Legal notice Important Legal Information and Terms of Use Website Terms and Conditions Please read the following Important Legal Information and Terms of Use (the “Terms of Use”) prior to using this website. By using or otherwise accessing this website you agree to the terms, conditions, policies and restrictions governing the use of this website, which thus constitute a legal agreement between you and Värde Partners, Inc. (“Värde Partners” and, together with its subsidiaries and affiliates, “Värde”). Värde may change, suspend or discontinue any aspect of this website at any time, including the availability of any feature, database or content therein. Värde may also modify these Terms of Use with or without notice to you, and such modified Terms of Use shall be effective immediately upon posting. If you do not agree to abide by these terms and conditions, do not use this website. Your continued use of this website following the posting of any changes to the terms of use constitutes acceptance of such changes. You must abide by any and all terms of use and policies posted on this website. No Solicitation or Investment Advice Värde Management, L.P. (“Värde Management”) is a registered investment adviser under the U.S. Investment Advisers Act of 1940. Värde Partners Europe Limited (“Värde Europe”) is authorized and regulated by the Financial Conduct Authority (“FCA”). Varde Partners Asia Pte. Ltd. (“Värde Singapore”) is regulated by the Monetary Authority of Singapore as a capital markets services license holder to conduct fund management activities. The purpose of this website (including any portion of this website available only to investors) is limited to providing you with general information on Värde’s services and philosophy. Värde does not render or offer to render investment advice through this website. Nothing on this website constitutes or forms a part of any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. Nothing on this website constitutes or forms any offer, or any invitation to engage in any services of Värde. Värde may only transact business, offer services or render investment advice in those jurisdictions where one or more of the Värde entities are registered and/or have made the appropriate notice filing with such jurisdiction’s regulatory authority, or where Värde is otherwise excluded or exempted from such jurisdiction’s registration and/or notice filing requirements. United Kingdom This website is a publication of Värde. To the extent that materials on this website are directed at users in the United Kingdom, it is issued or approved by Värde. Nothing herein is intended to constitute legal, accounting, tax, securities or investment advice, an opinion regarding the appropriateness of any investment, or an offer or a solicitation to buy or sell a security of any type (including, for the avoidance of doubt, a share or unit in an alternative investment fund as defined by the EU Alternative Investment Fund Managers Directive) or to engage in any other transaction. The contents of this website are intended for general information purposes only. Värde’s investment advisory services are provided only to a limited number of private investment vehicles; Värde does not make its services available to the public. Nothing contained on this website should be relied on in making any investment or other decision. You should obtain relevant and specific professional advice before making any investment decision. In the United Kingdom, this communication is only made to, or directed at, the following persons: (a) persons who have professional experience in matters relating to investments and who are “Investment Professionals” as defined in Article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (the “CIS Exemptions Order”), (b) persons who are high net worth companies, unincorporated associations, partnerships or trusts falling within any of the categories of persons described in Article 22 of the CIS Exemptions Order, and (c) any other persons to whom it may otherwise lawfully be made (together, “Relevant Persons”). This communication is not addressed to, and must not be distributed to or acted on by, any person in the United Kingdom who is not a Relevant Person. Any investment or investment activity to which this communication relates is available only to the Relevant Persons and will be engaged in only with such persons. Värde Europe is regulated by the U.K. Financial Conduct Authority as an investment firm and is authorised to provide advisory and discretionary investment management activity to Värde Management or other entities within the Värde group. Värde Europe is subject to the best execution requirements under the Markets in Financial Instruments Directive, which requires it to publish the top five execution venues in terms of trading volumes where client orders were executed in the preceding year and information on the quality of execution obtained for each class of financial instrument below. Please use the link below to access the report(s). 2017 report 2018 report Modern Slavery Act Statement Singapore To the extent that materials on this website are directed at users in Singapore, it is issued or approved by Värde. Nothing herein is intended to constitute legal, accounting, tax, securities or investment advice, an opinion regarding the appropriateness of any investment, or an offer or a solicitation to buy or sell a security of any type (including, a collective investment scheme, a partnership or any other types of securities), or to engage in any other transaction. Save for Värde Singapore, none of the other Värde entities (“Non-Singapore Entities”) are licensed, registered, authorised or approved to carry on any regulated activities in Singapore. Nothing in this website is intended to constitute an offer for, or an invitation to engage in any services of the Non-Singapore Entities. Nothing in this website shall be construed as the Non-Singapore Entities holding themselves out to be licensed, registered, authorised or approved to carry on any regulated activities in Singapore. The contents of this website are intended for general information purposes only. Värde’s investment advisory services are provided only to a limited number of private investment vehicles; Värde does not make its services available to the public. Nothing contained on this website should be relied on in making any investment or other decision. You should obtain relevant and specific professional advice before making any investment decision. In Singapore, this communication is only made to, or directed at, the following persons: (a) persons who are accredited investors as defined under the Securities and Futures Act, Cap 289; and (b) persons who are institutional investors as defined under the Securities and Futures Act, Cap 289 (“Singapore Relevant Persons”). This communication is not addressed to, and must not be distributed to or acted on by, any person in the Singapore who is not a Singapore Relevant Person. Any investment or investment activity to which this communication relates is available only to the Singapore Relevant Persons and will be engaged in only with such persons. Limited Right of Use/Ownership of Contents The contents of this website are intended for the personal, noncommercial use of its users. All materials published on this website (the “Content”) are protected by copyright, trademark and all other applicable intellectual property laws, and are owned and controlled by Värde or a party credited as the provider of such Content. Except as specifically set forth in these Terms of Use (or to the extent permission is mandated by applicable law), you may not reproduce, modify, adapt, translate, exhibit, publish, transmit, participate in the transfer or sale of, create derivative works from, distribute, perform, display, reverse engineer, decompile or disassemble, or in any way exploit any of the Content or software forming part of this website in whole or in part. Värde reserves the right to terminate at any time, and without notice, any users’ access to this website. Disclaimers, Limitation of Liability and Indemnification Värde hereby disclaims all warranties, conditions and representations of any kind with regard to this website, including any implied warranties or conditions of satisfactory quality, merchantability, non-infringement of third-party rights, freedom from viruses or other harmful code, or fitness for a particular purpose. This website and the information contained herein are provided “as is.” The information contained on this website is gathered from sources deemed to be reliable; however, Värde does not warrant the accuracy, adequacy or completeness of the information and material contained on this website as of the viewing date and expressly disclaims liability for errors or omissions in such information and materials. Värde does not make any commitment to update any material or information on this website. Värde is not liable for any consequential, incidental, special, punitive or exemplary damages or any loss of profits arising out of any use of, or inability to use, this website or any portion thereof, regardless of whether Värde has been apprised of the likelihood of such damages occurring and regardless of the form of action, whether in contract, warranty, tort (including negligence), strict liability, or otherwise. By accessing and/or using this website, you agree to indemnify, defend and hold Värde and its respective officers, directors, partners, employees, members, agents, information providers, affiliates, licensors and licensees (collectively, the “Indemnified Parties”) harmless from and against any and all liability and costs, including without limitation reasonable attorney’s fees and expenses, incurred by the Indemnified Parties in connection with any claim arising out of a breach by you of these Terms of Use or the representations, warranties and covenants deemed made by you hereunder. You agree to cooperate as fully as reasonably required in the defense of any claim. Värde reserves the right, at its own expense, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you. You shall not enter into any settlement agreement which affects the rights of any of the Indemnified Parties, or requires any of the Indemnified Parties to take any action, without Värde’s prior written approval. There may be legal requirements in various countries and jurisdictions which may restrict the information that can be accessed. Persons who obtain information from this website should inform themselves about and observe any restrictions imposed in the jurisdiction in which this website is accessed. Submitted Materials Unless specifically requested, Värde does not solicit, nor does Värde wish to receive, any confidential, secret or proprietary information or other material from you through this website, by e-mail, through the “Contact Us” feature, or in any other way. Any materials submitted or sent on or through this website in any manner (collectively, “Submitted Materials”) will be deemed not to be confidential or secret, and may be used by us in any manner consistent with these Terms of Use. By submitting Submitted Materials on this website, you: (i) represent and warrant that you either own your Submitted Materials, or that you have the necessary licenses, rights, consents and permissions to use such Submitted Materials and submit them to this website; and (ii) you grant Värde a royalty-free, unrestricted, worldwide, perpetual, irrevocable, non-exclusive and fully transferable, assignable and sub-licensable right and license to use such material (in whole or part) in any manner and/or to incorporate it (in whole or in part) in other works (including, without limitation, this website), products or services in any form, media, or technology now known or later developed. Värde is not obligated to review any Submitted Materials. Värde cannot be responsible for maintaining any Submitted Material you provide to this website, and we may delete or destroy any such Submitted Material at any time. User Conduct Without limitation of the other terms and conditions set forth herein, while accessing or using this website, the Content and/or the various other features available on this website, you agree that you shall not: impersonate any person or entity or misrepresent your affiliation with any other person or entity, whether actual or fictitious, including anyone from this website or Värde; use, redistribute, republish or exploit any part of this website or any Content for any commercial or promotional purposes; obtain or attempt to gain unauthorized access to other computer systems, materials, information or any services available on or through this website through any means, including through means not intentionally made publicly available or provided for through this website; engage in spidering, “screen scraping,” “database scraping,” harvesting of e-mail addresses or other personal information, or any other automatic or unauthorized means of accessing, logging-in or registering on this website, or obtaining lists of users or other information from or through this website including, without limitation, any information residing on any server or database connected to this website; use this website, the Content or its features and services in any manner that could interrupt, damage, disable, overburden or impair this website or interfere with any other party’s use and enjoyment of this website, including, without limitation, sending mass unsolicited messages or “flooding” servers with requests; use this website or the Content (including by submitting Submitted Materials) to, or in any other manner, violate, plagiarize or infringe the rights of third parties, including without limitation, copyright, trademark, trade secret, confidentiality, contract, patent, rights of privacy or rights of publicity or any other proprietary or legal right; upload, post, publish, distribute or otherwise transmit any information or material which constitutes or contains a virus, spyware, or other harmful component, or which contains any embedded links, advertising, chain letters or pyramid schemes of any kind; disclose any sensitive, proprietary or confidential information, about yourself or anyone else; attempt (or encourage or support anyone else’s attempt) to circumvent, reverse engineer, decrypt, or otherwise alter or interfere with this website; or use this website or its services (or any Content), in whole or in part, or submit any information to this website, in violation of any applicable law, rule or regulation. Hyperlink Policy Certain places on this website may include live ‘links’ to other Internet addresses can be accessed. Such external Internet addresses contain information created, published, maintained, or otherwise posted by institutions or organizations independent of Värde. Värde does not endorse, approve, certify, or control these external Internet websites and does not guarantee or assume responsibility for the accuracy, completeness, efficacy or timeliness of information located at such websites, nor does Värde warrant that such websites are free from claims of copyright, trademark, or other infringement of the rights of third parties or that such websites or content are devoid of viruses or other contamination. Use of any information obtained from such websites is voluntary, and at such user’s own risk, and reliance on it should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference therein to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by Värde. You acknowledge and agree that we have no responsibility for the information, content, products, services, advertising, code or other materials which may or may not be provided by or through such other sites. Copyright and Trademarks Copyright 2015 Värde. All Rights Reserved. Värde Partners, Värde Management, Värde Partners Europe, Värde Partners Asia, Värde Partners Australia and the Värde logo, and all derivatives thereof, are trademarks and/or service marks of Värde and may not be used without the express written consent of Värde. All other marks are property of their respective owners. Any copying of information or documents published on this website without prior written approval from Värde is strictly prohibited. Miscellaneous These Terms of Use constitute the entire agreement between you and Värde and govern your use of this website and any services offered through this website. This agreement supersedes any prior terms of use or other agreements concerning the subject matter hereof between you and Värde. These Terms of Use and the relationship between you and Värde shall be governed by, and construed and enforced in accordance with, the laws of the State of Minnesota without regard to its conflict of law provisions that might cause the application of the laws of another jurisdiction. You agree to submit to the personal and exclusive jurisdiction of the federal and state courts located within the State of Minnesota for the resolution of any disputes arising out of or relating to these Terms of Use or this website. The failure by Värde to exercise or enforce any right or provision of these Terms of Use shall not constitute a waiver of such right or provision, and no waiver shall be enforceable unless in writing and signed by the party against whom enforcement is sought. If any provision of these Terms of Use is found by a court of competent jurisdiction to be invalid, the other terms and conditions of these Terms of Use shall remain in full force and effect. Värde Website Privacy Policy Värde Partners, Inc. (“Värde Partners” and, together with its subsidiaries and affiliates, “Värde,” “Company,” “we,” “us” or “our”), values your privacy rights. Please take a moment to review our policies and practices described below. By visiting our website, you consent to these policies and practices. If you do not consent to the terms below, please do not continue to use the website. What Information Do We Collect? We collect your IP address when you access this website. We may collect certain personally identifiable information (“PII”) about you if you contact us through an e-mail address listed on our website and submit such information. For example, we may collect your name, company name, address, city, state, zip/postal code, country, e-mail address, phone number, fax number, and any other information that you choose to provide to us in your subject line and message. If you send us your resume, we naturally receive the information you include in your resume. Registered users may access a non-publicly available section of our website that requires entry of a username and password. We collect that username and password both when you register and whenever you enter it in order to access the non-publicly available section of our website. We collect general information about you when you visit our website, such as whether you have accessed the page before and the time of your last visit. We accomplish this through a cookie placed on your computer (see below for a description of how cookies function). Further, if you log into the non-publicly available section of our website, we separately track your navigation within that section of our website through the use of an additional cookie. We may also receive PII about you from third parties who collect PII from you and pass it on to us. For example, (i) where we are conducting due diligence on potential investment opportunities; and (ii) where we conduct verification or anti-money laundering checks on prospective investors or where we receive contact details and other PII from intermediaries. Furthermore, your employer may provide us with your PII for use in connection with services that we provide to our clients. In such cases, the relevant third party is responsible for ensuring that you have been informed that your PII has been shared with us and for ensuring that they have a right to share it, but once we are holding your PII, we will only handle it in accordance with this policy. Some of this PII is collected and processed to enable us to enter into a contract with you, some for the purpose of legal compliance and some for the purposes of our legitimate business interests (being to carry out and improve our business, support our clients and staff, as well as analyse the use of our website). How Is Your Information Used? We consider the PII we collect from you to be confidential. If you submit your e-mail address or other PII to us via our website by requesting information or contacting someone at the Company, we will use this information only to the extent necessary to respond to your request(s) and as discussed below. As is the case with many websites, our servers automatically collect your IP address when you visit our website, and we may associate that address with your domain name or that of your Internet access provider. We may also capture certain “clickstream data” pertaining to your usage of the Värde website. Clickstream data includes, for example, information about your computer or device, Web browser and operating system and their settings, the referring page that linked you to the Värde website, the pages, content or ads you see or click on during your visit and when and for how long you do so, items you download, the next Web site you visit when you leave the Värde website, and any search terms you have entered on the Värde website or a referral website. Certain federal and state laws or regulations may require us to share information about you. For example, if you are involved in a legal matter with a third party, we may be ordered to provide information to a court or other party. Similarly, applicable regulators may request information concerning fund investors. In these circumstances, only specific information will be shared when we believe in good faith that disclosure is necessary to protect our rights or property, protect your safety or the safety of others, investigate fraud or respond to a government, judicial or other legal request, or to comply with the law. We may also use or disclose your information as permitted by law to collect debts, detect and prevent fraudulent activity, or protect the rights or property of the Company, our clients and investors, our website, its users, or third parties, or when we otherwise believe in good faith that the law requires it. How Do We Use Cookies? When you access our website (www.varde.com), we may use technologies such as cookies to learn about your visit. A cookie is a piece of information that is sent to your browser from a web server and stored on your computer’s hard drive. Cookies help us to provide you with a good experience when you browse the website and help us to analyse web traffic and identify which pages of our website are being used. A cookie in no way gives us access to your computer, nor will they be used to identify you by name. Cookies do not allow us to collect information about you, other than information about how you use the website and the personal information you choose to share with us (including personal information you automatically share with us by way of your browser settings). Where you access our website from within the European Union you may see a message banner on our website which describes the types of cookies we use, what information they might collect and which also requests that you indicate your consent to us using those cookies by ticking a box. You can decide if and how your computer will accept cookies by choosing whether to tick this box, however if you choose to not tick this box (thereby declining cookies), some of the functionality of our website might be impaired. If you are accessing the website from outside the European Union you may choose whether to accept cookies from our website by configuring the preferences option within your web browser. In particular, we use the following cookies: Strictly necessary cookies: These cookies are essential in order to enable you to move around the website and use its features. Performance cookies: There cookies collect information about how visitors use our Website, for instance which pages visitors go to most often and if they get error messages from these pages. These cookies doesn’t collect information that identifies a visitor; all information these cookies collect is aggregated and therefore anonymous. It is only used to improve how our website works Functionality cookies: These cookies allow our website to remember choices you make (such as your language or the region you are in) and provide more enhanced personal features. These cookies can also be used to remember changes you have made to text size, fonts and other parts of the website that you can customise. The information these cookies collect is anonymised and they cannot track your browsing activities on other websites. Cookies may be deployed by us and/or by our service providers or partners on our behalf. Cookies enable us to assign a unique number to you, and relate your website usage information to other information about you, including personal information you choose to share with us. They also enable us to recognize you when you access the Värde website using different Web browsers and different computers or devices. We may match information collected from you through different means or at different times, including both personal information and website usage information, and use such information along with information obtained from other sources (including third parties) such as demographic information and updated contact information. We utilize Google Analytics for our website analytics. If you would prefer not to have your data used in this way, you can find out how to opt out via the Google website here. If you would like further information more generally about cookies, you can find it by visiting the website “All About Cookies” here. https://tools.google.com/dlpage/gaoptout To What Third Parties Do We Disclose Your Personally Identifiable Information? To provide necessary business services to an investor’s account, we may disclose information to outside service providers. These service providers work at Värde’s direction and only the PII necessary for them to perform their functions is shared. They are required to safeguard your information and only use it for authorized purposes. We might also disclose your PII to other third parties as described in this Privacy Policy under “How Is Your Information Used?” and “What If There Is a Change in Corporate Control?” Your Access Rights You may review, update or modify certain of the PII that we have about you by contacting us using the “Contact Us” information on the Värde website. We may ask you to verify your identity and to provide other details before we are able to provide you with any information, correct any inaccuracies, or delete any information. Your right to delete your information is subject to our records retention policies and any applicable law. How Do We Protect Personally Identifiable Information Collected on This Website? We take precautions to protect the PII in our possession from loss, misuse, and unauthorized access, disclosure, alteration and destruction. However, the Company does not expressly or implicitly warrant or represent that its level of security meets or exceeds any particular standard. You should not expect that any internet transmission is ever 100% secure or completely error-free. While we strive to protect visitors’ personal information, we cannot ensure or warrant the security of any information visitors transmit to us, and visitors do so at their own risk. If you correspond with us by e-mail you should be aware that your transmission might not be secure. A third party could view the information you send in transit by such means. We will have no liability for disclosure of your information due to errors or unauthorized acts of third parties during or after transmission. What If There Is a Change in Corporate Control? In the event of any proposed or actual corporate change in control resulting from, for example, a proposed or actual sale to, or proposed or actual merger with, another entity, or in the event of a proposed or actual sale of assets, or a proposed or actual liquidation, the Company reserves the right to disclose transfer your personal information to the prospective or new party in control or the party acquiring assets. Changes to This Privacy Policy We reserve the right, in our sole discretion, to modify, alter or otherwise update this policy at any time. We will notify you of material changes to this privacy policy by posting the revised policy with the date it was revised on the Värde website. We encourage you to periodically review this privacy statement to stay informed about how we are protecting the PII we collect. In some cases (for example, if we significantly expand our use or sharing of your PII), we may also tell you about changes by additional means, such as by sending an e-mail to the e-mail address we have on file for you. In some cases, we may request your consent to the changes. How Can You Contact Us? If you would like to contact us about this policy or our website, you may contact us at (952) 893-1554. This policy is effective October 15, 2015 Värde employees speak over 30 languages See more facts ©Värde Partners, 2021 Legal Notice and Disclosures