Portfolio Manager: Advisor: Address:

Greenwave Flagship
CONTAINS HYPOTHETICAL RESULTS

Phone: Email: For QEPs Only

Jamie Charles Greenwave Capital Management 504 Lavaca St, Suite 940 Austin, TX 78701 (512) 651-0040 jamie@greenwavecapital.net

Greenwave Capital Flagship Strategy - Investment Summary

Greenwave Flagship is a Discretionary Global Macro strategy with an emphasis on G20 Currencies. The strategy combines medium to long term fundamental and technical analysis with short term trading in order to adapt to changing market environments. The key differentiators are low downside volatility and the use of very low margin. The returns are uncorrelated to actively managed FX, Macro, CTA, and equity strategies. The manager engages in rigorous risk management with a focus on liquid markets and defined risk. Jamie Charles (CIO) has over 30 years of experience trading global markets.

Greenwave Flagship - Customer Composite Returns

Year 2011 2010 2009 2008 Jan (0.17%) (0.17%) 1.29% Feb 0.13% 0.05% 0.17% Mar 0.33% 0.39% (0.18%) Apr 0.31% 0.21% 0.11% May 0.06% 0.46% (0.05%)

Annualized Return 1.55% Jun Jul (0.03%) (0.53%) 0.04% 0.05% (0.02%) (0.26%) 0.25% (0.63%) Annualized Return 17.36% Jun Jul (0.38%) (4.65%) 1.10% 0.51% 0.04% (2.11%) 3.23% (5.27%) Annualized Return 3.13% Jun Jul (0.12%) (0.62%) 0.15% (0.12%) (0.89%) 0.06% 0.03% (0.87%) 5.76% 3.32% Annualized Return 1.14% Jun Jul (0.03%) (0.37%) 0.07% (0.07%) (0.50%) (0.01%) 0.17%

Annualized Vol 1.99% Aug Sep (0.35%) 1.69% 0.10% 0.10% (0.91%) 0.22% 0.19% (0.43%) Annualized Vol 19.49% Aug Sep (3.21%) 15.95% 0.95% 0.96% (8.14%) 2.44% 2.91% (3.50%) Annualized Vol 4.26% Aug Sep (0.34%) 1.87% 0.12% 0.13% (0.77%) 0.65% (0.41%) (1.43%) (1.18%) 1.58% Annualized Vol 1.33% Aug Sep (0.34%) 1.56% 0.05% 0.24% (0.14%) 0.50% 0.40% (0.19%)

Ann Downside Vol 0.84% Oct Nov 0.75% 0.50% (0.06%) 0.03% 0.49% (0.08%) 2.39% (0.58%) Ann Downside Vol 7.15% Oct Nov 6.17% 3.88% (0.50%) 0.33% 5.05% (0.48%) 25.42% (4.51%) Ann Downside Vol 1.69% Oct Nov 0.67% 0.46% (0.11%) 0.10% 0.19% (0.12%) 3.36% (0.01%) 0.24% 2.49% Ann Downside Vol 0.53% Oct Nov 0.78% 0.00% (0.11%) 0.11% 0.16% (0.19%) 1.06% (0.07%)

Sortino Ratio 1.85 Dec YTD 0.25% 2.97% (0.07%) 1.15% (0.29%) 0.49% (0.21%) 0.96% Sortino Ratio 2.43 Dec YTD 1.94% 27.33% (0.64%) 12.96% (2.55%) 7.53% (1.34%) 14.74% Sortino Ratio 1.86 Dec YTD 0.18% 2.36% (0.05%) 0.94% (0.62%) (0.53%) (0.85%) 2.38% 0.42% 10.89% Sortino Ratio 2.15 Dec YTD 0.11% 2.16% (0.07%) 0.57% (0.47%) (0.11%) 0.01% 1.38%

Returns since June 2008 are Composite of Customer Accounts reported according to NFA Guidelines. The Trading methodology has not changed. Customer Composite Performance includes the actual management fees charged to clients, which at times, varied from the 0.25% management fee set forth below. Performance fees range are 20% for all accounts.

Greenwave Flagship Plus (6.2% Margin*) - Hypothetical

Year 2011 2010 2009 2008 Jan (1.56%) (1.36%) 13.15% Feb 1.23% 0.77% 1.72% Mar 3.18% 4.02% (1.42%) Apr 2.67% 2.21% 1.19% May 0.63% 4.05% (0.23%)

Returns are calculated on actual performance on a Composite of Client Accounts. The Trading methodology has not changed. Hypothetical Flagship Plus Performance includes the following assumptions: One Tenth the Beginning Nominal Trading Level for each month. 2.5% Management Fees. 20% Performance Fees. Flagship Plus is not an offered program of Greenwave Capital Management LLC. Leverage increases the risk of loss: losses are magnified, as well as gains.

Greenwave Flagship - Proprietary Returns

Year 2011 2010 2009 2008 2007 Jan (0.15%) 0.05% 1.85% 1.96% 0.90% Feb 0.07% 0.07% (0.25%) 0.32% (1.21%) Mar 0.18% 0.56% (0.54%) (0.74%) (1.79%) Apr 0.19% (0.06%) 0.13% 0.84% 1.07% May (0.04%) 0.09% (0.19%) 0.26% (0.97%)

Returns are from a Proprietary Account. The Trading methodology has not changed. Proprietary Performance includes Pro Forma adjustments to include fees below and interest.

Greenwave Flagship Futures Only - Composite Returns

Year 2011 2010 2009 2008 Jan (0.10%) 0.08% 0.69% Feb 0.12% 0.07% (0.17%) Mar 0.16% 0.29% (0.24%) Apr 0.20% (0.14%) 0.29% May 0.06% 0.05% (0.02%)

Returns are calculated on actual performance on a Composite of Customer Accounts. The Trading methodology has not changed. Hypothetical Flagship Plus Performance includes the following assumptions: One Tenth the Beginning Nominal Trading Level for each month. 2.5% Management Fees. 20% Performance Fees. Flagship Plus is not an offered program of Greenwave Capital Management LLC. Leverage increases the risk of loss: losses are magnified, as well as gains.

Performance & Statistics

Flagship Return Statistics Client Plus Prop Futures

Return to Max Drawdown Return Since Inception Compounded Ann Return Ann Standard Deviation Ann Downside Volatility Sharpe Ratio (0 RFR) Sortino Ratio (0 MAR) Best Monthly Return Worst Monthly Return Max Drawdown Average Margin to Equity*

119.52% 5.67% 1.55% 1.99% 0.84% 0.78 1.85 2.39% (0.91%) (1.30%) 0.62%

165.65% 77.46% 17.36% 19.49% 7.15% 0.89 2.43 25.42% (8.14%) (10.48%) 6.20%

105.32% 16.67% 3.13% 4.26% 1.69% 0.73 1.86 5.76% (1.79%) (2.97%) 0.62%

144.01% 4.05% 1.14% 1.33% 0.53% 0.86 2.15 1.56% (0.50%) (0.79%) 0.62%

Cumulative Performance VAMI

Flagship Plus 1750 1550 1350 1150 950

*Average Daily Margin to Equity is based on a Proprietary Account since April 2008

2008

2009

2010

2011

Summary of Terms and Providers

Minimum Investment: Firm Assets Under Management Investor Qualification: $4,000,000* $158 million For QEPs Only Management Fee: Performance Fee: High Water Mark: 0.25% 20% Yes FCM: Administrator: Legal: Client Choice CTA Services Henderson & Lyman

*Greenwave reserves the right to alter the minimum investment at its discretion.

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. THE INFORMATION PROVIDED REFLECTS THE PERFORMANCE AS STATED ABOVE, WITH INCEPTION DATES OF JANUARY 2007 FOR GREENWAVE FLAGSHIP AND JULY 2008 FOR GREENWAVE FLAGSHIP FUTURES ONLY. RETURNS ARE NET OF MANAGEMENT FEES, PERFORMANCE FEES, AND COMMISIONS. INDIVIDUAL ACCOUNTS MAY EXPERIENCE RESULTS WHICH ARE MORE OR LESS FAVORABLE THAN THESE INDIVIDUALLY MANAGED ACCOUNTS, AND SUCH DIFFERENCES MAY BE MATERIAL AS A RESULT OF, AMOUNG OTHER THINGS, FEES, SIZE, FUTURES INTEREST CONTRACTS TRADED AND THE DATE TRADING COMMENCED. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. NO REPRESENTATION IS MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE RESULTS SIMILAR TO THOSE SHOWN OR TO AVOID SUBSTANTIAL LOSSES. FUTURES TRADING IS SPECULATIVE AND INVOLVES SUBSTANTIAL RISK OF LOSS. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THIS SUMMARY IS QUALIFIED IN ITS ENTIRETY BY THE DISCLOSURE DOCUMENT OF GREENWAVE CAPITAL MANAGEMENT, WHICH SHOULD BE READ COMPLETELY BEFORE MAKING ANY INVESTMENT.