WEBSITE TERMS OF USE

This website is owned and operated by Fairholme Capital Management, L.L.C. (“Fairholme” or “we”) and is provided as a service and for informational purposes only by Fairholme. By using this website, you (“you”, “user” or “visitor”) agree to the following terms of use and legal information pertaining to both this website and any material on it without limitation or qualification. Please read these terms carefully before using this website. These terms are a binding contract between you and Fairholme, as well as its U.S. affiliates. This website is offered to you conditioned on your acceptance without modification of the terms, conditions, and notices contained herein. If you do not agree to these terms, do not use or otherwise access this website.

Fairholme reserves the right to amend, change, modify, add, or remove portions of these terms at its discretion, at any time, and without notice by updating this website. We recommend that you check these terms periodically for amendments and other changes. The terms can be accessed from the link at the bottom of our website pages. If you use this website after we have posted amendments or other changes to these terms, you accept the amendments and other changes to the terms.

Fairholme grants you a limited, revocable, nonexclusive, nontransferable license to view, store, bookmark, download and print the pages within this website solely for personal, non-commercial use. Any commercial or public use of this website or any portion hereof is strictly prohibited. Except as otherwise permitted in writing by Fairholme, you may not use, modify, frame, copy, reproduce, republish, upload, post, transmit, or distribute in any way any text, graphic, video, audio, software code, user interface design, logo or any other content on this website and you may not engage in any conduct that could damage, disable or overburden this website or any systems, networks, servers or account related to this website.

All materials on this site are meant to be reviewed in their entirety, including any footnotes, legal disclaimers, restrictions or disclosures, and any copyright or proprietary notices. Any disclaimers, restrictions, disclosures or hedge clauses apply to any partial document or material in the same manner as they do the whole, and will be deemed incorporated in the portion of any material or document that you consult or download.

If you have entered into an agreement with Fairholme or any of its affiliates, your relationship with Fairholme or that affiliate is governed by the agreement. In the event of any conflict between the terms on this website and your agreement with Fairholme or affiliate, your agreement shall govern and control.

DISCLAIMER
While Fairholme seeks to provide accurate and timely information, there may be inadvertent technical or factual inaccuracies and typographical errors on this website. The information provided on this website, including information and materials contained in the text, graphics, software, links and other items, is provided “as is”; meaning “as available” and without warranties of any kind either expressed or implied. To the fullest extent permissible pursuant to applicable law, Fairholme disclaims all warranties of any kind, implied, express or statutory, including, but not limited to, implied warranties of merchantability, warranties of fitness for a particular purpose and warranties of non-infringement. Fairholme does not warrant, either expressly or impliedly, the accuracy, adequacy, completeness, reliability, timeliness or availability of the information, text, graphics, links or other items contained on this website, and expressly disclaims liability for errors or omissions in the website. Any content on this site is subject to change without notice. Further, Fairholme assumes no responsibility for, and makes no warranties that, functions contained at this website will be uninterrupted or error-free, defects will be corrected, or the website or the server that makes it available will be free of viruses or other harmful components. Please note that some jurisdictions do not allow the exclusion of certain warranties, so some or all of the above exclusions may not apply to you.

The information provided on this website is provided for informational purposes only. This website is not intended to provide any tax, legal, insurance or investment advice, and nothing on this website should be construed as a recommendation, by us or any third party, to acquire or dispose of any investment or security, or to engage in any investment strategy or transaction. No information contained on this website constitutes an offer, or a solicitation to buy or sell any security or for the provision of any investment management or advisory services.

No security or other product is offered or will be sold in any jurisdiction in which such offer or solicitation, purchase or sale would be unlawful under the securities, or other laws of the jurisdiction. Fairholme and its affiliates reserve the right to determine eligibility for Fairholme products and services. Some products may not be available in all states.

MUTUAL FUND INFORMATION
The mutual funds referred to on this website may be offered and sold only to persons in the United States. Any offer or solicitation will be made only by means of delivery of a prospectus relating to a particular fund in those jurisdictions where permitted by law. For more information on any fund, including its investment objective, risks, fees, expenses and other information, please obtain a free prospectus by accessing the “Prospectus” link on this website or by calling 1-866-202-2263. Read the prospectus carefully before you invest or send money.

INFORMATION FOR VISITORS LOCATED OUTSIDE THE U.S.
Each of the investment products (including the Fairholme mutual funds) or services referred to on this website may be offered only to persons in the United States. This website should not be considered a solicitation or offering of any investment product or service to any person residing outside the United States or in any jurisdiction where such solicitation or offer would be unlawful under the laws of such jurisdiction.

SEC MATERIALS
Certain information provided through this website may have been filed with the Securities and Exchange Commission (“SEC”) (such materials being referred to as “SEC Materials”). Fairholme does not assume any duty of disclosure beyond that which is imposed by law. The SEC Materials should be read in conjunction with an entity’s periodic and other reports filed with the SEC, including the disclosures therein of certain factors which may affect an entity’s future performance. Individual statements appearing in the SEC Materials are intended to be read in conjunction with and in the context of the complete SEC Materials in which they appear, rather than as stand-alone statements.

Certain statements included in both the SEC Materials and other public disclosures contained on this website are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The most significant of such factors include, but are not limited to, the following: the performance of financial markets, the investment performance of sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions, and government regulations, including changes in tax rates. Fairholme cautions readers to carefully consider such factors. Further, such forward-looking statements speak only as of the date on which such statements are made; Fairholme undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

SUBMISSION OF INFORMATION
Electronic Mail (email) submitted to this website should not be considered secure. Fairholme makes no representation whatsoever concerning the security of your email messages or that any email message submitted through this website will be received by Fairholme.

You agree that you are solely responsible for all information, data, content, text, messages, comments, files, documents and any other material that you submit, upload, post, e-mail, transmit or otherwise make available via this website (“Your Content”). You grant Fairholme and its affiliates and each of their members, officers, directors employees, agents and vendors a perpetual, worldwide, irrevocable, nonexclusive, fully-paid and transferable right and license to use, store, modify, adapt, publish, display, disclose, distribute, sell reproduce and create derivative works from Your Content, without the requirement of any permission from or compensation or notice, and without liability, to you or any third party. Except as set forth in Fairholme’s privacy policy, none of Your Content submitted, uploaded, posted, e-mailed, transmitted or otherwise made available via this website shall be subject to any confidentiality obligations by Fairholme, its affiliates and each of their members, officers, directors employees, agents and vendors.

TRADEMARKS AND COPYRIGHTS
Fairholme owns and operates this website. All trademarks, service marks, trade names, and logos displayed on this website are proprietary to Fairholme or its affiliates, except as explicitly noted below under Ownership of Other Materials. Nothing contained on the website should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trademark displayed on this website without the written permission of Fairholme or such third party that may own the trademarks displayed on this website. Your use of the trademarks displayed on this website, except as provided herein, is strictly prohibited.

Images, screens, information, related software and other proprietary property displayed on this website are either the property of, or used with permission by, Fairholme. The use of these images, screens, information, related software and other proprietary property by you, or anyone else authorized by you, is prohibited unless specifically permitted herein. Any unauthorized use of the images may violate copyright laws, trademark laws, the laws of privacy and publicity, and communications regulations and statutes. If you download any information or software from this website, you agree that you will not copy it or remove or obscure any copyright or other notices or legends contained in any such information. You may not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer or sell any information, software, products or services obtained from this website.

OWNERSHIP OF OTHER MATERIALS
Adobe®, Acrobat®, Acrobat® Reader, and the Acrobat logo are trademarks of Adobe Systems Incorporated. Microsoft®, Internet Explorer, Windows®, and Windows Media® are trademarks of Microsoft Corporation. RealPlayer® is a trademark of RealNetworks, Inc. Quicktime® and Mac® are trademarks of Apple Computer, Inc. Morningstar® is a trademark of Morningstar, Inc. Netscape Navigator® is a trademark of Netscape Communications. Standard & Poor’s®, S&P®, Standard & Poor’s 500, S&P 500®, are trademarks of The McGraw-Hill Companies, Inc.

LINKED WEBSITES
This website may provide links to other websites for your convenience in locating related information and services. Unless otherwise indicated, Fairholme does not maintain these other websites and has no control over the organizations that maintain the websites or the information, products or services that these organizations provide. The content to which you link will not have been developed, checked for accuracy, or otherwise reviewed by Fairholme. Your linking to any off-site pages or other websites is at your own risk. Fairholme shall have no liability for any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality or timeliness of any electronic content. Fairholme makes no representations whatsoever about the opinions of any third party appearing on a linked website, neither regularly monitors nor has control over the contents of such websites, and does not endorse, and disclaims all responsibility for, the content of such statements or websites.

PROTECTED AREAS OF WEBSITE AND ACCOUNT ACCESS
Portions of this website may be protected by passwords or require a login. You agree to provide Fairholme with current, complete, and accurate information about you as prompted by the applicable registration process and agree to regularly update this information to maintain its completeness and accuracy. You agree to use this website to access only those accounts for which you are authorized to act, and you agree to use your own user names, logins, passwords, and security questions and answers when accessing accounts for which you are authorized to act. You agree not to obtain or attempt to obtain unauthorized access to such parts of or features on this website, or to any other protected information, through any means not made available to you by Fairholme.

You are responsible for maintaining the confidentiality of any account information, user names, logins, passwords, and security questions and answers that you use to access any page or feature on this website, and for logging off of your account and any protected areas of the website. You are fully responsible for all activities occurring under your accounts, user names, logins, passwords, and security questions and answers that result from your negligence, carelessness, misconduct, or failure to use or maintain appropriate security measures. If you become aware of any suspicious or unauthorized conduct concerning your accounts, user names, logins, passwords, or security questions and answers, you agree to contact Fairholme immediately. Fairholme will not be liable for any loss or damage arising from your failure to comply with this paragraph.

Products and services provided to you through this website may involve the electronic transmission, including via any e-mail address you provide to us, of information that you may consider to be personal financial information or promotional and marketing materials, and you consent to such transmission.

LIABILITY AND INDEMNITY
Fairholme expressly disclaims all liability for errors and omissions in these materials and for the use or interpretation by others of information contained on the website. Fairholme will not be responsible for any loss or damage that could result from interception by third parties of any information made available to you via this website. Neither Fairholme, nor any of its affiliates, members, directors, officers or employees, nor any third party vendor retained by Fairholme will be liable, or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this website, or resulting from the act or omission of any other party involved in making this website or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the website or these materials, whether or not the circumstances giving rise to such cause may have been within the control of Fairholme or of any vendor providing software or support services for this website. In no event will Fairholme, its affiliates or any such parties be liable to you for any direct, special, indirect, consequential, incidental damages or any other damages of any kind, even if Fairholme or any other party has been advised of the possibility thereof.

Decisions based on information contained on this website are the sole responsibility of the visitor, and in exchange for using this website, the visitor agrees to hold Fairholme harmless against any claims for damages arising from any decisions that the visitor makes based on such information. The visitor also agrees to hold Fairholme harmless for any claims for damages that arise from the visitor’s improper access to or use of this website, or any violation of the terms of use of this website. In no event will Fairholme be liable for any damages, or for repairs or corrections that must be performed, to or on your computer, person or other property, including, without limitation, direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the website or use thereof or the inability by any party to use such website, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure, even if Fairholme, or representatives thereof, are advised of the possibility of such damages, losses or expenses.

APPLICABLE LAW AND VENUE
This website (excluding linked websites) is controlled by Fairholme from its offices within the State of Florida, United States of America. By accessing this website, both you and Fairholme agree that the statutes and laws of the State of Florida, without regard to conflicts of laws principles thereof, will apply to all matters relating to use of this website. If you take legal action relating to these terms, you agree to file such action only in the U.S. District Court for the Southern District of Florida, and you consent and submit to the personal jurisdiction of those courts for the purpose of litigating any such action.

INTEGRATION AND SEVERABILITY
If any provision of these terms is deemed unlawful, void, or for any reason unenforceable, then that provision will be deemed severable from these terms and will not affect the validity and enforceability of the remaining provisions. The preceding terms of use represent the entire agreement between Fairholme and the user relating to the subject matter herein.

Investment products offered are not FDIC insured, may lose value and are not bank guaranteed.

Investors should consider the investment objectives, risks, charges and expenses of a Fund carefully before investing. The Fund’s prospectus contains this and other information about the Fund and can be obtained by clicking the “Prospectus” link on this website. Read the prospectus carefully before you invest or send money.

Fairholme mutual funds may be offered only to persons in the United States and by way of prospectus. This website should not be considered a solicitation or offering of investment products or services to investors residing outside of the United States.

SHARES OF FAIRHOLME MUTUAL FUNDS ARE DISTRIBUTED BY FORESIDE FUNDS DISTRIBUTORS LLC