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Pinyon Pine Capital, LLC

CERTAIN DISCLOSURE Information pertaining to PPC’s advisory operations, services, and fees is set forth in PPC’s current disclosure statement which is on file with the Idaho Department of Finance and a copy of which is available from PPC upon request. As part of its investment management process, PPC reviews and considers third-party research, including materials obtained from other investment professionals. Different types of investments and/or investment strategies involve varying levels of risk, and there can be no assurance that any specific investment or investment strategy (including the investments purchased and/or investment strategies devised by PPC) will be either suitable or profitable for a client's or prospective client's portfolio.

Interactive Brokers LLC is a registered Broker-Dealer, Futures Commission Merchant and Forex Dealer Member, regulated by the U.S. Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA), and is a member of the Financial Industry Regulatory Authority (FINRA) and several other self-regulatory organizations. Interactive Brokers is not affiliated with and does not endorse or recommend any introducing brokers or financial advisors, including Pinyon Pine Capital, LLC. Interactive Brokers provides execution and clearing services to customers of Pinyon Pine Capital, LLC. For more information regarding Interactive Brokers, please visit www.interactivebrokers.com.