WWCSD Slide 3

In 2023, Wayne Westland experienced significant losses, as seen in the operating results and total fund equity. The fund equity decreased from $29 million to about $9 million, representing 5.2% of revenue. However, it is important to note that fund equity has been lower in previous years, suggesting that there is hope for recovery from these events. I think this data generally speaks for itself, but I wanted to point out a couple of things about it. First of all, it does reflect that the events of 2023 were particularly bad for Wayne Westland. I think everybody knows that, but I think putting it into context can help everybody understand just how significant the losses were in 2023. You can see the impact of the operating results, which are your revenues minus your expenses in the upper left. You can see the impact on total fund equity dollars in the upper right that have moved from $29 million to about $9 million, and then as a percentage of revenue, you see that 2023 ended at 5.2%. I think the big takeaway here is that as difficult as the circumstances are now, it is worth noting that in 2013, 14, and 15, and even 16, fund equity has been lower in the history of Wayne Westland, and I think that should be cause for hope for people to realize that there can be recovery from the trauma of these events.