Exposure in B $ $12 $10 $8 6 $4 $2 $- 5(2) z ■ WGBI-L ■ TIPS-L ■ HY-L ■ Comdty-L ■ Comdty-S ■ EM-L ■ EM-S ■ EU Sec-L ■ EU Sec-S ■ US Sec-L US Sec-S EIF-L EIF-S Listed Equity - L Listed Equity -S 22 EFTA00293351 20 Year Simulation (cont.) • Historical Number of Positions Long &