PLEASE READ THESE TERMS AND CONDITIONS ("TERMS”) CAREFULLY BEFORE USING THIS WESBSITE (“WEBSITE”).

The Website and all information submitted, transmitted or used in connection with the Website is located and shall for all purposes be deemed to be located and used exclusively within and sent or transmitted exclusively to the United States of America. If you do not agree with all the terms, conditions, and practices set forth below, do not access the Website or any of its pages. Use of the Website or any of its functions other than to view these Terms for the first time is an acceptance of the terms, conditions, and practices described in these Terms.

WE RESERVE THE RIGHT TO CHANGE THESE TERMS AT ANY TIME FOR ANY REASON. WE SUGGEST THAT YOU REVIEW THESE TERMS PERIODICALLY FOR CHANGES. SUCH CHANGES SHALL BE EFFECTIVE IMMEDIATELY UPON POSTING. YOU ACKNOWLEDGE THAT BY ACCESSING OUR WEBSITE AFTER WE HAVE POSTED CHANGES TO THESE TERMS, YOU ARE AGREEING TO THESE TERMS AS MODIFIED.

Copyright in all information, materials and other content contained in this Website is owned by Broad Run Investment Management, LLC (“Broad Run”) unless otherwise indicated, and is protected by US and international copyright laws and treaties. Broad Run expressly prohibits the dissemination, reproduction or transmission of such information, materials and other content.

The information, materials, and products and services available on or through this Website (the “Information and Services”) are current at the time of writing and are subject to change. No solicitation is made by Broad Run to any person to use any Information or Services in any jurisdiction where the provision of such Information or Services is prohibited by law.

This Website is only intended for clients and interested investors residing in jurisdictions in which Broad Run Investment Management, LLC is notice-filed or exempted by statute to provide investment advisory services. Please contact Broad Run Investment Management, LLC at 703-260-1260 to find out if the firm is notice-filed or exempted to provide investment advisory services in jurisdictions where you reside or are domiciled. Broad Run Investment Management, LLC does not attempt to furnish personalized investment advice or services through this publication. Consult an investment professional before acting on any information contained herein. To the maximum extent permitted by law, Broad Run Investment Management, LLC disclaims any and all liability in the event any information, analysis, opinions and/or recommendations in this brochure prove to be inaccurate, incomplete or unreliable, or result in any investment or other losses.

Nothing contained on this Website constitutes tax, legal, insurance or investment advice, nor is it intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law. Decisions based on information contained on this Website are the sole responsibility of the visitor. In exchange for using this Website, the visitor agrees to indemnify and hold Broad Run, is officers, managers, employees, affiliates, agents, licensors and suppliers harmless against any and all claims, losses, liability, costs and expenses (including but not limited to attorneys’ fees) arising from your use of this Website, from your violation of these Terms or from any decisions that you make based on such information.

Investment products and services are available through Broad Run. Investment products and services are not FDIC-insured, are not deposits or obligations of, or guaranteed by, any bank, and involve investment risks, including the possible loss of the principal amount invested. Investors should always obtain and read an up-to-date investment services description or prospectus before deciding whether to appoint an investment manager or to invest in a mutual fund.

The fact that Broad Run has made the Information and Services provided on this Website available to you constitutes neither a recommendation that you enter into a particular transaction nor a representation that any product or service described on this Website is suitable or appropriate for you. Many of the products described on this Website involve significant risks, and you should not enter into any transactions unless you fully understand all such risks and have independently determined that such transactions are appropriate for you. Any discussion of the risks contained herein with respect to any product or service should not be considered to be a disclosure of all risks or a complete discussion of the risks which are mentioned. There can be no assurance that the future performance of any specific investment or investment strategy (including those undertaken or recommended by Broad Run), will be profitable or equal any historical performance level(s). Certain portions of this Website (i.e., client letters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, Broad Run positions and/or recommendations as of a specific prior date. Due to various factors, including changing market conditions, such discussion may no longer be reflective of current position(s) and/or recommendation(s).

All Information and Services are provided “as is”, and Broad Run makes no warranty of any kind, express or implied, including without limitation, as to non-infringement of third-party rights, merchantability, or fitness for a particular purpose. Furthermore, Broad Run does not warrant, either expressly or implicitly, the accuracy or completeness of the information, text, graphics, links or other items contained on this Website and does not warrant that the functions contained in this Website will be uninterrupted or error-free, that the Website will be secure, that defects will be corrected, or that the Website will be free of viruses or other harmful components. Broad Run expressly disclaims all liability for errors and omissions in the materials on this Website and for the use or interpretation by others of information contained on the Website.

Broad Run is not liable for any damages, losses or liabilities including without limitation, direct or indirect, special incidental, consequential damages, losses or liabilities, in connection with your use of this Website or your reliance on or use or inability to use the Information and Services, 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 Broad Run is advised of the possibility of such damages, losses or expenses. Broad Run has no responsibility to inform you of any difficulties experienced by Broad Run or third parties with respect to the use of the Information and Services or to take any action in connection therewith.

The content contained on this Website is owned or licensed by Broad Run or its third-party information providers, and you may use such content only for personal, non-commercial use. You may not copy, distribute, modify, post, frame or deep link this Website, including any text, graphics, video, audio, software code, user interface design or logos. You may download content displayed on this Website for your personal, non-commercial use as long as you retain all copyright and other ownership designations associates with the materials.

Nothing contained on this Website should be construed as granting any license or right to use any trademark or service mark displayed on this Website without the express written permission of the owner of such trademark or service mark. Your use of the trademarks displayed on this Website, except as provided herein, is strictly prohibited.

Your use of the hyperlinks on this Website to other internet websites is at your own risk. Broad Run is not responsible for the content or accuracy of third-party websites hyperlinked from this Website, nor does it guarantee the products or services offered on third-party websites. You should review the privacy statements of a website before you provide any personal or confidential information.

As a result of high internet traffic, transmission problems, systems capacity limitations, and other problems, you may, at times, experience difficulty accessing the Website or communicating with Broad Run through the internet or other electronic or wireless services. Any computer system or other electronic device can experience unanticipated outages or slowdowns, or have capacity limitations. Electronic communications can be intercepted by third parties and, accordingly, transmissions to and from this Website may not be secure. Communications containing confidential information may be sent by mail to Broad Run at 1530 Wilson Blvd., Suite 530, Arlington VA 22209.

You agree that Broad Run is not under any duty to inquire or assume responsibility as to the authenticity or propriety of any instructions given by you to Broad Run. Broad Run will not be liable for any loss, cost, expense or other liability when following any instructions that Broad Run reasonably believes to be genuine.

You are permitted to use the Information and Services only for your own personal, non-commercial use. Unless otherwise authorized by Broad Run in writing, you may not:

Broad Run may discontinue your use of the Information and Services at any time, for any reason or no reason. Any unauthorized use of this Information or Services shall result in automatic termination of your permission to use the Information and Services.

By using this Website, you consent to the exclusive application of the laws of the Commonwealth of Virginia and the United States of America to your access and use of the Website; and further, you waive application of the laws of any other jurisdiction to your use of the Website. Any dispute relating in any way to your use of the Website, the submission or use of any information in connection with the Website, or these Terms shall be subject to the exclusive jurisdiction and venue of the courts located in Arlington, Virginia, USA.