Disclaimer:

This information is for reference purposes only. It should not be used as the sole or primary basis for a decision to use Elm as an Investment Advisor or to invest in an Elm-managed Fund. If you have an Elm-managed SMA, the source of record for account balance and performance information is Fidelity and your Fidelity statements. If you have an investment in an Elm-managed Fund, the source of record for value and performance information is the Fund's Administrator, Circle Partners, and the Fund statements which you receive monthly.

This information includes simulated model data and historical backtest data from periods prior to Elm's inception in 2012. These model data use program parameters current at the time, which may and have changed over time. Model data do not include actual transaction costs, but they do include an approximate cost adjustment to reflect managements costs, transaction costs, instrument expense ratios, etc. For EPP Ltd. and EPAEP Ltd, model returns are based on regional closing-time prices. Actual portfolio returns represent a blend of regional and NY closing-time prices, and have been audited through the previous year.

Past performance is not necessarily indicative of future performance.