Effective Date:  January 2012

Welcome to the Internet site (the “Site”) of Breyer Capital.  Please read our Terms and Conditions of Website Use (“Terms and Conditions”) carefully before using our Site.  These Terms and Conditions set forth the legally binding terms and conditions that govern your access to and use of this Site and its contents (collectively, the “Content”).  By using the Site, you accept these Terms and Conditions and our Privacy Policy.  If you do not agree to these Terms and Conditions for any reason, please do not use this Site. 

These Terms and Conditions may be updated by us at any time.  Your continued use of the Site after any such modifications shall constitute your acceptance of these Terms and Conditions as modified.

Permitted Uses of Our Site and Content:  All Content on our Site is the intellectual property of Breyer Capital or other parties and is protected by copyright and other intellectual property law.  We have listed below the permitted uses of our Content by Internet Site visitors.  We reserve the right to change our permitted uses at any time.  You may copy and print individual pages of our Site.  However, you may not extract, copy or download a large portion of the Content, such as by a bot, webcrawler, scraper, spider or other device that “harvests” portions of the Site.  Any copies of our Site pages must not remove any copyright, trademark or other proprietary notices or other legends.  You may not alter or modify the Content in your copies.  You may use and print minimal copies of our Content solely for your personal, non-commercial purposes.  Unless you receive our permission in advance, you may not make more than minimal copies of our Content, exploit any of our Content commercially, forward it as a mass distribution or post it on another Site.

Submissions:  We welcome any questions, comments or other content you choose to submit to us through the Site (including through e-mail links).  To avoid any misunderstandings, please be advised that we have the right to (and to allow others to) use, copy and distribute any questions, comments or other content you submit to us, without compensating or notifying you.

Prohibited Uses of Our Site and Content:  Breyer Capital 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.  Unless you receive our permission in advance, you may not link to this Site or display this Site as “framed” within another website.  You may not (and may not encourage others to) violate any law, regulation, rule or the intellectual property, privacy or publicity, or contractual rights of others, or attempt to violate the security of this Site or use or gain access to the identities, information or computers of others, through this Site.  You may not:  send through this Site any materials or communications that are unlawful or defamatory, indecent, harassing, or otherwise objectionable in our sole discretion; transmit any virus, worm, time bomb or similar system interference or corruptant through this Site; or use this Site to engage in any other unauthorized or unwelcome online conduct.  We reserve the right to change or supplement our policies as to prohibited uses at any time.

You agree to indemnify and hold harmless Breyer Capital and its affiliates and their employees, agents and representatives from any and all liabilities, damages, losses, claims, expenses and fees resulting from your violation of our website policies.

No Offer or Advice:  The Content is provided for informational purposes only and does not constitute an offer to sell or buy any securities and may not be used or relied upon in connection with any offer or sale of securities.

Breyer Capital is not utilizing the Site to provide investment or other advice, and nothing on the Site is to be deemed a recommendation that you buy, sell or hold any security or other investment or that you pursue any investment style or strategy.  If you would like investment, accounting, tax or legal advice, you should consult with your own advisors with respect to your individual circumstances and needs.

Trademarks:  Breyer Capital and certain other marks displayed on this Site are service marks and trademarks of Breyer Capital.  You may not use any of Breyer Capital’s trademarks, trade names or service marks in any manner that creates the impression that such names and marks belong to or are associated with you or your affiliates or are used with Breyer Capital’s consent.  All other trademarks or service marks on the Site that are not owned by Breyer Capital are the property of their respective owners.

Links to Other Websites:  This Site may contain links to, or may be linked from, other websites that are not maintained by us.  Breyer Capital does not endorse, have any responsibility for, or make any representations about, any other websites, including their products and services, content, communications and website use policies.  Breyer Capital expressly disclaims any responsibility for your access to or use of such other websites.

Limitations of Liability:  You acknowledge and accept that:  (1) notwithstanding the reasonable efforts by Breyer Capital to avoid technological problems, the Site may not be available, may not function properly or may have or cause technological problems (including, without limitation, computer malfunction, failure of performance, delays, interruptions, defects, errors, worms or viruses) from time to time; and (2) notwithstanding any reasonable security precautions that Breyer Capital or its designee may take, Breyer Capital or its designee cannot, and does not, guarantee that the Site will be free of security problems (including, without limitation, unauthorized interception of data or communications).

Breyer Capital will not be liable for any damages or injury, including but not limited to special or consequential damages, that result from the use of (or the inability to use) this Site and its contents, or a website linked to this Site, including any damages or injury caused by any failure of performance, error, omission, interruption, defect, delay in operation, computer virus, line failure, or other computer malfunction.

Disclaimer:  THIS WEBSITE IS PROVIDED BY BREYER CAPITAL ON AN “AS IS” AND “AS AVAILABLE” BASIS.  BREYER CAPITAL DOES NOT MAKE AND HEREBY DISCLAIMS ANY EXPRESS OR IMPLIED WARRANTIES, REPRESENTATIONS OR ENDORSEMENTS WHATSOEVER, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR WARRANTIES OF TITLE OR NON-INFRINGEMENT, AS TO THE OPERATION OF THIS SITE OR THE INFORMATION INCLUDED ON THIS SITE.  BREYER CAPITAL DOES NOT WARRANT THAT THE INFORMATION IN THIS SITE IS ACCURATE, RELIABLE OR CORRECT, THAT THIS SITE WILL BE AVAILABLE AT ANY PARTICULAR TIME OR LOCATION OR THAT THIS SITE IS FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS.

International Use:  Breyer Capital makes no claims that this site is appropriate or lawful for use or access outside the United States.  Access to this site from countries or territories where such access is illegal is prohibited.  If you access this website from outside the United States, you do so at your own risk.  You are solely responsible for complying with all local laws, rules and regulations regarding online conduct and website access.  Furthermore, our databases are located in the United States.  By sending us your data, you consent to its transfer to and storage within the United States.

Governing Law/Forum:  These Terms and Conditions are governed by California law.  If we have a dispute regarding this policy or your use of the Site, you agree that it shall be resolved solely in the state or federal courts located in San Francisco, California.