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Please read these disclaimers carefully. By accessing the materials made available by PPM America, Inc. at this Web site, you agree to be bound by all of these terms and conditions.

PPM America is registered to conduct business in the United States of America only. If you use this site from other locations, you are responsible for compliance with applicable local laws and regulations. This site is designed for investors that have a high level of financial and business experience. The information contained herein should not be used or relied upon by investors who do not have this degree of sophistication.

Nothing contained on PPM America's site should be construed as a solicitation or offer or recommendation to buy or sell any investment. PPM America is not determining the suitability of any investment for any investor. Nor does the information constitute legal or tax advice. You should obtain relevant professional advice before making any investment decision.

Investment Performance
Past investment performance is not necessarily a guide to the future performance of an investment. The value of investments may fall as well as rise and investors may not get back the amount they invested.

Modification and Monitoring of Web site
PPM America reserves the right, at our discretion, to change, modify, add, or remove portions of these terms at any time. We suggest that you check these terms periodically for changes. The terms can be accessed from the link at the bottom of our Web site pages. If you use this Web site after we post changes to the terms, you accept the changed terms. PPM America expressly reserves the right to monitor any and all use of this Web site.

Copyrights and Restrictions on Use of Materials
PPM America, Inc. controls and operates this site from the United States and makes no representation that the material contained herein is appropriate or available for use in other locations. The PPM America Web site is not directed to any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) the publication or availability of the PPM America Web site is prohibited. Persons to whom such restrictions apply must not access the PPM America Web site.

Other users may not:

Copy, reproduce, republish, upload, post, transmit, or distribute in any way material from PPM America's Web site or any Web site owned, operated, licensed, or controlled by PPM America, except as specifically stated below under "Limited License."

Copy, modify, or display PPM America's name, logo, text, or graphic images in any way without PPM America's express written permission, except as set forth in "Limited License."

Redeliver any of the pages, text, images, or other content of PPM America's Web site using "framing" technology without PPM America's express written permission. Modify or use the pages, text, images, or other content from PPM America's Web site for any other purpose; doing so is a violation of PPM America's copyrights and other proprietary rights.

Use devices (including software) that are designed to provide repeated automated access to PPM America.com other than those made generally available by PPM America. PPM America reserves the right to take all measures necessary to prevent such access, including denial or termination of service.

Include "PPM America," any other PPM America trademark, any PPM America executive's name, or any variation of any of the foregoing, as a metatag, hidden textual element, or any other indicator that may create an impression of affiliation, sponsorship, or endorsement between any user and/or site and PPM America.

Limited License
Individuals may, for personal use, bookmark or point to any page within PPM America's Web site.

Downloading Software
If you download software from PPM America's Web site under these terms, the software including any files, images incorporated in or generated by the software, and data accompanying the software (collectively, the "Software") is licensed to you by PPM America for your personal use.

However:

PPM America does not transfer title to the Software to you.

You own the medium on which the Software is recorded, but PPM America retains full and complete title to the Software, and all intellectual property rights therein.

You may not redistribute, sell, decompile, reverse engineer, disassemble, or otherwise reduce the Software to any other form whatsoever.

Third-Party Content
PPM America is in no way responsible for the content of any site owned by a third party that may be linked to PPM America's Web site via hyperlink, whether such hyperlink is provided by PPM America or by a third party. No judgment or warranty is made with respect to the accuracy, timeliness, or suitability of the content of any site to which PPM America.com may link, including information on the site regarding PPM America.com, and PPM America takes no responsibility thereof. By providing access to other Web sites, neither PPM America nor its affiliates is recommending the purchase or sale of the stock issued by any company, nor is it endorsing services provided by any Web site's sponsoring organization.

PPM America, likewise, is not responsible for content that appears on PPM America.com that may be provided by a third party.

Disclaimers
The information published on PPM America's Web site is provided as a convenience to visitors and should be used for informational purposes only and are subject to change without notice. If you require additional information, you should contact appropriate PPM America personnel.

While PPM America uses reasonable efforts to ensure that the information contained on its Web site is current and accurate at the date of publication, no warranties are made, either express or implied, as to the reliability, accuracy, or completeness of the information. You (and not PPM America) assume the entire cost of all necessary servicing, repair, or correction of your property or operations as a result of using this Web site.

By using PPM America.com, you accept at your own risk that the Internet and online communications medium may not perform as intended despite the efforts of PPM America, your Internet service provider, and you.

Reference to a fund or security anywhere on this Web site is not a recommendation to buy, sell, or hold that or any other security.

Links to this Web site are not permitted without the prior consent of PPM America, Inc.

PPM America, Inc. is registered as an investment adviser with the U.S. Securities and Exchange Commission.

PPM Finance, Inc. is not a registered investment adviser or a bank. PPM America Capital Partners, LLC is not a registered investment adviser.

Limitation of Liability
PPM America and its affiliates are not liable under any circumstances including but not limited to negligence for any special or consequential damages that may result from the use of, or the inability to use, the materials on this site, even if PPM America or a PPM America-authorized representative has been advised of the possibility of such damages.

PPM America and its affiliates are not liable for damages or injury, including but not limited to damages or injury caused by any performance, failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communications line failure, theft or destruction or unauthorized access to, alteration of, or use of information, whether resulting, in whole or in part, from breach of contract, tortious behavior, negligence, or otherwise. If you live in a state that does not allow the limitation or exclusion of liability or incidental or consequential damages, the above limitation or exclusion may not apply to you.

Integration and Severability
If any provision of these terms is deemed unlawful, void, or for any reason unenforceable, then that provision will be deemed severable from these terms and will not affect the validity and enforceability of the remaining provisions.

The preceding terms and conditions of use represent the entire agreement between PPM America and the user relating to the subject matter herein.