From: Whitman Asset Management (WAM) To: Jeffrey Epstein <jeevacationggmail.com> Subject: WAM Global Macro Program - December 2016 Update Date: Tue, 24 Jan 2017 22:29:35 +0000 Whitman Asset Management - December 2016 Performance View this email in your browser Update WAM Global Macro Program (2X and 1X) December 2016 Update 2X 511..-FcLerq •AA-L..CO, 844F,>5.1 S.,EId.# EFTA00666614

Net Returns* December: -2.50% 2016 YTD: +0.52% AROR: +9.54% sx Net Returns* December: -1.41% 2016 YTD: -1.11% AROR: +4.26% ***{W105, 00.***D aTIAPAAdS .X.6.0 4541Ad /SO* S.. r A(AAAAzA; r-A-A@AAA LA-LAA9 AA 4> ON :1OxOS. 4WD wOzn K..O 004.4YOu 440***_ S.. 00e..Z. ...go.OL ...g.0.7 ElwFOn.S U [.b.S..m EFTA00666615

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EFTA00666676

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AA IG-A I +4,T.+P0CI 0AA444k 11 V 1/441..y+bI t04.*R- 6.+ROFO. r: OW444 ^ A454. sA.: 44+. YO^-fir** 1 # 40.0} +36x= :43+5 00 5e0C4i- Jsol'O.Q.V Of 444,4,00 #44.14,00. 4,4,00110%* p4,011u..P8 Sf*wt>te 4ee=❑0AN 44AVOn* ❑❑_cMAAk ❑+$4ns4] <^'❑4$.43 EFTA00666680

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BAAI$054, Z• T} ••••CZI% .+-[41-1H-< .9t+040D8 +\D+rnc e'..G3.0; A4+-444 6 3.]*.z.(cp .>ef . /X0 ..L.035Fs we.m.c.- 0#0=0E0A +B.Bc=44 AO AOAAVO. 2h..f..+f5 OtG.D[G40 09.o90iT6 AAAAA0YA ;A! A_Al**00 On x.A} EFTA00666683

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Oc+10100y. 04,00E0n DOOSOO. =AAA OPC 00wCMOcp 00v01000# 44 440—** 00c14,91Ay.k A= Aifith,d. L4,00' —[email protected]=IrE \+••=3“. qL5t)xPO.HA. 40.44 9A+ PvAAAMA; AA= AO; 4i3 MCW OAP* —? 0.3.00q0 &gmFr-14e+ A!!4,4,{PAAC DGO FIJ AA 4,0•4***90 EFTA00666696

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00+. 0+C! <A3044' 3 >;Sr LqE..Ab' .s.S.0. L **W e + 4 1.E. A L AZAAAA OAA- Ow`fl +B-(+8LS(- oa OzTilAt;.V. .q..Py' AF (W.-04Fi ci.A.1V+ci AKAXAASA AkAFJAA r2 >00$eF.dT ;F.JHv*$f<6 2 Rh 04.<0<{f0 $- 71`11' Oy C (110}} .U0401p Ox**C20 I f3.40iXEb2z t+J- 0$1N.A[ 0AYI Oil•ql EFTA00666700

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z.—..e.A+ • —•°i .1Q5 m.n906.• Oa R[[ :OU. ...6.R.0 L W#OC@.. 0 -0\0540 a .sci,f.2v4 .0E. rZO+ r 85A00- ••++E• FK h+#0I'0* ra .kAm. I +450Le0.0( &FLOyElu+ ++.EIS IC+ zUo,..p-US W+VF.F ++.Z0.0 +<O1O1+.‘ 40Sv4❑06 WO +)..I [email protected] 6xS.:..± .afoqQ1DIx+ PO.LU2+I$ EFTA00666702

9AR*A+❑+ AAA#W$ — ❑AAAFH# OVA. 63-0..D0c } 4.0A44!! AA 0?00@^0M1 O@G0e0 AAA }-ML44 100U#00z +T3°/0J 00J, A} *WA' CAA} \SOK(01.0 44ANIA"4. 40[44104.5 1-0 U130++00 .A0 LA+y V00 N vh00v> IAA +.1t013-4. AY4.1744YD 10 EFTA00666703

F#I##ot *Ax*AfeAT ##.4##—D #-XLs#0# II A= {CAA* * I ALA" ] A#X# ti 2"°!! AAA* -(#71<#t;/J e#T-# I #r#1f #Ns#: • W #V#ORGuh 4040{Y44 #w#v6#<# A- kwii I b;i4oci #B##}u 1#. rl+ \x#:c 1.4mOIDI <## q### Z#- ol.104# i#m #T#Y —# s##J#> x# E-(##'U## ##V_6S#9 EFTA00666704

AA [AAA AbAA A=A 0 ..%x+= 6AAAAArn: #1-1* .mvA 4;4-6 kbZ.V - J1CA YAAnAK- d AA. AVh. Ooe+-3Q.4 Af5.3***F AWAY T OV•J •EIDO-T+% 44G:1#" L," AADAAJAA 0/±CO- OG. :[email protected] +9 =-k L,,+ K.++.6•11 mu-C+V(+M H.Oxd+-Q IAA A@•:*:*# +.0Wv+A 3.44+L.8 EFTA00666705

ondL.N. fin<cLoo 0+0{4icQm Al .+44# 454.1 AP: 00910- DzI7 OtirnS+4,a Ot4,00.1k +u..t.{- 0+.8#000} 0G++4,44,x 00+A. 4,- 0* Li.zUtjft A4AAIAIA• e*A14,4,00 3AA❑aUA A...6.0 x+\..k]Dh F F.EA<$.O 0;4,4+00. woo Loog Wo+4,4,xV. 00- G021 flru@fl:A.AA EFTA00666706

r4,0150. #0.,ri? EA-FAA- 44`6444,4, :4,0uncoN m<MAAA .+1-Im>#6 •Dt1.04n: .1+8.Y.FI AA ORA[01 0, 9*** -9 hS4,4,-0*. 4,844,—AM 4,0sY4,00t 0+WT+ID +0 El rn+Tp * * ***00 X0.8407 NI.Y.ZVJ k xA TORA•4,0* .0+ pt U00 h4+E".( #109c0±AA EFTA00666707

c+q+OE+ife sb+.50+W+ b-r3]77+FIAg NizAAAAA pIJTO E[fel<Z0m+ +z 110—s+ez++E 20++- ++vt AT'AllOO I$AAAA!!AI +9A<++# Oi..+ehAv e+++I++Z M+0-0++g 0 -.0$g+0 4-++/+z/ + AEL +!!+Own.< +,2•8-; +f+ TO0%- ReiklyO#OO 05000001 +clOE7d9a+ AO.A.+A +1_0020+c EFTA00666708

OI..x+Y@ o0A08\d0= AkAAAAA w -O-N++. ..cl+Y—.: *** -4450. 4)Osid q 2 #100m... g890+4*.BI F+M-v... ArnAAkfe- a..Iwn.D OfMi+—. zfe04.^Ad A/ AAAAfekAY i.O}- OZJC:D.I\I r. } >440- 0-(B6+00 n+=;s0+0 cDO.Wi2M EFTA00666709

g-r#6#+##- -L#dglfi \ 0= #h**5 A#031=1-I#Z AifefePI s :* OmFWE17## ; }+w#Z# *AeAfe** $ A6** L##G—OxL# f#h###]6Ec )k#41@a#:# FFH###] #h rkA•A4AA= >0.$4.Ad,7 Q#GRIDOMtv {A/rRA9- / 6.[A]m04.4. AO= A.*** + AA= A- T-,4-r AA AA5{* X#"9#5T1d-r j#>1:0a## ####F#mk A.90 - At h AA- feFfeAT 40-*AfefeG EFTA00666710

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A: 4+500e 4,Z0Z+.00 Al tR0.0010 K F+AMEILC3 .aIi++.00 0 4,0 4,0 0, 0+<J04+"Oqs *AMA* =c).7-0.1 0****& * .. g* <rixo/01+ 0***444, 13.Z.+UXq 4%044 AA i 644e4,00 Ozw9 :T. " 1 4, +6.0 uOI WC. El ).^/ Ex* n50Z+X-r.a VIzFO- 4,4,x1C+u- rnWOOAAA \4,4+15+x, EFTA00666712

.1cUY°/0.B AcA4.*** •x; FO; —+.4 A-404.,Z I Wid ±i‘ AA **IVR8 OAAAWKA efo.A]:.ci 9 .-zmPq..} k+...MWE .n+w8.hjR ..GT.-N. req •G AA OAYA•A FWeo cZ-..y+.0 C2+.4. LO8ke G@V—a. OW]. K{ A"! EFTA00666713