PLEASE READ THESE TERMS OF USE CAREFULLY BEFORE USING THE SITE. DO NOT USE THE SITE IF YOU DO NOT AGREE TO BE BOUND BY THE TERMS AND CONDITIONS SET FORTH HEREIN. YOUR USE OF THIS SITE CONSTITUTES YOUR IRREVOCABLE ACCEPTANCE TO BE BOUND BY THE TERMS AND CONDITIONS HEREIN.

Welcome to Centrecourt Asset Management LLC’s website (the “Site”). Any reference to “Centrecourt,” “we,” “us” or “our” below shall be construed to mean Centrecourt Asset Management LLC, an investment adviser registered with the Securities and Exchange Commission. The Site and the data, information, products, materials, services and other content available on or through the Site (collectively, the “Content”) is proprietary (and confidential, to the extent such Content is password-protected) to Centrecourt, its affiliates, its clients shown on the Site, vendors and service providers, any persons specifically authorized by these parties and other third parties and is protected by copyright, trade secret and other related proprietary rights, including U.S. and international copyright and trademark laws and treaties. You agree to not copy for non-personal use, publish, disclose or otherwise distribute the information contained herein to third parties without receiving prior written consent from Centrecourt.

THE INFORMATION, PRODUCTS AND SERVICES DESCRIBED ON THIS SITE ARE NOT INTENDED FOR DISTRIBUTION TO, OR USE BY, AND ARE IN PARTICULAR NOT DIRECTED TO, ANY PERSON OR ENTITY IN ANY JURISDICTION OR COUNTRY WHERE (BY REASON OF THAT PERSON’S NATIONALITY, RESIDENCE OR OTHERWISE) SUCH DISTRIBUTION OR USE WOULD BE PROHIBITED OR CONTRARY TO ANY LAW OR REGULATION OR WOULD OBLIGATE US TO COMPLY WITH ANY ADDITIONAL LAW, REGULATION, REGISTRATION OR SIMILAR REQUIREMENT WITHIN SUCH JURISDICTION OR COUNTRY. PERSONS IN RESPECT OF WHOM SUCH PROHIBITIONS APPLY MAY NOT ACCESS THIS SITE. NOT ALL PRODUCTS OR SERVICES OFFERED BY CENTRECOURT ARE AVAILABLE OR OFFERED IN ALL JURISDICTIONS.

Only qualified persons will be permitted access to the password-protected parts of the Site. Subscribers must represent (which may be both through the Site and outside the Site) that they meet certain qualifications. Any questionnaires or other notices, and the information subscribers provide to us through such questionnaires, are hereby incorporated into and subject to these Terms of Use.

Subscribers are responsible for maintaining the confidentiality of the user name and password (“login information”) we provide you for accessing the password-protected parts of the Site, and for securing all facilities, products and equipment that might allow access to the Site (collectively, “Resources”). Subscribers must not share their login information with any third party and are solely responsible for any and all activity that takes place under their login information. Subscribers agree to notify us immediately in the event of the loss or theft of their login information or if they believe the confidentiality of their login information has been compromised in any way, or in the event they learn about the possible or actual unauthorized use of their login information. We reserve the right to revoke a Subscriber’s login information at any time for an reason without prior notice.

We may require Subscribers to provide additional and/or more detailed information to verify their identity when we deem it necessary or appropriate to do so in order to comply with the applicable anti-money laundering laws, including, if applicable, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA Patriot Act” or “Patriot Act”). Centrecourt will comply with all applicable regulations which have been or will be promulgated by the United States’ Treasury Department under the Patriot Act.

I. TERMS AND CONDITIONS

By accessing, viewing or using the Content you indicate that you understand and intend these Terms of Use to be the legal equivalent of a signed, written contract and equally binding, and that you accept these Terms of Use and agree to be legally bound by them.

The Site is offered to you conditioned on your acceptance without modification of the terms, conditions, and notices contained herein. Your use of the Site constitutes your agreement to and understanding of all such terms, conditions, and notices. We reserve the right to change, at our discretion, the terms, conditions, and notices under which the Site and the information and services offered through the Site are offered without further notice to you. Your continued use of the Site will signify your agreement with and understanding of any additional or modified terms, conditions or notices applicable to the Site.

While we use reasonable efforts to update the information on the Site, we make no representations or warranties as to the accuracy, reliability, timeliness or completeness of any information at the Site. Any Content at the Site is subject to change without notice. While the information contained on the Site has been obtained from sources believed reliable, neither we nor any information provider that we use guarantee that the information on the Site is accurate, timely, valid or complete or make any warranties, express or implied, with regard to the results that have or may be obtained from its use.

II. LICENSE

The Site and the Content are provided by us as a service to you. In order to access and use the Site, you are granted a limited, nonexclusive, revocable and nontransferable license to use the Site conditioned on your continued compliance with these Terms of Use.

You may not modify, copy, distribute, broadcast, transmit, display, reproduce, publish, license, create derivative works from, transfer, sell or otherwise use, in any medium, any information, products, services or material obtained from or through the Site, except you may, for your sole personal use and information, access, use and store the Content or any portion thereof solely for your own personal, and not commercial, purposes. Any personal copy of the information contained on this Site shall retain all copyright and other such notices. As a further condition of use of the Site, you warrant to us that you will not use the Site for any purpose that is unlawful or prohibited by these Terms of Use and you will comply with any applicable local, state, national, or international laws or regulations when using the Site. You are prohibited from violating or attempting to violate the security of the Site. You may not create a third party link to this website without prior written consent from Centrecourt.

Nothing at the Site shall be construed as granting, by implication, estoppel or otherwise, any license or right to use any image, trademark, logo or service mark at the Site. No act of downloading, storing, accessing, using, or otherwise copying from the Site will transfer title to any software or material at the Site to you. You may not decompile, reverse engineer, disassemble, or otherwise reduce any computer files obtained from the Site to a human-perceivable form. Anything that you transmit to the Site becomes our property, may be used by us for any lawful purpose (subject to any further agreement between us and you), and is further subject to disclosure as deemed appropriate by us, including to any legal or regulatory authority to which we are subject. We reserve all rights with respect to copyright and trademark ownership of all material at the Site, and will enforce such rights to the full extent of the law.

III. USE OF SITE

The information on the Site is intended for informational purposes only. Nothing on this Site is intended to be, nor should it be construed or used as, financial, legal, tax or investment advice, be an opinion of the appropriateness or suitability of any investment, or intended to be an offer, or the solicitation of any offer, to buy or sell any security. Nothing on this site constitutes an offer or solicitation of any products or services in any jurisdiction where such offer or solicitation is not permitted without further qualification or available exemptions from such qualification.

The Content is as of the date(s) indicated and is not a complete description of any investment, strategy or other product or services offered by Centrecourt. Certain of the Content, including investment returns, valuations, targets and strategies, has been supplied by third parties, and although believed to be reliable, has not been independently verified and its completeness and accuracy cannot be guaranteed. No warranty, express or implied, representation or guarantee is made as to the accuracy, validity, timeliness, completeness or suitability of the Content, including the third party Content.

Any performance information is net of applicable fees unless otherwise noted. Performance results may be estimated and are subject to change and finalization. Return targets or objectives, if any, are used for measurement or comparison purposes and only as a guideline to evaluate a particular investment program’s investment strategies and accompanying information. Targeted returns reflect subjective determinations based on a variety of factors, including, among others, investment strategy, prior performance of similar products (if any), volatility measures, risk tolerance and market conditions. There can be no assurance that the return or volatility targets will be met, or met over any particular time horizon, and different investment managers or advisors may differ on the likelihood or otherwise of achieving the target return or volatility range. Performance may fluctuate, especially over short periods. Targeted returns should be evaluated over the time period indicated and not over shorter periods. Targeted returns are not intended to be actual performance and should not be relied upon as an indication of actual or future performance.

No representation is made that any client will or is likely to achieve its objectives, or that our investment strategy or risk management will be successful or that any person will or is likely to achieve results comparable to any shown or will make any profit or will be able to avoid incurring substantial losses. Past performance is no guarantee of future results.

Any assumptions, assessments, statements or the like (“statements”) regarding future events or that are forward-looking constitute only subjective views, outlooks, estimations or intentions, are based upon the author’s or source’s expectations ,intentions or beliefs, should not be relied on, are subject to change due to a variety of factors, including fluctuating market conditions, and involve inherent risks and uncertainties, both general and specific, many of which cannot be predicted or quantified and are beyond Centrecourt’s control. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets, a general downturn in the economy, competition from other companies, changes in governmental policy or regulation, inability to attract or retain key employees, or inability to implement our strategies. Future evidence and actual results could differ materially from those set forth in, contemplated by, or underlying these statements. In light of these risks and uncertainties, there can be no assurance and no representation is given that these statements are now or will prove to be accurate or complete in any way.

Any indexes and other financial benchmarks shown are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends and do not reflect the impact of advisory fees. Clients generally cannot invest directly in an index. Comparisons to indexes have limitations because indexes have volatility and other material characteristics that may differ from a particular investment strategy or client. For example, a client’s account may typically hold substantially fewer securities than are contained in an index. Indices also may contain securities or types of securities that are not comparable to those traded by any client. Therefore, performance may differ substantially from the performance of an index. Because of these differences, indexes should not be relied upon as an accurate measure of comparison.

IV. PRIVACY POLICY

We consider your personal data to be private. You acknowledge that you have read and agreed to Centrecourt’s general Privacy Policy posted on the Site. All information collected in the course of your using the Site (including your qualification as a Subscriber of the Site) or otherwise, including any individual logging or click-stream data gathered in the course of navigating the Site, is strictly for internal purposes and will be kept confidential, subject to applicable law. We may capture and record information on our server logs from your browser when you interact and use the Site including your IP address, cookie information and the page(s) you request regarding your IP address generally for use in administering the Site, customizing the Content you see, fulfilling your requests for certain services and information, and contacting you. Cookies are alphanumeric identifiers that we may transfer to your computer hard drive through your Web browser to enable our systems to recognize that browser. Your IP address may be used to help identify you and your patterns and processes and to gather broad demographic and current interest information that we may then use for generic reports posted on the Site.

As part of the process to give you access to the password-protected parts of the Site, we may collect contact information, unique identifiers, financial information and other information. This information is used to qualify you as a Subscriber and may also be used to send Subscribers relevant and timely information. You may at any time opt out of receiving communications except for those essential to your use of the Site and to the administration of your Site usage, if any, with Centrecourt and for regulatory requirements, including possible annual requalification requirements.

You additionally have the option to remove all personal information from the Site’s database and not to receive future communications or to forgo the Site’s information and services altogether by either sending an email to info@centrecourtam.com or telephoning us at (646) 758-6750.

V. CONFIDENTIALITY ON INTERNET

Use of the Internet is solely at your own risk and is subject to all applicable local, state, national, and international laws and regulations. While we have endeavored to create a secure and reliable Site, please be advised that the confidentiality of any communication or material transmitted to/from the Site over the Internet cannot be guaranteed.

Accordingly, we are not responsible for the security of any information transmitted via the Internet or for the consequences of any reliance on such information. You assume the sole and complete risk for using the Site and must make your own determination as to these matters.

VI. SECURITY OF SITE

Actual or attempted unauthorized use of the Site may result in criminal and/or civil prosecution. For your protection, we reserve the right to view, monitor, and record activity on the Site without notice or permission from you. Any information obtained by monitoring, reviewing, or recording is subject to review by appropriate governmental, regulatory and law enforcement organizations in connection with applicable law, including the investigation or prosecution of possible criminal activity on the Site. We will also comply with all lawful court orders and governmental, regulatory and law enforcement requests involving such information.

VII. LINKS TO OTHER SITES

We may permit users to have access, through hypertext or other computer links, from the Site to web sites operated by persons other than us. In such cases, such hyperlinks are provided for your reference and convenience only, and are the exclusive responsibility of such web sites' owners. You agree that we are not responsible for the content or operation of such web sites, and that we shall have no liability to you or any other person or entity for the use of, or inability to use, any third party web sites. A hyperlink from this Site to another web site does not imply or mean that we endorse or approve the content on that web site or the operator or operations of that site. You are solely responsible for determining the extent to which you may use or rely upon any content at any other web sites to which you link from this Site. We are not responsible for the privacy practices or the content, security or policies, including privacy policies, of any other site that is linked or linking to the Site.

Accordingly, Centrecourt and its respective affiliates and each of their respective officers, directors, principals, members, partners, shareholders, employees, agents, advisors and representatives (collectively, “We and Our Affiliates” or as the context requires, “Us and Our Affiliates”) expressly disclaim any liability or responsibility for the content or services of any web site owned by a third party that may be linked to this Site, whether such link is contained on this Site or provided by a third party. No judgment, representation or warranty, express or implied, is made with respect to the accuracy, timeliness, or suitability of the content or services of any web site to which this Site may link, including information on such web site regarding us, and we take no responsibility therefore. If we provide access to other web sites, we are not recommending or endorsing the purchase or sale of any security issued by, or financial or other services provided, issued or endorsed by, such web site’s sponsoring organization or its affiliates or such web site’s advertisers. Your use of such third party sites is at your own risk based upon such due diligence as you have determined is appropriate. We and Our Affiliates shall not be responsible for any loss or damage of any sort incurred as a result of any dealings you may have with respect to such third party or third party web sites or as the result of the presence of any links to such third party web sites. See also “Additional Disclaimers and Disclosures” below.

VIII. EVENTS BEYOND OUR CONTROL

You expressly absolve and release Us and Our Affiliates from any claim of harm resulting from a cause beyond our control, including, but not limited to, failure of electronic or mechanical equipment or communication lines, telephone or other interconnect problems, computer viruses, unauthorized access, theft, operator errors, severe weather, earthquakes, or natural disasters, strikes or other labor problems, wars, terrorist attacks, or governmental restrictions.

IX. ADDITIONAL DISCLAIMERS AND DISCLOSURES

THE CONTENT IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. THE CONTENT HAS BEEN GATHERED AND DERIVED FROM SOURCES BELIEVED TO BE RELIABLE, HOWEVER WE HAVE NOT INDEPENDENTLY VERIFIED THE INFORMATION AND MAKE NO REPRESENTATION OR WARRANTY, EXPRESSED OR IMPLIED, OF ANY KIND WHATSOEVER, TO THE FULLEST EXTENT PERMISSIBLE PURSUANT TO APPLICABLE LAW, INCLUDING REGARDING THE ACCURACY, TIMELINESS, VALIDITY OR COMPLETENESS OF THE INFORMATION, INCLUDING WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE, MERCHANTABILITY OR NON-INFRINGEMENT OR THAT THE CONTENT WILL REMAIN UNINTERRUPTED. WHILE WE MAKE NO COMMITMENT TO UPDATE THE CONTENT, WE RESERVE THE RIGHT TO MAKE CHANGES AND CORRECTIONS AT ANY TIME, WITHOUT NOTICE. WE RESERVE THE RIGHT TO MAKE UNAVAILABLE AT ANY TIME THIS SITE OR THE CONTENT. THIS SITE AND ITS CONTENT ARE OUR PROPERTY AND/OR OUR VENDORS, DATA PROVIDERS AND/OR OTHER THIRD PARTY SOURCES, AND IS PROTECTED BY COPYRIGHT, TRADE SECRET AND OTHER INTELLECTUAL PROPERTY AND PROPRIETARY RIGHTS.

WE FURTHER ASSUME NO RESPONSIBILITY, AND MAKE NO WARRANTIES, THAT THE 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. WE AND OUR AFFILIATES SHALL NOT BE LIABLE FOR ANY DAMAGES TO, VIRUSES THAT MAY INFECT, OR SERVICES, REPAIRS OR CORRECTIONS THAT MUST BE PERFORMED, ON YOUR COMPUTER OR OTHER PROPERTY ON ACCOUNT OF YOUR ACCESSING OR USE OF THE SITE. PLEASE NOTE THAT SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF IMPLIED WARRANTIES, SO SOME OR ALL OF THE ABOVE EXCLUSIONS MAY NOT APPLY TO YOU.

THE INFORMATION ON THE SITE IS INTENDED FOR INFORMATIONAL ONLY. WE AND OUR AFFILIATES SHALL NOT BE LIABLE FOR ANY INVESTMENT DECISIONS, ADVICE, LOSS OF PROFITS, COSTS OR ANY OTHER INDIRECT DAMAGES RELATING TO THE SUITABILITY, ADEQUACY, VALIDITY, ACCURACY, TIMELINESS, DELAY, COMPLETENESS OR USE OF ANY INFORMATION ON THE SITE. WHILE WE MAKE NO COMMITMENT TO UPDATE THE CONTENT, WE RESERVE THE RIGHT TO MAKE CHANGES AND CORRECTIONS AT ANY TIME, WITHOUT NOTICE. WE RESERVE THE RIGHT TO MAKE UNAVAILABLE AT ANY TIME THIS SITE OR THE CONTENT. WE ALSO DO NOT OFFER ADVICE REGARDING THE QUALITY OR SUITABILITY OF ANY INVESTMENT THROUGH THE SITE.

WITH RESPECT TO THE PERFORMANCE DATA PRESENTED ON THE SITE, YOU SHOULD NOTE THAT PAST PERFORMANCE IS NOT NECESSARILY AN INDICATION, AND IS NOT A GUARANTEE, OF FUTURE PERFORMANCE.

UNAUTHORISED USE OF ANY MATERIAL CONTAINED ON THE SITE MAY VIOLATE COPYRIGHT LAWS, TRADEMARK LAWS, TRADEMARK LAWS, TRADE SECRET LAWS, THE LAWS OF PRIVACY AND PUBLICITY, AND OTHER REGULATIONS AND STATUTES.

NOTIFICATION FOR CERTAIN MATTERS

The Digital Millennium Copyright Act of 1998 (the "DMCA") provides recourse for copyright owners who believe that material appearing on the Internet infringes their rights under U.S. copyright law. If you believe in good faith that any Content infringes your copyright, you (or your agent) may send us a notice requesting that such Content be removed, or access to it blocked. If you believe in good faith that a notice of copyright infringement has been wrongly filed against you with respect to the Content, the DMCA permits you to send us a counter-notice. Notices and counter-notices must meet the then-current statutory requirements imposed by the DMCA; see http://www.loc.gov/copyright/ for details. Notices and counter-notices with respect to the Site should be sent to

Designated Agent: Keith D. Wellner

Address of Agent: 350 Madison Avenue, New York, NY 10017

Telephone: (646) 758-6750

Fax: (646) 758-6751

E-mail for notice: info@centrecourtam.com.

We suggest that you consult your legal advisor before filing a notice or counter-notice. Also, be aware that there can be penalties for false claims under the DMCA.

In the event you believe in good faith that any Content is otherwise in error, please contact us at info@centrecourtam.com with, if possible, a description of the Content to be checked and the location (URL) where such Content can be found on the Site, if applicable, as well as information sufficient to enable us to contact you. We will try to address your concerns as soon as reasonably practicable.

X. LIMITATION OF LIABILITY AND INDEMNITY

Under no circumstances, including, but not limited to, negligence, shall We and Our Affiliates be liable for any special or consequential damages that result from the use of, or the inability to use, the Content or the Site, even if We and Our Affiliates have been advised of the possibility of such damages. In no event will We and Our Affiliates have any liability to you for damages, losses and claims or causes of action (whether in contract, tort, including, but not limited to, negligence, or otherwise) for accessing or using the Site.

You agree that your breach of these Terms of Use may result in irreparable harm to us which cannot be compensated by money damages, and that we shall be entitled to obtain injunctive relief for any such breach.

You agree to defend, indemnify, and hold harmless We and Our Affiliates and our respective attorneys, licensors, predecessors, successors, and assigns, from and against any and all claims, proceedings, damages, injuries, liabilities, losses, costs and expenses (including reasonable attorneys’ fees and litigation expenses), relating to or arising from your use of the Site, any arrangements you make based on the information available or through the Site, and any breach by you of these Terms of Use or other improper act or omission.

XI. GOVERNING LAW

These Terms of Use has been made in and will be construed and enforced in accordance with the laws of the State of New York. Any action to enforce these Terms of Use must be brought in the state or federal courts located in the City, County and State of New York, and all parties to these Terms of Use expressly agree to be subject to the jurisdiction and venue of such courts. Your consent to this jurisdiction is irrevocable.

XII. TERMS AND TERMINATION

These Terms of Use take effect at the time you begin using the Site, thereby indicating acceptance of these Terms of Use, and, at each use thereafter, you shall be deemed to have reaffirmed your acceptance of these Terms of Use. We reserve the right at any time in its sole discretion to deny you or any Subscriber access to the Site or any portion thereof and to terminate these Terms of Use. Termination of access or these Terms of Use may be effective without notice.

XIII. MISCELLANEOUS

Failure to insist on strict performance of these Terms of Use will not operate as a waiver of any subsequent default or failure of performance. No waiver by us of any right under these Terms of Use will be deemed to be either a waiver of any other right or provision or a waiver of that same right or provision at any other time. References to “you” in the Terms of Use shall mean all users of the Site, including all Subscribers.

If any part of these Terms of Use is determined to be invalid or unenforceable pursuant to applicable law including, but not limited to, the warranty disclaimers and the liability limitations set forth above, such invalidity or unenforceability shall not affect the enforceability or validity of any other portion of these Terms of Use, which shall remain in full force and effect and be construed as if the invalid or unenforceable portion were not part of these Terms of Use, and, if possible, the then invalid or unenforceable provision will be deemed superseded and replaced by a valid, enforceable provision that most clearly matches the intent of the original provision. Any rights not expressly granted herein are reserved.

The Terms of Use, and other terms and conditions and similar provisions that may be applicable to you regarding the Site, including any questionnaires you complete through the Site (all of which are hereby incorporated as if set forth fully herein), represent the entire agreement between us and you with respect to use of and Content available on or through the Site, and it supersedes all prior or contemporaneous communications and proposals, whether electronic, oral, or written between us and you with respect to the Site.

Centrecourt (and/or its affiliates) may act as an investment adviser, general partner, managing member or in a similar capacity for any of entity listed on the Site under a separate agreement or arrangement and may be separately compensated in such capacity.

XIV. U.S. PERSON DEFINITION

A “U.S. Person” shall mean:

(a) any natural person who is a citizen, national or resident of the United States (which includes, for purposes of this section, the United States of America, its territories and possessions, any State of the United States and the District of Columbia);

(b) any partnership, corporation or other entity incorporated, created or organized in or under the laws of the United States, or which has its principal place of business in the United States;

(c) any estate of which any executor or administrator is a U.S. Person, or the income of which is subject to United States federal income taxation without regard to its source;

(d) any trust of which any U.S. Person has authority to control all substantial decisions which is subject to United States federal income taxation without regard to the source of its income;

(e) any agency or branch of a foreign entity located in the United States;

(f) any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. Person;

(g) any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated or, if an individual, resident in the United States;

(h) any partnership or corporation if (A) organized or incorporated under the laws of any non-U.S. jurisdiction and (B) formed by a U.S. Person principally for the purpose of investing in securities not registered under the Securities Act, unless it is organized or incorporated, and owned, by accredited investors (as defined in Rule 501(a) under the Securities Act) who are not natural persons, estates or trusts; or

(i) any entity organized principally for passive investment, such as a commodity pool, investment company or other similar entity (other than a pension plan for the employees, officers or principals of an entity organized and with its principal place of business outside the United States):

(A) in which U.S. Persons that are not qualified eligible persons under CFTC Rule 4.7 hold units of participation representing in the aggregate 10% or more of the beneficial interest in the entity; or

(B) which was formed principally for the purpose the facilitating investment by U.S. Persons in a commodity pool with respect to which the operator is exempt from certain requirements of Part 4 under the CFTC’s regulations by virtue of its participants being non-U.S. Persons.

Notwithstanding the above, “U.S. Person” does not include:

(a) any discretionary account or similar account (other than an estate or trust) held for the benefit or account of a non-U.S. Person by a dealer or other professional fiduciary organized, incorporated, or (if an individual) resident in the United States;

(b) any estate of which any professional fiduciary acting as executor or administrator is a U.S. Person if (i) an executor or administrator of the estate who is not a U.S. Person has sole or shared investment discretion with respect to the assets of the estate and (ii) the estate is governed by non-U.S. law;

(c) any trust of which any professional fiduciary acting as trustee is a U.S. Person if a trustee who is not a U.S. Person has sole or shared investment discretion with respect to the trust assets, and no beneficiary of the trust (and no settlor if the trust is revocable) is a U.S. Person;

(d) an employee benefit plan established and administered in accordance with the law of a country other than the United States and customary practices and documentation of such country; or

(e) any agency or branch of a U.S. Person located outside the United States if (i) the agency or branch operates for valid business reasons as defined by the laws of the U.S. and (ii) the agency or branch is engaged in the business of insurance or banking and is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located; or

(f) the International Monetary Fund, the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the United Nations, and their agencies, affiliates and pension plans, and any other similar international organizations, their agencies, affiliates and pension plans.