Legal Disclosure:

Welcome to the Kingdon Capital Management, L.L.C. (“Kingdon”) website (the “Site”).

The materials herein are intended solely for the recipient of the password and neither the materials on this Site nor the password may be transmitted (in any form) to any other person without Kingdon’s consent. This password-protected website generally may only be accessed by existing clients of Kingdon and prospective clients of Kingdon who are qualified as to both suitability and net worth and with whom Kingdon or the funds it manages has a substantive pre-existing relationship. The investment funds and the managers referred to herein may only transact business in your state or jurisdiction if first registered, excluded or exempted from applicable broker-dealer, investment adviser, BD agent, IA rep, or other relevant registration requirements. Follow-up individualized responses to persons in your state or jurisdiction by such funds or managers that involve either the effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, as the case may be, will not be made absent compliance with applicable broker-dealer, investment adviser, BD agent, IA rep or other relevant registration requirements, or an applicable exemption or exclusion.

The information on this Site is not an offer to sell or solicitation of an offer to buy an interest in any investment fund or for the provision of any investment management or advisory services. Any such offer or solicitation will be made only by means of delivery of a confidential private offering memorandum relating to a particular fund or investment management contract to qualified investors in those jurisdictions where permitted by law. The information on this Site has not been provided in a fiduciary capacity, and it is not intended to be, and should not be considered as, impartial investment advice.

Kingdon, Kingdon Capital Management, L.L.C., M. Kingdon Offshore Ltd., Kingdon Associates and Kingdon Family Partnership, L.P. are trademarks of Kingdon. All other trademarks are property of Kingdon unless otherwise designated or clearly implied herein as belonging to third parties. Nothing contained at the Site shall be construed as granting by implication, estoppel, or otherwise any license or right under any patent, trademark, copyright (except as expressly stated above), or other proprietary rights of Kingdon or of any third party.

This is not a public solicitation.

Terms and Conditions of Use:

By accessing or using our website (the “Site”), you hereby accept and agree to comply with the following terms and conditions (the “Terms of Use”) as a pre-condition to using the Site and any material on it. Kingdon Capital Management, LLC (“Kingdon”) reserves the right to change the Terms of Use at any time without prior notice to you. If you do not agree to any of these terms, please do not use the Site.

1. License. Subject to the Terms of Use, Kingdon grants you a limited right to use the Site. Your right to use the Site is subject to your agreement to abide by the Terms of Use in their entirety, as well as any other rules, procedures, policies, terms or conditions that govern all or any portion of the Site. You agree not to violate or attempt to violate the security of the Site or to use the Site for any fraudulent, harmful or illegal purposes. You may view, download and print information and materials on this Site for your personal and internal business uses provided that all hard copies contain all copyright and other applicable notices.
2. Restrictions on Use. You agree not to (i) decompose, decompile, reverse engineer, disassemble or otherwise deconstruct all or any portion of the Site; (ii) publish, broadcast, retransmit, reproduce, duplicate, copy, modify, repackage, frame, mirror, commercially exploit, create any derivative of, redistribute or otherwise exploit all or any portion of the Site except as explicitly permitted in these Terms of Use; (iii) remove any copyright, trademark or other proprietary notice or legend contained on (or printed from) the Site; or (iv) retrieve, index, scrape, harvest, data mine or otherwise systematically gather or store any content on the Site.
3. Ownership of the Site and Copyright. The Site is owned by Kingdon. The Site and any and all accompanying screens, information, materials, user documentation, user interfaces, images, arrangements of information, related software and other proprietary property of Kingdon or its licensors accessible via the Site is and shall remain the exclusive property of Kingdon and its licensors, as the case may be. All rights to the Site remain with Kingdon or its licensors. The Site is for your personal and non-commercial use. You may not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer or sell any information, software, products or services obtained from the Site. Copying or redistribution in any manner for commercial use, including commercial publication or for personal gain is strictly prohibited.
4. No Advice or Offer of Securities. All content on the Site is for informational purposes only. Although the Site may include investment-related information, nothing on the Site is a recommendation that you purchase, sell or hold any security or other investment, or that you pursue any investment style or strategy. Kingdon does not give any advice or make any representations through the Site as to whether any security or investment is suitable to you or will be profitable. Nothing on the Site is an offer or solicitation to buy or sell any security or make or hold any investment. Kingdon makes no representation that any information provided via the Site is accurate, current, reliable or complete. You are solely responsible for evaluating the risks and merits regarding the use of the Site and any services provided herein. Nothing on the Site is intended to be, and you should not consider anything on the Site to be, investment, accounting, tax, legal or other professional advice. If you would like investment, accounting, tax or legal advice, you should consult with your own financial advisors, accountants or legal advisors regarding your individual circumstances and needs.
5. Forward-Looking Statement. The contents of the Site may contain forward-looking statements that are based on subjective beliefs, assumptions, current expectations, estimates, and projections about investments, the financial industry or the economy. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Kingdon undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise. Furthermore, past performance is not indicative of future results; no representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided.
6. Passwords and Security. You are solely responsible for maintaining the confidentiality and security of your password. You may not disclose your password to any third party and accept full responsibility for any use of your password. You must notify Kingdon immediately of any actual or suspected loss, theft unauthorized use or your password or other suspected breach of security. You undertake to treat any content on the Site as secret and confidential.
7. Use of the Internet is not Confidential. Use of the Internet is solely at your own risk and is subject to all applicable local, state, national, and international laws and regulations. You acknowledge that any information provided through the Internet may be potentially accessed by unauthorized third parties. Although Kingdon will make reasonable efforts to protect the privacy of users of the Site, no guarantee can be made that unauthorized third parties will not access the information contained on the Site. You acknowledge that Kingdon is not responsible for notifying you that unauthorized third parties have gained such access or that any data has been otherwise compromised during transmission across computer networks or telecommunications facilities, including, but not limited to, the Internet. You assume the sole and complete risk for using the Site and must make your own determination as to these matters.
8. Links. Kingdon has not reviewed unaffiliated sites linked to the Site, if any, and is not responsible for the content of off-site pages or any other Site linked or linking to the Site. Your linking to any off-site pages or other sites is at your own risk. Kingdon makes no representations whatsoever about the opinions of any third party appearing on a linked Site, neither regularly monitors nor has control over the contents of such sites, and does not endorse, and disclaims all responsibility for, the content of such statements or sites.
9. Disclosures and Disclaimers. All materials on the Site are meant to be reviewed in their entirety, including any footnotes, legal disclaimers, restrictions or disclosures and any copyright or proprietary notices.  Any disclaimers, restrictions, disclosures or hedge clauses apply to any partial document or material in the same manner as they do the whole, and will be deemed incorporated in the portion of any material or document that you consult or download.
10. NO WARRANTY OR RELIANCE. TO THE MAXIUM EXTENT PERMITTED BY APPLICABLE LAW, THE SITE, INCLUDING INFORMATION AND MATERIALS CONTAINED ON THE SITE, TEXT, GRAPHICS, SOFTWARE, LINKS AND OTHER ITEMS ARE PROVIDED “AS IS”, “AS AVAILABLE” WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED. WITHOUT LIMITATION, KINGDON DOES NOT WARRANT THE ACCURACY, ADEQUACY, COMPLETENESS, RELIABILITY, TIMELINESS OR AVAILABILITY OF THE SITE OR ANY INFORMATION ON THE SITE, AND EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS ON THE SITE. THERE IS NO WARRANTY OF MERCHANTABILITY, NO WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, NO WARRANTY OF NON-INFRINGEMENT, NO WARRANTY OF ANY KIND, IMPLIED, EXPRESS OR STATUTORY, IN CONJUNCTION WITH THE SITE. ANY CONTENTS ON THE SITE ARE SUBJECT TO CHANGE WITHOUT NOTICE. KINGDON FURTHER ASSUMES NO RESPONSIBILITY FOR, AND MAKE NO WARRANTIES THAT, FUNCTIONS CONTAINED AT THE SITE WILL BE UNINTERRUPTED OR ERROR-FREE, THAT DEFECTS WILL BE CORRECTED, OR THAT THE SITE OR THE SERVER THAT MAKES IT AVAILABLE WILL BE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS.
11. LIMITATION OF LIABILITY. IN NO EVENT WILL KINGDON BE LIABLE FOR ANY DAMAGES, OR FOR REPAIRS OR CORRECTIONS THAT MUST BE PERFORMED, TO OR ON YOUR COMPUTER, PERSON OR OTHER PROPERTY, INCLUDING WITHOUT LIMITATION, DIRECT OR INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES ARISING IN CONNECTION WITH THE SITE OR USE THEREOF OR THE INABILITY BY ANY PARTY TO USE THE SITE, OR IN CONNECTION WITH ANY FAILURE OF PERFORMANCE, ERROR, OMISSION, INTERRUPTION, DEFECT, DELAY IN OPERATION OR TRANSMISSION, COMPUTER VIRUS OR LINE OR SYSTEM FAILURE, EVEN IF KINGDON, OR REPRESENTATIVES THEREOF, ARE ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, LOSSES OR EXPENSES.
12. Any dispute regarding these Terms of Use shall be governed by the laws of the State of New York, U.S.A. You hereby consent to the exclusive jurisdiction and venue of the courts in New York, New York, in all disputes arising out of or relating to the use of this Site. Use of this Site is unauthorized in any jurisdiction that does not give effect to all provisions of these Terms of Use, including without limitation, this paragraph.

If you need assistant with the Site, or if you need to communicate with Kingdon, you may contact Kingdon’s Investor Relations team at [email protected].