ETHEREUM CLASSIC INVESTMENT TRUST

SPONSORED BY GRAYSCALE INVESTMENTS

NOVEMBER 2017

Titled, auditable ETC exposure through a traditional investment vehicle

WHAT IS ETHEREUM CLASSIC?

Ethereum Classic is a next generation digital currency, united with a global blockchain and an intuitive smart contract programming platform. As such, it has the potential to power a global, secure, and decentralized Internet of Things.

ETC is the scarce, digital commodity that powers Ethereum Classic applications. It is a form of payment made to execute operations on the network.

01

ETHEREUM CLASSIC TIMELINEThe Events that Created ETC

Ethereum Launches

Vitalik Buterin and The Ethereum Foundation create the first blockchain-based turing-complete smart contract platform.

Slock.it Creates TheDAO

Slock.it constructs TheDAO Ethereum Contract.

TheDAO Crowdsale Ends

TheDAO crowdsale becomes the world’s largest, raising $150 million.

TheDAO is Hacked

Ether (ETH) is slowly and silently drained from TheDAO as an exploit related to TheDAO smart contract code is applied.

Hard Fork Spec Announced

After intense debate in the Ethereum Community, a Hard Fork specification is implemented by Slock.it and Ethereum Foundation members.

Ethereum Classic is Born

Following the hard fork, some network participants continue to support the original version of the Ethereum blockchain, which became known as Ethereum Classic.

“Ethereum Classic has the potential to power a global, secure, and decentralized Internet of Things.”Barry Silbert, CEO & Founder, Digital Currency Group & Grayscale Investments

1July 30, 2015

2April 5, 2016

3May 27, 2016

4June 17, 2016

5July 15, 2016

6July 20, 2016

02

WHY ETHEREUM CLASSIC?

Ethereum Classic seeks to serve as a currency & store-of-value; a global transaction network; and a global distributed ledger, which is also known as a blockchain.

If more widely adopted, digital currency as a whole could revolutionize not only the global financial system, but every touch point of our daily lives.

GLOBAL CURRENCY AND STORE-OF-VALUE

GLOBAL TRANSACTION NETWORK FOR THE INTERNET OF THINGS

GLOBAL DISTRIBUTED LEDGER

03

SMART CONTRACTS WILL POWER THE INTERNET OF THINGS

Smart contracts are defined by computer code that facilitates, verifies, or enforces the negotiation or performance of a contract.

04

$ $$

Smart contracts on Ethereum Classic can automate the transmission of information and value between one another under dynamic conditions, enabling tailored business models for the Internet of Things and Machine-Payable Web.

Blockchains coupled with smart contracts remove the reliance on central systems between transacting parties.

ETC is the fuel that powers Ethereum Classic smart contracts and is the incentive ensuring that developers write quality code (wasteful code is more expensive).

THE OPPORTUNITY FOR ETC

A GLOBAL CURRENCY AND STORE-OF-VALUE

05

Value of a $1 Federal Reserve Note in 1913 DollarsSource: US Bureau of Labor Statistics

$

1913

1917

1921

1925

1929

1933

1937

1941

1945

1949

1953

1957

1961

1965

1969

1973

1977

1981

1985

1989

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200

120

05

$1.00

$0.80

$0.60

$0.40

$0.20

$0.00

There are certain core properties that are essential to the investability of an asset as a store-of-value, be it physical or digital.

Gold, silver, platinum, bitcoin and now ETC share characteristics that we believe are key to the success of store-of-value assets:

• scarcity• divisibility• portability• fungibility• verifiability• recognizability

In order for a digital asset to qualify as a store-of-value it must also be:

• decentralized• immutable• adaptable

THE STORE-OF-VALUE MARKET OPPORTUNITY FOR ETC

As an asset with store-of-value properties and industrial application in the digital economy, we view ETC as digital silver or platinum.

If the investable market cap of ETC-to-bitcoin were to grow to the same relative size as silver-to-gold (~11%)*, a single token could be worth more than $117 – nearly 11X its October 31, 2017 market price.

Source: *BlackRock Global ETP Landscape Report, September 2017. Blockchain.info, TradeBlock. Etherscan.io. Based on a bitcoin market capitalization of $104.32B and an ETC supply of 97.0M as of October 31, 2017. THE FUTURE ETC PRICES SHOWN ARE PURELY HYPOTHETICAL AND SPECIFICALLY ASSUME THAT ETC PRICES WILL INCREASE. The financial projections set forth herein are subject to great uncertainty. There can be no assurance that the projected hypothetical prices will be achieved. Actual future prices will depend on numerous factors, including the future liquidity of ETC, all of which may differ from the assumptions on which the hypothetical prices contained herein are based. NO REPRESENTATION IS BEING MADE THAT ANY RESULTS WILL OR ARE LIKELY TO ACHIEVE PRICES SIMILAR TO THOSE SHOWN.

Digital Store-of-Value Market ShareHypothetical Value of ETC as a % of Bitcoin Market Capitalization

$10.69

$35.49

$117.23

Current ETC

Price

ETC Price @ ~3% of

Bitcoin Market Cap

ETC Price @ ~11% of

Bitcoin Market Cap

06

THE COMMODITY TO POWER THE INTERNETOF THINGS

McKinsey estimates the potential economic impact of a full-scale Internet of Things (IoT) to be between $3.9 trillion and $11.1 trillion by 2025.

We evaluate the investment opportunity for ETC, as a digital commodity powering IoT applications, using a working capital framework.

We believe that some percentage of IoT devices could run Machine-Payable Web operations using Ethereum Classic and that a certain amount of value, denominated in ETC, would need to be in the ‘pipes’ as the ‘fuel’ facilitating these transactions.

Using this framework, we can begin to assess the asymmetric return potential of ETC.

Source: IHS Technology, IOT platforms: enabling the Internet of Things, March 2016, Sam Lucero. TradeBlock. McKinsey Global Institute: The Internet of Things: Mapping the Value Beyond the Hype, June 2015. Overview of ETC Monetary Policy Proposal, December 13, 2016, London, Matthew Mazur, Architect of ECIP1017. Based on an assumed 75.4 billion connected devices in 2025. Current ETC price is based on the TradeBlock ECX Index value as of October 31, 2017. Simulated price estimates are based on an estimated ETC supply of 153M as of January 2025. THE FUTURE ETC PRICES SHOWN ARE PURELY HYPOTHETICAL AND SPECIFICALLY ASSUME THAT ETC PRICES WILL INCREASE. The financial projections set forth herein are subject to great uncertainty. There can be no assurance that the projected hypothetical prices will be achieved. Actual future prices will depend on numerous factors, including the future liquidity of ETC, all of which may differ from the assumptions on which the hypothetical prices contained herein are based. NO REPRESENTATION IS BEING MADE THAT ANY RESULTS WILL OR ARE LIKELY TO ACHIEVE PRICES SIMILAR TO THOSE SHOWN.

Fuel for the Internet of ThingsHypothetical Value of ETC as IoT Working Capital in 2025

Price @10% of IoT

Devices

Price @5% of IoT

Devices

Price @1% of IoT

Devices

Current ETC

Price

$4.93$9.86

$14.78$24.64

$49.28

$73.92

$49.28

$98.56

$147.84Daily Transaction Volume Per Device ($1)Daily Transaction Volume Per Device ($2)Daily Transaction Volume Per Device ($3)

07

$10.69

ETHEREUM CLASSIC IN INVESTMENT PORTFOLIOS

ETC IS AN UNCORRELATED ASSET

ETC Correlation to Other Assets

Source: Bloomberg, TradeBlock, Poloniex. PAST PERFORMANCE IS NOT NECESARRILY INDICATIVE OF FUTURE RESULTS. As the period during which ETC has been available for trading is limited, the correlations may not be meaningful when considering longer periods. Correlations are based on 10-day rolling returns from July 23, 2016 through October 31, 2017. Performance of bitcoin is based on the daily values of the Bloomberg Bitcoin/US Dollar Spot Price. Performance of ETC is based on the daily values provided by Poloniex from July 23, 2016 through December 13, 2016 and the TradeBlock ECX Index thereafter.

The correlation coefficient describes the variability between asset returns

The correlation of ETC with major asset classes and currencies ranges from slightly negative to slightly positive, showing little to no correlation

ETC can act as a diversifier in both digital currency and traditional portfolios

08

-1.0 0 -0 .50 0 .0 0 0 .50 1.0 0

ETC IN DIGITAL CURRENCY PORTFOLIOS

09

Source: Bloomberg, TradeBlock. Performance is shown from July 23, 2016 through October 31, 2017. Performance of bitcoin is based on the daily values of the Bloomberg Bitcoin/US Dollar Spot Price. Performance of ETC is based on the daily values provided by Poloniex from July 23, 2016 through December 13, 2016 and the TradeBlock ECX Index thereafter. There is no guarantee that the market conditions during the past period will be present in the future. Rather, it is most likely that the future market conditions will differ significantly from those of this past period, which could have a materially adverse impact on future returns. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Digital Currency PerformanceJuly 23, 2016 through October 31, 2017

PORTFOLIO BITCOIN ETC

Cumulative Total Return 869.7% 1046.5%

ETC IN DIGITAL CURRENCY PORTFOLIOS

10

Source: Bloomberg, TradeBlock. Performance is shown from July 23, 2016 through October 31, 2017. Annualized figures are based on 252 trading days. Performance of bitcoin is based on the daily values of the Bloomberg Bitcoin/US Dollar Spot Price. Performance of ETC is based on the daily values provided by Poloniex from July 23, 2016 through December 13, 2016 and the TradeBlock ECX Index thereafter. THE 90% BITCOIN +10% ETC RESULTS ARE HYPOTHETICAL AND ARE NOT BASED ON ACTUAL RETURNS OR HISTORICAL PERFORMANCE. Component asset weights are held constant over the period. The Sharpe Ratio is calculated as the annualized excess return of the portfolio over the 3-month US T-Bill divided by the standard deviation of excess returns. Ratio Improvement is calculated based on the improvement in the Sharpe Ratio from adding a 10% allocation to ETC in a hypothetical simulated portfolio. HYPOTHETICAL SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. There is no guarantee that the market conditions during the past period will be present in the future. Rather, it is most likely that the future market conditions will differ significantly from those of this past period, which could have a materially adverse impact on future returns. Unlike an actual performance record, simulated results do not represent actual trading or the costs of managing the portfolio. Also, since the trades have not actually been executed, the results may have under or over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Hypothetical Simulated Portfolio Performance of 90% BTC/10% ETC

July 23, 2016 through October 31, 2017

PORTFOLIO BITCOIN 90% BITCOIN + 10% ETC

Cumulative Total Return 869.7% 1075.6%

Annualized Total Return 492.5% 588.9%Annualized Std Dev 69.3% 66.7%

Sharpe Ratio 7.10 8.82

Ratio Improvement -- 24%

ETHEREUM CLASSIC INVESTMENT TRUSTSponsored by Grayscale Investments

ETHEREUM CLASSICINVESTMENT TRUST Grayscale’s Ethereum Classic

Investment Trust is a private, open-ended trust that is invested exclusively in ETC. Each share of the trust represents approximately one ETC, deriving its value solely from the price of ETC.

Modeled after Grayscale’s Bitcoin Investment Trust, the Ethereum Classic Investment Trust was created for investors looking for exposure to ETC’s disruptive potential through a traditional investment vehicle.

12

ADVANTAGES OF OWNING ETHEREUM CLASSICINVESTMENT TRUST

Titled Security

IRA-Eligible

Ethereum ClassicInvestment Trust

NO

NO

NO

NOSponsored & Managed

by a Fiduciary

Built-in Security & Storage

ETC

13

ETHEREUM CLASSIC INVESTMENT TRUST

PERFORMANCE THROUGH OCTOBER 31, 2017

PAST 1 MONTH

PAST 3 MONTHS

SINCE INCEPTION (APRIL 24, 2017)

Ethereum Classic Investment Trust

Performance1

-17.03%

-21.96%

176.12%

11

Restricted Shares - Qualified accredited investors are eligible to directly invest in the Ethereum Classic Investment Trust ("ETC Trust") and purchase shares at the daily ETC Holdings per Share. Shares are restricted and subject to significant limitations on resale and transferability with an investment minimum of $10,000. These shares are marked to a daily ETC Holdings per Share. Shares purchased directly from the ETC Trust are held in book entry form.

1.Ethereum Classic Investment Trust performance information contained herein reflects the ETC Trust’s ongoing private placement of restricted shares. Past performance is no guarantee of future results.Performance is shown through October 31, 2017.

ETHEREUMCLASSIC INVESTMENT TRUST

INVESTMENT TERMS

Investment Objective

Benchmark Index

Investor Qualifications

Minimum Investment Requirement

Sponsor’s Fee

Ethereum Classic Development Contribution

Assets Under Management

Subscriptions

ETC Holdings

Redemptions

Share Value

CUSIP

IRA Eligibility & Other Self-Directed Accounts

1. ETC Holdings per Share is calculated daily at 4pm ET, based on a 24-hour VWAP of the TradeBlock ECX Index / 2. As define in Rule 501(a) of Regulation D, annual income of at least $200,000 for the last two years (or $300,000 together with spouse) or net worth of at least US$1 million, excluding the value of primary residence. / 3. The Sponsor intends to direct up to one-third of the Sponsor's Fee for the first three years of the Trust's operations towards initiatives that support the development, marketing, and community activities of the Ethereum Classic Network. / 4. Includes a 2,624,700 ETC ($10 million) seed investment by affiliates of the Sponsor; calculated by the ETC Holdings per Share of the Trust as of October 31, 2017. / 5. The trust will not generate any income and regularly sells/distributes ETC to pay for its ongoing expenses. Therefore, the amount of ETC represented by each share will gradually decline over time.

Subscriptions can be made with IRA assets through several platforms

14

Shares track the ETC market price, minus fees and expenses

TradeBlock ECX Index1

Accredited Investors2

$10,000

3% Annually (includes 1% Development Contribution)

1% Annually3

$37.16 Million4

Daily

Calculated & published daily at 4:00pm ET

Currently not offered by the Sponsor

Each share represented the value of 1 ETC at inception5

297644106

ETHEREUM CLASSICINVESTMENT TRUST

SERVICE PROVIDERS

SPONSOR

INDEX PROVIDER

AUDITOR

LEGAL CONSEL TO SPONSOR

KEY MAINTAINER

DELAWARE STATUTORY TRUSTEE

TRANSFER AGENT

DISTRIBUTION & MARKETING AGENT

AUTHORIZED PARTICIPANT

Grayscale Investments, LLC

TradeBlock, Inc.

Friedman LLP

Davis Polk & Wardwell LLP

Ledger SAS

Corporation Services Company

Continental Stock Transfer & Trust

Genesis Global Trading, Inc.

Genesis Global Trading, Inc.

15

RISK FACTORS

PRICE VOLATILITYETC has historically experienced significant intraday and long-term price swings.

MARKET ADOPTIONIt is possible that ETC will never be broadly adopted by either the retail or commercial marketplace, in which case, ETC may lose most, if not all, of its value.

GOVERNMENT REGULATIONThe regulatory framework of ETC remains unclear and application of existing regulations and/or future restrictions by federal and state authorities may have a significant impact on the value of ETC.

SECURITYWhile the Ethereum Classic Investment Trust ("ETC Trust") has implemented security measures for the safe storage of ETC, there have been significant incidents of digital currency theft and ETC remains a potential target for hackers. ETC that are lost or stolen cannot be replaced, as transactions are irrevocable.

TAX TREATMENT OF VIRTUAL CURRENCYOn March 25, 2014 the Internal Revenue Service (IRS) released tax guidance applicable to digital and virtual currency stating “Under currently applicable law, virtual currency is not treated as currency that could generate foreign currency gain or loss for U.S. federal tax purposes. For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.” However, this can potentially change in the future.

TAX STRUCTURE OF THE TRUSTThe ETC Trust may involve a complex tax structure, which should be reviewed carefully, and may involve structures or strategies that may cause delays in important tax information being sent to investors.

There are substantial risks involved in investing in Grayscale’s Ethereum Classic Investment Trust.

For a complete list of all risk factors, please refer to the Private Placement Memorandum as well as the disclaimer at the end of this presentation.

16

DISCLAIMER Grayscale’s Ethereum Classic Investment Trust ("ETC Trust") is a private, unregistered investment vehicle and not subject to the same regulatory requirements as exchange traded funds or mutual funds, including the requirement to provide certain periodic and standardized pricing and valuation information to investors. The ETC Trust is not registered with the SEC, any state securities laws or the U.S. Investment Company Act of 1940, as amended, and the shares of the ETC Trust are being offered in a private placement pursuant to Rule 506(c) under Regulation D of the Securities Act of 1933, as amended. Any interests in the ETC Trust described herein have not been recommended by any U.S. federal or state, or non-U.S., securities commission or regulatory authority, including the SEC. Any representation to the contrary is a criminal offense. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment. Any offering or solicitation will be made only to qualified accredited investors, as defined under Rule 506(a) of Regulation D, pursuant to a formal offering with additional documentation, all of which should be read in their entirety and contain material information not contained herein. Any offer or solicitation of an investment in the ETC Trust may be made only by delivery of its confidential offering documents to qualified accredited investors. You should rely solely on such offering documents in making any investment decision. An investment in the ETC Trust is not suitable for all investors.

This document is intended for those with an in-depth understanding of the high risk nature of alternative investments and these investments may not be suitable for you. This document may not be distributed in either excerpts or in its entirety beyond its intended audience and the ETC Trust and Grayscale Investments, LLC will not be held responsible if this document is used or is distributed beyond its initial recipient or if it is used for any unintended purpose. This document is not a solicitation for an order, and there is not enough information contained in this message in which to make an investment decision and any information contained herein should not be used as a basis for this purpose.

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The ETC Trust and Grayscale Investments, LLC (“Grayscale”) do not: make recommendations to purchase or sell specific securities; provide investment advisory services; conduct a general retail business. Neither the ETC Trust nor Grayscale, its affiliates, nor any of its directors, officers, employees or agents shall have any liability, howsoever arising, for any error or incompleteness of fact or opinion in it or lack of care in its preparation or publication, provided that this shall not exclude liability to the extent that this is impermissible under securities laws.

The ETC Trust and Grayscale logos, graphics, icons, trademarks, service marks and headers appearing herein are service marks, trademarks (whether registered or not) and/or trade dress of DCG Holdco Inc. (the “Marks”). All other trademarks, company names, logos, service marks and/or trade dress mentioned, displayed, cited or otherwise indicated herein (“Third Party Marks”) are the sole property of their respective owners. The Marks or the Third Party Marks may not be copied, downloaded, displayed, used as metatags, misused, or otherwise exploited in any manner without the prior express written permission of the ETC Trust and Grayscale or the owner of such Third Party Mark.

For more information about Grayscale’s Ethereum Classic Investment Trust

WWW.GRAYSCALE.COINFO@GRAYSCALE.CO

212.668.6673@ETHEREUMTRUST

To invest, please contact Martin Garcia at mgarcia@genesistrading.com or (212) 668-6673.

Grayscale is a wholly-owned subsidiary of Digital Currency Group, which builds and supports digital currency and blockchain companies by establishing a global platform for innovation. A trusted authority on digital currency investing, Grayscale provides market insight and investment exposure to the digital currency asset class. The Ethereum Classic Investment Trust provides titled, auditable ETC exposure through a traditional investment vehicle.

The Ethereum Classic Investment Trust’s shares are the first securities that solely invest in, and derive value from, the price of ETC.