Disclosures

Investing involves risks, including possible loss of principal. Carefully consider each strategy’s objectives, risks, fees and expenses prior to investing. There is no guarantee that any investment strategy will meet its investment objectives, generate positive returns, or avoid losses.

Please read these terms and conditions of use (“Terms”) carefully before using the website located at www.cedarcapital.com (“Website”) or any of the information or services provided by Cedar Capital, LLC (collectively “Cedar Capital”, “we”, “our”, “us”) in connection with the Website. By using the Website, you acknowledge that you have read and understood these Terms and accept to be legally bound by them. If you do not accept and agree to these Terms, you are not an authorized user of the Website or any of the information or services provided by Cedar Capital in connection with the Website and should promptly terminate all use thereof. The terms “you” and “your” mean you and any entity you may represent in connection with the use of the Website. You may use your browser to download or print a copy of these Terms for your records.

Cedar Capital reserves the right to change, modify, add or remove portions of these Terms at any time for any reason. We suggest that you review these Terms periodically for changes. Such changes shall be effective immediately upon posting. You acknowledge that by accessing our website after we have posted changes to these Terms, you are agreeing to these Terms as modified.

These Terms were last updated on January 9, 2015.

NO OFFER OR ADVICE

Please note that nothing in this Website should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing in this Website is intended to be, and you should not consider anything in this Website to be, investment, accounting, tax or legal advice. If you would like investment, accounting, tax or legal advice, you should consult with your own financial advisors, accountants, or attorneys regarding your individual circumstances and needs. This Website is for informational purposes only and is not intended to be relied upon as a forecast, research or investment advice. Although this material is based upon information that Cedar Capital considers reliable and endeavors to keep current, Cedar Capital does not assure that this material is accurate, current or complete, and it should not be relied upon as such. Any opinions expressed on this Website may change as subsequent conditions vary.

LINKS TO OTHER WEBSITES / THIRD PARTY CONTENT

Some of the content available on this Website may be provided by a third party. Cedar Capital is not responsible for the content or accuracy of third party websites hyperlinked from this Website, nor does it guarantee or endorse the products or services offered on third party websites. We do not prepare, edit, endorse or control the content or the products or services offered on or available from any other website owned or operated by a third party that is linked to this Website. The existence of any such links shall not constitute an endorsement of, affiliation with, sponsorship of, approval of, or representation or warranty by us regarding the content of the websites, the products or services of the websites, or the owners or operators of the websites. Your access to and use of such linked websites is governed by the terms of use and the privacy policies of those sites, and shall be at your own risk.

WARRANTY

The information and services provided on this Website are provided "AS IS” and without warranties of any kind, either expressed or implied. Cedar Capital does not warrant, either expressly or impliedly, the accuracy, timeliness or completeness of the information, text, graphics, links or other items contained on this Website and does not warrant that the functions contained in this Website will be uninterrupted or error-free, that defects will be corrected, or that the Website will be free of viruses or other harmful components. Cedar Capital expressly disclaims all liability for errors and omissions in the materials on this Website and for the use or interpretation by others of information contained on the Website. Website content is presented only as of the date published or otherwise indicated and may become inaccurate as a result of developments occurring after its respective date. Cedar Capital assumes no obligation to maintain the currency of such information.

JURISDICTION

The products and services described and information provided in the Website are intended for United States residents only and are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject Cedar Capital to any registration requirement in such jurisdiction or country.

TRADEMARKS, COPYRIGHTS AND OTHER INTELLECTUAL PROPERTY

All content contained on this Website is solely for your personal, non-commercial use or that of your clients. The information, materials and other content of this Website may not be copied, displayed, downloaded, licensed, modified, published, reposted, reproduced, reused, sold, transmitted, used to create a derivative work or otherwise used for public or commercial purposes without the express written consent of Cedar Capital. If permitted by the Website, you may download content for your personal use or that of your clients so long as you retain all copyright and other proprietary notices set forth in the content. Please note that if you have access to content that is marked for use by financial advisors only, you are not permitted to transmit such content to your clients and your clients are not permitted to use such content in any way.

LINKS TO CEDAR CAPITAL FROM OTHER WEBSITES

You may not display a hyperlink to this Website without our prior written consent. Requests for such approval should by contacting Cedar Capital.

LIMITATION OF LIABILITY

Cedar Capital and its respective officers, directors, trustees, employees and agents will not be liable to you or anyone else for any damages of any kind, including, but not limited to, direct, consequential, incidental, punitive, special or indirect damages (including but not limited to lost profits, trading losses, damages that result from your use or loss of use of this Website or damages caused by theft or unauthorized access to this Website), or any other matter related to the use of this Website, even if Cedar Capital has been advised of the possibility of such damages or losses.

Cedar Capital, LLC (“Cedar Capital”) is part of the Cedar group of companies which includes certain affiliated and unaffiliated investment advisers some of which are presented on this website.

Cedar Capital provides investment advisory services to proprietary investment strategies, the Cedar MAPs portfolios. The Cedar MAPs portfolios are available as separately managed accounts or via model delivery.

Cedar Capital will solicit potential clients for separate account strategies on behalf of affiliated and unaffiliated investment advisers. Cedar Capital will maintain a solicitation agreement with each affiliated or unaffiliated investment adviser to provide such services. Cedar Capital and/or its personnel will receive compensation under such agreements for solicitation activities.

Cedar Capital may also provide administrative support services to affiliated and unaffiliated investment advisers, including account administration, operations, client service, marketing, and compliance services. Cedar Capital may receive compensation for such services.

In addition to its advisory referral services, certain of Cedar Capital’s personnel are registered representatives of a non-affiliated broker-dealer, Foreside Fund Services, LLC (“Foreside”), and will engage in wholesaling and client service activities on behalf of registered investment companies and private investment funds of Cedar Capital and affiliated and unaffiliated investment advisers (together, “Funds”). For their sales activities of securities, the registered representatives receive compensation related to the sale of a Fund’s interests. Any securities related sales activities are conducted exclusively through Foreside.

Cedar Capital, LLC ("Cedar Capital") and its website www.cedarcapital.com are committed to protecting your privacy. The information we collect from you comes primarily from the contact information you provide to us. It is necessary for us to obtain this information in order to follow up with your request for information. Although we may provide secure areas on our site for you to enter your information, you may provide required information over the telephone or via email if you prefer. We maintain physical, electronic, and procedural safeguards to maintain the confidentiality of your information, and use reasonable security methods to protect the data that resides on our servers.

We restrict access to information about you to entities affiliated with Cedar Capital and to those employees and authorized agents who need to know that information in order to provide requested products and services to you. We will not disclose your personal information to any other source, except when authorized by you or when we believe in good faith that we are required to do so by law or in order to protect our rights or property.

We track the activity of visitors on the Cedar Capital website using Google Analytics. Google Analytics does not track activity of a visitor that has enabled the "do not track" or "private browsing" functionality of his/her browser. Our website does not support user activity tracking by any other third-party providers.

We are not responsible for the privacy policies or the content of sites we link to and have no control over the use or protection of information provided by you or collected by those sites. Whenever you elect to link to another website, you may be asked to provide registration or other personal information. Remember, the information you are providing is going to a third party, and you should familiarize yourself with the privacy policy provided by that third party.

It is your responsibility to maintain the accuracy and completeness of your account information. Please contact us at 1.312.224.8150 to inquire about or update your account information.

Cedar Capital, LLC (“Cedar Capital”) may maintain profiles and/or pages on various social media sites including Twitter and LinkedIn. Cedar Capital’s social media profiles and/or pages are provided for informational purposes only and nothing contained in these sites should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account managed or advised by Cedar Capital or its affiliates. Cedar Capital is not responsible for the content or services offered on linked websites. Use linked websites at your own risk. Communications sent by Cedar Capital through Twitter and LinkedIn reflect the current opinions of the author and are subject to change at any time without notice. Nothing on these websites is intended to be, and you should not consider anything in these websites to be, investment, accounting, tax, or legal advice. Please consult with a qualified professional regarding your individual circumstances and needs.

Cedar Capital may monitor postings by third parties on its profiles and pages and reserves the right to remove and moderate comments. Comments and opinions posted by users are the sole responsibility of the person who posted them. Cedar Capital does not endorse any content, opinions, advertisements, or recommendations offered by users or other third-parties, and such content does not necessarily represent the views of Cedar Capital.

Please do not provide any specific account details or personal information on Cedar Capital public social media sites. Cedar Capital is not responsible for the terms of use or policies of any social media sites on which it maintains a profile or page, or any third-party sites to which these sites may be linked. You use any third-party site at your own risk.

Twitter and LinkedIn are not affiliated with Cedar Capital, and we are not responsible for the privacy or security policies or terms of use of Twitter, LinkedIn or any third party site. The use of all third party sites and materials is at your own risk.

Disclosures