Presented to:

Discussion Document

October 6, 2017

One Glendinning Place

Westport, CT 06880
(203) 226-3030
www.bridgewater.com
 AGENDA

I. Bridgewater Overview

II. Account Reviews

III. Global Outlook

1
I. Bridgewater Overview

2
 BRIDGEWATER OVERVIEW

 Institutional investment manager

 Founded in 1975
 Deep fundamental understanding of markets
 Built around the principle of separating alpha and beta
 Managing Pure Alpha accounts for 26 years
 Managing All Weather accounts for 21 years
 Launched Optimal Portfolio in 2015

 Manage approximately $164 billion in assets

 $83bln in Pure Alpha strategies*
 $57bln in All Weather strategy
 $25bln in Optimal Portfolio strategy

 Employee controlled

Figures estimated as of August 2017.

* $83bln is equivalent to $94bln in 12% return-adjusted terms or equivalent to $63bln in 18% return-adjusted terms
Please review the “Important Disclosures and Other Information” located at the end of this presentation.
3
II. Account Reviews

4
 PROFIT SUMMARY – ALL ACCOUNTS

SJCERA Relationship Summary - Total

(May 2005 - August 2017)
300

$125 $249
250

200

($USD MM)
150

$124

100

50

0
Net Additions & Withdrawals Total Net Profit Total Account Value

Total Account Value, performance, and profits are estimated through August 31, 2017. Profits are calculated for all SJCERA accounts since inception.
PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Bridgewater Associates, LP.
Please review the “Important Disclosures and Other Information” located at the end of this presentation.
5
 ALL WEATHER

Strategy Overview: Bridgewater’s optimal asset allocation, which we have been managing since
1996. It is designed to produce the highest return-to-risk ratio for a strategic asset mix.

Approach: Collect the risk premium embedded across assets by balancing risk across asset
classes based on a fundamental understanding of their exposure to economic environment.

SJCERA Allocation: $175 million.

Growth Inflation
Markets Used in All Weather
25% of Risk 25% of Risk Global Nominal Interest Rates Global IL Bonds EM Credit Spreads Commodities
Australia Australia Argentina Aluminum
Equities Breakeven Inflation
Canada Canada Brazil Coffee
Rising Commodities IL Bonds China France Colombia Copper
Corporate Credit Commodities Czech Republic Germany Indonesia Corn
EM Credit EM Credit Germany Sweden Mexico Cotton
Hungary UK Peru Gold
India US Philippines Lean Hogs
Japan Russia Live Cattle
Malaysia Global Equities South Africa Natural Gas
Mexico Australia Turkey Nickel
25% of Risk 25% of Risk Norway Canada Venezuela Oil & Petroleum Products
Poland Emerging Markets Silver
Nominal Bonds Nominal Bonds
Singapore Euroland Corporate Credit Spreads Soybean Meal
IL Bonds Equities
Falling South Africa France North America Soybean Oil
South Korea Germany Europe Soybeans
Sweden Hong Kong Sugar
Taiwan Japan Wheat
Thailand UK Zinc
Turkey US
UK
US
Risk Premiums & Discount Rates

Please review the “Important Disclosures and Other Information” located at the end of this presentation.
6
 PERFORMANCE SUMMARY
Net of Fees Performance Summary

Excess + Return on Cash = Total Return

1996 17.2 % 3.1 % 20.4 %

1997 9.4 % 5.6 % 15.0 %
1998 -7.3 % 5.5 % -1.8 % Bridgewater All Weather Strategy
1999 10.5 % 5.1 % 15.6 % Jun 1996 - Aug 2017
2000 3.6 % 6.3 % 9.9 % Net Total
2001 -9.8 % 3.8 % -6.0 % Cumulative Return 406.6%
2002 8.5 % 1.7 % 10.2 % Annual Return 7.9%
2003 15.6 % 1.1 % 16.7 % Annual StDev 10.1%
2004 16.3 % 1.4 % 17.7 %
2005 12.2 % 3.3 % 15.5 %
2006 -3.9 % 5.0 % 1.2 %
2007 6.8 % 5.0 % 11.8 %
2008 -22.0 % 1.9 % -20.2 % San Joaquin County Employees'
2009 9.2 % 0.2 % 9.4 % Retirement Assoc-AW
2010 17.5 % 0.1 % 17.6 % Apr 2012 - Aug 2017
2011 18.0 % 0.1 % 18.1 % Net Total
2012 14.5 % / 10.5 %* 0.2 % / 0.1 %* 14.7 % / 10.7 %* Cumulative Return 26.0%
2013 -3.9 % 0.1 % -3.8 % Annual Return 4.4%
2014 7.4 % 0.1 % 7.5 % Annual StDev 7.2%
2015 -6.9 % 0.0 % -6.9 %
2016 9.7 % 0.2 % 9.9 %
2017 YTD 7.1 % 0.4 % 7.6 %

Performance is estimated through August 31, 2017. Inception of the strategy was June 1996. Inception of the mandate was April 2012.
*Performance is shown for the full year for the All Weather Strategy (black text), and for the partial year for the client’s specific account (bold red text). Summary statistics for the All Weather Strategy are based on the full history of the
strategy, and may differ from the performance of your specific account or investment. Standard deviation is calculated using gross of fees excess returns. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE
RESULTS.
Please review the “Important Disclosures and Other Information” located at the end of this presentation.
7
 PERFORMANCE VS. EXPECTATIONS
Gross Cumulative Excess Return vs. Expectations (ln)
Expected Return 2 Standard Deviation 1 Standard Deviation Cumulative Excess Return

300% 150%
Bridgewater All Weather Strategy San Joaquin County Employees' Retirement Assoc-AW

Jun 1996 - Aug 2017 Apr 2012 - Aug 2017

Excess Standard Return-to- Excess Standard Return-to-

Annualized Return Deviation Risk Ratio Annualized Return Deviation Risk Ratio
250% 125%
Expected 6.5% 10.0% 0.65 Expected 6.5% 10.0% 0.65
Actual 6.1% 10.1% 0.61 Actual 4.7% 7.2% 0.66

200% 100%

150% 75%

100% 50%

50% 25%

0% 0%

-50% -25%
1996 1999 2002 2005 2008 2011 2014 2017 2020 2012 2014 2016 2018 2020 2022

PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Please review the “Important Disclosures and Other Information” located at the end of this presentation. 8
 PURE ALPHA

Overview: We have managed Pure Alpha since 1991. It is designed to produce our highest ratio
of return to risk while having no bias to market betas or other active managers.

Approach: We trade a highly diversified set of liquid global markets . We take directional
positions (long, short) and spread positions (market-neutral), with no systematic bias to be
long or short any market over time.

SJCERA Allocation: $74 million at 18% target annualized volatility.

Alpha Risk Budget

Developed Nominal Interest

Currencies Rates (Directional)

Emerging Nominal
Interest
Currencies Rates
(Spread)

Inflation-Linked
Bonds

Commodities
Sovereign and
Corporate Credit

Equities

Note this chart is provided for illustrative purposes only to demonstrate the diversification of active opportunities in the Pure Alpha strategy. This chart does not represent every market, asset class or instrument in which Bridgewater
trades. Please review the “Important Disclosures and Other Information” located at the end of this presentation.
9
 PERFORMANCE SUMMARY
Net of Fees Performance Summary
(Returns Based on Related Fund Performance Prior to May 2005)

Alpha + Return on Cash = Total Return

1991 7.2 % 0.4 % 7.6 %

1992 1.4 % 3.6 % 5.1 % Bridgewater Pure Alpha
1993 33.7 % 3.1 % 36.8 % Strategy 18% Volatility
1994 -7.4 % 4.3 % -3.1 % Dec 1991 - Aug 2017
1995 -11.6 % 5.9 % -5.7 % Net Total
1996 31.3 % 5.4 % 36.6 % Cumulative Return 1717.4%
1997 22.6 % 5.6 % 28.2 % Annual Return 11.9%
1998 32.3 % 5.5 % 37.8 % Annual StDev 14.9%
1999 -4.7 % 4.8 % 0.1 %
2000 -14.6 % 6.7 % -7.9 %
2001 2.4 % 4.4 % 6.9 %
2002 19.9 % 2.2 % 22.1 %
2003 32.6 % 1.2 % 33.8 %
2004 19.0 % 1.4 % 20.4 %
2005 -0.2 % 3.3 % 3.1 %
2006 -3.6 % / -5.4 %* 5.3 % / 1.8 %* 1.7 % / -3.5 %*
2007 7.4 % 5.2 % 12.6 %
2008 11.8 % 1.6 % 13.5 % San Joaquin County Employees' Retirement
2009 1.1 % 0.2 % 1.2 % Association PA
2010 52.8 % 0.1 % 52.8 % Sep 2006 - Aug 2017
2011 29.7 % 0.1 % 29.7 % Net Total
2012 1.7 % 0.1 % 1.9 % Cumulative Return 197.7%
2013 5.5 % 0.1 % 5.5 % Annual Return 10.4%
2014 5.3 % 0.1 % 5.4 % Annual StDev 13.2%
2015 7.0 % 0.1 % 7.1 %
2016 2.1 % 0.3 % 2.4 %
2017 YTD -3.6 % 0.4 % -3.1 %

Performance is estimated through August 31, 2017. Inception of the strategy was December 1991. Inception of the mandate was September 2006. From December 2010 through May 2017, the mandate obtained a portion of its alpha
through an investment in Pure Alpha Major Markets.
*Performance is shown for the full year for the Bridgewater Pure Alpha Strategy 18% Volatility (black text), and for the partial year for the client’s specific account (bold red text). Summary statistics for the Bridgewater Pure Alpha
Strategy 18% Volatility are based on the full history of the strategy, and may differ from the performance of your specific account or investment. Standard deviation is calculated using gross of fees excess returns.
"Related fund performance" is based on the performance of the Pure Alpha Strategy at 12% volatility scaled to 18% volatility. HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS.
UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING OR THE COSTS OF MANAGING THE PORTFOLIO. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN
EXECUTED, THE RESULTS MAY HAVE UNDER OR OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL
ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES
SIMILAR TO THOSE SHOWN. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
Please review the “Important Disclosures and Other Information” located at the end of this presentation.
10
 PERFORMANCE VS. EXPECTATIONS
Gross Cumulative Excess Return vs. Expectations (ln)
Expected Return 2 Standard Deviation 1 Standard Deviation Cumulative Excess Return

700% 400%
Bridgewater Pure Alpha Strategy 18% Volatility San Joaquin County Employees' Retirement Association
PA
Dec 1991 - Aug 2017
Sep 2006 - Aug 2017
Standard Return-to-
600% Standard Return-to-
350%
Annualized Alpha Deviation Risk Ratio
Annualized Alpha Deviation Risk Ratio
Expected 18.0% 18.0% 1.00
Expected 18.0% 18.0% 1.00
Actual 15.8% 14.9% 1.06
Actual 13.6% 13.2% 1.03
(Returns Based on Related Fund Performance Prior to May 300%
2005)
500%

250%
400%

200%

300%
150%

200%
100%

100% 50%

0% 0%

-50%
-100% 2006 2008 2010 2012 2014 2016 2018 2020 2022
1991 1995 1999 2003 2007 2011 2015 2019

From December 2010 through May 2017, the mandate obtained a portion of its alpha through an investment in Pure Alpha Major Markets.
"Related fund performance" is based on the performance of the Pure Alpha Strategy at 12% volatility scaled to 18% volatility. HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS.
UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING OR THE COSTS OF MANAGING THE PORTFOLIO. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN
EXECUTED, THE RESULTS MAY HAVE UNDER OR OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE
ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR
TO THOSE SHOWN.PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
Please review the “Important Disclosures and Other Information” located at the end of this presentation. 11
III. Global Outlook

12
 OUTLOOK

 Global growth is strong and near-term conditions look good.

Complacency is high.

– Money is moving from low-yielders to high-yielders.

– Emerging markets are in a sweet spot.

– Little volatility is priced in.

 We’re in the early stages of a gradual tightening. Risks around

this are significant.

 The next downturn will be a real mess. Secular deflationary

forces, low returns, and populism are latent risks.

13
 THE MONETARY SUPERCYCLE

US Interest Rates, Money, and Debt

Interest Rates Monetary Base (% GDP) Private Sector Debt (% GDP)
70% 165%
20% 68%
160%
19% 65%
155%
63%
18%
Rising debt burdens… 60% 150%
17% 145%
58%
16% 55% 140%
52%
15% …turns to deleveraging 135%
50%
14% 130%
Falling interest rates 48%
13% 125%
45%
12% 43% 120%

11% 40% 115%

38% 110%
10%
35%
105%
9% 33%
100%
8% 30%
Money printing when 95%
28%
7% rates hit zero
25% 90%
6%
22% 85%
5% 20% 80%
4% 18%
75%
15%
3%
12% 70%
2% 10% 65%
1% 8% 60%
0% 5% 55%
2%
50%
1975 1980 1985 1990 1995 2000 2005 2010 2015

Please review the “Important Disclosures and Other Information” located at the end of this presentation.
14
 ABUNDANT GLOBAL LIQUIDITY

Global Forward Real Rate Developed World Debt with Yields Below 1%
(% Developed World GDP)
6% 100%

90%
5%

80%
4%
70%
3%
60%

2% 50%

40%
1%

30%
0%
20%
-1%
10%

-2% 0%
1960 1970 1980 1990 2000 2010 2020 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020

Please review the “Important Disclosures and Other Information” located at the end of this presentation.
15
 LIQUIDITY HAS SUPPORTED ASSET PRICES

US 60/40 Excess Returns

Historical Returns over Every 10-Year Period since 1925
200%

2009+:
10.0% (ann.)

150%

100%

Median:
5.1% (ann.)
50%

0%

-50%

-100%
0 1 2 3 4 5 6 7 8 9 10
Years

The 60/40 portfolio is a 60% capital allocation to Equities and a 40% capital allocation to Nominal Bonds. Please review the “Important Disclosures and Other Information” located at the end of this presentation.

16
 PERVASIVE GLOBAL GROWTH SUPPORTING EQUITY EARNINGS

% of World Growing Above Potential % of World with Earnings Growth Above Trend
100% 100%

80% 80%

60% 60%

40% 40%

20% 20%

0% 0%
00 02 04 06 08 10 12 14 16 18 00 02 04 06 08 10 12 14 16 18

Please review the “Important Disclosures and Other Information” located at the end of this presentation.
17
 LIQUIDITY SHOULD FLOW TO HIGH-YIELDING REGIONS,
LIKE EMERGING MARKETS

Real Yields There Are Material Yield Differentials Across Assets

Developed Emerging Expected Total Returns
7%

11%
6%

9%
5%

4% 7%

3%
5%

2%

3%
1%

1%
0%

-1% -1%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 DW Cash DW Bonds DW Equities EM Cash EM Bonds EM Equities

Please review the “Important Disclosures and Other Information” located at the end of this presentation.
18
 MARKETS PRICING IN LOW VOLATILITY,
AND ALMOST NO CENTRAL BANK TIGHTENING

Implied
Implied Volatility
Volatility Global Discounted Annual Tightening
200bps
Global Implied Volatility Index Average Since 2000 USA EUR JPN GBR CHN

43% Very little tightening priced in

40% (200bps is the typical move in a year)
150bps
38%
35%
32%
30%
100bps
28%
25%
22%
20%
50bps
18%
15%
12%
10% 0bps
1990 1995 2000 2005 2010 2015 1 2 3 4 5
Years Out

Please review the “Important Disclosures and Other Information” located at the end of this presentation.
19
 RISK OF EXCESSIVE TIGHTENING IN A DELEVERAGING:
THE 1935-1938 HISTORICAL ANALOGUE

1937 Fed Tightening Analogue

U.S. Monetary Policy Economic & Financial Impact

Interest Rates U.S. Equities (Price Index)

Monetary Base (%GDP) Economic Slack (Indexed)

20.0% 0% 0.0%
0.5%
-10% -2.5%
17.5%
0.2% -20% -5.0%

15.0% -7.5%
-30%
0.0%
-10.0%
12.5% -40%
-0.2% -12.5%
-50%
10.0% -15.0%

34 35 36 37 38 39 34 35 36 37 38 39

Please review the “Important Disclosures and Other Information” located at the end of this presentation.
20
 TOO MANY PROMISES THAT CAN’T BE KEPT

IOUs %GDP Demographics

Total Entitlements Workers per Retiree

1980 2015 2045
Japan 1090% 660% 7.5 2.3 1.5
France 1070% 750% 4.5 3.3 2.1
United Kingdom 1040% 610% 4.2 3.7 2.4
Italy 1040% 730% 4.8 2.9 1.5
Spain 930% 600% 5.6 3.6 1.5
Germany 900% 660% 4.1 3.1 1.8
United States 810% 490% 5.7 4.5 2.7
China 650% 400% 12.9 7.9 2.3

Please review the “Important Disclosures and Other Information” located at the end of this presentation.
21
 A WIDE RANGE OF POTENTIAL OUTCOMES

1980
Inflation Disinflation Deflation ?

Tight money

Globalization

Inflationary
populism ?
Inflation targeting Cross-currents:
Deleveraging

Populist policies vs.

Pro-business policies
Nominal
GDP Growth
Liquidity

Japan-like
deleveraging ?

Please review the “Important Disclosures and Other Information” located at the end of this presentation.
22
 Important Disclosures and Other Information

Please read the following notes and disclosures as they provide important information and context for the research and performance represented herein. Additional information is available upon request except where the proprietary
nature of the information precludes its dissemination.
23
 IMPORTANT DISCLOSURES
This presentation contains proprietary information regarding Bridgewater Associates, LP (“Bridgewater”) and the strategies Bridgewater manages and is being furnished on a one-on-one basis to a sophisticated prospective investor for
the purpose of evaluating an investment with Bridgewater. By accepting this presentation, the prospective investor agrees that it (and each employee, representative or other agent of such prospective investor) will use the information
only to evaluate its potential interest in a fund or strategy described herein and for no other purpose and will not divulge any such information to any other party. No part of this presentation may be (i) copied, photocopied or duplicated in
any form by any means or (ii) redistributed without the prior written consent of Bridgewater. Notwithstanding anything to the contrary, a prospective investor, and each employee, representative or other agent of such prospective investor,
may disclose to any and all persons, without limitation of any kind, the U.S. federal and state income tax treatment and tax structure of a fund described herein (and any of the transactions contemplated hereby) and all materials of any
kind (including opinions or other tax analyses) that are provided to a prospective investor relating to such U.S. federal and state income tax treatment and tax structure.
This presentation has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or to participate in any trading strategy. Any such offering, will be made
pursuant to a definitive offering memorandum (the “OM”) which will contain the terms and risks of making an investment with Bridgewater in the relevant fund and other material information not contained herein and which will supersede
this information in its entirety. In the event of any discrepancy between the information shown in this presentation and the OM, the OM will prevail. Investors should not construe the contents of this presentation as legal, tax, accounting,
investment or other advice. Any decision to invest in a Bridgewater fund or strategy described herein should be made after carefully reviewing the OM (including the risks described therein) and all other related documents, conducting
such investigations as the prospective investor deems necessary and consulting such investor’s own investment, legal, accounting and tax advisors in order to make an independent determination of the suitability and consequences of
an investment in such fund or strategy. Information only for Swiss qualified investors pursuant to Art 10.3 of the Collective Investment Schemes Act (CISA): Representative in Switzerland: UBS Fund Management (Switzerland) AG,
Aeschenplatz 6, CH-4052 Basel. Paying Agent in Switzerland: UBS Switzerland AG, Bahnhofstrasse 45, CH-8001 Zurich. The offering memorandum, subscription documents and the financial statements of an investment fund offered to
Swiss qualified investors are available free of charge from the Representative in Switzerland.
An investment in any Bridgewater fund or strategy involves significant risks and there can be no assurance that any fund or strategy will achieve its investment objective or any targets or that investors will receive any return of their
capital. An investment in any Bridgewater fund or strategy is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks inherent in such an investment (including the risk of loss of
their entire investment) for an indefinite period of time. Past performance is not indicative of future results.
This presentation and the OM will only be made available to persons or entities who are “accredited investors” under the Securities Act of 1933, as amended, and “qualified purchasers” under the Investment Company Act of 1940, as
amended. The distribution of this presentation and the OM may be restricted by law in certain jurisdictions, and it is the responsibility of persons into whose possession this presentation or the OM comes to inform themselves about, and
observe, any such restrictions.
Certain information contained herein constitutes forward-looking statements (including projections, targets, hypotheticals, ratios, estimates, returns, performance, opinions, activity and other events contained or referenced herein), which
can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or other variations (or the negatives thereof) thereof. Due to various risks, assumptions,
uncertainties and actual events, including those discussed herein and in the OM, actual results, returns or performance may differ materially from those reflected or contemplated in such forward-looking statements. As a result,
prospective investors should not rely on such forward-looking statements in making their investment decisions. Any forward-looking statements contained herein reflect Bridgewater’s current judgment and assumptions which may
change in the future, and Bridgewater has no obligation to update or amend such forward-looking statements.
Bridgewater’s investment process seeks to understand the cause and effect linkages that drive markets over time. To assess and refine its understanding of these linkages, Bridgewater performs historical stress tests across a wide
range of timeframes and market environments. From these stress tests, Bridgewater is able to simulate how its strategies would have performed prior to their inception. Because Bridgewater recognize the possibility that it could be
wrong, Bridgewater “humbles” its simulations, by systematically adjusting downward the back-tested, simulated results that Bridgewater’s current investment logic produces. Because this stress testing is a core component of
Bridgewater’s investment process, it shares these simulations with current and prospective investors to demonstrate its thinking. However, because they do not demonstrate actual results, these simulations are inherently limited and
should not be relied upon to make an investment decision.
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO
ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS
SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.
ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE
FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO
ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER
FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL
PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.
Bridgewater believes that a particular return stream should be evaluated against its expected performance or its benchmark. To that end, Bridgewater demonstrates whether its strategies are operating as expected via a cone chart,
which shows the performance of a particular strategy over time relative to the strategy’s benchmark and also within bands of standard deviation from that benchmark. Separately, to demonstrate the impact of market conditions on the
strategies it manages, Bridgewater explains the macro-economic pressures and market conditions that effected performance in the context of client letters, account reviews, or other publications that Bridgewater provides to each current
and prospective investor on a regular basis. Additional information about how Bridgewater thinks about setting expectations for its strategies via a benchmark is available upon request.

24
 IMPORTANT DISCLOSURES
Any tables, graphs or charts relating to past performance, whether hypothetical, simulated or actual, included in this presentation are intended only to illustrate the performance of indices, strategies, or specific accounts for the historical
periods shown. When creating such tables, graphs and charts, Bridgewater may incorporate assumptions on trading, positions, transactions costs, market impact estimations and the benefit of hindsight. For example, transaction cost
estimates used in simulations are based on historical measured costs and/or modeled costs, and attribution is derived from a process of attributing positions held at a point in time to specific market views and is inherently imprecise.
Such tables, graphs and charts are not intended to predict future performance and should not be used as a basis for making any investment decision. Bridgewater has no obligation to update or amend such tables, graphs or charts.
Statements regarding target performance or target ratios related to assumed risk budgets, liabilities, volatility, target volatility, tracking error or other targets should not be considered a guarantee that such results can or will be achieved.
For example, Bridgewater may adjust returns to match, for instance, the annualized standard deviation of two or more return series but this adjustment does not suggest that the returns or assets are similar with respect to other aspects
of the risk such as liquidity risk. Any statements with respect to the ability to risk match or risk adjust in the future are not a guarantee that the realized risks will be similar and material divergences could occur. All performance and risk
targets contained herein are subject to revision by Bridgewater and are provided solely as a guide to current targets.
Discussions related to the risk controlling capabilities of low risk portfolios, diversification, passive investing, risk management, risk adjusting, and any other risk control theories, statements, measures, calculations and policies contained
herein should not be construed as a statement that Bridgewater has the ability to control all risk or that the investments or instruments discussed are low risk. Active trading comes with a monetary cost and high risk and there is no
guarantee the cost of trading will not have a materially adverse impact on any account, fund, portfolio or other structure. Bridgewater manages accounts, funds and strategies not referred to herein. Additionally, even where accounts,
funds or strategies are traded similarly, performance may materially diverge based on, among other factors, timing, the approved instruments, markets, and target risk for each strategy or market. The price and value of the investments
referred to in this presentation and the income, if any, derived therefrom may fluctuate.
Statistical and mathematical measures of performance and risk measures based on past performance, market assumptions or any other input should not be relied upon as indicators of future results. While Bridgewater believes the
assumptions and possible adjustments it may make in making the underlying calculations are reasonable, other assumptions, methodologies and adjustments could have been made that are reasonable and would result in materially
different results, including materially lower results. Where shown, targeted performance and the abilities and capabilities of the active and passive management approaches discussed herein are based on Bridgewater’s analysis of
market data, quantitative research of the underlying forces that influence asset classes as well as management policies and objectives, all of which are subject to change. The material contained herein may exhibit the potential for
attractive returns, however it also involves a corresponding high degree of risk. Targeted performance, whether mathematically based or theoretical, is considered hypothetical and is subject to inherent limitations such as the impact of
concurrent economic or geo-political elements, forces of nature, war and other factors not addressed in the analysis, such as lack of liquidity. There is no guarantee that the targeted performance for any fund or strategy shown herein
can or will be achieved. A broad range of risk factors, individually or collectively, could cause a fund or strategy to fail to meet its investment objectives and/or targeted returns, volatilities or correlations.
Where shown, information related to markets traded may not necessarily indicate the actual historical or current strategies of Bridgewater. Markets listed may or may not be currently traded and are subject to change without notice.
Markets used for illustrative purposes may not represent the universe of markets traded or results available and may not include actual trading results of Bridgewater. Other markets or trading, not shown herein, may have had materially
different results. Attribution of performance or designation of markets and the analysis of performance or other performance with respect to scenario analysis or the determination of biases is based on Bridgewater’s analysis. Statements
made with respect to the ability of Bridgewater, a fund, a strategy, a market or instrument to perform in relation to any other market, instrument or manager in absolute terms or in any specific manner in the future or any specified time
period are not a guarantee of the desired or targeted result.
None of the information related to a fund or strategy that Bridgewater may provide is intended to form the basis for any investment decision with respect to any retirement plan’s assets. Any information Bridgewater provides should be
independently and critically evaluated based on whatever other sources deemed appropriate, including legal and tax advice; it is also not intended to be impartial investment information or advice as Bridgewater may recommend one or
more Bridgewater products in connection with such information, which would result in additional fees being paid to Bridgewater. Bridgewater’s status as an ERISA fiduciary with respect to the management of any existing or future
Bridgewater product(s) in which you invest would be (or continue to be) set forth in that product’s applicable governing instruments. You are responsible for ensuring that your decision to invest in any Bridgewater product does not violate
the fiduciary or prohibited transaction rules of ERISA, the U.S. Internal Revenue Code or any applicable laws or regulations that are similar. On and after June 9, 2017, the information provided herein is being made available only to
“independent fiduciaries with financial expertise” (within the meaning of the Definition of the Term “Fiduciary”; Conflict of Interest Rule – Retirement Investment Advice, 81 Fed. Reg. 20,946 (Apr. 8, 2017), available at
https://www.gpo.gov/fdsys/pkg/FR-2016-04-08/pdf/2016-07924.pdf), and this presentation should not be accepted by any person who does not meet such requirements. On and after June 9, 2017, the information provided herein is
being made available only to “independent fiduciaries with financial expertise” (within the meaning of the Definition of the Term “Fiduciary”; Conflict of Interest Rule – Retirement Investment Advice, 81 Fed. Reg. 20,946 (Apr. 8, 2017),
available at https://www.gpo.gov/fdsys/pkg/FR-2016-04-08/pdf/2016-07924.pdf), and this presentation should not be accepted by any person who does not meet such requirements.
This presentation was written in connection with the promotion or marketing of a Bridgewater fund or strategy, and it was not intended or written to be used and cannot be used by any person for the purpose of avoiding penalties that
may be asserted under the U.S. Internal Revenue Code.
In certain instances amounts and percentages in this presentation are approximate and have been rounded for presentation purposes. Statements in this presentation are made as of the date appearing on this presentation unless
otherwise indicated. Neither the delivery of this presentation or the OM shall at any time under any circumstances create an implication that the information contained herein is correct as of any time subsequent to such date. Bridgewater
has no obligation to inform potential or existing investors when information herein becomes stale, deleted, modified or changed. ©2017 Bridgewater Associates, LP. All rights reserved.

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 PURE ALPHA STRATEGY 18% USD DISCLOSURES
Pure Alpha Strategy Performance (Net of Fees)
(18% Target Volatility)
Pure Alpha
Total Return in USD
Last 1 Year 12.0%
Last 3 Years 0.2%
Last 5 Years 3.0%
Last 7 Years 7.6%
Last 10 Years 9.7%
Annualized Returns (Dec-91 through Aug-17)
Net Since Inception Dec-91 through Aug-17
Annualized Total Return 11.9%
Standard Deviation 14.9%
Information Ratio 0.62
Past results are not necessarily indicative of future results.
Standard deviation is calculated using gross of fees performance.
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH
ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS
LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE
FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE
ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.
ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE
GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING
DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY
ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY
TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF
TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING
RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR
TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY
ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF
WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.
Bridgewater Pure Alpha Strategy 18% Volatility Performance Disclosure:
Returns after April 2005 are the actual 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. From December 1991 through the end of April 2005 the performance history provided is based on
the performance of the Pure Alpha strategy run at a 12% target volatility. A description of the 12% target
volatility performance is provided below. The value added (or excess returns) of the 12% target volatility gross
of fees performance history have been scaled to an 18% target volatility. Monthly value added returns are
scaled linearly by a factor of 1.5 (18% divided by 12%). The Benchmark return (an approximation of US cash)
is subsequently added back to the adjusted value added to arrive at a total return. For the entire period the
Benchmark is an approximation of US cash. Due to the effects of compounding, annualized historical returns,
volatilities, and information ratios will not scale linearly. The returns are considered simulated or hypothetical.
Bridgewater Pure Alpha Strategy 12% Volatility Gross 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. Returns from May 1999
through present are the actual returns of the longest running fully funded Pure Alpha account with a target
tracking error of 12%, an approximation of an United States cash benchmark, and fully unconstrained active
management guidelines. Bridgewater manages additional Pure Alpha portfolios not included in this
performance history.
Gross of fees performance is gross of management and performance fees only and includes the reinvestment
of interest, gains, and losses.
Net of fees performance for the entire period shown have been calculated by applying our standard Pure Alpha
18% Volatility Strategy fee schedule, which are the highest fees charged. Investment advisory fees are
described in Bridgewater’s ADV Part 2A. From December 1991 through June 2008, using a monthly high water
concept (and after June 2008, using a quarterly high water concept), deduction of incentive fees may vary and
may be higher or lower than the fees actually charged to the account for the same time period. These returns
reflect all fees (which are at our Pure Alpha standard rates), expenses and interest actually charged or credited
to the account.
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. PAST RESULTS ARE NOT
NECESSARILY INDICATIVE OF FUTURE RESULTS. Performance as of the current month is estimated and
subject to change.
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 ALL WEATHER STRATEGY DISCLOSURE
All Weather Strategy Performance (Net of Fees) Bridgewater All Weather Strategy Performance Disclosure:
All Weather For the period June 1996 (the inception of the strategy) through August 2001 the performance is based on the
Total Return in USD total return of the Bridgewater All Weather strategy as implemented for Bridgewater's principals and their
affiliates and was not fully hedged to the US Dollar. The All Weather strategy is structured to be fully hedged,
Last 1 Year 6.5%
and the performance reflected after August 2001 includes these hedging transactions. For the period of August
Last 3 Years 2.0% 2001 through present the performance shown is the actual total returns of the longest running fully funded All
Last 5 Years 3.1% Weather account. For the entire history excess returns are calculated by subtracting an approximation of a U.S.
Last 7 Years 6.5% cash rate from the total returns described above. Of note, the All Weather strategy’s target leverage, volatility
Last 10 Years 5.5% and return, as well as the asset mix varied from June 1996 to July 2005. From August 2005 through the present
Annualized Returns (Jun-96 through Aug-17) the strategy has targeted 10% volatility. Bridgewater manages additional All Weather portfolios not included in
this performance history.

Gross of fees performance is gross of management fees and includes the reinvestment of interest, gains, and
Net Since Inception Jun-96 through Aug-17 losses. Returns will be reduced by the investment advisory fees and any other expenses that may be incurred
in the management of the account.

Annualized Return 7.9% Net of fees performance has been calculated using our standard fee schedule for a minimum size account,
Standard Deviation 10.1% which are the highest fees we have or would currently charge an account. Investment advisory fees are
0.56 described in Bridgewater’s ADV Part 2A.
Sharpe Ratio
No representation is being made that any account will or is likely to achieve returns similar to those shown.
Past results are not necessarily indicative of future results. Trading in futures is risky and can result in losses as well as profits. PAST RESULTS ARE NOT
NECESSARILY INDICATIVE OF FUTURE RESULTS. Performance as of the current month is estimated and
Standard deviation is calculated using gross of fees performance. subject to change.

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