L.P. and Partner Advisory Services, L.P. are investment advisers registered with the U.S. Securities and Exchange Commission; its SEC File Number is 801-69012 and CRD Number is 146747. Partner Investment Management L.P., Partner Advisory Services, L.P. are “relying advisers” and file a single Form ADV with Partner Fund Management, L.P.