Transaction Date - The Transaction Date of the withdrawal is the date the withdrawal is executed and funds are transferred to the member. This date is included in the title of this report.

Member Valuation Date - The date on which the member's units in the club are valued.

Account Valuation - The withdrawing member's account is valued based upon the Unit Value of the club as of the Member Valuation Date. That Unit Value is then multiplied by the number of Units Withdrawn by the withdrawing member in order to determine the Withdrawal Value. The Withdrawal Value is the gross value of the units being withdrawn before a Withdrawal Fee, if any, is to be deducted, resulting in the net payout amount.

Member's Basis - A Member's Basis Before Withdrawal represents the tax basis before adjusting for Current Tax Allocations as detailed in the Tax Allocations section of this Individual Member Withdrawal Report. The tax basis is the sum of member's contributions, minus any partial withdrawals, plus any earnings allocated in prior years, and minus any deductions allocated in prior years. After applying the Current Income Allocation the result is the Adjusted Basis.

Member's Cost Basis of Property Distributed - The cost basis of any Cash distributed to the withdrawing member will equal the value of that cash. The calculation of the member's cost basis of any Stock distributed to that withdrawing member is very complex. That member's cost basis of any stock distributed in the withdrawal may or may not equal the club's cost basis of that same stock. Internal Revenue Service (IRS) rules make this calculation dependent on many factors including whether the withdrawal was a partial or total withdrawal, the value of the withdrawal, the value of any stock distributed and it's cost basis in the hands of the club, the adjusted cost basis of the withdrawing member, and the amount of cash also distributed to the withdrawn member in this withdrawal. The Total Cost Basis of Property Distributed is the sum of the member's cost basis of the stock received plus cash.

Member's Basis After Withdrawal - In the case of a Full Withdrawal, the Member's Basis After Withdrawal will always equal zero.

Gain/(Loss) Realized on Withdrawal - The Gain or Loss Realized by the withdrawn member as a result of this withdrawal. Note: If stock is distributed, the withdrawn member may realize further gains or losses when the stock is sold depending on the relationship between Member's Cost Basis of the Stock Distributed and the value that the stock is sold for.

The second column provides a Payout Detail of the withdrawal. It lists the amount of Cash distributed to the withdrawn member, the Fair Market Value (FMV) as of the Transfer Valuation Date of any investments distributed to the the withdrawn member, the Withdrawal Fee, if any, paid by the withdrawn member, the Post-Withdrawal Adjustment, and the net Withdrawal Value. The Post-Withdrawal Adjustment occurs when a transaction which affects the unit value on the Member Valuation Date is subsequently entered into bivio after the withdrawal transaction has been entered into bivio. This value can be considered an additional fee to the member.

Tax Allocations - The the amount of income, interest, dividends, gains/losses, and expenses that the club has realized year to date (YTD) that is allocated to the withdrawn member as a result of the withdrawal. Note:In the case of a partial withdrawal, the allocations displayed on this report are a partial allocation for the year. For more information on allocations see the Member Tax Allocations Report.

Investments Transferred - (if applicable) A detailed list of each block of stock transferred in a member withdrawal. This list includes everything a withdrawn member should need to determine the tax consequences when they eventually sell the investment that has been transferred to him/her. The most important items to the withdrawn member are the Acquisition Date, the number of Shares, and the Member's Adjusted Cost Basis of each block of stock transferred. These three items, along with the eventual sales price, are needed to determine the capital gain or loss realized when the investment is sold and whether that gain or loss is a Long Term Capital Gain/Loss or a Short Term Capital Gain/Loss. The Price per Share, the Market Value, and the Club's Cost Basis are provided for informational purposes only.