Turnstone Advisory Group LLC (“Turnstone”) is a registered investment adviser located in Marina del Rey, California. Turnstone and its representatives are in compliance with the current filing requirements imposed upon investment advisers by those states in which Turnstone maintains clients. Turnstone may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Turnstone’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 Turnstone’s web site on the Internet should not be construed by any consumer and/or prospective client as Turnstone’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. For information pertaining to the registration status of Turnstone, please contact the California state securities law administrator or administrators for those other states in which Turnstone is registered. A copy of Turnstone’s current written disclosure statement discussing Turnstone’s business operations, services, and fees is available from Turnstone upon written request. Turnstone 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 Turnstone’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.

Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that future performance of any specific investment, investment strategy (including the investments and/or investment strategies recommended or undertaken by Turnstone) or product made reference to directly or indirectly by Turnstone in its web site, or indirectly via a link to an unaffiliated third party web site, 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 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.

Certain portions of Turnstone’s web site (i.e. newsletters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, Turnstone’s (and those of other investment and non-investment professionals) positions and/or recommendations as of a specific prior date. Due to various factors, including changing market conditions, such discussion may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Turnstone, or from any other investment professional. Turnstone are neither attorneys nor accountants, and no portion of the web site content should be interpreted as legal, accounting or tax advice.

Each client and prospective client agrees, as a condition precedent to his/her/its access to Turnstone’s web site, to release and hold harmless Turnstone, 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 specifically tailored investment advice from Turnstone.