Last Updated: March 13, 2012

I. INTRODUCTION

Macroeconomic Advisers Website Terms of Use

Welcome to the website for Macroeconomic Advisers, LLC (hereinafter, “MA,” “we,” or “us”). Please read these Terms of Use carefully. These Terms of Use set forth terms and conditions for your access to and use of the website, including the client portal and the services, information and materials made available on or through the website. By accessing or using the website, on behalf of yourself and your company or organization, you acknowledge that you have read, understand, and agree to be legally bound by these Terms of Use.

II. WEBSITE USE

Visitors. You may use the public areas of the website to learn about our team and service offerings and view select free content and excerpts of our content. You also may use the social media features of our website for non-commercial purposes to link to and re-post excerpts from our blog posts and similar free content. If you are interested in viewing our client-only content, please contact us, and we would be happy to discuss our offerings and arrange a trial subscription.

Trial Subscribers. If you have been provided with trial access to one of MA’s subscription offerings, you may access and use the client portal to set account preferences and retrieve trial subscription materials. Use of the trial subscription is limited to employees within the designated division or group of your firm who have received a valid user ID and password. You may use the trial subscription materials internally to evaluate the MA service offering in the ordinary course of your business. You may not re-distribute, publish or prepare summaries or other derivative works of the trial subscription materials, in whole or in part, without MA’s prior written consent. Trial subscriptions may be canceled at any time in MA’s discretion.

MA Clients. If you are a client of MA, you may access and use the client portal to set account preferences and retrieve subscription materials. All access to and use of the client portal and subscription materials is further subject to the terms of your subscription services agreement with MA, which supplements this agreement and will control to the extent of any conflict with the provisions hereof.

Prohibited Activities. You may not: (i) use the website for advertising, promotional, solicitation or other commercial purposes; (ii) use automated means, including scripts, spiders, robots, crawlers or data mining tools, to post content to or download content from the website; (iii) attempt to gain unauthorized access to the client portal or any other private areas of the website, or to any client’s or other user’s account; (iv) impersonate a representative of MA, another client, or another website user; (v) engage in or promote any activity, or post or transmit any content, that is illegal, threatening, abusive, offensive, obscene, harassing, defamatory, deceptive, false, unsafe, invasive of another’s privacy, or endangering of minors in any way; (vi) infringe, misappropriate, or violate the copyrights, trademarks, trade secrets, patents,

or other intellectual property or proprietary rights, rights of privacy or publicity, or other rights of any third party, or violate any contractual, fiduciary or other legal duty or obligation; or (vii) engage in any activity that disrupts, diminishes the quality of, interferes with the performance of, or impairs the functionality of the website.

Termination. We reserve the right to suspend or terminate your access to or use of the website or client portal at any time and for any reason, and/or to take other action, with or without prior notice to you, if you violate any provision of these Terms of Use or use the website in a manner for which it is not intended to be used.

Indemnification. You agree to indemnify, defend and hold MA, its directors, officers, employees, agents, affiliates and suppliers harmless from and against any and all claims, demands, actions, damages, liabilities, losses, judgments, awards, settlements, costs and expenses (including reasonable attorneys’ fees and legal costs) arising out of or resulting in whole or in part from your violation of these Terms of Use, your unauthorized access to or misuse of the website, or your actual or alleged violation of any applicable law or the rights of another person or entity.

III. DISCLAIMERS

The forecasts of MA are based upon sources believed by MA to be reliable, and are developed from models generally viewed in the industry as acceptable methods for producing economic forecasts. Notwithstanding the foregoing, no representation or warranty is made as to the completeness or accuracy of the forecasts or any other information or materials made available on or through the website. All opinions, analysis, and forecasts are made at a particular point in time and are subject to change, without any obligation to amend the original communication or otherwise notify you.

All forecasts, analysis, and other information and materials made available on or through the website are provided for informational purposes only, and are not and should not be construed as legal, tax, investment, financial or other advice, or as an offer, solicitation or recommendation to purchase or sell any security, class of securities or other financial product, or to participate in any particular investment strategy. MA does not purport to disclose any risks or benefits of entering into any particular transaction, and will have no responsibility or liability for any action or inaction taken by you in connection therewith.

THE WEBSITE AND THE SERVICES, INFORMATION AND MATERIALS AVAILABLE ON OR THROUGH THE WEBSITE ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, AND ALL USE IS AT YOUR OWN RISK. MA AND ITS SUPPLIERS MAKE NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, REGARDING THE WEBSITE OR THE SERVICES, INFORMATION AND MATERIALS MADE AVAILABLE ON OR THROUGH THE WEBSITE, AND EXPRESSLY DISCLAIM ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT OR QUIET ENJOYMENT. WE DO NOT REPRESENT OR WARRANT THAT YOUR USE OF THE WEBSITE WILL BE UNINTERRUPTED OR ERROR-FREE, OR THAT ANY INFORMATION OR MATERIALS AVAILABLE ON OR THROUGH THE WEBSITE WILL BE ACCURATE, COMPLETE, UP-TO- DATE, OR FREE FROM VIRUSES, TYPOGRAPHICAL ERRORS OR ALTERATIONS BY THIRD PARTIES.

IV. PROPRIETARY RIGHTS

MA and its suppliers reserve all right, title and interest in and to the website, including but not limited to the client portal and all services, materials, information, and compilations of information available on or through the website, as well as any and all domains and sub-domains, the design, layout, graphics, programming code and “look and feel” of the website, the copyrights, trademarks, service marks, and trade dress appurtenant thereto, all goodwill associated therewith, and all other intellectual property and proprietary rights of any nature throughout the world embodied therein. You may not modify, reproduce, distribute, sell, or create derivative works based upon the website, or the services, information or materials available on or through the website, without MA’s prior written consent. All rights not expressly granted to you by MA are reserved.

From time to time, you may provide us with suggestions, ideas or other feedback for the website or the services, information or materials featured on the website. MA, its successors and assigns are and will be free to use, disclose and otherwise commercialize and exploit such feedback free of any and all claims by or monetary obligations to you, or proprietary, confidentiality or other restrictions of any kind, including for purposes of developing improvements to MA’s website, services, information and materials.

V. LINKS TO THIRD PARTY SITES

The website may contain links to Internet or mobile sites not owned or operated by MA, including sites featuring companies, products, services or news that may be of interest or pages that we maintain on YouTube, Facebook, Twitter or other social media sites. The inclusion of these links should not be construed as any sort of affiliation, sponsorship, endorsement or approval. When you access a third party Internet or mobile site, you do so at your own risk. We assume no responsibility or liability for any information, products or services available on or through any third party Internet or mobile site, or for any actions taken by you or others in connection therewith.

VI. LIMITATIONS ON LIABILITY

IN NO EVENT SHALL MA OR ITS SUPPLIERS BE LIABLE TO YOU OR ANYONE ELSE FOR ANY INDIRECT, CONSEQUENTIAL, SPECIAL, INCIDENTAL, EXEMPLARY, PUNITIVE OR SIMILAR DAMAGES (INCLUDING WITHOUT LIMITATION LOST BUSINESS, LOST PROFITS, DAMAGE TO OR LOSS OF DATA, OR OTHER PECUNIARY LOSS) ARISING OUT OF OR RELATED TO THESE TERMS OF USE, THE WEBSITE, THE SERVICES, INFORMATION OR MATERIALS AVAILABLE ON OR THROUGH THE WEBSITE, ANY DECISION MADE OR ACTION TAKEN OR NOT TAKEN BY YOU IN RELIANCE THEREON, OR ANY FORCE MAJEURE EVENT, ACTS OR OMISSIONS OF THIRD PARTIES, OR OTHER OCCURRENCE OUTSIDE OF MA’S REASONABLE CONTROL. THE TOTAL CUMULATIVE LIABILITY OF MA AND ITS SUPPLIERS ARISING OUT OF OR RELATED TO THESE TERMS OF USE, THE WEBSITE, AND THE SERVICES, INFORMATION AND MATERIALS AVAILABLE ON OR THROUGH THE WEBSITE SHALL NOT EXCEED THE FEES (IF ANY) PAID BY YOU TO MA FOR ACCESS TO OR USE OF THE WEBSITE IN THE THREE (3) MONTHS PRIOR TO THE ACCRUAL OF THE FIRST SUCH CLAIM OR ONE DOLLAR ($1), WHICHEVER IS GREATER. THE LIMITATIONS ON LIABILITY IN THIS SECTION SHALL APPLY TO THE MAXIMUM

EXTENT PERMITTED BY APPLICABLE LAW, REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, INDEMNITY OR OTHERWISE, AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THE EXISTENCE OF MORE THAN ONE CLAIM OR SUIT WILL NOT EXPAND THIS LIMITATION. THESE LIMITATIONS ON LIABILITY ARE AN ESSENTIAL PART OF THESE TERMS OF USE, AND SHALL BE VALID AND BINDING EVEN IF ANY REMEDY IS DEEMED TO FAIL OF ITS ESSENTIAL PURPOSE. SOME JURISDICTIONS DO NOT ALLOW THE DISCLAIMER OF CERTAIN WARRANTIES OR TYPES OF DAMAGES, AND SO SUCH DISCLAIMERS MAY NOT APPLY TO YOU.

VII. PRIVACY POLICY; ADDITIONAL TERMS

These Terms of Use include the terms and conditions set forth in this document as well as our Privacy Policy, located here. Certain areas of the website may be subject to additional terms and conditions posted by us on the website or otherwise made available by us to you. Your access to and use of the website is conditioned upon your acceptance of such additional terms and conditions.

VIII. CHANGES TO THESE TERMS OF USE

We reserve the right to amend these Terms of Use from time to time. Any amendments shall be effective when posted by us on the website or otherwise made available to you. Your access to or use of the website after we have amended these Terms of Use shall signify your acceptance of the amended terms.

IX. CONTACTING US

If you have questions about these Terms of Use, or have any other questions or comments concerning this website, please contact us by email at [Email Address] or by mail at Macroeconomic Advisers, LLC, Attn: Senior Managing Director, 231 South Bemiston Avenue, Suite 900, St. Louis, Missouri 63105.

X. MISCELLANEOUS

Governing Law. These Terms of Use and the relationship between you and us relating to your access to and use of the website shall be governed by and interpreted for all purposes in accordance with the laws of the State of Missouri, USA, without regard to any conflict of laws principles that would require the application of the laws of a different jurisdiction. The United Nations Convention on Contracts for the International Sale of Goods does not and shall not apply to the website or these Terms of Use, and is hereby specifically excluded.

Jurisdiction and Venue. Any dispute, action or proceeding arising out of or related to these Terms of Use, your access to or use of the website, or the services, information or materials made available on or through the website shall be commenced in the state courts of St. Louis County, Missouri or, if proper subject matter jurisdiction exists, the U.S. District Court of the Eastern District of Missouri. You hereby consent to the exclusive personal jurisdiction and venue of such courts and waive any objections thereto, including any objection based on forum non conveniens; provided, however, the foregoing shall not prevent us from seeking temporary or permanent injunctive or other equitable relief against you or compelling your express

indemnification obligations in any court of competent jurisdiction.

Assignment. You may not assign these Terms of Use or assign or delegate any right or duty under these Terms of Use, in whole or in part, without MA’s prior written consent. Any attempted assignment or delegation shall be null and void from the beginning and without effect. MA may assign these Terms of Use or any right or duty under these Terms of Use, with or without notice to you, including to any affiliate or successor in interest. Subject to the foregoing, these Terms of Use shall be binding on and inure to the benefit of you and us, and each of our respective heirs, administrators, successors and permitted assigns.

Notices. All notices under these Terms of Use shall be in writing and in the English language. Notices to you may be delivered by email, fax or postage prepaid registered or certified mail, return receipt requested, to the most current address on file. Notices to MA shall be delivered by postage prepaid registered or certified mail, return receipt requested, to the attention of the Senior Managing Director at MA’s then-current corporate headquarters address, unless we have provided you with an alternative notice address:

Third Party Beneficiaries. Nothing contained in these Terms of Use, express or implied, is intended or shall be construed to give any third party any rights or remedies under or by reason of these Terms of Use. Notwithstanding the foregoing, the disclaimers and limitations on liability under these Terms of Use shall extend to MA, its directors, officers, employees, agents and affiliates. All references to MA in connection therewith shall be deemed to include such persons and entities as third party beneficiaries entitled to accept all benefits afforded thereby.

Amendment; Waiver. Any amendment by you or waiver by us of these Terms of Use must be in writing and signed by a duly authorized representative of MA. No provision shall be waived by any act, omission or knowledge of MA. Any waiver on one occasion shall not constitute a waiver of any other or subsequent duty or breach.

Severability. If any provision of these Terms of Use is determined to be invalid or unenforceable under applicable law, the provision shall be amended by a court of competent jurisdiction to accomplish the objectives of such provision to the greatest extent possible under applicable law, or severed from these Terms of Use if such amendment is not possible, and the remaining provisions of these Terms of Use shall continue in full force and effect.

Construction. The captions in these Terms of Use are for reference purposes only and shall not affect the meaning or interpretation of these Terms of Use. The term “including” as used herein means “including without limitation.” The terms “hereunder,” “herein,” “hereof” and similar variations mean these Terms of Use as a whole, and not any particular section.

Entire Agreement. These Terms of Use set forth the entire agreement of the parties with regard to the subject matter hereof, and supersede all prior and contemporaneous negotiations and agreements, written or oral.

Copyright 2012 Macroeconomic Advisers, LLC. “Macroeconomic Advisers” and “MA” and are federally registered service marks of Macroeconomic Advisers, LLC. All rights reserved.