Phraction Management LLC is an SEC registered investment adviser located in Stamford, Connecticut. Phraction Management LLC and its representatives are in compliance with the current registration and notice filing requirements imposed upon SEC registered investment advisers by those states in which Phraction Management LLC maintains clients. Phraction Management LLC may only transact business in those states in which it is notice filed, or qualifies for an exemption or exclusion from notice filing requirements. Phraction Management LLC’s website is limited to the dissemination of general information regarding its investment advisory services to United States residents residing in states where providing such information is not prohibited by applicable law. Accordingly, the publication of Phraction Management LLC’s website on the Internet should not be construed by any consumer and/or prospective client as Phraction Management LLC’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Furthermore, the information resulting from the use of tools or other information on this Internet site should not be construed, in any manner whatsoever, as the receipt of, or a substitute for, personalized individual advice from Phraction Management LLC. Any subsequent, direct communication by Phraction Management LLC with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of Phraction Management LLC, please contact the United States Securities and Exchange Commission on their website at www.adviserinfo.sec.gov. A copy of Phraction Management LLC’s current written disclosure statement discussing Phraction Management LLC’s business operations, services, and fees is available from Phraction Management LLC upon written request. Phraction Management LLC does not make any representations as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Phraction Management LLC’s website or incorporated herein, and takes no responsibility therefore. All such information is provided for convenience purposes only and all users thereof should be guided accordingly.

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