-0.

5%

LB
LB
15
46

-1.0%

-1.5%
Horizon

19
55

78
80
82
84
86
88
90
92
94

80
82
84
86
88
90
92
94
96
98
100

80
82
84
86
88
90
92
94
96
98
100

100

98

96

76
78

64

62

60

58

56

54

52

50

48

46

44

42

40

38

36

34

32

30

28

26

24

22

20

18

16

14

12

10

76

0.0%

78

0.5%

76

1.0%

74

1.5%

74

2.0%

74

Bankers' Acceptance LB From 1/1/1991 to 9/28/2007

72

Horizon

70

0.0%

72

0.5%

70

1.0%

72

1.5%

70

2.0%

68

2.5%

66

Bankers' Acceptance LB From 10/1/2005 to 9/28/2007

68

Horizon

66

-1.5%

68

64

62

60

58

56

54

52

50

48

46

44

42

40

38

36

34

32

30

28

26

24

22

20

18

16

14

-1.0%

66

64

62

60

58

56

54

52

50

48

46

44

42

40

38

36

34

32

30

28

26

24

22

20

18

16

14

12

12

10

PNL
-0.5%

10

PNL

PNL

Bankers' Acceptance LB From 1/1/1991 to 9/30/2005

2.0%

1.5%

1.0%

0.5%

0.0%

-0.2%

MA
MA
26
81

-0.4%
Horizon

26
81

76
78
80
82
84
86
88
90
92
94
96
98
100

78
80
82
84
86
88
90
92
94
96
98
100

64

62

60

58

56

54

52

50

48

46

44

42

40

38

36

34

32

30

28

26

24

22

20

18

16

14

12

76

0.0%

74

0.2%

74

0.4%

72

0.6%

70

0.8%

72

1.0%

70

1.2%

68

Bankers' Acceptance MA From 1/1/1991 to 9/28/2007

66

Horizon

68

-0.5%

66

64

62

60

58

56

54

52

50

48

46

44

42

40

38

36

34

32

30

28

26

24

22

20

18

16

14

12

10

PNL

100

98

96

94

92

90

88

86

84

82

80

78

76

74

72

70

68

66

64

62

60

58

56

54

52

50

48

46

44

42

40

38

36

34

32

30

28

26

24

22

20

18

16

14

12

10

-0.2%

10

PNL

PNL

Bankers' Acceptance MA From 1/1/1991 to 9/30/2005

1.0%

0.8%

0.6%

0.4%

0.2%

0.0%

-0.4%

-0.6%
Horizon

Bankers' Acceptance MA From 10/1/2005 to 9/28/2007

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

-1.0%

-1.5%
Horizon

PNL

78
80
82
84
86
88
90
92
94

80
82
84
86
88
90
92
94
96
98
100

80
82
84
86
88
90
92
94
96
98
100

100

98

96

76
78

64

62

60

58

56

54

52

50

48

46

44

42

40

38

36

34

32

30

28

26

24

22

20

18

16

14

12

10

76

0.0%

78

0.5%

76

1.0%

74

1.5%

74

Bankers' Acceptance MAC From 1/1/1991 to 9/28/2007

74

Horizon

72

0.0%

70

0.5%

72

1.0%

70

1.5%

72

2.0%

70

2.5%

68

Bankers' Acceptance MAC From 10/1/2005 to 9/28/2007

66

Horizon

68

-2.0%

66

64

62

60

-1.5%

68

64

62

60

58

56

54

52

50

48

46

44

42

40

38

36

34

32

30

28

26

24

22

20

18

16

14

-1.0%

66

-0.5%

58

56

54

52

50

48

46

44

42

40

38

36

34

32

30

28

26

24

22

20

18

16

14

12

10

PNL
-0.5%

12

10

PNL

Bankers' Acceptance MAC From 1/1/1991 to 9/30/2005

1.5%

1.0%

0.5%

0.0%

-0.2%
Horizon

82
84
86
88
90
92
94

82
84
86
88
90
92
94
96
98
100

84
86
88
90
92
94
96
98
100

100

98

96

80

80

64

62

60

58

56

54

52

50

48

46

44

42

40

38

36

34

32

30

28

26

24

22

20

18

16

14

12

10

82

0.0%

80

0.2%

78

0.4%

76

0.6%

78

0.8%

76

1.0%

78

1.2%

76

1.4%

74

Bankers' Acceptance BO From 1/1/1991 to 9/28/2007

74

Horizon

74

0.0%

72

0.2%

70

0.4%

72

0.6%

70

0.8%

72

1.0%

70

1.2%

68

1.4%

66

1.6%

68

1.8%

66

Bankers' Acceptance BO From 10/1/2005 to 9/28/2007

68

64

62

60

58

56

54

52

50

48

46

44

42

40

38

36

34

32

30

28

26

24

22

20

18

16

14

Horizon

66

64

62

60

58

56

54

52

50

48

46

44

42

40

38

36

34

32

30

28

26

24

22

20

18

16

14

12

12

10

PNL
-0.2%

10

PNL

PNL

Bankers' Acceptance BO From 1/1/1991 to 9/30/2005

1.4%

1.2%

1.0%

0.8%

0.6%

0.4%

0.2%

0.0%