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GENERAL TERMS AND CONDITIONS OF USE OF THE WEBSITE

The Skyline Capital Management LLP website www.skyline-cap.com is a website operated by Skyline Capital Management LLP ("Skyline"). The information on the website is communicated by Skyline both inside and outside the UK.

Skyline is registered in England and Wales with registration number OC353610 and has its registered office at 14 Basil Street, Knightsbridge, London, SW3 1AJ. Skyline is authorised and regulated by the Financial Conduct Authority ("FCA") with FSA firm reference number 522473.

1. Important information
The information on this Website does not constitute an offer or solicitation of an investment in any country in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. However, the distribution of information contained on this Website in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions. Persons interested in receiving further information about any investment should inform themselves as to: (i) the legal requirements within the countries of their nationality, residence, ordinary residence or domicile; (ii) any foreign exchange control requirement which they might encounter; and (iii) the income tax and other tax consequences which might be relevant.

The information on this Website is not communicated for the account or benefit of any "US Person" except pursuant to the exemption provided by Section 4(2) of the United States Securities Act of 1933 ("the 1933 Act") and Regulation D promulgated thereunder to US Persons that are "accredited investors" (as defined in Rule 501(a) of Regulation D under the 1933 Act) and "qualified purchasers" (as defined in Section 2(a)(51) of the United States Investment Company Act of 1940).

The shares (the “Shares”) in the “Fund[s]” have not been and will not be registered under the United States Securities Act of 1933, as amended (“the 1933 Act”) or the securities laws of any of the states of the United States, nor is such registration contemplated. The Shares may not be offered, sold or delivered directly or indirectly in the United States or to or for the account or benefit of any “US Person” except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the 1933 Act and any applicable state laws.

The Shares are being offered outside the United States pursuant to the exemption from registration under Regulation S under the 1933 Act and inside the United States in reliance on Regulation D promulgated under the 1933 Act and Section 4(2) thereof. There is no public market for the Shares and no such market is expected to develop in the future. The Shares offered hereby are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the 1933 Act and applicable state securities laws pursuant to registration or exemption therefrom.

The Fund[s] has/have not been and will not be registered under the United States Investment Company Act of 1940, as amended (the "1940 Act") pursuant to the provisions of Section 3(c)(7) of the 1940 Act, which excludes from the definition of “investment company” a privately offered fund that is organised outside the US and whose US Person security holders consists exclusively of “qualified purchasers”, as defined in Section 2(a)(51) of the 1940 Act.

The Fund[s] may arrange or permit the private placement in the United States of a portion of the Shares under the exemption provided by Section 4(2) of the 1933 Act and Regulation D promulgated thereunder to US Persons that are "accredited investors" (as defined in Rule 501(a) of Regulation D under the 1933 Act) and “qualified purchasers” (as defined in Section 2(a)(51) of the 1940 Act), under restrictions and other circumstances designed to preclude a distribution that would otherwise require registration of the Shares under the 1933 Act, cause the Fund[s] to become subject to the registration requirements of the 1940 Act, oblige the Fund[s] or the Investment Manager to comply with requirements under the United States Commodity Exchange Act, or cause the assets of the Fund[s] to be "plan assets" for the purposes of the United States Employee Retirement Income Security Act of 1974, as amended ("ERISA"), including presentation by such investors, prior to the delivery to them of Shares, of subscription documentation containing specified representations and agreements.

The Fund[s] will not accept any subscriptions from investors that are employee benefit plans subject to Title I of ERISA, certain tax qualified plans subject to Section 4975 of the United States Internal Revenue Code of 1986, as amended, or other entities deemed to hold assets of such plans (together, "Benefit Plans") if after such subscription the Shares of any class held by Benefit Plans would be 25 per cent or more of the total outstanding Shares of that class. If the Shares of any class held by Benefit Plans were to exceed this 25 per cent limit, that specific Fund’s assets might be considered "plan assets" under ERISA, which could result in adverse consequences to the Fund, Skyline and the fiduciaries of the Benefit Plans.

RISK FACTORS AND OTHER INFORMATION
Nothing contained on this Website constitutes investment, legal, tax or other advice, nor is it to be relied upon when making investment or other decisions. The information on this Website is available for information purposes only. You should obtain relevant and specific professional advice before making any decision to enter into an investment transaction.

2. Your use of this Website
By accessing this Website, you acknowledge and agree that you have accessed and will access this Website at your own initiative and that Skyline is not soliciting any action based on the materials contained on this Website.
These terms and conditions (the "Terms") set out the terms on which you may make use of this Website and apply to every page of this Website, whether or not these Terms appear on each individual page. Please read these Terms carefully before you start to use this Website. By using this Website, you have indicated that you accept these Terms and that you agree to abide by them. If you do not agree to these Terms, please refrain from using this Website.
You must NOT use this Website (or permit or procure others to use it) as follows:
(A) for any unlawful, improper or illegal purpose or activity;
(B) to communicate or receive information that is obscene, indecent, pornographic, sadistic, cruel, or racist in content, of a sexually explicit or graphic nature, which promotes or incites discrimination, hatred or racism or which might be legally actionable for any reason;
(C) in a manner intended to threaten, harass, or intimidate;
(D) to violate Skyline's or any third party's copyright, trademark, proprietary or other intellectual property rights;
(E) to damage Skyline's name or reputation or that of Skyline's affiliated companies or any third parties;
(F) to impersonate any of Skyline's employees or other person or use a false name while using this Website or implying an association with Skyline;
(G) to penetrate Skyline's security measures or other entities' systems ("hacking");
(H) to transmit unsolicited voluminous emails (for example, spamming) or to intercept, interfere with or redirect email intended for others using this Website;
(I) to generate excessive amounts of internet traffic, to interfere with Skyline 's network or other's use of this Website or to engage in activities designed to or having the effect of degrading or denying service to users of this Website or others;
(J) to introduce viruses, worms, harmful code and/or Trojan horses onto the internet or into this Website or any other entity's systems and it is your responsibility to ensure that whatever you download or select for your use from this Website is free from such items;
(K) to post or transmit information that is defamatory, fraudulent or deceptive, including but not limited to scams such as "make-money-fast" schemes or "pyramid/chain" letters; and/or
(L) to transmit confidential or proprietary information, except solely at your own risk. When using this Website, you must comply with all applicable local, national and international laws and regulations, including those related to data privacy, international communications and exportation of technical or personal data. It may be illegal to download the information contained on this Website in certain countries and Skyline and its affiliated companies disclaim all responsibility if you download any information from this Website in breach of any law or regulation of the country in which you reside.

3. Liability for use of this Website
Access to this Website is permitted on a temporary basis and Skyline reserves the right to withdraw or amend the service it provides on this Website without notice. Skyline does not accept any liability if for any reason this Website is unavailable at any time or for any period.
The materials and information displayed on this Website are provided without any guarantees, conditions or warranties as to accuracy or completeness and are not intended to amount to advice on which reliance should be placed. Skyline disclaims all liability and responsibility arising from any reliance placed on such materials and information by any visitor to this Website, or by anyone who may be informed of any of its contents.
Information and opinions contained on this Website have been compiled or arrived at by Skyline from sources believed to be reliable. However, to the extent permitted by law, Skyline, their affiliated companies and other third parties connected to Skyline hereby expressly exclude all conditions, warranties, representations and other terms which might otherwise be implied by statute, common law or the law of equity and any liability for any direct, indirect or consequential loss or damage of any kind incurred by any user in connection with this Website or in reliance on the information or opinions contained in it, or in connection with the use, inability to use, or results of the use of this Website or any websites linked to it or materials posted on it. This does not affect Skyline's liability for any loss or damage which cannot be excluded or limited under applicable law and does not exclude or restrict any duty or liability that Skyline has to their customers under the regulatory system in the United Kingdom.
The internet is not a completely reliable transmission medium and neither Skyline nor any of its affiliated companies accept any liability for any data transmission errors such as data loss or damage or alteration of any kind or for the security or confidentiality of information transmitted across the internet to or from Skyline or any of its affiliated companies. Any such transmission of information is entirely at your own risk. This does not exclude or restrict any duty or liability that Skyline has to its customers under the regulatory system in the United Kingdom.

Where this Website contains links to other sites and resources provided by third parties, these links are provided for your information only. Skyline has no control over the contents of those websites or resources and neither Skyline nor any of their affiliated companies make any representation as to the accuracy or completeness of such websites or resources and have not and will not review or update them. Neither Skyline nor any of their affiliated companies accept any responsibility for websites and resources provided by third parties or for any loss or damage that may arise from your use of them. This does not exclude or restrict any duty or liability that Skyline has to its customers under the regulatory system in the United Kingdom.

4. Intellectual property rights
Skyline is the owner or the licensee of all intellectual property rights in this Website, and in the materials published on it. Those works are protected by laws and treaties around the world. All such rights are reserved. You may use the materials on this Website and download and reproduce them in hard copy for your own reference only provided you retain all copyright and other proprietary notices. Such materials may not otherwise be reproduced, distributed, stored in a data retrieval system, linked to, modified or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise) without the prior written consent of Skyline Investment Management LLP. Nothing on this Website should be construed as granting any licence or right in relation to any of Skyline's trademarks or those of their affiliated companies or any third party.

5. Law and variation
These Terms are governed by and shall be construed in accordance with the laws of England and Wales. English courts will have exclusive jurisdiction over any dispute arising from, or related to, use of this Website and it is a condition of using this Website that you waive any objection to proceedings in such courts on the grounds of venue or that proceedings have been brought in an inconvenient forum, although Skyline retain the right to bring proceedings against you for breach of these Terms in your country of residence or any other relevant country.
Skyline may revise these Terms at any time by amending this page. You are expected to check this page from time to time to take notice of any changes Skyline make, as these are binding on you.

6. Your personal data
Skyline may collect and process the following data about you in accordance with these Terms: (A) information that you provide by filling in any forms on this Website, including information provided at the time of registering to use this Website, subscribing to Skyline 's service, posting material or requesting further services;
(B) if you contact Skyline, Skyline may keep a record of that correspondence;
(C) Skyline may ask you to complete surveys for research purposes, although you do not have to respond to them; and
(D) details of your visits to this Website and the materials and information that you access, for the following purposes:
(1) to ensure that content from this Website is presented in the most effective manner for you and for your computer;
(2) to provide you with information, products or services that you request from Skyline or which Skyline feel may interest you, where you have consented to be contacted for such purposes;
(3) to determine your suitability to be granted access to this Website;
(4) to allow you to participate in interactive features of Skyline's service, when you choose to do so;
(5) to notify you about changes to Skyline's service;
(6) to service your investments and perform all other related activities; and
(7) to pass your information to other companies in the Skyline group and/or agents and service providers to perform any of the above tasks.

7. Disclosure of your personal data
Skyline may disclose your personal data to it affiliated companies outside the European Economic Area for the purposes stated above. We may also disclose your personal data to third parties located outside the European Economic Area:
(A) in the event that Skyline sells or buys any business or assets, in which case Skyline may disclose your personal data to the prospective seller or buyer of such business or assets;
(B) if Skyline or substantially all of its assets are acquired by a third party, in which case personal data held by it about its clients will be one of the transferred assets; and
(C) if Skyline is under a duty to disclose or share your personal data in order to comply with any legal obligation, or in order to enforce or apply the Terms of this Website or other agreements, or to protect the rights of Skyline, their customers, or others.

By using this Website, you consent to processing of your personal data in accordance with these Terms and you warrant that all data provided by you is accurate.

8. Use of cookies
Skyline may obtain information about your general internet usage by using a cookie file which is stored on the hard drive of your computer, for the purposes of systems administration and statistical analysis. Cookies contain information that is transferred to your computer's hard drive and help Skyline to improve this Website and to deliver a better and more personalised service to you, including by storing information about your preferences and to recognise you when you return to this Website.
You may refuse to accept cookies by activating the setting on your browser which allows you to refuse the setting of cookies. However, if you select this setting you may be unable to access certain parts of this Website. Unless you have adjusted your browser setting so that it will refuse cookies, Skyline's system will issue cookies when you log on to this Website.

GENERAL TERMS AND CONDITIONS OF USE OF THE WEBSITE

The Skyline Capital Management LLP website www.skyline-cap.com is a website operated by Skyline Capital Management LLP ("Skyline"). The information on the website is communicated by Skyline both inside and outside the UK.

Skyline is registered in England and Wales with registration number OC353610 and has its registered office at 14 Basil Street, London, SW3 1AJ. Skyline is authorised and regulated by the Financial Conduct Authority ("FCA") with FCA firm reference number 522473.

1. Important information
The information on this Website does not constitute an offer or solicitation of an investment in any country in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. However, the distribution of information contained on this Website in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions. Persons interested in receiving further information about any investment should inform themselves as to: (i) the legal requirements within the countries of their nationality, residence, ordinary residence or domicile; (ii) any foreign exchange control requirement which they might encounter; and (iii) the income tax and other tax consequences which might be relevant.

The information on this Website is not communicated for the account or benefit of any "US Person" except pursuant to the exemption provided by Section 4(2) of the United States Securities Act of 1933 ("the 1933 Act") and Regulation D promulgated thereunder to US Persons that are "accredited investors" (as defined in Rule 501(a) of Regulation D under the 1933 Act) and "qualified purchasers" (as defined in Section 2(a)(51) of the United States Investment Company Act of 1940).

The shares (the “Shares”) in the “Fund[s]” have not been and will not be registered under the United States Securities Act of 1933, as amended (“the 1933 Act”) or the securities laws of any of the states of the United States, nor is such registration contemplated. The Shares may not be offered, sold or delivered directly or indirectly in the United States or to or for the account or benefit of any “US Person” except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the 1933 Act and any applicable state laws.

The Shares are being offered outside the United States pursuant to the exemption from registration under Regulation S under the 1933 Act and inside the United States in reliance on Regulation D promulgated under the 1933 Act and Section 4(2) thereof. There is no public market for the Shares and no such market is expected to develop in the future. The Shares offered hereby are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the 1933 Act and applicable state securities laws pursuant to registration or exemption therefrom.

The Fund[s] has/have not been and will not be registered under the United States Investment Company Act of 1940, as amended (the "1940 Act") pursuant to the provisions of Section 3(c)(7) of the 1940 Act, which excludes from the definition of “investment company” a privately offered fund that is organised outside the US and whose US Person security holders consists exclusively of “qualified purchasers”, as defined in Section 2(a)(51) of the 1940 Act.

The Fund[s] may arrange or permit the private placement in the United States of a portion of the Shares under the exemption provided by Section 4(2) of the 1933 Act and Regulation D promulgated thereunder to US Persons that are "accredited investors" (as defined in Rule 501(a) of Regulation D under the 1933 Act) and “qualified purchasers” (as defined in Section 2(a)(51) of the 1940 Act), under restrictions and other circumstances designed to preclude a distribution that would otherwise require registration of the Shares under the 1933 Act, cause the Fund[s] to become subject to the registration requirements of the 1940 Act, oblige the Fund[s] or the Investment Manager to comply with requirements under the United States Commodity Exchange Act, or cause the assets of the Fund[s] to be "plan assets" for the purposes of the United States Employee Retirement Income Security Act of 1974, as amended ("ERISA"), including presentation by such investors, prior to the delivery to them of Shares, of subscription documentation containing specified representations and agreements.

The Fund[s] will not accept any subscriptions from investors that are employee benefit plans subject to Title I of ERISA, certain tax qualified plans subject to Section 4975 of the United States Internal Revenue Code of 1986, as amended, or other entities deemed to hold assets of such plans (together, "Benefit Plans") if after such subscription the Shares of any class held by Benefit Plans would be 25 per cent or more of the total outstanding Shares of that class. If the Shares of any class held by Benefit Plans were to exceed this 25 per cent limit, that specific Fund’s assets might be considered "plan assets" under ERISA, which could result in adverse consequences to the Fund, Skyline and the fiduciaries of the Benefit Plans.

RISK FACTORS AND OTHER INFORMATION
Nothing contained on this Website constitutes investment, legal, tax or other advice, nor is it to be relied upon when making investment or other decisions. The information on this Website is available for information purposes only. You should obtain relevant and specific professional advice before making any decision to enter into an investment transaction.

2. Your use of this Website
By accessing this Website, you acknowledge and agree that you have accessed and will access this Website at your own initiative and that Skyline is not soliciting any action based on the materials contained on this Website.
These terms and conditions (the "Terms") set out the terms on which you may make use of this Website and apply to every page of this Website, whether or not these Terms appear on each individual page. Please read these Terms carefully before you start to use this Website. By using this Website, you have indicated that you accept these Terms and that you agree to abide by them. If you do not agree to these Terms, please refrain from using this Website.
You must NOT use this Website (or permit or procure others to use it) as follows:
(A) for any unlawful, improper or illegal purpose or activity;
(B) to communicate or receive information that is obscene, indecent, pornographic, sadistic, cruel, or racist in content, of a sexually explicit or graphic nature, which promotes or incites discrimination, hatred or racism or which might be legally actionable for any reason;
(C) in a manner intended to threaten, harass, or intimidate;
(D) to violate Skyline's or any third party's copyright, trademark, proprietary or other intellectual property rights;
(E) to damage Skyline's name or reputation or that of Skyline's affiliated companies or any third parties;
(F) to impersonate any of Skyline's employees or other person or use a false name while using this Website or implying an association with Skyline;
(G) to penetrate Skyline's security measures or other entities' systems ("hacking");
(H) to transmit unsolicited voluminous emails (for example, spamming) or to intercept, interfere with or redirect email intended for others using this Website;
(I) to generate excessive amounts of internet traffic, to interfere with Skyline 's network or other's use of this Website or to engage in activities designed to or having the effect of degrading or denying service to users of this Website or others;
(J) to introduce viruses, worms, harmful code and/or Trojan horses onto the internet or into this Website or any other entity's systems and it is your responsibility to ensure that whatever you download or select for your use from this Website is free from such items;
(K) to post or transmit information that is defamatory, fraudulent or deceptive, including but not limited to scams such as "make-money-fast" schemes or "pyramid/chain" letters; and/or
(L) to transmit confidential or proprietary information, except solely at your own risk. When using this Website, you must comply with all applicable local, national and international laws and regulations, including those related to data privacy, international communications and exportation of technical or personal data. It may be illegal to download the information contained on this Website in certain countries and Skyline and its affiliated companies disclaim all responsibility if you download any information from this Website in breach of any law or regulation of the country in which you reside.

3. Liability for use of this Website
Access to this Website is permitted on a temporary basis and Skyline reserves the right to withdraw or amend the service it provides on this Website without notice. Skyline does not accept any liability if for any reason this Website is unavailable at any time or for any period.
The materials and information displayed on this Website are provided without any guarantees, conditions or warranties as to accuracy or completeness and are not intended to amount to advice on which reliance should be placed. Skyline disclaims all liability and responsibility arising from any reliance placed on such materials and information by any visitor to this Website, or by anyone who may be informed of any of its contents.
Information and opinions contained on this Website have been compiled or arrived at by Skyline from sources believed to be reliable. However, to the extent permitted by law, Skyline, their affiliated companies and other third parties connected to Skyline hereby expressly exclude all conditions, warranties, representations and other terms which might otherwise be implied by statute, common law or the law of equity and any liability for any direct, indirect or consequential loss or damage of any kind incurred by any user in connection with this Website or in reliance on the information or opinions contained in it, or in connection with the use, inability to use, or results of the use of this Website or any websites linked to it or materials posted on it. This does not affect Skyline's liability for any loss or damage which cannot be excluded or limited under applicable law and does not exclude or restrict any duty or liability that Skyline has to their customers under the regulatory system in the United Kingdom.
The internet is not a completely reliable transmission medium and neither Skyline nor any of its affiliated companies accept any liability for any data transmission errors such as data loss or damage or alteration of any kind or for the security or confidentiality of information transmitted across the internet to or from Skyline or any of its affiliated companies. Any such transmission of information is entirely at your own risk. This does not exclude or restrict any duty or liability that Skyline has to its customers under the regulatory system in the United Kingdom.

Where this Website contains links to other sites and resources provided by third parties, these links are provided for your information only. Skyline has no control over the contents of those websites or resources and neither Skyline nor any of their affiliated companies make any representation as to the accuracy or completeness of such websites or resources and have not and will not review or update them. Neither Skyline nor any of their affiliated companies accept any responsibility for websites and resources provided by third parties or for any loss or damage that may arise from your use of them. This does not exclude or restrict any duty or liability that Skyline has to its customers under the regulatory system in the United Kingdom.

4. Intellectual property rights
Skyline is the owner or the licensee of all intellectual property rights in this Website, and in the materials published on it. Those works are protected by laws and treaties around the world. All such rights are reserved. You may use the materials on this Website and download and reproduce them in hard copy for your own reference only provided you retain all copyright and other proprietary notices. Such materials may not otherwise be reproduced, distributed, stored in a data retrieval system, linked to, modified or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise) without the prior written consent of Skyline Investment Management LLP. Nothing on this Website should be construed as granting any licence or right in relation to any of Skyline's trademarks or those of their affiliated companies or any third party.

5. Law and variation
These Terms are governed by and shall be construed in accordance with the laws of England and Wales. English courts will have exclusive jurisdiction over any dispute arising from, or related to, use of this Website and it is a condition of using this Website that you waive any objection to proceedings in such courts on the grounds of venue or that proceedings have been brought in an inconvenient forum, although Skyline retain the right to bring proceedings against you for breach of these Terms in your country of residence or any other relevant country.
Skyline may revise these Terms at any time by amending this page. You are expected to check this page from time to time to take notice of any changes Skyline make, as these are binding on you.

6. Your personal data
Skyline may collect and process the following data about you in accordance with these Terms: (A) information that you provide by filling in any forms on this Website, including information provided at the time of registering to use this Website, subscribing to Skyline 's service, posting material or requesting further services;
(B) if you contact Skyline, Skyline may keep a record of that correspondence;
(C) Skyline may ask you to complete surveys for research purposes, although you do not have to respond to them; and
(D) details of your visits to this Website and the materials and information that you access, for the following purposes:
(1) to ensure that content from this Website is presented in the most effective manner for you and for your computer;
(2) to provide you with information, products or services that you request from Skyline or which Skyline feel may interest you, where you have consented to be contacted for such purposes;
(3) to determine your suitability to be granted access to this Website;
(4) to allow you to participate in interactive features of Skyline's service, when you choose to do so;
(5) to notify you about changes to Skyline's service;
(6) to service your investments and perform all other related activities; and
(7) to pass your information to other companies in the Skyline group and/or agents and service providers to perform any of the above tasks.

7. Disclosure of your personal data
Skyline may disclose your personal data to it affiliated companies outside the European Economic Area for the purposes stated above. We may also disclose your personal data to third parties located outside the European Economic Area:
(A) in the event that Skyline sells or buys any business or assets, in which case Skyline may disclose your personal data to the prospective seller or buyer of such business or assets;
(B) if Skyline or substantially all of its assets are acquired by a third party, in which case personal data held by it about its clients will be one of the transferred assets; and
(C) if Skyline is under a duty to disclose or share your personal data in order to comply with any legal obligation, or in order to enforce or apply the Terms of this Website or other agreements, or to protect the rights of Skyline, their customers, or others.

By using this Website, you consent to processing of your personal data in accordance with these Terms and you warrant that all data provided by you is accurate.

8. Use of cookies
Skyline may obtain information about your general internet usage by using a cookie file which is stored on the hard drive of your computer, for the purposes of systems administration and statistical analysis. Cookies contain information that is transferred to your computer's hard drive and help Skyline to improve this Website and to deliver a better and more personalised service to you, including by storing information about your preferences and to recognise you when you return to this Website.
You may refuse to accept cookies by activating the setting on your browser which allows you to refuse the setting of cookies. However, if you select this setting you may be unable to access certain parts of this Website. Unless you have adjusted your browser setting so that it will refuse cookies, Skyline's system will issue cookies when you log on to this Website.

GENERAL TERMS AND CONDITIONS OF USE OF THE WEBSITE

The Skyline Capital Management LLP website www.skyline-cap.com is a website operated by Skyline Capital Management LLP ("Skyline"). The information on the website is communicated by Skyline both inside and outside the UK.

Skyline is registered in England and Wales with registration number OC353610 and has its registered office at 14 Basil Street, London, SW3 1AJ. Skyline is authorised and regulated by the Financial Conduct Authority ("FCA") with FCA firm reference number 522473.

1. Important information
The information on this Website does not constitute an offer or solicitation of an investment in any country in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. However, the distribution of information contained on this Website in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions. Persons interested in receiving further information about any investment should inform themselves as to: (i) the legal requirements within the countries of their nationality, residence, ordinary residence or domicile; (ii) any foreign exchange control requirement which they might encounter; and (iii) the income tax and other tax consequences which might be relevant.

Skyline Master Fund as referred to on this Website is an unrecognised collective investment scheme for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (the “Act”). The promotion of the Fund in the United Kingdom is accordingly restricted by law.

The information on this Website is issued by Skyline only to (and/or is directed only at) persons who are professional clients or eligible counterparties for the purposes of the FCA Conduct of Business Sourcebook. To the extent that the Fund and/or any investment services are referred to on this Website, they are only available to such persons and other persons should not act or rely on information available on the Website.

This Website is exempt from the scheme promotion restriction (in Section 238 of the Act) on the communication of invitations or inducements to participate in unrecognised collective investment schemes on the grounds that it is being directed at only the types of person referred to above.

RISK FACTORS AND OTHER INFORMATION
Nothing contained on this Website constitutes investment, legal, tax or other advice, nor is it to be relied upon when making investment or other decisions. The information on this Website is available for information purposes only. You should obtain relevant and specific professional advice before making any decision to enter into an investment transaction.

2. Your use of this Website
By accessing this Website, you acknowledge and agree that you have accessed and will access this Website at your own initiative and that Skyline is not soliciting any action based on the materials contained on this Website.
These terms and conditions (the "Terms") set out the terms on which you may make use of this Website and apply to every page of this Website, whether or not these Terms appear on each individual page. Please read these Terms carefully before you start to use this Website. By using this Website, you have indicated that you accept these Terms and that you agree to abide by them. If you do not agree to these Terms, please refrain from using this Website.
You must NOT use this Website (or permit or procure others to use it) as follows:
(A) for any unlawful, improper or illegal purpose or activity;
(B) to communicate or receive information that is obscene, indecent, pornographic, sadistic, cruel, or racist in content, of a sexually explicit or graphic nature, which promotes or incites discrimination, hatred or racism or which might be legally actionable for any reason;
(C) in a manner intended to threaten, harass, or intimidate;
(D) to violate Skyline's or any third party's copyright, trademark, proprietary or other intellectual property rights;
(E) to damage Skyline's name or reputation or that of Skyline's affiliated companies or any third parties;
(F) to impersonate any of Skyline's employees or other person or use a false name while using this Website or implying an association with Skyline;
(G) to penetrate Skyline's security measures or other entities' systems ("hacking");
(H) to transmit unsolicited voluminous emails (for example, spamming) or to intercept, interfere with or redirect email intended for others using this Website;
(I) to generate excessive amounts of internet traffic, to interfere with Skyline 's network or other's use of this Website or to engage in activities designed to or having the effect of degrading or denying service to users of this Website or others;
(J) to introduce viruses, worms, harmful code and/or Trojan horses onto the internet or into this Website or any other entity's systems and it is your responsibility to ensure that whatever you download or select for your use from this Website is free from such items;
(K) to post or transmit information that is defamatory, fraudulent or deceptive, including but not limited to scams such as "make-money-fast" schemes or "pyramid/chain" letters; and/or
(L) to transmit confidential or proprietary information, except solely at your own risk. When using this Website, you must comply with all applicable local, national and international laws and regulations, including those related to data privacy, international communications and exportation of technical or personal data. It may be illegal to download the information contained on this Website in certain countries and Skyline and its affiliated companies disclaim all responsibility if you download any information from this Website in breach of any law or regulation of the country in which you reside.

3. Liability for use of this Website
Access to this Website is permitted on a temporary basis and Skyline reserves the right to withdraw or amend the service it provides on this Website without notice. Skyline does not accept any liability if for any reason this Website is unavailable at any time or for any period.
The materials and information displayed on this Website are provided without any guarantees, conditions or warranties as to accuracy or completeness and are not intended to amount to advice on which reliance should be placed. Skyline disclaims all liability and responsibility arising from any reliance placed on such materials and information by any visitor to this Website, or by anyone who may be informed of any of its contents.
Information and opinions contained on this Website have been compiled or arrived at by Skyline from sources believed to be reliable. However, to the extent permitted by law, Skyline, their affiliated companies and other third parties connected to Skyline hereby expressly exclude all conditions, warranties, representations and other terms which might otherwise be implied by statute, common law or the law of equity and any liability for any direct, indirect or consequential loss or damage of any kind incurred by any user in connection with this Website or in reliance on the information or opinions contained in it, or in connection with the use, inability to use, or results of the use of this Website or any websites linked to it or materials posted on it. This does not affect Skyline's liability for any loss or damage which cannot be excluded or limited under applicable law and does not exclude or restrict any duty or liability that Skyline has to their customers under the regulatory system in the United Kingdom.
The internet is not a completely reliable transmission medium and neither Skyline nor any of its affiliated companies accept any liability for any data transmission errors such as data loss or damage or alteration of any kind or for the security or confidentiality of information transmitted across the internet to or from Skyline or any of its affiliated companies. Any such transmission of information is entirely at your own risk. This does not exclude or restrict any duty or liability that Skyline has to its customers under the regulatory system in the United Kingdom.

Where this Website contains links to other sites and resources provided by third parties, these links are provided for your information only. Skyline has no control over the contents of those websites or resources and neither Skyline nor any of their affiliated companies make any representation as to the accuracy or completeness of such websites or resources and have not and will not review or update them. Neither Skyline nor any of their affiliated companies accept any responsibility for websites and resources provided by third parties or for any loss or damage that may arise from your use of them. This does not exclude or restrict any duty or liability that Skyline has to its customers under the regulatory system in the United Kingdom.

4. Intellectual property rights
Skyline is the owner or the licensee of all intellectual property rights in this Website, and in the materials published on it. Those works are protected by laws and treaties around the world. All such rights are reserved. You may use the materials on this Website and download and reproduce them in hard copy for your own reference only provided you retain all copyright and other proprietary notices. Such materials may not otherwise be reproduced, distributed, stored in a data retrieval system, linked to, modified or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise) without the prior written consent of Skyline Investment Management LLP. Nothing on this Website should be construed as granting any licence or right in relation to any of Skyline's trademarks or those of their affiliated companies or any third party.

5. Law and variation
These Terms are governed by and shall be construed in accordance with the laws of England and Wales. English courts will have exclusive jurisdiction over any dispute arising from, or related to, use of this Website and it is a condition of using this Website that you waive any objection to proceedings in such courts on the grounds of venue or that proceedings have been brought in an inconvenient forum, although Skyline retain the right to bring proceedings against you for breach of these Terms in your country of residence or any other relevant country.
Skyline may revise these Terms at any time by amending this page. You are expected to check this page from time to time to take notice of any changes Skyline make, as these are binding on you.

6. Your personal data
Skyline may collect and process the following data about you in accordance with these Terms: (A) information that you provide by filling in any forms on this Website, including information provided at the time of registering to use this Website, subscribing to Skyline 's service, posting material or requesting further services;
(B) if you contact Skyline, Skyline may keep a record of that correspondence;
(C) Skyline may ask you to complete surveys for research purposes, although you do not have to respond to them; and
(D) details of your visits to this Website and the materials and information that you access, for the following purposes:
(1) to ensure that content from this Website is presented in the most effective manner for you and for your computer;
(2) to provide you with information, products or services that you request from Skyline or which Skyline feel may interest you, where you have consented to be contacted for such purposes;
(3) to determine your suitability to be granted access to this Website;
(4) to allow you to participate in interactive features of Skyline's service, when you choose to do so;
(5) to notify you about changes to Skyline's service;
(6) to service your investments and perform all other related activities; and
(7) to pass your information to other companies in the Skyline group and/or agents and service providers to perform any of the above tasks.

7. Disclosure of your personal data
Skyline may disclose your personal data to it affiliated companies outside the European Economic Area for the purposes stated above. We may also disclose your personal data to third parties located outside the European Economic Area:
(A) in the event that Skyline sells or buys any business or assets, in which case Skyline may disclose your personal data to the prospective seller or buyer of such business or assets;
(B) if Skyline or substantially all of its assets are acquired by a third party, in which case personal data held by it about its clients will be one of the transferred assets; and
(C) if Skyline is under a duty to disclose or share your personal data in order to comply with any legal obligation, or in order to enforce or apply the Terms of this Website or other agreements, or to protect the rights of Skyline, their customers, or others.

By using this Website, you consent to processing of your personal data in accordance with these Terms and you warrant that all data provided by you is accurate.

8. Use of cookies
Skyline may obtain information about your general internet usage by using a cookie file which is stored on the hard drive of your computer, for the purposes of systems administration and statistical analysis. Cookies contain information that is transferred to your computer's hard drive and help Skyline to improve this Website and to deliver a better and more personalised service to you, including by storing information about your preferences and to recognise you when you return to this Website.
You may refuse to accept cookies by activating the setting on your browser which allows you to refuse the setting of cookies. However, if you select this setting you may be unable to access certain parts of this Website. Unless you have adjusted your browser setting so that it will refuse cookies, Skyline's system will issue cookies when you log on to this Website.