Consumer Disclosure

Important Consumer Disclosure

Grey Owl Capital Management, LLC ("Grey Owl") is an SEC registered investment adviser located in Falls Church, VA. Grey Owl and its representatives are in compliance with the current registration and notice filing requirements imposed upon SEC registered investment advisers by those states in which Grey Owl maintains clients. Grey Owl may only transact business in those states in which it is notice filed, or qualifies for an exemption or exclusion from notice filing requirements. Grey Owl's web site is limited to the dissemination of general information regarding its investment advisory services to United States residents residing in states where providing such information is not prohibited by applicable law. Accordingly, the publication of Grey Owl's web site on the Internet should not be construed by any consumer and/or prospective client as Grey Owl's solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Furthermore, information on this Internet site should not be construed, in any manner whatsoever, as the receipt of, or a substitute for, personalized individual advice from Grey Owl. Any subsequent, direct communication by Grey Owl 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 Grey Owl, please contact the United States Securities and Exchange Commission on their web site at www.adviserinfo.sec.gov. A copy of Grey Owl's current written disclosure statement discussing Grey Owl's business operations, services, and fees is available from Grey Owl upon written request. Grey Owl does not make any representations as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Grey Owl's web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.