gure 3: The Parker Index of currency manager returns has lagged IMM in recent years despite continued positive correlation between them Average IMM Cum P&L (5100m. 810 — Parker Index Uan-2003 = 0.1hs) — IMM P&L v. Parker (12m corr, rhs) 45 40 35 25 20 IS 10 5 -5 -' :•••••'*".. " -F 03 04

e 3: The Parker Index of currency manager returns has lagged (MM P&L in recent years despite continued positive correlation between them Average IMM Cum P&L (5100m, Ihs) 45 1 Parker Index ben-2003 o 0, Ihst r 100% ttAM P&L V. Parker (1 im corr.rhs) 40 1 at , 90% 35 I Jr ...„ AA/ - 1- 80% !..,