Welcome to Deerfield Capital Managements online service (the "Service"). As part of our service, Deerfield provides you with various types of information ("Material") that Deerfield may decide to make available, subject to these Terms of Use and Applicable Law: You agree to use the Service and the Material in a manner consistent with all applicable laws and regulations and in accordance with the terms and conditions set out in the additional Terms of Use set forth below.

General Information Disclaimer:

The information on this website is current as of the date it was posted to the website, unless a specific date is designated.  Events subsequent to the posting or designation date of a particular information item may have caused the item to be no longer accurate.  This website is intended only as a general introduction to DCM and is not meant to be a complete description of any DCM investment program or any other DCM matter.  See DFR's most recent Form 10-K for additional information about DCM, available at www.deerfieldcapital.com. 

None of the information on this website is an offer to invest in any DCM program; such an offer will be made only by delivery of the program's full disclosure document.  There are material risks associated with investing in DCM programs-e.g., substantial leverage, price volatility, market illiquidity, valuation subjectivity, DCM conflicts, counterparty creditworthiness, inability to transfer or redeem a program interest, and significant program expenses.  For more information about these risks, see "Risks Relating to our Investment Management Segment" in DFR's most recent Form 10-K.  If a DCM program was profitable in the past, this is no predictor of future profits.  Do not invest in any DCM program without reading the full disclosure document for the program, consulting your investment and tax advisers, and asking DCM for any additional information you wish to consider. DCM programs are generally available only to persons that are "qualified purchasers" under the U.S. Investment Company Act. 

Certain statements on this website are "forward-looking"-i.e., based on facts as they exist at the time such statements are made, or on predictions as to future facts the accurate prediction of which may be difficult and involve the assessment of events beyond our control. Forward-looking statements are also based on various operating assumptions.  Use caution in relying on forward-looking statements. Due to known and unknown risks, actual results may differ materially from expectations or projections. We undertake no obligation to update any forward-looking statement herein except as may be required by applicable securities laws. Many factors could cause actual results to differ materially from those described in the forward-looking statements.

Service Agreement:

We hereby grant you a personal, non-exclusive, non-assignable and non-transferable license to use the Service and access the Material. You agree that you will not sublicense, transfer, sell or assign this license. You agree not to provide your password to our website to any other person without Deerfield's prior consent.

You agree that you will not copy, use or transmit the Material or any data or information contained therein, in whole or in part, or permit such action by others for any purpose (except that you may: (1) make copies of the Material or portions thereof for your personal use and (2) provide copies of the Material or portions hereof to your legal, tax, financial and other advisers for the purpose of assisting you in determining whether an investment in a Deerfield program is appropriate for you, provided you obtain an agreement from such advisers that they will utilize any such Material provided to them solely for that purpose).

We may remove Material from our website, or revise the Material, at any time in our sole discretion. We owe no duty to you to inform you when Material is removed or revised or the reason therefore.

We reserve the right to terminate your access to the Service, at any time and without penalty, without giving you notice of or a reason for such termination.

We may amend or modify these Terms of Use or impose new conditions at any time upon general notice from us published through the Service. Your use of the Service thereafter will constitute your acceptance of such amendments, modifications or new conditions.

You agree to indemnify us against and hold us harmless from any and all loss, claims, damages, liabilities and expenses, including reasonable attorney's fees and court costs, arising from or otherwise related to your violation of these Terms of Use.

This Agreement shall be construed and controlled by the laws of Illinois, USA. You agree to personal jurisdiction by the state and federal courts sitting in Illinois in connection with any dispute related to these Terms of Use.

This Agreement constitutes the entire agreement between the parties with respect to the subject matter contained herein and supersedes all previous and contemporaneous agreements, proposals and communications, written or oral, between you and us with respect to such subject matter.