Terms of Use | www.sppcapital.com

SPP Capital Partners, LLC is the trade name for the investment banking business of SPP Capital, and references to SPP Capital Partners, LLC or SPP herein include all of the subsidiaries and affiliates of SPP Capital operating under the SPP Capital Partners, LLC name.

ACCESS

This Web site and the information, tools and material contained in it (this "Site") are not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject SPP Capital or any of its subsidiaries or affiliates to any registration or licensing requirement within such jurisdiction.

NO OFFER

The information, tools and material presented in this Site are provided to you for informational purposes only and are not to be used or considered as an offer or a solicitation to sell or an offer or solicitation to buy or subscribe for securities or other financial instruments, nor to constitute any advice or recommendation with respect to such securities or other financial instruments. The Site's contents may not be reproduced in whole or in part or otherwise be made available without the prior written consent of SPP CAPITAL. Information and opinions presented in this Site have been obtained or derived from sources believed by SPP Capital to be reliable, but SPP Capital makes no representation as to their accuracy or completeness. SPP Capital accepts no liability for any loss arising from the use of the material presented in this Site. SPP Capital and/or its affiliates may, to the extent permitted by applicable law and/or regulation, participate or invest in financing transactions with the issuer(s) of the securities referred to in this Site, perform services for or solicit business from such issuers, and/or have a position or holding, or other material interest or effect transactions in such securities or options thereon or investments related thereto. SPP Capital may, to the extent permitted by applicable law and/or regulation, act upon or use the information or opinions presented on this Site, or the research or analysis on which they are based, before the material is published. SPP Capital may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities referred to on this Site or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment. Additional information is, subject to duties of confidentiality, available on request. Some investments referred to on this Site will be offered solely by a single entity and in the case of some investments solely by SPP Capital, or an associate of SPP Capital or SPP Capital may be the only market maker in such investments.

DISCLAIMER OF WARRANTIES

Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Opinions and/or estimates reflect a judgment at the original date of publication by SPP Capital and are subject to change without notice. The price of, value of and income from any of the securities or financial instruments mentioned in this Site can fall as well as rise. Foreign currency-denominated securities and financial instruments are subject to fluctuations in exchange rates that may have a positive or adverse effect on the value, price or income of such securities or financial instruments. Investors in securities, the values of which are influenced by currency volatility, effectively assume this risk.

Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own investigation and analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase. Some investments discussed on this Site may have a high level of volatility. High volatility investments may experience sudden and large falls in their value causing losses when that investment is realized. Those losses may equal your original investment. Indeed, in the case of some investments the potential losses may exceed the amount of initial investment and, in such circumstances, you may be required to pay more money to support those losses. Income yields from investments may fluctuate and, in consequence, initial capital paid to make the investment may be used as part of that income yield.

Some investments may not be readily realizable and it may be difficult to sell or realize those investments. Similarly it may prove difficult for you to obtain reliable information about the value, or risks, to which such an investment is exposed.

This Site is subject to periodic update and revision. Materials should only be considered current as of the date of initial publication appearing thereon, without regard to the date on which you may access the information. SPP Capital maintains the right to delete or modify information on this Site without prior notice.

SPP Capital may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented in this Site. Those reports reflect the different assumptions, views and analytical methods of the analysts who prepared them and SPP Capital is under no obligation to ensure that such reports are brought to your attention.

SPP Capital hereby expressly disclaims, to the extent permitted by applicable law and/or regulation, all warranties, express, statutory or implied, regarding the site and any results to be obtained from the use of the site, including but not limited to all warranties of merchantability, fitness for a particular purpose or use and all warranties arising from course of performance, course of dealing and/or usage of trade or their equivalents under the applicable laws and/or regulations of any jurisdiction. SPP Capital does not warrant or guarantee the accuracy, timeliness, suitability, completeness or availability of this site or the information or results obtained from use of this site, or that this site or the information or results will be free from error.

Under no circumstances and under no theory of any applicable law and/or regulation, tort, contract, strict liability or otherwise, shall SPP Capital be liable to anyone for any damages resulting from access to or use of or inability to access or use this site regardless of whether they are direct, indirect, special, incidental, or consequential damages of any character, including damages for trading losses or lost profits, or for any claim or demand by any third party, even if SPP Capital knew or had reason to know of the possibility of such damages, claim or demand.

DISTRIBUTION

The information, tools, and material presented in this Site are made available in the United States by SPP Capital Partners, LLC; elsewhere in the world by SPP Capital Partners, LLC (USA) or an authorized affiliate of SPP Capital Partners, LLC. Non-U.S. customers wishing to effect a transaction should contact a SPP Capital entity in their local jurisdiction unless governing law permits otherwise. U.S. customers wishing to effect a transaction should do so only by contacting a representative at SPP Capital Partners, LLC in the U.S.

SPP Capital Partners, LLC of 550 Fifth Avenue, 12th Floor, New York, NY 10036, United States of America is regulated by the National Association of Security Dealers ("NASD").

None of the statements contained in this important information excludes or restricts our liability and duties to you under the FSA Rules and the Financial Services and Markets Act 2000.

Recipients who are not market professional or institutional investor customers of SPP Capital should seek the advice of their independent financial adviser prior to taking any investment decision based on this report or for any necessary explanation of its contents.

SPP Capital will not treat users of this Site as its clients by virtue of them accessing it. The investments and services contained or referred to in this Site may not be suitable for you and it is recommended that you consult an independent investment adviser if you are in doubt about such investments or investment services. Nothing in this Site constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to your individual circumstances, or otherwise constitutes a personal recommendation to you. SPP Capital does not advise on the tax consequences of investments and you are advised to contact an independent tax adviser. Please note in particular that the bases and levels of taxation may change. Information on this Site may relate to investments or services of an entity/person outside of the United Kingdom or to other matters which are not regulated by the NASD and further details as to where this may be the case are available upon request in respect of this material.

APPLICABLE LAW

This agreement shall be governed by and construed in accordance with the substantive and procedural laws of the State of New York, without giving effect to the principles of conflicts of law.

SPP Capital Partners, LLC is committed to the principles of equal employment opportunity. The Firm does not discriminate against any employee or applicant for employment because of race, color, religion, gender, national origin, veteran status, disability, age, citizenship, marital status, sexual orientation or because of any other criteria prohibited under controlling federal, state or local law.

Use of the site is subject to acceptance of our Terms of Use and important information.

All material presented on this Site, unless specifically indicated otherwise, is under copyright to SPP Capital, its subsidiaries and affiliates. The material is freely downloadable for browsing purposes only. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of SPP Capital Partners, LLC. All trademarks, service marks and logos used on this Site are trademarks or service marks or registered trademarks or service marks of SPP Capital Partners, LLC or one of its affiliates or other entities.

LINKED SITES

We may provide addresses or hyperlinks which lead you out of this Site. Except to the extent to which the Site refers to SPP's own Web site material, SPP has not reviewed any such sites which link to this Site or to which this Site links, and is not responsible for the content of any other Web sites or pages linked to or linking from this Site. Such addresses or hyperlinks (including addresses or hyperlinks to SPP's own Web site material) are provided solely for your convenience and information. Accessing such Web sites or following such links to any other Web sites or pages shall be at your own risk