Makena Capital may, at any time, revise these Terms of Use and Privacy Policy posted on the Makena Capital website, currently located at http://www.makenacap.com (the "Website") by updating this posting. By using the Website, you agree to be bound by any such revisions and, therefore, you should periodically visit this page of the Website to examine the then-current Terms of Use and Privacy Policy.

No License; Third Party Websites.   No license or right under any patent, trademark or copyright of Makena Capital or any third party is granted herein. The Website may include hyperlinks to websites not controlled by Makena Capital and we are not responsible for the availability of, nor any content on those websites. Makena Capital provides these links merely as a convenience and the inclusion of such links does not imply an endorsement.

No Advice.   Other than information provided to users who enter the Website by use of a password issued by Makena Capital, the information contained on the Website is given for general information and interest purposes only. While Makena Capital tries to keep such general information accurate and up to date, Makena Capital cannot be responsible for any inaccuracies in the information.

Submitted Materials.   The Website is not intended as a method for users to convey information to Makena Capital. Do not attempt to submit, upload, post, transmit or otherwise make available to Makena Capital (or any third party) any information through the Website.

Personal Information You Provide to Us.   As you navigate our Website, certain information may be collected passively, including your Internet protocol address, browser type, domain names, times, and operating system. We may also use session and persistent cookies and navigational data (such as URLs) to gather information regarding the date and time of your visit and the information and services for which you searched and which you viewed. We do not intentionally gather personal information about visitors who are minors.

Use of Information.   In general, any information gathered on the basis of your navigation of the Website is used either to respond to inquiries and requests that you make, to enable us to get in contact with you, or to aid us in providing better services to you. Makena Capital reserves the right to use and disclose information to third parties in its discretion to the extent permitted by law.

Disclosure of Personal Information.   Except as otherwise stated in this Privacy Policy, we do not generally trade, rent, or share your personal information with third parties unless you ask us to do so. We may share some or all of your personal information with our affiliates, in which case we will require our affiliates to honor this Privacy Policy. If our company or our assets are acquired by another company, that company will possess the personal information collected by us and it will assume the rights and obligations regarding your personal information as described in this Privacy Policy. We may disclose your personal information if we believe in good faith that such disclosure is necessary to (a) comply with relevant laws or to respond to subpoenas or warrants served on Makena Capital; or (b) to protect and defend the rights or property of Makena Capital or third parties.

Security.   Makena Capital is committed to protecting the security of your personal information. We use a variety of industry-standard security technologies and procedures to help protect your personal information from unauthorized access, use, or disclosure. Even though Makena Capital has taken significant steps to ensure that your personal information is not intercepted, accessed, used, or disclosed by unauthorized persons, you should know that Makena Capital cannot fully eliminate security risks associated with personal information.

Limitation of Liability.   IN NO EVENT SHALL MAKENA CAPITAL BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES, OR DAMAGES FOR LOSS OF PROFITS, REVENUE, DATA OR USE, INCURRED BY YOU WHETHER IN AN ACTION IN CONTRACT OR TORT, ARISING FROM YOUR ACCESS TO, OR USE OF, THE WEBSITE, WHETHER OR NOT MAKENA CAPITAL HAS BEEN ADVISED OF THE POSSIBILITY. SOME JURISDICTIONS DO NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY. ACCORDINGLY, SOME OF THE ABOVE LIMITATIONS MAY NOT APPLY TO YOU.

Applicable Laws.   All matters relating to your access to, and use of, the Website, these Terms of Use and the Privacy Policy shall be governed by U.S. federal law or the laws of the State of California. Any legal action or proceeding relating to your access to, or use of, the Website shall be instituted in a state court located in Santa Clara County, or any federal court in the Northern District of California, and no other venue.

Contact Information.   If you have any questions regarding these Terms of Use or the Privacy Policy, please contact Makena Capital by sending an email to info@makenacap.com.

Copyright/Trademark Information.   Copyright © 2008, Makena Capital Management, LLC. All rights reserved.

The trademarks, logos and service marks ("Marks") displayed on the Website are the property of Makena Capital or other third parties. You are not permitted to use these Marks without the prior written consent of Makena Capital or such third party which may own the Mark.

These Terms of Use and Privacy Policy were last updated in April 2007.