Notice

*Subject to change. Details may vary according to the underlying asset. The information provided herein must
be relied upon and RealVol LLC and its affiliates will not be liable for actions taken or not taken in reliance thereo
This information is provided "as is." The historical charts and data are for informational purposes only and may n
accurate. Interested parties should independently verify the data, seek professional advice, and draw their own
conclusions regarding the benefits and risks of any strategy and the legal, regulatory, credit, tax, and accounting
implications with respect thereto. Statistical results and the results of theoretical models have certain inherent
limitations. Such analyses are based on subjective assessments and assumptions and may use one among sever
alternative methodologies. Other methodologies may produce different results. Accordingly, such statistical ana
should not be viewed as facts and should not be relied upon as predictions of future events or results.

Note: This example does not include dividend adjustments or adjustments for market disruption even
This sample is meant to provide only a simple example of the key components of the index calculation

To get started, just click on the "Sample RealVol™ Calculation" tab at the bottom of the Excel window.
n provided herein must not
taken in reliance thereon.
urposes only and may not be
ce, and draw their own
dit, tax, and accounting
have certain inherent
ay use one among several
ingly, such statistical analyses
nts or results.

arket disruption events.

the index calculation.

of the Excel window.

 Sample RealVol™ Calculation
Long Version
Date Close Return Return^2 21 Day Sum Average Annualize Sqrt VOL
2-Jan-15 205.43
5-Jan-15 201.72 -1.82% 0.000332
6-Jan-15 199.82 -0.95% 0.000090
7-Jan-15 202.31 1.24% 0.000153
8-Jan-15 205.90 1.76% 0.000309
9-Jan-15 204.25 -0.80% 0.000065
12-Jan-15 202.65 -0.79% 0.000062
13-Jan-15 202.08 -0.28% 0.000008
14-Jan-15 200.86 -0.61% 0.000037
15-Jan-15 199.02 -0.92% 0.000085
16-Jan-15 201.63 1.30% 0.000170
20-Jan-15 202.06 0.21% 0.000005
21-Jan-15 203.08 0.50% 0.000025
22-Jan-15 206.10 1.48% 0.000218
23-Jan-15 204.97 -0.55% 0.000030
26-Jan-15 205.45 0.23% 0.000005
27-Jan-15 202.74 -1.33% 0.000176
28-Jan-15 200.14 -1.29% 0.000167
29-Jan-15 201.99 0.92% 0.000085
30-Jan-15 199.45 -1.27% 0.000160
2-Feb-15 201.92 1.23% 0.000151
3-Feb-15 204.84 1.44% 0.000206 0.002539 0.000121 0.030467 0.174548 17.45
4-Feb-15 204.06 -0.38% 0.000015 0.002221 0.000106 0.026656 0.163267 16.33
5-Feb-15 206.12 1.00% 0.000101 0.002233 0.000106 0.026792 0.163683 16.37
6-Feb-15 205.55 -0.28% 0.000008 0.002087 0.000099 0.025044 0.158252 15.83
9-Feb-15 204.63 -0.45% 0.000020 0.001798 0.000086 0.021572 0.146876 14.69
### 206.81 1.06% 0.000112 0.001845 0.000088 0.022143 0.148806 14.88
### 206.93 0.06% 0.000000 0.001784 0.000085 0.021405 0.146305 14.63
### 208.92 0.96% 0.000092 0.001867 0.000089 0.022409 0.149696 14.97
### 209.78 0.41% 0.000017 0.001848 0.000088 0.022171 0.148901 14.89
### 210.11 0.16% 0.000002 0.001765 0.000084 0.021185 0.145550 14.56
### 210.13 0.01% 0.000000 0.001596 0.000076 0.019148 0.138376 13.84
### 209.98 -0.07% 0.000001 0.001592 0.000076 0.0191 0.138201 13.82
### 211.24 0.60% 0.000036 0.001602 0.000076 0.019225 0.138653 13.87
### 211.21 -0.01% 0.000000 0.001384 0.000066 0.01661 0.128881 12.89
### 211.81 0.28% 0.000008 0.001362 0.000065 0.016344 0.127844 12.78
### 211.63 -0.09% 0.000001 0.001357 0.000065 0.016287 0.127621 12.76
### 211.38 -0.12% 0.000001 0.001182 0.000056 0.014188 0.119114 11.91
### 210.66 -0.34% 0.000012 0.001027 0.000049 0.012329 0.111034 11.10
 Short Version
Return^2 VOL

0.000332
0.000090
0.000153
0.000309
0.000065
0.000062
0.000008
0.000037
0.000085
0.000170
0.000005
0.000025
0.000218
0.000030
0.000005
0.000176
0.000167
0.000085
0.000160
0.000151
0.000206 17.45
0.000015 16.33
0.000101 16.37
0.000008 15.83
0.000020 14.69
0.000112 14.88
0.000000 14.63
0.000092 14.97
0.000017 14.89
0.000002 14.56
0.000000 13.84
0.000001 13.82
0.000036 13.87
0.000000 12.89
0.000008 12.78
0.000001 12.76
0.000001 11.91
0.000012 11.10