Use of this Website (“Website”) is subject to the following terms and conditions (the “Terms”). Please read these Terms carefully. By using this Website, you are deemed to have read and accepted these Terms and the regulatory restrictions governing the use of this Website. Encourage Capital, LLC (“Encourage Capital”; also sometimes referred to herein as “we”) reserves the right to modify these Terms at any time. Encourage Capital grants you a limited right to use the Website. Your right to use this website is subject to your agreement to abide by the Terms in their entirety.

IF YOU DO NOT AGREE TO ANY OF THESE TERMS AND CONDITIONS PLEASE DO NOT USE THIS WEBSITE.

No Offer

Nothing in this Website should be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or to engage in any other transaction.

Copyright

The content of this Website is subject to copyright and trademark laws with all rights reserved. You may not reproduce (in whole or in part), transmit, modify, link into or use for any public or commercial purpose this Website without our prior written permission. Any rights not expressly granted in these terms are reserved.

Privacy & Data Protection

You acknowledge that communications transmitted by means of this Website are public and not private communications. Please do not transmit any confidential information to or through this Website.

Please do not send us any confidential or proprietary material as we do not undertake any obligations of non-disclosure or non-use of material sent to us. We may also collect information through “cookie” technology. Cookies are bits of text that can be placed on your computer’s hard drive when you visit certain web sites. The “help” portion of the toolbar on many browsers will tell you how to stop accepting new cookies, how to be notified when you receive a new cookie, and how to disable existing cookies, if that is your preference.

Content

This information provided herein has been prepared solely for informational purposes, and has been prepared in good faith on the basis of information available at the date of publication without any independent verification. The information in this publication is based on historical or current political or economic conditions, which may be superseded by later events. Encourage Capital does not guarantee or warrant the accuracy, reliability, adequacy, completeness or currency of the information in this publication nor its usefulness in achieving any purpose. Charts and graphs provided herein are for illustrative purposes only. Nothing contained herein constitutes investment, legal, tax, or other advice nor is it to be relied on in making an investment or other decision. Readers are responsible for assessing the relevance and accuracy of the information provided herein. The information provided herein should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell securities or to adopt any investment strategy. The information may contain projections or other forward-looking statements regarding future events, targets, forecasts or expectations described herein, and is only current as of the date indicated. There is no assurance that such events, targets, forecasts or expectations will be achieved, and any such events, targets, forecasts or expectations may be significantly different from that shown herein. Past performance is not indicative of future results. Encourage Capital will not be liable for any loss, damage, cost or expense incurred or arising by reason of any person using or relying on information in this publication.

Exclusion of Liability

To the fullest extent allowed by law, neither Encourage Capital nor any of its owners, affiliates or employees of any of the foregoing shall be liable for any direct or indirect losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out of or in connection with the access to, use of or linking to other sites from this Website or reliance on any information contained on this Website. In no circumstances shall Encourage Capital or any of its owners, affiliates or employees of any of the foregoing have any liability for consequential or special damages.

External Sites and Internet Security

This Website may contain links to other web sites (the “Other Sites”). The Other Sites are for your convenience only, and you access them at your own risk. We are not responsible for the content of the Other Sites, whether or not we are affiliated with sponsors of the Other Sites. We do not guarantee that material on this Website will be free from infection, viruses or worms or other code which may have contaminating or destructive properties. You are fully responsible for ensuring protective steps are taken such as virus checking.

Permitted Users of the Website

This Website is not directed at any person in any jurisdiction where (by reason of that person’s nationality, residence, location or otherwise) the publication or availability of this Website is prohibited. Persons in respect of whom such prohibitions apply must not access this Website. It is your responsibility to ensure that your use complies with any restrictions or any applicable local laws regarding use of the information on this Website.

Miscellaneous

The term “Partner” is used on this Website as the title applied internally within Encourage Capital to certain senior professionals who are treated within Encourage Capital as senior members of the firm, but does not necessarily imply the carrying on of a business as a partner or in partnership.

Governing Law; Arbitration; and Waiver

These Terms are governed by the laws of New York (except for conflict of law provisions). By using the Site, you agree that Encourage Capital, at its sole discretion, may require you to submit any disputes relating to the Website or the Terms to final and binding arbitration in New York City under the International Rules of Arbitration of the American Arbitration Association, by one or more arbitrators appointed in accordance with the said rules. Notwithstanding these rules, however, such proceeding shall be governed by the laws of the State of New York. If any provision of these Terms is held to be unenforceable, such provision will be reformed only to the extent necessary to make it enforceable. The failure of Encourage Capital to act with respect to a breach of these Terms by you or others does not constitute a waiver and will not limit Encourage Capital’s rights with respect to such breach or any subsequent breaches.