ductions without manager intervention 7.00 6.00 5.00 4.00 a 3.00 I 2.00 1.00 1 (1.00) (2.00) —Gross 1996 1997 1998 =9 2000 —Net —Net Ex-WGBI,TIPS 2004 2005 2006 2007 2 2010 2011 2 2013 2014 JEE Private and Confidential 21 EFTA00293350 20 Year Simulation (cont.) •ATORUS •