Terms and Conditions to Use of NIVM's Web site
Please read the following terms and conditions of use carefully before using this Web site. By using this Web site,
you acknowledge that you have read these terms and conditions of use, that you understand them, and that you
accept and agree to be bound by them. If you do not accept and agree to these terms and conditions of use,
promptly exit this Web site. NIVM may, at any time and at its sole discretion, revise these terms and conditions
by updating this posting. Therefore, you should periodically visit this page to review the current terms and conditions.

NIVM believes that the information on this Web site has come from reliable sources, but it cannot assure its
completeness or suitability for any purpose. The information contained within NIVM's Web site is current only
as of the date of the most recent update, or if no update information has been provided, the date of issuance,
but NIVM does not represent or endorse the accuracy or reliability of any material on this Web site. Users are strongly
encouraged to check the dates of issuance and most recent updates of any information contained within, or linked to,
NIVM's Web site. For the most current publicly filed information on NIVM, please reference NIVM's public filings with the
Securities and Exchange Commission (SEC) at http://www.sec.gov. NIVM cannot guarantee that the material on this
Web site has not been affected by technical malfunctions or unauthorized tampering. The materials on this Web site
are subject to change without notice.

THIS WEB SITE, INCLUDING ALL CONTENT, SOFTWARE, FUNCTIONS, MATERIALS AND INFORMATION MADE AVAILABLE
ON OR ACCESSED THROUGH THIS WEB SITE, IS PROVIDED ON AN "AS IS, AS AVAILABLE" BASIS, WITHOUT WARRANTY
OF ANY KIND. TO THE FULLEST EXTENT PERMISSIBLE BY LAW, NIVM AND ITS AFFILIATES MAKE NO REPRESENTATIONS OR
WARRANTIES OF ANY KIND WHATSOEVER FOR THE CONTENT ON THIS WEB SITE, FOR ANY PRODUCTS OR SERVICES OR
HYPERTEXT LINKS TO THIRD PARTIES OR FOR ANY BREACH OF SECURITY ASSOCIATED WITH THE TRANSMISSION OF
SENSITIVE INFORMATION THROUGH THIS WEB SITE OR ANY LINKED SITE. FURTHER, NIVM AND ITS AFFILIATES DISCLAIM
ANY EXPRESS OR IMPLIED WARRANTIES, INCLUDING, WITHOUT LIMITATION, NON-INFRINGEMENT, MERCHANTABILITY OR
FITNESS FOR A PARTICULAR PURPOSE. NIVM AND ITS AFFILIATES DO NOT WARRANT THAT THE FUNCTIONS CONTAINED IN
THIS WEB SITE OR ANY MATERIALS OR CONTENT CONTAINED THEREIN WILL BE UNINTERRUPTED OR ERROR FREE, THAT
DEFECTS WILL BE CORRECTED, OR THAT THIS WEB SITE OR THE SERVER THAT MAKES IT AVAILABLE IS FREE OF VIRUSES
OR OTHER HARMFUL COMPONENTS. NIVM AND ITS AFFILIATES SHALL NOT BE LIABLE FOR THE USE OF THIS WEB SITE,
INCLUDING, WITHOUT LIMITATION, THE CONTENT AND ANY ERRORS CONTAINED THEREIN.

NIVM and its Affiliates are not responsible for any damages whatsoever, and in particular, NIVM and its Affiliates shall not
be responsible for direct, indirect, special, punitive, incidental, or consequential damages, or damages for lost profits, loss
of revenue, loss of use, lost data, lost opportunity, or any other commercial or other damages, arising out of or related to
the use, reliance on, inability to use, performance, or non-performance of the information, data or merchandise that appears
on, or is linked or related in any way to this Web site, whether such damages arise from contract, negligence, tort, or otherwise,
even if NIVM or any of its Affiliates have been advised of the possibility of such damages. IF YOU ARE DISSATISFIED WITH
THIS WEB SITE, YOUR EXCLUSIVE REMEDY SHALL BE TO CEASE THE USE THEREOF.

NIVM is not in the business of providing investment advice and shall have no liability whatsoever for any investment decisions
or the results of any investments made by a user of this Web site. Nothing contained in this site constitutes investment advice.
Neither the information, nor any opinion contained in this site constitutes a solicitation or offer by NIVM or its Affiliates to buy
or sell any securities, futures, options or other financial instruments, or offer investment advisory services, nor shall any such
security be offered or sold or investment advisory service offered to any person in any jurisdiction in which such offer,
solicitation, purchase, or sale would be unlawful under the laws of such jurisdiction. Decisions based on information
contained in NIVM's site are the sole responsibility of the visitor.

You represent, warrant, and covenant that: (a) you shall not upload, post or transmit to or distribute or otherwise publish
through this Web site any materials which (i) restrict or inhibit any other user from using and enjoying this Web site, (ii)
are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, offensive, pornographic, profane, sexually explicit
or indecent, (iii) constitute or encourage conduct that would constitute a criminal offense, give rise to civil liability or otherwise
violate law, (iv) violate, plagiarize or infringe the fights of third parties including, without limitation, copyright, trademark,
patent, rights of privacy or publicity or any other proprietary right, (v) contain a virus or other harmful component,
(vi) contain any information, software or other material of a commercial nature, (vii) contain advertising of any kind or
(viii) constitute or contain false or misleading indications of origin or statements of fact; and (b) that you are at least
eighteen (18) years old.

You hereby agree to indemnify, defend and hold NIVM, its Affiliates and all of its and their officers, directors, partners,
members, owners, agents, employees, information providers, affiliates, licensors and licensees (collectively, the
"Indemnified Parties") harmless from and against any and all liability and costs incurred by the Indemnified Parties
in connection with any claim arising out of any breach by you of these terms and conditions of use or any of the
representations, warranties and covenants made by you herein, including, without limitation, attorneys' fees and costs.
You shall cooperate as fully as reasonably required or requested in the defense of any claim. NIVM reserves the right,
at its own expense, to assume the exclusive defense and control of any matter otherwise subject to indemnification by
you and you shall not in any event settle any matter without the written consent of NIVM.

Certain statements on this Web site may constitute forward-looking statements within the meaning of the federal
securities laws. Such statements should be considered in light of the risks and uncertainties associated with NIVM and its
Affiliates, including changes in the asset management industry, securities or financial markets or in general economic
conditions, the availability of equity and debt financing, competition for acquisitions of interests in investment management
firms, and other risks detailed from time to time in NIVM's filings with the SEC. Reference is hereby made to the "Cautionary
Statements" set forth in NIVM's Annual Report on Form 10-K, as filed with the SEC from time to time. NIVM's most recent
Annual Report on Form 10-K is available on the SEC's Web site (at the link listed above). You are encouraged to review
these Cautionary Statements carefully.

Electronic mail submitted to this site should be considered neither secure nor confidential. NIVM makes no representation
whatsoever concerning the security or confidentiality of your electronic messages and specifically makes no representation
that any electronic messages submitted through this Web site will be received by NIVM. Furthermore, any communications
or material you transmit to NIVM's Web site by electronic mail or otherwise, including, but not limited to, data, questions,
comments, or suggestions will be treated as nonconfidential and nonproprietary and will become the property of NIVM.
Such communications or materials may be used for any purpose, including, but not limited to, reproduction, disclosure,
transmission, publication, broadcast and posting. Further, NIVM may monitor your use of the Web site, and NIVM reserves
the right to use any ideas, concepts, know-how, or techniques contained in any electronic communication you send to this
Web site for any purpose whatsoever. You hereby waive all rights to any claim against NIVM for any alleged or actual
infringements of any proprietary rights, rights of privacy and publicity, moral rights, and rights of attribution in connection
with such communications.

NIVM does not and cannot review all materials posted to the Web site by users, and NIVM is not responsible for any such
materials posted by users. Nevertheless, NIVM reserves the right at all times to disclose any information as necessary to
satisfy any law, regulation or government request, or to edit, refuse to post or to remove any information or materials, in
whole or in part, that in NIVM's sole discretion are objectionable or in violation of these terms and conditions of use.

This Web site, and all of its contents, is protected by copyright as a collective work and/or compilation, pursuant to
U.S. copyright laws, international conventions and other copyright laws. All rights not granted to you herein are expressly
reserved by NIVM. Other than as expressly provided in these terms and conditions of use, your use of this Web site does
not create a license or any other rights in trademarks, service marks, copyrights, patents, trade secrets or any other
intellectual property or proprietary rights of NIVM or any of its Affiliates. The content of this Web site (the "Content") is
only for your personal, non-commercial use. All materials contained on this Web site are protected by copyright, and are
owned or controlled by NIVM, its Affiliates or the party credited as the provider of the Content (if any). You will abide by any
and all additional copyright notices, information, or restrictions contained in any Content on this Web site. You may
download and make one copy of the Content and other downloadable items displayed on this Web site for personal,
non-commercial use only, provided that you maintain all copyright and other notices contained in such Content.
Copying or storing of any Content for other than personal, non-commercial use is expressly prohibited without the
prior written consent of NIVM or the copyright holder identified in the individual Content's copyright notice. You may not use,
publish, display, disclose, rent, lease, modify, loan, distribute, transmit, reuse, repost any of the Content or create derivative
works based on the Content, the Web site or any part thereof.

"National Investment Managers Inc," is a service mark registered with the United States Patent and Trademark Office.
The names of the Affiliates of NIVM and their funds and products are service marks and/or trademarks of the respective
firms. The trade and service marks and trade dress of NIVM and its Affiliates may not be used in connection with any
product or service not owned or explicitly sanctioned by NIVM or its Affiliates, in any manner that is likely to cause
confusion among customers, or in any manner that disparages or discredits NIVM or its Affiliates. Any trade and
service marks not owned by NIVM or its Affiliates that appear on this site are the property of their respective owners,
who may or may not be affiliated with, connected to or endorsed by NIVM or its Affiliates.

Links to third-party Web sites through so-called "hyperlinks" are provided by NVIM as a convenience. NIVM does not control
these sites and is not responsible for the content, update or accuracy of these sites. NIVM does not endorse or make any
representations about the companies, products, or materials accessible through these hyperlinks, or the security of such Web sites.
If you opt to hyperlink to other Web sites accessible through NIVM's Web site, you do so entirely at your own risk. Further,
no representation or warranty is provided for any software that you may download from a link from this Web site.

THE AGREEMENT FORMED BY YOUR ACCEPTANCE OF THESE TERMS AND CONDITIONS OF USE (AS EVIDENCED BY YOUR USE
OF THIS WEB SITE) SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF FLORIDA,
WITHOUT REGARD TO CONFLICTS OF LAWS PROVISIONS. SOLE AND EXCLUSIVE JURISDICTION FOR ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT SHALL BE IN AN APPROPRIATE STATE OR FEDERAL COURT
LOCATED IN THE COMMONWEALTH OF MASSACHUSETTS.

You acknowledge that you are aware that by using this Web site you may be subject to security and privacy exploitations,
including, eavesdropping, sniffing, spoofing, hacking, breaking passwords, harassment, exposure to objectionable material,
posturing, or other security or privacy hazards. YOU ACKNOWLEDGE AND AGREE THAT ANY CONTENT OR SOFTWARE DOWNLOADED
OR OTHERWISE OBTAINED FROM NIVM AND ITS AFFILIATES IS DONE AT YOUR OWN RISK AND THAT YOU WILL BE SOLELY
RESPONSIBLE FOR ANY DAMAGES WHATSOEVER ARISING FROM THE DOWNLOAD OR OTHER ACQUISITION OF SUCH CONTENT
OR SOFTWARE. NIVM AND ITS AFFILIATES WILL NOT BE RESPONSIBLE IF ANY SOFTWARE OR CONTENT INFECTS OR
CONTAMINATES A USER'S SYSTEM OR INFORMATION.

These terms and conditions of use, as modified from time to time, constitute the entire agreement between NIVM and you
with respect to your use of this Web site. Any cause of action you may have with respect to your use of this Web site must
be commenced within one (1) year after the claim or cause of action arises. If for any reason a court of competent jurisdiction
finds any provision of these terms and conditions of use, or portion thereof, to be unenforceable, that provision shall be
enforced to the maximum extent permissible so as to effect the intent of these terms and conditions of use, and the
remainder of the terms and conditions of use shall continue in full force and effect.


Copyright © 2005 National Investment Managers Inc. All Rights Reserved.