Terms of Use 1. INTRODUCTION Welcome to www.ihpinc.com. By accessing this website (the “Site”), you agree that your access to and use of the Site, including any Content (as defined below) provided by IHP Capital Partners and/or its affiliates (collectively, “IHP”), shall be exclusively governed by the terms and conditions set forth in this Terms of Use Agreement (the “Agreement”). You should read the terms and conditions of this Agreement carefully, as your access and use of the Site are expressly conditioned upon your acceptance of these terms. IHP may refuse access to and usage of the Site to anyone at any time, in its sole discretion. IHP reserves the right to modify or discontinue the Site without notice, or change the terms and conditions governing your access to and use of this Site, at any time. 2. PURPOSE OF THE SITE; NO OFFER OF SECURITIES; NO ADVICE The Site is intended to provide an overview of IHP and its products, and is for general information purposes only. The Site is not intended to provide investing, accounting, tax or legal advice. You should consult your own investment, legal and/or tax professionals regarding your specific situation. IHP makes no representations that materials at this Site are appropriate for use in all locations, or that transactions, securities products, instruments or services discussed at this Site are available or appropriate for sale or use in all jurisdictions, or by all investors or counterparties. Those who access this site do so on their own initiative, and are responsible for compliance with applicable local laws or regulations. UNDER NO CIRCUMSTANCES SHOULD ANY MATERIAL AT THIS SITE BE USED OR CONSIDERED AS AN OFFER TO SELL OR A SOLICITATION OF ANY OFFER TO BUY SECURITIES, ANY OTHER INSTRUMENTS OR INTERESTS OF ANY FUND (DESCRIBED BELOW), WHETHER OR NOT SPONSORED OR MANAGED BY IHP. ANY SUCH OFFER OR SOLICITATION CAN AND WILL BE MADE ONLY BY MEANS OF THE PROSPECTUS OR EXPLANATORY MEMORANDUM OF EACH SUCH INVESTMENT FUND OR OTHER APPLICABLE DOCUMENT, ONLY IN JURISDICTIONS IN WHICH SUCH AN OFFER WOULD BE LAWFUL AND ONLY TO INDIVIDUALS WHO MEET THE INVESTOR SUITABILITY AND SOPHISTICATION REQUIREMENTS THAT ARE DETERMINED FROM TIME TO TIME BY IHP IN ITS SOLE AND ABSOLUTE DISCRETION. While IHP uses reasonable efforts to obtain information from reliable sources, IHP makes no representations or warranties as to the accuracy, reliability or completeness of any information or document at this Site. Opinions and any other contents at this Site are subject to change without notice. IHP is not utilizing this Site to provide investment or other advice to you or any other party, and no information or material at this Site is to be relied upon for the purpose of making or communicating investment or other decisions. All materials at this site are meant to be reviewed in their entirety, including any footnotes, legal disclaimers, restrictions or disclosures and any copyright or proprietary notices. Any disclaimers, restrictions, disclosure or hedge clauses apply to any partial document or material in the same manner as they do the whole, and will be deemed incorporated in the portion of any material or document that you consult or download. 3. SUMMARY OF RISK FACTORS Investments in real estate funds and other investment funds, including those managed by IHP (collectively, the “Funds”), are speculative and involve a high degree of risk and are intended only for experienced and sophisticated investors. There are unique risks involved when investing in a particular Fund. You should carefully review each Fund’s offering materials and related information for specific risk and other information before investing. This Site does not list, and does not purport to list, the risk factors associated with an investment in any of the Funds. 4. CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS IHP owns and maintains this Site. The images, text, information, software, code, material, trademarks, trade names, logos and service marks displayed at this Site (collectively, the “Content”) are the intellectual property of IHP . Nothing at this Site shall be construed as granting by implication, estoppel or otherwise any license or right to use any of the Content of the Site. No act of downloading or otherwise copying from this Site will transfer title to any software or material at this Site to you. Anything that you transmit to this Site becomes the property of IHP, may be used by IHP for any lawful purpose, and is further subject to disclosure as deemed appropriate by IHP including to any legal or regulatory authority to which IHP is subject. IHP reserves all rights with respect to copyrights, service mark and trademark ownership of all Content at this Site and will enforce such rights to the full extent of the law. Unless information contained on the Site is otherwise public information, all Content contained on the Site is considered to be confidential information (including the Site’s features, functions, options, tools, capabilities, format and layout, etc.), and you agree not to copy, republish or redistribute any of the Content or disclose the same to any third parties unless and only to the extent IHP has given you written permission to do so. 5. LIMITATION OF LIABILITY Under no circumstances, shall IHP and its affiliates or any of their employees, directors, officers, agents, vendors or suppliers be liable for any direct or indirect losses or damages arising out of or in connection with the use of or inability to use the Site. This is a comprehensive limitation of liability that applies to all losses and damages of any kind (whether general, special, consequential, incidental, exemplary or otherwise, including, without limitation, loss of data, income or profits), whether by statute, law or in contract, negligence or other tortuous action, even if an authorized representative of IHP or its affiliates has been advised or should have known of the possibility of such damages. Applicable law may not allow the limitation of liability set forth above, so this limitation of liability may not apply to you. In no event shall the total liability of IHP or any of its affiliates for any and all damages and causes of action exceed the amount paid by you, if any, for the use of this Site. 6. NO ENDORSEMENTS References on the Site to any names, marks, products or services of third parties or hypertext links to third party sites or information do not constitute or imply an endorsement, sponsorship, or recommendation of the third party, information, product or service by IHP. IHP and its affiliates do not endorse or make any warranties or representations about any site you may access through the Site. Any links to other sites are provided for convenience only. If you access any third party web site through the Site or otherwise, you do so at your own risk. 7. MONITORING THE SITE IHP reserves the right to monitor and record activity on the Site at its sole discretion, and may report any activity that it suspects may violate any law or regulation as it deems appropriate. 8. LAW This Agreement shall be governed by and construed in accordance with the laws of the State of California, U.S.A., excluding its conflicts of law principles. 2020 IHP Capital Partners. 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