Terms of Use

Effective Date: January 2026

These Terms of Use ("Terms") govern your access to and use of the website located at philipequities.com (the "Website"), which is operated by Philip Equities Management LLC (the "Firm," "we," "us," or "our"). By accessing or using the Website, you agree to be bound by these Terms. If you do not agree, please discontinue use of the Website immediately.

Eligibility and Access

The Website is provided for informational purposes only. Interests in each Fund are offered only to investors who meet the eligibility requirements set out in that Fund's offering documents, and only through those documents. The Website is also available to professional advisers, consultants, and service providers seeking information in connection with a potential engagement with the Firm.

By accessing the Website, you represent and warrant that you meet the applicable eligibility criteria and that your access does not violate any applicable law or regulation in your jurisdiction.

Informational Purposes Only

The Website and its contents are provided for informational purposes only. Nothing on the Website constitutes an offer to sell, or a solicitation of an offer to purchase, any security, investment product, or investment advisory services. Any such offer or solicitation will be made only pursuant to definitive offering documents and only in jurisdictions where permitted by law.

The information on the Website does not constitute investment, legal, tax, or other professional advice. You should consult your own advisors before making any investment decision.

Intellectual Property

All content on the Website, including text, graphics, logos, images, and software, is the property of the Firm or its licensors and is protected by copyright, trademark, and other intellectual property laws. Published pages of the Website may be shared in unaltered form. Otherwise you may not reproduce, distribute, modify, display, or create derivative works from any content on the Website without our prior written consent.

"Philip Equities" and related names, logos, and marks are trademarks of the Firm. Unauthorized use of any trademarks is prohibited.

Use of Website Content

The contents of the Website are published by the Firm and are protected by copyright and other intellectual property rights. You may read and share them in the form in which they appear. You may not alter them, excerpt them in a way that misrepresents their contents, or present them as materials of the Firm other than as published. Materials the Firm provides to you separately, including offering documents, are confidential and are subject to the terms under which they are provided.

No Warranties

THE WEBSITE AND ITS CONTENTS ARE PROVIDED "AS IS" AND "AS AVAILABLE" WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. TO THE FULLEST EXTENT PERMITTED BY LAW, THE FIRM DISCLAIMS ALL WARRANTIES, INCLUDING IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, ACCURACY, AND NON-INFRINGEMENT.

We do not warrant that the Website will be uninterrupted, error-free, or free of viruses or other harmful components. We do not warrant the accuracy, completeness, or timeliness of any information on the Website.

Limitation of Liability

TO THE FULLEST EXTENT PERMITTED BY LAW, THE FIRM AND ITS AFFILIATES, MEMBERS, MANAGERS, OFFICERS, EMPLOYEES, AND AGENTS SHALL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, OR ANY LOSS OF PROFITS, REVENUE, DATA, OR USE, ARISING OUT OF OR RELATED TO YOUR ACCESS TO OR USE OF (OR INABILITY TO ACCESS OR USE) THE WEBSITE, REGARDLESS OF THE THEORY OF LIABILITY AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

IN NO EVENT SHALL THE FIRM'S TOTAL LIABILITY TO YOU EXCEED ONE HUNDRED DOLLARS ($100).

Indemnification

You agree to indemnify, defend, and hold harmless the Firm and its affiliates, members, managers, officers, employees, and agents from and against any claims, liabilities, damages, losses, costs, or expenses (including reasonable attorneys' fees) arising out of or related to your use of the Website, your breach of these Terms, or your violation of any law or the rights of any third party.

Third-Party Websites

The Website may contain links to third-party websites. We do not control or endorse such websites and are not responsible for their content or practices. Your use of third-party websites is at your own risk and subject to their terms and policies.

Governing Law and Jurisdiction

These Terms shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its conflict of laws principles. You agree to submit to the exclusive jurisdiction of the state and federal courts located in the State of Delaware for any disputes arising out of or relating to these Terms or the Website.

Modifications

We reserve the right to modify these Terms at any time. Changes will be effective immediately upon posting to the Website, and the Effective Date will be updated accordingly. Your continued use of the Website following any changes constitutes your acceptance of the revised Terms.

Severability

If any provision of these Terms is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.

Entire Agreement

These Terms, together with our Privacy Policy and any other legal notices or disclosures on the Website, constitute the entire agreement between you and the Firm regarding your use of the Website.

Contact Us

If you have questions regarding these Terms, please contact us at:

Philip Equities Management LLC

Attn: Compliance

5 Greenwich Office Park

Greenwich, Connecticut 06831

compliance@philipequities.com