This Privacy Policy ("Privacy Policy") sets forth Moon Capital Management LP ("Moon Capital," "we," or "us") policies regarding information we collect through the Moon Capital web site located at www.mooncapital.com ("Site") and how we use that information.

Certain areas of the Site contain information intended only for registered users of the Site ("Registered Users"). Accordingly, Moon Capital reserves the right to limit certain areas of the Site to those persons who register for access to certain restricted areas of the Site and meet the qualifications imposed by us. This Privacy Policy addresses our privacy practices relating to general use of our Site as well as its use by any Registered User (each, a "User").

By using the Site or submitting information to Moon Capital, you acknowledge that you accept the practices and policies outlined in this Privacy Policy, and consent to having your data transferred to and processed in the United States in accordance with the terms set forth in this Privacy Policy. If you do not agree to the terms of this Privacy Policy, please do not use the Site.

The Information We Collect

We collect the following types of information from our Users:

Personally Identifiable Information

We may receive and store any information you provide to us via the Site that would allow us to identify you or contact you, such as your name, address, phone number(s) and/or email address (collectively "Personally Identifiable Information"). The Personally Identifiable Information you provide will only be used by Moon Capital in accordance with this Privacy Policy.

Moon Capital only collects Personally Identifiable Information that you choose to share with us through your use of the Site, such as when contacting us via the Site. We do not collect any other Personally Identifiable Information via the Site. This Privacy Policy does not address any other information exchanges between you and Moon Capital, including information gathered by us in the course of a client relationship (if any) between a User and Moon Capital, or information gathered by us from a User on behalf of our client(s). All Personally Identifiable Information collected by Moon Capital other than through the use of the Site is governed by Moon Capital's Annual Privacy Notice and other privacy notices provided to its clients and investors from time to time.

Automatic Information

Aggregate Information

If you are a Registered User, in connection with your visit to the Site, we may automatically collect Site usage information ("Usage Data"). The Usage Data gathered includes when and how often you access the Site, browser information and the computer terminal from which you accessed the Site. Usage Data generally is collected through the use of cookies as discussed below.

Cookies

We use "cookies" to help you access and navigate the Site more efficiently and to statistically monitor how many people are using the Site. A "cookie" is a small file or tool stored on the User's hard drive containing information that allows us to deliver customized information to you. If you register as a Registered User, we may use cookies to store your e-mail address, user name, preferences and password so we can identify you when you return to the Site, and track your use of the Site. You may set your browser to notify you of or decline the receipt of cookies; however, certain features of the Site may not function properly or be available if your browser is configured to disable cookies.

Moon Capital uses both "session" and "persistent" cookies on the Site. Session cookies are temporary bits of information that are erased once you exit your web browser or turn off your computer. Persistent cookies are more permanent bits of information that are placed on the hard drive of your computer and stay there unless you delete the cookie. They store information on your computer for a number of reasons, such as retrieving certain information you have previously provided (i.e., username and password), helping to determine what areas of the Site you find most valuable, and customizing the Site based on your preferences on an ongoing basis.

E-mail Communications

When you send an e-mail to Moon Capital, either through the "Contact Us" area of the Site or otherwise, we may retain your e-mail address and the contents of the email you send. This Privacy Policy does not apply to content, business information, ideas, concepts or inventions that you send to us by email. Please refer to our Terms of Use for our policy with respect to such information. If you want to keep any of this content private or proprietary, please do not send such information in an email to Moon Capital.

How We Use Information

We use information we collect to customize, analyze, adjust and improve the Site to meet our Users' needs. We may use the information to oversee adherence to our Terms of Use, to enforce our agreements with you, to prevent fraud and other prohibited or illegal activities and for other legally permissible purposes.

If you are not a Registered User and contact Moon Capital via the Site, we will only use your Personally Identifiable Information contained in your email to respond to your specific inquiry or comments in the email. We may retain your email for a period of time, but will not use any of your Personally Identifiable Information for any purpose other than responding to your email.

If you are a Registered User and are given a User ID by Moon Capital to access restricted areas of the Site, we may use your Personally Identifiable Information to send periodic service notices to you. You can always opt-out of receiving these communications from us by following the "opt-out" procedures described below.

We collect, store and use Usage Data in order to measure the Site's performance and improve the Site's design and functionality. Except for information collected identifying the specific computer terminal from which you accessed the Site, this data is only used in the aggregate, that is, as a statistical measure, and not in a manner that would identify you personally. If you are a Registered User, we may also use your Usage Data to determine your compliance with our Terms of Use.

With Whom We Share Information

Except as otherwise provided in this Privacy Policy, we will not give, share, sell, or trade your Personally Identifiable Information to or with any third parties in any way other than under the following circumstances:

Fulfillment of Services

We may retain other companies and individuals to perform functions consistent with our Privacy Policy on our behalf. Examples include customer support specialists, web hosting companies, and email service providers. Such third parties may be provided with access to Personally Identifiable Information needed to perform their functions, but may not use such information for any other purpose.

Compliance with Law and Fraud Protection

We may disclose any information, including, without limitation, Personally Identifiable Information, we deem necessary, in our sole discretion and without your prior permission, to comply with any applicable law, regulation, legal process or governmental request. We may also exchange information, including, without limitation, Personally Identifiable Information, with other companies and organizations for credit fraud protection, risk reduction and related activities or to protect the rights, property or safety of Moon Capital, its agents, employees or affiliates or others. Moon Capital reserves the right to disclose Personally Identifiable Information for a User who we believe is in violation of our Terms of Use, even without a subpoena, warrant, or other court order.

Sale or Transfer of Information

In the event of a sale, merger, liquidation, dissolution, or sale or transfer of substantially all of the assets of Moon Capital or the Site, Personally Identifiable Information and/or other information collected about you from the Site may be sold, assigned, or transferred to the party acquiring all or substantially all of the equity and/or assets of Moon Capital or the Site in order to permit the party to continue the operation of the Site. Subject to your ability to opt-out, by using the applicable Site and submitting your information to us, you consent to the sale and transfer of your information as described in this paragraph.

Except as described above, we will not disclose your Personally Identifiable Information to other third parties unless you have provided consent.

Important Disclosures, Practices and Contact Information

Third Party Links

The Site may contain links to third-party web sites. Please be aware that we cannot control and are not responsible for the information collection practices of such web sites, which may differ from those of Moon Capital. We encourage you to review and understand the privacy policies of these web sites before providing any information to them.

Data Security

We maintain a variety of commercially reasonable physical, electronic, and procedural safeguards designed to protect your Personally Identifiable Information from unauthorized access and disclosure. However, you should be aware that Moon Capital has no control over the security of other sites on the Internet you might visit or interact with even when a link may appear to said site from ours.

Although we take steps to secure your information, we do not promise, and you should not expect, that your personal information, searches, or other communications will always remain secure. In the event of a breach of the confidentiality or security of your personal information, we will notify you as necessary and if possible so you can take appropriate protective steps. We may notify you under such circumstances using the email address(es) we have on record for you, and if you did not provide an email address, by regular mail.

Children

The Site is not intended for children under 13. Further, we do not knowingly market to, solicit information, accept service or collect information from children under the age of 13. If a child under 13 submits information about his or herself to us through any part of the Site, and we become aware that the person submitting the information is a child, we will attempt to delete this information as soon as possible.

Accessing, Updating or Deleting Your Personally Identifiable Information

If you are a Registered User and would like to review, update or delete your Personally Identifiable Information, please send us a such request via email to investorrelations@mooncapital.com. However, please note that we may continue to contact you to provide service to your account.

Changes to this Privacy Policy

We will occasionally update this Privacy Policy to reflect changes in our practices. When we post changes to this Privacy Policy, we will revise the updated date at the top of this Privacy Policy. If we make any material changes to our Privacy Policy, we will notify Users by prominently posting notice of the changes on the Site at least thirty (30) days prior to the changes taking effect. We will also provide you with an opportunity to opt-out of any materially changed Privacy Policy. After the changes take effect, all newly collected Personally Identifiable Information will be subject to the terms of the revised Notice ("Revised Notice") and all previously collected Personally Identifiable Information will be handled in accordance with your response to our opt-in notice (in accordance with the Revised Notice if you opt in and in accordance with the previous Notice if you do not opt in). We recommend that you check the Site from time to time to inform yourself of any changes in this Privacy Policy.

Contacting Us

If you have any questions about this Privacy Policy or the Site, please feel free to contact our Investor Relations personnel, either by e-mail to investorrelations@mooncapital.com or by telephone at (212) 652-4500.

Users From Outside the United States

The Site is hosted in the United States. The Site is governed by United States law. If you are visiting the Site from outside the United States, please be aware that your information may be transferred to, stored, and processed in the United States where our servers are located and our central database is operated. The data protection and other laws of the United States and other countries might not be as comprehensive as those in your country. By using the Site, you consent to your information being transferred to our facilities and to the facilities of those third parties with whom we share it as described in this Privacy Policy.

California Privacy Rights Under California Civil Code Section 1798.83

If you are a resident of California ("California Users"), in addition to the rights set forth in this Privacy Policy, you generally have the right to request information from us regarding the manner in which we share certain categories of Personally Identifiable Information with third parties for their direct marketing purposes. However, under the law, a business is not required to provide this information if it adopts and discloses to the public (in its privacy policy) a policy of not disclosing a customer's personal information to third parties for their direct marketing purposes unless the customer first affirmatively agrees to the disclosure, as long as the business maintains and discloses this policy. Rather, the business may comply with the law by notifying California Users of their rights to prevent disclosure of personal information and providing a cost free means to exercise that right. As stated above, we do not share such Personally Identifiable Information with third parties for their direct marketing purposes. California Users may request further information about our compliance with this law by emailing investorrelations@mooncapital.com. Please note that we are only required to respond to one request per customer each year, and we are not required to respond to requests made by means other than through this email address.

Opt-Out Choices

To "opt-out" of receiving communications from Moon Capital (except for communications necessary for your use of the Site), or any other consent previously granted for a specific purpose concerning your Personally Identifiable Information, send an email to Moon Capital at investorrelations@mooncapital.com.

No Rights of Third Parties

This Privacy Policy does not create rights enforceable by third parties.

Moon Capital Management LP
499 Park Avenue
New York, New York 10022
(212) 652-4500
www.mooncapital.com
E-mail: investorrelations@mooncapital.com

1. ACKNOWLEDGEMENT AND ACCEPTANCE.

Moon Capital Management LP ("Moon Capital") provides the Moonweb Client site (the "Moonweb Client Site"), a restricted portion of the publicly accessible Moon Capital website located at www.mooncapital.com, to current investors in funds managed by Moon Capital. The Moonweb Client Site is owned and operated by Moon Capital and is being provided under these Moonweb Client Terms of Use, and any operating rules, policies, and procedures that may be published from time to time on Moonweb Client Site by Moon Capital (collectively, the "Terms").

PLEASE READ THE TERMS CAREFULLY. BY CHECKING THE "I AGREE" BOX AT THE BOTTOM OF THE TERMS, YOU AGREE TO THE TERMS ON BEHALF OF THE REGISTERED USER (AS DEFINED BELOW) AND REPRESENT AND WARRANT THAT YOU HAVE THE AUTHORITY TO BIND THE REGISTERED USER TO THE TERMS. IF THE REGISTERED USER IS NOT WILLING TO BE BOUND BY THE TERMS, DO NOT CHECK THE "I AGREE" BOX AND DO NOT ACCESS THE MOONWEB CLIENT SITE.

2. ELIGIBILITY.

(a) The Moonweb Client Site is available to individuals, corporations and other business entities (each a "Registered User") that can form legally binding contracts under applicable law. A Registered User may designate groups of one or more designated employees or representatives (each, an "Authorized User") who will be authorized to access and use the Moonweb Client Site as designated by the Registered User in writing to Moon Capital. The Registered User and its Authorized Users may access and use the Moonweb Client Site solely for purposes of obtaining information related to the Registered User's or its clients' investments in investment funds managed by Moon Capital and solely in accordance with the Terms. An Authorized User shall be considered to be acting on behalf of the Registered User at all times. All Authorized Users must comply with the Terms. The Registered User shall be responsible for ensuring its Authorized Users' compliance with the Terms and will be liable for its Authorized Users' breach of the Terms or otherwise in connection with the Authorized Users' use of the Moonweb Client Site. All references to the Registered User herein shall be deemed to include such Registered User's Authorized Users.

(b) In the event that an Authorized User is no longer an authorized representative of the Registered User (whether due to termination of employment or representation or otherwise), the Registered User shall notify Moon Capital immediately and in writing, of the removal of such person as the Authorized User and the appointment of a new Authorized User for the Registered User, if any, as well as the effective date of any such renewal or appointment. Upon issuance of a reply notice by Moon Capital acknowledging the change in the Registered User's authorization records, such former Authorized User shall no longer be considered to be acting on behalf of the Registered User. Moon Capital will be entitled to rely on any notice received by it from the Registered User.

3. CHANGES TO THE MOONWEB CLIENT SITE.

Moon Capital may modify or discontinue the Moonweb Client Site, any portion thereof, or any content, services, tools, digital products, products, events or courses related thereto with or without notice to the Registered User and without liability to the Registered User or any third party.

4. REGISTRATION.

In order to access and use the Moonweb Client Site, the Registered User must: (a) provide all equipment, including a computer and modem, necessary to establish a connection to the World Wide Web; (b) provide for the Registered User's own access to the World Wide Web; (c) pay any telephone or other service fees associated with such access; (d) provide certain current, complete, and accurate information, including physical address and email address for such about the Registered User and its Authorized Users as prompted to do so by Moon Capital (the "User Registration Information"); and (e) maintain and update such User Registration Information as required to keep such information current, complete and accurate.

5. ACCOUNT PASSWORD AND SECURITY.

Access to and use of the Moonweb Client Site is through a combination of a user ID and password. The Registered User shall designate one or more administrators, who shall act on the Registered User's behalf in authorizing Authorized Users, as well as controlling additions, deletions, and replacements of Authorized Users (each an "Administrator"). Moon Capital shall assign to each Authorized User a unique user ID and password to access the Moonweb Client Site. Each user ID and password combination shall be restricted to a limited number of computers, workstations or specified terminals (the "Designated Terminals") and an Authorized User can only access the Moonweb Client Site from one of the Designated Terminals. The Registered User and each Authorized User are solely responsible for the activity that occurs on the Registered User's account, and the Registered User and its Authorized Users must keep all account passwords secure. Each of Moon Capital and the Registered User shall: (a) take reasonable steps to prevent the unauthorized use and disclosure of any password or user ID, (b) immediately notify the other party of any breach of security or unauthorized use of the Registered User's password or user ID, and (c) take any steps within its reasonable control to prevent any further unauthorized use.

6. PRIVACY POLICY.

Moon Capital will treat any personally identifiable information provided to it by the Registered User in accordance with its privacy policy located at www.mooncapital.com.

7. REGISTERED USER CONDUCT.

(a) The Registered User agrees (i) to abide by all applicable local, state, national, and international laws and regulations in the Registered User's use of the Moonweb Client Site; (ii) not to impersonate any person or entity or falsely state or otherwise misrepresent the Registered User's affiliation with a person or entity; (iii) not to use the Moonweb Client Site to collect or harvest personal information, including, without limitation, financial information, about other Registered Users or the Moonweb Client Site; (iv) not to post, promote or transmit through the Moonweb Client Site any unlawful, harassing, libelous, abusive, threatening, harmful, vulgar, obscene, hateful, racially, ethnically or otherwise objectionable material of any kind or nature; (v) not to interfere with another Registered User's use and enjoyment of the Moonweb Client Site; (vi) not to upload or distribute in any way files that contain viruses, corrupted files, or any other similar software or programs that may damage the operation of another's computer; (vii) not to interfere or disrupt networks connected to the Moonweb Client Site; and (viii) not to disclose the Registered User's or its Authorized Users' password to third parties or use the Registered User's or its Authorized Users' password for any unauthorized purpose.

(b) Moon Capital shall have the right, but not the obligation, to monitor the Registered User's use of the Moonweb Client Site to determine compliance with the Terms and to satisfy any law, regulation or authorized government request. Moon Capital may, at any time without prior notice, temporarily limit or suspend in whole or in part the Registered User's access to the Moonweb Client Site and take reasonable actions to mitigate damages to Moon Capital or other third parties if the Registered User (or any of its Authorized Users) has engaged in conduct or activities prohibited by the Terms or has violated any applicable law. Moon Capital shall not have any liability to the Registered User or to any third party in respect of any limitation or suspension of the Registered User or an Authorized User's access to the Moonweb Client Site.

(c) Please do not send unsolicited ideas or materials regarding the Moonweb Client Site ("Submissions") to Moon Capital through or using the Moonweb Client Site. If, despite this request, the Registered User still sends a Submission to Moon Capital through the Moonweb Client Site, the Registered User grants to Moon Capital, a worldwide, non-exclusive, sub-licensable (through multiple tiers), assignable, fully paid-up royalty-free, perpetual, irrevocable right to use, reproduce, distribute (through multiple tiers), create derivative works of, publicly perform, publicly display, digitally perform, make, have made, sell, offer for sale, and import such Submissions in any media now known or hereafter developed, for any purpose whatsoever, commercial or otherwise, without compensation. None of the Submissions shall be subject to any obligation, whether of confidentiality, attribution or otherwise, on Moon Capital's part, all Submissions will be deemed non-confidential, and Moon Capital shall not be liable for any use or disclosure of any Submissions. Any unsolicited hard-copy Submissions sent to Moon Capital will not be acknowledged or returned and shall be deemed, and shall remain, the property of Moon Capital. By submitting any such Submission, the Registered User represents to Moon Capital that it has the right to do so.

8. LINKS.

The Moonweb Client Site may provide links to other web sites or resources. Moon Capital is not responsible for the availability of such external sites or resources, and does not endorse and is not responsible or liable for any content, advertising, products, or other materials on or available from such sites or resources. Moon Capital shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, products or services available on such external sites or resources.

9. LICENSE GRANT; CONTENT; PROPRIETARY RIGHTS.

(a) Subject to the Terms, Moon Capital hereby grants to the Registered User a nonexclusive, nontransferable right to (i) access the Moonweb Client Site; and (ii) access and view the information, materials, research, studies, reports text, graphics, images, sound files, video files and any other material made available through the Moonweb Client Site (the "Content"). In the event that the Registered User or any Authorized User wishes to print any Content, or to modify the Content to create customized reports related to the Registered User's investments ("Custom Reports"), the Registered User must notify Moon Capital (in accordance with Section 19) and obtain Moon Capital's consent. If Moon Capital consents to the Registered User's request to create a Customer Report from the Content, Moon Capital will modify the Content to create the Custom Report and make it available to the Registered User through the Moonweb Client Site. If Moon Capital consents to the Registered User's request to print any Content (including a Custom Report), Moon Capital will enable printing functionality for such Content to permit the Registered User to print such Content from the Moonweb Client Site and only from the Designated Terminals. The Content and the Custom Reports may only be used for the purpose specified in Section 1 above. Custom Reports shall be deemed to be "Content" for purposes of the Terms. Moon Capital Intellectual Property" means: (i) the registered and unregistered trademarks and service marks, registered and registered copyrights of Moon Capital, including, without limitation, "MOONWEB" and "MOONWEBCLIENT" ("Moon Capital Marks"); (ii) the Content including the Custom Reports and any copies, presentations, summaries, modifications or derivative works created therefrom, in whatever media or format; (iii) software, hardware, technology, implementation tools, documentation, text, typefaces, graphics, logos, button icons, images, audio clips, designs, illustrations, configurations, displays, screens, concepts, and other materials and information appearing on, displayed in connection with, embodied in or contained within the Moonweb Client Site, or as may be provided by Moon Capital; (iv) Moon Capital Confidential Information (as defined in Section 10 below); and (v) any and all Registered User feedback, evaluation results, reports of errors, problems or defects and suggestions related to the Moonweb Client Site or the Content.

(b) All Moon Capital Intellectual Property is the sole and exclusive property of Moon Capital or its licensors and is protected by copyright, trademarks, service marks, patents or other proprietary agreements and laws. The Registered User and each Authorized User is only permitted to use the Moon Capital Intellectual Property solely as expressly authorized under the Terms. The Terms do not transfer any right, title, or interest in the Moonweb Client Site, or the Moon Capital Intellectual Property to the Registered User or any Authorized User. The Registered User will protect the Moon Capital Intellectual Property from unauthorized copying or use. Any use of the Moonweb Client Site or the Moon Capital Intellectual Property not expressly permitted by the Terms is a breach of the Terms and may violate copyright, trademark, and other laws. All rights not expressly granted herein are reserved by Moon Capital. Except as expressly permitted in the Terms the Registered User shall not, directly or indirectly, nor shall it authorize others to: (i) share passwords and user IDs; (ii) circumvent any encrypted data or gain access to more materials or data than was licensed or use the Moonweb Client Site in any manner which violates the Terms or any applicable laws; (iii) reverse engineer, decompile, disassemble or translate any portion of the Moonweb Client Site, or the Moon Capital Intellectual Property, including the Content; (iv) transfer, sell, rent, lease, license, sublicense, grant any rights in, transfer, distribute, time-share or otherwise assign to any third party any portion of the Moonweb Client Site or the Moon Capital Intellectual Property, or use the Moonweb Client Site or any of the Moon Capital Intellectual Property to operate a time sharing service, service bureau or perform services for third parties; or (v) copy, reproduce, translate, disclose, distribute, display, perform, transmit, publish, license, post, frame, mirror on another web site, adapt, edit, create derivative works of, translate, or otherwise modify the Content or any other Moon Capital Intellectual Property. Without limiting the foregoing, the Registered User agrees not to display, reproduce, or otherwise use in any manner the Moon Capital Marks without Moon Capital's prior written permission. The Registered User agrees not to remove or alter any printed or on-screen copyright, trade secret or other legal notices contained on or in the Content. Any special rules for the use of certain software and other Content accessible on the Moonweb Client Site may be included elsewhere within the Moonweb Client Site and are incorporated into the Terms by reference.

(c) Some areas of the Moonweb Client Site contain Content specific to the Registered User and these pages may only be accessed by the specific Registered User and its Authorized Users, subject to the Terms. No other person may access those pages on the Moonweb Client Site or the Content displayed on such pages.

(d) The Registered User is not entitled to in any way use the Content or the Custom Reports for the benefit of, or permit the Content or the Custom Reports to be used or accessed by, any third parties other than such of the Registered User's clients that are also Registered Users and solely in the manner and to the extent permitted by the Terms. Upon request, the Registered User will provide Moon Capital with evidence of compliance with this Section 9.

10. CONFIDENTIAL INFORMATION.

(a) "Confidential Information" means any information disclosed by Moon Capital on the Moonweb Client Site or otherwise which is or should be reasonably understood by the Registered User to be confidential or proprietary to Moon Capital, including, but not limited to, trade secrets, data, know-how, statistical data, financial data or projections, forecasts, business practices or policies, research projects, reports, development and marketing plans, strategies, or other business information that is not generally known or available to the public. The Registered User expressly agrees that the Moonweb Client Site, and the Content, and the terms and conditions of, and any documentation related to the Moonweb Client Site are, as between Moon Capital and the Registered User, the Confidential Information of Moon Capital.

(b) The Registered User will protect the confidentiality of Moon Capital's Confidential Information in the same manner as it protects its own Confidential Information. The Registered User agrees, for itself and its Authorized Users to protect the confidentiality of any Confidential Information of Moon Capital in its possession and accepts liability for any breach of this Agreement by its Authorized Users or any other agents or employees of the Registered User. The Registered User agrees that it will only use Moon Capital's Confidential Information as permitted by the Terms and that it will not disclose to any third party any Confidential Information of Moon Capital which may come into its possession. The Registered User may disclose such Confidential Information of Moon Capital only to its Authorized Users.

(c) The Registered User may disclose Confidential Information pursuant to the requirements of applicable law, legal process or government regulation, provided that it gives Moon Capital reasonable prior written notice to permit Moon Capital to contest such disclosure. Disclosure of Moon Capital's Confidential Information pursuant to the requirements of applicable law, legal process or government regulation, shall not constitute publication or otherwise alter the character of that information as Confidential Information as between the parties hereunder.

(d) The parties agree that any breach or threatened breach of the foregoing confidentiality obligations by the Registered User or its Authorized Users may cause not only financial harm, but irreparable harm to Moon Capital; and that money damages may not provide an adequate remedy. In the event of a breach or threatened breach of this Section 10 by the Registered User, Moon Capital shall, in addition to any other rights and remedies it may have, be entitled to seek an injunction restraining the Registered User or its Authorized User from disclosing or using, in whole or in part, any Confidential Information of Moon Capital.

11. DISCLAIMER OF WARRANTIES.

THE REGISTERED USER EXPESSSLY AGREES THAT THE USE OF THE MOONWEB CLIENT SITE IS AT THE REGISTERED USER'S SOLE RISK. THE MOONWEB CLIENT SITE AND ALL MATERIALS RELATED TO THE MOONWEB CLIENT SITE INCUDING ALL CONTENT, SOFTWARE, AND INFORMATION ARE PROVIDED ON AN "AS IS" "AS AVAILABLE" BASIS WITHOUT WARRANTIES OF ANY KIND. TO THE FULLEST EXTENT PERMITTED BY LAW, MOON CAPITAL DISCLAIMS ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABLITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT, QUIET ENJOYMENT, ACCURACY, INTEGRATION, COMPLETENESS OR TIMELINESS AS WELL AS ALL WARRANTIES ARISING BY USAGE OF TRADE, COURSE OF DEALING OR COURSE OF PERFORMANCE. MOON CAPITAL MAKES NO WARRANTY THAT THE MOONWEB CLIENT SITE WILL MEET THE REGISTERED USER'S REQUIREMENTS OR THAT THE MOONWEB CLIENT SITE WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR FREE OR THAT DEFECTS IN THE MOONWEB CLIENT SITE [OR CONTENT] WILL BE CORRECTED, NOR DOES MOON CAPITAL MAKE ANY WARRANTY AS TO THE RESULTS THAT MAY BE OBTAINED FROM THE USE OF THE MOONWEB CLIENT SITE OR AS TO THE ACCURACY OR RELIABILITY OF ANY CONTENT OR ANY INFORMATION OBTAINED THROUGH THE MOONWEB CLIENT SITE.

THE CONTENT IS FOR INFORMATIONAL AND EDUCATIONAL PURPOSES ONLY. NO CONTENT PROVIDED IS INTENDED TO BE USED AS, OR SHOULD BE CONSTRUED AS PROVIDING, THE PRIMARY BASIS FOR AN INVESTMENT DECISION OR AS REFLECTING RECOMMENDATIONS TAKING INTO ACCOUNT INDIVIDUALIZED REQUIREMENTS. ANY INVESTMENT CARRIES WITH IT RISK. PAST PERFORMANCE DOES NOT AND CANNOT GUARANTEE FUTURE RESULTS. MOON CAPITAL DISCLAIMS ANY WARRANTY OR LIABILITY WHATSOEVER FOR ACTIONS THE REGISTERED USER OR ITS AUTHORIZED USERS MAY TAKE AS A RESULT OF ACCESS TO THE MOONWEB CLIENT SITES. ALTHOUGH CONTENT IS GATHERED FROM SOURCES MOON CAPITAL CONSIDERS RELIABLE, MOON CAPITAL DOES NOT ASSUME ANY RESPONSIBILITY FOR THE ACCURACY, EFFICACY OR USE OF SUCH CONTENT. NEITHER ACCESS TO NOR USE OF THE MOONWEB CLIENT SITE OR ANY CONTENT CONTAINED THEREIN ARE INTENDED AS OR SHALL CONSTITUTE (A) ANY INVESTMENT ADVICE OR ADVERTISEMENT, (B) AN OFFER, OR A SOLICITATION OF ANY OFFER, BY MOON CAPITAL FOR THE PURCHASE OR SALE OF ANY INVESTMENT, SECURITIES OR OTHER PROPERTY, OR (C) A REPRESENTATION THAT ANY INVESTMENT, SECURITY OR OTHER PROPERTY IS SUITABLE FOR THE REGISTERED USER OR OTHERS.

ANY CONTENT, MATERIAL OR DATA DOWNLOADED OR OTHERWISE OBTAINED THROUGH THE USE OF THE MOONWEB CLIENT SITE IS DONE AT THE REGISTERED USER'S OWN DISCRETION AND RISK. MOON CAPITAL HAS NO RESPONSIBILITY AND THE REGISTERED USER WILL BE SOLELY RESPONSIBLE, FOR ANY DAMAGE TO THE REGISTERED USER'S COMPUTER SYSTEM OR LOSS OF DATA THAT RESULTS FROM THE DOWNLOAD OR USE OF SUCH MATERIAL OR DATA. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED BY THE REGISTERED USER FROM MOON CAPITAL OR THROUGH THE MOONWEB CLIENT SITE SHALL CREATE ANY WARRANTY NOT EXPRESSLY MADE HEREIN. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES. ACCORDINGLY, SOME OF THE ABOVE EXCLUSIONS MAY NOT APPLY TO THE REGISTERED USER.

12. LIMITATION OF LIABILITY.

MOON CAPITAL IS A PROVIDER OF AN INTERACTIVE COMPUTER SERVICE WITHIN THE MEANING OF THE COMMUNICATIONS DECENCY ACT (TITLE 47, UNITED STATES CODE) SECTION 230, AND RESERVES ALL RIGHTS GRANTED UNDER SUCH LAW. MOON CAPITAL SHALL NOT BE LIABLE TO THE REGISTERED USER OR ANY AUTHORIZED USER TO ANY THIRD PARTY FOR ANY DIRECT, INDIRECT, INCIDENTAL, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, LOSS OF PROFITS, LOSS OF USE, LOSS OF DATA OR OTHER INTANGIBLE PROPERTY, TRANSACTION LOSSES, OPPORTUNITY COSTS, INTERRUPTION OF BUSINESS OR COSTS OF PROCURING SUBSTITUTE GOODS) RESULTING FROM, ARISING OUT OF OR IN ANY WAY RELATING TO THE MOONWEB CLIENT SITE, INCLUDING BUT NOT LIMITED TO, THE USE OR THE INABILITY TO USE THE MOONWEB CLIENT SITE, UNAUTHORIZED ACCESS TO, DELETION OR ALTERATION OF THE REGISTERED USER'S DATA, OR FAILURE OF THE MOONWEB CLIENT SITE TO STORE THE REGISTERED USER'S DATA, EVEN IF MOON CAPITAL HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. FURTHER, MOON CAPITAL WILL NOT BE LIABLE FOR ANY DAMAGES, ARISING OUT OF OR RELATING TO: (A) INTEROPERABILITY, ACCESS OR INTERCONNECTION OF THE MOONWEB CLIENT SITE WITH APPLICATIONS, EQUIPMENT, SERVICES, CONTENT, OR NETWORKS PROVIDED BY CUSTOMER OR THIRD PARTIES; (B) ERRORS, DEFECTS, DELAYS, OR INTERRUPTIONS; (C) LOST OR ALTERED MESSAGES OR TRANSMISSIONS; OR (D) UNAUTHORIZED ACCESS TO OR THEFT, ALTERATION, LOSS, OR DESTRUCTION OF CUSTOMER'S, ITS AFFILIATES', REGISTERED USERS', OR THIRD PARTIES' APPLICATIONS, CONTENT, DATA, PROGRAMS, CONFIDENTIAL INFORMATION, NETWORK, OR SYSTEMS.

MOON CAPITAL PERIODICALLY SCHEDULES SYSTEM DOWNTIME FOR MAINTENANCE AND OTHER PURPOSES. UNPLANNED SYSTEM OUTAGES ALSO MAY OCCUR. MOON CAPITAL SHALL HAVE NO LIABILITY WHATSOEVER FOR (1) THE RESULTING UNAVAILABILITY OF THE MOONWEB CLIENT SITE; (2) ANY LOSS OF DATA OR TRANSACTIONS CAUSED BY PLANNED OR UNPLANNED SYSTEM OUTAGES; (3) THE RESULTANT DELAY, MISDELIVERY OR NONDELIVERY OF INFORMATION CAUSED BY SUCH SYSTEM OUTAGES; OR (4) ANY THIRD PARTY ACTS OR ANY OTHER OUTAGES OF WEB HOST PROVIDERS, INTERNET SERVICE PROVIDERS OR THE INTERNET FACILITIES AND NETWORKS.

IN EACH CASE, THE FOREGOING LIMITATIONS AND EXCLUSIONS ARE INTENDED TO APPLY REGARDLESS OF THE FORM OF THE CLAIM OR ACTION, WHETHER BASED ON CONTRACT (INCLUDING FUNDAMENTAL BREACH), TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, STATUTORY OR OTHERWISE, AND REGARDLESS OF WHETHER OR NOT SUCH DAMAGES WERE FORESEEN, UNFORESEEN OR FORESEEABLE. EACH PARTY ACKNOWLEDGES AND AGREES THAT THE LIMITATIONS OF LIABILITY SET FORTH ABOVE ARE A CONDITION OF THE OTHER PARTY ENTERING INTO THE TERMS AND ARE REFLECTED IN THE FEES OR OTHER COMPENSATION, IF ANY, BEING CHARGED TO THE REGISTERED USER FOR ACCESS TO AND USE OF THE MOONWEB CLIENT SITE.

SOME JURISDICTIONS DO NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES. ACCORDINGLY, SOME OF THE ABOVE LIMITATIONS MAY NOT APPLY TO THE REGISTERED USER.

13. NO RESALE OF THE SERVICE.

The Registered User's right to use the Moonweb Client Site is limited solely to the Registered User and the Registered User's Authorized Users. The Registered User will not reproduce, duplicate, copy, sell or resell the Moonweb Client Site, the Content or any Custom Reports, without the express written consent of Moon Capital. The Registered User's right to use the Custom Reports or to obtain the benefit of any service that may be provided through the Moonweb Client Site, is personal to the Registered User. The Registered User agrees not to reproduce, duplicate, copy, sell, resell, exploit or make any commercial use of, nor permit anyone other than Authorized Users to access the Moonweb Client Site, Content or the Custom Reports, and in no event, whether or not commercial in nature, shall the Registered User make any use of the Content or Custom Reports for the benefit of any third party. No third party shall be entitled to obtain direct or indirect access to the Moonweb Client Site, any Content or any Custom Reports unless and until they have entered into their own agreements with Moon Capital to obtain and govern such access.

14. INDEMNIFICATION.

The Registered User will indemnify, defend and hold harmless Moon Capital, its parents, subsidiaries, members, partners, affiliates, directors, officers, employees, agents, successors and assigns, from all claims, demands, losses, liabilities, costs and expenses (including reasonable attorneys' fees), arising out of (a) any breach of the Terms by the Registered User or its Authorized Users, or (b) the negligence or willful misconduct of the Registered User or its Authorized Users.

15. TERMINATION AND EFFECT.

(a) Each of the Registered User and Moon Capital may terminate the Terms at any time for any reason, on written notice to the other party. Moon Capital may also, at its sole discretion, immediately terminate the Terms and the Registered User's access to the Moonweb Client Site should the Registered User's conduct fail to conform to any provision of the Terms. Moon Capital shall not be liable to the Registered User or any third party for any such termination.

(b) Moon Capital may terminate any Registered User's account without notice at its sole discretion if a Registered User has been inactive for a period of six (6) months. A Registered User will be defined as inactive if the Registered User or its Authorized Users have not logged into the Moonweb Client Site with the applicable user name and password.

(c) Upon termination of this Agreement, the Registered User's right to use the Moonweb Client Site and any Content shall immediately cease. Sections 9 through 14, 21, 22, 23 and 26 shall survive any termination or expiration of the Terms.

16. INTEGRATION.

The Terms constitute the entire agreement of the parties with respect to the matters contemplated hereby.

17. MODIFICATION.

Moon Capital may modify the Terms from time to time. Upon any modification to the Terms, Moon Capital will provide the Registered User with notice of the modification and will post the modified Terms on the Moonweb Client Site, together with a description of the modifications made. The modified Terms will be effective immediately upon its posting on the Moonweb Client Site. The Registered User's continued use of the Moonweb Client Site after the posting of the modified Terms on the Moonweb Client Site constitutes the Registered User's agreement to abide and be bound by such terms, as modified. Should the Registered User object to any modification, the Registered User's sole recourse is to exercise its right to terminate this Agreement in accordance with Section 15 above. The Terms may not otherwise be modified, except in a writing signed by both parties.

18. WAIVERS.

No delay or failure on the part of either party in exercising any right or remedy hereunder shall operate as a waiver thereof or of any other right or remedy. No waiver whatsoever shall be valid unless in writing, signed by the party to be charged, and then only to the extent therein set forth.

19. NOTICES.

Any notice or other communication required or permitted to be made under the Terms may be delivered in person, by facsimile transmission, by United States certified or registered mail, by a nationally-recognized overnight courier or, as provided below, by electronic means. Except as otherwise provided herein, a notice shall be effective (i) upon receipt, if delivered in person, (ii) upon receipt (confirmed by automatic answer back or like evidence of receipt), if sent by telecopier during normal business hours at the office of the recipient thereof and otherwise at the opening of business at such recipient's office on the next Business Day, (iii) three (3) days after deposit into the United States mail, if sent by certified or registered mail, (iv) at 11:00 a.m. on the next business day, if sent by overnight courier and (v) as provided below, if sent by electronic means. In each case, such notice to any party shall be made to the address of such party indicated (1) in the case of Moon Capital, below, or (2) in the case of the Registered User, in its Registered User Information provided in accordance with Section 4 above. Either party may from time to time change its address for receiving notices in writing, or its electronic address, by posting a change of address on the Moonweb Client Site or by sending a notice to the other party in writing or by electronic means promptly confirmed in a writing. Any notice or other communication to be made hereunder, even if otherwise required to be in writing under other provisions of the Terms, may alternatively be made in an electronic record transmitted electronically to the email addresses set forth (a) in the case of Moon Capital, below, or (b) in the case of the Registered User, in its Registered User Information provided in accordance with Section 4 above. Any notice or other communication made in electronic form will have the same legal effect and enforceability as if made in non-electronic form. Moon Capital may also broadcast notices or messages on this Moonweb Client Site, or other matters of importance; such broadcasts shall constitute notice to the Registered User.

20. ASSIGNMENT.

The Registered User shall not assign or otherwise transfer the Terms, in whole or in part, or delegate or subcontract any of its rights or obligations hereunder. Any attempted transfer or delegation by the Registered User without Moon Capital's consent will be void. The Terms will bind and inure to the benefit of each party's successors and permitted assigns.

21. GOVERNING LAW, JURISDICTION.

The Terms shall be governed by and interpreted in accordance with the internal laws of the State of New York, without reference to principles of conflicts of law. The parties hereto hereby consent to the non-exclusive jurisdiction of any local, state or federal court located within the State of New York. The parties waive personal service of any and all process and agree that all such service of process may be made by certified or registered mail, return receipt requested, directed to such party, at the address (a) if Moon Capital is the recipient, set forth below and (b) if the Registered User is the recipient, set forth in its Registered User Information provided in accordance with Section 4 above. TO THE EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO HEREBY WAIVES ITS RIGHT TO TRIAL BY JURY IN ANY SUIT OR PROCEEDING ARISING UNDER OR RELATING TO THIS AGREEMENT.

22. FORCE MAJEURE.

Moon Capital will not be liable for any delay, failure in performance, loss or damage due to fire, explosion, cable cuts, power blackout, earthquake, flood, strike, embargo, labor disputes, acts of civil or military authority, war, terrorism, acts of God, acts of a public enemy, acts or omissions of carriers or suppliers, acts of regulatory or governmental agencies, or other causes beyond Moon Capital's reasonable control.

23. THIRD PARTIES.

The Terms shall confer no rights upon any other party other than the parties hereto.

24. PARTIAL INVALIDITY.

The invalidity or unenforceability of any one or more provisions of the Terms shall not affect the validity or enforceability of its remaining provisions.

25. SECTION HEADINGS.

Captions are for the ease of reference only and shall not affect the meaning of the relevant provisions.

26. USERS OUTSIDE THE UNITED STATES.

The Moonweb Client Site is controlled and offered by Moon Capital from its facilities in the United States of America. Moon Capital makes no representations that the Service or the Moonweb Client Site is appropriate or available for use in other jurisdictions. If you are a non-U.S. resident and access this Moonweb Client Site, you do so at your own risk and are responsible for compliance with local laws and regulations.

27. ACKNOWLEDGMENT.

The Registered User acknowledges that the Registered User has read and understands the Terms, and that the Terms have the same force and effect as a signed agreement.

Moon Capital Management LP
499 Park Avenue, 8th Floor, New York, NY 10022
Phone: 212-652-4500
Fax: 212-652-4501
Email: investorrelations@mooncapital.com
Updated: 04/30/2010