Performance results are presented both gross and net of a 2.5% management fee

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Views expressed by Scarecrow Trading are theirs alone and are not an offer to buy or sell, or a solicitation of any offer to buy or sell investment products. Different type of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for your portfolio. All investment strategies have the potential for profit or loss and past performance is not guarantee of future success. Economic factors, market conditions, and investment strategies will affect the performance of any portfolio and there is no assurances that it will match or outperform any particular benchmark.

This summary of information provided by Scarecrow Trading, Inc (CRD number 171581), a State registered RIA, is for informational purposes only and shall not constitute advice, an offer to sell, or a solicitation of an offer to buy any securities and may not be relied upon in connection with any offer or sale of securities. The contents of this report should not be relied upon in making investment decisions. The accompanying performance statistics are based upon historical performance and are not indicative of future performance. Past performance is no guarantee of future performance or profitability. The types of investments discussed also do not represent all the securities purchased, sold or recommended for clients. Stated information is derived from proprietary and non-proprietary sources that have not been verified for accuracy or completeness. While the firm believes this information to be correct, we do not claim or have responsibility for its completeness, accuracy or reliability. The firm also assumes no duty to update any information in this presentation for subsequent changes of any kind. Additional information regarding Scarecrow Trading is available at www.advisorinfo.sec.gov.