ABE Strategy

ABE Capital Management was established in June of 2010. Any performance figures before June of 2010 reflect Mr. Nelson’s private management of Account XYZ. The Strategy for Account XYZ has remained the same under Mr. Nelson’s private management and under ABE Capital Management. The investment returns for the ABE Strategy provided above are adjusted to assume a 1.00% annual net management fee taken quarterly (.25% per quarter). These management fees were applied to the first month of every quarter after calculating the gross investment performance for that month. The methodology for calculating gross investment performance for The ABE Strategy is based on the Schedule of Gross Investment Performance of Account XYZ as verified by Marcum, LLC which covers April 1, 2000 through August 31, 2010 and can be found at www.abecm.com. Management has estimated the returns from September 1, 2010 through December 31, 2018 by applying the same formula applied in The Schedule of Gross Investment Performance to the brokerage statements of the same Account XYZ. The investment returns for the ABE Strategy include transaction costs but do not include taxes or accrued interest. Past performance is no guarantee of future results. Benchmark information can be found on the final slide of ABE’s brochure available here.