Exhibit 4
Capital Market Assumptions for Simulations
| Year | Equities | Fixed Income | Alternatives | |
|---|---|---|---|---|
| Capital Appreciation Returns | ||||
| NORMAL | 1 | 8% | 0% | 10% |
| 2 | 8% | 0% | 10% | |
| 3 | 8% | 0% | 10% | |
| BEAR | 1 | -20% | -5% | 0% |
| 2 | 0% | -5% | 0% | |
| 3 | 0% | -5% | 0% | |
| CATASTROPHIC | 1 | -20% | -5% | 0% |
| 2 | -20% | -5% | 0% | |
| 3 | -10% | -5% | 0% | |
| Income Returns | 2% | 5% | 0% | |
| (Time- and Scenario-Independent) |