Palo Alto Investors : Contact

AGREEMENT TO TERMS OF USE

Please read the following terms and conditions ("Terms of Use") before using the Palo Alto Investors, LLC ("PAI") website (the "Site"). Your access to and use of the Site is subject to these Terms of Use and all applicable laws and regulations. By accessing and using the Site, you accept, without qualification, these Terms of Use. If you do not approve and accept these Terms of Use without qualification, you should exit the Site immediately.

PERSONAL AND NON-COMMERCIAL USE LIMITATION

This Site is for your personal and non-commercial use, and PAI grants you a non-exclusive, non-transferable and limited personal license to access and use the Site, 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 information, products or services obtained from this Site. You may not link other Sites to this Site without the express written permission of PAI. You may 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 shall be kept intact. You may not allow others to use your user name or password to access or use any part of this Site. All information on the non-public (i.e., password-restricted) areas of the Site is confidential and private and may not be disclosed or distributed by you to any other person or for any purpose and is made available solely for your personal use in connection with your investment activities. Any rights not expressly granted herein are reserved.

NO SECURITIES OFFERING

The funds advised by PAI are not offered through this Site. An offer regarding any such fund advised by PAI may be made only after you have received a Confidential Offering Circular concerning a fund and have had the opportunity to discuss all matters concerning any prospective investment that you desire. This Site does not provide all information material to an investor's decision to invest in any such fund, including, but not limited to, risk factors. For more information, please refer to a fund's Confidential Offering Circular and read it carefully before you invest.

PAST PERFORMANCE IS NOT COMPARABLE

The performance data presented in this Site reflect the reinvestment of dividends and other earnings and net figures reflect the deduction of expenses, management fees and incentive fees and allocations.

PAI believes that the performance shown in this Site was generated with an investment philosophy and methodology similar to that described in the funds' respective Confidential Offering Circulars, which it would expect to use in the future. Future investments, however, will be made under different economic conditions and in different securities and may be made using different investment strategies than were used during the times discussed herein. Furthermore, the performance discussed herein reflects investment of limited funds for a limited period of time and does not reflect performance in different economic or market cycles. It should not be assumed that any fund advised by PAI will experience returns, if any, comparable to those described herein. Past performance is not indicative of future returns. The performance results have not been compiled, reviewed or audited by an independent accountant. Results for the current year are based on the internal books and records of each fund and are subject to adjustment when that fund's financial statements for the current year are audited.

PAI believes that the comparison of each fund's performances to any single market index is inappropriate. These indices are provided for comparative purposes, but only as examples of general market performance. Unlike these indices, each fund's portfolio may contain options (including covered and uncovered puts and calls) and other derivative securities, may include short sales of securities, margin trading and securities of smaller capitalization companies than those reflected in these indices, and is not as diversified as these indices. Due to the differences between the composition of a fund's portfolio and these indices, PAI cautions potential investors that no such index is directly comparable to any fund.

DISCLAIMERS AND LIMITATION OF LIABILITY

THE INFORMATION, SOFTWARE AND SERVICES PUBLISHED ON THIS WEBSITE MAY INCLUDE INACCURACIES OR TYPOGRAPHICAL ERRORS. PAI AND/OR ITS RESPECTIVE SUPPLIERS MAY MAKE IMPROVEMENTS AND/OR CHANGES IN THE CONTENT AND OPERATION OF THIS SITE AT ANY TIME WITHOUT NOTICE. THIS SITE MAY BE TEMPORARILY UNAVAILABLE FROM TIME TO TIME DUE TO REQUIRED MAINTENANCE, TELECOMMUNICATIONS INTERRUPTIONS OR OTHER DISRUPTIONS.

PAI AND/OR ITS RESPECTIVE SUPPLIERS MAKE NO REPRESENTATIONS ABOUT THE SUITABILITY OF THE INFORMATION, SOFTWARE, PRODUCTS AND SERVICES CONTAINED ON THIS WEBSITE FOR ANY PURPOSE. ALL SUCH INFORMATION, SOFTWARE, PRODUCTS AND SERVICES ARE PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND. PAI AND/OR ITS RESPECTIVE SUPPLIERS HEREBY DISCLAIM ALL WARRANTIES AND CONDITIONS WITH REGARD TO THIS INFORMATION, SOFTWARE, PRODUCTS AND SERVICES, INCLUDING ALL IMPLIED WARRANTIES AND CONDITIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT AND AVAILABILITY.

YOUR USE OF THE SITE IS AT YOUR OWN RISK. YOU ARE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR LOSS OF DATA THAT RESULTS FROM THE DOWNLOAD OF ANY CONTENT FROM THIS SITE. IN NO EVENT SHALL PAI 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 THE USE OF OR ACCESS TO THIS WEBSITE OR WITH THE DELAY OR INABILITY TO USE THIS WEBSITE, OR FOR ANY INFORMATION, SOFTWARE, PRODUCTS OR SERVICES OBTAINED THROUGH THIS WEBSITE, WHETHER BASED ON CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE, EVEN IF PAI 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.

OWNERSHIP OF CONTENT

The Site 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 PAI 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 this site are proprietary to PAI, including all registered and unregistered trademarks and service marks of PAI. If the Site 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 PAI or any third party, without the express written permission of PAI, is strictly prohibited except as otherwise expressly permitted in these Terms of Use.

PRIVACY

To the extent that PAI collects any information from users of this Site, the collection and use of such information is governed by the [Privacy Policy] [insert hyperlink] of PAI which you should read prior to providing any information to PAI.

NO UNLAWFUL OR PROHIBITED USE

As a condition to your use of this Site, you represent and warrant to, and agree with, PAI that you will not use this Site for any purpose that is unlawful or prohibited by the terms of this agreement.

REFERENCES TO PUBLICATIONS AND OTHER COMPANIES

References to any publication or any other company in this Site 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 PAI or that PAI endorses, recommends or approves the services or products of such companies. News stories reflect only the author's opinion and not necessarily that of PAI.

LINKS TO THIRD PARTY WEBSITES

This Site may contain hyperlinks to websites operated by parties other than PAI. Such hyperlinks are provided for your convenience only. PAI does not control such websites, and is not responsible for their contents. PAI's inclusion of hyperlinks to such websites does not imply any endorsement of the material on such websites or any association with their operators.

MODIFICATION AND MONITORING OF WEBSITE

PAI reserves the right, at its discretion, to change, modify, add or remove portions of these terms at any time without notice to you. We suggest that you check these terms periodically for changes. The terms can be accessed from the link at the bottom of the homepage for the Site. If you use this Site after we post changes to the terms, you accept the changed terms. PAI expressly reserves the right to monitor any and all use of this Site.

TERMINATION AND CANCELLATION

PAI reserves the right to modify or terminate this Site and to terminate your access to this Site, without notice at any time.

INDEMNITY

You agree to indemnify, defend and hold harmless PAI, its subsidiaries, affiliates, officers, managers, members, employees and agents from and against any and all claims, liabilities, damages, losses or expenses, including but not limited to attorneys' fees and costs, arising out of or in any way connected with or relating to any claim, demand, suit, action or proceeding arising out of this Agreement or in connection with your use of the Site or any product or service related thereto.

GENERAL

This agreement is governed by the laws of the State of California, U.S.A. You hereby consent to the exclusive and personal jurisdiction and venue of courts in Santa Clara County, California, in all disputes arising out of or relating to the use of this Site. Use of this Site is unauthorized in any jurisdiction that does not give effect to all provisions of these terms and conditions, including without limitation this paragraph. This Site is not intended for use by children (persons under the age of 18).

You agree that no joint venture, partnership, employment or agency relationship exists between you and PAI as a result of this agreement or use of this Site.

PAI's performance of this agreement is subject to existing laws and legal process, and nothing contained in this agreement is in derogation of PAI's right to comply with law enforcement requests or requirements relating to your use of this Site or information provided to or gathered by PAI with respect to such use.

If any part of this agreement 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 will be deemed superseded by a valid, enforceable provision that most closely matches the intent of the original provision and the remainder of the agreement shall continue in effect.

This agreement constitutes the entire agreement between the user and PAI with respect to this Site and it supersedes all prior or contemporaneous communications and proposals, whether electronic, oral or written, between the user and PAI with respect to this Site. A printed version of this agreement and of any notice given in electronic form shall be admissible in judicial or administrative proceedings based on or relating to this agreement to the same extent and subject to the same conditions as other business documents and records originally generated and maintained in printed form.

You agree to be bound by any agreement or consent you transmit to or through the Site via any media or electronic device, including internet, telephone and wireless devices. You agree that when you click on any "I Agree" or "I Consent" or other similarly worded "button" or entry field with your mouse, keystroke or other device, your agreement shall be legally binding and enforceable and a legal equivalent of your handwritten signature.