Courage Special Situations

Legal Disclaimer and Terms of Use

As used herein, the terms “you” and “user” shall mean any visitor to this site (this “Website”).

By accessing this Website, you signify your agreement with, and understanding of, the following terms of use and legal information (“Terms”) pertaining to both this Website and any material on it. This Website is offered to you conditioned on your acceptance without modification of the Terms contained herein. Your use of this Website constitutes your agreement to all such Terms.

Courage Capital Management LLC (“Courage”) reserves the right to change the opinions and any other content, including the Terms under which this Website is offered, without prior notice at any time. You should review the most current version of this document by visiting this Website and clicking on the Terms of Use hyperlink located at the bottom of the page. This Website and your access to it can be terinated at any time, with or without notice and for any reason.

Restrictions on Use and No Offer

The materials and information on this Website are for information purposes only and should not be used or considered as, and do not constitute, an offer to sell or the solicitation of any offer to buy any securities or financial instruments or to provide any investment service or investment advice in any jurisdiction. Any such offer or solicitation will be made only by means of delivery of a confidential private offering memorandum relating to a particular fund or investment management contract to qualified investors in those jurisdictions where permitted by law.

Courage provides no advice or recommendations with respect to the use of this Website, nor do the contents of this Website constitute investment, legal, tax or accounting advice or advice regarding the suitability or profitability of any transaction or investment.

Ownership of Site and Copyright

Courage owns and maintains this Website. This Website and any and all accompanying screens, information, materials, user documentation, user interfaces, images, arrangements of information, related software and other proprietary property of Courage or its licensors (“Materials”) accessible via this Website is and shall remain the exclusive property of Courage and its licensors, as the case may be. All rights to this Website remain with Courage or its licensors. This Website and its Materials may only be used for your personal education and non-commercial use. You may not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer, sell or otherwise use by electronic or any other means any Materials obtained from this site without Courage’s prior written consent.

Trademarks

Courage and other marks and company names indicated on this Website are service marks of Courage. Nothing on this Website shall be construed as granting, by implication, estoppel or otherwise, any license or right to use any photograph, image, trademark, logo or service mark on this Website. As with the Materials (described above), such trademarks, logos and/or service marks and company names may not be modified, reproduced, distributed, published, displayed, licensed, transferred, sold or otherwise used by electronic or any other means without the prior written consent of Courage. 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. Courage makes no representations or warranties that this Website is appropriate or available for use in countries outside of the United States, or that services discussed on this Website are available or appropriate for sale or use in all jurisdictions, or by all counterparties. 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. You may not use or export the information or materials in violation of U.S. export laws and regulations. The information provided in or accessible through this Website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Courage and/or its affiliates to any registration or other requirement within such jurisdiction or country.

Links to Third-Party Sites

Courage has not reviewed unaffiliated sites to which this Website is linked, and is not responsible for the content of off-site pages or any other site linked or linking to the site. Your linking to any off-site pages or other sites is at your own risk. Courage makes no representations whatsoever about the opinions or accuracy of information expressed by any third party appearing on a linked site, neither regularly monitors nor has control over the contents of such sites, and does not endorse or validate, and disclaims all responsibility for, the content of such statements or websites.

Disclaimer of Warranties

This Website and all Materials are provided “as is,” “as available” without warranty of any kind, either express or implied, to the fullest extent permissible pursuant to applicable law. Without limitation, Courage does not warrant the accuracy, adequacy, completeness, reliability, timeliness or availability of this Website or any information on this Website, and expressly disclaims liability for errors or omissions on this Website. There is no warranty of merchantability, no warranty of fitness for a particular purpose, no warranty of non-infringement, no warranty of any kind, implied, express or statutory, in conjunction with this Website. Any contents on this Website are subject to change without notice. The Materials published on this Website may include inaccuracies or typographical errors. Courage does not undertake to update forward-looking statements. Courage further assumes no responsibility for, and makes no warranties that, functions contained at this Website will be uninterrupted or error-free, that defects will be corrected, or that the site or the server that makes it available will be free of viruses or other harmful components. In addition, Courage makes no representation about the suitability of the Materials for any purpose. You (and not Courage) assume the entire cost and risk of using this Website and the Materials. Please note that applicable law may not allow the exclusion of certain warranties, so some or all of the above exclusions may not apply to you.

Limitation of Liability

In no event will Courage be liable for any damages, or for repairs or corrections that must be performed, to or on your computer, person or other property, including, without limitation, direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with this Website or use thereof or the inability by any party to use such site, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure, even if Courage, or representatives thereof, are advised of the possibility of such damages, losses or expenses. Because some jurisdictions do not allow the exclusion or limitation of liability for consequential or incidental damages, in such jurisdictions liability is limited to the fullest extent permitted by applicable law. This limitation of liability applies regardless of any negligence or gross negligence of Courage or any of its officers, representatives, associates or agents. You accept all risks in relying on any information contained in this Website.

If you are dissatisfied with any portion of this Website, or with any of these Terms, your sole and exclusive remedy is to discontinue using this Website.

Governing Law

These Terms will be governed by and construed in accordance with the laws of the State of Tennessee, without regard to any conflicts of laws provisions that would mandate the applicable of the law of another jurisdiction.

Severability

If a court of competent jurisdiction deems any provision of these Terms unenforceable, that provision will be enforced to the maximum extent permissible, and the remaining provisions will remain in full force and effect.

Additional Terms

Any information you receive from Courage is believed to be accurate. Nevertheless, neither Courage nor its agents are liable for any deficiencies in the accuracy, completeness, availability or timeliness of such information. The information provided on this Website does not necessarily reflect the most up to date or current information available. THE INFORMATION AND OPINIONS EXPRESSED HEREIN IS PROVIDED WITHOUT ANY WARRANTY OF ANY KIND. ANY PROJECTIONS, OUTLOOKS OR ASSUMPTIONS SHOULD NOT BE CONSTRUED TO BE INDICATIVE OF THE ACTUAL EVENTS WHICH WILL OCCUR. ANY PROJECTIONS, MARKET OUTLOOKS OR ESTIMATES IN THIS DOCUMENT ARE FORWARD LOOKING STATEMENTS AND ARE BASED UPON CERTAIN ASSUMPTIONS. FURTHERMORE, COURAGE DOES NOT UNDERTAKE TO UPDATE FORWARD-LOOKING STATEMENTS. OTHER EVENTS WHICH WERE NOT TAKEN INTO ACCOUNT MAY OCCUR AND MAY SIGNIFICANTLY AFFECT SUCH OUTLOOKS OR ESTIMATES.

Client Information And Privacy Policy

Financial companies choose how they share your personal information. Federal law gives our clients the right to limit some but not all sharing. Federal law also requires Courage Capital (“Courage”, “us”, or “we”) to tell you how we collect, share, and protect your personal information. Please read this policy (“Privacy Notice”) carefully to understand what we do.

We do not disclose nonpublic personal information about our clients or former clients to third parties otherthan as described below.

Personal Information We Collect

We collect personal information about you in connection with our providing advisory services to you. This information includes your name, address, and social security number and may include other information such as your:

• Assets
• Investment experience
• Transaction history
• Income
• Wire transfer instructions

How We Collect This Information

We collect this information from you through various means. For example, when you give us your contact information, enter into an investment advisory contract with us, buy securities (i.e., interests in a fund) from us, tell us where to send money, or make a wire transfer. We also may collect your personal information from other sources, such as our affiliates¹ or other nonaffiliated companies. Only employees with a valid business reason have access to your personal information. We train our employees on safeguarding your confidential information as well as provide data security awareness training.

How We Use This Information

All financial companies need to share customers’ personal information to run their everyday business and we use the personal information we collect from you for our everyday business purposes. These purposes may include for example:

• To provide advisory services to you
• To open an account for you
• To process a transaction for your account
• To market products and services to you
• To respond to court orders and legal investigations

Disclosure To Others

We may provide your personal information to our affiliates and to firms that assist us in servicing your account and have a need for such information, such as a broker, fund administrator, auditor, tax advisor, and legal counsel. We require third-party service providers to protect the confidentiality of your information and to use the information only for the purposes for which we disclose the information to them. These sharing practices are consistent with U.S. federal privacy, certain state privacy and related laws, and in general, you may not limit our use of your personal information for these purposes under such laws. We note that the U.S. federal privacy laws only give you the right to limit the certain types of information sharing that we do not engage in (e.g., sharing with our affiliates certain information relating to your transaction history or creditworthiness for their use in marketing to you, or sharing any personal information with nonaffiliates for them to market to you).

How We Protect Your Personal Information

To protect your personal information from unauthorized access and use, we use security measures that comply with U.S. federal law. These measures include designing and implementing a security control environment that follows the NIST framework. We restrict access to nonpublic personal information to our employees who need to know such information in order to provide services to you. All Courage files containing personal information are secured through our electronic firewalls, building security access, and reasonable restrictions to accessing physical and electronic records.

Who Is Providing This Privacy Notice

This Privacy Notice relates to all investors in private funds managed and advised by Courage Capital Management, LLC.

Who To Contact With Questions

If you have any questions about this Privacy Notice, email us at information@couragecap.com or visit www.couragecap.com.

¹Our affiliates are companies related to us by common ownership or control and can include both financial and nonfinancial companies. Non-affiliates are companies not related to us by common ownership or control and can include both financial and nonfinancial companies.