72% 5.22% 98% SINCE SATURN’S OBJECTIVE WAS TO FULLY HEDGE THE FUND...

4.72% 5.22% 4.98% Since Saturn’s objective was to fully hedge the fund’s currency risk, the hedge was very effective. The hedged return of 4.98% is close to the 5.00% from the US and European portfolios before accounting for currency effects. 2008 Level III Guideline Answers Morning Session – Page 40 of 40