All persons using the First Water website (“Site”) expressly agree to the following disclaimer as a pre-condition to using this Site for any purpose whatsoever. The materials on the Site, including, without limitation, news articles, informational materials and all other manager-specific information, have been prepared for informational purposes only and do not constitute financial, legal, tax, accounting, investment or any other professional advice.

All information contained herein is provided “as is” and First Water expressly disclaims making any express or implied warranties with respect to the fitness of the information contained herein for any particular usage, its merchantability or its application or purpose. Further, such information is not an offer to buy or sell or a solicitation of an offer to buy or sell securities. Past perfor- mance is not a guarantee of future results. Any forward-looking statements presented within this Site are inherently uncertain and cannot be relied upon as statements of actual performance. Actual results could differ materially from those projected in such forward-looking statements. Prior to making any investment or hiring any investment manager you should consult with independent financial, legal and tax advisors to assist in due diligence as may be appropriate in determining the appropriate- ness of the risk associated with a particular investment.

Certain data presented in the Site comes from third party sources. First Water is not responsible for any inaccuracies or omis- sions contained in such data. In no event shall First Water be responsible or liable for the correctness of any such material or for any damage or lost opportunities resulting from use of this data. Any of First Water’s analysis or opinions contained in the Site may not be First Water’s complete analysis or opinion on such matter, and any of First Water’s analysis or opinions may change at any time without notice to you.

The information contained in the Site should not be relied upon as investment advice. Investing involves a high degree of risk and there is no guarantee that any investment will achieve its investment objective. You are responsible for your own research, analysis and due diligence concerning First Water, including an examination of the merits and the risks involved. Recipient in no way may rely on the Site, or any other statements made, or documents produced, by First Water or its affiliates, employees, man- agers or other representatives.

Users of the Site may view, download and print information and materials on this Site for its personal and internal business use provided that all hard copies contain all copyright and other applicable notices. Users are not permitted to reproduce, modify, copy, alter in any way, distribute, sell, resell, transmit, transfer, license, assign or publish any information obtained from this Site. Users shall not use this Site at any time for any purpose that is unlawful or prohibited and shall comply with any applicable local, state, national or international laws or regulations when using this Site.

First Water, and the logos and marks included on the Site that identify First Water’s services and products are proprietary materi- als. The use of such terms and logos and marks without the express written consent of First Water is strictly prohibited. The pages and screens of the Site, and the information and material therein, are protected by applicable copyright laws and are proprietary material owned by First Water unless otherwise indicated. The unauthorized use of any material on the Site may vio- late numerous statutes, regulations and laws, including, but not limited to, copyright, trademark, trade secret or patent laws.