When a new higher portfolio value is reached, the protection level increases.

Once increased, the protection level cannot fall.

This graphic is for illustrative purposes only.

• As the portfolio value falls from 100 to 94, the protection level remains constant at 85.

• As the portfolio value exceeds 100 and reaches 117, the protection level rises from 85 to 99.45 (85% of the highest portfolio value).

• When the portfolio value falls from 117, even in a significant downturn, the portfolio value will be secured at the protection level (in this example it is secured at 99.45).

• Once the portfolio value exceeds 117, the protection level rises again accordingly.