[Havelock] Bitcoin Difficulty Derivative (BDD)

[twentyseventy]

Round 3, Period 5, Day 0 Report - April 14, 2016

Balance Post Divs: BTC 21.03247704

Total Units: 198

NAV/U: BTC 0.10622463

Round 3, Period 5, Day 1 Report - April 15, 2016

Balance Post Divs: BTC 20.89315632

Total Units: 198

NAV/U: BTC 0.10552099

[twentyseventy]

Round 3, Period 5, Day 2 Report - April 16, 2016

Balance Post Divs: BTC 20.75383560

Total Units: 198

NAV/U: BTC 0.10481735

[twentyseventy]

Round 3, Period 5, Day 3 Report - April 17, 2016

Balance Post Divs: BTC 20.82132486

Total Units: 200

NAV/U: BTC 0.10410662

[twentyseventy]

Round 3, Period 5, Day 4 Report - April 18, 2016

Balance Post Divs: BTC 20.88594207

Total Units: 202

NAV/U: BTC 0.10339575

[twentyseventy]

Round 3, Period 5, Day 5 Report - April 19, 2016

Balance Post Divs: BTC 20.94772992

Total Units: 204

NAV/U: BTC 0.10268495

Round 3, Period 5, Day 6 Report - April 20, 2016

Balance Post Divs: BTC 20.80853665

Total Units: 204

NAV/U: BTC 0.10200263

Round 3, Period 5, Day 7 Report - April 21, 2016

Balance Post Divs: BTC 20.66499409

Total Units: 204

NAV/U: BTC 0.10129899

Round 3, Period 5, Day 8 Report - April 22, 2016

Balance Post Divs: BTC 20.52145153

Total Units: 204

NAV/U: BTC 0.10059535

Round 3, Period 5, Day 9 Report - April 23, 2016

Balance Post Divs: BTC 20.37790897

Total Units: 204

NAV/U: BTC 0.09989171

Round 3, Period 5, Day 10 Report - April 24, 2016

Balance Post Divs: BTC 20.32996097

Total Units: 205

NAV/U: BTC 0.09917054

[twentyseventy]

Round 3, Period 5, Day 11 Report - April 25, 2016

Balance Post Divs: BTC 20.18930988

Total Units: 205

NAV/U: BTC 0.09848443

[twentyseventy]

Round 3, Period 5, Day 12 Report - April 26, 2016

Balance Post Divs: BTC 20.04506368

Total Units: 205

NAV/U: BTC 0.09778079

[twentyseventy]

Round 3, Period 5, Day 13 Report - April 27, 2016

Balance Post Divs: BTC 20.18991961

Total Units: 208

NAV/U: BTC 0.09706692

[twentyseventy]

Round 3, Period 5 End Report - April 28, 2016

Previous Units              198
EXCH Sold                   12
Less Buybacks              0
New Total Units        210

Previous Balance          21.08865433
Gross Sales of EXCH      1.25321561

Less Fees                    0.00501286
Less Dividends              1.99763396
Less Buybacks              0
Less Mgmt Fee              0.05361824
Net Balance            20.28560488

End of Period NAV/U     0.09659811

New Difficulty                  178,659,257,773
New Daily Dividend         0.00070372
New Reserve per Unit        0.12666960

NAV/U less New Reserve = 0.09659811 - 0.12666960 = -0.03007149

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

Days of Dividends On Hand   137.26

[twentyseventy]

Round 3, Period 7, Day 0 Report - April 28, 2016

Balance Post Divs: BTC 20.23840940

Total Units: 210

NAV/U: BTC 0.09637337

[twentyseventy]

Round 3, Period 7, Day 1 Report - April 29, 2016

Balance Post Divs: BTC 20.28058940

Total Units: 212

NAV/U: BTC 0.09566315

[twentyseventy]

Round 3, Period 7, Day 2 Report - April 30, 2016

Balance Post Divs: BTC 20.32272992

Total Units: 214

NAV/U: BTC 0.09496602

[twentyseventy]

Round 3, Period 7, Day 3 Report - May 1, 2016

Balance Post Divs: BTC 20.17210782

Total Units: 214

NAV/U: BTC 0.09426218

[twentyseventy]

Round 3, Period 7, Day 4 Report - May 2, 2016

Balance Post Divs: BTC 20.02151174

Total Units: 214

NAV/U: BTC 0.09355846

[twentyseventy]

Round 3, Period 7, Day 5 Report - May 3, 2016

Balance Post Divs: BTC 19.87091566

Total Units: 214

NAV/U: BTC 0.09285474

[twentyseventy]

Round 3, Period 7, Day 6 Report - May 4, 2016

Balance Post Divs: BTC 19.72031958

Total Units: 214

NAV/U: BTC 0.09215102

[twentyseventy]

Round 3, Period 7, Day 7  Report - May 5, 2016

Balance Post Divs: BTC 20.66725939

Total Units: 226

NAV/U: BTC 0.09144805

Round 3, Period 7, Day 8  Report - May 6, 2016

Balance Post Divs: BTC 20.86820523

Total Units: 230

NAV/U: BTC 0.09073132

Round 3, Period 7, Day 9  Report - May 7, 2016

Balance Post Divs: BTC 21.15209227

Total Units: 235

NAV/U: BTC 0.09000890

[twentyseventy]

Round 3, Period 7, Day 10  Report - May 8, 2016

Balance Post Divs: BTC 21.08328568

Total Units: 236

NAV/U: BTC 0.08933595

Round 3, Period 7, Day 11  Report - May 9, 2016

Balance Post Divs: BTC 21.09310107

Total Units: 238

NAV/U: BTC 0.08862647

[twentyseventy]

Round 3, Period 7, Day 12  Report - May 10, 2016

Balance Post Divs: BTC 20.92697748

Total Units: 238

NAV/U: BTC 0.08792847

[twentyseventy]

Round 3, Period 6 End Report - May 11, 2016

Previous Units              210
EXCH Sold                   35
Less Buybacks              0
New Total Units        245

Previous Balance          20.28560488
Gross Sales of EXCH      3.30209365

Less Fees                    0.01320837
Less Dividends              2.03726940
Less Buybacks              0
Less Mgmt Fee              0.10975726
Net Balance            21.42746350

End of Period NAV/U     0.08745903

New Difficulty                  194,254,820,283
New Daily Dividend         0.00064722
New Reserve per Unit        0.11649960

NAV/U less New Reserve = 0.08745903 - 0.11649960 = -0.02904057

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

Days of Dividends On Hand   135.13