[Havelock] Bitcoin Difficulty Derivative (BDD)

[twentyseventy]

Round 3, Period 11 End Report - July 19, 2016

Previous Units              410
EXCH Sold                   107
Less Buybacks              0
New Total Units        517

Previous Balance          22.00684852
Gross Sales of EXCH      5.37478800

Less Fees                    0.02149915
Less Dividends              2.38904380
Less Buybacks              0
Less Mgmt Fee              0.18245499
Net Balance            24.78863858

End of Period NAV/U     0.04794707

New Difficulty                  213,492,501,108
New Daily Dividend         0.00029458
New Reserve per Unit        0.05302440

NAV/U less New Reserve = 0.04794707 - 0.05302440 = -0.00507733

SELL Dividend                 0 (Because there are less than 180 days of dividends on hand)

Days of Dividends On Hand   162.7

[twentyseventy]

Round 3, Period 12, Day 0 Report - July 19, 2016

Balance Post Divs: BTC 24.66341972

Total Units: 517

NAV/U: BTC 0.04770487

[twentyseventy]

Round 3, Period 12, Day 1 Report - July 20, 2016

Balance Post Divs: BTC 24.51118907

Total Units: 517

NAV/U: BTC 0.04741042

[twentyseventy]

Round 3, Period 12, Day 2 Report - July 21, 2016

Balance Post Divs: BTC 24.35895842

Total Units: 517

NAV/U: BTC 0.04711597

[twentyseventy]

Round 3, Period 12, Day 3 Report - July 22, 2016

Balance Post Divs: BTC 24.20672777

Total Units: 517

NAV/U: BTC 0.04682152

[twentyseventy]

Round 3, Period 12, Day 4 Report - July 23, 2016

Balance Post Divs: BTC 24.05449712

Total Units: 517

NAV/U: BTC 0.04652707

[twentyseventy]

Round 3, Period 12, Day 5 Report - July 24, 2016

Balance Post Divs: BTC 23.43994027

Total Units: 507

NAV/U: BTC 0.04623262

[twentyseventy]

Round 3, Period 12, Day 6 Report - July 25, 2016

Balance Post Divs: BTC 23.15283961

Total Units: 504

NAV/U: BTC 0.04593817

Round 3, Period 12, Day 7 Report - July 26, 2016

Balance Post Divs: BTC 23.00443681

Total Units: 504

NAV/U: BTC 0.04564372

[twentyseventy]

Round 3, Period 12, Day 8 Report - July 27, 2016

Balance Post Divs: BTC 22.85603401

Total Units: 504

NAV/U: BTC 0.04534927

[twentyseventy]

Round 3, Period 12, Day 9 Report - July 28, 2016

Balance Post Divs: BTC 22.70763121

Total Units: 504

NAV/U: BTC 0.04505482

[twentyseventy]

Round 3, Period 12, Day 10 Report - July 29, 2016

Balance Post Divs: BTC 22.55922841

Total Units: 504

NAV/U: BTC 0.04476037

[twentyseventy]

Round 3, Period 12, Day 11 Report - July 30, 2016

Balance Post Divs: BTC 22.41082561

Total Units: 504

NAV/U: BTC 0.04446592

Round 3, Period 12, Day 12 Report - July 31, 2016

Balance Post Divs: BTC 22.26242281

Total Units: 504

NAV/U: BTC 0.04417147

Round 3, Period 12, Day 13 Report - August 1, 2016

Balance Post Divs: BTC 22.11402001

Total Units: 504

NAV/U: BTC 0.04387702

[twentyseventy]

Round 3, Period 12, Day 14 Report - August 2, 2016

Balance Post Divs: BTC 21.96561721

Total Units: 504

NAV/U: BTC 0.04358257

[twentyseventy]

Round 3, Period 12 End Report - August 3, 2016

Previous Units              517
EXCH Sold                   0
Less Buybacks              13
New Total Units        504

Previous Balance          24.78863858
Gross Sales of EXCH      0.00000000

Less Fees                    0.00000000
Less Dividends              2.24606460
Less Buybacks              0.59188919
Less Mgmt Fee              0.01207937
Net Balance            21.93860542

End of Period NAV/U     0.04352897

New Difficulty                  201,893,210,853
New Daily Dividend         0.00031136
New Reserve per Unit        0.05604480


NAV/U less New Reserve = 0.04352897 - 0.05604480 = -0.01251583

SELL Dividend                 0 (Because there are less than 180 days of dividends on hand)

Days of Dividends On Hand   139.8

[twentyseventy]

Round 3, Period 13 , Day 0 Report - August 3, 2016

Balance Post Divs: BTC 21.80869177

Total Units: 504

NAV/U: BTC 0.04327121

[twentyseventy]

Round 3, Period 13 , Day 1 Report - August 4, 2016

Balance Post Divs: BTC 21.65176633

Total Units: 504

NAV/U: BTC 0.04295985

[twentyseventy]

Round 3, Period 13 , Day 2 Report - August 5, 2016

Balance Post Divs: BTC 21.49484089

Total Units: 504

NAV/U: BTC 0.04264849

[twentyseventy]

Round 3, Period 13 , Day 3 Report - August 6, 2016

Balance Post Divs: BTC 21.33791545

Total Units: 504

NAV/U: BTC 0.04233713

Round 3, Period 13 , Day 4 Report - August 7, 2016

Balance Post Divs: BTC 21.18099001

Total Units: 504

NAV/U: BTC 0.04202577

Round 3, Period 13 , Day 5 Report - August 8, 2016

Balance Post Divs: BTC 21.02406457

Total Units: 504

NAV/U: BTC 0.04171441

[twentyseventy]

Round 3, Period 13 , Day 6 Report - August 9, 2016

Balance Post Divs: BTC 21.19841432

Total Units: 512

NAV/U: BTC 0.04140315

Round 3, Period 13 , Day 7 Report - August 10, 2016

Balance Post Divs: BTC 21.03895258

Total Units: 512

NAV/U: BTC 0.04109170

[twentyseventy]

Round 3, Period 13 , Day 8 Report - August 11, 2016

Balance Post Divs: BTC 21.28740218

Total Units: 522

NAV/U: BTC 0.04078046

Round 3, Period 13 , Day 9 Report - August 12, 2016

Balance Post Divs: BTC 21.12481636

Total Units: 522

NAV/U: BTC 0.04046899