Managed Accounts

Risk Disclosure: The risk of loss in trading Commodity Futures, Options and Foreign Exchange ("Forex") can be substantial. The high degree of leverage associated with Commodity Futures, Options and Forex can work against you as well as for you. This high degree of leverage can have the effect of substantially magnifying potential losses as well as gains. You should carefully consider whether Commodity Futures, Options and Forex are suitable for you in light of your financial condition. If you are unsure you should seek professional advice. Past performance does not guarantee future success. In some cases managed accounts are charged substantial commissions and advisory fees. Those accounts subject to these charges may need to make substantial trading profits just to avoid depletion of their assets. Each Commodity Trading Advisor ("CTA") is required by the Commodity Futures Trading Commission ("CFTC") to issue the prospective clients a Risk Disclosure Document outlining these fees, conflicts of interest and other associated risks. A hard copy of these Risk Disclosure Documents are readily available by contacting Will Schaarrand at info@pipinvestment.com. The full risk of Commodity Futures, Options and Forex Trading cannot be addressed in this risk disclosure statement. No consideration to invest should be made without thoroughly reading the Disclosure Document of each of the CTA's in which you may have an interest. Requesting a Disclosure Document places you under no obligation and each document is provided at no cost. The CFTC has not passed upon the merits of participating in any of the following programs nor on the adequacy or accuracy of the Disclosure Documents.

Other disclosure statements are required to be provided to you before an account may be opened for you. Past performance is not necessarily indicative of future results. Prospective clients should not base their decision to invest in these trading programs solely on the past performance presented. Additionally, in making an investment decision, prospective clients must also rely on their own examination of the person or entity making the trading decisions and the terms of the advisory agreement including the merits and risks involved. Disclaimer:This material and any views expressed herein are provided for information purposes only and should not be construed in any way as an endorsement or inducement to invest in any specific program. Before investing in any program, you must obtain, read and thoroughly examine its Disclosure Document or offering memorandum. Any performance included herein is based upon information that has been compiled by PipInvestment from CTA disclosure documents and by third-party independent CTA tracking services and Institutional Advisory Services Group. All sources we use are free to the public. Such information has not been independently reviewed or audited by PipInvestment or its affiliates and therefore neither PipInvestment nor its affiliates make any representation as to its accuracy or completeness. Readers are solely responsible for how they use the information and for their results.