Legal notice

Delaware Management Holdings, Inc. grants you the limited, revocable, nonexclusive, nontransferable right to view, copy and print the contents of this Web Site solely for your personal, informational and noncommercial use, and for no other use, except as expressly authorized in writing by Delaware Management Holdings, Inc. The information may not be modified, reused or reposted without written permission of Delaware Management Holdings, Inc. This Web Site provides general and specific information about products and services offered by Delaware Management Holdings, Inc. and its subsidiaries (sometimes hereinafter referred to as "Delaware Investments"). This Web Site is published in the United States and this Web Site, products, services and information provided herein are not available in all states of the United States nor in certain non-U.S. jurisdictions including the United Kingdom. Delaware Management Holdings, Inc. and its subsidiaries will not transact business in any state or other jurisdictions until after all appropriate licenses are obtained or a determination is made that an exemption applies.

Delaware Management Holdings, Inc. will use reasonable efforts to include accurate and up-to-date information; however, Delaware Management Holdings, Inc. makes no representations or warranties, express or implied, as to the accuracy or completeness of the information provided herein. In the event there is a discrepancy between a copy of your client statement that you received in paper format and a copy of your client statement for the same period on this Web Site, the paper copy of your client statement shall control. Any research or analysis contained herein has been procured by Delaware Investments for its own purposes and is provided solely to illustrate our research and analytical processes. Opinions contained herein are subject to change without notice. Delaware Investments and its affiliates shall not be liable for any loss, whether direct or indirect, arising from use of any part of the information provided.

Any portfolio or performance information is historical and is not an indication of current or future portfolio characteristics or performance. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities mentioned herein. The information does not constitute a recommendation to buy or sell any securities mentioned.

The Delaware Investments information provided herein may be used in conjunction with the offering of shares only if such offer of shares is preceded or accompanied by a prospectus. All Delaware Investments funds are offered by prospectus only. Prospectuses contain more complete information on fees and expenses and should be read carefully before investing. A prospectus may be downloaded at www.delawareinvestments.com or obtained via U.S. Mail by calling 1 800-523-1918. Delaware Investments funds are distributed by Delaware Distributors L.P.

We reserve the right to change the Web Site and this Legal Notice at any time, without notice. If you use this Web Site after we post changes to these Legal Notice, you accept the Legal Notice as modified.

Certain parts of this Web Site may be protected by passwords or require a login. Further, for authentication purposes, certain features on this Web Site may require you to answer a designated security question. You agree to provide Delaware Investments with current, complete, and accurate information as prompted by the applicable registration process and agree to regularly update this information to maintain its completeness and accuracy. You agree not to obtain or attempt to obtain unauthorized access to such parts of or features on this Web Site, or to any other protected materials or information, through any means not intentionally made available to you by Delaware Investments.

You are responsible for maintaining the confidentiality of any account information, user names, logins, passwords, and security questions and answers that you use to access any page or feature on this Web Site, and for logging off of your account and any protected areas of the Web Site. Further, you are fully responsible for all activities occurring under your accounts (including user names, logins, passwords, and security questions and answers) that result from your negligence, carelessness, misconduct, or failure to use or maintain appropriate security measures. You agree to promptly restrict unauthorized individuals from accessing the Web Site. If you become aware of any suspicious or unauthorized conduct concerning your accounts, user names, logins, passwords, or security questions and answers, you agree to contact Delaware Investments immediately. Delaware Investments will not be liable for any loss or damage arising from your failure to comply with this paragraph.

Privacy Statement

To ensure service quality and better serve our customers, Delaware Investments expressly reserves the right to access, archive, or monitor any use of this Web Site.

General Disclaimers

No Warranties. Delaware Investments does not make nor imply any warranties about this Web Site. We disclaim, to the fullest extent permitted by law, any such express or implied warranties, including the implied warranties of merchantability, fitness for a particular purpose, and non-infringement. Our disclaimer may not apply to you if you live in a state that does not allow disclaimers of implied warranties.

Service may be interrupted. This Web Site is owned and operated by Delaware Management Holdings, Inc. Delaware Investments may modify, suspend, discontinue, or restrict the use and availability of any portion of this Web Site at any time, without notice or liability. Your use of this Web Site may be monitored by Delaware Investments and used for Delaware Investments internal business purposes, without liability. This Web Site may not always be accessible to you. Delaware Investments does not guarantee that services provided by this Web Site will not be interrupted. Periods of volatile or unusual market activity, in particular, may affect systems availability or response time.

You are responsible for your connectivity. You also agree that you are responsible for the means you use to access the Delaware Investments Web Site and understand that your hardware, software, the Internet, your Internet Service Provider, and other third parties involved in connecting you may not perform as intended or desired.

Downloads may not be error free. We also do not promise that any software or other information that you may download or copy will be error free. If any defects are detected, we do not promise that they will be corrected.

Not responsible for third party links. You agree that you will not link to this Web Site. We do not review, and are not responsible for, the content or continued accessibility of the services provided or information posted by any independent providers who are not affiliated with Delaware Investments ("third parties") or third party sites that are linked to our Web Site, either with or without our permission. We do not represent or warrant that the information or services (for example market data or financial tools) provided by such third parties are suitable for you, timely, accurate, complete or reliable. By providing access to other Web Sites, Delaware Investments is not recommending the purchase or sale of securities issued by any company, nor are we endorsing the products or services provided by such third party.

Not responsible for third party damages. Delaware Investments also disclaims responsibility for any damages third parties may cause to you through the use of this Web Site, whether intentional or unintentional. For example, you understand that hackers may breach our security procedures and that Delaware Investments will not be responsible for any related damages.

Not responsible for viruses. Delaware Investments has no responsibility for viruses or any other damage that may be caused to you as a result of using this Web Site.

Information may not be accurate or timely. Delaware Investments makes available the information and materials on this Web Site for informational purposes only. They should not be used or considered as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security. Although Delaware Investments intends that the information on this Web Site is reliable and statements of fact have been obtained from sources considered reliable, when you use this Web Site you also agree that Delaware Investments does not represent or warrant that the information or services provided are accurate, complete, timely, reliable, or suitable for you. Moreover, the information and services are general in nature, may not apply to particular factual or legal circumstances, and Delaware Investments is not intending to, and explicitly is not, providing tax, legal or investment advice. Delaware Investments has no duty to update the content of this Web Site.

Trademarks and Patents

All trademarks, service marks, and logos appearing on this Web Site are the exclusive property of their respective owners.

Termination

The rights granted to you herein terminate immediately upon any violation by you of these Terms of Use. Delaware Investments, in its sole discretion, reserves the right to temporarily or permanently terminate your access to and use of this Web Site at any time and for any reason whatsoever, without notice or liability. Delaware Investments will not be liable to you or any third party for any termination of your access to or use of this Web Site.

Liability and Indemnity

ANY MATERIALS DOWNLOADED OR OTHERWISE OBTAINED THROUGH THIS WEB SITE ARE DONE AT YOUR OWN RISK. YOU ARE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR OTHER EQUIPMENT, OR LOSS OF DATA THAT RESULTS FROM SUCH DOWNLOAD.

NEITHER DELAWARE MANAGEMENT HOLDINGS, INC. NOR ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, LICENSORS, OR ANY THIRD-PARTY INFORMATION PROVIDERS AND VENDORS WILL BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES, INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, REVENUE, INCOME, GOODWILL, USE, DATA, OR OTHER INTANGIBLE LOSSES, OR DAMAGES CAUSED BY THEFT, UNAUTHORIZED ACCESS, SYSTEMS FAILURE, OR COMMUNICATIONS LINE FAILURE, OR THE COST OF PROCURING SUBSTITUTE GOODS OR SERVICES, CAUSED BY THE USE OF OR INABILITY TO USE THE WEB SITE, MATERIALS, OR ANY PRODUCTS OR SERVICES PROVIDED HEREIN, OR ANY OTHER MATTER RELATING TO THIS WEB SITE, EVEN IF DELAWARE MANAGEMENT HOLDINGS, INC. HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE ABOVE EXCLUSIONS OR LIMITATIONS MAY NOT APPLY TO YOU. TO THE EXTENT THAT A JURISDICTION DOES NOT PERMIT THE EXCLUSION OR LIMITATION OF LIABILITY AS SET FORTH HEREIN, THE LIABILITY OF DELAWARE MANAGEMENT HOLDINGS, INC. AND ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, LICENSORS, AND ANY THIRD-PARTY INFORMATION PROVIDERS AND VENDORS IS LIMITED TO THE EXTENT PERMITTED BY LAW IN SUCH JURISDICTIONS.

You agree to indemnify, defend, and hold harmless Delaware Management Holdings, Inc., its subsidiaries and affiliates, and each of its and their officers, directors, employees, and agents, from and against all claims, demands, liabilities, damages, losses, or expenses, including attorney's fees and costs, arising out of or related to your improper access to or use of this Web Site, or any violation by you of these Terms of Use.

Integration and Severability

If any provision of these Terms of Use is deemed unlawful, void, or unenforceable, then that provision will be deemed severable from these Terms of Use and will not affect the validity and enforceability of the remaining provisions. These Terms of Use represent the entire agreement between you and Delaware Investments relating to the subject matter herein.

Applicable Law and Venue

The laws of the Commonwealth of Pennsylvania, United States of America, without regard to principles of conflict of laws, govern these Terms of Use and any dispute that might arise between you and Delaware Investments. If you take legal action relating to these Terms of Use, you agree to file such action either in the Court of Common Pleas of Philadelphia County, Pennsylvania, or the United States District Court for the Eastern District of Pennsylvania and in no other venue, and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

For more information regarding legal matters, including copyright and use policies, contact the Delaware Management Holdings, Inc. legal department at 215 255-1360.