This Website
This website (“Website") is owned and operated by PHD Capital Ltd (“we”/“us”/”our”), on our behalf and that of our affiliates (together the “Fund").  The Website is intended as a general introduction and to provide education about the Fund and its products and services. Any information on the Website, including (without limitation) pricing, valuation, data, opinions and commentary, are issued for informational and educational purposes only. 
These terms and conditions of use, including the Privacy Policy (collectively, the “Terms”), govern your use of this Website (the “Website Content”). Each time you use this Website, your use indicates your acknowledgment, consent and acceptance of the Terms, which we may revise periodically without notice. If you do not accept these terms and conditions, disagree with all, or any part of, these Terms or are unclear as to the meaning of, or any part of, these Terms, do not use the Website. And use of this Website is prohibited

Rights and Restrictions
The Website Content (including trademarks and logos) is our intellectual property or that of our suppliers. We grant you a non-exclusive, non-transferable limited right to access and use this Website, view the Website Content and print copies of such Website Content, solely and exclusively for your personal, non-commercial use, provided that you comply fully with these Terms.
All material available on this Website, unless otherwise specifically indicated, is subject to copyright with all rights reserved by the Fund. The material is freely usable for browsing purposes only and requires express mention of the Fund in the event the material or any part thereof, is reproduced in any form, written or electronic. Additionally, any re-publication of this material requires the express written consent of the Fund.
All information on the Website reflects the Fund’s judgment at the time such information was posted on the Website or otherwise at the date indicated (if any) and is subject to change without notice. Some material contained on the Website may have been prepared by third parties. The Fund is not responsible for, and does not endorse, the contents of any information provided by any such third parties.
While we take reasonable steps to ensure that the Website Content is free from errors and omissions and is suitable for your intended use, we do not represent or warrant the availability, accuracy, adequacy or completeness of the Website Content or that the Website and Website Content is virus-free.  You further acknowledge and agree that to the maximum extent permitted by law:
this Website and the Website Content are provided on an "as is" and "as available" basis; 
we cannot guarantee and do not promise any specific results from use of this Website and the Website Content;
we may at any time modify, discontinue, temporarily suspend or permanently remove the Website or the Website Content (or any part thereof); and we will not be liable to you or any third party for doing so.

Product and Services 
Products and services, if any, mentioned, displayed or offered on this Website contain general information about Fund products and services and can be changed by us at any time at our discretion. In the event of any conflict or inconsistency between this Website and the applicable disclosure document (such as a term sheet) the applicable disclosure document will take precedence.  
The information on this Website:
is not an invitation, offer or solicitation;
by anyone in any jurisdiction in which an invitation, offer or solicitation cannot legally be made; or 
to any person to whom it is unlawful to make an invitation, offer or solicitation; 
and the products and services displayed, mentioned or referred to in this Website are not available, and the term sheet in respect of them will not be distributed, to persons resident in any country, state or jurisdiction where such distribution would be contradictory to local law or regulation;
does not form part of the terms and conditions for any Fund products and services; 
is for informational and educational purposes.  Past performance may not  be  indicative  of  future  results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this Website serves as the receipt of, or as a substitute for, personalized investment advice from a professional investment advisor.  To the extent that a user  has  any  questions regarding the applicability of any specific issue discussed on this Website to his/her individual situation,  he/she is encouraged to consult with a professional advisor of his/her choosing;
has been prepared without taking into account your financial objectives or situation. Before acting on the basis of this information, you should consider (with or without the assistance of an adviser) how appropriate the information is having regard to your financial objectives or situation. You should obtain the disclosure document relating to a product or service referred to on this Website before making any decision about whether to acquire that product or service; and
shall not be considered to be providing investment advice. Specifically, any information contained on these pages does not constitute our investment policy or an investment recommendation, but merely the different assumptions and views of those who prepared it.  We do not intend to provide investment or other advice to you or any other party via this Website, and no information or material available through our Website should be relied upon for the purpose of making or communicating investment or other decisions.

No Warranty
Although we attempt to ensure that the information on this Website is accurate and complete at the time of publication and has been obtained from sources believed to be reliable, no warranty expressed or implied is made to its accuracy, reliability, actuality or completeness by us. We accept no liability for any loss or damage (including, without limitation, any loss of profit or any other direct or indirect damage) arising from any use made of information contained in this Website. Opinions and any other contents on the site are subject to change without notice.

Local Restrictions
This Website and its pages are not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of, or located in, any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. The contents of the Website are not intended for distribution to, or use by, any individual or entity in any jurisdiction where their distribution or use is prohibited or restricted by local law or regulation or which would subject the Fund to any registration or filing requirement within the jurisdiction. You should be aware that any rules and/or regulations applicable to the provision of financial services (and investor protections that may be available) may not apply to persons who obtain information from the internet and its various applications, of which the Website forms part.
Persons entering this site should consult their professional financial advisers as to whether they require any governmental or other consents or need to observe any formalities to enable them to use, or invest in any product referred to on, the Website.

No Liability 
Neither the Fund nor any of its directors, officers or employees make any representation or warranty, expressed or implied, with respect to the Website, or any portion thereof, including any warranties of title, non-infringement of copyright, trademark or patent rights of others, merchantability or fitness or suitability for any purpose, and in no event will the Fund or any of its directors, officers, employees or agents be liable for any injury, loss, claim or damage (whether direct, indirect, consequential or incidental) arising either directly or indirectly out of, or in any way connected with, the website, or its use, whether or not the circumstances giving rise to such cause may have been within the control or knowledge of such person.
These Terms shall be governed by and construed in accordance with British Virgin Islands law. The British Virgin Island courts shall have non-exclusive jurisdiction over all claims or disputes arising in relation to, out of or in connection with, the Website, the Website Content, its use and these Terms.

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