Montcalm TCR, LLC (“Montcalm”) is a SEC registered investment adviser with an office in San Francisco, California. Certain Investment Adviser Representatives of Montcalm may also be licensed as registered representatives of Mutual Securities, Inc. (“Mutual Securities”) and may transact securities related business in that capacity. Montcalm may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Montcalm’s web site on the internet is limited to the dissemination of generic information pertaining to its advisory services, together with access to investment related information and links. The publication of Montcalm’s website on the internet should not be construed by any consumer or prospective client as a solicitation to effect transactions in securities or the rendering of personalized investment advice for compensation, over the internet. A copy of Montcalm’s current written disclosure statement discussing its business operations, services and fees is available upon written request. Montcalm does not make any representation or warranties as to the accuracy, timeliness, suitability, completeness or relevance of any information prepared by any unaffiliated third party whether linked to Montcalm’s web site or incorporated herein. 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 or strategy (including those recommended by Montcalm)or product made reference to directly or indirectly by Montcalm 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, investment indices and/or categories generally do not reflect the deduction of transaction fees, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which have the effect of decreasing historical performance results. Certain portions of Montcalm’s web site may contain discussion of and/or provide access to Montcalm (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 recommendations(s). Moreover, no client or prospective client should assume that any such discussion serves as receipt of, or a substitute for, personal advice from Montcalm or from any other investment professional. Montcalm is not an attorney, and no portion of the web site content should be interpreted as legal advice. To the extent that any client or prospective client utilizes any economic calculator or similar device contained within or linked to Montcalm’s web site, the client 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 substitute for, personalized individual advice from Montcalm or from another investment professional. Each client or prospective client agrees, as a condition precedent to his/her/its access to Montcalm’s web site, to release and hold harmless Montcalm, its officers, directors, owners and employees from any and all adverse consequences resulting from and of his/her/its actions and/or omissions which are independent of his/her/its receipt of personalized individual advice from Montcalm.