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Marshfield Associates, Inc. is referred to in the notices that follow as “Marshfield” or “we” or “our.”

Terms And Conditions

Please read these terms and conditions carefully before using this website. Your use of this website constitutes your acceptance of these terms and conditions. The information provided on our website may change from time to time. Changes will be posted to our website. You are bound by any such revisions. Therefore, we recommend that you review our notices, policies and Form ADV periodically for changes.

Copyright And Trademark Notices.

The information and materials provided on this website (together with all intellectual property and other rights relating thereto, collectively the “Materials”) are and will remain the sole property of Marshfield. The Materials and the selection, compilation, collection, arrangement and assembly thereof are protected by U.S. and international copyright, trademark and other laws, and you acknowledge that these rights are valid and enforceable. Except as expressly permitted by these terms and conditions, you may not copy, reproduce, republish, upload, post, transmit or distribute Materials or other content or information available on or through this website in any way without our prior written permission. You may download or print out a single hard copy of individual pages and/or sections of the website and any Materials made available for download, provided that you do not remove any Trademarks (as defined below) or other proprietary notices. Any downloading or otherwise copying from the website will not transfer title to any Material to you. The Materials may be used solely to the extent necessary for your authorized use of this website. Modification of the Materials or use of the Materials for any other purpose is a violation of our copyright and other proprietary rights, and is strictly prohibited.

The trademarks, logos, and service marks displayed on this website (collectively the “Trademarks”) are the registered and unregistered trademarks of Marshfield. The Trademarks are solely owned by Marshfield, whether registered or unregistered, and may not be used in connection with any product or service that is not Marshfield’s, or in any manner that is likely to cause confusion to the public or an actual or prospective customer, or in any manner that disparages Marshfield. Nothing contained on this website should be construed as granting, by implication, estoppel or otherwise, any license or right to use any Trademark without our express written permission.

Limitations On Services.

Marshfieldis registered with the U.S. Securities and Exchange Commission as an investment adviser. Marshfieldprovides investment advice and solicits investment advisory services in those states or countries in which it is registered, or qualifies for an exemption or exclusion from registration requirements. We operate Marshfield’s website from our offices within the United States. The information provided on our website is intended for residents of the United States. Investors outside of the United States are subject to the securities and tax laws and regulations within their applicable jurisdictions.

The information on Marshfield’s website is limited to dissemination of general information pertaining to our services. Accordingly, the information contained on this website does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the securities laws or regulations of such jurisdiction.

Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be suitable or profitable for a current or prospective client’s investment portfolio. The information contained on Marshfield’s website is not intended nor should it be construed as investment, tax, financial, accounting or legal advice. Investors should seek such professional advice for their particular circumstances.

Disclaimer Of Warranty

This website, the materials and any product or service referenced or obtained through this website are provided “as is” and without warranties of any kind, either express or implied. To the fullest extent permissible pursuant to applicable law, Marshfield disclaims all warranties, express or implied, including, without limitation, implied warranties of title, non-infringement, accuracy, merchant ability, and fitness for a particular purpose, and any warranties that may arise from course of dealing, course of performance or usage of trade. Applicable law may not allow the exclusion of implied warranties, so the above exclusions may not apply to you. Marshfield does not warrant that your use of this website will be uninterrupted, error-free or secure, that defects will be corrected, or that this website, the server(s) on which this website is hosted is free of viruses or other harmful components. You assume all responsibility and risk for your use of this website and your reliance thereon. No opinion, advice or statement of Marshfield, whether made on this website or otherwise, shall create any warranty. You expressly acknowledge and agree that Marshfield shall have no liability or responsibility whatsoever for (i) any interruption or cessation of transmission to or from this website, (ii) any bugs, viruses, worms, trojan horses, defects, date bombs, time bombs or other items of a destructive nature which may be transmitted to or through this website by any third party, and/or (iii) any errors, mistakes, inaccuracies or omissions in any materials, or for any loss or damage of any kind incurred as a result of the use of any materials made available via this website.

A possibility exists that this website or the Materials could include inaccuracies or errors. Additionally, a possibility exists that unauthorized alterations could be made by third parties to this website or the Materials. Although we attempt to ensure the integrity of this website, we make no guarantees as to this website’s completeness or correctness.

Limitation Of Liability

Neither Marshfield nor its directors, officers, principals, employees, consultants, agents or other representatives, are responsible or liable for any direct, indirect, incidental, consequential, special, exemplary, punitive or other damages (including, without limitation, damages for lost profits), under any contract, negligence, strict liability or other theory arising out of or relating in any way to this website and/or materials contained on this website or any product or service obtained through this website. Your sole and exclusive remedy for dissatisfaction with this website or the materials is to stop using this website or the materials, as applicable. The sole and exclusive maximum liability to Marshfield for all damages, losses and causes of action, whether in contract, tort (including, without limitation, negligence) or otherwise, shall be the total amount paid by you, if any, to access this website. Some states do not allow the exclusion or limitation of incidental or consequential damages, so the above limitation or exclusion may not apply to you.

Online Credentials And Security

In order to access certain Materials on this website, you may be required to register for online access to the Materials. When completing the Client Registration form for online access to the Materials, you must provide Marshfield with accurate, complete and true information as required. If you provide any information to Marshfield that is inaccurate, incomplete or untrue, Marshfield reserves the right to terminate your online access to the Materials and pursue all other legal remedies that may be available to Marshfield. The information that you provide in the Client Registration form will be protected in accordance with the terms of our Privacy Policy. Marshfield shall have full discretion to determine whether or not to honor a request for online access to the Materials. In addition, Marshfield may terminate any individual’s online access to the Materials or cease to provide the Materials online at any time, without cause, and without prior notice.

You are responsible for maintaining the confidentiality of your username and password (“online credentials”). You agree to accept responsibility for all activities that occur under your online credentials. In the event the confidentiality of your online credentials are compromised in any manner, you agree to notify Marshfield immediately. Marshfield reserves the right to take any and all action, as it deems necessary or reasonable, to ensure the security of the website and your online credentials. Notwithstanding the above, Marshfield may rely on the authority of anyone accessing the Materials through your online credentials and in no event and under no circumstances shall Marshfield be held liable to you for any liabilities or damages resulting from or arising out of (i) any action or inaction of Marshfield under this provision, (ii) any compromise of the confidentiality of your online credentials and (iii) any unauthorized use of your online credentials.

General Terms

These terms and conditions are governed by, and will be interpreted in accordance with, the laws of the State of [Delaware], without regard to any conflict of law provisions. Although you acknowledge that we will have the ability to enforce our rights in any court of competent jurisdiction, you hereby consent to the exclusive jurisdiction and venue of courts in [Delaware], regarding any and all disputes relating to these terms and conditions, your use of this website. If any part of these terms and conditions is determined to be invalid or unenforceable, it will not impact any other provision of these terms and conditions, all of which will remain in full force and effect. These terms and conditions constitute the entire agreement of the parties with respect to the subject matter hereof, and supersede all previous written or oral agreements between the parties with respect to such subject matter. No waiver by the Marshfield of any breach or default hereunder shall be deemed to be a waiver of any preceding or subsequent breach or default.