BRIDGEWATER PURE ALPHA Strategy Net Performance Disclosure: The performance history provided is based on actual Bridgewater Pure Alpha accounts. Returns since the strategy's inception in December 1991 through April 1999 are based on the actual performance of a partially funded account (where interest income has been removed to arrive at the excess returns), and are adjusted to include the imputed interest return on the full notional value using the US repo rate. Net of fee returns have been calculated using our standard Pure Alpha fee schedule, which is higher than the fees actually charged to the account. Returns after April 1999 are the actual net returns of the longest running fully funded Pure Alpha account with a target tracking error of 18%, a United States cash benchmark, and fully unconstrained active management guidelines. These returns reflect all fees (which are at our Pure Alpha standard rates), expenses, and interest actually charged or credited to the account. Bridgewater manages additional Pure Alpha portfolios not included in this performance history. The performance provided includes the reinvestment of all interest, gains, and losses. Investment advisory fees are described in Part II of Bridgewater's Form ADV. No representation is being made that any account will or is likely to achieve returns similar to those shown. Trading in futures is risky and can result in losses as well as profits. Individually Managed Accounts: Individually managed account performance will vary based on constraints, funding levels and other factors. Terminology: Value added (or excess return) is calculated by subtracting the official returns of each account's specified benchmark from the total return experienced by the account over a given period. Volatility of value added (or tracking error) refers to the standard deviation of monthly value added over a given time period. Standard deviation of monthly value added is one possible measurement of portfolio risk. Target volatility (or target tracking error) is an indication of the long-term expected volatility of value added. Information ratio is calculated by dividing the value added experienced over a given period by the volatility of the value added during the same period. Past value added and past volatility are not necessarily indicative of future value added and future volatility. There can be no assurance that the future value added and future volatility actually reflected in accounts will be at historical levels or levels either specified in the investment objectives or suggested by our forecasts. Assets reported reflect total assets traded in the Pure Alpha Stragegy.