The expected net value of a portfolio as a function of time. When a portfolio is simulated over thousands of paths, the expected exposure for a fixed time is calculated as: <ul> <li>EE = Expected net value = (Sum of theoretical values (TV)) / (Total number of paths).</li> <li>ENE = Expected negative net value = (Sum of theoretical values (TV) on paths where TV < 0) / (Total number of paths). Restricted to paths of negative TV</li> <li>EPE = Expected positive net value = (Sum of theoretical values (TV) on paths where TV > 0) / (Total number of paths). Restricted to paths of positive TV.</li> </ul>