Disclosure Information

Pinnacle Associates Ltd. ("Pinnacle") is an SEC registered investment adviser headquartered in New York, New York. Pinnacle and its representatives are in compliance with the current filing requirements imposed upon SEC registered investment advisers by those states in which Pinnacle maintains clients. Pinnacle may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Pinnacle's website 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 Pinnacle's website on the Internet should not be construed by any consumer and/or prospective client as Pinnacle'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 Pinnacle 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 Pinnacle, please refer to the Investment Adviser Public Disclosure Website. A copy of Pinnacle's current written disclosure brochure discussing Pinnacle's business operations, services, and fees is available from Pinnacle upon written request. Pinnacle 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 Pinnacle website or incorporated herein, and takes no responsibility therefore. All such information is provided 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 Pinnacle), will be profitable or equal any historical performance level(s).

Each client and prospective client agrees, as a condition precedent to his/her/its access to Pinnacle's website, to release and hold harmless Pinnacle, 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 Pinnacle.