returns are net of all fees; 2004 present returns are all in U.S. Dollars (portfolio fuly hedged); Historical returns for 2001-2003 are presented in Shekels and were audited b). KPMG. 4 EFTA00729833 Cumulative Net Performance Sphera Fund vs. Hedge Fund Indices 2001 — July2010** 450% 400% 350% 30