pprec ($1.10) $2.68 $4.60 $0.15 $1.00 Less: Realized Gain ($0.92) ($1.43) ($3.75) ($2.33) ($1.39) EoP $1.39 $2.64 $3.49 $1.31 $0.92 Flow Through Rate (%): Represents % of BoP Carry Balance that is Realized in Cash 2011 2012 2013 2014 2015E Realized Carry 26.9% 103.0% 142.0% 66.8% 106.2%