The Bond Offering will be exempt from the registration requirements of the U.S. Securities Act of 1933, as amended. The Tender Offer and Solicitation are not an offer to sell or a solicitation of an offer to buy the New Notes. The Tender Offer and Solicitation are conditioned upon the satisfaction or waiver by Volcan of certain conditions, including the pricing and closing of the Bond Offering on terms satisfactory to Volcan and resulting in net proceeds to Volcan of not less than the aggregate amount to be paid for the purchase price of the Notes tendered and accepted for purchase pursuant to the Tender Offer and Solicitation (the"Financing Condition"). The Tender Offer is not conditioned upon the tender of any minimum principal amount of Notes. The Tender Offer and Solicitation are open to all registered holders (individually, a"Holder," and collectively, the"Holders") of the Notes.