BACK-TESTED PERFORMANCE DISCLOSURES

The performance history of each investment strategy presented on this website is the pro-forma performance record that has been calculated by the financial engine designed by Emotomy. Each is net of estimated fees and trading costs assuming that a one million dollar account was invested at the time of inception of the strategy. The performance data shown by Emotomy is based on the price data it receives from various industry-standard third-party sources which we believe to be reliable. Generally, these price data sources on a best efforts basis factor in their data adjustments for reinvested dividends and other corporate actions such as splits and mergers and acquisitions. However Emotomy can provide no assurance that such adjustments are always factored in across all listed securities. There can be no assurances that investment gains or losses will increase or decrease as a result of reinvesting dividends or other earnings. The investment firm that manages the strategies that appear on this website has decided what level of management fees should be charged for each investment strategy. Results are shown net of such management fees. To learn more about performance track records generally, please see this publication about back-testing investment strategies.

Simulations for all strategies were conducted to measure how the corresponding portfolio of securities would have performed in the period beginning when the track record start, up to the date of latest available market data. All simulations are conducted by the financial engine designed by Emotomy. Simulations results are presented net of the management fees and net of all trading costs that would have been incurred by investor accounts held at the custodian. Individual investors may have agreed to a different trading commission schedule with their brokerage firm, in which case their individual account's performance may differ from the results presented on this website. Emotomy does not represent that the hypothetical performance would be similar to actual performance of the strategies. Hypothetical, back-tested or simulated performances have many inherent limitations only some of which are described as follows: they are designed with the benefit of hindsight, based on historical data, and do not reflect the impact that certain economic and market factors might have had on the decision or rule-making process. No hypothetical, back-tested or simulated performance can completely account for the impact of financial risk in actual performance. Therefore, it will invariably show positive returns. The information is based, in part, on hypothetical assumptions made for modeling purposes that may not be realized in actual performance. No representation or warranty is made as to the reasonableness of the assumptions made or that all assumptions used in achieving the returns have been stated or fully considered. Assumption changes may have a material impact on the model returns presented. There are frequently material differences between hypothetical, back-tested or simulated performance results and actual results subsequently achieved by any investment strategy. Unlike an actual performance, hypothetical, back-tested or simulated results are achieved by means of the retroactive application of a back-tested model itself designed with the benefit of hindsight. The back-testing of performance differs from actual performance because the allocation rules may be adjusted at any time, for any reason and can continue to be changed until desired or better performance results are achieved. Emotomy's building-block strategies as well as the user-defined custom strategies are not securities and cannot be purchased.

ADVISOR GENERATED PERFORMANCE DISCLOSURES

Past performance is no guarantee of future results. Performance returns and the principal value of an investment will fluctuate. Index performance returns do not reflect any management fees, transaction costs or expenses. It is not possible to invest directly in any index. The performance data shown by Emotomy is based on the price data it receives from various industry-standard third-party sources which we believe to be reliable. Generally, these price data sources on a best efforts basis factor in their data adjustments for reinvested dividends and other corporate actions such as splits and mergers and acquisitions. However Emotomy can provide no assurance that such adjustments are always factored in across all listed securities. The investment firm that manages the strategies that appear on this website has decided what level of management fees should be charged for each investment strategy. Results are shown net of such management fees.

NTAM STRATEGIES AND ACTUAL PERFORMANCE DISCLOSURES

The modeled performance published by the Emotomy platform is calculated by the Emotomy performance engine. In the normal course, this modeled performance will reflect the client experience when accessing the Emotomy platform, for those clients invested in the strategies sub-managed by Belvedere. In addition, Belvedere also relies on performance calculated by Northern Trust Asset Management’s (NTAM) performance systems. Over time, there may be dispersion between the performance calculated in Emotomy and the performance derived from NTAM’s performance systems. Such potential performance dispersion is expected to be de minimis and is primarily attributable to different pricing sources feeding each of these systems and frequency of portfolio rebalancing. Belvedere’s marketing materials published and distributed to clients, for those clients invested in strategies sub-managed by Belvedere, will reflect the performance calculated by Northern Trust Asset Management’s systems. The sub- management fee as indicated in the sub-advisory agreement is deducted from the performance calculated for these strategies.

Returns for periods greater than one year are annualized. Past performance is not indicative of future results. Net performance returns are reduced by investment management fees and other expenses relating to the management of the account Index performance returns do not reflect any management fees, transaction costs or expenses. It is not possible to invest directly in any index. Investment management / advisory fees are described in Belvedere Advisors LLC Form ADV Part 2A.

Northern Trust Asset Management is composed of Northern Trust Investments, Inc. Northern Trust Global Investments Limited, Northern Trust Fund Managers (Ireland) Limited, Northern Trust Global Investments Japan, K.K, NT Global Advisors, Inc., 50 South Capital Advisors, LLC, Belvedere Advisors LLC and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company.

GENERAL DISCLOSURES

All investments are subject to risk, which should be considered prior to making and investment decisions. While certain companies may have consistently paid dividends in the past, there can be no assurance or guarantee that they will be able to continue paying dividends in the future. International investments involve additional risks you should be aware of, which include differences in financial accounting standards, currency fluctuations, political instability, foreign taxes and regulations, news that can trigger volatile conditions, and the potential for illiquid markets. Small cap companies in these markets may react with greater volatility in reaction to activities in those markets. Past performance shown is back-tested and does not indicate future performance.