Please read this entire disclaimer before making use of this website ("site"), or reviewing the information contained in any email from Crawford Lake Capital Management, LLC ("Crawford Lake" or the Adviser", which unless the context indicates otherwise includes its affiliates, officers or employees) referencing this site, as it explains certain restrictions on the use of this site and the information in such emails or attachments thereto. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction. Each time you use this site, or review information contained in an email referencing this site (or engage in electronic communications with Crawford Lake), your use indicates your full acceptance of and agreement to abide by these terms and conditions. If you do not accept these terms and conditions, do not use this site, review such email, or engage in electronic communications with Crawford Lake. Crawford Lake may amend these terms and conditions at any time without notice. You should check this site from time to time to review the current terms and conditions because they are binding on you.
Unless otherwise specifically indicated, the contents of any electronic communication (including email) and its attachments are for informational purposes only, is not an official confirmation of any transaction, and is not a solicitation or an offer to buy a security or related financial product. Attachments to electronic communications may have additional important disclosures and disclaimers, which you should read. This disclosure, when referenced in an electronic communication, shall be deemed to have been reprinted in its entirety within the text of such communication.
This site and the information contained herein does not constitute an offer or solicitation by Crawford Lake to purchase securities or investment advisory services. Any such offer may only be made by means of definitive offering documents including a subscription agreement or an investment management or similar agreement; any summary or information contained herein is incomplete and is qualified by reference to such document(s), including the risk factors referenced therein; and in the event of any discrepancies between the information herein and such document(s), such document(s) will govern.
This site does not constitute a recommendation or advice by the Adviser; you should consult your own tax, legal, accounting, financial or other advisors about the issues discussed herein based on your specific risk profile and financial requirements, including the suitability of an investment in the strategy referenced herein (the "Strategy"), with the Adviser, or in any investment product managed by the Adviser.
The firm's initial management entity was Crawford Lake GP, LLC (the "General Partner"), in its capacity as general partner of the first vehicle to have been managed by the firm. As part of an ongoing institutionalization process, in 2013 the Adviser was formed to serve as the investment manager for all firm accounts. At that time, management responsibilities were transferred from the General Partner to the Adviser, though the General Partner continues to serve as general partner to limited partnerships under management by the Adviser. Reference to the operations of the Adviser before 2013 refer to those of the General Partner, and thereafter refer to the operations of both the Adviser and the General Partner. The Adviser and the General Partner changed their names to their current respective names in April 2015. SEC registration does not imply any level of skill or training.
Past performance is not an indication of future performance. Any investment is subject to the risk of loss of principal. The Strategy and any investment product managed by the Adviser is speculative and involves a high degree of risk. Any investor must be able to bear the risks involved. There can be no assurance that the Adviser will be able to successfully implement the Strategy, or that any investment objectives or other targets or goals referenced herein will be achieved. The Adviser may modify its investment approach and portfolio parameters in the future, and has broad flexibility within the Strategy.
No representation, warranty, or undertaking, express or implied, is given as to the accuracy or completeness of the information contained on this site by Crawford Lake or any other person; no reliance may be placed for any purpose on such information; and no liability is accepted by any person for the accuracy and completeness of any such information. This site provides general information only. Nothing in this site is to be relied upon in making any investment decision. Users must carefully make their own investment decisions based upon their specific investment objectives and financial positions and using such independent advisors as they believe necessary.
No investment with the Adviser, or interest in any investment product managed by the Adviser, may be offered or sold in any jurisdiction in which such offer, solicitation, or sale would be unlawful. This site and the information contained herein are not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Crawford Lake or its affiliates to any registration or licensing requirement within such jurisdiction. The advisory services mentioned in this site may not be provided in some jurisdictions.
Crawford Lake maintains this site for the convenience of its users. You acknowledge that the internet, and electronic communications, are not a completely reliable and secure medium of communication. The information on this site is provided to you "as is." Crawford Lake does not guarantee the accuracy, validity, timeliness, completeness or suitability of any information or data on this site. Crawford Lake disclaims all warranties, express or implied, including, but not limited to, warranties of title, non- infringement, merchantability or fitness for a particular purpose. Crawford Lake will not be liable for any damages or injuries arising out of your use of any such information or data, including without limitation, damages relating to any (i) error, omission, interruption, delay in operation or transmission, (ii) computer virus, (iii) failure or defect in any communication facilities, hardware or software, or (iv) theft and destruction or unauthorized access to, alteration of, or use of information, whether resulting in whole or in part from negligence or otherwise. All emails to and from Crawford Lake are subject to retention and review by Crawford Lake and its supervisory personnel, and may be viewed by third parties. The use of this site is at your own risk.
Except as may be expressly authorized, no information or material contained on this site may be reproduced, transmitted, or displayed without the prior written consent of Crawford Lake, which may be withheld in its sole discretion.

Disclaimer for European Union Investors:
The Alternative Investment Fund Managers Directive (the "AIFM Directive") imposes regulatory requirements with respect to each European Union ("EU") country. Accordingly, any offering of interests or shares of an investment vehicle (a "Fund") to prospective investors in the EU must be made in accordance with national private placement marketing rules in force in each EU jurisdiction, which have been amended to comply with the AIFM Directive requirements.
A Fund may permit an investment by an investor located in an EU country even where it does not comply with the national private placement marketing requirements, provided that the investor acknowledges and agrees that none of Crawford Lake, or any of its directors or officers, any director or officer of a Fund, nor any of their affiliates or representatives, marketed, offered or solicited an investment in the Fund to the investor and the investor agrees that it initiated contact regarding the Fund with Crawford Lake. Nothing on this website or in this communication is to be construed as an offer of an investment in, or as pertaining to, a Fund. Rather, this website pertains solely to separately managed accounts.

Trademarks and Copyrights:
All trademarks, service marks, trade names and logos displayed on this site are proprietary to Crawford Lake. Nothing contained on this site should be construed as granting, by implication, estoppel or otherwise, any license or right to use any trademark displayed on this site without the written permission of Crawford Lake or such other third party that may own the trademark displayed on this site. The use of the images displayed on this site by you, or anyone else authorized by you, is prohibited unless specifically permitted herein. Any unauthorized use of the images may violate copyright laws, trademark laws, the laws of privacy and publicity, and communications regulations and statutes. If you download any information or software from this site, you agree that you will not copy it or remove or obscure any copyright or other notices or legends contained in any such information.
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