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The annual summit lasts four days and all expenses but your flight and transportation on the first and last day are covered.

What does this statement mean ?

Does it mean that the flight and transportation charges are covered, or do they have to be borne by the traveller ?

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    The annual summit last four days and all expenses [other than] your flight and transportation on the first and last day are covered. Does that help? – Little Eva Mar 5 '15 at 8:50
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The function word but has some astonishing uses. The most astonishing use is "but" in the sense of but not, except. OALD no.5. It is useful to have a look at "but" in a dictionary as there are even idiomatic uses as "but for you".

http://www.oxfordlearnersdictionaries.com/definition/english/but_1?q=but

OALD has several entries: but conjunction, preposition, adverb.

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I will offer the sentence in question is poorly structured.

The meaning implied is you will have to pay for transportation costs. All other expenses will paid by others. If you use an airline to attend a convention and then hire a taxi service to arrive at and ultimately depart the meeting locale, you will have to pay for those expenses, personally.

All other costs such as hotel and meals, will be covered by those persons hosting the convention.

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