Website Terms
1) Introduction
a) This website (Site) is provided by Navarino Capital Limited and Navarino Associates Limited (together, with their affiliates, Navarino).
b) By using this Site, you are agreeing to these terms of use (Website Terms).
c) These Website Terms were last updated on 16th April 2025.
2) Regulatory Restrictions on Accessing this Site
a) The information on this Site may be restricted in certain jurisdictions and no person in any such jurisdiction may treat this Site as constituting an offer, invitation or inducement to them to enter into any investment agreement or purchase any security referred to in such Site Information, unless in the relevant jurisdiction such an offer, invitation or inducement could lawfully be made to them.
b) Accordingly, this Site does not constitute an offer, invitation or inducement by anyone in any jurisdiction in which such offer, invitation or inducement is not lawful or in which the person making such offer, invitation or inducement is not qualified to do so or to anyone to whom it is unlawful to make such offer, invitation or inducement.
c) Further, this Site is not intended for any person in any jurisdiction where Navarino would become subject to licence or registration regulations of that jurisdiction, or the publication or availability of the contents is prohibited.
d) No securities commission or similar regulatory authorities has reviewed or in any way passed upon the Site, the information on this Site or the merits of any securities described herein and therein, and any representation to the contrary is an offence. It is the responsibility of any persons who wish to express an interest in any of the information on this Site to inform themselves of, and to observe, all applicable laws and regulations.
3) Navarino Products
a) This Site is neither an offer to sell an interest or otherwise invest in any investment vehicle or account distributed, sponsored, managed and/or advised by Navarino (each a Navarino Product). Any such offer, if made, would be made only through the relevant prospectus, offering document, subscription document, disclosure document and/or investment management agreement for each Navarino Product (Offering Documents) and only in jurisdictions where, and to such persons to whom, such an offer would be lawful.
b) Prospective investors should carefully consider all of the risks of an Navarino Product, including the risk factors and conflicts of interest disclosures contained in the Offering Documents, before deciding to invest. Any decision to invest in an Navarino Product should be made only on the basis of consideration of the applicable Offering Documents in relation the relevant Navarino Product.
c) Any person making an investment in a Navarino Product must be able to bear the risks involved and must meet such Navarino Product's suitability requirements. Some or all Navarino Products may not be suitable for certain investors. No assurance can be given that any Navarino Product's investment objective will be achieved.
d) Prospective investors in any Navarino Product should inform themselves as to: (1) all applicable income tax and other tax consequences, (2) the legal requirements in the countries of their nationality, residence, ordinary residence or domicile for such investment; and (3) any foreign exchange control requirement which they might encounter. By using this Site, you warrant that you have done so.
4) Using this Site
In using this Site you agree to the following:
a) To comply with all applicable laws and regulatory requirements relating to your use of this Site.
b) That none of the information displayed on this Site constitutes financial, investment, tax, legal, regulatory or other advice; and that you are not relying on it as such and will take independent professional advice as necessary before making any investment decision.
c) Not to use any data mining, robots or similar data gathering or extraction programs or methods, whether automated or manual, to access, acquire, copy or monitor any portion of this Site or any of its contents.
d) Not to misuse this Site by knowingly introducing viruses, trojans, worms, logic bombs or other material that is malicious or technologically harmful.
e) Not to attempt to gain unauthorised access to this Site, the server on which it is stored or any server, computer or database connected to this Site.
f) Not to attack this Site via a denial-of-service or distributed denial-of service attack or similar attack.
g) Breaching any of paragraphs 4d, 4e or 4f, may constitute a criminal offence under the Computer Misuse Act 1990. Navarino will report any such breach to the relevant law enforcement authorities and will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use this Site will cease immediately.
5) Non reliance
No representations, warranties or other assurances (whether express or implied) are given by Navarino or its directors or employees:
a) As to the completeness, reliability or accuracy of any information or materials displayed on this Site.
b) That information displayed on this Site is or will be updated by Navarino on a regular basis or otherwise.
c) That you will be able to access at all or any times Site. Navarino does not guarantee the security of any information available on or through this Site.
d) That this Site, or any information that can be accessed or downloaded from this Site, will be free from viruses or defects or compatible with your computer or other device.
6) Navarino’s liability
a) Subject to paragraph 6b, neither Navarino nor its directors or employees will be liable to you for any claims, liabilities, losses, costs or damages of any kind, including (1) direct, indirect, consequential, punitive, exemplary, incidental or special losses or (2) loss of profit, loss of business, business interruption, loss of business opportunity or loss of data arising out of or in any way connected with (i) your access and/or use of, or inability to access and/or use this Site, (ii) the contents of this Site, or (iii) the contents of any third party sites linked or linking to this Site. This applies even if Navarino, its directors or employees have been advised of the possibility of such claims, liabilities, losses, costs or damages or could have foreseen them.
b) Nothing in these Website Terms excludes Navarino’s liability for fraud, or to the extent that any such exclusion would be unlawful under applicable law.
c) Your sole remedy for dissatisfaction with your use of this Site is to cease using this Site.
7) Your indemnity
a) You agree, at your own expense, to indemnify, defend and hold Navarino and its directors, members and employees harmless from and against any claims, liabilities, losses, costs or damages of any kind (including any legal fees and costs) suffered or incurred by these parties in connection with any claim arising out of any breach of these Website Terms by you.
b) You will cooperate as fully as reasonably required or requested in the defence of any such claim. Navarino may, at its own expense, assume the exclusive defence and control of any matter otherwise subject to indemnification by you and you shall not in any event settle any matter without Navarino’s prior written consent.
8) Intellectual Property Rights
a) All information, graphic images, text, layout and materials displayed on this Site are the exclusive property of Navarino (or the relevant third party in the case of third party sites accessible via this Site). You may print, copy and download any information contained on this Site for your professional use only. You may not use for commercial or public purposes any information, products or services obtained from this Site, except for the purposes expressly provided herein, or with Navarino’s prior written approval. The intellectual property rights in the Navarino name are owned by Navarino.
b) Except as may be provided under a separate prior agreement between you and Navarino, your access to this Site does not grant or transfer to you any interest, right or licence in relation to such information or any patent, copyright, trade secret, trademark or other intellectual property right.
c) Navarino enforces and will enforce any infringements of its intellectual property rights to the fullest extent permitted by the law.
9) Third Party Sites
a) This Site may contain links to third party websites. These links are provided only as a convenience and when you click on any such link, you will be leaving this Site. None of Navarino or its directors and employees is in any way responsible for the contents of any third party websites.
b) Navarino’s inclusion of links to third party websites does not imply any endorsement of any kind by Navarino of such third parties, their websites, products or services.
10) Changes to this Site or Website Terms
a) Navarino reserves the right, at any time, to add to, remove, modify or otherwise change any part of these Website Terms, in whole or in part. Such changes will be effective immediately upon notice thereof posted at this Site. Your continued use of this Site or downloading or use of materials from it after any such changes are posted will be considered acceptance of the Website Terms as changed.
b) Navarino may terminate, change, suspend or discontinue any aspect of this Site, including the availability of any information or features, at any time without notice or liability. Navarino may similarly add, remove, modify or otherwise change any content, including that of third parties, on or from this Site. Navarino may also restrict your access to parts or all of this Site without notice or liability.
11) General
a) A failure by Navarino to enforce a provision of these Website Terms or act on a breach or default by you does not constitute a waiver of any of Navarino's rights or remedies.
b) Save for Navarino’s members, directors and employees, a person who is not a party to these Website Terms may not enforce any of its terms under the Contracts (Rights of Third Parties) Act 1999.
c) These Website Terms are be governed by and will be interpreted in accordance with English law and you submit to the exclusive jurisdiction of the English courts in connection therewith. This paragraph is for the benefit of Navarino. As a result, Navarino will not be prevented from taking proceedings relating to these Website Terms in any other courts with jurisdiction. To the extent allowed by law, Navarino may take concurrent proceedings in any number of jurisdictions.
d) These Website Terms constitute the entire agreement between Navarino and you with respect of your use of this Site and they supersede all prior or contemporaneous communications, agreements and understandings between Navarino and you with respect to the subject matter hereof.