TRANSPARENT VALUE PLACEMENT - 2010

© 2009 Transparent Value, LLC. All rights reserved. No part of this document may be circulated, quoted or reproduced for
distribution without prior written approval from Transparent Value, LLC. Transparent Value®, RBP®, Required Business
Performance®, and the Transparent Value logo are registered trademarks of Transparent Value, LLC or one of its subsidiaries.

Dow Jones®, Dow Jones Indexes, Dow Jones RBP Indexes are service marks of Dow Jones & Company, Inc.
 ABOUT US

After living through the dot com implosion, the Enron and WorldCom collapses, mutual fund scandals of the past, and frustration of
ongoing research conflicts, the founders of Transparent Value simply believed there had to be a better way to invest.

In 2003, the Transparent Value investment methodology was created based on the following key characteristics:
1. Transparency
2. Ease of understanding
3. Risk measurement
4. No research conflicts
5. Unemotional
6. Rules-based
7. Sell discipline
8. Strong knowledge management

2 | © 2009 Transparent Value, LLC. All rights reserved

 INTRODUCTION

Transparent Value has combined the insights of fundamental analysis with the unemotional process of indexing to provide investors with a
transparent new way to invest.

Utilizing patent pending processes, innovative technology and the support of more than 100 MBA and CFA accredited analysts, the
Transparent Value investment methodology provides investors with risk-adjusted returns by combining the insights of fundamental analysis
with the transparency of a disciplined, rules-based stock selection and portfolio construction process.*

In May 2009 Transparent Value was acquired by Guggenheim Partners, a global diversified financial services firm with wealth
management, capital markets, investment management, and proprietary investing businesses. Guggenheim Partners clients are an elite mix
of individuals, family offices, endowments, foundations, insurance companies, pension plans, and other institutions that together have
entrusted the firm with supervision of more than $125 billion in assets.

* Transparent Value calculates the Required Business Performance® probabilities used in the Dow Jones RBP IndexesSM and licenses the RBP® probabilities exclusively to
Dow Jones IndexesSM for the construction of domestic and global indexes that serve as benchmarks and as the basis of investment products.

3 | © 2009 Transparent Value, LLC. All rights reserved

 PROPRIETARY MEASURE

The Transparent Value investment methodology uses a proprietary measure called Required Business Performance (RBP)*. RBP
measures the performance implied in the price of a stock. It is the measure that links the stock price to what management does on a
day-to-day basis.

RBP is the revenue necessary to support a given stock price for a given company. Going one step further, RBP works all the way
back to the most granular level to determine, for example, how many iPods®, desktops, portables, iPhones® Apple must sell to support
their current stock price.

Why is this important?

Stock prices are a reflection of the common belief that management can deliver the performance to support their stock price. Therefore
knowing how many iPods, desktops, portables and iPhones Apple has to sell to support its stock price and the likelihood that
management can actually deliver this performance is critical to making a good investment decision and is the basis of the Transparent
Value investment methodology.

RBP Probability—
Probability— Aids performance
RBP probability measures the likelihood that management will deliver the performance to support the price
of their stock. The higher the RBP probability, the more likely it is that the management will deliver the
required business performance. If management can deliver, the company is a worth the investment.

* The RBP® and RBP® probability methodologies are the subject of a Transparent Value LLC patent application filed with the United States Trademark and
Patent Office.
Continued…

4 | © 2009 Transparent Value, LLC. All rights reserved

 PROPRIETARY MEASURE (…continued)

Transparent Value’s proprietary investment methodology is unlike any other currently available in the market. It blends the traditional
fundamental valuation technique commonly referred to as discounted free cash flow (DCF) with the discipline of a quantitative stock
selection process. In doing so, it effectively removes the influence of emotion in the investment decision making, while maintaining the
pragmatic approach to stock analysis generally desired in the industry.

The methodology also provides enhanced transparency to the stock market. Investors will understand what a stock price implies about its
future performance and, by extension, the reason for the stock’s inclusion in a portfolio. With the Transparent Value investment
methodology, investors can now see the market clearly.

Advantage Method Characteristics & Benefits

Powerful investment methodology Fundamentally analyzed, quantitatively selected Alpha* generator
Proprietary measure Required Business Performance® (RBP®) Unique
Highly differentiated approach New valuation process (Reverse DCF and RBP®) Innovative
Branded Indexes Indexes published and branded by Dow Jones Highly credible
New Product Category Transparent**, rules based with enhanced returns Potential for excess returns
Robust Investment toolset Set of tools for investment advisors Powerful and differentiated
Complete knowledge management Disciplined and process-driven research platform Consistent
Unique story Single campaignable idea Understandable

*Alpha:
*Alpha coefficient measuring the portion of an investment’s return arising from specific (non-market) risk.
**Transparent: portfolios are constructed using a Dow Jones RBP IndexSM. The index rule book is created and maintained by Dow Jones IndexesSM
**Transparent

5 | © 2009 Transparent Value, LLC. All rights reserved

 INVESTMENT METHODOLOGY

“See the market clearly” is more than a slogan. It is the central idea behind our mission to help investors achieve sustainable
investment returns by reducing the investment decision to a single question:

“What is the likelihood that management will deliver the performance to support the price of their stock?”

The market has certain expectations of a stock, based on an assessment of management’s past performance, future outlook, and the
stock’s relative value within its universe. Based upon these expectations, whether rational or not, the market prices the stock of the
company accordingly. The Transparent Value investment methodology is not based on the traditional notion of value, what we think a
company is “really” worth, or whether or not a particular stock is a good long-term investment. Rather, the methodology measures the
likelihood that the management of each of the constituent companies within a universe will perform according to market expectations, and
biases the portfolio towards those management teams that have the greatest ability to deliver the required business performance.

The essence of the Transparent Value investment methodology is:

1. Stock prices are not always an accurate proxy for the value of a company.
2. We are not in the business of guessing what a company’s true value is.
3. Management teams’ performance will be a key factor in keeping the demand for their respective stock high.
4. If the market’s expectations are met or superseded, the company will be rewarded.
5. Invest more heavily in the management teams that are most likely to meet market expectations.
6. Choose stocks relative to other stocks.
7. Avoid chasing the “perceived winners.”
8. Know when to sell. It is as important, if not more so, than knowing when to buy.

6 | © 2009 Transparent Value, LLC. All rights reserved

 BRANDED INDEXES

Transparent Value calculates the RBP probabilities used in the Dow Jones RBP IndexesSM and licenses the RBP probabilities exclusively
to Dow Jones IndexesSM for the construction of domestic and global indexes that serve as benchmarks and as the basis of investment
products. The indexes are known as The Dow Jones RBP IndexesSM (“DJRBP”).

Under the terms of an exclusive agreement, Dow Jones IndexesSM and Guggenheim Partners jointly develop, brand, and market the Dow
Jones RBP IndexesSM family. Guggenheim Partners licenses the indexes on an exclusive basis for use within investment products

Dow Jones’ indexing expertise and Transparent Value’s investment methodology enables Guggenheim Partners to offer unique investment
strategies to suit the needs of any client. Guggenheim Partners recognizes the importance of offering tailored investment services and
can, therefore, customize a new index or leverage our innovative Dow Jones RBP IndexesSM family for institutional separately managed
account needs.

The investment process is one that allows for management of client requirements through an index construction process that is based on
a wide range of over 200 “building block” Dow Jones RBP IndexesSM. Like traditional index families, all of our custom indexes are
extensively backtested.

7 | © 2009 Transparent Value, LLC. All rights reserved

 NEW INVESTMENT PRODUCTS

Transparent Value combines the characteristics of passive and active investing into a single investment product that aims to provide
transparency and consistent performance.

The Transparent Value investment methodology is designed to combine intensive fundamental research with a consistent quantitative
approach to security selection and portfolio construction for the potential to deliver attractive returns, even during a difficult market
environment.

The end result is a product that provides investors with a hybrid investment strategy combining the benefits of passive investing with the
in-depth fundamental analysis generally associated with active portfolio management. This minimizes the errors that can result from
inconsistency and emotion inherent in a purely qualitative investment process and avoids the “black box” mindset of the purely
quantitative strategies.

8 | © 2009 Transparent Value, LLC. All rights reserved

 ROBUST INVESTMENT TOOLSET

The Transparent Value decision support tools are accessible 24 hours a day, seven days a week, through the RBP analysis platform
(RAP) and are supported by more than 100 highly trained analysts. The RAP is an interactive database which consists of Required
Business Performance (RBP) values and RBP probabilities for more than 2,000 global stocks.

The RBP values and RBP probabilities are updated daily to reflect changes in the company’s stock price and quarterly to reflect
changes in published financial statements.

Mutual Fund, ETF and Index Rankings

In addition to RBP probabilities for individual stocks, the RAP contains RBP scores for thousands of open- and closed-end funds,
ETFs, and broad market indexes.

The RBP probability can be effectively used as a forward-looking measure to gauge a portfolio’s (mutual fund, ETF, index, etc.)
soundness from a fundamentals perspective.*

Portfolio Construction and Back-

Back-testing
The RAP is used by our product research team to build new investment strategies, which are then backtested utilizing our database of
historical probabilities. To do this, we employ a dedicated research team, comprised of MATLAB programmers and research analysts.

*To provide the data to do this, over 90,000 discounted free cash flow (DCF) models have been built.

9 | © 2009 Transparent Value, LLC. All rights reserved

 COMPLETE KNOWLEDGE MANAGEMENT

Research Structure & Process

The research staff consists of managers, team leaders, and analysts who are divided into teams that cover specific sectors or industries
in order to develop expertise in those areas. The current policy is to limit coverage to 30 stocks per analyst, which allows for some
flexibility to monitor additional names for short periods, as required by market conditions. Actual coverage is generally below the 30-
stock limit. In addition to 1,200 U.S. companies, Transparent Value currently follows the Dow Jones Stoxx® 600, and TOPIX 30
(Japanese Index).

Training
New analysts start on the first Monday of each month to allow for a standard training process and schedule. Training takes
approximately six weeks including a period during which analysts will perform backtests on stocks for which they will be responsible.
Training includes the basics of finance and accounting, valuation using discounted free cash flows, introduction to templates* and
business models, adjusting for mergers/ spin offs and negative cash flow situations, and model construction. All new employees are
trained on the commercial template first. The later part of the training session is customized to the current needs of the company,
focusing on models for stocks within the industry to be covered.

Analyst coverage is phased in after training, with other analysts on the team assisting until the analyst reaches capacity. Capacity is
generally reached in 17 to 18 weeks. The team leader is responsible for distributing coverage and can evaluate progress. The team
approach continues with peer reviews and backup coverage.

*Templates
Templates cover following industries: Energy/Oil & Gas, Real Estate, Banking, Home Builders, Broker Dealers, Insurance, Commercials.

10 | © 2009 Transparent Value, LLC. All rights reserved

 JOB DESCRIPTION – FINANCIAL ANALYST

Job Description:
Description
The analyst will be responsible for building and updating valuation models on companies assigned from a specific sector across different
markets. They would have sole ownership of a set of assigned companies. Apart from building and updating the valuation model, the
analyst has to keep track of daily news releases as well as corporate actions in the companies in their portfolio. They will be
responsible for conducting back-test for new as well as existing companies in their portfolio.

The analyst should analyze company's financial statements and also conduct extensive research while building/updating the valuation
model. The research process employs a proprietary methodology that emphasizes assessments and visualization of a company's business
model and its free cash flow generation.

Technical Skills:
Skills

Proficiency in Financial Statement Analysis. Thorough understanding of the connection/flow between Income Statement, Balance Sheet
and Cash Flow Statements.

Thorough understanding of different valuation methodologies.

Financial modeling skills.

Logical and analytical thinking abilities

Intermediate level knowledge of US GAAP accounting.

Proficiency in Excel and other Microsoft Office Applications.

Relevant experience (asset management, equity research, credit/risk analysis or financial valuation) would be an added advantage.

Experience analyzing US companies will be an added advantage.

Willingness to learn and flexible to long working hours

Excellent Oral and written communication skills

11 | © 2009 Transparent Value, LLC. All rights reserved

 SELECTION PROCESS

Round 1 (Multiple Choice Questions Test):

60 questions in 45 minutes

Questions are based on subjects such as quantitative mathematics, economics, financial management, security analysis, logical
reasoning, and portfolio management.

Round 2 (Comprehensive Test):

Candidates who have cleared Round 1 test are eligible to appear for this test

This is a 2-hour test.

Round 3 (Interview):

Only the short-listed candidates will be interviewed.

Questions for interview will be based on CV, fundamental knowledge of finance, accounting, economics, equity research, etc.

Local (Mumbai) candidate will have to appear for interview at the company premises. For outside candidates, it will be a telephonic
interview.

Based on the interviewer’s feedback, there may be fourth-round of interview with the Managers.

Offer letter will be rolled out to successful candidates.

12 | © 2009 Transparent Value, LLC. All rights reserved

 THANK YOU!!!
13 | © 2009 Transparent Value, LLC. All rights reserved