PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Composites are combinations of separately managed accounts. Performance figures are net of all fees.  Proprietary performance is adjusted as if standard client fees had been charged. 

Variance between proprietary and customer composites at time of inception for customer composite is do to scaling in new assets.  Variance between prop and customer composites or between individual accounts and composites is possible for the following reasons:  scaling in new assets, capitalization differences between accounts, or fee differences at your FCM or with ACT.  

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

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