Performance Update: +0.70% WTD, +1.23% MTD, +4.76% YTD

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1 TRACKING PORTFOLIO Updates Current Positions Legacy Positions Current Themes Watch List Risk Exposure Performance Update Trade Matrix FAQ Disclaimer September 9, 2016 COB *Click on any hyperlink to take you directly to any of these sections Performance Update: +0.70% WTD, +1.23% MTD, +4.76% YTD JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD MTD RETURN -0.40% 2.64% 2.06% 4.47% -0.97% -1.96% -0.56% -1.43% 1.23% 4.76%

2 UPDATES Asset Class Return Stream T/S Strategy Action Date Price Size Stop Target Date Price Capital at Risk Risk (BPS) Net % of NAV Capital to Carry Equities Directional/Counter-Trend T Long Topix Futures Sep16 (TPU6) Rolled 31-Aug-16 $ 1, $ 1, $ 1, Sep-16 $ 1, $ 44,526, $ 429, % $ 1,940,543 Equities Directional/Counter-Trend T Long Topix Futures Dec16 (TPZ6) New 06-Sep-16 $ 1, $ 1, $ 1, $ 44,116, $ 95, % $ 1,940,543 Commodities Directional/Counter-Trend S Long Robusta Coffee Nov16 (DFX6) Add 05-Sep-16 $ 1, , , $ 15,023,737 - $ 266, % $ 792,990 *Source: Bloomberg, Rareview Macro. Entry Exit PnL & Margin WEEKLY NOTES Rolled long Topix futures position, collected 93 bps of positive roll yield Added to long Robusta coffee view on intraday break of high per updated game plan LEGEND Size: Either illustrated as the number of option contracts, option strike notional, shares, or futures contracts Risk (BPS): Equivalent amount of basis points risk to the NAV if stop achieved, or option premium expires worthless Action: Denotes whether position that week was opening, adding, closing, partial closing, or expiring T/S: Tactical or Strategic; tactical trades are usually short-term in nature, strategic are long-term and are managed with wider risk parameters CURRENT POSITIONS Asset Class Return Stream T/S Strategy Date Price Size Stop Target Capital at Risk Risk (BPS) Net % of NAV Capital to Carry Equities Idiosyncratic S Long ishares China Large-Cap ETF (FXI) 11/18/16 C Aug-16 $ , $ 886, $ (14,135) 0.00% $ 886,065 Equities Idiosyncratic S Long China A-Shares ETF (ASHR) 22-Apr-16 $ , $ 18,845, $ (509,491) -0.17% $ 4,711,478 Equities Directional/Counter-Trend T Long Topix Futures Dec16 (TPZ6) 06-Sep-16 $ 1, $ 1, $ 1, $ 44,212, $ 95, % $ 1,940,543 Equities Idiosyncratic T Long Hang Seng Futures Sep16 (HIU6) 01-Sep-16 $ 23, $ 22, $ 25, $ 42,223, $ 1,579, % $ 2,000,386 Foreign Exchange Directional/Counter-Trend T Long EURUSD Spot Exchange Rate 9/15/16 C Jul-16 $ ,000, $ 45,656 2 $ (254,416) -0.09% $ 45,656 Foreign Exchange Directional/Counter-Trend T Long EURUSD Spot Exchange Rate 9/15/16 C Jul-16 $ ,500, $ 69,913 2 $ (229,794) -0.08% $ 69,913 Foreign Exchange Portfolio Overlay S Long USDCNH Spot Exchange Rate 12/31/16 CS Mar-16 $ ,000, $ 596, $ (10,122) 0.00% $ 596,488 Foreign Exchange Portfolio Overlay S Long USDJPY Spot Exchange Rate 4/17/17 C Apr-16 $ ,500, $ 210,040 7 $ (390,726) -0.13% $ 210,040 Commodities Directional/Counter-Trend S Long Arabica Coffee Dec16 (KCZ6) 23-Aug-16 $ $ 14,850,077 - $ 382, % $ 746,700 Commodities Directional/Counter-Trend S Long Robusta Coffee Nov16 (DFX6) 23-Aug-16 $ 1, ,589 1, , $ 30,331,568 - $ 958, % $ 780,120 Interest Rates Portfolio Overlay S Long Mar17 Sterling Future (L H7) Put Option 26-Apr-16 $ , $ 150,047 5 $ % $ 150,047 Interest Rates Idiosyncratic S Short EDZ6 12/19/ x2 Call Option Spread 26-May-16 $ - 20, $ (90,000) - $ (90,000) -0.03% $ - Credit Portfolio Overlay S Long South Korea 5-Year USD Senior CDS 03-Feb-16 $ ,000, $ 142,507 per 1 bps 100 $ (3,626,108) -1.22% $ 4,703,805 *Source: Bloomberg, Rareview Macro. Total 2.95% $ (2,108,900) -0.71% $ 16,841,240 Entry PnL & Margin LEGACY POSITIONS (Option strategies that are not actively managed) Entry PnL & Margin Asset Class Return Stream T/S Entry Date Date Price Size Stop Target Capital at Risk Risk (BPS) Net % of NAV Capital to Carry Interest Rates Portfolio Overlay S Long Sep16 Eurodollar (EDU6) Call 03-Feb-16 $ , $ 29,280 1 $ (270,720) -0.09% $ 29,280 Interest Rates Portfolio Overlay S Long EDZ Call Spread 03-Feb-16 $ , $ (537) (0) $ (300,350) -0.10% $ (537) *Source: Bloomberg, Rareview Macro. Total 0.01% $ (571,070) -0.19% $ 28,743

3 CURRENT THEMES Asset Class Return Stream Strategy Strategic (S) Tactical (T) Commodities Directional/Counter-Trend Long Coffee (KCZ6, DFX6) X Foreign Exchange Directional/Counter-Trend Long Euro (EUR) vs. Short US Dollar (USD) X Equities Directional/Counter-Trend Long Japanese Topix Futures X Credit Portfolio Overlay Long South Korean 5-Year Sovereign CDS X Foreign Exchange Portfolio Overlay Long USDJPY 1-Year Call on Monetary Financing Risk X Interest Rates Idiosyncratic Long Eurodollar Calls on Possible Fed Ease X Equities Idiosyncratic Long China Equities via HSI Futures, ASHR Stock, FXI Call Options X *Source: Rareview Macro. WATCH LIST Asset Class Return Stream T/S Strategy Entry Date Wake Up Price Equities Risk Premium S Long Euro Stoxx 50 Index Dividend Futures (2017, DEDZ7) 05-Jan Interest Rates Relative Value S Long 10-Yr US Treasuries vs. Short German Bunds 19-Nov-15 TBD Equities Relative Value S Long Large Cap Bank Basket - JPM, BAC, C 11-Jul-16 TBD Equities Risk Premium S Long Old-Technology Basket - CSCO, MSFT, INTC 19-Jul-16 TBD *Source: Rareview Macro. RISK EXPOSURE Risk Level % of Portfolio Asset Class Gross Exposure Net Exposure Medium 42.77% Equities $ 121,352,134 $ 121,352,134 Low 13.50% Foreign Exchange (USD) $ 38,300,592 $ 21,404,280 Low 0.00% Fixed Income (DV01) $ - $ - Medium 15.92% Commodities $ 45,181,645 $ 45,181,645 Low 0.05% Credit (CS01) $ 142,507 $ (142,507) Low 0.05% Option Premium (<1-mo.) $ 144,849 Low 0.31% Option Premium (1-3-mo.) $ 885,258 Low 0.34% Option Premium (>3-mo.) $ 956,575 Low 0.00% Expected Risk Premium Extraction $ - Low 0.00% Expected Annual Carry $ - Low 5.95% Margin Requirement $ 16,869,983 *Source: Bloomberg, Rareview Macro. Options Delta Adjusted.

4 PERFORMANCE UPDATE Macro Strategy Performance Start NAV End NAV 2016 Year-to-Date (YTD) 4.76% $ 283,737,510 $ 297,252, Month-to-Date (MTD) 1.23% Net $ 13,515, Week-to-Date (WTD) 0.70% 2015 Year-to-Date (YTD) -5.42% $ 300,000,000 $ 283,737, Sharpe Ratio Net $ (16,262,490) 2014 Year-to-Date (YTD) 17.81% $ 113,160,023 $ 133,310, Sharpe Ratio 1.92 Net $ 20,150, Year-to-Date (YTD) 13.16% $ 100,000,000 $ 113,160, Sharpe Ratio 2.73 Net $ 13,160,023 *Source: Bloomberg, Rareview Macro.

5 FAQ 1. What is the starting Net Asset Value (NAV) of the tracking portfolio for 2015? The starting NAV for 2015 is $300,000, What was the starting and ending Net Asset Value (NAV) of the tracking portfolio for 2014? The starting NAV for 2014 was $113,137, The ending NAV was $133,310, What was the starting and ending Net Asset Value (NAV) of the tracking portfolio for 2013? The starting NAV for 2013 was $100,000, The ending NAV was $113,137, What does a 1 UNIT position size refer to? 1 UNIT = $1,500,000 or 50 basis points (0.5%) of the Net Asset Value (NAV) 5. What are the Accounts Based Leverage Rules for each asset class? Equities: 200% of NAV Fixed Income: 400% of NAV Foreign Exchange: 300% of NAV. Commodities: 100% of NAV 6. How do you calculate the closing price for an option position? The closing price for an option position is calculated by using the mid-price of the closing bid/ask spread. 7. How do we account for the financing cost of a Delta One (i.e. CFD) equity position? Long Delta One (i.e. CFD) positions include a borrow cost based on an annual stock loan/borrow fee of daily Fed Funds less 30 bps Short Delta One (i.e. CFD) positions include a borrow cost based on an annual stock loan/borrow fee of daily Fed Fund plus 30 bps.

6 8. How do we account for the stock loan (or borrow) fee for short equity positions? For general collateral, short equity positions include a borrow cost based on a stock loan/borrow fee of daily Fed Funds less 30 bps. 9. How do we account for the fees associated with trading credit default swaps (CDS)? As per industry standard Credit Default Swap positions include collateral or upfront financing costs of 1% of notional annualized. 10. How do we account for the carry/yield associated with spot and non-deliverable forward (NDF) positions? Currency positions includes the impact of interest rate differentials based on either the 1-month, 3-month or 1-year NDF yields at the time the position was opened. 11. How do we account for the carry/yield associated with cash fixed income positions? Cash fixed Income positions include carry/yield and the net financing cost based on the overnight repo rate for that specific bond duration. 12. How do you determine the price of trade executions? Depending on the instrument the entry or exit price is based on a volume-weighted average price (VWAP) or time-weighted average price (TWAP) for that trading day unless stated otherwise. 13. How do we account for equity commissions? Equity transaction costs are equal to $.005 (1/2 cent) per share. 14. How do we account for Delta One (CFD) commissions? Delta One (CFD) costs are equal to 10 bps of the notional executed. 15. How do we account for exchange traded equity option commissions? Exchange traded equity option costs are equal to $0.50 per contract. 16. How do we account for Futures and Options on Futures commissions? Futures and Options on Futures commissions are equal to $0.75 and $1.00 prime brokerage clearing fee per contract (i.e. $1.75 entry + $1.75 exit = $3.50 Round Lot). 17. What costs or variables are not accounted for in the tracking portfolio PnL?

7 Initial and secondary margin requirements for Futures and Options on exchange traded futures positions. Fees or margin requirements on exchange traded cash and options positions. Advisory, Management, and/or Performance Fees. Custodial fees and other administrative expenses. Tax Implications arising from the sale or purchase of securities, which in actual trading do have an impact on gains and losses. Market impact. Liquidity. 18. What does the T denote in the tracking portfolio? The T denotes a short-term trading idea that is managed with a tight stop loss and assessed on the basis of whether the thesis continues to support the tactical theme. 19. What does the S denotes in the tracking portfolio? The S denotes a strategic idea that is managed with a wide stop loss and assessed on the basis of whether the fundamentals continue to support the medium-term investment theme. DISCLAIMER Rareview Macro LLC ( RVM ) is not registered as an investment adviser with the Securities and Exchange Commission (SEC) or any state. RVM relies on the publisher exclusion from the definition of an investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. RVM provides bona fide research services and investment newsletters that are generally available for subscription by the public. It does not provide individual customized investment advice; therefore, no consideration is made towards your individual financial circumstances. All contents presented within ( Website ) are not to be regarded as investment advice. It is for general informational purposes only. Sight Beyond Sight ( SBS ) is a bona fide publication of general and regular circulation offering and is limited to the dissemination of impersonal and objective investment-related information, together with access to additional impersonal investment-related information and links. All tracking portfolios and results provided on this Website or in SBS are based on hypothetical trading, which means they are done on paper or electronically based on real market prices at the time the recommendation is disseminated to the subscribers of this service, but without actual money being invested. Hypothetical trading performance is subject to the following disclaimer required by the Commodity Futures Trading Commission: CFTC Rule 4.41 Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown.

8 Additionally, investing in securities and other investments, such as Options and Futures, is speculative and carries a high degree of risk. Subscribers may lose money trading and investing in such investments. Prior to buying or selling an option, investors must read a copy of the Characteristics & Risks of Standardized Options, also known as the options disclosure document (ODD). It explains the characteristics and risks of exchange traded options. There is no guarantee past performance will be indicative of future results. No assurances can be given that the trades posted by RVM will be profitable or will not be subject to losses. RVM does not guarantee profits of any kind, nor can RVM protect you from losses. RVM makes no representations or warranties that any person or entity will or is likely to achieve profits similar to those shown in their tracking portfolios, because hypothetical or simulated performance is not necessarily indicative of future results. No independent party has audited the hypothetical tracking portfolio performance at this Website or in SBS, nor has any independent party undertaken to confirm that it adheres to the assumptions or conditions specified herein. In an effort to ensure that any advertisement provided is not misleading RVM believes that use of a tracking portfolio is the most valid approximation it can provide a prospective subscriber as to what our recommendations have been since inception. While no form of investment performance measurement is entirely without fault, of all those available to RVM this method is the one which provides the least amount of bias and is the best proxy for our investment approach and track record. RVM feels it is important that prospective subscribers see how the investment returns being presented to them were achieved. We have taken extensive steps to insure that the reporting format is an objective one. Use of the tracking portfolio allows people to see what securities or instruments we hold and what the recent transaction activity has been. They can develop an understanding for our investment style that would otherwise be difficult to achieve prior to entering into a subscription with our firm. In order to ensure there is no concern about the potential for misunderstanding of the tracking portfolio s purpose on the part of the public we have incorporated the following statement: The Rareview Macro Tracking Portfolio Macro Strategy, as seen on this Website or in Sight Beyond Sight, represents a fictional account which RVM attempts to manage in a manner similar to that of an alternative investment manager that deploys a global macro and absolute return strategy. The investment objective over a one year time period is to generate double digit returns and at the same time limit volatility in such a way as to avoid the incurrence of a negative return. While the results presented at this Website are based on certain assumptions that are believed to reflect actual trading conditions, these assumptions may not include all variables that can affect, or have affected in the past, the execution of trades indicated by RVM. Unlike an actual performance track record, simulated trades do not represent actual trading. Also, since the trades may not have been actually executed, the results may have over or under compensated for the impact, if any, of certain market factors. The hypothetical portfolio results on this Website are based on the following assumptions: 1. The simulation assumes that prices are not influenced by the trades of RVM regardless of the number of contracts, shares quantity, or notional amount executed. 2. The simulation assumes purchase and sale prices believed to be attainable. In actual trading, the prices attained may or may not be the same as the assumed order prices. 3. The securities or instruments chosen for the tracking portfolio may be volatile, and although the purchase or sale of a security in the tracking portfolio will be made in the tracking portfolio alongside an alert that is accessible (i.e. Twitter) to all subscribers at the same time, delivery delays and other factors may cause the price you obtain to differ substantially from the price at the time the alert was sent. 4. The prices of securities or instruments in the tracking portfolio at the point in time you begin subscribing to SBS may be higher than such prices at the time such securities or instruments were chosen for inclusion in the tracking portfolio. By incorporating a tracking portfolio on this Website and in SBS, the following issues have been addressed: 1. Failure to disclose the effect of material market or economic conditions on the results portrayed (i.e., an advertisement stating that a fictional account appreciated in the value 10% without disclosing that the market or benchmark generally appreciated 15% during the same period); The Performance vs. Peers graph addresses this issue. 2. Failure to reflect the deduction of advisory or performance fees, brokerage or other commissions, and any other expenses that a client would have paid or actually paid; All related inputs commissions, dividends, advisory/performance fees, carry, borrow, etc. are clearly illustrated as covered or not covered in the FAQ section or in this disclaimer. 3. Failure to disclose whether and to what extent the results portrayed reflect the reinvestment of dividends and other earnings; Performance is reported in U.S. dollars and does NOT reflect the reinvestment of ALL dividends and other earnings. 4. Failure to suggest or makes claims about the potential for profit without also disclosing the possibility of loss; RVM does not guarantee profits of any kind, nor can RVM protect you from losses.

9 5. Compares tracking results to an index without disclosing all material facts relevant to the comparison (i.e. an advertisement that compares tracking results to an index without disclosing that the volatility of the index is materially different from that of the tracking portfolio); The Tracking Portfolio Macro Strategy is benchmarked to the main peer index the Credit Suisse Global Macro Index (symbol: HEDGGLMA). The volatility of the tracking portfolio and benchmark index is supposed to be similar. 6. Failure to disclose any material conditions, objectives, or investment strategies used to obtain the results portrayed (e.g., the tracking portfolio contains equity stocks that are managed with a view towards capital appreciation); The tracking portfolio is managed in a manner similar to that of an alternative investment manager that deploys a global macro and absolute return strategy. The investment objective over a one year time period is to generate double digit returns (i.e. capital appreciation) and at the same time limit volatility in such a way as to avoid the incurrence of a negative return (i.e. capital preservation). 7. Failure to disclose prominently the limitations inherent in tracking results, particularly the fact that such results do not represent actual trading and that they may not reflect the impact that material economic and market factors might have had on the adviser s decisionmaking if the adviser were actually managing clients money; Results do not represent actual trading as illustrated above; RVM is not an investment advisor and does not manage client money. Therefore, material economic and market factors will not influence decision-making. 8. Failure to disclose, if applicable, that the conditions, objectives, or investment strategies of the tracking portfolio changed materially during the time period portrayed in the advertisement and, if so, the effect of any such change on the results portrayed; The global macro strategy has been consistent since inception in 2013 and nothing has changed materially since then relative to what is portrayed in any advertisement. 9. Failure to disclose, if applicable, that any of the securities contained in, or the investment strategies followed with respect to, the tracking portfolio do not relate, or only partially relate, to the type of advisory services currently offered by the adviser (e.g., the tracking includes some types of securities that the adviser no longer recommends for its clients); RVM is not an investment advisor and does not manage client money. Therefore, there is no conflict of interest. 10. Failure to disclose, if applicable, that the adviser s clients had investment results materially different from the results portrayed in the tracking; RVM is not an investment advisor and does not manage client money. Therefore, there is no conflict of interest. 11. Failure to disclose prominently, if applicable, that the results portrayed relate only to a select group of the adviser s clients, the basis on which the selection was made, and the effect of this practice on the results portrayed, if material RVM is not an investment advisor and does not manage client money. Therefore, there is no conflict of interest