Disclosure

Permit Capital Advisors, LLC (“Permit Capital Advisors”) is an SEC registered investment adviser located in West Conshohocken. Permit Capital Advisors and its representatives are in compliance with the current filing requirements imposed upon SEC-registered investment advisers by those states in which Permit Capital Advisors maintains clients. Permit Capital Advisor’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 Permit Capital Advisor’s website on the Internet should not be construed by any consumer and/or prospective client as Permit Capital Advisor’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 Permit Capital Advisors with a prospective client shall be conducted by a representative of the firm. For information pertaining to the registration status of Permit Capital Advisors, please contact the SEC. Further, a copy of Permit Capital Advisor’s current ADV Parts 1 and 2 discussing Permit Capital Advisor’s business operations, services, and fees is also available from Permit Capital Advisors upon written request. Permit Capital Advisors 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 Permit Capital Advisor’s website 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 or investment strategy (including the investments and/or investment strategies recommended or undertaken by Permit Capital Advisors) made reference to directly or indirectly by Permit Capital Advisors on its website will be profitable or equal any corresponding indicated performance level(s). Please also remember that different types of investments involve varying degrees of risk.

Certain portions of Permit Capital Advisor’s web site (i.e. newsletters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, Permit Capital Advisors (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 Permit Capital Advisors, or from any other investment professional. Permit Capital Advisors is neither an attorney nor an accountant, 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 Permit Capital Advisor’s website, to release and hold harmless Permit Capital Advisors, 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 Permit Capital Advisors.