Spouting Rock Asset Management LLC (“SRAM”) is a SEC registered investment adviser located in Bryn Mawr, PA.  SRAM and its representatives are in compliance with the current filing requirements imposed upon the investment adviser by the SEC and the state registered investment advisers by those states in which SRAM maintains clients. SRAM’s web site is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of SRAM’s web site on the Internet should not be construed by any consumer and/or prospective client as SRAM’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Any subsequent, direct communication by SRAM with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of SRAM, please contact the SEC and state securities regulators for those states in which SRAM is registered. A copy of SRAM’s current written disclosure statement discussing SRAM’s business operations, services, and fees is available from SRAM upon written request. SRAM does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to SRAM’s web site or incorporated herein, and takes no responsibility therefor. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment or investment strategy (including those undertaken or recommended by SRAM), will be profitable or equal any historical performance level(s). Past performance is no guarantee of future results.  Potential for profit is accompanied by possibility of loss.  Any statements made in the website regarding investment performance objectives, risk and/or return targets shall not constitute a representation or warranty that such investment objectives or expectations will be achieved. Diversification does not guarantee investment returns and does not eliminate the risk of loss.

The information contained in this website should not be considered a recommendation to purchase or sell any particular security or investment strategy.  There is no assurance that any investment strategies/underlying investments (securities) discussed in the website will remain in an account’s portfolio at the time you receive this information or that securities sold have not been repurchased.  The securities discussed do not represent an account’s entire portfolio over the course of a full market cycle.  It should not be assumed that any of the securities transactions or holdings referred to herein were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities referred to in the website.

Certain portions of SRAM’s web site (i.e. newsletters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, SRAM’s (and those of other investment and non-investment professionals) positions and/or recommendations as of a specific prior date and may be based on information obtained from third-party sources that Convex considers to be reliable. Due to various factors, including changing market conditions, such discussion may no longer be reflective of current position(s) and/or recommendation(s).However, SRAM makes no representation as to, and accepts no responsibility for, the accuracy, fairness or completeness of the information contained herein. The information is subject to change at any time, and SRAM is under no obligation to provide you with any updates or amendments to this information. The information contained in this web site is not complete and does not contain certain material information about Convex and its strategies, including important risk disclosures. Please refer to SRAM’s Form ADV, available at www.adviserinfo.sec.gov, for additional important information about SRAM and its various investment programs.

Any statements regarding market events, future events or other similar statements constitute only subjective views, are based upon expectations or beliefs, should not be relied on, are subject to change due to a variety of factors, including fluctuating market conditions, and involve inherent risks and uncertainties, both general and specific, many of which cannot be predicted or quantified and are beyond SRAM’s control.  In light of these risks and uncertainties, there can be no assurance that these statements are now or will prove to be accurate or complete in any way.  No representation is made that SRAM’s investment processes, strategies or investment objectives will or are likely to be successful or achieved.

The price of equity securities may rise or fall because of change in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. International investing involves a greater degree of risk and increased volatility. There is no guarantee that companies that can issue dividends, will declare, continue to pay or increase dividends. Investments in commodities and other alternatives may have greater volatility than investments in traditional securities, particularly if the instruments involve leverage.

The views and strategies described in this web site may not be suitable for all investors. Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from SRAM, or from any other investment professional. SRAM is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. The web site is not intended to provide, and should not be relied upon for, accounting, legal or tax advice, or investment recommendations.  Any accounting, legal or taxation position described in the web site is a general statement and should only be used as a guide.  It does not constitute accounting, legal or tax advice and is based on SRAM’s understanding of current laws and their interpretation.  As individual situations may differ, clients should seek independent professional tax, legal, accounting or other specialist advisors as to the legal and tax implication of investing.

Rankings and/or recognition by unaffiliated rating services and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if SRAM is engaged, or continues to be engaged, to provide investment advisory services, nor should it be construed as a current or past endorsement of SRAM by any of its clients. Rankings published by magazines, and others, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser.

To the extent that any client or prospective client utilizes any financial calculator or similar interactive device contained within or linked to SRAM’s web site, the client and/or prospective client acknowledges and understands that the information resulting from the use of any such calculator/device, is not, and should not be construed, in any manner whatsoever, as the receipt of, or a substitute for, personalized individual advice from SRAM, or from any other investment professional.

Each client and prospective client agrees, as a condition precedent to his/her/its access to SRAM’s web site, to release and hold harmless SRAM, its officers, directors, owners, employees and agents from any and all adverse consequences resulting from any of his/her/its actions and/or omissions which are independent of his/her/its receipt of personalized individual advice from SRAM.