SMC Fixed Income Management

Your privacy is very important to us. Set forth below are the policies of Spring Mountain Capital, LP (“SMC”) and its funds and managed accounts with respect to non-public personal information about our investors and managed account clients, and prospective and former investors and managed account clients. These policies apply to investors in our funds and managed accounts and may be changed at any time, provided a notice of such change is given to you.

You provide us with personal information, such as your address, Social Security number, assets and/or income information (i) in the subscription agreement (in the case of funds) or investment management agreement (in the case of managed accounts) and related documents; (ii) in correspondence and conversations with SMC’s representatives; and (iii) through transactions with SMC, its funds and managed accounts.

We do not disclose any of this personal information about our investors and managed account clients, and prospective and former investors and managed account clients, to anyone other than to our affiliates and except as permitted by law, such as to our accountants, attorneys, auditors, brokers, regulators and certain service providers, in each case, only as necessary to facilitate the acceptance and management of your investment or account and our relationship with you. We will also release information about you if you direct us to do so, if compelled to do so by law, or in connection with any government or self-regulatory organization request or investigation. For example, it may be necessary, under anti-money laundering and similar laws, to disclose information about our investors and managed account clients in order to accept subscriptions from them.

Each investor acknowledges that, under Delaware law, other investors in funds managed by SMC may be entitled to review the books and records of such funds and are entitled to see a list of investors and their capital commitments or capital contributions. Each investor explicitly consents to disclosure of the fact of his or her investment in such fund, his or her mailing address and his or her capital commitment or capital contribution to other investors in the relevant fund.

We may also disclose information you provide to us to companies that perform marketing services on our behalf, such as a placement agent. If such a disclosure is made, we will require such third parties to treat your private information with confidentiality.

We seek to carefully safeguard your private information and, to that end, restrict access to non-public personal information about you to those employees and other persons who need to know the information to enable SMC to provide services to you. We maintain physical, electronic and procedural safeguards to protect your non-public personal information from unauthorized use.

Lastly, to the extent required by federal law, we will provide you with the most current version of our Privacy Policy annually.

For questions concerning our policy, please contact the Compliance Department at 212-292-8300, or write to Spring Mountain Capital, LP, Attn: Compliance Department, 650 Madison Avenue, 20th Floor, New York, NY 10022.

Thank you for visiting the website of SMC Fixed Income Management, a division of Spring Mountain Capital, LP. By accessing this website and any materials presented herein (the “Site”), you accept in their entirety the following terms and conditions pertaining to the use of the Site. SMC reserves the right to change the terms, conditions and notices under which this Site is offered without notice at any time. Each use of the Site constitutes your agreement to be bound by the then-current terms and conditions set forth in these terms of use (the “Terms of Use”). If you do not accept the Terms of Use, you may not use this Site.

Limited License to Use the Site

Except as specifically permitted below, nothing contained in these Terms of Use or the Site itself either grant or will be construed to grant to you or any third party any title or interest in, or any license or right to use or reproduce, any image, text, software, code, trademark, logo or service mark contained in the Site, including without limitation the name or logo of SMC or any of its affiliates. Any data that you transmit to the Site (including without limitation personally-identifiable information) becomes the property of SMC and may be used by SMC for any lawful purpose without restriction, subject to the Privacy Policy set forth below. SMC reserves, and will enforce to the fullest extent possible, all rights that it may have with respect to copyright and trademark ownership of all material contained in the Site. SMC grants you a limited, non-exclusive license to display and otherwise use portions of the Site solely for your own private informational purposes only, and to print pages from the Site only in connection with that use. You may not modify, distribute, transmit, perform, reproduce, publish, license, create derivative works from, transfer or sell any text, graphics, logos and other source-identifying symbols, designs, icons, images, or other information, software or code obtained from the Site.

Linked Websites

SMC is not responsible for the content of any site owned by a third party that may be linked to this website via hyperlink. The information to which the user links is neither prepared nor maintained by SMC, and SMC has not and will not review or update the information contained in any linked website. SMC is not responsible for, and makes no warranty with respect to the contents, accuracy, completeness, timeliness, suitability, or reliability of the linked website. Use of any website hyperlinked to or from this website shall be at your own risk. SMC does not endorse or make any representations about the companies, products, or materials accessible through these hyperlinks. If you opt to hyperlink to other websites accessible through the SMC website, you do so entirely at your own risk. No representation or warranty is provided for any software that you may download from a link from this website.

No Offer of Securities

Under no circumstances should any material in the Site be used or considered as an offer to sell or a solicitation of an offer to buy any interest in SMC or any of its affiliates, or any other security or product. The Site does not constitute any form of invitation or inducement by SMC or its affiliates to engage in any type of investment or other activity nor does it constitute any form of investment advice.

No Reliance

While SMC uses reasonable efforts to update the information contained in the Site, SMC makes no representations or warranties as to the accuracy, reliability or completeness of any information in the Site. Certain information contained on this Site constitutes “forward-looking statements.” Due to the various risks and uncertainties, actual events or results in the actual performance of SMC strategies may differ materially from those reflected or contemplated in such forward-looking statements. Opinions expressed herein are based on current expectations, estimates, projections, opinions and beliefs of SMC. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Unless specified, any views reflected herein, and any content of the Site, are subject to change without notice.

Materials to be Consulted in Their Entirety

All materials in the Site are meant to be reviewed in their entirety, including any footnotes, legal disclaimers, restrictions or disclosures, and any copyright or proprietary notices. Any disclaimers, restrictions or disclosures apply to any partial document or material in the same manner as they do the whole, and will be deemed incorporated in the portion of any material or document that you consult or download.

Links to and from Third Party Web Sites

SMC has not reviewed any of the web sites that may be linked to the Site, and is not responsible for their content. SMC is not responsible for the privacy practices of such other web sites. Your linking to or use of any off-site pages or other web sites is at your own risk. SMC inclusion of links to other web sites does not imply any endorsement of the material located on or linked to by such web sites. No links from external websites to the Site are permitted without the prior written consent of SMC.

International Use

SMC makes no representation that materials on the Site are appropriate or available for use in locations outside the United States, and accessing them from territories where their contents are illegal is prohibited. Those who choose to access the Site from other locations do so on their own initiative and are responsible for compliance with local laws.

No Warranty

SMC, ITS AFFILIATES, AND THEIR RESPECTIVE OFFICERS, DIRECTORS, PRINCIPALS, MEMBERS, PARTNERS, SHAREHOLDERS, AGENTS AND EMPLOYEES MAKE NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, REGARDING THE SUITABILITY OR OTHER CHARACTERISTICS OF THE INFORMATION AND MATERIALS CONTAINED ON OR PRESENTED THROUGH THE SITE. ALL SUCH INFORMATION AND MATERIALS ARE PROVIDED “AS IS,” WITHOUT ANY WARRANTY OF ANY KIND. SMC HEREBY FURTHER DISCLAIMS ALL WARRANTIES AND CONDITIONS WITH REGARD TO SUCH INFORMATION AND MATERIALS, INCLUDING ALL IMPLIED WARRANTIES AND CONDITIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT AND AVAILABILITY. YOUR USE OF THIS SITE AND USE OR RELIANCE UPON ANY OF THE MATERIALS ON IT IS SOLELY AT YOUR OWN RISK. SMC FURTHER ASSUMES NO RESPONSIBILITY FOR, AND MAKES NO WARRANTIES THAT, FUNCTIONS CONTAINED AT THIS SITE 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. SMC SHALL NOT BE LIABLE FOR ANY DAMAGES TO, VIRUSES THAT MAY INFECT, OR SERVICES, REPAIRS OR CORRECTIONS THAT MUST BE PERFORMED ON YOUR COMPUTER ON ACCOUNT OF YOUR ACCESSING THIS SITE.

Limitation of Liability

IN NO EVENT SHALL SMC, ITS AFFILIATES, OR THEIR RESPECTIVE OFFICERS, DIRECTORS, PRINCIPALS, MEMBERS, PARTNERS, SHAREHOLDERS, AGENTS AND EMPLOYEES BE LIABLE FOR ANY CLAIMS, LIABILITIES, LOSSES, COSTS OR DAMAGES, INCLUDING INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES, ARISING OUT OF OR IN ANY WAY CONNECTED WITH (I) THE USE OF OR INABILITY TO USE THIS SITE OR WITH ANY DELAY IN USING THE SITE, OR (II) ANY INFORMATION AND MATERIALS OBTAINED THROUGH THE SITE, OR (III) OTHERWISE ARISING OUT OF THE USE OF THE SITE; IN ANY CASE WHETHER BASED ON THEORIES ARISING IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE. SUCH LIMITATIONS APPLY EVEN IF SMC, ITS AFFILIATES, OR ANY OF THEIR OFFICERS, DIRECTORS, PRINCIPALS, MEMBERS, PARTNERS, SHAREHOLDERS, AGENTS OR EMPLOYEES HAVE BEEN ADVISED OF THE POSSIBILITY OF DAMAGES.

Indemnity

YOU SHALL IRREVOCABLY INDEMNIFY SMC, ITS AFFILIATES, AND THEIR RESPECTIVE OFFICERS, DIRECTORS, PRINCIPALS, MEMBERS, PARTNERS, SHAREHOLDERS, AGENTS AND EMPLOYEES AGAINST ANY AND ALL LOSSES, DAMAGES AND COSTS SUFFERED OR INCURRED BY SUCH PARTIES OF WHATEVER NATURE ARISING OUT OF OR IN CONNECTION WITH YOUR USE OR DISTRIBUTION OF THE SITE IN BREACH OF THE TERMS OF USE.

General

These Terms of Use are governed by the internal laws of the State of New York, without reference to its conflicts of laws provisions. You consent to the jurisdiction of, and venue shall lie in, any federal or state court located in New York, New York, U.S.A., as the exclusive jurisdiction and venue for the adjudication of all disputes arising out of or relating to the use of the Site. You hereby appoint the Secretary of State of the State of New York as your agent for service of process in any such proceeding. If any provision of these Terms of Use is held to be invalid or unenforceable in any jurisdiction, such provision shall be deemed modified to the minimum extent necessary so that such provision shall no longer be held to be invalid or unenforceable, and these Terms of Use shall be interpreted so as to achieve the intent expressed herein to the greatest extent possible in the jurisdiction in question. Any such modification, invalidity or unenforceability shall be strictly limited both to such provision and to such jurisdiction.

Contact Information

It is important to us at SMC to hear what visitors have to say regarding our policies. Any questions regarding these Terms of Use should be sent to info@smcfim.com.