The Newfound Research U.S. Trend Equity Index (“Index”) was first calculated on a live basis on 03/31/2019. All backtested index values for periods prior to the launch date of the Index are merely indicative, and they are provided “AS IS” for informational and educational purposes only. Newfound Research makes no guarantee as to the accuracy, timeliness, completeness, or fitness for any particular purpose of or for any index values, either historical or back-tested. Nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. The model performance during the backtested period is not based on live results produced by an investor’s actual investing and trading, but was achieved by the retroactive application of a model designed with the benefit of hindsight, and the model performance is not based on live results produced by an investor’s investment and trading, and fees, expenses, transaction costs, commissions, penalties or taxes have not been netted from the gross performance results except as is otherwise described in this presentation. The performance results include reinvestment of dividends, capital gains and other earnings. As the hypothetical information was backtested, it does not reflect contemporaneous advice or record keeping by an investment adviser. Actual, live client results may have materially differed from the presented performance results. All information presented after the strategy inception date is model performance, which means it was calculated by Newfound in real-time (not on a backtested basis), but does not reflect the payment of any fees, commissions or expenses. The Index and associated data is for research purposes only and does not reflect the results of any investment strategy or product managed or offered by Newfound Research. Like many passive benchmarks, the Index does not take into account significant factors such as management costs, transaction costs, or taxes. Management costs, transaction costs, and taxes for strategies such as the Index could be significantly higher than for a passive strategy. This document contains performance data based on back-testing, i.e., calculations of how the Index might have performed prior to launch. Backtested performance information is purely hypothetical and is provided in this document solely for informational purposes. Backtested performance does not represent actual performance and should not be interpreted as an indication of actual performance. Index performance assumes the reinvestment of all distributions. The Index uses exposure in two ETFs: VTI and SHV. Prior to the launch of these ETFs, index data from the Kenneth French data library is utilized. Past performance does not guarantee future results. It is not possible to invest directly in an index. Supporting documentation for any claims, comparisons, statistics or other technical data is available from Newfound upon request by emailing firstname.lastname@example.org.