AFIG Consulting and its affiliates ("AFIG" or "we") provides its content on this Web site (the "Site") subject to the following terms and conditions (the "Terms"). We may periodically change the Terms, so please check back from time to time. These Terms were last updated on April 19, 2006. By accessing and using this Site, you agree to these Terms. For an explanation of AFIG's practices and policies related to the collection, use, and storage of our users' information, please read our Privacy Policy.

All content and functionality on the Site, including text, graphics, logos, icons, and images and the selection and arrangement thereof, is the exclusive property of AFIG or its licensors and is protected by U.S. and international copyright laws. All rights not expressly granted are reserved.

The trademarks, service marks, designs, and logos (collectively, the "Trademarks") displayed on the Site are the registered and unregistered Trademarks of AFIG and its licensors. You agree that you will not refer to or attribute any information to AFIG or its licensors in any public medium (e.g., press release, Web sites) for advertising or promotion purposes, or for the purpose of informing or influencing any third party and that you will not use or reproduce any Trademark of, or imply any endorsement by or relationship with, AFIG or its licensors.

AFIG hereby grants you a non-exclusive, non-transferable license for the term hereof to access and download, display, and print one copy of the content and functionality displayed on the Site (the "Site Content") on any single computer solely for your internal, business use, provided that you do not modify the Site Content in any way and that you retain all copyright and other proprietary notices displayed on the Site Content. You may not otherwise reproduce, modify, distribute, transmit, post, or disclose the Site Content without AFIG's prior written consent.

You acknowledge and agree that AFIG shall own and have the unrestricted right to use, publish, and otherwise exploit any and all information that you may post or otherwise publish on the Site in postings, survey responses, and otherwise, and you hereby waive any claims against AFIG for any alleged or actual infringements of any rights of privacy or publicity, moral rights, or rights of attribution in connection with AFIG's use and publication of such submissions. You covenant that you shall not post or otherwise publish on the Site any materials that (a) are threatening, libelous, defamatory, or obscene; (b) would constitute, or that encourage conduct that would constitute, a criminal offense, give rise to civil liability, or otherwise violate law; (c) infringe the intellectual property, privacy, or other rights of any third parties; (d) contain a computer virus or other destructive element; (e) contain advertising; or (f) constitute or contain false or misleading statements. AFIG does not and cannot review all information posted to the Site by users and is not responsible for such information. However, AFIG reserves the right to refuse to post and the right to remove any information, in whole or in part, for any reason or for no reason.

AFIG prohibits the posting of any information that infringes or violates the copyright rights and/or other intellectual property rights (including rights of privacy and publicity) of any person or entity. If you believe that your intellectual property right (or such a right that you are responsible for enforcing) is infringed by any content on the Site, please write to AFIG at the address shown below, giving a written statement that contains: (a) identification of the copyrighted work and/or intellectual property right claimed to have been infringed; (b) identification of the allegedly infringing material on the Site that is requested to be removed; (c) your name, address, and daytime telephone number, and an e-mail address if available; (d) a statement that you have a good faith belief that the use of the copyrighted work and/or exercise of the intellectual property right is not authorized by the owner, its agent, or the law; (e) a statement that the information in the notification is accurate, and, under penalty of perjury, that the signatory is authorized to act on behalf of the owner of the right that is allegedly infringed; and (f) the signature of the intellectual property right owner or someone authorized on the owner's behalf to assert infringement of the right. AFIG will remove any posted submission that infringes the copyright or other intellectual property right of any person upon receipt of such a statement.

THE CONTENT AND FUNCTIONALITY ON THE SITE IS PROVIDED WITH THE UNDERSTANDING THAT AFIG IS NOT HEREIN ENGAGED IN RENDERING PROFESSIONAL ADVICE AND SERVICES TO YOU. ALL CONTENT AND FUNCTIONALITY ON THE SITE IS PROVIDED "AS IS," WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. AFIG AND ITS THIRD-PARTY CONTENT PROVIDERS MAKE NO WARRANTIES, EXPRESS OR IMPLIED, AS TO THE OWNERSHIP, ACCURACY, OR ADEQUACY OF THE SITE CONTENT. AFIG SHALL HAVE NO LIABILITY OR RESPONSIBILITY FOR ANY INFORMATION PUBLISHED ON LINKED WEB SITES, CONTAINED IN ANY USER SUBMISSIONS PUBLISHED ON THE SITE, OR PROVIDED BY THIRD PARTIES. NEITHER AFIG NOR ITS THIRD-PARTY CONTENT PROVIDERS SHALL BE LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES OR FOR LOST REVENUES OR PROFITS, WHETHER OR NOT ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES AND REGARDLESS OF THE THEORY OF LIABILITY.

We may provide links to third-party Web sites. AFIG has no responsibility for these third-party Web sites, which are governed by the Terms of Use and privacy policies, if any, of the applicable third-party content providers.

These Terms are governed by the laws of South Africa without reference to the principles of conflicts of laws thereof.

AFIG Consulting and its affiliates ("AFIG" or "we") is committed to protecting the privacy of the personally-identifiable information that we collect from you as you use this Web site (the "Site"). The scope of AFIG's commitment is detailed in this Privacy Policy. By submitting information, you agree to AFIG's use of such information as described herein. Please see our Terms of Use for more information about our on-line policies in general.

AFIG may collect personally-identifiable information when users register, request publications or other information, sign up for conferences and events, apply for jobs, and participate in user posting areas, such as bulletin boards, discussion forums, and surveys. The personally-identifiable information collected may consist of information that you provide, such as names, mailing addresses, e-mail addresses, telephone and fax numbers, and, for recruiting purposes, any other personally-identifiable information on your resume.

AFIG uses your personally-identifiable information to fulfill your requests for information, to process your requests to participate in conferences and events, to evaluate any job applications or other employment-related inquiries that you may submit, or for such other business purposes as you may initiate or request. We may keep any of your personally-identifiable information on file and use it to contact you for recruiting purposes.

Cookies are small pieces of text stored on your computer that help us know which browser you are using and where you have been on the Site and on Web sites to which you may link in order to use some of our features. By accepting our cookie, you will be permitted access to certain pages of the Site without having to log in each time you visit. A user who does not accept the cookie from the Site may not be able to access certain areas of the Site. AFIG also logs IP addresses, or the location of computers on the Internet, to help diagnose problems with our server and to administer the Site. If you prefer not to accept a cookie, you can set your web browser to warn you before accepting cookies, or you can refuse all cookies by turning them off in your web browser.

AFIG shall not intentionally disclose or transfer (and shall take reasonable steps to protect the confidentiality and security, and to prevent the unauthorized or accidental disclosure of) your personally-identifiable information to third parties (i.e., persons or entities that are not affiliates of AFIG), whether for such third parties' marketing purposes or otherwise, subject only to the following four exceptions: AFIG may disclose your personally-identifiable information to third parties in the event that such disclosure is required by the laws, rules, or regulations of any nation, state, or other applicable jurisdiction; AFIG may disclose your contact information to third parties as appropriate for AFIG to make transmissions or deliveries to you; AFIG may disclose your personally-identifiable information if, in connection with submitting the information, you consent to such disclosure; and AFIG may disclose contact information for you in response to inquiries by bona-fide rights owners in connection with allegations of infringement of copyright or other proprietary rights arising from information you have posted on the Site or otherwise provided to AFIG.

We may provide links to third-party Web sites as a service to our users. In addition, some of the content appearing to be on this Site is in fact supplied by third parties, for example, in instances of framing of third- party Web sites or incorporation through framesets of content supplied by third-party servers. Please be aware that we cannot control and are not responsible for the information collection practices of such third-party Web sites, which may differ from those of this Site. We encourage you to review and understand the privacy policies on these Web sites before providing any information to them.

You may update, and/or delete any personally-identifiable information that you submitted to the Site. You may also unsubscribe from mailing lists or any registrations on the Site. To do so, please either follow instructions on the page of the Site on which you have provided such information or subscribed or registered or contact us at AFIG via email at info@afigfunds.com, or by calling or writing us at the contact addresses here.

AFIG has implemented generally accepted standards of technology and operational security in order to protect personally-identifiable information from loss, misuse, alteration, or destruction. Only authorized AFIG personnel are provided access to personally-identifiable information, and these employees are required to treat this information as confidential. Despite these precautions, AFIG cannot guarantee that unauthorized persons will not obtain access to your personally-identifiable information.

Personally-identifiable information collected on the Site may be transferred from time to time to AFIG offices or personnel, or to third parties, located throughout the world, and the Site may be viewed and hosted anywhere in the world, including countries (such as the United States) that may not have laws of general applicability regulating the use and transfer of such data. By using the Site and submitting such information on it, you voluntarily consent to such transborder transfer and hosting of such information.

AFIG understands the importance of protecting children's privacy, especially in an on-line environment. The Site is not intentionally designed for or directed at children 13 years of age or younger, and AFIG will not intentionally collect or maintain information about anyone under the age of 13.

By using the Site, you consent to the collection, use, and storage of your information by us in the manner described in this Privacy Policy and elsewhere on the Site. We reserve the right to make changes to this Privacy Policy from time to time. We will alert you to any such changes by updating this Privacy Policy. This Privacy Policy was last updated on April 19, 2006.

If you have any questions about our Privacy Policy, please email us at info@afigfunds.com or call or write us at the contact addresses here.