Terms and Conditions of Use

(last updated 8/22/2006)

By accessing and using the Platinum Grove Asset Management, L.P. website, www.pgamlp.com (this “Website”), you signify your agreement with and understanding of the following Terms and Conditions of Use.  Your use of this Website constitutes your agreement to all such terms and conditions without modification.  Platinum Grove Asset Management, L.P. (“PGAM”) reserves the right to change the terms and conditions at any time without prior notice.  Changes will be posted at www.pgamlp.com under “Terms and Conditions of Use.”  Your use of the Website after any changes have been posted will constitute your agreement to the modified Terms and Conditions of Use and all of the changes.  Therefore, you should review the Terms and Conditions of Use from time to time to determine if there have been any changes.

Ownership of Website

PGAM owns and maintains this Website.  The trademarks, logos and service marks displayed at this Website are owned by PGAM and protected by the laws of the United States and other jurisdictions.  Nothing herein shall be construed as granting, by implication, estoppel or otherwise, any license or right to use any material, image, text, software, code, trademark, logo or service mark at this Website.  No act of downloading or otherwise copying from this Website will transfer title to any software or material to any user hereof.  All information and materials transmitted to this Website will become the property of PGAM, may be used by PGAM for any lawful purpose and may be disclosed by PGAM at its sole discretion, including to any legal or regulatory authority to which PGAM is subject.  This Website may not be copied, distributed, transmitted, displayed, reproduced or modified in any way, and the information, software, products and services herein may not be transferred.  PGAM reserves all rights with respect to copyright and trademark ownership of all material at this Website and will enforce such rights to the fullest extent of the law.

Use of Website

You agree that when accessing content on the Website, you shall not use such content for any purpose that is contrary to, or violates, any applicable law or regulation.  In addition, the use of the Website is for your personal and non-commercial use.  You may print, copy, and download any content contained in the Website for your personal use only.  You may not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, frame, create derivative works from, transfer, or otherwise use in any other way for commercial or public purposes in whole or in part any content obtained on the Website, except as otherwise expressly provided herein, without the express prior written approval of PGAM.  If you copy or download any content, you agree not to obscure, delete or modify any notices or legends contained therein.

No Offer of Securities

This Website and the information included herein is for general information purposes only and does not constitute an offer to sell or solicitation of an offer to purchase any security, any commodity futures contract or commodity-related product, or any advisory or trading management service described herein.  Any such offer or solicitation will be made only by means of the Confidential Offering Memorandum relating to the particular fund and only to individuals who meet the investor qualification and sophistication requirements of each investment fund, including qualification as “accredited investors” as defined in Regulation D under the U.S. Securities Act of 1933, as amended.  Access to information about these investment funds is similarly limited to individuals who meet the investor qualification and sophistication requirements of each investment fund.

Password Protected Areas

Portions of this Website are password protected and are accessible only to users who have been issued user names and passwords by an authorized representative of PGAM.  Passwords are issued only to current investors in private investment funds sponsored or managed by PGAM, or to prospective investors who are eligible to receive a Confidential Offering Memorandum for one of more of those private investment funds.

No Reliance

While PGAM uses reasonable efforts to update the information on this Website, PGAM makes no representations or warranties as to the accuracy, reliability or completeness of any information contained herein.  All information contained herein is subject to change without notice.  Permission by PGAM to use of this Website should not be construed as a representation that every item of information contained herein is correct nor should it be construed as investment, financial, business, legal, regulatory, accounting or tax advice.

Disclaimer of Warranties

THE CONTENT AND THE WEBSITE ARE PROVIDED “AS IS” AND WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, TO THE FULLEST EXTENT PERMISSIBLE PURSUANT TO APPLICABLE LAW.  PGAM DOES NOT WARRANT THAT THE WEBSITE OR ITS CONTENTS WILL BE FIT FOR ANY PARTICULAR PURPOSE AND EXPRESSLY DISCLAIMS ANY IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF TITLE, NON-INFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.  PGAM ASSUMES NO RESPONSIBILITY FOR, AND MAKES NO WARRANTIES THAT, THE FUNCTIONS AND INFORMATION CONTAINED IN THE WEBSITE WILL BE AVAILABLE ON AN UNINTERRUPTED BASIS, WILL BE TIMELY OR ERROR-FREE, OR WILL CONTAIN NO VIRUSES OR OTHER HARMFUL COMPONENTS.  PGAM SHALL NOT BE LIABLE TO YOU OR ANYONE ELSE FOR ANY INACCURACY, DELAY, INTERRUPTION IN SERVICE, ERROR OR OMISSION, REGARDLESS OF CAUSE, OR FOR ANY DAMAGES RESULTING THEREFROM.  IN NO EVENT WILL PGAM OR ANY OF ITS LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOST TIME, LOST MONEY, LOST PROFITS OR GOOD WILL, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE, AND WHETHER OR NOT SUCH DAMAGES ARE FORESEEN OR UNFORESEEN WITH RESPECT TO ANY USE OF THE WEBSITE.  IN NO EVENT WILL PGAM NOR ANY OF ITS LICENSORS BE LIABLE TO YOU OR ANYONE ELSE FOR ANY DECISION MADE OR ACTION TAKEN BY YOU IN RELIANCE ON SUCH CONTENT OR THE WEB SITE.

Material Should Be Consulted in Its Entirety

All materials and information herein should be reviewed in their entirety, including any footnotes, legal disclaimers, restrictions or disclosures, and any copyright or trademark notices.

Linked Sites

PGAM has not reviewed any of the websites linked to this Website, and it is not responsible for the content of off-Website pages or any other website linked or linking to this Website.  Access to any linked website is at the risk of the user.

Privacy

PGAM is committed to maintaining your privacy.  Please see our Notice of Privacy Policy and Practices.

Web Tools

To enhance the Internet experience on the Website, PGAM may use various Internet technologies, such as “cookies,” “action tags,” “web bugs,” “.gif tags,” and “JavaScript” (together, “Web Tools”).  Web Tools are files or tools that are placed on your computer in order to identify your Web browser and the activities of your computer on the Website.  PGAM may use these technologies to customize and enhance the Internet experience of individual users.  When you revisit the Website, PGAM may recognize you by a Web Tool and customize your experience accordingly.  For example, once you have completed the registration process, a cookie may be used to avoid having you register again.  You may decline Internet cookies, if any, by using the appropriate feature of your Web browser software, if available.  If cookies are disabled, however, all features of a Website may not operate as intended.  Web Tools and similar technologies add value to the user’s experience, and the information resulting from these technologies is not sold or otherwise made available to third parties.

Security

PGAM maintains reasonable physical, electronic and procedural safeguards to guard your personal data.  Although PGAM takes reasonable precautions to assess the reliability of such technology, it relies on the representations of the vendors of those products and services as part of its security evaluation.  Please note that while PGAM has endeavored to create a secure and reliable site for users, the confidentiality of any communication or material transmitted to or from PGAM via the Website or e-mail cannot be guaranteed.

Jurisdiction

This policy shall be governed by the laws of the State of New York, without regard to conflicts of law rules, and the exclusive jurisdiction and venue for any dispute shall be Westchester County, New York.

European Economic Area Users

When you provide PGAM with your personal data, you acknowledge that this information may be stored and processed on servers located outside the European Economic Area, and you consent to your personal data being exported outside the European Economic Area and being stored and processed at PGAM’s discretion on any of its servers wherever located.

Contact Information for PGAM

Questions or concerns regarding PGAM’s Terms and Conditions of Use, including its data protection practices, should be addressed to: legal@pgamlp.com.

By using the Website, you signify your acceptance of the Terms and Conditions of Use.  If you do not agree to the Terms and Conditions of Use, you should not use the Website.  Your continued use of the Website following the posting of changes to the Terms and Conditions of Use will mean that you accept those changes.