ec-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 & Short 600 400 (400) (600) —Total - Long —Total - Short . ATORUS .. ns 1996 1997 1 1 9 200 2001 2002 2003 2004 2 2 008 2009 23 EFTA0029