Terms of USE.

Effective Date: May 22, 2026

1. ACCEPTANCE OF TERMS

By accessing or using the website for UpDown Investments Fund I, LP and UpDown Management, LLC (collectively, "UpDown," "we," "us," or "our"), you agree to be bound by these Terms of Use. If you do not agree, you may not access or use this site.

2. NO OFFER OR SOLICITATION

The information on this website is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer will be made only through official confidential offering documents (the "PPM"). This website does not constitute a recommendation for any security.

3. ACCREDITED INVESTORS

Access to certain portions of this website, including the investor portal, is strictly restricted to "Accredited Investors" as defined by Rule 501 of Regulation D. By accessing these areas, you represent and warrant that you meet these eligibility requirements and that any information provided to us is accurate.

4. NO INVESTMENT ADVICE

UpDown and its administrative partner, ET Capital Partners, do not provide investment, financial, legal, tax, or accounting advice. Nothing on this site should be construed as such. You should consult with your own qualified professionals before making any investment decisions.

5. INVESTOR PORTAL ACCESS

Investor access is currently facilitated through the ET Capital Partners portal. You are responsible for maintaining the confidentiality of your login credentials. UpDown is not liable for unauthorized access to your account resulting from your failure to secure your information.

6. INTELLECTUAL PROPERTY

All content, including AI/ML model descriptions, strategy overviews, logos, and proprietary data, is the property of UpDown Management, LLC or its licensors and is protected by copyright and intellectual property laws.

7. PERFORMANCE DATA & AI MODELS

Any performance data or AI/ML model projections are opinions based on financial models believed to be reliable but are not guaranteed. Past performance is not indicative of future results, and the risk of loss is substantial.

8. LIMITATION OF LIABILITY

To the maximum extent permitted by law, UpDown and ET Capital Partners shall not be liable for any direct, indirect, or consequential losses arising from your use of this website or reliance on its content.

9. GOVERNING LAW

These Terms shall be governed by and construed in accordance with the laws of the State of Iowa, without regard to its conflict of law provisions.

10. CONTACT INFORMATION

For questions regarding these Terms, please contact:
info@etcapitalpartners.com
c/o ET Capital Partners
12100 Meredith Drive, Suite 102E
Urbandale, IA 50323