This Terms of Use statement sets forth the terms of use governing this website (this "Website") for Reservoir Capital Group, L.L.C. and its affiliates (collectively, "Reservoir"). This Terms of Use statement sets out your obligations and ours with respect to your use of this Website and, by using this Website, you agree to abide by the terms of this Terms of Use statement without limitation or qualification. If you do not agree to these terms and conditions of use, you do not have our consent and should exit this Website immediately. Reservoir reserves the right, at our discretion, to change, modify, add or remove portions of these terms at any time. Therefore, we suggest that you review these terms periodically for changes. By using our Website after we have posted changes to these terms and conditions of use, you are agreeing to be bound by these terms as amended.

BY USING THIS WEBSITE, YOU CONSENT TO OUR USING ANY INFORMATION THAT YOU PROVIDE TO US OR THAT WE COLLECT, IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THIS TERMS OF USE STATEMENT.

TERMS OF USE

Restrictions on Use of Materials and No Offer or Advice

The confidential materials contained on and through this Website are intended only for financially sophisticated investors and their authorized interested parties (such as financial advisors) who have been given access to such information and are for their private use. The material contained on or through this Website are provided to you for informational purposes only and are not intended to, and should not be used or considered to, constitute an offer, recommendation or solicitation to sell or an offer, recommendation or solicitation to buy or subscribe to any financial instruments, investment management or advisory services, or any interests in any investment fund or other entity managed directly or indirectly by Reservoir whether or not described herein. Reservoir's investment funds rely on private placement exemptions to registration under the Securities Act of 1933 (and the securities laws of applicable states) and have not been registered as investment companies under the Investment Company Act of 1940. Reservoir Operations, L.P., an affiliate of Reservoir Capital Group, L.L.C. is registered as an investment adviser under the Investment Advisers Act of 1940.

Reservoir provides no advice or recommendations with respect to the use of this Website, and the information and content contained herein do not constitute a recommendation or solicitation to purchase or sell any security or make any type of investment or financial decision, nor do the contents of this Website constitute legal, tax, or accounting advice or advice regarding the suitability or profitability of any transaction or investment.

No material from this Website may be copied, reproduced, republished, uploaded, posted, transmitted or distributed in any way. You may not distribute, modify, transmit, reuse, repost, or use the content of this Website, including, without limitation, any text, images, audio and video, for public or commercial purposes without Reservoir's prior written permission. Reservoir will not treat users of this Website as its clients by virtue of their accessing this Website.

Username and Password

Access to certain areas of this Website require a username and are password protected and are only available for use by Reservoir's clients, or other authorized persons. These portions of this Website are intended solely for those individuals and entities that have been authorized access. Those users who have been granted access to these portions of the Website are required to acknowledge, by clicking on the "I Agree" button, that they have read and agreed to this Terms of Use statement. Such users further acknowledge and agree that they are strictly prohibited from sharing or disclosing their username or password with any third parties or other unauthorized persons. Notify Reservoir immediately if you become aware of any disclosure, loss, theft or unauthorized use of your username and password information.

Ownership of Content

All text, images, graphics, sounds and software code ("Content") on this Website are copyrighted property of Reservoir and/or its affiliates. They may only be used for the personal education of visitors to this Website and they may not be placed in the public domain. You may not reproduce, redistribute, publish or otherwise use by electronic or any other means any of the Content without Reservoir's prior written permission.

Trademarks

Reservoir's logo and other marks indicated on this Website are service marks of Reservoir and/or its affiliates. They may not be used or displayed without the prior written consent of Reservoir. All other trademarks, service marks and company names and logos appearing on this Website are the property of their respective owners.

Non-United States Visitors

Given the global nature of the Internet, this Website may be accessed by visitors residing outside of the United States. We make no representations or warranties that this Website is appropriate or available for use in countries outside of the United States. Visitors who choose to access this Website from outside of the United States do so at their own initiative and are responsible for compliance with any and all local laws and regulations that may apply to such access.

Disclaimer of Warranties

You expressly acknowledge and agree that:

(a) YOUR USE OF THIS WEBSITE IS AT YOUR SOLE RISK. THIS WEBSITE IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. TO THE FULLEST EXTENT PERMISSIBLE PURSUANT TO APPLICABLE LAW, RESERVOIR EXPRESSLY DISCLAIMS ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

(b) RESERVOIR DOES NOT WARRANT OR REPRESENT THAT (i) THIS WEBSITE WILL MEET YOUR REQUIREMENTS, (ii) USE OF THIS WEBSITE WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, (iii) THE RESULTS THAT MAY BE OBTAINED FROM THE USE OF THIS WEBSITE WILL BE ACCURATE OR RELIABLE, (iv) THE QUALITY OF ANY INFORMATION, SERVICES OR OTHER MATERIAL OBTAINED BY YOU THROUGH THIS WEBSITE WILL MEET YOUR EXPECTATIONS, (v) THE SERVERS THAT MAKE THE SITE AVAILABLE ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS; OR (vi) ANY ERRORS IN THE SITE WILL BE CORRECTED.

(c) ANY MATERIAL DOWNLOADED OR OTHERWISE OBTAINED THROUGH THE USE OF THIS WEBSITE IS DOWNLOADED OR OBTAINED AT YOUR OWN DISCRETION AND RISK AND YOU WILL BE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR LOSS OF DATA THAT RESULTS FROM THE DOWNLOADING OR OBTAINING OF ANY SUCH MATERIAL. YOU (AND NOT RESERVOIR OR ANY OF ITS AFFILIATED COMPANIES OR ANY OF OUR OR THEIR RESPECTIVE LICENSORS OR SUPPLIERS) ASSUME THE ENTIRE COST OF ALL NECESSARY SERVICING, REPAIR OR CORRECTION.

(d) NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED BY YOU FROM US OR THROUGH OR FROM THE SITE OR ANY OF THE SERVICES AVAILABLE ON THIS WEBSITE SHALL CREATE ANY WARRANTY NOT EXPRESSLY STATED IN THESE TERMS OF USE.

(e) DECISIONS BASED ON INFORMATION CONTAINED ON THIS WEBSITE ARE THE SOLE RESPONSIBILITY OF THE VISITOR, AND AS CONSIDERATION FOR ACCESS TO THE SITE, YOU AGREE TO HOLD RESERVOIR HARMLESS FROM AND AGAINST ANY CLAIMS WHATSOEVER AND OF ANY NATURE FOR DAMAGES ARISING FROM ANY DECISIONS THAT YOU MAKE BASED ON SUCH INFORMATION.

Limitation of Liability

Reservoir and its affiliates, officers, agents, partners and employees shall not be liable for any direct, indirect, incidental, special or consequential damages, resulting from the use or the inability to use this Website and services or resulting from any information or services obtained or messages received or transactions entered into through this Website or resulting from unauthorized access to or alteration of your transmissions of data, including but not limited to, damages for loss of profits, use, data or other intangible, even if we have been advised of the possibility of such damages.

Because some jurisdictions do not allow the exclusion or limitation of liability for consequential or incidental damages, in such states liability is limited to the fullest extent permitted by law. If you are dissatisfied with any portion of the site, or with any of these terms of use, your sole and exclusive remedy is to discontinue using this site.

Links to Third Party Sites

This Website may contain links to sites owned and operated by other parties. We are not responsible for and have no control over the privacy policies of those sites. We encourage you to review the privacy policies of those sites prior to providing them with any Information. Electronic communications can be intercepted by third parties and, accordingly, electronic mail and other transmissions to and from the www.reservoircap.com domain name or made via this Website may not be secure.

Applicable Law

This Terms of Use statement will be governed by and construed in accordance with the laws of the State of New York, without regard to any principles of conflicts of law. You agree that any action at law or in equity that arises out of or relates to any use of this Website will be filed only in the state or federal courts located in New York County and you hereby consent and submit to the personal jurisdiction of such courts for the purposes of litigating any such action.

Contact

You can contact Reservoir at the numbers provided under the Contact Us section of this Website.