Legal

1. TERMS OF USE (Last Updated: March 12, 2024)

By accessing the website (the “Site”) of Elliot Zeelander Management, LLC, d/b/a Mathers Associates (“Mathers Associates”), you accept and agree to comply with the following Terms of Use pertaining to the Site, which constitutes a binding legal agreement between you and Mathers Associates. These Terms of Use govern your access and use of the Site, which includes any information, services and other content (together, “Content”) available on or through the Site. You may contact Mathers Associates at operations@mathersassociates.com with questions about these Terms of Use.

By visiting the Site, you acknowledge and agree to these Terms of Use and our Privacy Policy, which may be updated by us at any time. Updates to the Terms of Use will be posted here. Any such changes will be effective upon posting. You should consult the “Terms of Use” link on this Site each time you visit the Site. If you do not agree with it, you should not use the Site.

YOU ACKNOWLEDGE AND AGREE THAT, BY ACCESSING THE SITE, YOU ARE INDICATING THAT YOU HAVE READ, UNDERSTAND AND AGREE TO BE BOUND BY THESE TERMS OF USE. YOU ALSO AFFIRM THAT YOU ARE AT LEAST 18 YEARS OF AGE. IF YOU DO NOT AGREE TO THESE TERMS OF USE, THEN YOU HAVE NO RIGHT TO ACCESS THE SITE, AND YOU AGREE NOT TO ACCESS THE SITE.

PERSONAL AND NON-COMMERCIAL USE LIMITATION

The Site is for your personal and non-commercial use. Mathers Associates grants you a non-exclusive, non- transferable, revocable and limited personal license to access and use the Site, conditioned on your continued compliance with these Terms of Use. At any time and for any reason Mathers Associates may revoke your right to use all or any portion of the Site. You may not modify, copy (except as set forth below), distribute, transmit, display, perform, reproduce, publish, frame, license, create derivative works from, transfer, sell or commercially exploit all or any part of the Site or any information, products or services obtained from the Site. You may not link other websites to the Site without the prior written permission of Mathers Associates. You may print one hardcopy of the information and download one temporary copy of the information into one single computer’s memory solely for your own personal, non-commercial use and not for distribution, provided that all relevant copyright, trademark and other proprietary notices are kept intact. You are prohibited from using the Site to advertise or perform any commercial solicitation. You also are prohibited from using any robot, spider, scraper or other automated means to access the Site for any purpose without the prior written permission of Mathers Associates. You may not take any action that imposes, or may impose, in our absolute discretion, an unreasonable or disproportionately large load on our infrastructure, interfere or attempt to interfere with the proper working of the Site or any activities conducted on the Site, or bypass any measures we may use to prevent or restrict access to the Site. Any rights not expressly granted herein are reserved.

OWNERSHIP OF CONTENT

The Site is protected by one or more copyrights, patents, database rights, trademarks, servicemarks and/or other intellectual property and proprietary rights that are owned by Mathers Associates, its affiliates and/or third parties. Your use of any Content, whether owned by Mathers Associates, or any third party, without the express written permission of Mathers Associates, is strictly prohibited except as otherwise expressly permitted in these Terms of Use. Without limiting the foregoing, you are prohibited from using any of Mathers Associates’ 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 Mathers Associates.

NO UNLAWFUL OR PROHIBITED USE

As a condition to your use of the Site, you represent and warrant to, and agree with, Mathers Associates that you will not use the Site for any purpose that is unlawful, prohibited by these Terms of Use or that otherwise inhibits anyone’s use or enjoyment of the Site. In using the Site, you agree to obey the law, respect the rights of others and avoid objectionable, defamatory or disruptive behavior.

Mathers Associates has the right (but not the obligation) to monitor this Site for any unauthorized or objectionable conduct and to take all appropriate actions in response, without notice to you, and we may at any time revoke your right to use all or a portion of this Site. Mathers Associates may investigate any complaint or suspected violation of these Terms of Use and may report any activity relating to this Site to regulators, law enforcement officials or other persons or entities it deems appropriate.

NO SECURITIES OFFERING OR INVESTMENT ADVICE

The information on the Site is intended to enable investors to understand the nature of Mathers Associates’ financial advisory services. It is not intended as and does not constitute investment advice or legal or tax advice or an offer to sell any securities to any person or a solicitation of any person of any offer to purchase any securities. All content the Site is informational only and should not be construed as any endorsement, recommendation or sponsorship of any company or security by Mathers Associates. This Content does not contain the information that an investor should consider or evaluate to make a potential investment. An offer to invest in any of the funds managed by Mathers Associates may only be made through the applicable fund’s offering documents, which Mathers Associates will provide only to qualified investors. There are inherent risks in relying on, using or retrieving any information found on the Site, and Mathers Associates urges you to make sure you understand these risks before relying on, using or retrieving any Content on the Site. You should evaluate the Content made available through the Site, and you should seek the advice of professionals, as appropriate, to evaluate any opinion, advice, product, service or other information. You agree that Mathers Associates is not liable for any action you take or decision you make in reliance on any Content.

THE PAST PERFORMANCE OF ANY INVESTMENT, INVESTMENT STRATEGY OR INVESTMENT STYLE IS NOT INDICATIVE OF FUTURE PERFORMANCE. No representation is being made that any investment or transaction will or is likely to achieve the profits or losses similar to those achieved in the past, or that significant losses will be avoided.

FORWARD LOOKING STATEMENTS

Information contained in the Content may contain forward-looking statements based on Mathers Associates’ expectations and projections. Those statements are sometimes indicated by words such as “expects,” “believes,” “will” and similar expressions. In addition, any statements that refer to expectations, projections or characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual returns could differ materially and adversely from those expressed or implied in any forward-looking statements as a result of various factors. Mathers Associates undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

TESTIMONIALS

Any testimonials contained in the Content of the Site are provided by current or former investors with Mathers Associates. While such individuals are not compensated for such testimonials, each has a beneficial relationship with Mathers Associates which may constitute a conflict of interest. All views expressed in these testimonials are the individual’s own and do not represent the experience of all Mathers Associates’ clients or investors. In addition, such testimonials provide no guarantee of future performance and are not indicative of future success for other clients or investors. Individuals who have provided testimonials were not chosen at random or according to any objective basis, but rather on the basis of their relationship with Mathers Associates. All testimonials have been anonymized.

THIRD PARTY CONTENT

Mathers Associates is not responsible for information produced by a third party that is referred to in, or accessible or connected by hyperlink to any content contained on this Site. Mathers Associates makes every attempt to provide links only to accurate websites, but Mathers Associates cannot be responsible for the information or continued accuracy of the information presented on those websites. Mathers Associates specifically disclaims any liability for any loss or damages which a viewer may incur by visiting any such websites. You are advised to review the terms of use and privacy policies of any website that you visit. Mathers Associates disclaims responsibility for the privacy policies and customer information practices of third-party internet websites linked from the Site. Hyperlinks to or from the content herein do not constitute third party endorsement of, sponsorship by or affiliation with Mathers Associates.

LINKEDIN DISCLOSURES

Content and other information contained on the Mathers Associates LinkedIn page (available at https://www.linkedin.com/company/mathers-associates/) that is provided by Mathers Associates is for informational purposes only, represents the current, good-faith views of Mathers Associates and is subject to change without notice. No Content provided by Mathers Associates or by other third parties on LinkedIn should be considered to be investment advice, an offer to sell, solicitation to buy or recommendation to invest in any particular security, strategy or investment product.

Any likes, comments or other opinions expressed by persons appearing on Mathers Associates’ LinkedIn page do not necessarily represent the views of Mathers Associates or its affiliates. Mathers Associates is not responsible and does not endorse the information, advertising, products, advice, opinions, recommendations or other materials available from other members of LinkedIn.com. Any posts on LinkedIn by Mathers Associates or its employees may mention companies that Mathers Associates has invested in. Such posts are not all of the positions that Mathers Associates has invested in and they are no indication of the companies that any fund advised by Mathers Associates may invest in the future. Such posts should not be deemed, used or interpreted to extrapolate performance information of any fund managed by Mathers Associates and do not provide recommendations to invest in any particular company. Due to various regulations and internal policies, Mathers Associates may not reply to certain user comments. Mathers Associates reserves the right to remove information from its LinkedIn page that does not comply with its internal social media policies, including content that is profane, unlawful, threatening, discriminatory or malicious.

LinkedIn is a public site. Mathers Associates is in no way affiliated with LinkedIn and has no responsibility for its operations and services or for other LinkedIn service sites. Mathers Associates is not responsible for LinkedIn’s terms of use or privacy or security policies, or any other third-party sites that may be linked to by a LinkedIn site.

Mathers Associates disclaims, to the fullest extent permitted by law, all express and implied warranties of merchantability, fitness for a particular purpose, and non-infringement associated with the LinkedIn page. If you live in a state that does not allow disclaimers of implied warranties, this disclaimer may not apply to you.

Your use of the LinkedIn page constitutes your acceptance of the terms contained herein. You may reject these terms by not using the LinkedIn page at any time.

DISCLAIMER OF INTERNATIONAL USE

This Site is operated and controlled by Mathers Associates in the United States, and the Content provided in or accessible through the Site is directed at residents of the United States. Despite the global nature of the Internet, Mathers Associates makes no claims that the Content or the Site are appropriate or may be viewed or used outside the United States. Access to the Site from countries or territories where such access is illegal is prohibited. Those who access the Site from outside the United States do so on their own initiative and are responsible for compliance with local laws, rules and regulations.

LIMITATION OF LIABILITY; INDEMNIFICATION

• All or any portion of the Site may not be available and may not function properly at any time.
• The Site may have and may cause technological problems such as viruses and other damaging computer programming routines or engines.
• Mathers Associates disclaims liability for any interception of data or communications.
• Mathers Associates does not guarantee the security of the Site.
• Mathers Associates is not liable for any damage or injury caused by the performance or failure of performance of all or any portion of the Site.
• Mathers Associates is not liable for any defects, delays or errors in or resulting from your use of the Site.

MATHERS ASSOCIATES DISCLAIMS ALL WARRANTIES WITH RESPECT TO THE SITE THAT THE LAW ALLOWS IT TO DISCLAIM. THE SITE IS PROVIDED “AS IS” AND “AS AVAILABLE.” MATHERS ASSOCIATES DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, OF ANY KIND WITH RESPECT TO THE SITE INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT OF INTELLECTUAL PROPERTY AND PROPRIETARY RIGHTS. WITHOUT LIMITING MATHERS ASSOCIATES’ GENERAL DISCLAIMER, MATHERS ASSOCIATES DOES NOT WARRANT THE AVAILABILITY, ACCURACY, COMPLETENESS, TIMELINESS, FUNCTIONALITY, RELIABILITY, SEQUENCING OR SPEED OF DELIVERY OF THE SITE OR ANY PART OF THE CONTENT.

MATHERS ASSOCIATES’ LIABILITY WITH RESPECT TO THE SITE IS LIMITED TO THE MAXIMUM EXTENT PERMITTED BY LAW. IN NO EVENT WILL MATHERS ASSOCIATES OR ANY OF ITS AFFILIATES, AND EACH OF THEIR RESPECTIVE CONTROLLING PERSONS, SHAREHOLDERS, MEMBERS, MANAGERS, PARTNERS, DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS (“COVERED PERSONS”) BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES HOWEVER CAUSED ARISING OUT OF THESE TERMS OF USE, THE SITE, THE INABILITY TO USE THE SITE. MATHERS ASSOCIATES’ LIABILITY IS LIMITED EVEN IF MATHERS ASSOCIATES HAS BEEN ADVISED OF THE POSSIBILITY OF DAMAGES OR IF ANY REMEDY YOU HAVE FAILS OF ITS ESSENTIAL PURPOSE. THIS DISCLAIMER OF LIABILITY APPLIES TO ANY AND ALL DAMAGES OR INJURY, INCLUDING THOSE CAUSED BY ANY FAILURE OF PERFORMANCE, ERROR, OMISSION, INTERRUPTION, DELETION, DEFECT, DELAY IN OPERATION OR TRANSMISSION, COMPUTER VIRUS, COMMUNICATION LINE FAILURE, THEFT, DESTRUCTION OR UNAUTHORIZED ACCESS TO, ALTERATION OF OR USE OF ANY ASSET, WHETHER FOR BREACH OF CONTRACT, TORTIOUS BEHAVIOR, NEGLIGENCE OR UNDER ANY OTHER CAUSE OF ACTION.

YOU WILL BE RESPONSIBLE FOR ANY LIABILITY TO MATHERS ASSOCIATES THAT ARISES OUT OF YOUR BREACH OF THESE TERMS OF USE OR YOUR USE OF THE SITE. YOU AGREE TO INDEMNIFY, DEFEND AND HOLD HARMLESS THE COVERED PERSONS AND THIRD PARTY SOURCES FROM AND AGAINST ANY AND ALL SUITS, LOSSES, CLAIMS, DEMANDS, LIABILITIES, DAMAGES, COSTS AND EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES) THAT ARISE FROM OR RELATE TO: (1) YOUR USE OF THE SITE, (2) YOUR BREACH OF THESE TERMS OF USE OR ANY REPRESENTATION, WARRANTY OR COVENANT MADE BY YOU IN THESE TERMS OF USE, (3) YOUR VIOLATION OF ANY APPLICABLE LAW, STATUTE, ORDINANCE, REGULATION OR OF ANY THIRD PARTY’S RIGHTS, OR (4) CLAIMS ASSERTED BY THIRD PARTIES WHICH, IF PROVEN, WOULD PLACE YOU IN BREACH OF REPRESENTATIONS, WARRANTIES, COVENANTS OR OTHER PROVISIONS CONTAINED IN THESE TERMS OF USE.

GOVERNING LAW; DISPUTES

These Terms of Use are governed by the laws of the State of California, without regard to its choice of law provisions. Any dispute relating to these Terms of Use or your use of the Site shall be resolved solely in the state or federal courts located in the jurisdiction of Mathers Associates’ principal place of business. You agree to waive trial by jury in any such action.

YOU AND MATHERS ASSOCIATES AGREE THAT YOU AND MATHERS ASSOCIATES MAY BRING CLAIMS AGAINST THE OTHER ONLY IN YOUR OR ITS INDIVIDUAL CAPACITY AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING, EXCEPT WHERE DOING SO IS PROHIBITED BY LAW OR DEEMED BY A COURT OF LAW TO BE AGAINST PUBLIC POLICY. FURTHER, YOU AGREE THAT NO PROCEEDING WILL BE JOINED, CONSOLIDATED OR COMBINED WITH ANOTHER PROCEEDING WITHOUT THE PRIOR WRITTEN CONSENT OF ALL PARTIES AFFECTED BY SUCH PROCEEDINGS.

You acknowledge and agree that a breach or threatened breach of any covenant contained in these Terms of Use would cause irreparable injury, that money damages would be an inadequate remedy, and that Mathers Associates shall be entitled to temporary and permanent injunctive relief, without the posting of any bond or other security, to restrain you from such breach or threatened breach. Nothing in this section shall be construed as preventing Mathers Associates from pursuing any and all remedies available to it, including the recovery of money damages from you.

GENERAL

If any provision of these Terms of Use is found invalid or unenforceable, that provision shall be enforced to the maximum extent possible, and the remaining provisions of these Terms of Use shall remain in full force and effect. These Terms of Use constitute the entire understanding, and supersede all other understandings, between you and Mathers Associates concerning the subject matter hereof.