Portfolio Manager: Advisor: Address: Phone: Email: For QEPs Only

Greenwave Dollar Short

GDS Investment Summary

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

The Greenwave Dollar Short (GDS) strategies seek to capture the secular downtrend of the US Dollar by investing in and trading a diverse basket of global currencies. Greenwave offers two separate Dollar Short strategies and one fund. The first strategy, GDS Beta, is a passive, proprietary index that is always 100% invested in a basket of global currencies*. Beta is comprised of +/- 20 currencies and weightings are adjusted quarterly. The second strategy, GDS Alpha, seeks to outperform Beta on a risk-adjusted basis through the strategic use of leverage and active trading. Alpha seeks to lower downside volatility and enhance upside relative to Beta. Jamie Charles (CIO) has 30 years of currency trading and asset management experience. Most recently, he was a PM at Denali Asset Management, a global macro hedge fund. Greenwave Capital Management LLC is registered with the CFTC and a member of the NFA. The managed account strategies are fully transparent, offer low capital requirements, and provide daily liquidity.
*Also included in the basket are gold and oil futures. The manager considers these to be currencies for the purposes of these strategies.

GDS Alpha Program: Monthly Net Returns (Partial Proprietary)

Year 2011 2010 2009 Jan (1.99%) (1.20%) Feb 3.13% 0.70% Mar 1.65% 1.84% Apr 6.80% 1.70% May (2.25%) (2.69%) Jun (1.79%) (0.37%) Jul 2.67% 2.56% Aug (2.49%) (1.16%) Sep (8.07%) 7.15% Oct 5.97% 1.04% 1.19% Nov (1.13%) (1.57%) 1.48% Dec (3.11%) 4.46% (1.78%) YTD (1.58%) 12.75% 0.85%

Returns from October 2009 through December 2009 are from a Proprietary Account. Returns since December 2009 are Composite of Client Accounts reported according to NFA Guidelines. The Trading methodology has not changed. Proprietary Performance includes Pro Forma adjustments to include fees above. Client Composite Performance includes the actual management and performance fees charged to clients, which at times, varied from the 1.5% management fee and 15% performance fee set forth below.

GDS Beta Program: Monthly Net Returns (Partial Proprietary)

Year 2011 2010 2009 Jan (1.46%) (1.92%) Feb 2.11% 0.83% Mar 1.55% 1.33% Apr 4.40% 0.81% May (2.10%) (4.62%) Jun (0.34%) 0.46% Jul 2.25% 2.95% Aug 0.67% (0.69%) Sep (8.10%) 5.58% Oct 4.76% 1.57% 0.49% Nov (1.31%) (1.74%) 1.72% Dec (2.01%) 3.60% (1.48%) YTD (0.25%) 8.04% 0.71%

Returns from October 2009 through December 2009 and from Novemeber 2011 are from a Proprietary Account. Returns from December 2009 to October 2011 are Composite of Client Accounts reported according to NFA Guidelines. The Trading methodology has not changed. Proprietary Performance includes Pro Forma adjustments to include fees above. Client Composite Performance includes the actual management fees charged to clients, which at times, varied from the 1.5% management fee set forth above. Performance fees are 0% for all accounts.

Benchmark: UDN* (Short Dollar Index ETF)**

Year 2011 2010 2009 Jan 1.47% (1.89%) Feb 1.05% (1.04%) Mar 1.26% (0.79%) Apr 3.80% (0.87%) May (1.85%) (6.27%) Jun 0.31% 0.77% Jul 0.80% 5.03% Aug (0.28%) (1.57%) Sep (6.05%) 5.37% Oct 3.46% 1.73% 0.72% Nov (2.46%) (4.58%) 2.17% Dec (2.26%) 3.15% (3.91%) YTD (1.16%) (1.62%) (1.12%)

*UDN: Seeks to track the price and yield performance, before fees and expenses, of the Deutsche Bank Short US Dollar Futures index. http://dbfunds.db.com/usdollar/index.aspx **Not a Greenwave offered program.

Performance & Exposure

Return Statistics
Return Since Inception Annualized Return Avg. Monthly Return Ann. Std. Dev. Ann. Downside Vol. Best Monthly Return Worst Monthly Return Max Drawdown Sharpe: RFR(0) Sortino: MAR(0) Beta Relative to UDN Alpha Relative to UDN Corr ( r ) to UDN

Month End Exposure*

Reserve Currencies Commodity Currencies Asian Tigers Emerging/Smaller Total

GDS Alpha 11.92% 5.13% 0.47% 11.67% 7.13% 7.15% (8.07%) (11.65%) 0.41 0.72 0.87 0.56 0.82 GDS Alpha
available upon request

GDS Beta 8.53% 3.70% 0.35% 10.12% 7.09% 5.58% (8.10%) (8.10%) 0.37 0.52 0.83 0.43 0.90 GDS Beta 23.1% 42.7% 23.2% 11.0% 100.0%

UDN (3.86%) (1.73%) (0.10%) 10.52% 7.90% 5.37% (6.27%) (13.99%) (0.20) (0.22)

Cumulative Performance: GDS Alpha & Beta Programs

25% 20% 15% 10% 5% 0% -5%

UDN 83.1% 9.1% 0.0% 7.8% 100.0%

-10% -15%

Alpha

Beta

UDN

*Exposure reflects the percentage of trading level allocated to each currency group.

Highlights and Terms

Jamie Charles, Chief Investment Officer GDS Alpha Program GDS Beta Program Always 100% Exposure Basket Weightings Adjusted Quarterly Low Margin to Equity: Avg. 5.25% Multiple Instruments Spot FX & Futures Full Transparency: Daily Reporting of Positions, Exposure and Transactions
Mgt Fee: Incentive: Hurdle Rate: High Water: Lock Up: Margin Use: Liquidity: Structure: Firm AUM:

Alpha
1.5% 15% None Yes None 0-10%

Beta
1.5% None None Yes None 5%

Former Senior Portfolio Manager for Denali Asset Actively Managed Reflection of Beta Basket Management (Global Macro Hedge Fund) for 8 Manager Discretion of Concentration and Leverage years Exposures Adjusted Daily Began trading foreign exchange markets in 1981 as a market maker and PM for Bank of America, ABN Amro, CSFB, Citi, and First Chicago Experience in: FX, Interest Rates, Futures, Commodities, Bonds 0%-200% Invested, while maintaining Short Dollar mandate Average Margin to Equity: 6.8% Goal: Outperform Beta on a Risk-Adjusted Basis Seeks lower Downside Volatility through de-levering, active position rebalancing, and timely trading

Graduated from Lafayette College with Honors in Seeks to Enhance on the upside through strategic use of Economics leverage, concentration, and tactical allocation CFTC Registered and member of the NFA

Daily Managed Accounts $158 M

GDS vs UDN Down Month Analysis

1.50%

-0.50%

-2.50%

-4.50%

-6.50%

-8.50% Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 UDN Aug-10 Beta Alpha Nov-10 May-11 Aug-11 Sep-11 Nov-11 Dec-11

THE INFORMATION PROVIDED REFLECTS THE PERFORMANCE AS STATED ABOVE, WITH INCEPTION DATES OF OCTOBER 1, 2009. RETURNS ARE NET OF MANAGEMENT FEES, PERFORMANCE FEES, AND COMMISSIONS. 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, AMONG 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. THIS PERFORMANCE INFORMATION HAS NOT BEEN ADJUSTED TO REFLECT THE MAXIMUM FEES CURRENTLY CHARGED TO NEW CLIENT ACCOUNTS. 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.