Disclaimer

Last modified: 7/9/15

This “Disclaimer” applies to this Tall Tree Investment Management Website and pages thereof www.talltreeim.com (our “Website”). The term “Tall Tree” or “we” or “us” or “our” in this Disclaimer refers to Tall Tree Investment Management, LLC and its affiliates, including Grant Grove CLO, Ltd., Muir Grove CLO, Ltd., Tuolumne Grove CLO, Ltd., Nelder Grove CLO, Ltd. and Lockwood Grove CLO, Ltd (collectively, the “Funds”), Tall Tree Financial Partners, LLC and Shareholders of TTFP, LLC.

Tall Tree is an SEC registered investment adviser located in 222 South Riverside Plaza, Suite 620, Chicago, IL 60606. Tall Tree and its representatives are in compliance with the current filing requirements imposed upon SEC-registered investment advisers by those states in which Tall Tree maintains clients. Tall Tree may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Tall Tree’s Website and pages thereof are 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 Tall Tree’s Website and pages thereof on the Internet should not be construed by any consumer and/or prospective client as Tall Tree’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 Tall Tree 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 Tall Tree, please contact the SEC (or check online at www.sec.gov) or the state securities regulators for those states in which Tall Tree maintains a notice filing. A copy of Tall Tree’s current written disclosure statement discussing Tall Tree’s business operations, services, and fees is available from Tall Tree upon written request.

Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended or undertaken by Tall Tree) made reference to directly or indirectly by Tall Tree in its Website and pages thereof, or indirectly via a link to an unaffiliated third party website thereof, will be profitable or equal the corresponding indicated performance level(s). Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a client’s or prospective client’s investment portfolio. Historical performance results for investment indices and/or categories generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results of those indices.

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 Tall Tree), will be profitable or equal any historical performance level(s).

Without limiting anything contained in the Terms & Conditions, you agree to defend, indemnify and hold harmless Tall Tree and its affiliates and their respective directors, members, officers, employees, agents, suppliers, service providers, vendors and customers against any losses, damages, claims, liabilities and costs (including reasonable attorneys’ fees) to the extent resulting from or arising any of your actions and/or omissions which are independent of your receipt of personalized individual advice from Tall Tree.