1. What are MacroShares? 2. How do assets flow between MacroShares Up and Down? 3. How closely will MacroShares track an index or benchmark price? 4. How can MacroShares be used to reduce risk? 5. How do MacroShares earn their income distributions? 6. What is the expense ratio of the MacroShares Trusts? 7. What is the tax treatment of MacroShares? 8. Are MacroShares eligible for short or margin sales? 9. Who is the sponsor of MacroShares Trusts? 10. Why could MacroShares trade at a premium or discount to the NAV in the secondary market? 11. Why a MacroShare? 1. What are MacroShares? MacroShares are pairs of exchange-traded products where one of the pairs benefits from the upward movement of a benchmark price and the other benefits from the downward movement. This structure enables investors to gain long-term exposure to, or manage risks they currently have, in fundamentally important asset classes and economic benchmarks that affect their lives and world economies. MacroShares allocate the invested assets in Short-Term Treasury Bills, Overnight repurchase agreements and cash, which generally provides a quarterly distribution to the investor. MacroShares are not ETFs, they are a unique class of security that offers investors the ability to gain long-term exposure to asset classes while receiving quarterly dividends. 2. How do assets flow between MacroShares Up and Down? The paired trust structure permits the pledging of asset between MacroShares Up and MacroShares Down, through settlement contracts and income distribution agreements. Assets are held in short-term U.S. Treasuries, short-term collateralized repurchase agreements and cash. There are two different trusts for each MacroShares Up and MacroShares Down. There are Tradeable Trusts and Holding Trusts. The settlement contracts provide a mechanism for pledging, but not transferring, assets until the portfolios’ maturity or a redemption of interests in the portfolios. If the final scheduled termination date, an early termination date, or a redemption date occurs during a period of declining oil prices, the MacroShares Holding Trust will make a final distribution that will be equal to less than the funds it held on deposit before the settlement contracts were settled on that date. In this case, the final distribution made on your MacroShares Holding Shares or passed through to you on your MacroShares Tradeable Shares will be below the par amount of those shares and it may also be below the purchase price that you paid for them. As a result, you may lose all or substantially all of your investment in the MacroShares Holding Shares or the MacroShares Tradeable Shares. 3. How closely will MacroShares track an index or benchmark price? MacroShares seek to offer efficient long-term tracking of their appropriate benchmark. Investor demand, backwardation or contango within the benchmark’s market or other factors may cause either MacroShares Up or MacroShares Down to trade at a premium or discount to the Trust’s per share underlying value. 4. How can MacroShares be used to reduce risk? MacroShares Up allows investors access to an asset class for investment or hedging purposes. For example, investors who are exposed to the increase in oil prices, can invest in MacroShares Oil Up and as their oil expenses increase, their investment in oil increases, causing an offsetting effect. MacroShares Down allows investors who are exposed to markets due to the nature of their business or holdings, to hedge a decrease in the asset to which they are exposed. Additionally, MacroShares Down is a unique product that allows for investing in assets which investors believe will decline. 5. How do MacroShares earn their income distributions? The Trusts distribute quarterly net income. Net income is calculated from the interest earned on the short-term investments held in the Holding Trusts, net of expenses. Movements in short-term interest rates will impact the level of the distribution of each Trust. Changes to the benchmark price (which affects the distribution of short-term investments between the Holding Trusts) may impact the level of the distribution of each Trust. Income is accrued daily and is based on the underlying value of each Trust. There is no guarantee of the amount of income. 6. What is the expense ratio of the MacroShares Trusts? Each MacroShares Trust uses the same design to deliver the performance to investors, but the expense ratio of each MacroShares product may be different. Please refer to the applicable MacroShares prospectus or private placement memorandum for more details. 7. What is the tax treatment of MacroShares? Income derived from the short-term investments and distributed to holders of MacroShares is generally expected to be Exempt from state and local income tax. Gains or losses on sales of shares are treated as capital gains or losses, with long-term capital gains treatment potentially available. Shareholders will receive a tax information letter from the Tradeable Trust and are expected to receive 1099 Forms from their broker dealer in lieu of a K-1 Form. However, you should always consult your tax advisor. 8. Are MacroShares eligible for short or margin sales? Yes, MacroShares are both short-sale eligible and margin eligible. 9. Who is the sponsor of MacroShares Trusts? The depositor of the Trusts, MACRO Securities Depositor, LLC is owned by MacroMarkets LLC which is the administrative agent for the Trusts. MACRO Financial, LLC, a subsidiary of MacroMarkets is the marketing agents for the Trusts. 10. Why could MacroShares trade at a premium or discount to the NAV in the secondary market? The purchase of MacroShares represents the long-term price performance of the benchmark index. Please refer to each MacroShares prospectus for more detail of the benchmark of each of the various MacroShare products offered. A premium or discount can arise due to various factors depending upon the benchmark, including contango or backwardation in the futures markets, investor demand or the number of market participants. 11. Why a MacroShare? MacroShares provide investors with: a. Exposure to indexes that track important asset classes, ie. Housing, Oil, etc. b. A Quarterly Distribution, net expenses c. 1099 Income, which is considered to be a long-term capital gain if held for at least 12 months d. The patented structure enables investors to gain exposure to, or manage risks they currently have in liquid and illiquid asset categories.

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The information on MACRO securities contained in this website is solely for informational purposes and does not constitute either an offer to sell or the solicitation of an offer to buy MACRO securities. This information on MACRO Securities is not, and is not intended to be, a complete discussion of all material information you should know about MACRO securities. If you are considering whether to purchase a MACRO security, you should carefully read the relevant prospectus prior to making a purchase. You should not rely on the information contained in this Internet site.