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PORTFOLIO & RISK ANALYTICSPORT GO A Bloomberg Professional Service OfferingBETTERPORTFOLIODECISIONS

Bloomberg’s Portfolio & Risk Analyticssolution helps portfolio managers achievetheir objectives by providing unmatchedtransparency into their portfolio’sperformance, characteristics, riskand more.CONTENTS02 INTRODUCING BLOOMBERG PORTFOLIO & RISK ANALYTICS03 ANALYZE YOUR PORTFOLIO’S HISTORICAL PERFORMANCE06 MONITOR TODAY’S PERFORMANCE & NEWS IN REAL-TIME08 EVALUATE YOUR PORTFOLIO’S CURRENT STRUCTURE10 UNDERSTAND YOUR PORTFOLIO’S RISK STRUCTURE12 SIMULATE TRADES & OPTIMIZE YOUR PORTFOLIO15 SEAMLESSLY INTEGRATE YOUR POSITIONS FOR ANALYSISFrom one location, a series of powerful,integrated equity and fixed income toolsdeliver consistent insight, enabling youto create and execute differentiatinginvestment strategies.

ANALYZE YOURPORTFOLIO’SHISTORICALPERFORMANCEPORT GO — POWERING YOUR PORTFOLIO MANAGEMENT & RISK STRATEGIESAt Bloomberg, we are committed to continuously addingAs a portfolio manager, your performance depends ongreater clarity to your investment decision making and tovarious factors. You must manage and anticipate changesensuring that you feel completely confident in these criticalin complex markets every day, plan for every possibilitydecisions. Our Portfolio & Risk Analytics solution is fullyand execute accordingly. You also need a flexible plan forintegrated with the Bloomberg Professional service—atresponding to economic, financial and political changes.no additional fee—providing unparalleled access to theThe challenges have never been greater.broad range of sophisticated tools required by today’sBloomberg’s Portfolio & Risk Analytics solution forasset managers.investment professionals empowers you with the toolsrequired to successfully implement your portfolio investmentand risk management strategies. Our platform will help youmake quicker, more informed decisions and enable you tomeasure market-related and security-specific risk exposuresfor your portfolios.Bloomberg’s Portfolio & Risk Analytics solution gives youthe ability to analyze the historical performance of yourequity, fixed income or multi-asset portfolio on an absolutebasis or relative to a benchmark. You can identify thesources of your portfolio’s absolute or excess returnby asset class, sector, geographic region, a customclassification, and even based on Bloomberg’smulti-factor risk model.ACTIVE PORTFOLIO MANAGEMENT SOLUTIONPAST» Backtesting» Performance Attribution» Historical Performance» Characteristics» Historical RiskPRESENT» Real Time P&L» Portfolio Driven Newsand Alerts» Portfolio Characteristics» Excel and PDFReporting» Mobile AccessFUTURE» Tracking Error» Value-at-Risk» Scenario Analysis» Trade Simulation» Forward Looking RiskPORT GO — PerformanceSee how your portfolio hasperformed over time on anabsolute basis or relative toyour benchmarkHISTORICAL PERFORMANCE ANALYSIS» Use the Performance Tab to examine the historicalcumulative performance of your portfolio relative toits benchmark» Easily change the analysis time frame to hone inon a specific sub-period or visualize long termperformance patterns» Examine standard deviation, beta, realized trackingerror and dozens of other commonly used risk/return measures» Gain insight into the drivers of historical riskand performancePORTFOLIO & RISK ANALYTICS 02 // 03PASTINTRODUCINGBLOOMBERGPORTFOLIO &RISK ANALYTICS

PASTPORT GO —Performance AttributionUnderstand the sources of yourportfolio’s historical performancebased on sector and security betsPERFORMANCE ATTRIBUTION»A nalyze your active portfolio performance results byexamining allocation effect, security selection effectand currency effect»B reak down your portfolio by asset class, sector,geographic region, duration, credit quality or anyother custom classification» Calculate the impact of yield curve movements andspread effect on your fixed income portfolio’s historicalperformance relative to its benchmark» Drill down for full transparency into the data used tocalculate the returns, such as capital events, accruedinterest and cash flowsPORT GO —Transactions-Based AttributionUnderstand how your transactionsand transacted price levels impactedthe portfolio’s total return over ahistorical time periodTRANSACTIONS-BASED ATTRIBUTION» Quickly identify which trades contributed/detractedfrom total return» Isolate transaction returns at the instrument level» Analyze Transaction Effect, which quantifies thecontribution to return due to historical tradesPORT GO —Factor-Based AttributionAnalyze the sources of yourportfolio’s historical performancebased on Bloomberg’s multi-factorrisk modelsFACTOR-BASED PERFORMANCE ATTRIBUTION» Explain portfolio performance in terms consistent withyour ex-ante risk management approach by leveragingBloomberg’s multi-factor risk models fully integratedwith historical performance attribution» Security returns are decomposed into the portioncoming from exposure to risk model factors, such asindustry, country, style, currency, curve and spread, andthe portion coming from selection effectPORTFOLIO & RISK ANALYTICS 04 // 05

With PORT GO you can monitor the intradayperformance of your equity, fixed income or multi-assetportfolio in real-time as well as quickly access the newswhich is most impacting your portfolio today. ImmediatelyPRESENTMONITOR TODAY’SPERFORMANCE& NEWS INREAL-TIMEidentify today’s top and bottom return contributors. Keeptrack of your portfolio’s performance even when you areout of the office by running Bloomberg Anywhere on yourmobile device.PORT GO — News Pop-upInstantly view the stories relatingto and impacting your portfoliowith Bloomberg News PORTFOLIO NEWS & ALERTS» Bloomberg's ever-expanding news content is fed by morethan 60,000 sources, including global press releases,broker research and blogs» Alerts and unlimited keyword criteria can be applied toyour portfolios, ensuring that every piece of news andresearch critical to you is capturedPORT GO —Intraday PerformanceMonitor your portfolio’s intradayperformance relative to the priorday’s close pricesREAL-TIME MONITORING» Track how your portfolio is performing today on anabsolute basis or relative to a benchmark» Quickly identify the top and bottom return contributorsfor your portfolio by security, by industry, or by anyother classification» Display the intraday cumulative return chart or heat mapfor a visual representation of today’s activity» For fixed income securities, PORT GO leveragesthe numerous intraday pricing feeds available via theBloomberg terminal, including MSG1 pricingBLOOMBERG BRIEF RISK NEWSLETTERPortfolio managers, treasurers and risk professionalswith Bloomberg terminals have a resource in the form ofa weekly risk e-newsletter launched in June 2011. TitledBloomberg Brief Risk, this publication combines originalnews, data and commentary on topics such as hedging,portfolio allocation and funding strategies. Bloomberg»S ort your portfolio news with up to 11 different filters,including “User Activity,” which uniquely shows the storiesof most interest to other users in the Bloomberg communityBrief Risk also contains interviews with risk officers andportfolio managers at fund companies, corporations andother institutions. Bloomberg terminal customers enjoycomplimentary access to the newsletter. Non-terminalcustomers may access via paid ///////////////////Monitor your portfolio’s intraday performance anytime andanywhere on your Blackberry, iPhone, iPad , Android orother mobile device with Bloomberg //////////////PORTFOLIO & RISK ANALYTICS 06 // 07

Bloomberg’s Portfolio & Risk Analytics solution centralizesthe critical data and analytics you need to understandthe structure of your portfolios. Display the fundamentalmetrics you care about most, such as P/E and dividendPRESENTEVALUATE YOURPORTFOLIO’SCURRENTSTRUCTUREyield for equity portfolios or effective duration forfixed-income portfolios. Create your own growthor trend metric leveraging Bloomberg’s vastfundamentals database.PORT GO — Cash FlowsUnderstand the projectedcash flows of your portfolio PORTFOLIO CASH FLOWS» Display the projected income generated by yourportfolio over a time specified horizon in both chartand table form» Cash flows are based on Bloomberg DividendForecast (BDVD) for equity instruments, couponand principal payments for fixed income instrumentsPORT GO —Characteristics tabAnalyze the fundamentalcharacteristics of your portfoliothat matters mostAGGREGATE PORTFOLIO CHARACTERISTICS»A nalyze key equity or fixed income characteristics of yourportfolio and see how they compare to a benchmark ona specific date or as a time series trend» Aggregate these measures by any classification,such as a sector, country, or any custom schemethat you define» Upload your own custom data and display alongsideBloomberg data» Chart characteristics to see your relative exposuresversus the benchmarkPORT GO —Liquidity RiskAnalyze your equity portfolio’sstructure in terms of the overallliquidity of your positionsLIQUIDITY RISK» Understand your equity portfolio’s liquidity based onthe average or total days to liquidate all or a portionof your positions» Quickly identify the most illiquid stocks in your portfolioas well as the concentration of your portfolio’s marketvalue in more vs. less liquid securities» Customize your liquidity risk analysis based on aspecified participation rate and average tradingvolume history»A nalyze your portfolio’s liquidity horizon based onthe length of time it would take to liquidate a presetpercentage of the portfolio’s total market valuePORTFOLIO & RISK ANALYTICS 08 // 09

FUTUREUNDERSTANDYOUR PORTFOLIO’SFUTURE RISKEXPOSURESPORT GO — Scenarios tabStress test your portfolio andidentify sensitivities to selectedmarket risk factorsBloomberg has developed fundamental risk factor models to help you measure and analyze portfoliorisk through multiple lenses, including tracking error, stress testing, and VaR.SCENARIO ANALYSIS» Evaluate your portfolio using a variety of historical stressscenarios—such as the global financial meltdown in2008 or the Libyan oil crisis in 2011» Create your own custom stress tests to gain greaterinsight into your portfolio’s risk and validatecurrent portfolio exposuresPORT GO —Tracking Error tabAnalyze your portfolio’s ex-ante(predicted) risk by using oneof Bloomberg’s multi-factorrisk modelsTRACKING ERROR» Fully transparent fundamental risk factor modelsprovide global , multi-asset class coverage acrossall of your positions» More informative risk decomposition using marketstandard as well as custom classifications» Calculate risk in absolute terms or relative to yourbenchmark, another portfolio, fund or index»O nly Bloomberg provides the ability to click throughto the underlying fundamental data for full riskdata transparencyPORT GO — VaR tabAnalyze the tail risk of yourportfolio using the latest riskmodeling techniquesVALUE-AT-RISK» Global multi-asset class security coverage, withStress Matrix Pricing on derivatives for moreaccurate VaR forecasts» Ability to measure the VaR impact on proposed tradesusing Trade Simulation mode and optimization» Support for Monte Carlo, Historical, and Parametric VaRMethods across multiple confidence levels to calculatethe maximum expected loss» Robust proxy capability to assist in exception handlingPORTFOLIO & RISK ANALYTICS 10 // 11