Alerian Midstream Energy Select IndexSM and Alerian MLP IndexSM: These indices are servicemarks of GKD Index Partners, LLC d/b/a Alerian (“Alerian”) and their use is granted under a license from Alerian. Alerian does not guarantee the accuracy and/or completeness of Alerian Midstream Energy Select IndexSM and Alerian MLP IndexSM or any data included therein and Alerian shall have no liability for any errors, omissions, interruptions or defects therein. Alerian makes no warranty, express or implied, representations or promises as to results to be obtained by Licensee or any other person or entity from the use of the Alerian Midstream Energy Select IndexSM and Alerian MLP IndexSM or any data included therein. Alerian makes no express or implied warranties, representations or promises regarding the originality, merchantability, suitability, non-infringement or fitness for a particular purpose or use with respect to the Alerian Midstream Energy Select IndexSM and Alerian MLP IndexSM or any data included therein. Without limiting any of the foregoing, in no event shall Alerian have any liability for any direct, indirect, special, incidental, punitive, consequential or other damages (including lost profits), even if notified of the possibility of such damages.

The Energy MLP Classification Standard (“EMCS”) was developed by and is the exclusive property (and a service mark) of GKD Index Partners, LLC d/b/a Alerian (“Alerian”) and its use is granted under a license from Alerian. Alerian make no warranties, express or implied, or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and hereby expressly disclaims all warranties of originality, accuracy, completeness, merchantability, suitability, non-infringement or fitness for a particular purpose with respect to any such standard or classification. No warranty is given that the standard or classification will conform to any description thereof or be free of omissions, errors, interruptions or defects. Without limiting any of the foregoing, in no event shall Alerian have any liability for any direct, indirect, special, incidental, punitive, consequential or other damages (including lost profits), even if notified of the possibility of such damages.

Barclays:Neither Barclays Bank PLC ('BB PLC'') nor any of its affiliates (collectively “Barclays”) is the issuer or producer of FS Long/Short Equity Fund (the “Fund”) and Barclays has no responsibilities, obligations or duties to investors in the Fund. The Novus Barclays Public Ownership Index Family (collectively, the “Indices''), together with any Barclays indices that are components of the Indices, are trademarks owned by Barclays and, together with any component indices and index data, are licensed for use by FS Investments as the issuer or producer of FS Long/Short Equity Fund (the “Issuer”). Barclays’ only relationship with the Issuer in respect of the Indices is the licensing of the Indices, which are administered, compiled and published by BB PLC in its role as the index sponsor (the “Index Sponsor”) without regard to the Issuer or the Fund or investors in the Fund. Additionally, FS Investments as issuer or producer of the Fund may for itself execute transaction(s) with Barclays in or relating to the Indices in connection with the Fund. Investors acquire the Fund from FS Investments and investors neither acquire any interest in the Indices nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in the Fund. The Fund is not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of the Fund or use of the Indices or any data included therein. Barclays shall not be liable in any way to the Issuer, investors or to other third parties in respect of the use or accuracy of the Indices or any data included therein.

Bloomberg Barclays U.S. Aggregate Bond Index: This material does not state or imply that Bloomberg or any of its third-party agents or licensors approve of, endorse or express any opinion in respect of any such informational materials or any other research materials or client reports.

HFR Indices: The HFRI Equity Hedge (Total) Index, HFRI Event Driven (Total) Index, HFRI Macro (Total) Index, HFRI Relative Value (Total) Index and HFRX Equity Hedge Index are being used under license from Hedge Fund Research, Inc., which does not approve of or endorse any of the products offered by FS Investments. 

ICE BofAML U.S. High Yield Index, ICE BofAML U.S. High Yield Energy Index, ICE BofAML U.S. 3-Month T-Bill Index: These indices are products of ICE Data Indices, LLC (“ICE Data”) and are used with permission. ICE Data, its affiliates and their respective third-party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to or derived therefrom. Neither ICE Data, its affiliates nor their respective third-party suppliers shall be subject to any damages or liability with respect to the adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and your use is at your own risk. ICE Data, its affiliates and their respective third-party suppliers do not sponsor, endorse or recommend FS Investments or any of its products or services.

Novus:The Novus Barclays Public Ownership Index Family has been developed in part by Novus Partners, Inc. Novus Partners, Inc. is not an investment advisor and does not guarantee the accuracy and completeness of the Novus Barclays Public Ownership Index Family or any data or methodology either included therein or upon which it is based. Novus Partners, Inc. shall have no liability for any errors, omissions or interruptions therein and makes no warranties expressed or implied, as to the performance or results experienced by any party from the use of any information included therein or upon which it is based, and expressly disclaims all warranties of the merchantability or fitness for a particular purpose with respect thereto, and shall not be liable for any claims or losses of any nature in connection with the use of such information, including but not limited to, lost profits or punitive or consequential damages even, if Novus Partners, Inc. is advised of the possibility of same.

S&P/LSTA Leveraged Loan Index: Sourced from S&P/LSTA Leveraged Loan Index.

S&P 500 Energy Index: The S&P 500 Energy Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”) and has been licensed for use by FS Investments. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by FS Investments. FS Energy Total Return Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions or interruptions of the S&P 500 Energy Index.