The use of any website (www.progressivecapital.com, www.trend.ky, www.tuliptrendfund.com, www.palm.ky, www.tulip.ky, www.palmtrend.ky, altogether referred to as the "Site") maintained by Progressive Capital Partners Ltd (the "PCP Group") is subject to the following terms and conditions (the "Terms"). By clicking the 'CONFIRM' button below, you acknowledge that you have understood and accepted these Terms and the legal and regulatory restrictions governing the use of the Site, without limitation or qualification and for any future use of the Site and its Content. "Content" includes any information, documents and files accessible on or through the Site or made available through electronic communications through which you might subscribe through any Site. Please read these Terms carefully before proceeding.

All funds advised by PCP Group including Tulip Trend Fund Ltd. and Palm Trend Fund Ltd. (referred to as "Investment Funds") and which are referred to hereafter are foreign collective investment schemes are not registered or qualified under the United States Securities Act of 1933 as amended, any state securities (Blue Sky) law, or any other United States of America, or state, rule, or regulation, and may not be directly or indirectly offered or sold in the United States of America, including its states, districts, territories, possessions, and areas subject to its or directly or indirectly to or for the benefit of any US Person.

Any re-offer or resale of any of the Investment Funds in the United States or to U.S. Persons (the "U.S. Persons") is prohibited. For this purpose, "United States" or "U.S." means the United States of America, its states, territories and possessions, and any enclave of the United States government, its agencies or instrumentalities, and the following persons are not considered to be "U.S. Persons": (1) a natural person who is not a resident of the United States; (2) a partnership, corporation or other entity, other than an entity organised principally for passive investment, organised under the laws of a non-U.S. jurisdiction and which has its principal place of business in a non-U.S. jurisdiction; (3) an estate or trust, the income of which is not subject to U.S. federal income tax regardless of source; (4) an entity organised principally for passive investment such as a pool, investment company or other similar entity, provided that units of participation in the entity held by persons who do not qualify as non-U.S. Persons or otherwise as "qualified eligible persons" under CFTC rules represent in the aggregate less than 10% of the beneficial interest in the entity and that such entity was not formed principally for the purpose of facilitating investment by U.S. Persons in a pool with respect to which the operator is exempt from certain requirements of Part 4 of the CFTC's regulations by virtue of its participants being non-U.S. Persons; and (5) a pension plan for the employees, officers or principals of an entity organised and with its principal place of business outside the United States.

If you are a U.S. Person as defined above you are not permitted to access the Site or download, collect or redistribute (also not partially) any content of the site or hosted documents. Any violation of these terms will be prosecuted.