8/11/2019 Risk Sharing Agreements - Asymmetry of Returns 1

1/8

A B C D E F G

Yen Amount FX Rate Col A/B Col A/H Col B * I Col I / H

$1 = Yen

390,000,000.00

-$391,304.35 45,000,000.00390,000,000.00 115 $3,391,304.35 $3,391,304.35 345,000,000.00 345,000,000.00

390,000,000.00 116 $3,362,068.97 $3,362,068.97 348,000,000.00 348,000,000.00

390,000,000.00 117 $3,333,333.33 $3,333,333.33 351,000,000.00 351,000,000.00

390,000,000.00 118 $3,305,084.75 $3,305,084.75 354,000,000.00 354,000,000.00

390,000,000.00 119 $3,277,310.92 $3,277,310.92 357,000,000.00 357,000,000.00

390,000,000.00 120 $3,250,000.00 $3,250,000.00 360,000,000.00 360,000,000.00

390,000,000.00 121 $3,223,140.50 $3,223,140.50 363,000,000.00 363,000,000.00

390,000,000.00 122 $3,196,721.31 $3,196,721.31 366,000,000.00 366,000,000.00

390,000,000.00 123 $3,170,731.71 $3,170,731.71 369,000,000.00 369,000,000.00

390,000,000.00 124 $3,145,161.29 $3,145,161.29 372,000,000.00 372,000,000.00

390,000,000.00 125 $3,120,000.00 $3,120,000.00 375,000,000.00 375,000,000.00

390,000,000.00 126 $3,095,238.10 $3,095,238.10 378,000,000.00 378,000,000.00

390,000,000.00 127 $3,070,866.14 $3,070,866.14 381,000,000.00 381,000,000.00

390,000,000.00 128 $3,046,875.00 $3,046,875.00 384,000,000.00 384,000,000.00

390,000,000.00 129 $3,023,255.81 $3,023,255.81 387,000,000.00 387,000,000.00

390,000,000.00 130 $3,000,000.00 $3,000,000.00 390,000,000.00 390,000,000.00

390,000,000.00 131 $2,977,099.24 $2,977,099.24 393,000,000.00 393,000,000.00

390,000,000.00 132 $2,954,545.45 $2,954,545.45 396,000,000.00 396,000,000.00

390,000,000.00 133 $2,932,330.83 $2,932,330.83 399,000,000.00 399,000,000.00

390,000,000.00 134 $2,910,447.76 $2,910,447.76 402,000,000.00 402,000,000.00

390,000,000.00 135 $2,888,888.89 $2,888,888.89 405,000,000.00 405,000,000.00390,000,000.00 136 $2,867,647.06 $2,867,647.06 408,000,000.00 408,000,000.00

390,000,000.00 137 $2,846,715.33 $2,846,715.33 411,000,000.00 411,000,000.00

390,000,000.00 138 $2,826,086.96 $2,826,086.96 414,000,000.00 414,000,000.00

390,000,000.00 139 $2,805,755.40 $2,805,755.40 417,000,000.00 417,000,000.00

390,000,000.00 140 $2,785,714.29 $2,785,714.29 420,000,000.00 420,000,000.00

390,000,000.00 141 $2,765,957.45 $2,765,957.45 423,000,000.00 423,000,000.00

390,000,000.00 142 $2,746,478.87 $2,746,478.87 426,000,000.00 426,000,000.00

390,000,000.00 143 $2,727,272.73 $2,727,272.73 429,000,000.00 429,000,000.00

390,000,000.00 144 $2,708,333.33 $2,708,333.33 432,000,000.00 432,000,000.00

390,000,000.00 145 $2,689,655.17 $2,689,655.17 435,000,000.00 435,000,000.00

$310,344.83 (45,000,000.00)Not equal

8/11/2019 Risk Sharing Agreements - Asymmetry of Returns 1

2/8

H I

Inverse of B USD Amount

1Yen = USD$

$3,000,000.00

0.008695652 $3,000,000.00 0.115385 -0.13043

0.00862069 $3,000,000.00

0.008547009 $3,000,000.00

0.008474576 $3,000,000.00

0.008403361 $3,000,000.00

0.008333333 $3,000,000.00

0.008264463 $3,000,000.00

0.008196721 $3,000,000.00

0.008130081 $3,000,000.00

0.008064516 $3,000,000.00

0.008 $3,000,000.00

0.007936508 $3,000,000.00

0.007874016 $3,000,000.00

0.0078125 $3,000,000.00

0.007751938 $3,000,000.00

0.007692308 $3,000,000.00

0.007633588 $3,000,000.00

0.007575758 $3,000,000.00

0.007518797 $3,000,000.00

0.007462687 $3,000,000.00

0.007407407 $3,000,000.000.007352941 $3,000,000.00

0.00729927 $3,000,000.00

0.007246377 $3,000,000.00

0.007194245 $3,000,000.00

0.007142857 $3,000,000.00

0.007092199 $3,000,000.00

0.007042254 $3,000,000.00

0.006993007 $3,000,000.00

0.006944444 $3,000,000.00

0.006896552 $3,000,000.00 -0.11538 0.103448

8/11/2019 Risk Sharing Agreements - Asymmetry of Returns 1

3/8

A B C D E F G

GBP Amount FX Rate Col A/B Col A/H Col B * I Col I / H

$1 = Yen

10,000,000.00 1.6 0.05

-$7,500,000.00 -$7,500,000.00 3,191,489.3610,000,000.00 2.35 $23,500,000.00 $23,500,000.00 6,808,510.64 6,808,510.64

10,000,000.00 2.30 $23,000,000.00 $23,000,000.00 6,956,521.74 6,956,521.74

10,000,000.00 2.25 $22,500,000.00 $22,500,000.00 7,111,111.11 7,111,111.11

10,000,000.00 2.20 $22,000,000.00 $22,000,000.00 7,272,727.27 7,272,727.27

10,000,000.00 2.15 $21,500,000.00 $21,500,000.00 7,441,860.47 7,441,860.47

10,000,000.00 2.10 $21,000,000.00 $21,000,000.00 7,619,047.62 7,619,047.62

10,000,000.00 2.05 $20,500,000.00 $20,500,000.00 7,804,878.05 7,804,878.05

10,000,000.00 2.00 $20,000,000.00 $20,000,000.00 8,000,000.00 8,000,000.00

10,000,000.00 1.95 $19,500,000.00 $19,500,000.00 8,205,128.21 8,205,128.21

10,000,000.00 1.90 $19,000,000.00 $19,000,000.00 8,421,052.63 8,421,052.63

10,000,000.00 1.85 $18,500,000.00 $18,500,000.00 8,648,648.65 8,648,648.65

10,000,000.00 1.80 $18,000,000.00 $18,000,000.00 8,888,888.89 8,888,888.89

10,000,000.00 1.75 $17,500,000.00 $17,500,000.00 9,142,857.14 9,142,857.14

10,000,000.00 1.70 $17,000,000.00 $17,000,000.00 9,411,764.71 9,411,764.71

10,000,000.00 1.65 $16,500,000.00 $16,500,000.00 9,696,969.70 9,696,969.70

10,000,000.00 1.6 $16,000,000.00 $16,000,000.00 10,000,000.00 10,000,000.00

10,000,000.00 1.55 $15,500,000.00 $15,500,000.00 10,322,580.65 10,322,580.65

10,000,000.00 1.50 $15,000,000.00 $15,000,000.00 10,666,666.67 10,666,666.67

10,000,000.00 1.45 $14,500,000.00 $14,500,000.00 11,034,482.76 11,034,482.76

10,000,000.00 1.40 $14,000,000.00 $14,000,000.00 11,428,571.43 11,428,571.43

10,000,000.00 1.35 $13,500,000.00 $13,500,000.00 11,851,851.85 11,851,851.8510,000,000.00 1.30 $13,000,000.00 $13,000,000.00 12,307,692.31 12,307,692.31

10,000,000.00 1.25 $12,500,000.00 $12,500,000.00 12,800,000.00 12,800,000.00

10,000,000.00 1.20 $12,000,000.00 $12,000,000.00 13,333,333.33 13,333,333.33

10,000,000.00 1.15 $11,500,000.00 $11,500,000.00 13,913,043.48 13,913,043.48

10,000,000.00 1.10 $11,000,000.00 $11,000,000.00 14,545,454.55 14,545,454.55

10,000,000.00 1.05 $10,500,000.00 $10,500,000.00 15,238,095.24 15,238,095.24

10,000,000.00 1.00 $10,000,000.00 $10,000,000.00 16,000,000.00 16,000,000.00

10,000,000.00 0.95 $9,500,000.00 $9,500,000.00 16,842,105.26 16,842,105.26

10,000,000.00 0.90 $9,000,000.00 $9,000,000.00 17,777,777.78 17,777,777.78

10,000,000.00 0.85 $8,500,000.00 $8,500,000.00 18,823,529.41 18,823,529.41

$7,500,000.00 $7,500,000.00 (8,823,529.41)Not equal

8/11/2019 Risk Sharing Agreements - Asymmetry of Returns 1

4/8

H I

Inverse of B USD Amount KEY

1Yen = USD$

$16,000,000.00

0.425531915 $16,000,000.00 -0.46875 0.319149 $3,191,489

0.434782609 $16,000,000.00 -0.4375 0.304348 $3,043,478

0.444444444 $16,000,000.00 -0.40625 0.288889 $2,888,889

0.454545455 $16,000,000.00 -0.375 0.272727 $2,727,273

0.465116279 $16,000,000.00 -0.34375 0.255814 $2,558,140

0.476190476 $16,000,000.00 -0.3125 0.238095 $2,380,952

0.487804878 $16,000,000.00 -0.28125 0.219512 $2,195,122

0.5 $16,000,000.00 -0.25 0.2 $2,000,000

0.512820513 $16,000,000.00 -0.21875 0.179487 $1,794,872

0.526315789 $16,000,000.00 -0.1875 0.157895 $1,578,947

0.540540541 $16,000,000.00 -0.15625 0.135135 $1,351,351

0.555555556 $16,000,000.00 -0.125 0.111111 $1,111,111

0.571428571 $16,000,000.00 -0.09375 0.085714 $857,143

0.588235294 $16,000,000.00 -0.0625 0.058824 $588,235

0.606060606 $16,000,000.00 -0.03125 0.030303 $303,030

0.625 $16,000,000.00 0 0 $0

0.64516129 $16,000,000.00 0.03125 -0.03226 ($322,581)

0.666666667 $16,000,000.00 0.0625 -0.06667 ($666,667)

0.689655172 $16,000,000.00 0.09375 -0.10345 ($1,034,483)

0.714285714 $16,000,000.00 0.125 -0.14286 ($1,428,571)

0.740740741 $16,000,000.00 0.15625 -0.18519 ($1,851,852)0.769230769 $16,000,000.00 0.1875 -0.23077 ($2,307,692)

0.8 $16,000,000.00 0.21875 -0.28 ($2,800,000)

0.833333333 $16,000,000.00 0.25 -0.33333 ($3,333,333)

0.869565217 $16,000,000.00 0.28125 -0.3913 ($3,913,043)

0.909090909 $16,000,000.00 0.3125 -0.45455 ($4,545,455)

0.952380952 $16,000,000.00 0.34375 -0.52381 ($5,238,095)

1 $16,000,000.00 0.375 -0.6 ($6,000,000)

1.052631579 $16,000,000.00 0.40625 -0.68421 ($6,842,105)

1.111111111 $16,000,000.00 0.4375 -0.77778 ($7,777,778)

1.176470588 $16,000,000.00 0.46875 -0.88235 ($8,823,529)

(5,632,040.05) -56.32040%

-1

-0.8

-0.6

-0.4

-0.2

0

0.2

0.4

0.6

1 2 3 4 5 6

($10,000,000)

($8,000,000)

($6,000,000)

($4,000,000)

($2,000,000)

$0

$2,000,000

$4,000,000

1 2 3

8/11/2019 Risk Sharing Agreements - Asymmetry of Returns 1

5/8

7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

Series1 Series2

4 5 6 7 8 9 10111213141516171819202122232425262728293031

Chart Title

8/11/2019 Risk Sharing Agreements - Asymmetry of Returns 1

6/8

KEY

20

600 0.001667 -33.3333% -50.000000%620 0.000054 0.001613 -31.1111% -45.161290%

640 0.000050 0.001563 -28.8889% -40.625000%

660 0.000047 0.001515 -26.6667% -36.363636%

680 0.000045 0.001471 -24.4444% -32.352941%

700 0.000042 0.001429 -22.2222% -28.571429%

720 0.000040 0.001389 -20.0000% -25.000000%

740 0.000038 0.001351 -17.7778% -21.621622%

760 0.000036 0.001316 -15.5556% -18.421053%

780 0.000034 0.001282 -13.3333% -15.384615%

800 0.000032 0.001250 -11.1111% -12.500000%

820 0.000030 0.001220 -8.8889% -9.756098%

840 0.000029 0.001190 -6.6667% -7.142857%

860 0.000028 0.001163 -4.4444% -4.651163%

880 0.000026 0.001136 -2.2222% -2.272727%

900 0.000025 0.001111 0.0000% 0.000000%

920 0.000024 0.001087 2.2222% 2.173913%

940 0.000023 0.001064 4.4444% 4.255319%

960 0.000022 0.001042 6.6667% 6.250000%

980 0.000021 0.001020 8.8889% 8.163265%

1000 0.000020 0.001000 11.1111% 10.000000%

1020 0.000020 0.000980 13.3333% 11.764706%1040 0.000019 0.000962 15.5556% 13.461538%

1060 0.000018 0.000943 17.7778% 15.094340%

1080 0.000017 0.000926 20.0000% 16.666667%

1100 0.000017 0.000909 22.2222% 18.181818%

1120 0.000016 0.000893 24.4444% 19.642857%

1140 0.000016 0.000877 26.6667% 21.052632%

1160 0.000015 0.000862 28.8889% 22.413793%

1180 0.000015 0.000847 31.1111% 23.728814%

-50.00% 1200 0.000014 0.000833 33.3333% 25.000000%

8/11/2019 Risk Sharing Agreements - Asymmetry of Returns 1

7/8

0.0000278

0.001667 600.00 -33.3689% -25.020000%0.000028 0.001639 610.18 -31.1443% -23.748119%

0.001611 620.71 -28.9197% -22.432343%

0.001583 631.61 -26.6951% -21.070361%

0.001555 642.89 -24.4705% -19.659695%

0.001528 654.59 -22.2459% 8.000000%

0.001500 666.73 -20.0213% -16.681483%

0.001472 679.32 -17.7967% -15.108011%

0.001444 692.39 -15.5722% -13.473966%

0.001416 705.98 -13.3476% -11.775780%

0.001389 720.12 -11.1230% 8.000000%

0.001361 734.83 -8.8984% -8.171263%

0.001333 750.15 -6.6738% -6.256251%

0.001305 766.13 -4.4492% -4.259666%

0.001277 782.80 -2.2246% -2.176182%

0.001250 800.21 0.0000% 0.000000%

0.001222 818.42 2.2246% 2.275207%

0.001194 837.47 4.4492% 4.656356%

0.001166 857.44 6.6738% 7.151023%

0.001138 878.37 8.8984% 9.767524%

0.001111 900.36 11.1230% 12.515006%

0.001083 923.47 13.3476% 15.403558%0.001055 947.81 15.5722% 18.444332%

0.001027 973.46 17.7967% 21.649685%

0.000999 1000.53 20.0213% 25.033351%

0.000972 1029.16 22.2459% 28.610635%

0.000944 1059.47 24.4705% 32.398644%

0.000916 1091.62 26.6951% 36.416564%

0.000888 1125.79 28.9197% 40.685980%

0.000860 1162.16 31.1443% 45.231270%

100.16% 0.000833 1200.96 33.3689% 50.080064%

8/11/2019 Risk Sharing Agreements - Asymmetry of Returns 1

8/8

-50.06%-47.56%

-45.05%

-42.55%

-40.05%

-37.55%

-35.04%

-32.54%

-30.04%

-27.53%

-25.03%

-22.53%

-20.02%

-17.52%

-15.02%

-12.52%

-10.01%

-7.51%

-5.01%

-2.50%

0.00%

2.50%5.01%

7.51%

10.01%

12.52%

15.02%

17.52%

20.02%

22.53%

25.03%