two finance market opinion short answer questions (research required, no citation)

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2016 Investment Outlook: Cycles out of Sync

Tushar Yadava

iShares Investment Strategy

Q1 2016

For use with professional and Institutional investors only - proprietary and confidential

iS-17588

BII-0109

Cycles: Business, Liquidity and Valuation

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

Source: Thomson Reuters, BlackRock Investment Institute, Dec. 4, 2015. Notes: The bars show the total return in local currency terms, except for currencies, gold, silver and copper, which are spot returns. Government bonds are 10-year benchmark issues. Euro and yen are shown versus the U.S. dollar.

2015 Asset Performance Year to Date

Cycles are out of sync

Monetary and economic cycles vary significantly by country and region and send mixed messages to the markets. In this divergent world, does a global portfolio become more important?

Geopolitics and other factors—such as the business, credit and valuation cycles—should start having a greater impact on markets. This argues for careful, deliberate actions in 2016.

Markets will have to contend with many political uncertainties in 2016

Possible setbacks to the European Union in the face of a refugee crisis and risk of more terror attacks

Rising instability in the Middle East likely to be aggravated by the impact of low oil prices

Regional “zero-sum conflicts” unlikely to be resolved by diplomacy

These risks are playing out against a backdrop of asset prices propped up by years of plentiful liquidity

Abundant liquidity and easy monetary policy can not be relied upon to float all boats

Ever-loosening global financial conditions may be less generous in 2016

How will markets react when U.S. rates begin to rise? Will emerging markets and sovereign wealth funds continue to sell off reserves and risk assets to protect their currencies?

2016 calls for deliberate action

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

YTD total return in local currency Copper Brent Crude CRB Commodities Index MSCI Emerging Equities Gold GSCI Softs MSCI Latin America MSCI Asia ex Japan ML Global Investment Grade Yen ML Global High Yield UK FTSE 100 MSCI Developed Equities U.S. 10-year Treasury German Bund JPM EMBI Emerging Debt S & P 500 Italian BTP Nasdaq Composite China Shanghai A MSCI Europe Equities Dollar Index Japan Topix -28.27 -23.12 -21.327999999999999 -11.891 -11.004200000000001 -7.6536 -6.5990000000000002 -3.6850000000000001 -3.1779999999999999 -2.8915000000000002 -1.972 1.42 1.5509999999999999 1.5740000000000001 1.7310000000000001 2.702 3 6.97 8.18 9.2669999999999995 9.5079999999999991 10.77 15.85

Percent

Spot the risk: 2016 Outlooks

Sources: Bloomberg, Bank of America Merrill Lynch, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Jefferies & Co, JP Morgan, Morgan Stanley, Société Générale, UBS Securities.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

Bii-XXXX

Where are we in the cycles?

Source: BlackRock Investment Institute, December 2015

Early cycle

Mid cycle

Late cycle

	U.S	Eurozone	Japan	EM
Business
Policy
Valuation

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

Current vs. Past Recoveries from Recession, 1960-2015

Subpar recovery in the U.S., European expansion beginning to take hold

Sources: BlackRock Investment Institute, IMF, OECD and Thomson Reuters, November 2015. Notes: The financial crises are Finland (1990), Japan (1993), Norway (1988), Spain (1978) and Sweden (1990). The recession range is based on an average of the five best and worst recoveries. The average recession (two straight quarters of contraction) is based on advanced G20 countries from 1960 to 2006. The lines are rebased to 100 at the quarter before the start of each recession.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

Worst -2 0 2 4 6 100 98.441456906523157 97.180022428375537 96.908468094640767 96.659414610194261 96.905174240335015 96.679809956714692 97.002823217355242 96.954002915451809 97.227964013403209 97.72580992441759 98.221002616458392 98.775632645726688 99.836683704784235 100.57787750703731 101.14259161176284 101.28340470299456 101.52404959478959 102.29970076693846 102.95281477679075 103.35859706710278 103.97272947868461 104.43734238197153 105.00465844460359 105.02096639901438 105.57439754922707 104.98258312133639 105.15338853498591 105.30628427071254 105.41213518102317 1960-2006 Recession Range 0 1.4047905193109642 2.0549658053297151 3.8614688792084877 5.4615356413437439 5.4242445445955667 6.9295245027203407 7.41063 56712472632 8.659624109571709 10.066275873155647 9.8578899745233315 10.602240093868758 11.665748558380983 12.459571212450214 11.79130656993226 12.839205174732243 14.11016926615018 14.177034221778243 13.675311987749581 13.832266699613825 14.313957415840719 15.109493339468358 14.93364999695018 16.416259978975361 17.421876779148931 19.136018699135278 20.78572452406361 21.919858335166182 23.257532199306766 24.695459980166916 -2 0 2 4 6 130 Big Five Financial Crises -2 0 2 4 6 94.61367948350707 95.739585760464351 96.382199788553251 97.374985228321449 97.683971116704086 98.691533793112427 99.122766374951837 98.893053799934549 10 0 99.068850142051716 98.703311200870175 98.420899953921463 97.940194799756981 97.819234976285685 97.967167115681477 97.164121697261663 97.348085116517282 97.405524575370436 97.696955069916683 97.699794662887911 97.818028095531005 98.324566571990303 99.241652757224088 100.10958872040658 100.93767382047137 101.17793304143197 102.01865656947308 102.83690620896991 103.00702376664806 103.68235811562656 103.58826052245206 103.91111519203309 104.44499074040323 105.39037244335861 106.61293987649462 107.26413121320286 108.8003618887471 109.15966826981726 U.S. -2 0 2 4 6 97.501904647339515 97.588783297913579 98.352647125653263 98.41346218105511 99.166633251801073 99.833593969285062 100.18979643663872 99.506128286352038 100 99.520162529906315 97.417699186013877 96.067738615555285 95.938088937006299 96.251520376385045 97.183126829463902 97.60348583877996 98.54645334616464 99.212077469024422 99.836935455845605 99.451327906759161 100.17509389577235 100.38560754908646 101.51636660117353 102.1893419944665 102.66650627531175 102.78947298073966 102.81286338666347 103.30005212719036 103.58741997139688 104.35061550182445 105.33368084793564 105.08908403170403 106.26929708488713 107.38735848804414 107.93937206 784554 108.11246107168158 109.1570097705067 109.56199794164429 Eurozone -2 0 2 4 6 94.491593987152314 95.489959709389822 96.094318862154324 97.155790359379296 97.866943900584133 98.481416158314588 98.98788045500882 99.438520412291055 100 99.683662076665428 99.131891069723792 97.340253393958037 94.446691801103555 94.249688516367044 94.543373084577922 95.009384961408401 95.396514619504529 96.324493131179096 96.770683322276341 97.249235449264575 98.128266532903993 98.149301791233157 98.118153427938054 97.836200061487688 97.687335156389054 97.407404410931846 97.304250740279286 96.871814371935727 96.639617481917767 97.020274752835718 97.242358537887725 97.464037798741117 97.667917994854449 97.739114253814662 97.989110208572669 98.368958431093347 98.881895114965772 99.234640216177723 Average -2 0 2 4 6 93.41112121484943 94.40191528685736 95.341885257413395 96.206072064190167 96.862750334845231 97.424873937912778 98.192054531104219 98.74351992279594 100 99.251180669505345 98.383098308830384 98.680054308237715 99.136457162693134 99.486478988859531 99.979286593741435 100.61703748763331 101.09124218653074 101.86970501034502 102.30230130918565 103.03324120253059 104.07588293912293 105.09695222195188 105.71923298196234 107.10049747740881 107.70827385808668 108.16244349052093 108.98866220910911 109.565790206746 110.0741192088213 111.15740070324715 111.73055946391131 112.74160032149994 113.3924299334488 114.06357861527749 114.52345087794535 115.24557649221333 116.02373742141677 116.74795897184416

Real GDP

Sources: IMF and BlackRock Investment Institute, December 2015.

Gross Government Debt / GDP Ratio

Sources: United Nations and BlackRock Investment Institute, December 2015.

Total Dependency Ratio

Demographics and debt likely to constrain growth in the developed world

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

2000 More developed regions Less developed regions 48.2 61.5 2015 More developed regions Less developed regions 51.5 52.5 2025 More developed regions Less developed regions 59.8 53

Percent

2005 Canada France Germany Italy Japan U.K. U.S. 71.185000000000002 67.004000000000005 67.210999999999999 101.89400000000001 186.43600000000001 41.606000000000002 64.89 2015 Canada France Germany Italy Japan U.K. U.S. 90.42 97.084999999999994 70.745999999999995 133.10900000000001 245.89599999999999 88.891999999999996 104.85299999999999

Percent

Sources: BlackRock Investment Institute and Bloomberg, November 2015. Note: The lines show the path of median estimates of economists polled by Bloomberg for U.S. real GDP growth for each year.

BlackRock U.S. Employment Index, 2005–2015

Evolution of U.S. GDP Forecasts, 2012-2016

U.S. economy: Will this be the year it breaks out?

Source: BlackRock Investment Institute, November 2015.

Notes: Other includes household employment, vacancy-to-unemployment ratio and GDP growth. The U-6 unemployment rate includes those who are seeking full-time work but have settled for a part-time job, as well as those who are not actively looking for work but have indicated they want a job.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

2016 40549 40556 40563 40570 40577 40584 40591 40598 40605 40612 40619 40626 40633 40640 40647 40654 40661 40668 40675 40682 40689 40696 40703 40710 40717 40724 40731 40738 40745 40752 40759 40766 40773 40780 40787 40794 40801 40808 40815 40822 40829 40836 40843 40850 40857 40864 40871 40878 40885 40892 40899 40906 40913 40920 40927 40934 40941 40948 40955 40962 40969 40976 40983 40990 40997 41004 41011 41018 41025 41032 41039 41046 41053 41060 41067 41074 41081 41088 41095 41102 41109 41116 41123 41130 41137 41144 41151 41158 41165 41172 41179 41186 41193 41200 41207 41214 41221 41228 41235 41242 41249 41256 41263 41270 41277 41284 41291 41298 41305 41312 41319 41326 41333 41340 41347 41354 41361 41368 41375 41382 41389 41396 41403 41410 41417 41424 41431 41438 41445 41452 41459 41466 41473 41480 41487 41494 41501 41508 41515 41522 41529 41536 41543 41550 41557 41564 41571 41578 41585 41592 41599 41606 41613 41620 41627 41634 41641 41648 41655 41662 41669 41676 41683 41690 41697 41704 41711 41718 41725 41732 41739 41746 41753 41760 41767 41774 41781 41788 41795 41802 41809 41816 41823 41830 41837 41844 41851 41858 41865 41872 41879 41886 41893 41900 41907 41914 41921 41928 41935 41942 41949 41956 41963 41970 41977 41984 41991 41998 42005 42012 42019 42026 42033 42040 42047 42054 42061 42068 42075 42082 42089 42096 42103 42110 42117 42124 42131 42138 42145 42152 42159 42166 42173 42180 42187 42194 42201 42208 42215 42222 42229 42236 42243 42250 42257 42264 42271 42278 42285 42292 42299 42306 42313 42320 42327 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 2.9750000000000001 2.95 2.9250000000000003 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.875 2.8499999999999996 2.8250000000000002 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8124999999999996 2.8249999999999997 2.8250000000000002 2.8250000000000002 2.8125 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.7749999999999995 2.75 2.7249999999999996 2.7 2.7 2.7 2.7 2.7 2.6750000000000003 2.65 2.625 2.6 2.6 2.6 2.5750000000000002 2015 40549 40556 40563 40570 40577 40584 40591 40598 40605 40612 40619 40626 40633 40640 40647 40654 40661 40668 40675 40682 40689 40696 40703 40710 40717 40724 40731 407 38 40745 40752 40759 40766 40773 40780 40787 40794 40801 40808 40815 40822 40829 40836 40843 40850 40857 40864 40871 40878 40885 40892 40899 40906 40913 40920 40927 40934 40941 40948 40955 40962 40969 40976 40983 40990 40997 41004 41011 41018 41025 41032 41039 41046 41053 41060 41067 41074 41081 41088 41095 41102 41109 41116 41123 41130 41137 41144 41151 41158 41165 41172 41179 41186 41193 41200 41207 41214 41221 41228 41235 41242 41249 41256 41263 41270 41277 41284 41291 41298 41305 41312 41319 41326 41333 41340 41347 41354 41361 41368 41375 41382 41389 41396 41403 41410 41417 41424 41431 41438 41445 41452 41459 41466 41473 41480 41487 41494 41501 41508 41515 41522 41529 41536 41543 41550 41557 41564 41571 41578 41585 41592 41599 41606 41613 41620 41627 41634 41641 41648 41655 41662 41669 41676 41683 41690 41697 41704 41711 41718 41725 41732 41739 41746 41753 41760 41767 41774 41781 41788 41795 41802 41809 41816 41823 41830 41837 41844 41851 41858 41865 41872 41879 41886 41893 41900 41907 41914 41921 41928 41935 41942 41949 41956 41963 41970 41977 41984 41991 41998 42005 42012 42019 42026 42033 42040 42047 42054 42061 42068 42075 42082 42089 42096 42103 42110 42117 42124 42131 42138 42145 42152 42159 42166 42173 42180 42187 42194 42201 42208 42215 42222 42229 42236 42243 42250 42257 42264 42271 42278 42285 42292 42299 42306 42313 42320 42327 3 3 2.9833333333333329 2.9749999999999996 2.9625000000000004 2.9375000000000004 2.9250000000000003 2.9125000000000001 2.9249999999999998 2.95 2.9750000000000001 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3.0249999999999999 3.05 3.0749999999999997 3.1 3.1 3.0750000000000002 3.05 3.0249999999999999 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3.0375000000000001 3.0875000000000004 3.1375000000000002 3.1875 3.1750000000000003 3.15 3.125 3.1 3.0750000000000002 3.05 3.0249999999999999 3 2.9750000000000001 2.95 2.9000000000000004 2.8499999999999996 2.8250000000000002 2.7249999999999996 2.65 2.5750000000000002 2.5 2.4249999999999998 2.35 2.2750000000000004 2.2000000000000002 2.2250000000000001 2.25 2.2749999999999999 2.2999999999999998 2.2999999999999998 2.2999999999999998 2.2999999999999998 2.2999999999999998 2.2999999999999998 2.3499999999999996 2.4 2.4500000000000002 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.4750000000000001 2014 40549 40556 40563 40570 40577 40584 40591 40598 40605 40612 40619 40626 40633 40640 40647 40654 40661 40668 40675 40682 40689 40696 40703 40710 40717 40724 40731 40738 4074 5 40752 40759 40766 40773 40780 40787 40794 40801 40808 40815 40822 40829 40836 40843 40850 40857 40864 40871 40878 40885 40892 40899 40906 40913 40920 40927 40934 40941 40948 40955 40962 40969 40976 40983 40990 40997 41004 41011 41018 41025 41032 41039 41046 41053 41060 41067 41074 41081 41088 41095 41102 41109 41116 41123 41130 41137 41144 41151 41158 41165 41172 41179 41186 41193 41200 41207 41214 41221 41228 41235 41242 41249 41256 41263 41270 41277 41284 41291 41298 41305 41312 41319 41326 41333 41340 41347 41354 41361 41368 41375 41382 41389 41396 41403 41410 41417 41424 41431 41438 41445 41452 41459 41466 41473 41480 41487 41494 41501 41508 41515 41522 41529 41536 41543 41550 41557 41564 41571 41578 41585 41592 41599 41606 41613 41620 41627 41634 41641 41648 41655 41662 41669 41676 41683 41690 41697 41704 41711 41718 41725 41732 41739 41746 41753 41760 41767 41774 41781 41788 41795 41802 41809 41816 41823 41830 41837 41844 41851 41858 41865 41872 41879 41886 41893 41900 41907 41914 41921 41928 41935 41942 41949 41956 41963 41970 41977 41984 41991 41998 42005 42012 42019 42026 42033 42040 42047 42054 42061 42068 42075 42082 42089 42096 42103 42110 42117 42124 42131 42138 42145 42152 42159 42166 42173 42180 42187 42194 42201 42208 42215 42222 42229 42236 42243 42250 42257 42264 42271 42278 42285 42292 42299 42306 42313 42320 42327 3.1 3.1 3.1 3.1 3.0750000000000002 3.0124999999999997 2.9499999999999997 2.8874999999999997 2.875 2.9000000000000004 2.9624999999999999 3.0249999999999999 3.0375000000000001 3.05 3.0249999999999999 3 2.9750000000000001 2.95 2.9000000000000004 2.8499999999999996 2.8250000000000002 2.8249999999999997 2.85 2.875 2.9 2.875 2.8499999999999996 2.8250000000000002 2.8 2.8 2.7749999999999995 2.7250000000000001 2.6749999999999998 2.625 2.625 2.6500000000000004 2.65 2.6749999999999998 2.6749999999999998 2.6875 2.7374999999999998 2.7625000000000002 2.7874999999999996 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.7749999999999995 2.75 2.7249999999999996 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2. 7 2.7 2.6750000000000003 2.6625000000000001 2.6625000000000005 2.65 2.65 2.6374999999999997 2.6124999999999998 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6500000000000004 2.7 2.75 2.8 2.8249999999999997 2.85 2.875 2.9 2.8499999999999996 2.8 2.75 2.7 2.7 2.7 2.7 2.7 2.6500000000000004 2.6 2.5499999999999998 2.5 2.5 2.4249999999999998 2.35 2.2750000000000004 2.2000000000000002 2.0750000000000002 1.9500000000000002 1.8250000000000002 1.7 1.7 1.7749999999999999 1.85 1.925 2 2.0249999999999999 2.0499999999999998 2.0749999999999997 2.1 2.125 2.1500000000000004 2.1750000000000003 2.2000000000000002 2.2000000000000002 2.2000000000000002 2.2000000000000002 2.2000000000000002 2.2000000000000002 2.2250000000000001 2.25 2.2749999999999999 2.2999999999999998 2.2999999999999998 2.3249999999999997 2.35 2.375 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2013 40549 40556 40563 40570 40577 40584 40591 40598 40605 40612 40619 40626 40633 40640 40647 40654 40661 40668 40675 40682 40689 40696 40703 40710 40717 40724 40731 40738 40745 40752 40759 40766 40773 40780 40787 40794 40801 40808 40815 40822 40829 40836 40843 40850 40857 40864 40871 40878 40885 40892 40899 40906 40913 40920 40927 40934 40941 40948 40955 40962 40969 40976 40983 40990 40997 41004 41011 41018 41025 41032 41039 41046 41053 41060 41067 41074 41081 41088 41095 41102 41109 41116 41123 41130 41137 41144 41151 41158 41165 41172 41179 41186 41193 41200 41207 41214 41221 41228 41235 41242 41249 41256 41263 41270 41277 41284 41291 41298 41305 41312 41319 41326 41333 41340 41347 41354 41361 41368 41375 41382 41389 41396 41403 41410 41417 41424 41431 41438 41445 41452 41459 41466 41473 41480 41487 41494 41501 41508 41515 41522 41529 41536 41543 41550 41557 41564 41571 41578 41585 41592 41599 41606 41613 41620 41627 41634 41641 41648 41655 41662 41669 41676 41683 41690 41697 41704 41711 41718 41725 41732 41739 41746 41753 41760 41767 41774 41781 41788 41795 41802 41809 41816 41823 41830 41837 41844 41851 41858 41865 41872 41879 41886 41893 41900 41907 41914 41921 41928 41935 41942 41949 41956 41963 41970 41977 41984 41991 41998 42005 42012 42019 42026 42033 42040 42047 42054 42061 42068 42075 42082 42089 42096 42103 42110 42117 42124 42131 42138 42145 42152 42159 42166 42173 42180 42187 42194 42201 42208 42215 42222 42229 42236 42243 42250 42257 42264 42271 42278 42285 42292 42299 42306 42313 42320 42327 3.2 3.2 3.2000000000000006 3.2 3.2 3.1750000000000003 3.15 3.125 3.1 3.1 3.1 3.1 3.1 3.1 3.0750000000000002 3.05 3.0249999999999999 3 3 3 3 3 3.05 3.0999999999999996 3.1500000000000004 3.2 3.2 3.0875000000000004 2.9750000000000001 2.8624999999999998 2.75 2.6875 2.625 2.5625 2.5 2.5 2.4874999999999998 2.4750000000000001 2.4625000000000004 2.4625000000000004 2.4750000000000001 2.4874999999999998 2.5 2.5 2.5 2.5 2.5 2.5 2.4874999999999998 2.4624999999999999 2.4375 2.4125000000000001 2.4 2.4249999999999998 2.4375 2.45000000 00000002 2.4625000000000004 2.4625000000000004 2.4500000000000002 2.4375 2.4250000000000003 2.4249999999999998 2.4500000000000002 2.4750000000000001 2.5 2.5 2.5 2.4874999999999998 2.4750000000000001 2.4500000000000002 2.4250000000000003 2.4125000000000001 2.4 2.4 2.3499999999999996 2.2999999999999998 2.25 2.2000000000000002 2.1750000000000003 2.15 2.125 2.1 2.1 2.1 2.1 2.1 2.0875000000000004 2.0625 2.0375000000000001 2.0125000000000002 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1.9750000000000001 1.925 1.875 1.825 1.8250000000000002 1.85 1.875 1.9 1.9249999999999998 1.95 1.9750000000000001 2 2 2 1.9875 1.9750000000000001 1.9500000000000002 1.9249999999999998 1.9125000000000001 1.9 1.9 1.8749999999999998 1.8499999999999999 1.825 1.8 1.75 1.7000000000000002 1.65 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6250000000000002 1.6500000000000001 1.675 1.7 1.7 1.7 1.7 1.7 1.7 1.75 1.7999999999999998 1.85 1.9 1.9 1.9 1.9 1.8999999999999997 1.9 1.9 2012 40549 40556 40563 40570 40577 40584 40591 40598 40605 40612 40619 40626 40633 40640 40647 40654 40661 40668 40675 40682 40689 40696 40703 40710 40717 40724 40731 40738 40745 40752 40759 40766 40773 40780 40787 40794 40801 40808 40815 40822 40829 40836 40843 40850 40857 40864 40871 40878 40885 40892 40899 40906 40913 40920 40927 40934 40941 40948 40955 40962 40969 40976 40983 40990 40997 41004 41011 41018 41025 41032 41039 41046 41053 41060 41067 41074 41081 41088 41095 41102 41109 41116 41123 41130 41137 41144 41151 41158 41165 41172 41179 41186 41193 41200 41207 41214 41221 41228 41235 41242 41249 41256 41263 41270 41277 41284 41291 41298 41305 41312 41319 41326 41333 41340 41347 41354 41361 41368 41375 41382 41389 41396 41403 41410 41417 41424 41431 41438 41445 41452 41459 41466 41473 41480 41487 41494 41501 41508 41515 41522 41529 41536 41543 41550 41557 41564 41571 41578 41585 41592 41599 41606 41613 41620 41627 41634 41641 41648 41655 41662 41669 41676 41683 41690 41697 41704 41711 41718 41725 41732 41739 41746 41753 41760 41767 41774 41781 41788 41795 41802 41809 41816 41823 41830 41837 41844 41851 41858 41865 41872 41879 41886 41893 41900 41907 41914 41921 41928 41935 41942 41949 41956 41963 41970 41977 41984 41991 41998 42005 42012 42019 42026 42033 42040 42047 42054 42061 42068 42075 42082 42089 42096 42103 42110 42117 42124 42131 42138 42145 42152 42159 42166 42173 42180 42187 42194 42201 42208 42215 42222 42229 42236 42243 42250 42257 42264 42271 42278 42285 42292 42299 42306 42313 42320 42327 3.1624999999999996 3.1749999999999998 3.1875 3.2 3.2 3.2 3.2 3.2 3.1625000000000005 3.125 3.0875000000000004 3.05 3.05 3.0624999999999996 3.0749999999999997 3.0874999999999999 3.1 3.1 3.1 3.1 3.1 3.0500000000000003 3 2.95 2.9 2.9 2.9 2.9 2.9 2.9 2.7624999999999997 2.625 2.4874999999999998 2.35 2.3125 2.2750000000000004 2.2375000000000003 2.2000000000000002 2.2000000000000002 2.1625000000000001 2.125 2.0874999999999999 2.0499999999999998 2.0874999999999999 2.125 2.1625000000000001 2.2000000000000002 2.1750000000000003 2.15 2.125 2.1 2.1 2.1500000000000004 2.2000000000000002 2.25 2.2999999999999998 2.2749999999999999 2.25 2.2250000000000001 2.2000000000000002 2.2000000000000002 2.2000000000000002 2.2000000000000002 2.2000000000000002 2.2000000000000002 2.2250000000000001 2.25 2.2749999999999999 2.2999999999999998 2.2999999999999998 2.2999999999999998 2.2999999999999998 2.2999999999999998 2.2999999999999998 2.2749999999999999 2.25 2.2250000000000001 2.2000000000000002 2.1750000000000003 2.15 2.125 2.1 2.125 2.1500000000000004 2.1750000000000003 2.2000000000000002 2.2000000000000002 2.2000000000000002 2.2000000000000002 2.2000000000000002 2.2000000000000002 2.1750000000000003 2.15 2.125 2.1 2.125 2.1500000000000004 2.1750000000000003 2.2000000000000002 2.2000000000000002 2.2000000000000002 2.2000000000000002 2.2000000000000002 2.2000000000000002 2.2250000000000001 2.25 2.2749999999999999 2.2999999999999998 2.2999999999999998 2.2749999999999999 2.25 2.2250000000000001 2.2000000000000002 2.2000000000000002 2.2000000000000002 2.2000000000000002

GDP Growth

Unemployment 38353 38384 38412 38443 38473 38504 38534 38565 38596 38626 38657 38687 38718 38749 38777 38808 38838 38869 38899 38930 38961 38991 39022 39052 39083 39114 39142 39173 39203 39234 39264 39295 39326 39356 39387 39417 39448 39479 39508 39539 39569 39600 39630 39661 39692 39722 39753 39783 39814 39845 39873 39904 39934 39965 39995 40026 40057 40087 40118 40148 40179 40210 40238 40269 40299 40330 40360 40391 40422 40452 40483 40513 40544 40575 40603 40634 40664 40695 40725 40756 40787 40817 40848 40878 40909 40940 40969 41000 41030 41061 41091 41122 41153 41183 41214 41244 41275 41306 41334 41365 41395 41426 41456 41487 41518 41548 41579 41609 41640 41671 41699 41730 41760 41791 41821 41852 41883 41913 41944 41974 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 0.11457598709585655 0.11386666256285947 0.11796309056536941 0.12098779361756196 0.12814059575307898 0.13301727888837186 0.1385486891825054 0.14483225545194409 0.14496621427717718 0.14461151849607415 0.14070818715976138 0.14594895786618861 0.15347720748980498 0.16119937136907433 0.16579669029632335 0.16533464057305128 0.16953867474895953 0.17134061329350705 0.17074994726285428 0.16923701774973596 0.1723765663478917 0.1813013998619272 0.18596692611425567 0.1884370522793121 0.18215025895583645 0.18161409494171918 0.1824484708924643 0.18677532227026175 0.18949708913494948 0.18490288203909314 0.17988851174888987 0.1743 7657543035304 0.17116692679020973 0.16965243953796816 0.16739412811966883 0.15909346925558257 0.15162761617977852 0.14673627574534534 0.14347245510603832 0.14408596862632725 0.12819743502355166 0.11476505311151301 9.1584339272090795E-2 7.2833034641713687E-2 5.6268256617161748E-2 3.592198754395181E-2 1.5788497925118737E-2 -1.6908216837360813E-2 -5.4113709325912779E-2 -9.7458675249012319E-2 -0.13745112662074702 -0.16990108508688265 -0.19886175080538546 -0.22136491859065324 -0.23507780713193149 -0.24161117159086912 -0.24872202222282361 -0.26379129611554802 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-4.6981404674763166E-2 -3.9496618960520591E-2 -2.4186710870680878E-2 -7.0068418570444603E-3 1.241137798706394E-3 2.4701149432750022E-3 1.3024816375060663E-2 2.4336872541537064E-2 4.067904773377265E-2 4.2260103882511703E-2 4.6203568575085036E-2 5.0285889665838919E-2 6.2549586929670525E-2 7.1968846456819016E-2 8.2225407170985865E-2 8.3267402872473542E-2 9.0492079739681541E-2 9.3310086454490682E-2 0.10094652006998922 0.1019690125288553 0.10707201683129131 0.11220324668216963 0.12342417597482369 0.13005141673085099 0.13642958371283501 Long-Term Unemployment 38353 38384 38412 38443 38473 38504 38534 38565 38596 38626 38657 38687 38718 38749 38777 38808 38838 38869 38899 38930 38961 38991 39022 39052 39083 39114 39142 39173 39203 39234 39264 39295 39326 39356 39387 39417 39448 39479 39508 39539 39569 39600 39630 39661 39692 39722 39753 39783 39814 39845 39873 39904 39934 39965 39995 40026 40057 40087 40118 40148 40179 40210 40238 40269 40299 40330 40360 40391 40422 40452 40483 40513 40544 40575 40603 40634 40664 40695 40725 40756 40787 40817 40848 40878 40909 40940 40969 41000 41030 41061 41091 41122 41153 41183 41214 41244 41275 41306 41334 41365 41395 41426 41456 41487 41518 41548 41579 41609 41640 41671 41699 41730 41760 41791 41821 41852 418 83 41913 41944 41974 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 8.0604775625186378E-2 8.2044085876107745E-2 8.1981987758207309E-2 8.2902322308296736E-2 8.4773919320002569E-2 9.0294835259757303E-2 9.468498957701045E-2 9.7231857625122653E-2 9.6160783129112734E-2 9.5475374382970338E-2 9.6215332048127336E-2 9.7776829974956334E-2 0.102508322420847 0.10297746700273459 0.10398073051596624 0.1010914594729616 0.10147735773316265 0.10459590277361767 0.10517582851186154 0.10577905122642561 0.10397716971385527 0.10824143801570735 0.11156323934603175 0.11450870450483441 0.11350056673951094 0.11142073404613906 0.10868371827299901 0.10739367610419781 0.10949108674728741 0.11135440852476175 0.10989005932486855 0.10781260643885643 0.10565661670010822 0.10554863304369416 0.10338168155579042 0.10236647111231033 0.10086738894237694 0.10165722109817388 0.1016738367564551 0.10191677484571852 9.7811883544560316E-2 9.3287677384150614E-2 8.811168816584207E-2 8.2655105020931596E-2 7.4538799174392073E-2 6.3489456813002346E-2 5.7102009430370693E-2 4.6574747872773138E-2 3.8794583751351926E-2 2.4646178385292289E-2 1.2686867987814368E-2 -6.2868679894231378E-3 -2.3824317715798678E-2 -4.3295352912770646E-2 -6.4396067108993038E-2 -8.3893823079698823E-2 -0.10517478878475445 -0.11879945233046892 -0.13489147141664229 -0.14683490476938149 -0.15935884095399877 -0.16351070151202968 -0.1705857280715706 -0.17844185621066275 -0.18739674 076756963 -0.18907915578308246 -0.18447223595587184 -0.17759409432594045 -0.16895392767630277 -0.16391602025567847 -0.16510356950096639 -0.17018430695638023 -0.16996549980842668 -0.16320661609214757 -0.15759567333373362 -0.15247233351435724 -0.15651479557150841 -0.1587786292883645 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3.6173792591048658E-2 3.9995014507161565E-2 4.7908352395627074E-2 5.4062328151045419E-2 5.9559402446024673E-2 5.9785270335374896E-2 6.0443078405244509E-2 U-6 Unemployment 38353 38384 38412 38443 38473 38504 38534 38565 38596 38626 38657 38687 38718 38749 38777 38808 38838 38869 38899 38930 38961 38991 39022 39052 39083 39114 39142 39173 39203 39234 39264 39295 39326 39356 39387 39417 39448 39479 39508 39539 39569 39600 39630 39661 39692 39722 39753 39783 39814 39845 39873 39904 39934 39965 39995 40026 40057 40087 40118 40148 40179 40210 40238 40269 40299 40330 40360 40391 40422 40452 40483 40513 40544 40575 40603 40634 40664 40695 40725 40756 40787 40817 40848 40878 40909 40940 40969 41000 41030 41061 41091 41122 41153 41183 41214 41244 41275 41306 41334 41365 41395 41426 41456 41487 41518 41548 41579 41609 41640 41671 41699 41730 41760 41791 41821 41852 41883 41913 41944 41974 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 0.13264655021907887 0.13427627174670428 0.13590599327432965 0.14242487938483125 0.14894376549533281 0.15057348702295817 0.15220320855058356 0.15220320855058359 0.15220320855058356 0.15383293007820897 0.15709237313345978 0.16361125924396136 0.16850042382683753 0.17338958840971366 0.17990847452021527 0.18479763910309144 0.18805708215834224 0.18479763910309144 0.17827875299258986 0.17501930993733905 0.1 8153819604784063 0.18642736063071683 0.19131652521359302 0.19294624674121841 0.18968680368596758 0.18805708215834219 0.18642736063071683 0.18968680368596766 0.18968680368596766 0.18479763910309144 0.18153819604784063 0.17827875299258986 0.17664903146496444 0.17664903146496444 0.17664903146496444 0.17013014535446289 0.15709237313345978 0.14731404396770742 0.14242487938483125 0.14242487938483125 0.13101682869145351 0.11471961341519961 9.3533233556069503E-2 7.5606296752190175E-2 6.0938803003561637E-2 3.9752423144431538E-2 1.0417435647174499E-2 -3.1955324071085686E-2 -7.1068640734095065E-2 -0.11344140045235523 -0.14929527406011386 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39814 39845 39873 39904 39934 39965 39995 40026 40057 40087 40118 40148 40179 40210 40238 40269 40299 40330 40360 40391 40422 40452 40483 40513 40544 40575 40603 40634 40664 40695 40725 40756 40787 40817 40848 40878 40909 40940 40969 41000 41030 41061 41091 41122 41153 41183 41214 41244 41275 41306 41334 41365 41395 41426 41456 41487 41518 41548 41579 41609 41640 41671 41699 41730 41760 41791 41821 41852 41883 41913 41944 41974 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 3.2395642931247366E-2 9.294666139436418E-2 9.5022696313099606E-2 0.17425802904483531 0.15245966239811326 0.18982829093535106 0.19398036077282196 0.20090047716860671 0.13965744706591143 3.896975350724291E-2 8.7756574097525589E-2 0.11958910951813558 0.1863682327374587 0.17875610470209544 0.22131482053617182 0.18844426765619413 8.7756574097525589E-2 1.7171386860520856E-2 2.5475526535462589E-2 8.1182463521530066E-2 0.10851692328487993 3.827774186766443E-2 4.6581881542606167E-2 5.2117974659233984E-2 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7.7722405323637667E-2 1.7863398500099336E-2 3.3779666210404326E-2 7.4262347125745268E-2 0.15937977879389803 0.13723540632738676 0.12996928411181274 5.9384096874808001E-2 6.8034242369538978E-2 8.1182463521530066E-2 0.10401884762761981 0.11024695238382613 0.11128496984319385 0.1794481163416739 0.21439470414038705 0.21093464594249464 0.10955494074424765 6.3190160892489633E-2 5.631075106373902E-4 3.1703631291668893E-2 5.7654067775861816E-2 9.5368702132888838E-2 0.10782491164530145 9.9520771970359703E-2 0.1510756391189563 0.14830759256064238 0.20020846552902824 0.13861942960654372 0.13239132485033742 9.9520771970359731E-2 0.10367284180783058 9.5714707952678071E-2 0.10851692328487994 0.11647505714003242 0.13758141214717601 0.15868776715431956 0.14450152854296075 0.12408718517539567 7.9452434422583859E-2 0.11958910951813556 0.17633406396357074 0.19294234331345425 0.21404869832059781 0.18602222691766945 0.17806409306251694 0.16560788355010433 0.15591972059600565 0.22858094275174581 0.25591540251509565 0.2489952861193109 0.19467237241240043 0.12201115025666025 0.1171670687796109 0.11509103386087548 0.15868776715431956 0.17114397666673217 0.13412135394928362 9.6752725412045812E-2 0.11336100476192927 Hires, Quits and Openings 38353 38384 38412 38443 38473 38504 38534 38565 38596 38626 38657 38687 38718 38749 38777 38808 38838 38869 38899 38930 38961 38991 39022 39052 39083 39114 39142 39173 39203 39234 39264 39295 39326 39356 39387 39417 39448 39479 39508 39539 39569 39600 39630 39661 39692 39722 39753 39783 39814 39845 39873 39904 39934 39965 39995 40026 40057 40087 40118 40148 40179 40210 40238 40269 40299 40330 40360 40391 40422 40452 40483 40513 40544 40575 40603 40634 40664 40695 40725 40756 40787 40817 40848 40878 40909 40940 40969 41000 41030 41061 41091 41122 41153 41183 41214 41244 41275 41306 41334 41365 41395 41426 41456 41487 41518 41548 41579 41609 41640 41671 41699 41730 41760 41791 41821 41852 41883 41913 41944 41974 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 0.12301130553420749 0.12476204966513103 0.12669459517476295 0.13856289814701311 0.14605655918892593 0.14720543248359969 0.1454150892132656 0.15972153571757547 0.179727427588216 0.17992423239786959 0.17642820931761694 0.15072495162688623 0.15133940128870815 0.15640612650213676 0.17909781818703033 0.17646312912010489 0.18415044751682769 0.17662564104125245 0.18019895463146446 0.16395208062624064 0.15943189113227474 0.16009168331548759 0.18021436890348647 0.18677239304315826 0.19075225485570671 0.17042479006098799 0.17072521078863998 0.16301636057394014 0.1636607999039171 0.15157021792273559 0.1470848180941976 0.13945806830720153 0.12567137605543735 0.1232217058454457 0.11563057872672711 0.11512077492726447 9.9100292980433186E-2 8.0924819059748326E-2 5.4767654068870616E-2 4.7316475624950893E-2 3.0713537333922649E-2 2.4872030148231403E-2 -5.1743028141076931E-3 -2.5923534392287492E-2 -6.1846448185893715E-2 -7.3510840540374905E-2 -0.12083013687631496 -0.13359805430981492 -0.17160939914520634 -0.17462076830682993 -0.22000602228640331 -0.25079404494950602 -0.27798510310163715 -0.28233407634035929 -0.286527445034854 -0.29065791552982845 -0.28420501727154351 -0.28097650283580572 -0.2609396690384701 -0.25732717665548627 -0.24164359612520764 -0.24688579187416559 -0.22275279712496032 -0.19588503411262731 -0.16401833729038345 -0.1635760814348981 -0.16992682015675162 -0.18414916345145452 -0.18585948562260018 -0.18499227209764638 -0.17393517917228601 -0.16148899338238257 -0.17405304851109615 -0.17614972691222713 -0.16776760435142146 -0.14702472863475569 -0.14115128665429569 -0.14094539014080032 -0.13331443051236522 -0.12626293852844159 -0.11302115079695257 -0.11295576472469543 -0.11371616929820572 -0.12097851801316432 -0.11399515835574647 -9.4934705681774881E-2 -7.2707397885345498E-2 -6.8791463553693338E -2 -6.3195697780054877E-2 -7.1546987137485515E-2 -7.4125089663199459E-2 -7.7367156970877177E-2 -9.6286058808307692E-2 -9.4891997527112498E-2 -9.6645038212581288E-2 -8.3663394117621151E-2 -6.9925462066163208E-2 -5.0987021405608499E-2 -5.1519060279695578E-2 -4.88275459625842E-2 -5.8631902444678821E-2 -5.0849854162611785E-2 -5.0672508435378898E-2 -4.1084391637627858E-2 -2.4088009606881216E-2 -1.7400568964493733E-2 -1.3152344172536636E-2 -1.7896766388118074E-2 -1.930665426523151E-2 -1.4442824226304654E-2 -1.0584534871455782E-3 1.7633098609331935E-2 3.2616035185791634E-2 4.6746618691514127E-2 6.5391104915897807E-2 7.1268749584379412E-2 8.8631935723260447E-2 0.10203579953260744 0.11335149478643899 0.12095076752567184 0.11812670438467252 0.12374477198977094 0.12418932852748382 0.12964091300728262 0.13513658106059512 0.14017689541411144 0.14804415356353248 0.14913387867210265 0.14671964847177302 0.14671964847177302 Other 38353 38384 38412 38443 38473 38504 38534 38565 38596 38626 38657 38687 38718 38749 38777 38808 38838 38869 38899 38930 38961 38991 39022 39052 39083 39114 39142 39173 39203 39234 39264 39295 39326 39356 39387 39417 39448 39479 39508 39539 39569 39600 39630 39661 39692 39722 39753 39783 39814 39845 39873 39904 39934 39965 39995 40026 40057 40087 40118 40148 40179 40210 40238 40269 40299 40330 40360 40391 40422 40452 40483 40513 40544 40575 40603 40634 40664 40695 40725 40756 40787 40817 40848 40878 40909 40940 40969 41000 41030 41061 41091 41122 41153 41183 41214 41244 41275 41306 41334 41365 41395 41426 41456 41487 41518 41548 41579 41609 41640 41671 41699 41730 41760 41791 41821 41852 41883 41913 41944 41974 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 0.10669866401516298 0.10284631740330202 0.13225190620726968 0.15990058847725722 0.16872896124754105 0.160232100693388 0.14688757556848941 0.1534819733004823 0.14751594165934262 0.13452087462007703 0.1084016619079823 0.11949499354217785 0.13939629172658524 0.16321173317806537 0.17432853118436331 0.15293172777556599 0.15214559808595268 0.14334617838737346 0.11576532309807153 0.10638102309382907 9.3959969319025866E-2 0.13918015395685107 0.13803792110901736 0.15544686581664638 0.11017843836928104 7.6318493533267945E-2 4.7917485874168823E-2 1.9793843014800992E-2 4.5396867323873255E-2 4.6623605268516485E-2 8.151183190530073E-2 6.2588600217270307E-2 8.917522262291229E-2 7.2076620928306495E-2 0.10284830495265954 4.5967996703484511E-2 4.6955514361646793E-2 -1.5799868711613384E-2 -2.3365892213504349E-2 -3.6398250923025753E-2 -4.8366924834953876E-2 -6.7538073685497885E-2 -0.10845269033518121 -0.14358297887908042 -0.17067902415974173 -0.22942375111407901 -0.30244101531457479 -0.38460379207316675 -0.45357571292371723 -0.46454708723477023 -0.49591222970723103 -0.45619178674673722 -0.46715753599060361 -0.44633556069506547 -0.43634030399604756 -0.42303575414076122 -0.42990538637434672 -0.38641033353181242 -0.29834301566942317 -0.24031702257116655 -0.16511750528752367 -0.13543786353735185 -6.1594627242624232E-2 -3.3351753269713846E-2 -2.0476297936132478E-2 -1.2310288078310611E-2 -3.0048664427868958E-2 -7.2249876965447893E-3 3.1423086050623994E-3 -1.8940622796260444E-2 -4.1833332919691608E-2 -3.3172129915006787E-2 -3.5847353746438319E-2 -3.8313728411479134E-2 -5.0636241214408059E-2 -5.303715576305619E-2 -6.207528848164072E-2 -9.003627320584659E-2 -8.8199700805046216E-2 -7.7192528399541882E-2 -6.077802422914777E-2 -4.8796015460314091E-2 -3.7053995874202265E-2 -3.168578529231298E-2 1.9454762717459058E-2 3.4649419678231E-2 6.0347337868058286E-2 1.2841487984428523E-2 9.1992239012131313E-3 3.8829520908207765E-3 1.0015141922228923E-3 -1.4104835808939217E-2 9.0350563962362865E-3 1.7399776408374007E-2 -4.4875020621519147E-3 -5.7884424429523865E-2 -7.9249191217803522E-2 -7.1840489901856569E-2 -7.4389015387695656E-2 -6.3441399954058633E-2 -6.181325238948162E-2 -5.6585217814190916E-2 -4.6670084261941323E-2 -4.430805663035281E-2 -3.730032315203631E-2 -7.003444673584916E-2 1.6349908938833382E-3 3.1549186499500288E-2 8.634752297952504E-2 2.7929156991617979E-2 3.1107993005883686E-2 2.5405048513959382E-2 5.1553588438864234E-2 7.1775176112157432E-2 9.1878241761565338E-2 9.7103970919010935E-2 9.2434263871610217E-2 0.11485011794549219 0.11107254147479129 0.10724299452839878 0.12108504462784869 0.13497402429307034 0.14200921609242842 0.11779791037218021 0.12556504313312919 0.12219993945414888 0.11136002741743353 0.10026233968510102 8.4529779465435551E-2 9.7119116773238409E-2 Overall Index 38353 38384 38412 38443 38473 38504 38534 38565 38596 38626 38657 38687 38718 38749 38777 38808 38838 38869 38899 38930 38961 38991 39022 39052 39083 39114 39142 39173 39203 39234 39264 39295 39326 39356 39387 39417 39448 39479 39508 39539 39569 39600 39630 39661 39692 39722 39753 39783 39814 39845 39873 39904 39934 39965 39995 40026 40057 40087 40118 40148 40179 40210 40238 40269 40299 40330 40360 40391 40422 40452 40483 40513 40544 40575 40603 40634 40664 40695 40725 40756 40787 40817 40848 40878 40909 40940 40969 41000 41030 41061 41091 41122 41153 41183 41214 41244 41275 41306 41334 41365 41395 41426 41456 41487 41518 41548 41579 41609 41640 41671 41699 41730 41760 41791 41821 41852 41883 41913 41944 41974 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 0.58993292542073961 0.65074204864846874 0.68982026929303863 0.81903651097979557 0.82910346340299457 0.87115142528342604 0.87171991286467643 0.90837130781431485 0.86023102227034354 0.74733468348244303 0.76660233766447328 0.79714610177230605 0.90158987949024172 0.93594039116382022 1.0244270652400704 0.96906286370096928 0.88312573434077035 0.79787736145936283 0.77564433303230418 0.80155094615510047 0.81980071584576808 0.81351977764835448 0.85368086222899031 0.89022923704440349 0.91935165909621852 0.81905182703587431 0.7929549718710347 0.70840380571472528 0.75919277858953849 0.70022620373640088 0.68213821618290515 0.58868645964222222 0.5996811171864217 0.61899305528850945 0.68411312913969891 0.61469432569067495 0.55413025818959716 0.38873437651425874 0.28597779417468211 0.18746138171884685 9.4271735218812033E-2 2.8267345934753357E-3 -0.11663928047604025 -0.24095006748126829 -0.44019923371624275 -0.65522789238272861 -1.0064993222312411 -1.2714521724902443 -1.5732562737817255 -1.6656527874348885 -1.8744975641969166 -1.9059414524961356 -1.8913727299094862 -1.8047579038635295 -1.7177021369302974 -1.6900698179239646 -1.6390964145421087 -1.5895701137417877 -1.439275726008038 -1.418412230174799 -1.2478247510126526 -1.245745050915541 -1.0016009671292141 -0.88953881219308828 -0.63890758891841892 -0.70846430000215987 -0.81087478461553875 -0.98280794790399739 -0.94531141029003019 -0.85696593433593204 -0.82902979997792348 -0.75830692153968382 -0.81855149680743089 -0.76425217336746121 -0.6997212100951532 -0.58742467000131593 -0.61353675777576688 -0.65837048785354157 -0.71751678182320244 -0.69207733895847756 -0.65108185195826829 -0.60447809714480794 -0.56135991120658679 -0.51643951410412114 -0.35838093842896057 -0.26364827933633933 -0.19277720673920395 -0.31768383923931043 -0.35721485915944845 -0.43957413470723294 -0.41787642720138807 -0.39693922330687997 -0.3343479772625837 -0.29200291707689729 -0.30725151349851942 -0.29114054153761437 -0.30293038370364533 -0.22025090567859926 -0.26056117258860401 -0.22653569513173194 -0.2475028676679473 -0.23376253026641108 -0.21904722272340771 -0.18233713070037091 -0.12832202823831224 -0.125872807572945 -9.0395736085803705E-3 2.9871942314056439E-2 0.10425517193861115 2.722559738680206E-2 9.7304037017 272985E-2 0.18795402020602717 0.27327274545032232 0.36553837435154707 0.38414624872489611 0.39991931820286308 0.41142369061613293 0.46598967629859733 0.56809329787355101 0.6206738839306658 0.63123451177514833 0.61236893451618069 0.55910051009395778 0.55614612171317168 0.57543604503892753 0.64024321730831057 0.66753086465022726 0.64536689053477669 0.60485318786104814 0.6508651087363404

Index Level

Sources: BlackRock Investment Institute and European Commission, November 2015. Note: The polls are based on about 1,000 face-to face interviews per E.U. country in May of 2014 and 2015.

Polls on the Two Most Important Issues Facing E.U.

Sources: BlackRock Investment Institute and European Central Bank, November 2015. Note: Money supply is based on M3, a broad measure of money that includes

currency and deposits as well as certain money market instruments and repurchase

agreements.

Eurozone Money Supply and Loan Growth

Europe: lending activity supporting a slow-motion recovery

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

Money Supply 35461 35489 35520 35550 35580 35611 35642 35671 35703 35734 35762 35795 35825 35853 35885 35915 35944 35976 36007 36038 36068 36098 36129 36160 36189 36217 36250 36280 36311 36341 36371 36403 36433 36462 36494 36525 36556 36585 36616 36644 36677 36707 36738 36769 36798 36830 36860 36889 36922 36950 36980 37011 37042 37071 37103 37134 37162 37195 37225 37256 37287 37315 37344 37376 37407 37435 37468 37498 37529 375 60 37589 37621 37652 37680 37711 37741 37771 37802 37833 37862 37894 37925 37953 37986 38016 38044 38077 38107 38138 38168 38198 38230 38260 38289 38321 38352 38383 38411 38442 38471 38503 38533 38562 38595 38625 38656 38686 38716 38748 38776 38807 38835 38868 38898 38929 38960 38989 39021 39051 39080 39113 39141 39171 39202 39233 39262 39294 39325 39353 39386 39416 39447 39478 39507 39538 39568 39598 39629 39660 39689 39721 39752 39780 39813 39843 39871 39903 39933 39962 39994 40025 40056 40086 40116 40147 40178 40207 40235 40268 40298 40329 40359 40389 40421 40451 40480 40512 40543 40574 40602 40633 40662 40694 40724 40753 40786 40816 40847 40877 40907 40939 40968 40998 41029 41060 41089 41121 41152 41180 41213 41243 41274 41305 41333 41362 41394 41425 41453 41486 41516 41547 41578 41607 41639 41670 41698 41729 41759 41789 41820 41851 41880 41912 41943 41971 42004 42034 42062 42094 42124 42153 42185 42216 42247 42277 42308 3.8 3.8 3.6 3.5 4 4.4000000000000004 4.5999999999999996 4.0999999999999996 4.2 4.5999999999999996 4.8 4.3 4.9000000000000004 4.9000000000000004 5 5.7 5.0999999999999996 5.0999999999999996 5.0999999999999996 5.3 4.9000000000000004 5.2 5 5.0999999999999996 6.2 5.6 5.6 5.4 5.6 5.7 5.9 5.8 5.9 5.4 5.8 5.7 5 5.8 6 5.8 5.4 4.5999999999999996 4.2 4.5999999999999996 4.2 4.0999999999999996 3.8 4 3.8 3.8 3.8 3.9 4.4000000000000004 5.5 5.6 5.9 6.8 7.3 7.8 8 7.9 7.5 7.4 7.3 7.7 7.1 7 7 7.2 6.9 7.1 7 7.4 8.1999999999999993 8.3000000000000007 9 8.6999999999999993 8.6 8.8000000000000007 8.4 7.6 7.9 7.4 7.2 6.4 6.2 6.2 5.3 5 5.4 5.3 5.4 5.9 5.8 6 6.6 6.9 6.6 6.4 6.8 7.3 7.6 8 8.1 8.1999999999999993 7.9 7.6 7.3 7.5 7.8 8.3000000000000007 8.9 8.9 8.3000000000000007 7.7 8.1 8.4 8.5 9.3000000000000007 10.1 10.199999999999999 10.3 11 10.199999999999999 10.7 11 11.9 11.5 11.5 12.5 12.4 11.6 11.7 11.4 10.199999999999999 10.6 10.1 9.8000000000000007 9.3000000000000007 8.9 8.6 8.5 7.7 7.7 5.9 5.7 5.0999999999999996 4.8 3.9 3.6 2.9 2.2999999999999998 1.8 0.3 -0.2 -0.3 0.2 -0.3 -0.1 -0.3 -0.1 0.1 0.1 0.9 0.7 1.1000000000000001 1.4 1.1000000000000001 1.4 1.5 1.8 1.5 1.4 1.3 1.3 1.7 1.7 1.3 1.5 1.6 2 2.5 2.8 2.4 2.9 3 3.5 2.7 2.7 3.9 3.7 3.5 3.4 3 2.5 3.1 2.8 2.4 2.1 2.2000000000000002 2 1.4 1.5 1 1.2 1.3 1 0.8 1.100000000000000 1 1.6 1.8 2.1 2.5 2.5 3.1 3.7 3.9 4.2 4.7 5.4 5 4.9000000000000004 5.3 4.9000000000000004 4.9000000000000004 5.3 Private Sector Loans 35461 35489 35520 35550 35580 35611 35642 35671 35703 35734 35762 35795 35825 35853 35885 35915 35944 35976 36007 36038 36068 36098 36129 36160 36189 36217 36250 36280 36311 36341 36371 36403 36433 36462 36494 36525 36556 36585 36616 36644 36677 36707 36738 36769 36798 36830 36860 36889 36922 36950 36980 37011 37042 37071 37103 37134 37162 37195 37225 37256 37287 37315 37344 37376 37407 37435 37468 37498 37529 37560 37589 37621 37652 37680 37711 37741 37771 37802 37833 37862 37894 37925 37953 37986 38016 38044 38077 38107 38138 38168 38198 38230 38260 38289 38321 38352 38383 38411 38442 38471 38503 38533 38562 38595 38625 38656 38686 38716 38748 38776 38807 38835 38868 38898 38929 38960 38989 39021 39051 39080 39113 39141 39171 39202 39233 39262 39294 39325 39353 39386 39416 39447 39478 39507 39538 39568 39598 39629 39660 39689 39721 39752 39780 39813 39843 39871 39903 39933 39962 39994 40025 40056 40086 40116 40147 40178 40207 40235 40268 40298 40329 40359 40389 40421 40451 40480 40512 40543 40574 40602 40633 40662 40694 40724 40753 40786 40816 40847 40877 40907 40939 40968 40998 41029 41060 41089 41121 41152 41180 41213 41243 41274 41305 41333 41362 41394 41425 41453 41486 41516 41547 41578 41607 41639 41670 41698 41729 41759 41789 41820 41851 41880 41912 41943 41971 42004 42034 42062 42094 42124 42153 42185 42216 42247 42277 42308 5.6886000000000001 6.1506999999999996 6.2351999999999999 6.1048999999999998 6.2995999999999999 6.6124000000000001 6.915 6.7427000000000001 6.6938000000000004 7.2907000000000002 7.2382 7.34 7.5072999999999999 7.5773000000000001 7.7969999999999997 8.1417999999999999 7.9196 8.1057000000000006 8.6572999999999993 8.7853999999999992 9.2341999999999995 9.1095000000000006 9.5444999999999993 9.3782999999999994 10.6981 9.8712 10.022399999999999 9.6823999999999995 10.0128 10.6945 10.469099999999999 10.218299999999999 10.0281 10.2067 10.3797 9.8957999999999995 8.9100999999999999 9.9664000000000001 10.363799999999999 10.898 10.681699999999999 9.7962000000000007 9.5066000000000006 9.9349000000000007 10.3849 10.1724 9.6786999999999992 9.9570000000000007 9.8391999999999999 9.4971999999999994 9.2362000000000002 8.9373000000000005 8.5747 8.5181000000000004 8.3316999999999997 7.7721 7.2839999999999998 7.1265000000000001 7.1414 6.5826000000000002 6.1817000000000002 6.0233999999999996 6.0785 6.0313999999999997 6.0964 5.7771999999999997 5.4817999999999998 5.7576999999999998 5.5496999999999996 5.3451000000000004 4.8940000000000001 5.3623000000000003 5.5072999999999999 5.7122999999999999 5.2263999999999999 5.3108000000000004 5.2794999999999996 5.1637000000000004 5.4496000000000002 5.516 5.5697999999999999 5.7301000000000002 6.1718999999999999 5.9062000000000001 5.8449 5.7274000000000003 5.7434000000000003 5.8644999999999996 6.0606999999999998 6.4537000000000004 6.6196999999999999 6.4614000000000003 6.6527000000000003 6.9086999999999996 7.1227999999999998 7.4192999999999998 7.5728 7.5354000000000001 7.7839 7.6257999999999999 7.7994000000000003 8.1922999999999995 8.4151000000000007 8.4968000000000004 8.8193999999999999 8.9551999999999996 9.0907 9.4420000000000002 9.9617000000000004 10.622999999999999 11.002599999999999 11.5326 11.571 11.242699999999999 11.3856 11.6113 11.712199999999999 11.6257 11.6058 11.1715 11.063000000000001 10.858000000000001 11.013299999999999 10.88 10.822100000000001 11.2377 11.456099999999999 11.588900000000001 11.466100000000001 11.623100000000001 11.4376 11.628 11.5319 11.3896 11.329800000000001 11.216200000000001 11.059799999999999 10.5947 10.0037 9.4545999999999992 9.0000999999999998 8.4282000000000004 7.9162999999999997 6.9786000000000001 6.3083999999999998 5.5335999999999999 4.4406999999999996 3.5943999999999998 3.0703999999999998 2.4636 1.629 1.0984 0.73629999999999995 0.13370000000000001 -8.9999999999999998E-4 0.17 -0.39629999999999999 -0.2898 -0.15570000000000001 6.3399999999999998E-2 4.7199999999999999E-2 6.8500000000000005E-2 0.51060000000000005 0.76949999999999996 0.76849999999999996 1.1366000000000001 1.4295 1.5942000000000001 2.0036999999999998 2.0388000000000002 1.998 1.9403999999999999 1.9398 2.0112000000000001 1.8846000000000001 1.9064000000000001 1.9214 1.8193999999999999 1.3057000000000001 0.67959999999999998 0.76629999999999998 0.44669999999999999 0.29020000000000001 5.3800000000000001E-2 -0.1439 -0.28010000000000002 -0.30249999999999999 -0.52510000000000001 -0.73780000000000001 -0.80779999999999996 -0.76819999999999999 -0.4738 -0.78369999999999995 -0.70120000000000005 -0.64339999999999997 -0.84640000000000004 -1.0299 -1.4031 -1.7376 -1.8352999999999999 -1.9063000000000001 -2.0558999999999998 -2.1848000000000001 -2.3921000000000001 -2.3967999999999998 -2.3308 -2.347 -1.9242999999999999 -1.7738 -1.4416 -1.3523000000000001 -1.2705 -1.0265 -0.90429999999999999 -0.64410000000000001 -0.28599999999999998 -4.8999999999999998E-3 5.4300000000000001E-2 0.21759999999999999 0.19059999999999999 0.29799999999999999 0.25230000000000002 0.62690000000000001 0.71919999999999995 0.41510000000000002 0.77339999999999998

Annual Change

Spring 2014 Immigration Economic Situation Unemployment Public Finances Terrorism 21 39 34 25 6 Spring 2015 Immigration Economic Situation Unemployment Public Finances Terrorism 38 27 24 23 17

Sources: BlackRock Investment Institute, JPMorgan and Markit, November 2015. Note: The lines are based on global purchasing manager surveys. A value above 50 indicates expansion.

Global Activity Survey by Region

Sources: BlackRock Investment Institute, JPMorgan and Markit, November 2015. Note: The lines are based on global purchasing manager surveys. A value above 50 indicates expansion.

Global Activity Survey by Sector

Divergences: services outpacing manufacturing, DM healthier than EM

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

Global Services 40193 40224 40252 40283 40313 40344 40374 40405 40436 40466 40497 40527 40558 40589 40617 40648 40678 40709 40739 40770 40801 40831 40862 40892 40923 40954 40983 41014 41044 41075 41105 41136 41167 41197 41228 41258 41289 41320 41348 41379 41409 41440 41470 41501 41532 41562 41593 41623 41654 41685 41713 41744 41774 41805 41835 41866 41897 41927 41958 41988 42019 42050 42078 42109 42139 42170 42200 42231 42262 42292 54 54.8 55.7 56.1 55.3 54.8 54.7 54.8 53.9 53 53.4 53.8 54.3 55.2 53 52.9 54.3 53.3 52.1 51.6 51.7 52.4 52 53.1 54.6 53.8 54.4 52.5 52.7 51 50.1 50.3 49.8 50.5 51.3 51.2 51.9 51.8 51.7 51.4 52.3 52.8 53.3 53.6 54.7 51.8 53.8 53.5 53.8 52.7 53.5 52.7 54.4 55.8 56 55.6 55.2 53.6 53.4 52.5 53 54.1 55.2 54.8 54 53.6 54.1 54.6 53.3 53.7 Global Manufacturing 40193 40224 40252 40283 40313 40344 40374 40405 40436 40466 40497 40527 40558 40589 40617 40648 40678 40709 40739 40770 40801 40831 40862 40892 40923 40954 40983 41014 41044 41075 41105 41136 41167 41197 41228 41258 41289 41320 41348 41379 41409 41440 41470 41501 41532 41562 41593 41623 41654 41685 41713 41744 41774 41805 41835 41866 41897 41927 41958 41988 42019 42050 42078 42109 42139 42170 42200 42231 42262 42292 55.3 55 55.8 56.6 55.4 53.9 54 53 52.6 53 53.3 53.6 54.7 55.5 54.1 53.8 53.3 51.9 51.1 51 50.4 50.5 49.3 50.1 50.8 51 51.2 51 49.9 49.4 48.6 48.6 48.6 48.8 49.6 50.1 51.4 50.8 50.9 50.1 50.4 50.4 50.6 51.5 51.6 51.9 52.8 52.9 52.9 53.1 52.4 51.9 52.1 52.6 52.4 52.5 52.2 52.2 51.8 51.5 51.7 51.9 51.7 51 51.3 51 51.1 50.7 50.7 51.4

Index

Developed Markets 40193 40224 40252 40283 40313 40344 40374 40405 40436 40466 40497 40527 40558 40589 40617 40648 40678 40709 40739 40770 40801 40831 40862 40892 40923 40954 40983 41014 41044 41075 41105 41136 41167 41197 41228 41258 41289 41320 41348 41379 41409 41440 41470 41501 41532 41562 41593 41623 41654 41685 41713 41744 41774 41805 41835 41866 41897 41927 41958 41988 42019 42050 42078 42109 42139 42170 42200 42231 42262 42292 54.6 55 56 56.6 55.8 55 55 54.8 53.8 52.8 53.2 53.7 54.7 56.1 53.1 52.8 54.2 53.1 51.7 51.7 51.7 52 51.4 52.7 54.3 53.4 54.4 52.2 52 50.5 49.2 49.7 48.9 49.6 50.7 50.5 51.4 51.6 51.4 51.2 52.3 53 53.8 54 55.3 52.2 54.6 54.5 54.8 53.8 54.5 53.6 55.3 56.4 56.7 56 55.6 54.2 53.8 52.7 53.5 54.6 55.9 55.1 54.4 54.2 54.7 55.1 54 54.4 Emerging Markets 40193 40224 40252 40283 40313 40344 40374 40405 40436 40466 40497 40527 40558 40589 40617 40648 40678 40709 40739 40770 40801 40831 40862 40892 40923 40954 40983 41014 41044 41075 41105 41136 41167 41197 41228 41258 41289 41320 41348 41379 41409 41440 41470 41501 41532 41562 41593 41623 41654 41685 41713 41744 41774 41805 41835 41866 41897 41927 41958 41988 42019 42050 42078 42109 42139 42170 42200 42231 42262 42292 57.6 57.2 57.8 57.8 55.6 55 55 54.8 54.2 55.8 55.9 55.8 55.8 54.9 54.8 54.5 54.6 53.8 53.4 51.3 51.2 52.4 51.4 52.3 53.1 54.2 52.9 53.2 53.1 52.3 52.3 51.1 52.5 52.4 52.5 52.9 54 52.6 52.8 51.5 51.5 50.7 49.7 51 51 51.8 52.1 51.5 51.4 51.1 50 .2 50.4 50.7 52.3 51.5 52.5 52.4 51.4 51.4 51.7 51.3 51.8 51.5 51.2 50.6 49.6 50.1 49.6 49 49.7

Index

Changes in Central Bank Assets, 2009-2015

Monetary policy: cycles out of sync

Sources: BlackRock Investment Institute and Citi Research, November 2015. Notes: The chart displays the three-month average of net changes in assets held by central banks of developed countries. For emerging markets, the chart uses the three-month change in foreign reserves, netting out the effects of U.S. dollar swings. The data exclude the ECB’s long-term refinancing operations and only include net changes in Fed holdings of bonds with maturities of more than five years.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

Fed > 5-Year Bonds 39814 39845 39873 39904 39934 39965 39995 40026 40057 40087 40118 40148 40179 40210 40238 40269 40299 40330 40360 40391 40422 40452 40483 40513 40544 40575 40603 40634 40664 40695 40725 40756 40787 40817 40848 40878 40909 40940 40969 41000 41030 41061 41091 41122 41153 41183 41214 41244 41275 41306 41334 41365 41395 41426 41456 41487 41518 41548 41579 41609 41640 41671 41699 41730 41760 41791 41821 41852 41883 41913 41944 41974 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 25.32 94.74 268.30099999999999 423.66300000000001 456.899 365.39800000000002 306.017 313.45800000000003 318.28300000000002 304.37200000000001 287.24 254.81 224.80699999999999 192.54 171.38200000000001 134.309 81.412999999999997 44.893000000000001 7.9450000000000003 -19.308 -35.533999999999999 -42.411000000000001 -6.266 24.771000000000001 67.638000000000005 96.83 96.399000000000001 94.953999999999994 66.611000000000004 80.558000000000007 37.165999999999997 -3.7320000000000002 -46.753999999999998 -16.803000000000001 6.9 70.992000000 000004 76.350999999999999 114.209 93.722999999999999 126.601 92.296999999999997 107.892 79.379000000000005 85.796999999999997 66.322000000000003 96.010999999999996 141.86000000000001 194.29499999999999 196.02799999999999 192.768 200.471 225.69 193.04 164.52799999999999 123.782 154.21600000000001 161.03899999999999 184.761 182.34800000000001 191.24100000000001 177.27699999999999 144.483 117.997 88.233999999999995 72.495000000000005 40.723999999999997 16.100000000000001 -21.603000000000002 -17.722000000000001 -0.58199999999999996 -2.7450000000000001 -32.451000000000001 -46.256999999999998 -48.179000000000002 -59.277000000000001 -83.498000000000005 -85.369 -47.569000000000003 -52.165999999999997 -58.883000000000003 -85.152000000000001 -53.741 ECB 39814 39845 39873 39904 39934 39965 39995 40026 40057 40087 40118 40148 40179 40210 40238 40269 40299 40330 40360 40391 40422 40452 40483 40513 40544 40575 40603 40634 40664 40695 40725 40756 40787 40817 40848 40878 40909 40940 40969 41000 41030 41061 41091 41122 41153 41183 41214 41244 41275 41306 41334 41365 41395 41426 41456 41487 41518 41548 41579 41609 41640 41671 41699 41730 41760 41791 41821 41852 41883 41913 41944 41974 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 0 0 0 0 0 0 5.9588848211771328 12.531374786081004 20.738421205942327 24.320438713502298 24.588305489260144 20.812664137729794 18.392067341988874 18.428395568321708 20.41525308725743 22.415828303152246 64.154674008259292 87.404104568775963 91.085955487336904 41.214506969540523 10.045805522837325 3.9791521890201529 8.4249284058366296 15.938656795346379 17.212347988774557 13.747440273037542 3.5146502172998733 -0.9764892542910717 -4.1639250464883419 -4.6271235243305497 -3.970021413276231 57.290682696436242 118.06163158618793 135.73858181319434 119.31146652209272 70.947493091196208 64.269329896907209 26.825459838560274 8.3544638140517691 -1.2509876218066895 -3.9033742331288344 1.0860295961876096 -0.96940656100258027 -1.8809671419714815 -1.0795162120432322 -2.3744647722849352 -2.5340005132152936 -4.4590163934426226 -5.0192844793190581 -9.5902295782167659 -9.677293934681181 -12.572992700729927 -14.111082273553077 -16.490904297389928 -13.346410357002746 -11.80111821086262 -13.518889333867309 -13.150068212824012 -11.758834637172917 -15.475603070175438 -19.646017699115045 -16.560535665482373 -9.7331305309734528 -9.1784037558685458 -19.280516270767542 -25.085644371941271 -28.696711327649208 -26.398880895283771 -19.874871001031991 -13.34558357622608 10.875967057649113 27.598619329388558 39.668020893789901 34.084714967067903 75.838831800973495 121.69672750837024 200.2601898380793 199.78465679676984 207.42159128425223 176.86324691220653 186.14849708389411 182.90688531955522 BoJ 39814 39845 39873 39904 39934 39965 39995 40026 40057 40087 40118 40148 40179 40210 40238 40269 40299 40330 40360 40391 40422 40452 40483 40513 40544 40575 40603 40634 40664 40695 40725 40756 40787 40817 40848 40878 40909 40940 40969 41000 41030 41061 41091 41122 41153 41183 41214 41244 41275 41306 41334 41365 41395 41426 41456 41487 41518 41548 41579 41609 41640 41671 41699 41730 41760 41791 41821 41852 41883 41913 41944 41974 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 21.0635163936334 41.58692034702451 101.14674469013559 15.482603588642863 14.646366317603274 -81.037583921772594 59.79420525891647 40.246912280886249 89.950302310291747 -17.03559592474457 5.9736218321576553 63.926067204555153 124.43413098098596 106.96774265101401 47.63709686305198 -53.932319806566895 -39.212569621962032 -90.494528547689299 69.868441654771104 71.854807924251716 142.2934455717261 50.400360116156889 49.143221159028222 93.404206812973314 80.453459899029795 37.191143178819068 162.86453894456383 77.379304227543287 60.183764397034523 -161.30227284876247 -2.1366821045623579 80.787098383400775 116.57155059380818 -23.012486789055618 19.779241473186151 43.59274203911658 30.351778121978892 -5.4048959901380167 -41.755836693890501 69.599992120012075 -3.519619619996488 57.622269125565957 52.73320772682662 90.673045027687451 89.107859258927263 103.48987799922256 77.978028378981506 95.530297414216122 67.229447874804308 75.609389267873823 59.560146231068423 149.24221233571751 201.99328639752849 227.19240568751482 217.18080191655807 214.53982162351832 211.12376536988552 186.94892216052702 179.82978995313431 151.60304457576126 156.65752569332949 155.60671895130289 156.48279150479567 132.49510873012383 129.42315441848547 161.69881294734901 221.61406846348268 210.29254543687432 170.82924719314818 161.13039993113381 180.25369560825487 192.91632805234619 198.49647328200453 185.44690490928039 178.81691245112282 172.8489643665128 179.74131010178405 173.51673058264379 164.86261381266283 139.31006477025818 159.82309384365595 148.23065618512194 BoE 39814 39845 39873 39904 39934 39965 39995 40026 40057 40087 40118 40148 40179 40210 40238 40269 40299 40330 40360 40391 40422 40452 40483 40513 40544 40575 40603 40634 40664 40695 40725 40756 40787 40817 40848 40878 40909 40940 40969 41000 41030 41061 41091 41122 41153 41183 41214 41244 41275 41306 41334 41365 41395 41426 41456 41487 41518 41548 41579 41609 41640 41671 41699 41730 41760 41791 41821 41852 41883 41913 41944 41974 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 0 0.49128367670364498 19.79739302918674 67.949095189054006 111.76379895158804 139.29144166257569 129.12943871706759 106.91417231685132 89.252366960496232 80.508502024291488 76.139419087136915 58.912161065107966 41.092436974789919 25.959406713505075 14.47019867549669 -0.99401748734468465 -0.58341862845445247 -0.20956316410861864 -9.9433991127428498E-2 -0.12212306247064349 -4.0498442367601244E-2 -8.2474226804123724E-2 -9.5754867539099897E-2 -0.15912636505460218 -0.2242577384712571 -0.24193548387096775 -0.18258200032315397 -0.15035136460205917 -0.23650301745229163 -0.22859922178988326 -0.17594834543987084 -5.231322543730587E-2 -0.107306296354742 23.980460132366844 56.124190235424237 79.233286582515177 84.142369727047139 75.92130214917826 84.832278481012665 82.802241793434746 67.203052949594522 33.322952351292436 21.142634450506627 35.980823640364669 56.23045930701047 60.95513748191027 43.321628092577818 24.457539554407493 5.077389500558481 -2.0117610646858557E-2 2.4121815166591287E-2 3.0632562413845918E-2 3.0567018187375821E-2 -7.73 75425564840611E-3 -3.0339805825242718E-3 -3.1012560086835167E-3 -1.586294416243655E-3 1.126488574187319E-2 1.1272141706924315E-2 1.1462256427050925E-2 0 0 -8.6436170212765964E-2 -8.7058429599866066E-2 -8.7586323058783888E-2 0 0 0 -15.696119986957941 -4.4987146529562982E-2 -4.4184945557834934E-2 15.014075695964967 3.179890975166566E-2 3.219871205151794E-2 3.1404217137729923E-2 0 0 0 0 0 -6.5363984674329503 -5.368098159509202E-2 EM 39814 39845 39873 39904 39934 39965 39995 40026 40057 40087 40118 40148 40179 40210 40238 40269 40299 40330 40360 40391 40422 40452 40483 40513 40544 40575 40603 40634 40664 40695 40725 40756 40787 40817 40848 40878 40909 40940 40969 41000 41030 41061 41091 41122 41153 41183 41214 41244 41275 41306 41334 41365 41395 41426 41456 41487 41518 41548 41579 41609 41640 41671 41699 41730 41760 41791 41821 41852 41883 41913 41944 41974 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 -187.31174260206242 -93.404397469477729 -65.702316310683258 -7.2598923177719108 120.67606094209664 230.7684604125414 311.37593033165206 284.47633631234987 276.92676802052557 262.8801210650746 348.14002214520519 370.1181134933401 348.56769930682515 290.18445916762295 198.64124972888175 200.34153668369726 237.35114592885134 224.1041140397694 214.59779006742221 178.13199517746736 233. 25261177839616 288.76558944328872 366.82277046414839 372.965237070797 333.68166710819395 284.17031478557175 329.17216722838765 312.64191958744078 349.15325925774312 314.0437724094121 286.77158651913237 261.15432115767339 224.73899506728725 159.91783991215473 95.55653099056147 -17.686335952528744 22.296721684809782 67.147326182296496 183.28613525783643 187.34954223909415 122.92713321738691 32.525564971294251 43.066113382885234 60.684947204007756 110.85518441606312 103.767216157143 14.504804187946952 19.834839527635836 34.03573201708403 100.26610926923527 127.42037135237176 221.16932019088046 271.531151101673 187.72675083976424 2.6389439344946193 -72.742693857640035 -44.786831550382082 146.98716121153717 235.21249708545952 314.3390000357889 194.4196612381246 175.89695812509768 115.36210982684605 169.37713683516347 106.47962892079167 154.89805551727676 135.88401596784405 136.26938529157826 123.96134229342638 15.105987757438797 -82.920837172148765 -127.63565753217415 -64.940151134505882 132.90262040551005 137.88582740886508 140.40257831605336 -23.935658605832607 -31.092767961982638 -91.040057256108156 -124.86239215861633 -327.58935356450263 -320 Total 39814 39845 39873 39904 39934 39965 39995 40026 40057 40087 40118 40148 40179 40210 40238 40269 40299 40330 40360 40391 40422 40452 40483 40513 40544 40575 40603 40634 40664 40695 40725 40756 40787 40817 40848 40878 40909 40940 40969 41000 41030 41061 41091 41122 41153 41183 41214 41244 41275 41306 41334 41365 41395 41426 41456 41487 41518 41548 41579 41609 41640 41671 41699 41730 41760 41791 41821 41852 41883 41913 41944 41974 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 -140.92822620842904 43.413806554250421 323.54282140863904 499.83480645992495 703.98522621128791 654.42031815334451 812.27545912881328 757.62679569616841 795.15085849725585 655.04546587812376 742.08136855375994 768.57900590073302 757.29333460458986 634.08000410046373 452.54579835468786 302.14002769293791 343.12283168669416 265.6971268 9674742 383.39775321840278 271.77118700878896 350.01736443059201 300.65162752166162 418.02916516147411 506.91997431406213 498.76121725752705 431.69696275355739 591.76777438992815 483.84838319609094 471.54759559083703 228.4437768145292 317.65493465585394 395.44778901207303 412.51087095092862 279.82139506866031 297.67142922126459 247.07918576029923 277.41119943074301 278.69819217989703 328.44004085901037 465.10178853073427 275.00419231385609 232.44881604434025 195.35154899921588 271.25484873008838 321.43598676995765 361.84876686599091 275.130460146291 329.65866010281684 297.35128491312776 359.0331513482455 377.79834546392561 583.55917238828192 652.48392224383588 562.94851468733259 330.25230151346739 284.20890829900702 313.8554581912199 505.55828004498198 585.64272454312777 641.71890379780177 508.70816923233906 459.42614141091826 380.02233463045548 380.8407833798189 289.02968074545083 332.23522409268446 344.90137310367754 298.56004983316882 241.49759849858464 162.26381696581697 105.41964054819739 75.442365545525547 126.99914195104022 304.28743899390986 333.29597587809917 351.45027019093641 270.69684133403075 294.63961941743099 229.07814784080691 132.42791952384837 -73.306161104385524 -42.657139476917934

Billions of USD

Sources: BlackRock Investment Institute and Nomura, November 2015.

Notes: The 2015 and 2016 fiscal years are based on Nomura estimates.

Japan Dividends, Buybacks and Return on Equity

U.S. Nonfinancial Firms Use of Debt, 1995–2015

Buybacks: efficacy fades in the U.S. but still a boost in Japan

Sources: BlackRock Investment Institute, Federal Reserve and IMF, October 2015.

Notes: Capital expenditures represent the portion funded by debt only (capex minus

internal funds). Buybacks and acquisitions are net of any new share issuance by

companies. Cash includes other financial assets.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

Dividends 36526 36892 37257 37622 37987 38353 38718 39083 39448 39814 40179 40544 40909 41275 41640 42005 42370 3.1348099999999999 2.983295 3.1539999999999999 3.7022499999999998 4.561369 5.7621080000000005 6.717384 7.6629050000000003 6.5915970000000002 5.6167669999999994 6.3637639999999998 6.6991417154099997 7.076975 8.3694213544794991 9.4620699999999989 10.853160000000001 11.8808554 Buybacks 36526 36892 37257 37622 37987 38353 38718 39083 39448 39814 40179 40544 40909 41275 41640 42005 42370 0.90444654208600039 1.4065838344701145 2.912606208737111 2.7293966410310002 2.8190540000000004 3.3 3.9847970975120006 4.62 3.7160467642208999 0.73029999999999995 1.2833596995604999 1.6330169882559999 1.6868207740479999 1.91465 3.3643954462069998 3.8 4.2 Return on Equity (%) 36526 36892 37257 376 22 37987 38353 38718 39083 39448 39814 40179 40544 40909 41275 41640 42005 42370 4.1583576714491999 -2.7034056553586714 1.3140211765123306 6.1893092654970285 7.581044975022305 9.4030979515132138 8.2307949708785362 8.1079132600375736 -1.3725731705285098 4.1314119987508686 5.9009202791656028 4.7612934150889599 5.4916191640334109 8.0487359918512169 7.6425442060926354 8.4011726852190751 9.0264818630031307

Yen Trillions

Capital Expenditure 1995 2000 2005 2010 2015 75.06 80.180000000000007 91.72 82.77 60.53 49.63 47.52 56.21 70.58 95.75 101.53 107.66 138.68 143.31 153.93 172.1 169.5 173.33 191.32 215.24 236.66 284.22000000000003 320.48 343.26 340.33 303.64999999999998 267.01 209.92 162.21 123.09 73.72 35.56 10.88 0 0 4.59 3.48 0 0 20.11 43.08 23.34 0 0 0 0 0 122.9 145.6 162.18 217.63 217.36 247.3 273.35000000000002 214.99 154.4 70.150000000000006 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15.9 62.18 68.34 94.64 112.31 Net Buybacks and Acquisitions 1995 2000 2005 2010 2015 53.4 66.63 73.23 58.33 62.66 45.45 54.48 47.33 46.05 64.2 58.95 77.38 85.1 88.23 130.19999999999999 215.54 200.78 259.67 221.02 110.37 76.400000000000006 50.33 34.880000000000003 118.2 150.1 114.24 130.86000000000001 48.13 43.89 23.13 24.34 24.13 37.86 48.66 16.489999999999998 25.53 15.14 23.34 57.39 93.45 136.81 178.63 215.29 154.28 220.35 329.42 417.41 496.9 492.68 533.98 602.73 706.34 684.65 565.5 464.26 315.56 257.25 124.96 -91.22 -207.33 -255.01 -180.62 -33.72 6.7 78.13 165.62 234.06 279.5 274.18 276.42 243.49 263.22000000000003 255.36 249.04 279.2 302.20999999999998 424.95 400.43 422.99 387.54 397.51 Accumulation of cash 1995 2000 2005 2010 2015 64.03 69.430000000000007 40.880000000000003 51.06 57.69 73.989999999999995 74.989999999999995 58.33 52.33 19.100000000000001 70.790000000000006 94.23 103.53 140.03 74.86 -8.43 26.25 -70.069999999999993 -11.23 47.92 60.18 82.72 9.4 -103.09 -183.02 -157.41999999999999 -171.71 -80.94 -91.02 -113.3 -102.75 -56.73 -64.739999999999995 -46.99 17.010000000000002 -26.71 21.27 18.11 8.7899999999999991 29.75 -24.49 7.91 8.8000000000000007 112.66 86.51 26.71 -81.28 -231.53 -236.25 -200.35 -176.43 -271.18 -266.92 -251.7 -208.3 -207.82 -253.23 -231.85 -214.99 -151.34 -79.53 -186.77 -148.41 -77.63 -59.26 9.1999999999999993 -17.95 15.4 45.89 37.58 61.12 99.33 120.34 175.42 215.97 125.89 55.98 1.07 -72.13 -18.75 -56.12 Net Debt Issuance 1995 2000 2005 2010 2015 192.49 216.23 205.83 192.16 180.87 169.07 176.99 161.87 168.96 179.05 231.28 279.27 327.3 371.57 358.99 379.21 396.54 362.93 401.11 373.52 373.24 417.28 364.76 358.38 307.41000000000003 260.48 226.17 177.1 115.08 32.92 -4.6900000000000004 2.95 -16 1.67 33.5 3.41 39.89 41.45 66.17 143.30000000000001 155.4 209.89 224.09 266.94 306.86 356.14 336.13 388.28 402.03 495.8 643.94000000000005 652.52 665.03 587.15 470.95 262.14 74.16 -106.9 -306.20999999999998 -358.67 -334.54 -367.38 -182.13 -70.930000000000007 18.87 174.82 216.1 294.91000000000003 320.07 314 304.61 362.56 375.7 424.46 495.18 428.1 496.82 463.68 419.2 463.44 453.7

$ Billions

U.S. Interest Rate Rises and the Dollar, 1990-2015

Expect a stronger dollar, but prepare for periodic setbacks

Sources: BlackRock Investment Institute and Federal Reserve, November 2015. Note: The solid vertical lines represent the first rate hike in a Fed tightening cycle.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

120 120 120 Trade Weighted U.S. Dollar 32874 32881 32888 32895 32902 32909 32916 32923 32930 32937 32944 32951 32958 32965 32972 32979 32986 32993 33000 33007 33014 33021 33028 33035 33042 33049 33056 33063 33070 33077 33084 33091 33098 33105 33112 33119 33126 33133 33140 33147 33154 33161 33168 33175 33182 33189 33196 33203 33210 33217 33224 33231 33238 33245 33252 33259 33266 33273 33280 33287 33294 33301 33308 33315 33322 33329 33336 33343 33350 33357 33364 33371 33378 33385 33392 33399 33406 33413 33420 33427 33434 33441 33448 33455 33462 33469 33476 33483 33490 33497 33504 33511 33518 33525 33532 33539 33546 33553 33560 33567 33574 33581 33588 33595 33602 33609 33616 33623 33630 33637 33644 33651 33658 33665 33672 33679 33686 33693 33700 33707 33714 33721 33728 33735 33742 33749 33756 33763 33770 33777 33784 33791 33798 33805 33812 33819 33826 33833 33840 33847 33854 33861 33868 33875 33882 33889 33896 33903 33910 33917 33924 33931 33938 33945 33952 33959 33966 33973 33980 33987 33994 34001 34008 34015 34022 34029 34036 34043 34050 34057 34064 34071 34078 34085 34092 34099 34106 34113 34120 34127 34134 34141 34148 34155 34162 34169 34176 34183 34190 34197 34204 34211 34218 34225 34232 34239 34246 34253 34260 34267 34274 34281 34288 34295 34302 34309 34316 34323 34330 34337 34344 34351 34358 34365 34372 34379 34386 34393 34400 34407 34414 34421 34428 34435 34442 34449 34456 34463 34470 34477 34484 34491 34498 34505 34512 34519 34526 34533 34540 34547 34554 34561 34568 34575 34582 34589 34596 34603 34610 34617 34624 34631 34638 34645 34652 34659 34666 34673 34680 34687 34694 34701 34708 34715 34722 34729 34736 34743 34750 34757 34764 34771 34778 34785 34792 34799 34806 34813 34820 34827 34834 34841 34848 34855 34862 34869 34876 34883 34890 34897 34904 34911 34918 34925 34932 34939 34946 34953 34960 34967 34974 34981 34988 34995 35002 35009 35016 35023 35030 35037 35044 35051 35058 35065 35072 35079 35086 35093 35100 35107 35114 35121 35128 35135 35142 35149 35156 35163 35170 35177 35184 35191 35198 35205 35212 35219 35226 35233 35240 35247 35254 35261 35268 35275 35282 35289 35296 35303 35310 35317 35324 35331 35338 35345 35352 35359 35366 35373 35380 35387 35394 35401 35408 35415 35422 35429 35436 35443 35450 35457 35464 35471 35478 35485 35492 35499 35506 35513 35520 35527 35534 35541 35548 35555 35562 35569 35576 35583 35590 35597 35604 35611 35618 35625 35632 35639 35646 35653 35660 35667 35674 35681 35688 35695 35702 35709 35716 35723 35730 35737 35744 35751 35758 35765 35772 35779 35786 35793 35800 35807 35814 35821 35828 35835 35842 35849 35856 35863 35870 35877 35884 35891 35898 35905 35912 35919 35926 35933 35940 35947 35954 35961 35968 35975 35982 35989 35996 36003 36010 36017 36024 36031 36038 36045 36052 36059 36066 36073 36080 36087 36094 36101 36108 36115 36122 36129 36136 36143 36150 36157 36164 36171 36178 36185 36192 36199 36206 36213 36220 36227 36234 36241 36248 36255 36262 36269 36276 36283 36290 36297 36304 36311 36318 36325 36332 36339 36346 36353 36360 36367 36374 36381 36388 36395 36402 36409 36416 36423 36430 36437 36444 36451 36458 36465 36472 36479 36486 36493 36500 36507 36514 36521 36528 36535 36542 36549 36556 36563 36570 36577 36584 36591 36598 36605 36612 36619 36626 36633 36640 36647 36654 36661 36668 36675 36682 36689 36696 36703 36710 36717 36724 36731 36738 36745 36752 36759 36766 36773 36780 36787 36794 36801 36808 36815 36822 36829 36836 36843 36850 36857 36864 36871 36878 36885 36892 36899 36906 36913 36920 36927 36934 36941 36948 36955 36962 36969 36976 36983 36990 36997 37004 37011 37018 37025 37032 37039 37046 37053 37060 37067 37074 37081 37088 37095 37102 37109 37116 37123 37130 37137 37144 37151 37158 37165 37172 37179 37186 37193 37200 37207 37214 37221 37228 37235 37242 37249 37256 37263 37270 37277 37284 37291 37298 37305 37312 37319 37326 37333 37340 37347 37354 37361 37368 37375 37382 37389 37396 37403 37410 37417 37424 37431 37438 37445 37452 37459 37466 37473 37480 37487 37494 37501 37508 37515 37522 37529 37536 37543 37550 37557 37564 37571 37578 37585 37592 37599 37606 37613 37620 37627 37634 37641 37648 37655 37662 37669 37676 37683 37690 37697 37704 37711 37718 37725 37732 37739 37746 37753 37760 37767 37774 37781 37788 37795 37802 37809 37816 37823 37830 37837 37844 37851 37858 37865 37872 37879 37886 37893 37900 37907 37914 37921 37928 37935 37942 37949 37956 37963 37970 37977 37984 37991 37998 38005 38012 38019 38026 38033 38040 38047 38054 38061 38068 38075 38082 38089 38096 38103 38110 38117 38124 38131 38138 38145 38152 38159 38166 38173 38180 38187 38194 38201 38208 38215 38222 38229 38236 38243 38250 38257 38264 38271 38278 38285 38292 38299 38306 38313 38320 38327 38334 38341 38348 38355 38362 38369 38376 38383 38390 38397 38404 38411 38418 38425 38432 38439 38446 38453 38460 38467 38474 38481 38488 38495 38502 38509 38516 38523 38530 38537 38544 38551 38558 38565 38572 38579 38586 38593 38600 38607 38614 38621 38628 38635 38642 38649 38656 38663 38670 38677 38684 38691 38698 38705 38712 38719 38726 38733 38740 38747 38754 38761 38768 38775 38782 38789 38796 38803 38810 38817 38824 38831 38838 38845 38852 38859 38866 38873 38880 38887 38894 38901 38908 38915 38922 38929 38936 38943 38950 38957 38964 38971 38978 38985 38992 38999 39006 39013 39020 39027 39034 39041 39048 39055 39062 39069 39076 39083 39090 39097 39104 39111 39118 39125 39132 39139 39146 39153 39160 39167 39174 39181 39188 39195 39202 39209 39216 39223 39230 39237 39244 39251 39258 39265 39272 39279 39286 39293 39300 39307 39314 39321 39328 39335 39342 39349 39356 39363 39370 39377 39384 39391 39398 39405 39412 39419 39426 39433 39440 39447 39454 39461 39468 39475 39482 39489 39496 39503 39510 39517 39524 39531 39538 39545 39552 39559 39566 39573 39580 39587 39594 39601 39608 39615 39622 39629 39636 39643 39650 39657 39664 39671 39678 39685 39692 39699 39706 39713 39720 39727 39734 39741 39748 39755 39762 39769 39776 39783 39790 39797 39804 39811 39818 39825 39832 39839 39846 39853 39860 39867 39874 39881 39888 39895 39902 39909 39916 39923 39930 39937 39944 39951 39958 39965 39972 39979 39986 39993 40000 40007 40014 40021 40028 40035 40042 40049 40056 40063 40070 40077 40084 40091 40098 40105 40112 40119 40126 40133 40140 40147 40154 40161 40168 40175 40182 40189 40196 40203 40210 40217 40224 40231 40238 40245 40252 40259 40266 40273 40280 40287 40294 40301 40308 40315 40322 40329 40336 40343 40350 40357 40364 40371 40378 40385 40392 40399 40406 40413 40420 40427 40434 40441 40448 40455 40462 40469 40476 40483 40490 40497 40504 40511 40518 40525 40532 40539 40546 40553 40560 40567 40574 40581 40588 40595 40602 40609 40616 40623 40630 40637 40644 40651 40658 40665 40672 40679 40686 40693 40700 40707 40714 40721 40728 40735 40742 40749 40756 40763 40770 40777 40784 40791 40798 40805 40812 40819 40826 40833 40840 40847 40854 40861 40868 40875 40882 40889 40896 40903 40910 40917 40924 40931 40938 40945 40952 40959 40966 40973 40980 40987 40994 41001 41008 41015 41022 41029 41036 41043 41050 41057 41064 41071 41078 41085 41092 41099 41106 41113 41120 41127 41134 41141 41148 41155 41162 41169 41176 41183 41190 41197 41204 41211 41218 41225 41232 41239 41246 41253 41260 41267 41274 41281 41288 41295 41302 41309 41316 41323 41330 41337 41344 41351 41358 41365 41372 41379 41386 41393 41400 41407 41414 41421 41428 41435 41442 41449 41456 41463 41470 41477 41484 41491 41498 41505 41512 41519 41526 41533 41540 41547 41554 41561 41568 41575 41582 41589 41596 41603 41610 41617 41624 41631 41638 41645 41652 41659 41666 41673 41680 41687 41694 41701 41708 41715 41722 41729 41736 41743 41750 41757 41764 41771 41778 41785 41792 41799 41806 41813 41820 41827 41834 41841 41848 41855 41862 41869 41876 41883 41890 41897 41904 41911 41918 41925 41932 41939 41946 41953 41960 41967 41974 41981 41988 41995 42002 42009 42016 42023 42030 42037 42044 42051 42058 42065 42072 42079 42086 42093 42100 42107 42114 42121 42128 42135 42142 42149 42156 42163 42170 42177 42184 42191 42198 42205 42212 42219 42226 42233 42240 42247 42254 42261 42268 42275 42282 42289 42296 42303 42310 42317 42324 92.197299999999998 91.682400000000001 91.797600000000003 93.413700000000006 91.995699999999999 92.149699999999996 92.276200000000003 92.308800000000005 93.217200000000005 93.782399999999996 94.349900000000005 94.154499999999999 94.9542 94.919200000000004 94.213999999999999 94.419499999999999 94.298500000000004 94.211699999999993 93.394300000000001 92.4529 92.965800000000002 92.707400000000007 93.187399999999997 93.448700000000002 92.869500000000002 93.130300000000005 91.534599999999998 91.035700000000006 90.707099999999997 90.1631 89.517700000000005 88.954400000000007 88.898200000000003 87.763599999999997 86.892399999999995 87.928100000000001 87.748099999999994 86.427000000000007 86.202799999999996 86.269400000000005 85.129099999999994 84.030299999999997 83.915400000000005 84.191699999999997 83.176000000000002 83.959599999999995 83.532499999999999 83.772400000000005 85.501800000000003 84.132099999999994 84.724699999999999 86.598500000000001 85.378200000000007 86.101699999999994 85.877099999999999 84.758899999999997 84.347800000000007 83.588899999999995 82.525300000000001 83.637100000000004 85.171199999999999 86.093500000000006 87.584199999999996 88.790400000000005 89.730699999999999 90.2577 89.577799999999996 88.635800000000003 91.821200000000005 91.445999999999998 90.929199999999994 90.530199999999994 90.617999999999995 90.367699999999999 91.230800000000002 92.405799999999999 92.940899999999999 92.210499999999996 92.881600000000006 92.755700000000004 91.866699999999994 91.520799999999994 91.489699999999999 90.442899999999995 90.51 9900000000007 92.649900000000002 91.022900000000007 90.943299999999994 89.322299999999998 88.584500000000006 88.3934 88.086200000000005 87.777799999999999 88.166399999999996 88.275800000000004 88.949100000000001 86.5154 87.159000000000006 86.322199999999995 85.799499999999995 86.669700000000006 85.689099999999996 85.833600000000004 84.392600000000002 84.352599999999995 83.642799999999994 85.683400000000006 86.589100000000002 86.729200000000006 86.364099999999993 85.990200000000002 87.7196 88.421899999999994 88.314599999999999 89.472800000000007 90.097399999999993 89.958299999999994 89.338899999999995 88.662400000000005 89.254300000000001 89.806899999999999 89.217399999999998 88.886499999999998 89.225499999999997 87.116799999999998 87.729600000000005 87.295000000000002 86.673599999999993 86.112300000000005 86.100499999999997 84.607900000000001 84.489000000000004 83.7667 83.853300000000004 84.320899999999995 84.022900000000007 84.090100000000007 83.766099999999994 82.101399999999998 81.860799999999998 81.996499999999997 84.521000000000001 85.932400000000001 84.643000000000001 84.337299999999999 86.262900000000002 86.048699999999997 87.782200000000003 88.924400000000006 89.687200000000004 90.175600000000003 90.868700000000004 90.870900000000006 89.765299999999996 89.824799999999996 89.583600000000004 90.934399999999997 92.141599999999997 91.595100000000002 92.141999999999996 90.233099999999993 92.209100000000007 92.403999999999996 91.868099999999998 90.348699999999994 90.986500000000007 90.525099999999995 91.177199999999999 89.785499999999999 90.029700000000005 88.866799999999998 88.348100000000002 87.878600000000006 86.808700000000002 87.560599999999994 88.235799999999998 88.531800000000004 88.303100000000001 86.885900000000007 87.802700000000002 87.338999999999999 89.849299999999999 89.153899999999993 89.708799999999997 90.592699999999994 89.847899999999996 89.904799999999994 89.591800000000006 89.538700000000006 89.021900000000002 89.406099999999995 89.518100000000004 89.148700000000005 88.645600000000002 88.478999999999999 89.300899999999999 89.519000000000005 88.933300000000003 89.849299999999999 90.421499999999995 90.990700000000004 90.336500000000001 90.656099999999995 91.4411999999999 95 91.800200000000004 91.108699999999999 91.385000000000005 92.089200000000005 91.681700000000006 92.497900000000001 92.254199999999997 92.212800000000001 92.040199999999999 91.308800000000005 91.941500000000005 90.953199999999995 90.250100000000003 90.295699999999997 90.924000000000007 90.645600000000002 91.002700000000004 90.1691 90.830100000000002 90.8215 90.991600000000005 90.115600000000001 89.064300000000003 89.475399999999993 90.224000000000004 89.648200000000003 89.740499999999997 90.168700000000001 89.356800000000007 88.481099999999998 87.452799999999996 87.341300000000004 86.108000000000004 86.392600000000002 87.359200000000001 87.428899999999999 87.737799999999993 87.100099999999998 86.053399999999996 87.316 500000000005 86.576700000000002 86.097099999999998 85.897000000000006 85.825699999999998 85.958100000000002 86.036600000000007 84.691999999999993 84.322699999999998 84.336600000000004 84.765900000000002 85.609800000000007 86.280100000000004 86.703599999999994 87.138199999999998 87.340999999999994 87.554900000000004 87.816000000000003 87.129000000000005 87.406499999999994 86.9739 86.738900000000001 86.354900000000001 86.831199999999995 86.593199999999996 85.842200000000005 85.215900000000005 83.388199999999998 83.205100000000002 82.977099999999993 82.623999999999995 81.304599999999994 80.770200000000003 79.398700000000005 80.013800000000003 79.982399999999998 79.386399999999995 81.857900000000001 82.159700000000001 79.888999999999996 80.763199999999998 80.679400000000001 80.967100000000002 80.529399999999995 80.422600000000003 80.871700000000004 81.223600000000005 80.752600000000001 81.070300000000003 81.864699999999999 83.186099999999996 84.576499999999996 84.095299999999995 84.362099999999998 84.944599999999994 86.368499999999997 84.219300000000004 84.132400000000004 84.118399999999994 84.040400000000005 83.894599999999997 84.346999999999994 84.664100000000005 84.549800000000005 84.296499999999995 84.785499999999999 85.072000000000003 85.41 85.189899999999994 85.263400000000004 85.258700000000005 85.816999999999993 85.664500000000004 86.844800000000006 87.560699999999997 86.549400000000006 86.927099999999996 86.550700000000006 85.941999999999993 86.511200000000002 86.585099999999997 86.421300000000002 86.56 86.726500000000001 86.609099999999998 87.451300000000003 87.205299999999994 86.901399999999995 87.121799999999993 87.173699999999997 87.791499999999999 88.168899999999994 87.614800000000002 87.9345 87.5428 87.696799999999996 87.648099999999999 88.188299999999998 87.957899999999995 86.605000000000004 87.033600000000007 86.694000000000003 86.755499999999998 86.958600000000004 86.643600000000006 86.805199999999999 87.198499999999996 87.667599999999993 87.494200000000006 87.982399999999998 87.796499999999995 87.798000000000002 87.930199999999999 87.752200000000002 87.384900000000002 86.680999999999997 86.604200000000006 87.132599999999996 87.859800000000007 88.325100000000006 88.582599999999999 88.605099999999993 88.913799999999995 89.169899999999998 89.374200000000002 89.772400000000005 91.130600000000001 91.704499999999996 92.150999999999996 92.996099999999998 92.609200000000001 93.089399999999998 93.445899999999995 93.676599999999993 93.467399999999998 93.1875 94.468900000000005 95.049499999999995 94.5291 95.269099999999995 95.050200000000004 93.203199999999995 92.228899999999996 91.990700000000004 92.890500000000003 91.966399999999993 92.434200000000004 92.493899999999996 92.587000000000003 92.068200000000004 92.814999999999998 93.505799999999994 95.329099999999997 95.629199999999997 95.477900000000005 95.145300000000006 95.286699999999996 95.290400000000005 95.472499999999997 94.5931999 99999996 95.506900000000002 94.511799999999994 94.503600000000006 94.093400000000003 94.700800000000001 94.821299999999994 94.180700000000002 94.265600000000006 95.119699999999995 95.571200000000005 96.869 97.484399999999994 97.435299999999998 97.565100000000001 97.724500000000006 99.091999999999999 99.091099999999997 98.539400000000001 97.598699999999994 98.168800000000005 97.450900000000004 97.906700000000001 97.561999999999998 97.240600000000001 97.875799999999998 97.783699999999996 98.131399999999999 98.866399999999999 99.277299999999997 98.292400000000001 98.169799999999995 98.140600000000006 98.142799999999994 98.278899999999993 99.410300000000007 98.738900000000001 99.918099999999995 100.2154 102.24299999999999 100.0689 101.2171 101.0181 101.06529999999999 100.3888 101.33159999999999 102.396 102.46899999999999 102.8711 102.99209999999999 102.0295 99.430899999999994 98.416399999999996 98.197299999999998 98.106099999999998 97.998199999999997 94.511099999999999 93.921000000000006 95.203199999999995 94.351299999999995 96.566400000000002 95.994200000000006 96.947900000000004 96.824399999999997 96.060900000000004 94.480500000000006 95.352999999999994 95.584999999999994 94.022300000000001 93.787899999999993 94.979500000000002 94.6571 95.629400000000004 95.076800000000006 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99.257300000000001 98.618899999999996 98.914199999999994 98.913600000000002 98.539599999999993 98.997900000000001 99.1768 99.881799999999998 101.83759999999999 102.9627 102.4974 102.6724 101.82080000000001 100.51430000000001 99.986099999999993 99.225999999999999 100.5732 99.866900000000001 100.2501 101.371 101.0928 102.08880000000001 102.44580000000001 102.7987 102.5598 102.54340000000001 102.28400000000001 104.34829999999999 105.3446 104.1653 104.5487 105.0847 106.1947 106.43519999999999 106.80670000000001 105.9106 106.23090000000001 107.65519999999999 107.26779999999999 105.5942 105.4375 105.0448 103.735 102.9843 102.7509 103.3035 103.87350000000001 104.6309 103.39149999999999 104.8766 105.38030000000001 105.8861 105.6469 106.035 108.5355 108.3186 110.23480000000001 108.51139999999999 109.1245 107.8472 108.4152 107.8134 109.3291 108.5538 109.4819 109.7944 110.2428 109.6497 109.46510000000001 110.1871 110.5033 110.5827 109.72709999999999 109.20740000000001 108.6468 107.8022 106.8158 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87.179100000000005 85.915700000000001 86.146299999999997 86.593000000000004 86.738200000000006 87.717799999999997 88.498900000000006 88.987899999999996 90.307299999999998 89.6571 89.074200000000005 87.724000000000004 86.920199999999994 88.455500000000001 87.778700000000001 87.042299999999997 86.429100000000005 85.7864 85.476600000000005 87.257900000000006 87.757599999999996 86.644900000000007 86.284000000000006 86.569900000000004 87.390699999999995 87.219700000000003 86.509299999999996 86.598200000000006 85.865300000000005 86.025199999999998 84.854100000000003 84.607100000000003 82.6541 82.757999999999996 81.386099999999999 81.555499999999995 80.493700000000004 79.681600000000003 79.563599999999994 80.820599999999999 80.440200000000004 79.5167 79.847800000000007 81.270499999999998 81.034800000000004 81.305999999999997 81.674000000000007 82.985500000000002 81.871300000000005 81.632800000000003 80.808499999999995 81.174599999999998 80.399600000000007 80.946299999999994 82.374799999999993 82.543199999999999 82.315200000000004 82.393199999999993 81.975200000000001 82.649500000000003 82.460099999999997 84.122 84.122100000000003 84.197800000000001 84.510099999999994 85.955600000000004 84.944199999999995 84.9221 86.325699999999998 85.436300000000003 85.4679 85.626300000000001 85.081599999999995 84.503799999999998 83.6738 84.296199999999999 84.206199999999995 82.921800000000005 83.607500000000002 83.8 99100000000004 84.712699999999998 85.070999999999998 84.68 85.220200000000006 85.5077 85.490200000000002 86.605400000000003 87.340100000000007 86.900400000000005 86.298500000000004 86.215699999999998 85.288799999999995 85.078699999999998 85.756699999999995 86.033900000000003 84.768100000000004 84.427000000000007 83.699700000000007 84.513099999999994 85.188900000000004 85.439099999999996 85.514200000000002 85.090299999999999 84.804900000000004 85.7761 84.717200000000005 85.414699999999996 85.372299999999996 84.951099999999997 84.123199999999997 83.239900000000006 81.582400000000007 80.930400000000006 80.462699999999998 80.718800000000002 80.956299999999999 80.077699999999993 81.417500000000004 82.198599999999999 82.5190 00000000005 81.309600000000003 81.569699999999997 82.806200000000004 82.591399999999993 81.603099999999998 80.961200000000005 81.741799999999998 81.0398 81.411799999999999 81.113799999999998 82.052999999999997 82.009399999999999 81.522000000000006 81.741900000000001 82.575500000000005 83.130899999999997 82.775899999999993 81.824700000000007 82.1066 82.009 82.231899999999996 80.692499999999995 80.200199999999995 80.809299999999993 81.581999999999994 81.487200000000001 81.505899999999997 82.258300000000006 82.511700000000005 82.610600000000005 82.890799999999999 82.741600000000005 82.7607 81.745500000000007 81.736800000000002 81.939300000000003 81.605400000000003 81.356800000000007 80.938900000000004 80.642799999999994 80.846100000000007 79.862399999999994 79.399299999999997 78.992699999999999 79.097499999999997 79.457099999999997 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78.102400000000003 77.521799999999999 77.918199999999999 77.469800000000006 76.004099999999994 75.578400000000002 74.445099999999996 75.946299999999994 76.233599999999996 74.937700000000007 75.144099999999995 74.905600000000007 73.939800000000005 73.868300000000005 73.893100000000004 73.733099999999993 72.914900000000003 72.059600000000003 72.855999999999995 73.175799999999995 72.202100000000002 71.897599999999997 72.202200000000005 71.902000000000001 72.585400000000007 73.065799999999996 74.224299999999999 73.824299999999994 73.633399999999995 73.104299999999995 73.199299999999994 74.276399999999995 75.197400000000002 75.679599999999994 75.531899999999993 75.575199999999995 75.653700000000001 75.221699999999998 74.986099999999993 75.097300000000004 75.692300000000003 75.331999999999994 74.900000000000006 75.503299999999996 75.522800000000004 76.352999999999994 77.370599999999996 79.269000000000005 79.334800000000001 79.186700000000002 80.592799999999997 78.802700000000002 78.159499999999994 78.2 78.013999999999996 77.522300000000001 76.6541 75.939700000000002 74.982600000000005 74.840699999999998 76.137200000000007 76.754000000000005 76.708299999999994 75.822000000000003 75.2774 75.134600000000006 73.797700000000006 73.142700000000005 72.128600000000006 71.915199999999999 72.007400000000004 72.055300000000003 71.650099999999995 72.776399999999995 73.213499999999996 74.737200000000001 73.550399999999996 73.291200000000003 74.2624 73.922700000000006 72.669399999999996 73.933300000000003 72.994 72.197199999999995 72.126000000000005 72.205799999999996 72.604399999999998 71.891000000000005 71.206299999999999 70.907600000000002 70.897199999999998 70.365099999999998 70.652000000000001 70.563599999999994 69.770300000000006 70.248199999999997 68.977400000000003 68.0929 69.594800000000006 69.941299999999998 70.741900000000001 69.743899999999996 69.079800000000006 69.596000000000004 69.764899999999997 70.186999999999998 69.150700000000001 70.128399999999999 69.760599999999997 68.486400000000003 68.756299999999996 69.4298 68.863799999999998 69.124499999999998 68.746899999999997 69.312700000000007 71.279899999999998 71.124700000000004 72.484899999999996 73.306600000000003 72.506699999999995 71.443799999999 996 70.604100000000003 70.518100000000004 71.6267 71.811700000000002 72.641099999999994 73.1464 72.260599999999997 73.274900000000002 73.896900000000002 73.466399999999993 73.332499999999996 74.112700000000004 74.253200000000007 72.870800000000003 72.4084 72.183899999999994 72.266900000000007 72.649699999999996 72.217399999999998 72.712699999999998 73.172700000000006 72.848399999999998 72.677099999999996 72.536299999999997 73.162000000000006 73.188400000000001 72.882499999999993 72.266400000000004 72.857200000000006 73.601900000000001 74.312299999999993 75.175399999999996 75.411699999999996 75.182299999999998 74.771199999999993 75.253299999999996 74.619600000000005 75.486400000000003 75.249399999999994 75.590199999999996 74.795000000000002 74.258399999999995 74.356700000000004 74.425700000000006 73.861099999999993 73.576099999999997 72.794600000000003 71.936700000000002 72.483900000000006 72.610900000000001 72.231499999999997 72.584999999999994 72.810599999999994 73.322800000000001 73.575199999999995 73.761600000000001 73.706299999999999 73.362399999999994 73.092299999999994 73.309299999999993 72.818799999999996 73.164000000000001 73.436199999999999 73.614699999999999 73.195099999999996 73.773499999999999 73.895399999999995 73.697400000000002 74.337400000000002 74.531599999999997 75.528800000000004 76.054500000000004 76.386700000000005 76.123699999999999 76.194500000000005 75.978300000000004 76.394900000000007 76.0896 99999999993 76.545299999999997 75.930300000000003 76.012600000000006 76.825400000000002 77.650599999999997 77.489900000000006 76.602900000000005 76.023799999999994 75.123999999999995 77.091899999999995 77.406199999999998 78.454899999999995 77.446899999999999 76.642499999999998 76.092799999999997 76.598399999999998 75.847200000000001 75.977900000000005 76.467500000000001 77.003600000000006 76.427300000000002 75.918800000000005 75.322400000000002 75.191800000000001 75.192499999999995 75.630200000000002 75.014200000000002 75.027900000000002 75.807000000000002 76.42 76.005399999999995 76.580500000000001 76.725899999999996 76.3399 76.162999999999997 76.487899999999996 76.340299999999999 76.776600000000002 77.032499999 999999 77.619399999999999 77.270099999999999 77.534700000000001 77.245699999999999 76.815899999999999 76.962699999999998 76.821299999999994 76.8292 76.370900000000006 77.173699999999997 76.860299999999995 76.814999999999998 76.377899999999997 76.686800000000005 76.572199999999995 76.245999999999995 76.380200000000002 76.350099999999998 76.687700000000007 76.871099999999998 76.920400000000001 76.637799999999999 76.370900000000006 75.911100000000005 76.189099999999996 76.242599999999996 76.482100000000003 76.886799999999994 77.363100000000003 77.447800000000001 77.470600000000005 78.274100000000004 78.156300000000002 79.226600000000005 79.713700000000003 80.159899999999993 80.913600000000002 81.338200000000001 81.0 50799999999995 80.500900000000001 80.744200000000006 82.351200000000006 82.746700000000004 82.856499999999997 83.0822 83.020600000000002 84.312399999999997 83.795699999999997 84.769499999999994 85.0839 86.245999999999995 86.696200000000005 87.000900000000001 89.007800000000003 89.271500000000003 89.153800000000004 88.841099999999997 89.345799999999997 89.935199999999995 91.578400000000002 93.103300000000004 90.919700000000006 91.844099999999997 90.444699999999997 92.629800000000003 90.746200000000002 89.895099999999999 89.205799999999996 88.937100000000001 88.237899999999996 89.948400000000007 91.524500000000003 90.188599999999994 89.451099999999997 88.849599999999995 89.664400000000001 90.717799999999997 91.3994 92.569299999999998 91.657700000000006 92.564300000000003 92.404799999999994 92.104799999999997 89.920299999999997 91.817999999999998 92.064700000000002 91.313000000000002 91.651200000000003 91.918199999999999 91.503100000000003 90.472899999999996 90.617500000000007 92.088099999999997 92.094099999999997 93.873099999999994 94.101900000000001 Fed Funds Rate (right axis) 32874 32881 32888 32895 32902 32909 32916 32923 32930 32937 32944 32951 32958 32965 32972 32979 32986 32993 33000 33007 33014 33021 33028 33035 33042 33049 33056 33063 33070 33077 33084 33091 33098 33105 33112 33119 33126 33133 33140 33147 33154 33161 33168 33175 33182 33189 33196 33203 33210 33217 33224 33231 33238 33245 33252 33259 33266 33273 33280 33287 33294 33301 33308 33315 33322 33329 33336 33343 33350 33357 33364 33371 33378 33385 33392 33399 33406 33413 33420 33427 33434 33441 33448 33455 33462 33469 33476 33483 33490 33497 33504 33511 33518 33525 33532 33539 33546 33553 33560 33567 33574 33581 33588 33595 33602 33609 33616 33623 33630 33637 33644 33651 33658 33665 33672 33679 33686 33693 33700 33707 33714 33721 33728 33735 33742 33749 33756 33763 33770 33777 33784 33791 33798 33805 33812 33819 33826 33833 33840 33847 33854 33861 33868 33875 33882 33889 33896 33903 33910 33917 33924 33931 33938 33945 33952 33959 33966 33973 33980 33987 33994 34001 34008 34015 34022 34029 34036 34043 34050 34057 34064 34071 34078 34085 34092 34099 34106 34113 34120 34127 34134 34141 34148 34155 34162 34169 34176 34183 34190 34197 34204 34211 34218 34225 34232 34239 34246 34253 34260 34267 34274 34281 34288 34295 34302 34309 34316 34323 34330 34337 34344 34351 34358 34365 34372 34379 34386 34393 34400 34407 34414 34421 34428 34435 34442 34449 34456 34463 34470 34477 34484 34491 34498 34505 34512 34519 34526 34533 34540 34547 34554 34561 34568 34575 34582 34589 34596 34603 34610 34617 34624 34631 34638 34645 34652 34659 34666 34673 34680 34687 34694 34701 34708 34715 34722 34729 34736 34743 34750 34757 34764 34771 34778 34785 34792 34799 34806 34813 34820 34827 34834 34841 34848 34855 34862 34869 34876 34883 34890 34897 34904 34911 34918 34925 34932 34939 34946 34953 34960 34967 34974 34981 34988 34995 35002 35009 35016 35023 35030 35037 35044 35051 35058 35065 35072 35079 35086 35093 35100 35107 35114 35121 35128 35135 35142 35149 35156 35163 35170 35177 35184 35191 35198 35205 35212 35219 35226 35233 35240 35247 35254 35261 35268 35275 35282 35289 35296 35303 35310 35317 35324 35331 35338 35345 35352 35359 35366 35373 35380 35387 35394 35401 35408 35415 35422 35429 35436 35443 35450 35457 35464 35471 35478 35485 35492 35499 35506 35513 35520 35527 35534 35541 35548 35555 35562 35569 35576 35583 35590 35597 35604 35611 35618 35625 35632 35639 35646 35653 35660 35667 35674 35681 35688 35695 35702 35709 35716 35723 35730 35737 35744 35751 35758 35765 35772 35779 35786 35793 35800 35807 35814 35821 35828 35835 35842 35849 35856 35863 35870 35877 35884 35891 35898 35905 35912 35919 35926 35933 35940 35947 35954 35961 35968 35975 35982 35989 35996 36003 36010 36017 36024 36031 36038 36045 36052 36059 36066 36073 36080 36087 36094 36101 36108 36115 36122 36129 36136 36143 36150 36157 36164 36171 36178 36185 36192 36199 36206 36213 36220 36227 36234 36241 36248 36255 36262 36269 36276 36283 36290 36297 36304 36311 36318 36325 36332 36339 36346 36353 36360 36367 36374 36381 36388 36395 36402 36409 36416 36423 36430 36437 36444 36451 36458 36465 36472 36479 36486 36493 36500 36507 36514 36521 36528 36535 36542 36549 36556 36563 36570 36577 36584 36591 36598 36605 36612 36619 36626 36633 36640 36647 36654 36661 36668 36675 36682 36689 36696 36703 36710 36717 36724 36731 36738 36745 36752 36759 36766 36773 36780 36787 36794 36801 36808 36815 36822 36829 36836 36843 36850 36857 36864 36871 36878 36885 36892 36899 36906 36913 36920 36927 36934 36941 36948 36955 36962 36969 36976 36983 36990 36997 37004 37011 37018 37025 37032 37039 37046 37053 37060 37067 37074 37081 37088 37095 37102 37109 37116 37123 37130 37137 37144 37151 37158 37165 37172 37179 37186 37193 37200 37207 37214 37221 37228 37235 37242 37249 37256 37263 37270 37277 37284 37291 37298 37305 37312 37319 37326 37333 37340 37347 37354 37361 37368 37375 37382 37389 37396 37403 37410 37417 37424 37431 37438 37445 37452 37459 37466 37473 37480 37487 37494 37501 37508 37515 37522 37529 37536 37543 37550 37557 37564 37571 37578 37585 37592 37599 37606 37613 37620 37627 37634 37641 37648 37655 37662 37669 37676 37683 37690 37697 37704 37711 37718 37725 37732 37739 37746 37753 37760 37767 37774 37781 37788 37795 37802 37809 37816 37823 37830 37837 37844 37851 37858 37865 37872 37879 37886 37893 37900 37907 37914 37921 37928 37935 37942 37949 37956 37963 37970 37977 37984 37991 37998 38005 38012 38019 38026 38033 38040 38047 38054 38061 38068 38075 38082 38089 38096 38103 38110 38117 38124 38131 38138 38145 38152 38159 38166 38173 38180 38187 38194 38201 38208 38215 38222 38229 38236 38243 38250 38257 38264 38271 38278 38285 38292 38299 38306 38313 38320 38327 38334 38341 38348 38355 38362 38369 38376 38383 38390 38397 38404 38411 38418 38425 38432 38439 38446 38453 38460 38467 38474 38481 38488 38495 38502 38509 38516 38523 38530 38537 38544 38551 38558 38565 38572 38579 38586 38593 38600 38607 38614 38621 38628 38635 38642 38649 38656 38663 38670 38677 38684 38691 38698 38705 38712 38719 38726 38733 38740 38747 38754 38761 38768 38775 38782 38789 38796 38803 38810 38817 38824 38831 38838 38845 38852 38859 38866 38873 38880 38887 38894 38901 38908 38915 38922 38929 38936 38943 38950 38957 38964 38971 38978 38985 38992 38999 39006 39013 39020 39027 39034 39041 39048 39055 39062 39069 39076 39083 39090 39097 39104 39111 39118 39125 39132 39139 39146 39153 39160 39167 39174 39181 39188 39195 39202 39209 39216 39223 39230 39237 39244 39251 39258 39265 39272 39279 39286 39293 39300 39307 39314 39321 39328 39335 39342 39349 39356 39363 39370 39377 39384 39391 39398 39405 39412 39419 39426 39433 39440 39447 39454 39461 39468 39475 39482 39489 39496 39503 39510 39517 39524 39531 39538 39545 39552 39559 39566 39573 39580 39587 39594 39601 39608 39615 39622 39629 39636 39643 39650 39657 39664 39671 39678 39685 39692 39699 39706 39713 39720 39727 39734 39741 39748 39755 39762 39769 39776 39783 39790 39797 39804 39811 39818 39825 39832 39839 39846 39853 39860 39867 39874 39881 39888 39895 39902 39909 39916 39923 39930 39937 39944 39951 39958 39965 39972 39979 39986 39993 40000 40007 40014 40021 40028 40035 40042 40049 40056 40063 40070 40077 40084 40091 40098 40105 40112 40119 40126 40133 40140 40147 40154 40161 40168 40175 40182 40189 40196 40203 40210 40217 40224 40231 40238 40245 40252 40259 40266 40273 40280 40287 40294 40301 40308 40315 40322 40329 40336 40343 40350 40357 40364 40371 40378 40385 40392 40399 40406 40413 40420 40427 40434 40441 40448 40455 40462 40469 40476 40483 40490 40497 40504 40511 40518 40525 40532 40539 40546 40553 40560 40567 40574 40581 40588 40595 40602 40609 40616 40623 40630 40637 40644 40651 40658 40665 40672 40679 40686 40693 40700 40707 40714 40721 40728 40735 40742 40749 40756 40763 40770 40777 40784 40791 40798 40805 40812 40819 40826 40833 40840 40847 40854 40861 40868 40875 40882 40889 40896 40903 40910 40917 40924 40931 40938 40945 40952 40959 40966 40973 40980 40987 40994 41001 41008 41015 41022 41029 41036 41043 41050 41057 41064 41071 41078 41085 41092 41099 41106 41113 41120 41127 41134 41141 41148 41155 41162 41169 41176 41183 41190 41197 41204 41211 41218 41225 41232 41239 41246 41253 41260 41267 41274 41281 41288 41295 41302 41309 41316 41323 41330 41337 41344 41351 41358 41365 41372 41379 41386 41393 41400 41407 41414 41421 41428 41435 41442 41449 41456 41463 41470 41477 41484 41491 41498 41505 41512 41519 41526 41533 41540 41547 41554 41561 41568 41575 41582 41589 41596 41603 41610 41617 41624 41631 41638 41645 41652 41659 41666 41673 41680 41687 41694 41701 41708 41715 41722 41729 41736 41743 41750 41757 41764 41771 41778 41785 41792 41799 41806 41813 41820 41827 41834 41841 41848 41855 41862 41869 41876 41883 41890 41897 41904 41911 41918 41925 41932 41939 41946 41953 41960 41967 41974 41981 41988 41995 42002 42009 42016 42023 42030 42037 42044 42051 42058 42065 42072 42079 42086 42093 42100 42107 42114 42121 42128 42135 42142 42149 42156 42163 42170 42177 42184 42191 42198 42205 42212 42219 42226 42233 42240 42247 42254 42261 42268 42275 42282 42289 42296 42303 42310 42317 42324 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 7.75 7.75 7.75 7.5 7.5 7.5 7.25 7.25 7 7 7 6.75 6.75 6.75 6.25 6.25 6.25 6.25 6.25 6 6 6 6 6 6 6 6 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.5 5.5 5.5 5.5 5.5 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5 4.75 4.75 4.75 4.75 4.5 4.5 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.5 3.5 3.5 3.75 3.75 3.75 3.75 3.75 4.25 4.25 4.25 4.25 4.25 4.25 4.25 4.25 4.25 4.25 4.25 4.25 4.25 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.75 5.5 5.5 5.5 5.5 5.5 5.5 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.25 5.25 5 5 5 5 5 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 4.75 5 5 5 5 5 5 5 5 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.75 5.75 5.75 5.75 5.75 5.75 5.75 6 6 6 6 6 6 6 6 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6 6 6 6 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5 5 5 5 4.5 4.5 4.5 4.5 4 4 4 4 4 4 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.75 3.5 3.5 3.5 3 3 3 2.5 2.5 2.5 2.5 2.5 2 2 2 2 2 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1.25 1.25 1.25 1.25 1.25 1.25 1.5 1.5 1.5 1.5 1.5 1.5 1.75 1.75 1.75 1.75 1.75 1.75 1.75 2 2 2 2 2 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.75 2.75 2.75 2.75 2.75 2.75 3 3 3 3 3 3 3 3 3.25 3.25 3.25 3.25 3.25 3.25 3.5 3.5 3.5 3.5 3.5 3.5 3.75 3.75 3.75 3.75 3.75 3.75 4 4 4 4 4 4 4.25 4.25 4.25 4.25 4.25 4.25 4.25 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.75 4.75 4.75 4.75 4.75 4.75 5 5 5 5 5 5 5 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 5.25 4.75 4.75 4.75 4.75 4.75 4.75 4.5 4.5 4.5 4.5 4.5 4.5 4.25 4.25 4.25 4.25 4.25 4.25 3.5 3 3 3 3 3 3 3 2.25 2.25 2.25 2.25 2.25 2.25 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1.5 1.5 1.5 1 1 1 1 1 1 1 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25

U.S. Dollar Index

Fed Funds Rate

Risks: Optics, Politics and Geopolitics

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

Events and Risks to Watch in 2016

Known unknowns in 2016

Source: BlackRock Investment Institute, November 2015. Notes: The key Federal Reserve meetings listed are those accompanied by a press conference. EU Referendum refers to a likely vote on whether the U.K. should remain a member of the EU.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

U.S. and Eurozone Inflation Expectations and the Oil Price, 2013-2015

Crude’s collapse has dragged down long-term inflation expectations

Sources: BlackRock Investment Institute, ICAP and Thomson Reuters, November 2015. Notes: Inflation expectations reflect swaps-based expected inflation rates for five years, starting five years ahead. Oil price changes are based on the average of the annual change in Brent and West Texas Intermediate oil prices.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

U.S. inflation expectations 41275 41282 41289 41296 41303 41310 41317 41324 41331 41338 41345 41352 41359 41366 41373 41380 41387 41394 41401 41408 41415 41422 41429 41436 41443 41450 41457 41464 41471 41478 41485 41492 41499 41506 41513 41520 41527 41534 41541 41548 41555 41562 41569 41576 41583 41590 41597 41604 41611 41618 41625 41632 41639 41646 41653 41660 41667 41674 41681 41688 41695 41702 41709 41716 41723 41730 41737 41744 41751 41758 41765 41772 41779 41786 41793 41800 41807 41814 41821 41828 41835 41842 41849 41856 41863 41870 41877 41884 41891 41898 41905 41912 41919 41926 41933 41940 41947 41954 41961 41968 41975 41982 41989 41996 42003 42010 42017 42024 42031 42038 42045 42052 42059 42066 42073 42080 42087 42094 42101 42108 42115 42122 42129 42136 42143 42150 42157 42164 42171 42178 42185 42192 42199 42206 42213 42220 42227 42234 42241 42248 42255 42262 42269 42276 42283 42290 42297 42304 42311 3.07 3.07 3.07 3.0379999999999998 3.069 3.048 3.0859999999999999 3.0209999999999999 3.0209999999999999 3.0750000000000002 3.044 3.01 3.0169999999999999 2.9990000000000001 2.9660000000000002 2.9590000000000001 3 2.9169999999999998 2.9039999999999999 2.9540000000000002 2.8660000000000001 2.88 2.87 2.79 2.7810000000000001 2.782 2.8180000000000001 2.7210000000000001 2.8420000000000001 2.8860000000000001 2.8519999999999999 2.82 2.82 2.82 2.82 2.82 2.82 2.82 2.9119999999999999 2.92 2.9 2.9 2.8410000000000002 2.85 2.84 2.8559999999999999 2.855 2.87 2.8580000000000001 2.8519999999999999 2.927 2.8780000000000001 2.9449999999999998 2.9630000000000001 2.9169999999999998 2.907 2.875 2.8460000000000001 2.8690000000000002 2.8050000000000002 2.823 2.827 2.8380000000000001 2.8460000000000001 2.8370000000000002 2.8050000000000002 2.8069999999999999 2.8050000000000002 2.8119999999999998 2.819 2.7679999999999998 2.819 2.7669999999999999 2.7450000000000001 2.802 2.8119999999999998 2.83 2.86 2.8410000000000002 2.86 2.8730000000000002 2.8580000000000001 2.8660000000000001 2.867 2.8860000000000001 2.8149999999999999 2.7719999999999998 2.8069999999999999 2.7519999999999998 2.7469999999999999 2.6789999999999998 2.6389999999999998 2.589 2.6259999999999999 2.6269999999999998 2.6139999999999999 2.58 2.58 2.5009999999999999 2.5049999999999999 2.4510000000000001 2.4009999999999998 2.367 2.4220000000000002 2.298 2.2759999999999998 2.149 2.1800000000000002 2.14 2.1040000000000001 2.2189999999999999 2.2109999999999999 2.282 2.274 2.157 2.1749999999999998 2.1789999999999998 2.1739999999999999 2.2709999999999999 2.1859999999999999 2.2759999999999998 2.2839999999999998 2.298 2.2629999999999999 2.278 2.2509999999999999 2.3029999999999999 2.3079999999999998 2.3479999999999999 2.41 2.4209999999999998 2.3969999999999998 2.37 2.3620000000000001 2.2829999999999999 2.294 2.2029999999999998 2.1859999999999999 2.1 2.1779999999999999 2.13 2.165 2.1259999999999999 1.988 2.113 2.12 2.0579999999999998 2.097 2.1469999999999998 Eurozone inflation expectations 41275 41282 41289 41296 41303 41310 41317 41324 41331 41338 41345 41352 41359 41366 41373 41380 41387 41394 41401 41408 41415 41422 41429 41436 41443 41450 41457 41464 41471 41478 41485 41492 41499 41506 41513 41520 41527 41534 41541 41548 41555 41562 41569 41576 41583 41590 41597 41604 41611 41618 41625 41632 41639 41646 41653 41660 41667 41674 41681 41688 41695 41702 41709 41716 41723 41730 41737 41744 41751 41758 41765 41772 41779 41786 41793 41800 41807 41814 41821 41828 41835 41842 41849 41856 41863 41870 41877 41884 41891 41898 41905 41912 41919 41926 41933 41940 41947 41954 41961 41968 41975 41982 41989 41996 42003 42010 42017 42024 42031 42038 42045 42052 42059 42066 42073 42080 42087 42094 42101 42108 42115 42122 42129 42136 42143 42150 42157 42164 42171 42178 42185 42192 42199 42206 42213 42220 42227 42234 42241 42248 42255 42262 42269 42276 42283 42290 42297 42304 42311 2.2370000000000001 2.2719999999999998 2.2269999999999999 2.2599999999999998 2.3279999999999998 2.3849999999999998 2.3820000000000001 2.3380000000000001 2.2650000000000001 2.2999999999999998 2.2919999999999998 2.27 2.2650000000000001 2.2799999999999998 2.29 2.2400000000000002 2.242 2.2999999999999998 2.2799999999999998 2.2829999999999999 2.258 2.2949999999999999 2.31 2.2200000000000002 2.23 2.202 2.2869999999999999 2.278 2.2629999999999999 2.2229999999999999 2.2080000000000002 2.2320000000000002 2.23 2.2549999999999999 2.25 2.23 2.2519999999999998 2.2669999999999999 2.2250000000000001 2.2370000000000001 2.25 2.258 2.262 2.2400000000000002 2.2570000000000001 2.1720000000000002 2.15 2.137 2.1850000000000001 2.1819999999999999 2.17 2.2050000000000001 2.2170000000000001 2.2000000000000002 2.2149999999999999 2.177 2.1749999999999998 2.1619999999999999 2.1429999999999998 2.1469999999999998 2.12 2.1259999999999999 2.0680000000000001 2.0819999999999999 2.0950000000000002 2.113 2.1 2.1040000000000001 2.0939999999999999 2.0950000000000002 2.1 2.0539999999999998 2.069 2.06 2.0859999999999999 2.1 2.109 2.1030000000000002 2.117 2.1019999999999999 2.0979999999999999 2.1070000000000002 2.093 2.0720000000000001 2.0529999999999999 1.98 1.9750000000000001 2.0230000000000001 1.9750000000000001 1.9470 000000000001 1.9319999999999999 1.9219999999999999 1.8919999999999999 1.7649999999999999 1.84 1.8320000000000001 1.8420000000000001 1.867 1.845 1.8069999999999999 1.77 1.7569999999999999 1.615 1.7350000000000001 1.7070000000000001 1.577 1.508 1.64 1.58 1.627 1.5720000000000001 1.5669999999999999 1.6 1.6819999999999999 1.6879999999999999 1.6819999999999999 1.7070000000000001 1.635 1.657 1.663 1.6919999999999999 1.667 1.7749999999999999 1.825 1.8049999999999999 1.73 1.7649999999999999 1.8120000000000001 1.78 1.8149999999999999 1.8480000000000001 1.7929999999999999 1.82 1.8069999999999999 1.7569999999999999 1.7250000000000001 1.7 1.66 1.647 1.7170000000000001 1.675 1.7070000000000001 1.6419999999999999 1.575 1.6 1.645 1.7 1.7250000000000001 1.722 Oil Price (right axis) 41275 41282 41289 41296 41303 41310 41317 41324 41331 41338 41345 41352 41359 41366 41373 41380 41387 41394 41401 41408 41415 41422 41429 41436 41443 41450 41457 41464 41471 41478 41485 41492 41499 41506 41513 41520 41527 41534 41541 41548 41555 41562 41569 41576 41583 41590 41597 41604 41611 41618 41625 41632 41639 41646 41653 41660 41667 41674 41681 41688 41695 41702 41709 41716 41723 41730 41737 41744 41751 41758 41765 41772 41779 41786 41793 41800 41807 41814 41821 41828 41835 41842 41849 41856 41863 41870 41877 41884 41891 41898 41905 41912 41919 41926 41933 41940 41947 41954 41961 41968 41975 41982 41989 41996 42003 42010 42017 42024 42031 42038 42045 42052 42059 42066 42073 42080 42087 42094 42101 42108 42115 42122 42129 42136 42143 42150 42157 42164 42171 42178 42185 42192 42199 42206 42213 42220 42227 42234 42241 42248 42255 42262 42269 42276 42283 42290 42297 42304 42311 -4.6399999999999997 -4.7 -5.37 -1.62 1.68 1.84 0.04 -2.1800000000000002 -9.42 -12.62 -11.13 -13.09 -10.88 -10.35 -12.99 -15.4 -15.41 -11.92 -11.33 -5.39 -2.7 -0.8 -1.34 8.42 13.49 9.6999999999999993 19.420000000000002 12.38 18.12 12.45 9.99 10.45 6.05 5.07 5.77 6.9 4.7699999999999996 1.81 1.92 4.41 5.29 3.37 1.05 7.1 2.74 1.35 4.78 4.2 6 5.52 7.67 7.74 6.84 -0.39 -2.78 -0.54 -1.17 -4.08 -1.63 -0.77 -0.27 3.83 3.87 2.71 2.69 1.1000000000000001 0.54 7.15 12.48 11.74 6.36 5.13 8.34 8.07 6.4 9.4499999999999993 11.5 8.5500000000000007 10.47 4.43 -3.12 -2.2200000000000002 -4.3899999999999997 -4.66 -6 -10.1 -8.67 -13.99 -14.17 -11.88 -12.84 -12.4 -14.23 -21.3 -20.420000000000002 -19.47 -23.06 -20.02 -23.44 -24.52 -32.44 -37.24 -43.78 -43.15 -47.28 -52.66 -54.17 -52.69 -53.94 -47.22 -47.55 -45.53 -49.46 -47.46 -50.76 -54.1 -50.94 -50.72 -45.89 -46.64 -45.19 -42.92 -39.39 -38.83 -42.41 -43.48 -41.41 -41.23 -42.78 -43.86 -45.53 -50.66 -48.03 -47.54 -51.49 -53.86 -54.47 -54.89 -57.83 -51.78 -50.77 -52.67 -51.61 -50.47 -46.23 -46.57 -44.33 -46.95 -41.79

Inflation Rate

Annual Oil Price Change

Realized Volatility by Asset Class, 1995-2015

Volatility is normalizing after years of being suppressed by QE

Sources: BlackRock Investment Institute and Thomson Reuters, Nov. 30, 2015. Notes: Volatility is measured as the standard deviation of daily returns over a rolling 30-day window on an annualized basis. The purple bars show the 10th to 90th percentile since 1995. The lines show the median over this period and the dots the current levels. Bond volatility is based on an average of 10-year U.S. Treasuries, German Bunds, Japanese JGBs and U.K. Gilts. U.S. dollar volatility is based on the DXY Index. Stock volatilities are based on MSCI indexes. Commodities are based on the S&P GSCI Commodity Index.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

Bottom 10 Bonds U.S. Dollar World Stocks Emerging Stocks Commodities 3.8938000000000001 4.7286000000000001 7.0831999999999997 8.7392000000000003 10.779 Top 10 Bonds U.S. Dollar World Stocks Emerging Stocks Commodities 3.6445000000000003 5.533199999999999 14.381399999999998 18.545199999999994 18.885200000000001 Median U.S. Treasury German Bund U.S. Dollar World Equities Copper 5.1372499999999999 7.5010000000000003 11.632999999999999 13.978 19.247 Current U.S. Treasury German Bund U.S. Dollar World Equities Copper 4.53 7.7969999999999997 9.1660000000000004 13.914 18.39 2015 High U.S. Treasury German Bund U.S. Dollar World Equities Copper 8.5220000000000002 11.484 22.247 26.454000000000001 33.917000000000002

Realized Volatility

Sources: Bloomberg and BlackRock Investment Institute, December 2015.

U.S. Leading Indicators

Sources: BlackRock Investment Institute, Barclays and Securities and Financial Markets Association, November 2015. Notes: The issuance share is U.S. high yield corporate debt issuance as a share of total U.S. corporate issuance. The 2015 value is based on extrapolation of year-to-date values. The high yield spread is based on option-adjusted spreads and shown in percentage points.

U.S. High Yield Spread & Issuance Share

Buoyant sentiment in the U.S. credit market precedes economic contractions

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

U.S. Recession 36556 36585 36616 36646 36677 36707 36738 36769 36799 36830 36860 36891 36922 36950 36981 37011 37042 37072 37103 37134 37164 37195 37225 37256 37287 37315 37346 37376 37407 37437 37468 37499 37529 37560 37590 37621 37652 37680 37711 37741 37772 37802 37833 37864 37894 37925 37955 37986 38017 38046 38077 38107 38138 38168 38199 38230 38260 38291 38321 38352 38383 38411 38442 38472 38503 38533 38564 38595 38625 38656 38686 38717 38748 38776 38807 38837 38868 38898 38929 38960 38990 39021 39051 39082 39113 39141 39172 39202 39233 39263 39294 39325 39355 39386 39416 39447 39478 39507 39538 39568 39599 39629 39660 39691 39721 39752 39782 39813 39844 39872 39903 39933 39964 39994 40025 40056 40086 40117 40147 40178 40209 40237 40268 40298 40329 40359 40390 40421 40451 40482 40512 40543 40574 40602 40633 40663 40694 40724 40755 40786 40816 40847 40877 40908 40939 40968 40999 41029 41060 41090 41121 41152 41182 41213 41243 41274 41305 41333 41364 41394 41425 41455 41486 41517 41547 41578 41608 41639 41670 41698 41729 41759 41790 41820 41851 41882 41912 41943 41973 42004 42035 42063 42094 42124 42155 42185 42216 42247 42277 42308 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Chicago Fed National Activity Index 36556 36585 36616 36646 36677 36707 36738 36769 36799 36830 36860 36891 36922 36950 36981 37011 37042 37072 37103 37134 37164 37195 37225 37256 37287 37315 37346 37376 37407 37437 37468 37499 37529 37560 37590 37621 37652 37680 37711 37741 37772 37802 37833 37864 37894 37925 37955 37986 38017 38046 38077 38107 38138 38168 38199 38230 38260 38291 38321 38352 38383 38411 38442 38472 38503 38533 38564 38595 38625 38656 38686 38717 38748 38776 38807 38837 38868 38898 38929 38960 38990 39021 39051 39082 39113 39141 39172 39202 39233 39263 39294 39325 39355 39386 39416 39447 39478 39507 39538 39568 39599 39629 39660 39691 39721 39752 39782 39813 39844 39872 39903 39933 39964 39994 40025 40056 40086 40117 40147 40178 40209 40237 40268 40298 40329 40359 40390 40421 40451 40482 40512 40543 40574 40602 40633 40663 40694 40724 40755 40786 40816 40847 40877 40908 40939 40968 40999 41029 41060 41090 41121 41152 41182 41213 41243 41274 41305 41333 41364 41394 41425 41455 41486 41517 41547 41578 41608 41639 41670 41698 41729 41759 41790 41820 41851 41882 41912 41943 41973 42004 42035 42063 42094 42124 42155 42185 42216 42247 42277 42308 0.4214 -0.28189999999999998 0.66510000000000002 0.7288 -0.65080000000000005 0.1459 -0.32590000000000002 -0.66569999999999996 0.41249999999999998 -0.69840000000000002 -0.46 -0.44819999999999999 -1.167 -0.95960000000000001 -1.0853999999999999 -1.413 -0.93389999999999995 -1.538 7999999999999 -0.87939999999999996 -0.97460000000000002 -1.4798 -1.0880000000000001 -1.3168 -0.54910000000000003 -0.3075 -0.29759999999999998 -0.16700000000000001 -1.4500000000000001E-2 6.4999999999999997E-3 0.39350000000000002 -0.57720000000000005 -0.23380000000000001 -0.39350000000000002 -0.60660000000000003 -3.1600000000000003E-2 -0.97629999999999995 0.43690000000000001 -0.67159999999999997 -0.49270000000000003 -1.0582 -0.15210000000000001 -2.5899999999999999E-2 6.3299999999999995E-2 -0.41539999999999999 0.44750000000000001 0.16159999999999999 0.6895 3.3999999999999998E-3 7.3400000000000007E-2 0.46650000000000003 0.5736 0.25230000000000002 0.80910000000000004 -0.40300000000000002 0.62949999999999995 0.30380000000000001 0.1522 0.6724 1.5E-3 0.90980000000000005 0.32150000000000001 0.54149999999999998 -0.3256 0.72240000000000004 1.06E-2 0.47039999999999998 -4.9000000000000002E-2 0.2732 -0.85160000000000002 0.94040000000000001 0.89429999999999998 0.45240000000000002 0.628 0.14460000000000001 0.33279999999999998 -8.2400000000000001E-2 -0.16 2.7300000000000001E-2 -0.36809999999999998 0.24110000000000001 -0.10539999999999999 -0.34939999999999999 -0.17699999999999999 0.88129999999999997 -0.75960000000000005 0.2651 0.21440000000000001 -0.17269999999999999 4.4000000000000003E-3 -0.2515 -0.46679999999999999 -0.3463 -0.18360000000000001 -0.72689999999999999 -7.1400000000000005E-2 -0.65410000000000001 -0.54679999999999995 -1.1907000000000001 -1.2854999999999999 -1.1228 -1.2786999999999999 -1.1951000000000001 -1.8106 -2.0670000000000002 -3.6486999999999998 -1.9127999999999998 -3.5514000000000001 -4.2217000000000002 -4.6530000000000005 -2.3675999999999999 -3.6642000000000001 -2.6602999999999999 -2.1722000000000001 -1.6848999999999998 -5.7200000000000001E-2 -0.40139999999999998 -0.54379999999999995 -0.61899999999999999 -9.9599999999999994E-2 -0.67800000000000005 0.18529999999999999 -0.60660000000000003 0.52880000000000005 0.56759999999999999 0.54259999999999997 -0.25440000000000002 0.25790000000000002 -0.2044 -0.25380000000000003 -0.1832 -0.33939999999999998 0.15359999999999999 2.9399999999999999E-2 -0.48149999999999998 0.50949999999999995 -0.69469999999999998 -0.30349999999999999 -9.6500000000000002E-2 0.2 5640000000000002 -9.9299999999999999E-2 -0.26900000000000002 0.1162 -0.55149999999999999 0.41499999999999998 0.64070000000000005 -3.8800000000000001E-2 -0.52159999999999995 0.10489999999999999 -0.27639999999999998 -0.55020000000000002 -0.23669999999999999 -0.68369999999999997 -3.2099999999999997E-2 -0.30709999999999998 0.29060000000000002 0.19 -0.3276 0.3836 -0.55110000000000003 -0.35820000000000002 -3.04E-2 -0.19589999999999999 -0.63160000000000005 0.40839999999999999 0.25059999999999999 -1.11E-2 0.56110000000000004 -5.8000000000000003E-2 -0.70820000000000005 0.56059999999999999 0.52659999999999996 0.18679999999999999 0.1101 0.2989 0.50670000000000004 -0.32700000000000001 0.18770000000000001 0.29980000000000001 0.7648 0000000000004 0.1346 -0.18060000000000001 -0.42580000000000001 -0.1888 0.14779999999999999 -0.3296 -4.3299999999999998E-2 0.48730000000000001 -0.28849999999999998 -0.28510000000000002 -3.8899999999999997E-2 10-Year / 3-Month Yield Curve Spread 0.97299999999999986 0.62800000000000011 0.13299999999999912 0.38300000000000001 0.65300000000000047 0.17599999999999927 -0.18800000000000061 -0.58200000000000074 -0.40800000000000036 -0.6379999999999999 -0.73399999999999999 -0.78299999999999947 0.12000000000000011 3.6999999999999922E-2 0.63100000000000023 1.4550000000000001 1.7650000000000001 1.75599999 99999998 1.5300000000000002 1.4649999999999999 2.2170000000000001 2.2200000000000002 3.0259999999999998 3.3260000000000001 3.2760000000000002 3.1199999999999997 3.6189999999999998 3.32 3.319 3.1140000000000003 2.7660000000000005 2.468 2.044 2.444 2.992 2.6209999999999996 2.79 2.4969999999999999 2.6850000000000001 2.7250000000000001 2.2690000000000001 2.6640000000000001 3.4650000000000003 3.4930000000000003 2.996 3.3420000000000001 3.4019999999999997 3.3260000000000001 3.2220000000000004 3.03 2.8939999999999997 3.5439999999999996 3.5840000000000001 3.3170000000000002 3.0370000000000004 2.5359999999999996 2.4160000000000004 2.1260000000000003 2.1229999999999998 2.0029999999999997 1.6669999999999998 1.6289999999999996 1.7109999999999994 1.306 1.0380000000000003 0.79400000000000004 0.88000000000000034 0.5129999999999999 0.78299999999999947 0.66999999999999993 0.54899999999999949 0.31400000000000006 5.200000000000049E-2 -6.8000000000000504E-2 0.24199999999999999 0.29000000000000004 0.28300000000000036 0.15700000000000003 -9.2999999999999972E-2 -0.30700000000000038 -0.24699999999999989 -0.47800000000000065 -0.56400000000000006 -0.30700000000000038 -0.29799999999999915 -0.56099999999999994 -0.38700000000000045 -0.22100000000000009 0.15399999999999991 0.21899999999999942 -0.20500000000000007 0.41999999999999993 0.78699999999999992 0.55699999999999994 0.79 0.78300000000000036 1.6489999999999998 1.6680000000000001 2.09 2.3479999999999999 2.177 2.2350000000000003 2.2829999999999999 2.0979999999999999 2.915 3.5169999999999999 2.8760000000000003 2.133 2.6110000000000002 2.7629999999999999 2.4590000000000001 2.9910000000000001 3.3259999999999996 3.347 3.3 3.2669999999999999 3.194 3.335 3.1480000000000001 3.786 3.512 3.4939999999999998 3.673 3.4960000000000004 3.13 2.758 2.762 2.3329999999999997 2.3540000000000001 2.4849999999999999 2.6339999999999999 3.17 3.222 3.2889999999999997 3.3780000000000001 3.2469999999999999 3.0139999999999998 3.1459999999999999 2.7030000000000003 2.2110000000000003 1.893 2.1269999999999998 2.0659999999999998 1.86 40000000000001 1.7450000000000001 1.893 2.1419999999999999 1.821 1.4910000000000001 1.5619999999999998 1.3699999999999999 1.4749999999999999 1.5399999999999998 1.5819999999999999 1.5370000000000001 1.7150000000000001 1.9119999999999999 1.7719999999999998 1.776 1.625 2.101 2.4540000000000002 2.5390000000000001 2.762 2.6029999999999998 2.5170000000000003 2.6870000000000003 2.9609999999999999 2.6219999999999999 2.6 2.6859999999999999 2.6190000000000002 2.444 2.508 2.536 2.3209999999999997 2.4720000000000004 2.3279999999999998 2.1520000000000001 2.1310000000000002 1.639 1.9810000000000001 1.901 2.0299999999999998 2.1189999999999998 2.3460000000000001 2.117 2.2159999999999997 2.0529999999999999 2.069 2.0369999999999999

Index / Percentage Points

Performance of Selected Currencies vs. Chinese Yuan, 1995-2015

A sharp devaluation of the yuan seems unlikely but still a risk

Sources: BlackRock Investment Institute and Thomson Reuters, November 2015. Notes: The bars show the percent change in spot rate from the start of 1995 (green) and 2010 (blue) to 2015. The euro is based on a synthetic calculation before 1999.

Emerging markets

Developed markets

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

Since 2010 Turkish Lira Indonesian Rupiah Brazilian Real South African Rand Mexican Peso Indian Rupee Polish Zloty South Korean Won Japanese Yen Euro U.S. Dollar -0.47988499497363257 -0.36736983450566374 -0.57433700960974376 -0.54929580614273688 -0.28680283558485242 -0.34667403689506227 -0.2788032123501607 -6.1950382230024026E-2 -0.3641013631932366 -0.23102589556023101 -3.1078804801432436E-2 Since 1995 Turkish Lira Indonesian Rupiah Brazilian Real South African Rand Mexican Peso Indian Rupee Polish Zloty South Korean Won Japanese Yen Euro U.S. Dollar -0.47876748607271857 -0.51632491804825698 -0.26050446879377553 -0.2958396790882446 -0.50648543064393736 -0.29869983875144679 -0.20664132730213391 -0.42055900900813115 -9.4233042032087488E-2 -4.5538416210625932E-2 -0.17929299876230542

MSCI World Sector Weights by Momentum, October 2015

Momentum reversals can hurt assets once thought safe

Sources: BlackRock Investment Institute, MSCI and Thomson Reuters, Oct. 30, 2015. Notes: Stocks in MSCI World Index are ranked by price momentum (defined as rolling 12-month minus one-month returns). The bars show the weights of sectors within the overall index (left) and the four sectors with the biggest upward (middle) and downward (right) momentum overweight.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

Consumer Discretionary MSCI World Index Upward Momentum Downward Momentum 0.13383099129450107 0.25576417468646423 8.1919153453198848E-2 Consumer Staples MSCI World Index Upward Momentum Downward Momentum 0.1025110979572572 0.14944125623080595 3.9180972100960859E-2 Energy MSCI World Index Upward Momentum Downward Momentum 6.7000000000000004E-2 2.3421895991573259E-3 0.37670895229719936 Materials MSCI World Index Upward Momentum Downward Momentum 4.5999999999999999E-2 2.3901705512439472E-2 0.11195871681756893 Other MSCI World Index Upward Momentum Downward Momentum 0.65100000000000002 0.56855067397113324 0.39023220533107195

Investment themes

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Valuations by Percentile vs. Historical Norm, November 2015

Valuations have leapt ahead of the business cycle in many markets

Sources: BlackRock Investment Institute, MSCI and Thomson Reuters, Nov. 30, 2015. Notes: The percentile bars show valuations of assets as of Nov. 30, 2015, versus their historical ranges. For example, U.S. equities are currently in the 74th percentile. This means U.S. equities trade at a valuation equal to or greater than 74% of their history. The dots show where valuations were a year ago. Government bonds are 10-year benchmark issues. Credit series are based on Barclays indexes and the spread over government bonds. Treasury Inflation Protected Securities (TIPS) are represented by nominal 10-year U.S. Treasuries minus inflation expectations. Equity valuations are based on MSCI indexes and are an average of percentile ranks versus available history of earnings yield, cyclically adjusted earnings yield, trend real earnings, dividend yield, price to book, price to cash flow and forward 12-month earnings yield. Historical ranges vary from 1969 (developed market equities) to 2004 (EM$ Debt).

Fixed Income

Equities

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

2015 Japanese JGB Italian BTP German Bund U.K. Gilt U.S. Treasury U.S. TIPS Euro High Yield U.K. Non-Gilt Euro IG Credit U.S. High Yield U.S. IG Credit EM $ Debt United States Germany France Canada Italy Spain U.K. Australia Japan S. Africa Mexico India Brazil S. Korea Taiwan China Russia 99.8 99.4 99.1 96.5 92.6 78 61 36 35 30 28 14 73 68 60 51 50 49 46 40 38 65 61 50 47 37 20 20 20 2014 Japanese JGB Italian BTP German Bund U.K. Gilt U.S. Treasury U.S. TIPS Euro High Yield U.K. Non-Gilt Euro IG Credit U.S. High Yield U.S. IG Credit EM $ Debt United States Germany France Canada Italy Spain U.K. Australia Japan S. Africa Mexico India Brazil S. Korea Taiwan China Russia 100 100 100 97.6 95.2 88 73 42 53 52 42 26 77 64 54 61 41 53 49 46 38 74 66 60 47 34 47 26 10

Percentile

Sources: Lipper Lana, BlackRock Investment Institute, October 2015. Notes: Above 50%, mutual funds outperform benchmark. Below 50%, benchmark outperforms mutual funds. We measure rolling monthly cross-sectional volatility by taking the standard deviation of the cross-section of stock returns in the universe over the corresponding time period, which in this case is one year.

Emerging Market Funds Relative Performance

U.S. Large Cap Funds Relative Performance

Entering a more favorable environment for alpha generation

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

Emerging Market Benchmark Rank 35064 35095 35124 35155 35185 35216 35246 35277 35308 35338 35369 35399 35430 35461 35489 35520 35550 35581 35611 35642 35673 35703 35734 35764 35795 35826 35854 35885 35915 35946 35976 36007 36038 36068 36099 36129 36160 36191 36219 36250 36280 36311 36341 36372 36403 36433 36464 36494 36525 36556 36585 36616 36646 36677 36707 36738 36769 36799 36830 36860 36891 36922 36950 36981 37011 37042 37072 37103 37134 37164 37195 37225 37256 37287 37315 37346 37376 37407 37437 37468 37499 37529 37560 37590 37621 37652 37680 37711 37741 37772 37802 37833 37864 37894 37925 37955 37986 38017 38046 38077 38107 38138 38168 38199 38230 38260 38291 38321 38352 38383 38411 38442 38472 38503 38533 38564 38595 38625 38656 38686 38717 38748 38776 38807 38837 38868 38898 38929 38960 38990 39021 39051 39082 39113 39141 39172 39202 39233 39263 39294 39325 39355 39386 39416 39447 39478 39507 39538 39568 39599 39629 39660 39691 39721 39752 39782 39813 39844 39872 39903 39933 39964 39994 40025 40056 40086 40117 40147 40178 40209 40237 40268 40298 40329 40359 40390 40421 40451 40482 40512 40543 40574 40602 40633 40663 40694 40724 40755 40786 40816 40847 40877 40908 40939 40968 40999 41029 41060 41090 41121 41152 41182 41213 41243 41274 41305 41333 41364 41394 41425 41455 41486 41517 41547 41578 41608 41639 41670 41698 41729 41759 41790 41820 41851 41882 41912 41943 41973 42004 42035 42063 42094 42124 42155 42185 42216 42247 42277 0.95454545454545503 0.89393939393939403 0.89393939393939403 0.83823529411764697 0.80882352941176505 0.81944444444444398 0.82894736842105299 0.83333333333333304 0.80769230769230804 0.78205128205128205 0.80769230769230804 0.76249999999999996 0.73750000000000004 0.73750000000000004 0.76249999999999996 0.67073170731707299 0.797619047619048 0.73255813953488402 0.75581395348837199 0.662790697674419 0.67777777777777803 0.59782608695652195 0.56382978723404298 0.47872340425531901 0.58163265306122403 0.51 0.43 0.41 0.441176470588235 0.36274509803921601 0.355769230769231 0.41346153846153799 0.29807692307692302 0.33653846153846201 0.375 0.51886792452830199 0.57547169811320797 0.59433962264150897 0.68867924528301905 0.65094339622641495 0.65094339622641495 0.63888888888888895 0.69444444444444398 0.76851851851851805 0.78703703703703698 0.78703703703703698 0.82407407407407396 0.73148148148148096 0.76851851851851805 0.60185185185185197 0.58333333333333304 0.76851851851851805 0.76851851851851805 0.75 0.71818181818181803 0.59821428571428603 0.74107142857142905 0.74561403508771895 0.69298245614035103 0.61206896551724099 0.80172413793103403 0.818965517241379 0.69827586206896597 0.73275862068965503 0.69827586206896597 0.69827586206896597 0.75 0.73275862068965503 0.71551724137931005 0.61206896551724099 0.59482758620689702 0.66379310344827602 0.61206896551724099 0.56034482758620696 0.61206896551724099 0.57758620689655205 0.56034482758620696 0.50862068965517204 0.37068965517241398 0.45689655172413801 0.52586206896551702 0.61864406779660996 0.57499999999999996 0.60833333333333295 0.74166666666666703 0.68032786885245899 0.59836065573770503 0.70161290322580605 0.57258064516129004 0.717741935483871 0.75 0.70161290322580605 0.63709677419354804 0.68548387096774199 0.65322580645161299 0.62096774193548399 0.70161290322580605 0.65322580645161299 0.64285714285714302 0.61111111111111105 0.6171875 0.6015625 0.5703125 0.6171875 0.5546875 0.6015625 0.5390625 0.56153846153846199 0.57692307692307698 0.53076923076923099 0.56818181818181801 0.51492537313432796 0.54477611940298498 0.52205882352941202 0.50735294117647101 0.50735294117647101 0.59558823529411797 0.5434782608695 6497 0.54347826086956497 0.58450704225352101 0.55633802816901401 0.68309859154929597 0.64583333333333304 0.60958904109588996 0.69594594594594605 0.64743589743589702 0.550632911392405 0.61875000000000002 0.53703703703703698 0.43292682926829301 0.457317073170732 0.457317073170732 0.65243902439024404 0.39655172413793099 0.42134831460674199 0.36413043478260898 0.5 0.52659574468085102 0.49468085106382997 0.56770833333333304 0.46969696969697 0.51980198019802004 0.50490196078431404 0.38349514563106801 0.44711538461538503 0.39719626168224298 0.375 0.48660714285714302 0.43805309734513298 0.45258620689655199 0.41949152542372897 0.38750000000000001 0.29918032786885301 0.40400000000000003 0.39147286821705402 0.47307692307692301 0.488461538461539 0.52692307692307705 0.61153846153846203 0.65769230769230802 0.58076923076923104 0.64230769230769202 0.57633587786259499 0.57196969696969702 0.76315789473684204 0.69776119402985104 0.69485294117647101 0.62408759124087598 0.57608695652173902 0.47122302158273399 0.60638297872340396 0.541379310344828 0.58843537414965996 0.47635135135135098 0.53 0.44480519480519498 0.31493506493506501 0.59677419354838701 0.46604938271604901 0.432515337423313 0.54142011834319503 0.52034883720930203 0.54571428571428604 0.58379888268156399 0.483240223463687 0.50815217391304301 0.57795698924731198 0.678010471204189 0.38832487309644698 0.65577889447236204 0.67574257425742601 0.70432692307692302 0.68181818181818199 0.69761904761904803 0.70187793427230005 0.66901408450704203 0.72663551401869197 0.62328767123287698 0.71846846846846801 0.70132743362831895 0.695175438596491 0.66738197424892698 0.65021459227467804 0.60300429184549398 0.51495726495726502 0.52109704641350196 0.50836820083681999 0.56404958677686001 0.36680327868852503 0.55487804878048796 0.63400000000000001 0.66205533596837896 0.65564202334630395 0.52247191011236005 0.47592592592592597 0.40625 0.41788321167883202 0.34363636363636402 0.37949640287769798 0.42266187050359699 0.57374100719424503 0.56654676258992798 Emerging Market Cross Sectional Volatility 35064 35095 35124 35155 35185 35216 35246 35277 35308 35338 35369 35399 35430 35461 35489 35520 35550 35581 35611 35642 35673 35703 35734 35764 35795 35826 35854 35885 35915 35946 35976 36007 36038 36068 36099 36129 36160 36191 36219 36250 36280 36311 36341 36372 36403 36433 36464 36494 36525 36556 36585 36616 36646 36677 36707 36738 36769 36799 36830 36860 36891 36922 36950 36981 37011 37042 37072 37103 37134 37164 37195 37225 37256 37287 37315 37346 37376 37407 37437 37468 37499 37529 37560 37590 37621 37652 37680 37711 37741 37772 37802 37833 37864 37894 37925 37955 37986 38017 38046 38077 38107 38138 38168 38199 38230 38260 38291 38321 38352 38383 38411 38442 38472 38503 38533 38564 38595 38625 38656 38686 38717 38748 38776 38807 38837 38868 38898 38929 38960 38990 39021 39051 39082 39113 39141 39172 39202 39233 39263 39294 39325 39355 39386 39416 39447 39478 39507 39538 39568 39599 39629 39660 39691 39721 39752 39782 39813 39844 39872 39903 39933 39964 39994 40025 40056 40086 40117 40147 40178 40209 40237 40268 40298 40329 40359 40390 40421 40451 40482 40512 40543 40574 40602 40633 40663 40694 40724 40755 40786 40816 40847 40877 40908 40939 40968 40999 41029 41060 41090 41121 41152 41182 41213 41243 41274 41305 41333 41364 41394 41425 41455 41486 41517 41547 41578 41608 41639 41670 41698 41729 41759 41790 41820 41851 41882 41912 41943 41973 42004 42035 42063 42094 42124 42155 42185 42216 42247 42277 0.356744758 0.37980408999999998 0.39419010599999998 0.39393474699999997 0.398578875 0.42237821599999997 0.44042375299999997 0.49984097799999999 0.48483752200000002 0.52797505300000003 0.49861067199999998 0.51075436500000004 0.55445081399999996 0.42238557999999998 0.41249673100000001 0.42976329699999999 0.46487102699999999 0.452772956 0.41552181999999999 0.41250365300000003 0.33547068400000002 0.311647811 0.39035049799 999999 0.36863544399999998 0.47068514099999997 0.44046975300000002 0.39539352300000002 0.41503628100000001 0.47688488499999998 0.602568518 0.83914975000000003 0.73496351500000001 1.010493616 0.87843553100000005 0.72751210200000005 0.65370820100000004 0.81902943299999997 0.88926637500000005 0.701819839 0.60842345200000003 0.52317608999999998 0.48665153999999999 0.43127490899999998 0.44462553900000001 0.41138367199999998 0.40225671800000001 0.32852063199999998 0.30836631799999997 0.29337981400000002 0.31366107900000001 0.31226487000000003 0.33201293999999998 0.37576148199999998 0.35768294299999998 0.34289974499999998 0.32561504400000002 0.34124458899999999 0.33896647299999999 0.35400058699999998 0.39899169499999998 0.33936376800000001 0.34950638000000001 0.418 69644700000003 0.399046385 0.358066092 0.37472516300000003 0.39695285699999999 0.34297098599999998 0.40474458699999999 0.37145318999999999 0.31471199500000002 0.40617674799999998 0.37618734799999998 0.35384233399999998 0.32451836699999997 0.31462158499999998 0.316997262 0.34204305899999998 0.36292717699999999 0.39372806799999999 0.45506799199999998 0.49161185800000001 0.43825334100000002 0.51863311099999998 0.535193327 0.52809017599999997 0.59140229499999997 0.45304727099999997 0.36653473800000003 0.34851920199999997 0.35038144100000002 0.32557885600000003 0.34448467700000002 0.32312929699999998 0.35929046799999997 0.338825343 0.344763879 0.40647185899999999 0.34510591400000001 0.36373138100000002 0.37898636499999999 0.40746721299999999 0.400 21205900000001 0.392189126 0.42607947400000001 0.35154269199999999 0.37085709500000003 0.38567413299999997 0.43212379400000001 0.41355008700000001 0.47547192799999999 0.51644532799999998 0.421910497 0.38224222699999999 0.35994599399999999 0.35781293600000003 0.311451704 0.35912833500000002 0.34805283799999998 0.36737621799999998 0.36565753600000001 0.36658204599999999 0.37764704799999999 0.38223748000000002 0.47852292099999999 0.48997977999999998 0.48147056700000002 0.48938433199999998 0.55027273399999999 0.59082653100000004 0.48109108099999998 0.45295192499999998 0.38314590199999998 0.38505510900000001 0.35861570399999998 0.32047250199999999 0.31888651200000001 0.292856328 0.27632780200000001 0.24288291000000001 0.246415678 0.27535579199999999 0.26430271999999999 0.26836775400000001 0.27678403600000001 0.27496151400000002 0.25433577499999999 0.27408856199999998 0.32945536199999997 0.329868891 0.305720355 0.40602120600000002 0.62115610200000004 0.74853948299999995 0.70066519299999996 0.68188686099999996 0.71382900100000002 0.67769158299999999 0.50492009900000001 0.35908912199999998 0.33882264600000001 0.299858813 0.30175047300000002 0.32549882000000002 0.328459477 0.307394854 0.32922601099999999 0.31466193399999998 0.30074785300000001 0.30615338199999997 0.32849031299999998 0.33914741599999998 0.34270175000000003 0.32005243100000003 0.29704536799999998 0.24851161799999999 0.24349665500000001 0.25556042099999998 0.253229392 0.23931119100000001 0.24023011799999999 0. 247143741 0.23100995299999999 0.24147318000000001 0.259464115 0.268565681 0.28968436400000003 0.27302335100000003 0.28623370999999997 0.29240782199999998 0.273503679 0.264670456 0.27436253999999999 0.27182964599999998 0.29287169600000001 0.25562191699999998 0.249696695 0.24305623300000001 0.23483970400000001 0.24780116099999999 0.241977689 0.231857071 0.23642971500000001 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Large Cap Benchmark Rank 35064 35095 35124 35155 35185 35216 35246 35277 35308 35338 35369 35399 35430 35461 35489 35520 35550 35581 35611 35642 35673 35703 35734 35764 35795 35826 35854 35885 35915 35946 35976 36007 36038 36068 36099 36129 36160 36191 36219 36250 36280 36311 36341 36372 36403 36433 36464 36494 36525 36556 36585 36616 36646 36677 36707 36738 36769 36799 36830 36860 36891 36922 36950 36981 37011 37042 37072 37103 37134 37164 37195 37225 37256 37287 37315 37346 37376 37407 37437 374 68 37499 37529 37560 37590 37621 37652 37680 37711 37741 37772 37802 37833 37864 37894 37925 37955 37986 38017 38046 38077 38107 38138 38168 38199 38230 38260 38291 38321 38352 38383 38411 38442 38472 38503 38533 38564 38595 38625 38656 38686 38717 38748 38776 38807 38837 38868 38898 38929 38960 38990 39021 39051 3908 2 39113 39141 39172 39202 39233 39263 39294 39325 39355 39386 39416 39447 39478 39507 39538 39568 39599 39629 39660 39691 39721 39752 39782 39813 39844 39872 39903 39933 39964 39994 40025 40056 40086 40117 40147 40178 40209 40237 40268 40298 40329 40359 40390 40421 40451 40482 40512 40543 40574 40602 40633 40663 40694 40724 40755 40786 40816 40847 40877 40908 40939 40968 40999 41029 41060 41090 41121 41152 41182 41213 41243 41274 41305 41333 41364 41394 41425 41455 41486 41517 41547 41578 41608 41639 41670 41698 41729 41759 41790 41820 41851 41882 41912 41943 41973 42004 42035 42063 42094 42124 42155 42185 42216 42247 42277 0.32022471910112399 0.405555555555556 0.405555555555556 0.38333333333333303 0.43406593406593402 0.41847826086956502 0.49456521739130399 0.57065217391304301 0.55376344086021501 0.62234042553191504 0.57978723404255295 0.53723404255319196 0.48947368421052601 0.44270833333333298 0.55154639175257703 0.42783505154639201 0.42783505154639201 0.48469387755102 0.435 0.47499999999999998 0.51500000000000001 0.50990099009901002 0.44174757281553401 0.37980769230769201 0.41203703703703698 0.421296296296296 0.36238532110091698 0.35 0.39732142857142899 0.33482142857142899 0.34955752212389402 0.40789473684210498 0.36956521739130399 0.31739130434782598 0.329059829059829 0.34583333333333299 0.340163934426229 0.340163934426229 0.31557377049180302 0.32661290322580599 0.32400000000000001 0.39453125 0.43359375 0.36328125 0.49224806201550397 0.36538461538461497 0.36742424242424199 0.36666666666666697 0.374074074074074 0.40510948905109501 0.47080291970802901 0.48913043478260898 0.42086330935251798 0.42907801418439701 0.400709219858156 0.42907801418439701 0.55673758865248202 0.75 0.75 0.75337837837837796 0.76174496644295298 0.79530201342281903 0.80872483221476499 0.77814569536423805 0.75328947368421095 0.75986842105263197 0.77960526315789502 0.81372549019607798 0.80322580645161301 0.738709677419355 0.73397435897435903 0.74679487179487203 0.70382165605095504 0.59433962264150897 0.65723270440251602 0.671875 0.74844720496894401 0.72360248447205 0.72981366459627295 0.76708074534161497 0.67592592592592604 0.66564417177914104 0.68181818181818199 0.70783132530120496 0.67771084337349397 0.67771084337349397 0.5 0.440119760479042 0.42307692307692302 0.37573964497041401 0.34411764705882403 0.29705882352941199 0.32647058823529401 0.39705882352941202 0.35 0.33040935672514599 0.40406976744186102 0.43895348837209303 0.49421965317919098 0.419075144508671 0.44797687861271701 0.54885057471264398 0.49435028248587598 0.48595505617977502 0.533519553072626 0.522346368715084 0.50552486187845302 0.62021857923497303 0.51902173913043503 0.52989130434782605 0.47554347826087001 0.48641304347826098 0.49193548387096803 0.44354838709677402 0.48118279569892503 0.45967741935483902 0.52419354838709697 0.51861702127659604 0.55526315789473701 0.52368421052631597 0.51315789473684204 0.48684210526315802 0.56052631578947398 0.63089005235602102 0.56217616580310903 0.62113402061855705 0.55641025641025599 0.61282051282051297 0.57908163265306101 0.53045685279187804 0.5 0.45024875621890498 0.43034825870646798 0.46517412935323399 0.43532338308457702 0.39077669902912598 0.56009615384615397 0.56698564593301404 0.61190476190476195 0.60714285714285698 0.60238095238095202 0.65492957746478897 0.64719626168224298 0.71261682242990698 0.68894009216589902 0.67201834862385301 0.65981735159817401 0.62328767123287698 0.60502283105022803 0.62785388127853903 0.652272727272727 0.68243243243243201 0.65540540540540504 0.69282511210762299 0.68973214285714302 0.68362831858407103 0.69247787610619504 0.67621145374449299 0.733480176211454 0.69956140350877205 0.73026315789473695 0.74780701754386003 0.61353711790392995 0.51521739130434796 0.50865800865800903 0.47402597402597402 0.452380952380952 0.35714285714285698 0.32974137931034497 0.31974248927038601 0.3068669527897 0.36382978723404302 0.33686440677966101 0.375 0.380252100840336 0.29079497907949797 0.29375000000000001 0.30371900826446302 0.22520661157024799 0.23760330578512401 0.27479338842975198 0.35743801652892598 0.36680327868852503 0.35040983606557402 0.31781376518218601 0.38663967611335998 0.49798387096774199 0.453629032258065 0.46572580645161299 0.52217741935483897 0.53427419354838701 0.57630522088353398 0.56599999999999995 0.5 0.46470588235294102 0.47647058823529398 0.46470588235294102 0.40588235294117597 0.46078431372549 0.45719844357976702 0.45785440613026801 0.43869731800766298 0.42175572519083998 0.39204545454545497 0.41320754716981101 0.5 0.53195488721804496 0.50187969924812004 0.48876404494381998 0.50749063670411998 0.458801498127341 0.48876404494381998 0.45 0.42407407407407399 0.46481481481481501 0.55494505494505497 0.45970695970696002 0.40476190476190499 0.407608695652174 0.45833333333333298 0.38086642599277998 0.444244604316547 0.41906474820143902 0.35791366906474797 0.41039426523297501 0.40391459074733099 0.43950177935943102 0.359929078014184 0.41312056737588698 0.36702127659574502 0.459219858156028 0.46113074204947002 0.47526501766784501 0.45759717314487602 Large Cap Cross Sectional Volatility 35064 35095 35124 35155 35185 35216 35246 35277 35308 35338 35369 35399 35430 35461 35489 35520 35550 35581 35611 35642 35673 35703 35734 35764 35795 35826 35854 35885 35915 35946 35976 36007 36038 36068 36099 36129 36160 36191 36219 36250 36280 36311 36341 36372 3640 3 36433 36464 36494 36525 36556 36585 36616 36646 36677 36707 36738 36769 36799 36830 36860 36891 36922 36950 36981 37011 37042 37072 37103 37134 37164 37195 37225 37256 37287 37315 37346 37376 37407 37437 37468 37499 37529 37560 37590 37621 37652 37680 37711 37741 37772 37802 37833 37864 37894 37925 37955 37986 38017 38046 38077 38107 38138 38168 38199 38230 38260 38291 38321 38352 38383 38411 38442 38472 38503 38533 38564 38595 38625 38656 38686 38717 38748 38776 38807 38837 38868 38898 38929 38960 38990 39021 39051 39082 39113 39141 39172 39202 39233 39263 39294 39325 39355 39386 39416 39447 39478 39507 39538 39568 39599 39629 39660 39691 39721 39752 39782 39813 39844 39872 39903 39933 39964 39994 40025 40056 40086 40117 40147 40178 40209 40237 40268 40298 40329 40359 40390 40421 40451 40482 40512 40543 40574 40602 40633 40663 40694 40724 40755 40786 40816 40847 40877 40908 40939 40968 40999 41029 41060 41090 41121 41152 41182 41213 41243 41274 41305 41333 41364 41394 41425 41455 41486 41517 41547 41578 41608 41639 41670 41698 41729 41759 41790 41820 41851 41882 41912 41943 41973 42004 42035 42063 42094 42124 42155 42185 42216 42247 42277 0.23701734399999999 0.23438003800000001 0.23112369499999999 0.22294996 0.228583334 0.28601168100000002 0.27957875300000001 0.27420528199999999 0.27163020399999999 0.28446242500000002 0.27099741100000002 0.27370043100000002 0.28952763500000001 0.27876963999999999 0.28718227800000001 0.31872785100000001 0.29304791899999999 0.29922368399999999 0.28133850100000002 0.26953507799999998 0.27485462100000002 0.274699625 0.277792292 0.303636611 0.308796291 0.29104533199999999 0.29624676 0.28931109900000002 0.31129211800000001 0.34533599799999998 0.34932423600000001 0.40638338600000001 0.40672625699999998 0.37024035100000002 0.365029767 0.40448774700000001 0.41852143200000003 0.41571326800000002 0.415292196 0.37270619799999999 0.35008555099999999 0.36254804800000001 0.34770954700000001 0.38271744499999999 0.40524548799999999 0.42953921499999997 0.452844411 0.48449227099999997 0.46256054899999999 0.50523742100000002 0.49328472299999998 0.451995401999 99999 0.53009820299999999 0.50329793499999997 0.49540717400000001 0.50300244800000005 0.50241966999999998 0.56022760000000005 0.67680641799999997 0.56915389999999999 0.69191310399999995 0.76982019899999998 0.65700135100000001 0.54124999600000001 0.57745574099999997 0.60106785799999995 0.72018332200000001 0.813284691 0.63869577700000002 0.55341285399999995 0.54385147700000003 0.58049739 0.59757804599999997 0.49677016499999999 0.54053366199999997 0.57862927900000005 0.47821919600000001 0.53210133699999995 0.45725222700000001 0.48482921099999998 0.51245506299999999 0.43021633500000001 0.45926962700000001 0.43406345200000002 0.426687117 0.43262466199999999 0.35973587800000001 0.30865535399999999 0.301311049 0.28499871500000001 0.27990605200000002 0.2938502350000 0002 0.28519429099999999 0.25174306899999999 0.250306686 0.25256190299999998 0.24800227799999999 0.24270067300000001 0.21615981400000001 0.21273350999999999 0.212534844 0.23566186 0.24958701999999999 0.25452886600000002 0.25776848299999999 0.26288989499999998 0.24264472100000001 0.265304704 0.267193654 0.26600982000000001 0.26541320299999999 0.26046829900000001 0.23967922799999999 0.22917595199999999 0.23185777699999999 0.25088739199999999 0.239154969 0.232694177 0.237279242 0.248233651 0.247047725 0.237257359 0.244040848 0.23258807000000001 0.23572695099999999 0.23442226499999999 0.22713833999999999 0.218472375 0.20855079900000001 0.208796128 0.21107282899999999 0.21298477299999999 0.1990350 24 0.21254456099999999 0.20678606699999999 0.20286084800000001 0.21101656399999999 0.226832958 0.24490426700000001 0.27657901299999998 0.30661522099999999 0.33150809599999997 0.37653761400000002 0.36289599900000002 0.42242207700000001 0.445442844 0.465238078 0.54559500599999999 0.39648270499999999 0.37051727400000001 0.42672392399999998 0.50113880799999999 0.56776701200000002 0.55334894899999998 0.59523053599999998 0.630107694 0.56920886699999995 0.47414864099999998 0.43320091900000002 0.43751990499999999 0.35606616800000002 0.30218554199999997 0.27622691399999999 0.31420626800000001 0.36762985500000001 0.36214827300000002 0.33843195100000001 0.39180263199999998 0.363137563 0.27341189399999999 0.261152467 0.27261860999999998 0.25474011699999999 0.244284062 0.23701950099999999 0.232188899 0.24186771300000001 0.23031385800000001 0.22709433800000001 0.225156355 0.23623212399999999 0.233672774 0.230488846 0.22818722699999999 0.23452774600000001 0.24401340399999999 0.269846951 0.24479068000000001 0.27528418500000001 0.30145440400000001 0.25532439899999998 0.26985532899999998 0.28546471299999998 0.311407559 0.28424607099999999 0.30030694400000002 0.27499926400000002 0.25912004999999999 0.26663239300000002 0.259552379 0.24256388800000001 0.23727632300000001 0.242524509 0.24931935799999999 0.246052506 0.23961861400000001 0.24365830999999999 0.224590712 0.222809123 0.231232729 0.24338431499999999 0.24068744 0.241618371 0.23720551300000001 0.23466667599999999 0.21505139500000001 0.20758080400000001 0.19945465200000001 0.20619384599999999 0.19509314699999999 0.188488972 0.19952697699999999 0.206915828 0.20106427299999999 0.20446661299999999 0.22616120100000001 0.203528758 0.223112581 0.210168195 0.21939705900000001 0.23988331099999999 0.267145774 0.24320641700000001 0.25961075500000003

Net Corporate Profit Margins by Region, 1995–2015

Equity Returns by Source, 2015

Stocks: pursue earnings growth and regions with less pressure on margins

Sources: BlackRock Investment Institute, MSCI and Thomson Reuters, Nov. 30, 2015. Notes: All returns are in local currency except for emerging markets, which are in U.S. dollars. Earnings growth is based on aggregate 12-month forward earnings forecasts. Multiple expansion is represented by the change in the 12-month forward price-to-earnings ratio.

Sources: BlackRock and Thomson Reuters, November 2015.

Note: The lines show 12-month trailing net profit margins for Datastream Total Market

Equity Indexes excluding financial companies.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

Earnings Eurozone Japan U.S. U.K. Emerging 2.9649999999999999 9.7569999999999997 -2.1629999999999998 -13.901 -14.118 Multiple Expansion Eurozone Japan U.S. U.K. Emerging 11.326000000000001 0.80400000000000027 3.274 9.8890000000000011 -0.73199999999999932 Dividends Eurozone Japan U.S. U.K. Emerging 2.9480000000000004 2.0530000000000008 1.9379999999999999 3.7219999999999995 2.1479999999999997 Total Return Eurozone Japan U.S. U.K. Emerging 17.239000000000001 12.614000000000001 3.0489999999999999 -0.28999999999999998 -12.702

Total Return

U.S. 34789 34880 34972 35064 35155 35246 35338 35430 35520 35611 35703 35795 35885 35976 36068 36160 36250 36341 36433 36525 36616 36707 36799 36891 36981 37072 37164 37256 37346 37437 37529 37621 37711 37802 37894 37986 38077 38168 38260 38352 38442 38533 38625 38717 38807 38898 38990 39082 39172 39263 39355 39447 39538 39629 39721 39813 39903 39994 40086 40178 40268 40359 40451 40543 40633 40724 40816 40908 40999 41090 41182 41274 41364 41455 41547 41639 41729 41820 41912 42004 42094 42185 42277 42312 6.14 6.05 6.13 6.16 6.17 6.11 6.15 6.09 6.88 6.85 6.85 6.78 6.31 6.32 6.34 6.41 6.73 6.72 6.82 6.83 6.93 6.81 7.05 7.14 6.94 6.7 6.49 6.15 3.81 2.14 1.99 2.0499999999999998 1.4 3.73 5.37 4.71 6.0 4 6.03 5.68 7 6.93 7.03 7.28 7.41 7.61 7.79 7.75 7.84 8.4600000000000009 8.15 8.09 8.2100000000000009 7.81 7.63 7.38 7.02 4.82 3.85 3.51 3.49 6.31 7.13 7.57 8.0299999999999994 7.97 8.19 8.35 8.26 7.97 7.92 7.74 7.51 7.39 7.43 7.35 7.68 7.96 7.81 7.82 7.91 7.65 7.36 6.94 6.9 Europe 34789 34880 34972 35064 35155 35246 35338 35430 35520 35611 35703 35795 35885 35976 36068 36160 36250 36341 36433 36525 36616 36707 36799 36891 36981 37072 37164 37256 37346 37437 37529 37621 37711 37802 37894 37986 38077 38168 38260 38352 38442 38533 38625 38717 38807 38898 38990 39082 39172 39263 39355 39447 39538 39629 39721 39813 39903 39994 40086 40178 40268 40359 40451 40543 40633 40724 40816 40908 40999 41090 41182 41274 41364 41455 41547 41639 41729 41820 41912 42004 42094 42185 42277 42312 3.92 3.98 3.98 4.12 4.01 4.13 4.1500000000000004 4.1900000000000004 4.5199999999999996 4.59 4.6100000000000003 4.6100000000000003 5.03 5 5.01 4.9000000000000004 4.8099999999999996 4.92 4.92 4.91 5.38 5.53 5.51 5.71 6.36 5.66 5.8 5.3 2.4900000000000002 1.82 1.05 0.35 0.63 1.81 1.95 3.38 3.88 4.1100000000000003 4.4000000000000004 4.91 5.49 6.04 6.73 7.35 7.47 6.81 7.1 6.81 7.16 7.96 8.25 8.64 8.81 8.7100000000000009 8.5399999999999991 8.1300000000000008 5.68 5.0199999999999996 4.07 3.66 5.0199999999999996 5.7 5.9 6.33 7.29 7.46 7.83 7.5 6.5 6.42 5.85 5.75 5.36 5.16 5.01 5.36 5.22 5.7 6.04 5.62 5.41 4.99 4.91 4.71 Japan 34789 34880 34972 35064 35155 35246 35338 35430 35520 35611 35703 35795 35885 35976 36068 36160 36250 36341 36433 36525 36616 36707 36799 36891 36981 37072 37164 37256 37346 37437 37529 37621 37711 37802 37894 37986 38077 38168 38260 38352 38442 38533 38625 38717 38807 38898 38990 39082 39172 39263 39355 39447 39538 39629 39721 39813 39903 39994 40086 40178 40268 40359 40451 40543 40633 40724 40816 40908 40999 41090 41182 41274 41 364 41455 41547 41639 41729 41820 41912 42004 42094 42185 42277 42312 0.96 1.05 1.06 1.06 1.07 1.67 1.67 1.67 1.69 1.86 1.86 1.86 1.84 1.48 1.47 1.47 1.47 1.01 1.02 1.02 1.03 1.05 1.05 1.06 1.03 2.1 2.1 2.2200000000000002 2.15 0.34 0.43 0.75 0.95 1.77 1.75 1.99 2.06 3.02 3.1 3.08 3.27 3.37 3.34 3.55 3.59 3.98 4.07 4.1500000000000004 4.13 4.09 4.22 4.13 4.1399999999999997 3.97 3.72 3.5 2.19 0.54 -0.24 -0.69 0.27 1.9 2.54 3.02 3.2 2.85 2.54 2.29 1.72 2.06 2.06 1.87 2.35 2.48 2.96 3.48 3.7 3.83 3.75 3.89 3.93 3.97 4.29 4.22 Emerging Markets 34789 34880 34972 35064 35155 35246 35338 35430 35520 35611 35703 35795 35885 35976 36068 36160 36250 36341 36433 36525 36616 36707 36799 36891 36981 37072 37164 37256 37346 37437 37529 37621 37711 37802 37894 37986 38077 38168 38260 38352 38442 38533 38625 38717 38807 38898 38990 39082 39172 39263 39355 39447 39538 39629 39721 39813 39903 39994 40086 40178 40268 40359 40451 40543 40633 40724 40816 40908 40999 41090 41182 41274 41364 41455 41547 41639 41729 41820 41912 42004 42094 42185 42277 42312 10.4 10.61 10.81 10.83 10.41 10.34 10.130000000000001 10.02 10.18 10.02 10.29 9.89 8.82 8.6300000000000008 8.66 8.19 8.6199999999999992 8.25 8.14 8.3800000000000008 8.48 8.32 8.25 8.36 10.38 10.41 10.38 10.17 8.85 8.43 8.02 7.64 8.27 9.36 10.38 10.93 10.63 10.84 10.71 11.26 12.1 12.29 12.59 12.43 12.23 12.27 12.31 12.39 12.27 12.27 12.7 12.49 12.26 12.21 11.64 11.36 8.43 7.53 7.35 7.52 9.14 9.9600000000000009 9.6999999999999993 9.86 9.9 10.23 10.199999999999999 9.41 9.01 8.6300000000000008 7.58 7.82 7.4 7.14 7.24 7.31 6.73 6.61 6.81 6.27 5.67 5.42 5.53 5.46

Net Profit Margin

Sources: BlackRock Investment Institute, Bank of America Merrill Lynch and MSCI,

November 2015. Note: The dividend yield is for the MSCI EMU Index; the bond yields are based on Bank of America Merrill Lynch’s corporate bond indexes.

Eurozone Dividend vs. Corporate Bond Yields

U.S. Sector Correlation with 10-Year Yield Change

Sectors: beware “bond proxies” amid higher rates, prefer financials

Sources: BlackRock Investment Institute, S&P and Thomson Reuters, November 2015.

Notes: The bars are correlations based on daily sector relative performance (versus

the S&P 500) and changes in 10-year U.S. Treasury yields in the past 12 months.

The dots show the correlations from 2005 to 2008.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

Last 12 Months Banks Insurance Energy Materials Technology Industrials Consumer Discretionary Healthcare Telecoms Consumer Staples REITs Utilities 0.49040561412967781 0.37390196323409708 0.1173931792969196 0.10217466175428044 9.5018597182832676E-2 8.5574326107325946E-2 -8.1875656669643127E-3 -0.16389281263480854 -0.2101600313012969 -0.31727454247627063 -0.52259091989470197 -0.52469041493691038 Pre-Crisis Banks Insurance Energy Materials Technology Industrials Consumer Discretionary Healthcare Telecoms Consumer Staples REITs Utilities 3.4326286048482958E-2 5.4085310151071653E-2 2.6550565860507309E-2 0.16010825066865425 4.8424871697354044E-2 5.5957344196893785E-2 7.5328887810332062E-2 -0.15944682396305121 -4.6413516580944905E-2 -0.12387178230983299 -3.9990017589467283E-2 -0.26386944665634571

Correlation

Eurozone Equity Dividends 35065 35096 35125 35156 35186 35217 35247 35278 35309 35339 35370 35400 35431 35462 35490 35521 35551 35582 35612 35643 35674 35704 35735 35765 35796 35827 35855 35886 35916 35947 35977 36008 36039 36069 36100 36130 36161 36192 36220 36251 36281 36312 36342 36373 36404 36434 36465 36495 36526 36557 36586 36617 36647 36678 36708 36739 36770 36800 36831 36861 36892 36923 36951 36982 37012 37043 37073 37104 37135 37165 37196 37226 37257 37288 37316 37347 37377 37408 37438 37469 37500 37530 37561 37591 37622 37653 37681 37712 37742 37773 37803 37834 37865 37895 37926 37956 37987 38018 38047 38078 38108 38139 38169 38200 38231 38261 38292 38322 38353 38384 38412 38443 38473 38504 38534 38565 38596 38626 38657 38687 38718 38749 38777 38808 38838 38869 38899 38930 38961 38991 39022 39052 39083 39114 39142 39173 39203 39234 39264 39295 39326 39356 39387 39417 39448 39479 39508 39539 39569 39600 39630 39661 39692 39722 39753 39783 39814 39845 39873 39904 39934 39965 39995 40026 40057 40087 40118 40148 40179 40210 40238 40269 40299 40330 40360 40391 40422 40452 40483 40513 40544 40575 40603 40634 40664 40695 40725 40756 40787 40817 40848 40878 40909 40940 40969 41000 41030 41061 41091 41122 41153 41183 41214 41244 41275 41306 41334 41365 41395 41426 41456 41487 41518 41548 41579 41609 41640 41671 41699 41730 41760 41791 41821 41852 41883 41913 41944 41974 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 42309 3.0529999999999999 2.8679999999999999 2.9670000000000001 3.0059999999999998 2.8730000000000002 2.8530000000000002 2.8420000000000001 2.9929999999999999 2.9740000000000002 2.83 2.835 2.657 2.6160000000000001 2.431 2.39 2.4500000000000002 2.4489999999999998 2.411 2.2229999999999999 1.996 2.2189999999999999 2.0590000000000002 2.2650000000000001 2.1749999999999998 2.073 2.0179999999999998 1.9510000000000001 1.86 1.891 1.839 1.8029999999999999 1.77 2.09 2.2999999999999998 2.153 1.968 1.871 1.8260000000000001 1.986 2.0449999999999999 1.982 2.0710000000000002 1.9910000000000001 2.0659999999999998 2.0070000000000001 2.0249999999999999 1.9350000000000001 1.798 1.528 1.585 1.5 1.5720000000000001 1.6120000000000001 1.6830000000000001 1.7430000000000001 1.734 1.718 1.8160000000000001 1.7689999999999999 1.899 1.891 1.861 2.0579999999999998 2.2189999999999999 2.06 2.1949999999999998 2.27 2.3279999999999998 2.5259999999999998 2.9079999999999999 2.7559999999999998 2.597 2.5049999999999999 2.5529999999999999 2.585 2.3780000000000001 2.387 2.4449999999999998 2.6840000000000002 3.1110000000000002 3.09 3.742 3.3290000000000002 3.1019999999999999 3.4460000000000002 3.649 3.831 4.0389999999999997 3.4239999999999999 3.3210000000000002 3.218 3.09 3.0430000000000001 3.2130000000000001 2.968 2.911 2.806 2.8170000000000002 2.76 2.9870000000000001 3.01 3.0289999999999999 2.9660000000000002 3.097 3.1629999999999998 3.101 3.0259999999999998 2.9750000000000001 2.8940000000000001 2.5609999999999999 2.5369999999999999 2.653 2.9969999999999999 2.9249999999999998 2.8359999999999999 2.6989999999999998 2.7360000000000002 2.6179999999999999 2.7149999999999999 2.6469999999999998 2.5609999999999999 2.4689999999999999 2.4969999999999999 2.6070000000000002 2.7210000000000001 3.0110000000000001 3.0179999999999998 3.0089999999999999 2.927 2.87 2.8410000000000002 2.81 2.7 2.6669999999999998 2.802 2.786 2.7919999999999998 2.7679999999999998 2.8079999999999998 2.9169999999999998 2.9630000000000001 2.9670000000000001 2.8740000000000001 3.0009999999999999 2.988 3.4590000000000001 3.6280000000000001 3.827 3.6970000000000001 3.718 4.1909999999999998 4.2729999999999997 4.234 4.835 5.7489999999999997 6.1950000000000003 6.1760000000000002 6.3019999999999996 7.0030000000000001 6.1040000000000001 5.0750000000000002 4.5380000000000003 4.6399999999999997 4.2119999999999997 3.86 3.67 3.8159999999999998 3.7090000000000001 3.4889999999999999 3.6419999999999999 3.6560000000000001 3.37 3.4809999999999999 3.7949999999999999 3.798 3.5710000000000002 3.7210000000000001 3.528 3.4340000000000002 3.6720000000000002 3.4889999999999999 3.39 3.4359999999999999 3.5619999999999998 3.6419999999999999 3.8740000000000001 3.871 4.1239999999999997 4.6840000000000002 5.0449999999999999 4.6520000000000001 4.798 4.9509999999999996 4.726 4.54 4.4950000000000001 4.7270000000000003 4.9740000000000002 4.5510000000000002 4.4329999999999998 4.2789999999999999 4.2480000000000002 4.194 3.968 3.8730000000000002 3.7770000000000001 3.871 3.8340000000000001 3.71 3.629 3.7229999999999999 3.532 3.5670000000000002 3.3759999999999999 3.2160000000000002 3.214 3.1720000000000002 3.238 3.137 3.161 3.1829999999999998 3.089 3.0979999999999999 3.206 3.1429999999999998 3.1179999999999999 3.202 3.069 3.1669999999999998 2.992 2.8580000000000001 2.7909999999999999 2.863 2.9260000000000002 3.0640000000000001 2.8940000000000001 3.1379999999999999 3.2789999999999999 #N/A Eurozone Corporate Bonds 35065 35096 35125 35156 35186 35217 35247 35278 35309 35339 35370 35400 35431 35462 35490 35521 35551 35582 35612 35643 35674 35704 35735 35765 35796 35827 35855 35886 35916 35947 35977 36008 36039 36069 36100 36130 36161 36192 36220 36251 36281 36312 36342 36373 36404 36434 36465 36495 36526 36557 36586 36617 36647 36678 36708 36739 36770 36800 36831 36861 36892 36923 36951 36982 37012 37043 37073 37104 37135 37165 37196 37226 37257 37288 37316 37347 37377 37408 37438 37469 37500 37530 37561 37591 37622 37653 37681 37712 37742 37773 37803 37834 37865 37895 37926 37956 37987 38018 38047 38078 38108 38139 38169 38200 38231 38261 38292 38322 38353 38384 38412 38443 38473 38504 38534 38565 38596 38626 38657 38687 38718 38749 38777 38808 38838 38869 38899 38930 38961 38991 39022 39052 39083 39114 39142 39173 39203 39234 39264 39295 39326 39356 39387 39417 39448 39479 39508 39539 39569 39600 39630 39661 39692 39722 39753 39783 39814 39845 39873 39904 39934 39965 39995 40026 40057 40087 40118 40148 40179 40210 40238 40269 40299 40330 40360 40391 40422 40452 40483 40513 40544 40575 40603 40634 40664 40695 40725 40756 40787 40817 40848 40878 40909 40940 40969 41000 41030 41061 41091 41122 41153 41183 41214 41244 41275 41306 41334 41365 41395 41426 41456 41487 41518 41548 41579 41609 41640 41671 41699 41730 41760 41791 41821 41852 41883 41913 41944 41974 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 42309 5.69 5.67 5.99 5.99 5.64 5.68 5.68 5.7 5.7 5.31 5.18 5.18 5.03 4.8899999999999997 4.78 5.04 5 5 4.84 4.8600000000000003 4.8600000000000003 5.07 5.31 5.31 5.15 5.15 5.15 4.84 4.92 4.78 4.72 4.6399999999999997 4.38 4.0999999999999996 4.29 4.08 4.03 3.89 4.1500000000000004 3.98 3.84 4.1100000000000003 4.46 4.93 4.99 5.22 5.31 5.26 5.59 5.64 5.68 5.54 5.7 5.89 5.95 5.93 6 5.94 5.99 5.83 5.58 5.4 5.42 5.32 5.64 5.49 5.51 5.3 5.15 5.2 4.8099999999999996 4.9400000000000004 5.25 5.31 5.42 5.65 5.54 5.63 5.53 5.29 5.0599999999999996 4.8499999999999996 5.1100000000000003 4.84 4.41 4.2699999999999996 3.99 4.1500000000000004 4.03 3.66 3.67 4.1399999999999997 4.09 3.79 4.18 4.2699999999999996 4.05 3.99 3.77 3.67 3.87 4.0599999999999996 4.0599999999999996 3.94 3.74 3.75 3.63 3.49 3.53 3.37 3.5 3.54 3.4 3.16 3.08 3.23 3.05 3.23 3.5 3.55 3.74 3.74 3.77 4.1100000000000003 4.2 4.2300000000000004 4.42 4.29 4.17 4.18 4.1900000000000004 4.16 4.4450000000000003 4.51 4.4000000000000004 4.55 4.6399999999999997 4.9400000000000004 5.0199999999999996 5.07 5.09 5.15 5.09 5.2 5.43 5.14 5.23 5.77 5.75 6 6.49 6.29 6.13 7.05 7.43 7.08 7.04 6.74 6.74 6.77 6.19 5.67 5.27 4.6399999999999997 4.38 4.0999999999999996 4.05 3.89 4 3.67 3.55 3.4 3.41 3.58 3.62 3.47 3.17 3.2679999999999998 3.3290000000000002 3.72 3.7589999999999999 4.0880000000000001 3.976 4.1929999999999996 4.09 3.8879999999999999 4.056 3.7690000000000001 4.0469999999999997 4.4550000000000001 4.0709999999999997 4.782 4.383 3.7349999999999999 3.3839999999999999 3.2229999999999999 3.2469999999999999 3.3 3.2 2.8410000000000002 2.5779999999999998 2.4809999999999999 2.274 2.1579999999999999 1.962 2.282 2.044 2.0139999999999998 1.8049999999999999 1.915 2.2490000000000001 2.1360000000000001 2.258 2.173 2.0209999999999999 2.008 2.133 1.9330000000000001 1.873 1.883 1.7669999999999999 1.637 1.552 1.526 1.3440000000000001 1.2949999999999999 1.272 1.248 1.171 1.0509999999999999 0.97399999999999998 0.99099999999999999 1.0960000000000001 1.167 1.4830000000000001 1.321 1.476 1.548 1.413 U.S. Corporate Bonds 6.5659999999999998 6.5220000000000002 6.8220000000000001 7.1660000000000004 7.3920000000000003 7.5430000000000001 7.41 7.3140000000000001 7.5960000000000001 7.2990000000000004 7.048 6.7939999999999996 7.09 7.1 7.24 7.5279999999999996 7.367 7.3179999999999996 7.15 6.9180000000000001 7.06 6.782 6.8040000000000003 6.806 6.6840000000000002 6.5449999999999999 6.6950000000000003 6.5949999999999998 6.6269999999999998 6.524 6.4889999999999999 6.5369999999999999 6.569 6.0069999999999997 6.4560000000000004 6.18 6.2380000000000004 6.2530000000000001 6.7279999999999998 6.5910000000000002 6.6050000000000004 7.077 7.1369999999999996 7.3029999999999999 7.4450000000000003 7.4240000000000004 7.43 7.5149999999999997 7.819 7.8810000000000002 7.8639999999999999 7.7720000000000002 8.1259999999999994 8.2189999999999994 7.9420000000000002 7.8579999999999997 7.6959999999999997 7.6719999999999997 7.78 7.6689999999 999996 7.3419999999999996 6.8049999999999997 6.7359999999999998 6.694 6.7380000000000004 6.6980000000000004 6.6769999999999996 6.3209999999999997 6.2030000000000003 6.0579999999999998 5.8129999999999997 6.0659999999999998 6.2670000000000003 6.2450000000000001 6.3630000000000004 6.76 6.5460000000000003 6.2080000000000002 6.2030000000000003 6.0720000000000001 5.8410000000000002 5.6029999999999998 5.82 5.5990000000000002 5.1139999999999999 5.0999999999999996 4.734 4.7859999999999996 4.5510000000000002 4.173 4.1900000000000004 4.8920000000000003 4.8959999999999999 4.3369999999999997 4.6890000000000001 4.7110000000000003 4.4790000000000001 4.3899999999999997 4.2370000000000001 4.1820000000000004 4.7549999999999999 5.0359999999999996 4.9829999999999997 4.9189999999999996 4.59 4.6609999999999996 4.5830000000000002 4.8390000000000004 4.7469999999999999 4.7569999999999997 4.97 5.2089999999999996 5.0869999999999997 4.806 4.9450000000000003 5.1619999999999999 4.8840000000000003 5.2939999999999996 5.5279999999999996 5.5529999999999999 5.4669999999999996 5.5430000000000001 5.5910000000000002 5.8410000000000002 5.9909999999999997 6.06 6.1710000000000003 5.9889999999999999 5.766 5.657 5.5789999999999997 5.4329999999999998 5.6920000000000002 5.7880000000000003 5.5149999999999997 5.625 5.6159999999999997 5.9379999999999997 5.9909999999999997 6.0259999999999998 5.9249999999999998 5.9020000000000001 5.7569999999999997 5.62 5.81 5.492 5.5609999999999999 6.0309999999999997 5.9829999999999997 6.12 6.4169999999999998 6.5549999999999997 6.5620000000000003 7.7830000000000004 9.1270000000000007 8.4979999999999993 7.8159999999999998 7.516 7.8879999999999999 7.9139999999999997 7.2690000000000001 6.6689999999999996 6.1260000000000003 5.65 5.2119999999999997 4.9080000000000004 4.8810000000000002 4.673 4.8879999999999999 4.6059999999999999 4.5780000000000003 4.5860000000000003 4.431 4.5819999999999999 4.3259999999999996 4.0629999999999997 3.8650000000000002 3.6930000000000001 3.645 3.9889999999999999 4.1139999999999999 4.1070000000000002 4.0460000000000003 4.1189999999999998 3.89 3.68 3.9060000000000001 3.5840000000000001 3.6779999999999999 3.9220000000000002 3.7120000000000002 4.1040000000000001 3.8860000000000001 3.5579999999999998 3.4550000000000001 3.4849999999999999 3.407 3.4089999999999998 3.3010000000000002 3.0649999999999999 2.9780000000000002 2.8530000000000002 2.77 2.7749999999999999 2.7759999999999998 2.8820000000000001 2.7879999999999998 2.819 2.657 3.004 3.4380000000000002 3.4140000000000001 3.4780000000000002 3.3919999999999999 3.262 3.3039999999999998 3.37 3.153 3.0880000000000001 3.222 3.09 3.0150000000000001 3.032 3.052 2.97 3.1080000000000001 3.1240000000000001 3.1110000000000002 3.226 2.9220000000000002 3.0609999999999999 2.9169999999999998 3.077 3.1890000000000001 3.41 3.327 3.472 3.448 3.46

Yield

Despite a stronger USD, Small Cap trailed Large Cap in 2015…

Capitalization: Defying consensus

…due to potential effect of real rates on valuation.

Source: BlackRock Investment Institute & Bloomberg . As of 12/8/2015. Data is indexed and shows the Ratio of Russell 1000 (LC) over Russell 2000 (SC). For LC/SC: Above 100 Large Cap is outperforming and Below 100 Small Cap is outperforming. DXY is the U.S. Dollar Index.

Source: BlackRock Investment Institute & Bloomberg . BlackRock Investment Institute & Bloomberg . As of 12/8/2015. Callouts boxes show the percent increase or decrease in the index's price to earnings (P/E) valuation.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

Relative Performance Large Caps to Small Caps

LC/SC 42004 42006 42009 42010 42011 42012 42013 42016 42017 42018 42019 42020 42024 42025 42026 42027 42030 42031 42032 42033 42034 42037 42038 42039 42040 42041 42044 42045 42046 42047 42048 42052 42053 42054 42055 42058 42059 42060 42061 42062 42065 42066 42067 42068 42069 42072 42073 42074 42075 42076 42079 42080 42081 42082 42083 42086 42087 42088 42089 42090 42093 42094 42095 42096 42100 42101 42102 42103 42104 42107 42108 42109 42110 42111 42114 42115 42116 42117 42118 42121 42122 42123 42124 42125 42128 42129 42130 42131 42132 42135 42136 42137 42138 42139 42142 42143 42144 42145 42146 42150 42151 42152 42153 42156 42157 42158 42159 42160 42163 42164 42165 42166 42167 42170 42171 42172 42173 42174 42177 42178 42179 42180 42181 42184 42185 42186 42187 42191 42192 42193 42194 42195 42198 42199 42200 4220 1 42202 42205 42206 42207 42208 42209 42212 42213 42214 42215 42216 42219 42220 42221 42222 42223 42226 42227 42228 42229 42230 42233 42234 42235 42236 42237 42240 42241 42242 42243 42244 42247 42248 42249 42250 42251 42255 42256 42257 42258 42261 42262 42263 42264 42265 42268 42269 42270 42271 42272 42275 42276 42277 42278 42279 42282 42283 42284 42285 42286 42290 42291 42292 42293 42296 42297 42298 42299 42300 42303 42304 42305 42306 42307 42310 42311 42312 42313 42314 42317 42318 42320 42321 42324 42325 42326 42327 42328 42331 42332 42333 42335 42338 42339 42340 42341 42342 42345 42346 100 100.46038768211 25 100.10557167176874 100.92066981714804 100.82325389767249 100.87892870954988 100.92484514461601 100.61623364493381 100.3478475656746 100.06672691388349 101.04211676451303 100.48149314600548 101.15434210252033 101.99926197626449 101.482687191867 101.08743539575823 100.46360211813938 99.703950601696022 99.985907169059686 99.629234189694628 100.43537916289277 100.80309160630151 100.43701009028382 100.51372989673099 100.11791339229795 100.04868216646116 100.40801522745097 100.83566367972901 100.98193920156272 100.73331154993369 100.60282953857866 100.59608460531318 100.38490111229652 100.29144925833398 100.60932325274163 100.56760325236338 100.63839847842041 100.50565265849127 100.01499784391531 100.15788546936498 100.03363730639664 100.2394559187109 100.11861203516567 99.965980186214381 99.932119529526489 99.81106618422686 99.3988619799498 98.704640835156184 98.248058695041649 98.027420210696334 98.697601016241109 98.250314892996826 98.633882789289771 97.982678802720557 97.950016433196737 97.892295115939433 97.41315368481159 98.276736377042027 98.200010314817931 97.806861008155892 97.638076138806568 97.219371659476394 96.913374708621561 96.962129730107918 97.228669179116309 97.55112394252113 97.120996062650462 97.784198196418217 97.823656291451229 97.322789435582763 97.481470621959332 97.212025276946378 97.332049068051589 97.840737166999972 97.693420363443394 97.645103268502908 98.016069492256207 97.800993989009797 98.267426939294921 98.987190019813156 98.691644134156562 99.295590331320895 100.4319690468992 100.8254066561007 100.70290239528896 100.94953365412749 100.22215568481352 100.10349813867607 100.62313479166109 100.07693565957209 100.01535166784056 100.05937812723086 100.07064797395763 100.26036390276074 99.52128002865291 99.586260347958969 99.335855640922603 99.643327780754817 99.794625669318137 99.855922533075216 99.487542750151647 99.458544899060868 99.3717646044378 99.324495504360783 99.067341740116944 98.294192519795331 98.490363219312385 97.650047834773574 97.561039136332482 97.894704623684049 97.694552280373301 97.750256783944607 97.394627756185884 97.242267712840146 97.131294316772923 97.41144959995114 97.113200677652969 96.6381517776355 96.622026240303299 96.438173229540013 96.574524194186807 96.337649759966396 96.556540781614515 97.034513053056486 96.766942733044417 97.21093227992985 97.810372788598528 97.548228569392748 98.04319729199662 97.893163054277423 97.707783241837618 97.485535916451781 97.505138347789014 97.343824434526198 97.890758413759315 97.990891884543544 98.487303664530145 99.080265555305701 99.074278222254222 98.569340262210275 99.078816392991669 99.568815361421002 99.85479676176675 100.27024326748416 100.61788542775429 100.45257746142832 99.736183579574785 100.00442469294229 100.04458096823801 100.11767420301157 100.59901204186447 101.07036447908915 101.047761849577 101.04760315991247 101.29989792515894 101.54028325967711 101.27653751822123 100.82477948067437 101.38150518678147 101.52082269725481 101.8916998683116 100.0866291 7565006 100.03178740087985 99.424808807286567 100.58373758064722 101.14074115849141 100.46725385694047 99.919419130674171 99.703697714105857 99.906406973325062 100.13249519531433 99.42631319892044 99.647518539274628 99.449277577759204 99.517364992826998 99.554034529431377 99.518791988445358 99.68707176573264 99.773905577305911 99.105182462632911 98.983008797098435 99.577966926663265 99.87420546899115 99.899613531689639 99.738644010195074 100.94559585261443 101.16384690291346 101.85584431146778 102.18920338928557 102.6662052379789 102.62699736175738 101.97592075343087 102.28664366291086 101.45662828992818 101.40600263699164 101.31282765537902 102.20962565884217 102.68839247224427 101.89721293032379 102.35533898698539 102.21266573341522 102.15892781305362 103.11489731234246 103.84801649470627 103.88845991859459 104.28837800919132 105.26603184779277 103.5619691223536 104.61930458510393 104.51806953925892 103.63401822125729 103.41168180677388 103.1757304494206 103.01897995516192 102.19539155204239 102.51219917669252 102.39445489769837 103.42730279471159 103.05795300640111 103.68047567572783 103.79390507355751 103.80210330353763 104.12502021540077 103.75242829463431 103.20171813427795 102.62925258652272 101.86792770195814 101.57427206437826 101.45374273590267 101.99238814146422 101.93465558649427 102.26934041487807 103.1251914160641 104.01792276418614 103.88463971819823 DXY (RHS) 42004 42006 42009 42010 42011 42012 42013 42016 42017 42018 42019 42020 42024 42025 42026 42027 42030 42031 42032 42033 42034 42037 42038 42039 42040 42041 42044 42045 42046 42047 42048 42052 42053 42054 42055 42058 42059 42060 42061 42062 42065 42066 42067 42068 42069 42072 42073 42074 42075 42076 42079 42080 42081 42082 42083 42086 42087 42088 42089 42090 42093 42094 42095 42096 42100 42101 42102 42103 42104 42107 42108 42109 42110 42111 42114 42115 42116 42117 42118 42121 42122 42123 42124 42125 42128 42129 42130 42131 42132 42135 42136 42137 421 38 42139 42142 42143 42144 42145 42146 42150 42151 42152 42153 42156 42157 42158 42159 42160 42163 42164 42165 42166 42167 42170 42171 42172 42173 42174 42177 42178 42179 42180 42181 42184 42185 42186 42187 42191 42192 42193 42194 42195 42198 42199 42200 42201 42202 42205 42206 42207 42208 42209 42212 42213 42214 42215 42216 42219 42220 42221 42222 42223 42226 42227 42228 42229 42230 42233 42234 42235 42236 42237 42240 42241 42242 42243 42244 42247 42248 42249 42250 42251 42255 42256 42257 42258 42261 42262 42263 42264 42265 42268 42269 42270 42271 42272 42275 42276 42277 42278 42279 42282 42283 42284 42285 42286 42290 42291 42292 42293 42296 42297 42298 42299 42300 42303 42304 42305 42306 42307 42310 42311 42312 42313 42314 42317 42318 42320 42321 42324 42325 42326 42327 42328 42331 42332 42333 42335 42338 42339 42340 42341 42342 42345 42346 90.269000000000005 91.08 91.378 91.498999999999995 91.89 92.367999999999995 91.935000000000002 91.983000000000004 92.31 92.161000000000001 92.352000000000004 92.52 93.046000000000006 92.903999999999996 94.076999999999998 94.762 94.802000000000007 94.022000000000006 94.466999999999999 94.781999999999996 94.804000000000002 94.504000000000005 93.6 93.986000000000004 93.569000000000003 94.697999999999993 94.448999999999998 94.757999999999996 94.984999999999999 94.093999999999994 94.200999999999993 94.061000000000007 94.197999999999993 94.403999999999996 94.253 94.569000000000003 94.492999999999995 94.212999999999994 95.292000000000002 95.293000000000006 95.462000000000003 95.382999999999996 95.965000000000003 96.378 97.614999999999995 97.587999999999994 98.617999999999995 99.795000000000002 99.435000000000002 100.33 99.603999999999999 99.5849 99999999994 98.55 99.26 97.909000000000006 97.033000000000001 97.192999999999998 96.978999999999999 97.436000000000007 97.290999999999997 97.974999999999994 98.356999999999999 98.185000000000002 97.436000000000007 96.777000000000001 97.83 97.94 99.155000000000001 99.337999999999994 99.49 98.733000000000004 98.319000000000003 97.415000000000006 97.52 97.941000000000003 98.004000000000005 97.932000000000002 97.278000000000006 96.921999999999997 96.765000000000001 96.091999999999999 95.209000000000003 94.6 95.296999999999997 95.48 95.075999999999993 94.087000000000003 94.635000000000005 94.793999999999997 95.010999999999996 94.534000000000006 93.617000000000004 93.456999999999994 93.135000000000005 94.221000000000004 95.266999999999996 95.447999999999993 95.254999999999995 96.013999999999996 97.299000000000007 97.370999999999995 96.965000000000003 96.906999999999996 97.391999999999996 95.834999999999994 95.465000000000003 95.460999999999999 96.305999999999997 95.299000000000007 95.165999999999997 94.646000000000001 94.975999999999999 94.971999999999994 94.81 94.998999999999995 94.296000000000006 94.042000000000002 94.084999999999994 94.328999999999994 95.432000000000002 95.263999999999996 95.186999999999998 95.471999999999994 94.79 95.484999999999999 96.31 96.113 96.298000000000002 96.864999999999995 96.293999999999997 96.605999999999995 96.025000000000006 96.858000000000004 96.643000000000001 97.165999999999997 97.668000000000006 97.861999999999995 98.028999999999996 97.328000000000003 97.597999999999999 97.114999999999995 97.244 96.501999999999995 96.772000000000006 96.975999999999999 97.56 97.335999999999999 97.494 97.930999999999997 97.957999999999998 97.832999999999998 97.563000000000002 97.159000000000006 97.29 96.262 96.444999999999993 96.52 96.805999999999997 97.04 96.358999999999995 95.98 95.007999999999996 93.331999999999994 94.53 95.1 95.61 96.105999999999995 95.823999999999998 95.45 95.828000000000003 96.405000000000001 96.228999999999999 95.984999999999999 96.012 95.456000000000003 95.194000000000003 95.245999999999995 95.611000000000004 95.42 94.55 94.863 95.894000000000005 96.283000000000001 96.067999999999998 95.994 96.269000000000005 96.034000000000006 95.855000000000004 96.35 96.185000000000002 95.83 96.105999999999995 95.454999999999998 95.497 95.317999999999998 94.813000000000002 94.759 93.930999999999997 94.370999999999995 94.54 94.927999999999997 94.912999999999997 95.034999999999997 96.378 97.126999999999995 96.861000000000004 96.906000000000006 97.781999999999996 97.281999999999996 96.945999999999998 96.927999999999997 97.158000000000001 97.95 97.936000000000007 99.168000000000006 98.978999999999999 99.293000000000006 98.649000000000001 98.998000000000005 99.441999999999993 99.631 99.652000000000001 98.989000000000004 99.564999999999998 99.802999999999997 99.527000000000001 99.795000000000002 100.02 100.17 99.795000000000002 99.992999999999995 97.620999999999995 98.353999999999999 98.655000000000001 98.465999999999994

Ratio

Index Value

No longer willing to pay for up risk.

Russelll 1000 P/E 42004 42006 42009 42010 42011 42012 42013 42016 42017 42018 42019 42020 42024 42025 42026 42027 42030 42031 42032 42033 42034 42037 42038 42039 42040 42041 42044 42045 42046 42047 42048 42052 42053 42054 42055 42058 42059 42060 42061 42062 42065 42066 42067 42068 42069 42072 42073 42074 42075 42076 42079 42080 42081 42082 42083 42086 42087 42088 42089 42090 42093 42094 42095 42096 42100 42101 42102 42103 42104 42107 42108 42109 42110 42111 42114 42115 42116 42117 42118 42121 42122 42123 42124 42125 42128 42129 42130 42131 42132 42135 42136 42137 42138 42139 42142 42143 42144 42145 42146 42150 42151 42152 42153 42156 42157 42158 42159 42160 42163 42164 42165 42166 42167 42170 42171 42172 42173 42174 42177 42178 42179 42180 42181 42184 42185 42186 42187 42191 42192 42193 42194 42195 42198 42199 42200 42201 42202 42205 42206 42207 42208 42209 42212 42213 42214 42215 42216 42219 42220 42221 42222 42223 42226 42227 42228 42229 42230 42233 42234 42235 42236 42237 42240 42241 42242 42243 42244 42247 42248 42249 42250 42251 42255 42256 42257 42258 42261 42262 42263 42264 42265 42268 42269 42270 42271 42272 42275 42276 42277 42278 42279 42282 42283 42284 42285 42286 42290 42291 42292 42293 42296 42297 42298 42299 42300 42303 42304 42305 42306 42307 42310 42311 42312 42313 42314 42317 42318 42320 42321 42324 42325 42326 42327 42328 42331 42332 42333 42335 42338 42339 42340 42341 42342 42345 42346 18.969000000000001 18.9682 18.616299999999999 18.449300000000001 18.664000000000001 18.994299999999999 18.837 18.691400000000 002 18.647400000000001 18.5382 18.363600000000002 18.6097 18.632300000000001 18.723500000000001 19.007899999999999 18.909600000000001 18.9724 18.723099999999999 18.463899999999999 18.634499999999999 18.390999999999998 18.597100000000001 18.868500000000001 18.795100000000001 18.992599999999999 18.928999999999998 18.845199999999998 19.040199999999999 19.041899999999998 19.227499999999999 19.311 19.337599999999998 19.3446 19.324000000000002 19.4467 19.438199999999998 19.485399999999998 19.477499999999999 19.445399999999999 19.380199999999999 19.4785 19.394200000000001 19.307600000000001 19.3324 19.062999999999999 19.135000000000002 18.820399999999999 18.8019 19.036000000000001 18.924399999999999 19.171700000000001 19.114999999999998 19.3429 19.256499999999999 19.4269 19.39 19.2758 18.9909 18.947199999999999 18.999400000000001 19.178100000000001 19.162299999999998 19.037299999999998 19.0946 19.2103 19.164200000000001 19.222200000000001 19.298400000000001 19.393000000000001 19.305800000000001 19.3338 19.4328 19.4194 19.1982 19.3691 19.3475 19.441500000000001 19.491599999999998 19.5382 19.445599999999999 19.4907 19.4117 19.215399999999999 19.4162 19.461400000000001 19.227499999999999 19.151 19.225100000000001 19.475200000000001 19.381499999999999 19.327500000000001 19.323 19.530899999999999 19.549700000000001 19.6175 19.601400000000002 19.584600000000002 19.6295 19.5885 19.3886 19.547000000000001 19.521999999999998 19.401700000000002 19.427599999999998 19.409700000000001 19.454999999999998 19.293500000000002 19.277699999999999 19.148499999999999 19.152100000000001 19.376899999999999 19.418500000000002 19.282800000000002 19.2011 19.308399999999999 19.345700000000001 19.5349 19.439 19.552599999999998 19.5686 19.415299999999998 19.3581 19.3506 19.062899999999999 19.238399999999999 19.341000000000001 19.3278 19.221699999999998 19.3734 19.048300000000001 19.092600000000001 19.3248 19.534400000000002 19.6248 19.598099999999999 19.747 19.7576 19.755099999999999 19.665500000000002 19.6249 19.515599999999999 19.312999999999999 19.1784 19.412099999999999 19.558599999999998 19.5655 19.5443 19.476099999999999 19.4373 19.497499999999999 19.3384 19.283300000000001 19.5306 19.346299999999999 19.360199999999999 19.337700000000002 19.4146 19.524100000000001 19.462399999999999 19.298100000000002 18.8782 18.296199999999999 17.573399999999999 17.3475 17.986499999999999 18.4284 18.4512 18.295100000000001 17.7607 18.0806 18.1098 17.840900000000001 18.283200000000001 18.033999999999999 18.122 18.203600000000002 18.1296 18.356999999999999 18.517900000000001 18.479600000000001 18.185700000000001 18.259399999999999 18.029 17.986499999999999 17.917899999999999 17.898800000000001 17.396000000000001 17.408200000000001 18.016999999999999 18.0505 18.319900000000001 18.643699999999999 18.5702 18.724699999999999 18.8874 18.9011 18.7851 18.694600000000001 18.971499999999999 19.049299999999999 19.055299999999999 19.028300000000002 18.904 19.197700000000001 19.397300000000001 19.3521 19.2836 19.535800000000002 19.515999999999998 19.433299999999999 19.6327 19.6813 19.616800000000001 19.591899999999999 19.583400000000001 19.392199999999999 19.422000000000001 19.074400000000001 18.8703 19.142299999999999 19.115600000000001 19.408899999999999 19.3794 19.4496 19.432099999999998 19.462700000000002 19.467700000000001 19.482099999999999 19.3858 19.585899999999999 19.3718 19.091200000000001 19.462199999999999 19.313800000000001 19.271999999999998 Russell 2000 P/E (RHS) 42004 42006 42009 42010 42011 42012 42013 42016 42017 42018 42019 42020 42024 42025 42026 42027 42030 42031 42032 42033 42034 42037 42038 42039 42040 42041 42044 42045 42046 42047 42048 42052 42053 42054 42055 42058 42059 42060 42061 42062 42065 42066 42067 42068 42069 42072 42073 42074 42075 42076 42079 42080 42081 42082 42083 42086 42087 42088 42089 42090 42093 42094 42095 42096 42100 42101 42102 42103 42104 42107 42108 42109 42110 42111 42114 42115 42116 42117 42118 42121 42122 42123 42124 42125 42128 42129 42130 42131 42132 42135 42136 42137 42138 42139 42142 42143 42144 42145 42146 42150 42151 42152 42153 42156 42157 42158 42159 42160 42163 42164 42165 42166 42167 42170 42171 42172 42173 42174 42177 42178 42179 42180 42181 42184 42185 42186 42187 42191 42192 42193 42194 42195 42198 42199 42200 42201 42202 42205 42206 42207 42208 42209 42212 42213 42214 42215 42216 42219 42220 42221 42222 42223 42226 42227 42228 42229 42230 42233 42234 42235 42236 42237 42240 42241 42242 42243 42244 42247 42248 42249 42250 42251 42255 42256 42257 42258 42261 42262 42263 42264 42265 42268 42269 42270 42271 42272 42275 42276 42277 42278 42279 42282 42283 42284 42285 42286 42290 42291 42292 42293 42296 42297 42298 42299 42300 42303 42304 42305 42306 42307 42310 42311 42312 42313 42314 42317 42318 42320 42321 42324 42325 42326 42327 42328 42331 42332 42333 42335 42338 42339 42340 42341 42342 42345 42346 40.468400000000003 40.499899999999997 39.834699999999998 39.166699999999999 39.613399999999999 40.291200000000003 39.874099999999999 39.691000000000003 39.722900000000003 39.473599999999998 38.720500000000001 39.232900000000001 38.994399999999999 38.857999999999997 39.660200000000003 39.598399999999998 39.936399999999999 39.735199999999999 39.075099999999999 39.4133 38.5961 39.225700000000003 39.945399999999999 39.760100000000001 40.3431 40.238900000000001 39.921599999999998 40.191400000000002 40.137900000000002 40.624600000000001 40.8202 40.861499999 999999 40.860300000000002 40.814599999999999 40.943899999999999 40.944899999999997 40.879300000000001 40.938200000000002 41.054299999999998 40.868499999999997 41.250100000000003 41.1111 40.903100000000002 41.014400000000002 40.458599999999997 40.635199999999998 40.138500000000001 39.893700000000003 40.5822 40.383800000000001 40.639600000000002 40.716299999999997 41.036099999999998 41.124099999999999 41.503900000000002 41.4375 44.0548 43.036900000000003 42.968400000000003 43.176699999999997 43.406199999999998 43.676699999999997 44.595199999999998 44.739100000000001 44.944200000000002 44.688000000000002 45.021599999999999 44.892400000000002 45.090400000000002 45.116500000000002 45.3003 45.659399999999998 45.567 44.814100000000003 45.268999999999998 45.241100000000003 45.289099999999998 45.506 45.357500000000002 44.8581 45.097799999999999 44.624099999999999 43.652200000000001 44.122100000000003 44.193600000000004 43.555 43.613900000000001 43.835500000000003 44.167499999999997 44.200499999999998 44.104100000000003 44.022300000000001 44.4803 44.3825 44.922699999999999 44.856400000000001 44.8703 44.833599999999997 44.6616 44.180799999999998 44.737299999999998 44.691200000000002 44.452199999999998 44.678100000000001 44.741999999999997 45.198099999999997 44.725200000000001 45.073999999999998 44.791800000000002 44.65 45.330500000000001 45.396999999999998 45.2577 45.115000000000002 45.418399999999998 45.375500000000002 45.960099999999997 45.964199999999998 46.232900000000001 46.049100000000003 45.627299999999998 45.603700000000003 45.100999999999999 46.951000000000001 40.377299999999998 40.436999999999998 40.141800000000003 40.068199999999997 40.1036 39.497399999999999 39.622199999999999 40.1965 40.622300000000003 40.876899999999999 40.561300000000003 40.825499999999998 40.634700000000002 40.415599999999998 40.235199999999999 40.255400000000002 39.846400000000003 39.243400000000001 38.879300000000001 39.198900000000002 39.359099999999998 39.438800000000001 39.654299999999999 39.685200000000002 39.590699999999998 39.682400000000001 39.169699999999999 38.901400000000002 39.412799999999997 39.037500000000001 38.9671999999999 98 38.830199999999998 39.083799999999997 39.402700000000003 39.073700000000002 38.693300000000001 37.711100000000002 37.223500000000001 35.782800000000002 35.526499999999999 36.429900000000004 37.119500000000002 37.411700000000003 37.319600000000001 36.442700000000002 37.023699999999998 36.994500000000002 36.705300000000001 37.529800000000002 37.094099999999997 37.248199999999997 37.328600000000002 37.1995 37.602800000000002 37.8979 38.072899999999997 37.477800000000002 37.4071 36.828000000000003 36.732199999999999 36.653599999999997 36.177999999999997 35.073799999999999 34.848500000000001 36.910299999999999 37.333300000000001 37.529699999999998 38.633800000000001 38.358199999999997 38.9435 39.302 39.330399999999997 38.740299999999998 38.371299999999998 39.242899999999999 39.229199999999999 39.287999999999997 39.253500000000003 38.636200000000002 38.900700000000001 39.291899999999998 38.985999999999997 38.481700000000004 39.605699999999999 39.1661 39.040100000000002 40.079300000000003 40.263399999999997 40.210700000000003 40.222000000000001 40.529200000000003 40.009900000000002 40.113300000000002 38.662100000000002 38.355400000000003 38.674399999999999 38.580199999999998 39.202199999999998 39.034799999999997 39.317900000000002 39.4786 39.761699999999998 40.070500000000003 40.218299999999999 40.0747 40.272500000000001 39.859200000000001 39.152700000000003 39.58 38.939799999999998 38.869700000000002

Price/Earnings Ratio

Global Stock Returns with High EM / China Exposure

EM Exports, Earnings and Commodities Prices

Emerging markets: selectivity will remain important, focus on reform

Sources: BlackRock Investment Institute, IMF and Thomson Reuters, November 2015. Notes: Exports are based on the value of goods exported by emerging markets and do not include services. Earnings are based on 12-month forward estimates for companies in the MSCI Emerging Market Index. Commodity prices are based on the CRB spot commodity index.

Sources: BlackRock Investment Institute and MSCI, November 2015.

Notes: The emerging market exposure index takes roughly 300 companies in the MSCI World Index with the highest proportion of revenues derived from emerging markets. The China index contains some 50 companies in the MSCI World with the highest revenue exposure to China.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

Exports 36540 36571 36600 36631 36661 36692 36722 36753 36784 36814 36845 36875 36906 36937 36965 36996 37026 37057 37087 37118 37149 37179 37210 37240 37271 37302 37330 37361 37391 37422 37452 37483 37514 37544 37575 37605 37636 37667 37695 37726 37756 37787 37817 37848 37879 37909 37940 37970 38001 38032 38061 38092 38122 38153 38183 38214 38245 38275 38306 38336 38367 38398 38426 38457 38487 38518 38548 38579 38610 38640 38671 38701 38732 38763 38791 38822 38852 38883 38913 38944 38975 39005 39036 39066 39097 39128 39156 39187 39217 39248 39278 39309 39340 39370 39401 39431 39462 39493 39522 39553 39583 39614 39644 39675 39706 39736 39767 39797 39828 39859 39887 39918 39948 39979 40009 40040 40071 40101 40132 40162 40193 40224 40252 40283 40313 40344 40374 40405 40436 40466 40497 40527 40558 40589 40617 40648 40678 40709 40739 40770 40801 40831 40862 40892 40923 40954 40983 41014 41044 41075 41105 41136 41167 41197 41228 41258 41289 41320 41348 41379 41409 41440 41470 41501 41532 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6.9959999999999951 7.820999999999998 7.777000000000001 6.7990000000000066 6.3719999999999999 7.0250000000000057 6.7349999999999994 6.9950000000000045 6.1830000000000069 7.3229999999999933 7.117999999999995 6.9629999999999939 6.7639999999999958 6.6989999999999981 7.9180000000000064 6.2819999999999965 5.7099999999999937 4.3589999999999947 3.7079999999999984 4.9260000000000019 5.22899999999999 92 5.2560000000000002 4.6689999999999969 4.3149999999999977 4.2810000000000059 5.5490000000000066 5.9140000000000015 6.4410000000000025 6.3780000000000001 5.6009999999999991 5.2270000000000039 2.992999999999995 0.7879999999999967 0.93099999999999739 1.1730000000000018 1.554000000000002 0.93699999999999761 -0.66100000000000136 -1.3870000000000005 -4.2360000000000042 -3.7690000000000055 -2.5109999999999957 -1.8119999999999976 -0.45600000000000307 -0.9789999999999992 8.1999999999993634E-2 0.11100000000000421 -0.23900000000000432 0.34000000000000341 -1.7609999999999957 -2.1640000000000015 -3.4039999999999964 -4.2109999999999985 -3.179000000000002 -2.7259999999999991 -2.6410000000000053 -2.5289999999999964 -3.1400000000000006 -3.6830000000000069 -3.2189999 999999941 -3.7510000000000048 -3.6310000000000002 -2.7000000000000028 -4.4440000000000026 -5.242999999999995 -5.421999999999997 -5.5490000000000066 -5.3760000000000048 -6.8379999999999939 -8 -9.9899999999999949 -12.227999999999994 -15.906000000000006 -15.864000000000004 -13.599999999999994 -11.010999999999996 -9.777000000000001 -10.366 -13.275999999999996 -12.569000000000003 -12.209000000000003 -13.736000000000004 -13.853999999999999 -11.846000000000004 -10.576999999999998 -11.094999999999999 -11.293000000000006 -11.015000000000001 -10.938999999999993 -9.6929999999999978 -9.8730000000000047 -10.709999999999994 -11.542000000000002 -12.754000000000005 -13.706999999999994 -14.225999999999999 -14.091999999999999 -15.668000000000006 -16.826999999999998 -14.519999999999996 -14.302000000000007 -12.713999999999999 -11.022000000000006 -10.759 -10.266000000000005 -10.016000000000005 -8.9129999999999967 -8.7579999999999956 -9.8580000000000041 -9.0679999999999978 -7.7660000000000053 -7.7219999999999942 -8.4519999999999982 -8.8960000000000008 -8.703000000000003 -7.063999999999993 -5.730000000000004 -6.5660000000000025 -7.7090000000000032 -7.5150000000000006 -9.0109999999999957 -8.8319999999999936 -8.605000000000004 -8.0319999999999965 -7.3970000000000056 -10.299000000000007 -9.9189999999999969 -10.957999999999998 -12.058999999999997 -11.903999999999996 -12.438000000000002 -13.183000000000007 -13.284999999999997 -12.652000000000001 -13.436000000000007 -12.376000000000005

Total Return

A volatile year in rates, but back where we started…

Global Rates: Relative value argument will get tested amidst policy divergence

…while U.S. curve has adjusted to impending normalization

Sources: BlackRock Investment Institute. Bloomberg. As of 12/7/2015. Bonds are nominal 10 year rates of each country and shown in percent.

Source: BlackRock Investment Institute, Bloomberg As of 12/7/2015. 210 UST is Spread between Nominal 10 US Treasury and Nominal 2 US Treasury.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

US 10 42005 42006 42007 42008 42009 42010 42011 42012 42013 42014 42015 42016 42017 42018 42019 42020 42021 42022 42023 42024 42025 42026 42027 42028 42029 42030 42031 42032 42033 42034 42035 42036 42037 42038 42039 42040 42041 42042 42043 42044 42045 42046 42047 42048 42049 42050 42051 42052 42053 42054 42055 42056 42057 42058 42059 42060 42061 42062 42063 42064 42065 42066 42067 42068 42069 42070 42071 42072 42073 42074 420 75 42076 42077 42078 42079 42080 42081 42082 42083 42084 42085 42086 42087 42088 42089 42090 42091 42092 42093 42094 42095 42096 42097 42098 42099 42100 42101 42102 42103 42104 42105 42106 42107 42108 42109 42110 42111 42112 42113 42114 42115 42116 42117 42118 42119 42120 42121 42122 42123 42124 42125 42126 42127 42128 42129 42130 42131 42132 42133 42134 42135 42136 42137 42138 42139 42140 42141 42142 42143 42144 42145 42146 42147 42148 42149 42150 42151 42152 42153 42154 42155 42156 42157 42158 42159 42160 42161 42162 42163 42164 42165 42166 42167 42168 42169 42170 42171 42172 42173 42174 42175 42176 42177 42178 42179 42180 42181 42182 42183 42184 42185 42186 42187 42188 42189 42190 42191 42192 42193 42194 42195 42196 42197 42198 42199 42200 42201 42202 42203 42204 42205 42206 42207 42208 42209 42210 42211 42212 42213 42214 42215 42216 42217 42218 42219 42220 42221 42222 42223 42224 42225 42226 42227 42228 42229 42230 42231 42232 42233 42234 42235 42236 42237 42238 42239 42240 42241 42242 42243 42244 42245 42246 42247 42248 42249 42250 42251 42252 42253 42254 42255 42256 42257 42258 42259 42260 42261 42262 42263 42264 42265 42266 42267 42268 42269 42270 42271 42272 42273 42274 42275 42276 42277 42278 42279 42280 42281 42282 42283 42284 42285 42286 42287 42288 42289 42290 42291 42292 42293 42294 42295 42296 42297 42298 42299 42300 42301 42302 42303 42304 42305 42306 42307 42308 42309 42310 42311 42312 42313 42314 42315 42316 42317 42318 42319 42320 42321 42322 42323 42324 42325 42326 42327 42328 42329 42330 42331 42332 42333 42334 42335 42336 42337 42338 42339 42340 42341 42342 42343 42344 42345 2.1711999999999998 2.1105 2.1105 2.1105 2.032 1.9401999999999999 1.9677 2.0179 1.9449000000000001 1.9449000000000001 1.9449000000000001 1.907 1.9 1.8552999999999999 1.7149000000000001 1.8368 1.8368 1.8368 1.8368 1.788 1.8717000000000001 1.8631 1.7968 1.7968 1.7968 1.8241000000000001 1.8231000000000002 1.7206999999999999 1.7511999999999999 1.6407 1.6407 1.6407 1.6642000000000001 1.7915000000000001 1.7513000000000001 1.8204 1.9567000000000001 1.9567000000000001 1.9567000000000001 1.9775 1.9967000000000001 2.0175999999999998 1.9843999999999999 2.0503999999999998 2.0503999999999998 2.0503999999999998 2.0503999999999998 2.1379000000000001 2.08 2.1141999999999999 2.1116999999999999 2.1116999999999999 2.1116999999999999 2.0573999999999999 1.98 1.9687999999999999 2.0295000000000001 1.9929999999999999 1.9929999999999999 1.9929999999999999 2.0819999999999999 2.1189 2.1172 2.1154000000000002 2.2414000000000001 2.2414000000000001 2.2414000000000001 2.1907000000000001 2.1297000000000001 2.1086 2.1156000000000001 2.1139999999999999 2.1139999999999999 2.1139999999999999 2.0716999999999999 2.0507 1.9199000000000002 1.9685000000000001 1.9302999999999999 1.9302999999999999 1.9302999999999999 1.9119999999999999 1.8731 1.925 1.9893999999999998 1.9615 1.9615 1.9615 1.9475 1.9231 1.8573 1.9117 1.8389 1.8389 1.8389 1.8952 1.8848 1.9047000000000001 1.9596 1.9473 1.9473 1.9473 1.9272 1.8984999999999999 1.8879999999999999 1.8896999999999999 1.8653 1.8653 1.8653 1.8895999999999999 1.9087000000000001 1.9788000000000001 1.9577 1.9085999999999999 1.9085999999999999 1.9085999999999999 1.9207999999999998 2.0034000000000001 2.0388000000000002 2.0316999999999998 2.1135000000000002 2.1135000000000002 2.1135000000000002 2.1440000000000001 2.1852999999999998 2.2431000000000001 2.1800000000000002 2.1478000000000002 2.1478000000000002 2.1478000000000002 2.2797000000000001 2.2488999999999999 2.2926000000000002 2.2301000000000002 2.1423999999999999 2.1423999999999999 2.1423999999999999 2.2336999999999998 2.2886000000000002 2.2479 2.1898 2.2092000000000001 2.2092000000000001 2.2092000000000001 2.2092000000000001 2.1390000000000002 2.1284999999999998 2.1355 2.1214 2.1214 2.1214 2.1794000000000002 2.2624 2.3641999999999999 2.3069999999999999 2.4076 2.4076 2.4076 2.3824000000000001 2.4384000000000001 2.4838 2.3772000000000002 2.3917999999999999 2.3917999999999999 2.3917999999999999 2.3559000000000001 2.3092999999999999 2.3165 2.3345000000000002 2.2576999999999998 2.2576999999999998 2.2576999999999998 2.3725000000000001 2.4087000000000001 2.3672 2.4087999999999998 2.4725999999999999 2.4725999999999999 2.4725999999999999 2.3241999999999998 2.3531 2.4218999999999999 2.3822999999999999 2.3822999999999999 2.3822999999999999 2.3822999999999999 2.2850000000000001 2.2582 2.1922000000000001 2.3210999999999999 2.3971999999999998 2.3971999999999998 2.3971999999999998 2.4538000000000002 2.4009999999999998 2.3521000000000001 2.3502999999999998 2.3468999999999998 2.3468999999999998 2.3468999999999998 2.3723000000000001 2.3252999999999999 2.3235000000000001 2.2677 2.2624 2.2624 2.2624 2.2174999999999998 2.2499000000000002 2.2858999999999998 2.2589000000000001 2.1800999999999999 2.1800999999999999 2.1800999999999999 2.1480000000000001 2.2212999999999998 2.2698999999999998 2.2214 2.1623000000000001 2.1623000000000001 2.1623000000000001 2.2269000000000001 2.1408999999999998 2.1480000000000001 2.1854 2.1977000000000002 2.1977000000000002 2.1977000000000002 2.1678000000000002 2.1924999999999999 2.1255999999999999 2.0678999999999998 2.0365000000000002 2.0365000000000002 2.0365000000000002 2.0034000000000001 2.0714000000000001 2.1751999999999998 2.1840999999999999 2.1806000000000001 2.1806000000000001 2.1806000000000001 2.2179000000000002 2.1524000000000001 2.1842999999999999 2.1596000000000002 2.1244000000000001 2.1244000000000001 2.1244000000000001 2.1244000000000001 2.1827999999999999 2.2006000000000001 2.222 2.1882999999999999 2.1882999999999999 2.1882999999999999 2.1831 2.2867000000000002 2.294 2.1903000000000001 2.1335999999999999 2.1335999999999999 2.1335999999999999 2.2012 2.1337000000000002 2.1497000000000002 2.1265999999999998 2.1623000000000001 2.1623000000000001 2.1623000000000001 2.0949 2.0508000000000002 2.0367999999999999 2.0367999999999999 1.9929000000000001 1.9929000000000001 1.9929000000000001 2.0562 2.0314999999999999 2.0668000000000002 2.1040000000000001 2.0880999999999998 2.0880999999999998 2.0880999999999998 2.0880999999999998 2.0438999999999998 1.9718 2.0175000000000001 2.0333999999999999 2.0333999999999999 2.0333999999999999 2.0228000000000002 2.0670000000000002 2.0228000000000002 2.0263 2.0865999999999998 2.0865999999999998 2.0865999999999998 2.0564 2.0369999999999999 2.1009000000000002 2.1724999999999999 2.1421000000000001 2.1421000000000001 2.1421000000000001 2.1709000000000001 2.2105000000000001 2.2250000000000001 2.2323 2.3252000000000002 2.3252000000000002 2.3252000000000002 2.3435999999999999 2.3418999999999999 2.3300999999999998 2.3115999999999999 2.2658 2.2658 2.2658 2.2675999999999998 2.2658 2.2728000000000002 2.2482000000000002 2.2622999999999998 2.2622999999999998 2.2622999999999998 2.2376999999999998 2.2376999999999998 2.2341000000000002 2.2341000000000002 2.2201 2.2201 2.2201 2.206 2.1431 2.1797 2.3136000000000001 2.2692999999999999 2.2692999999999999 2.2692999999999999 2.2235 Germany 10 (RHS) 42005 42006 42007 42008 42009 42010 42011 42012 42013 42014 42015 42016 42017 42018 42019 42020 42021 42022 42023 42024 42025 42026 42027 42028 42029 42030 42031 42032 42033 42034 42035 42036 42037 42038 42039 42040 42041 42042 42043 42044 42045 42046 42047 42048 42049 42050 42051 42052 42053 42054 42055 42056 42057 42058 42059 42060 42061 42062 42063 42064 42065 42066 42067 42068 42069 42070 42071 42072 42073 42074 42075 42076 42077 42078 42079 42080 42081 42082 42083 42084 42085 42086 42087 42088 42089 42090 42091 42092 42093 42094 42095 42096 42097 42098 42099 42100 42101 42102 42103 42104 42105 42106 42107 42108 42109 42110 42111 42112 42113 42114 42115 42116 42117 42118 42119 42120 42121 42122 42123 42124 42125 42126 42127 42128 42129 42130 42131 42132 42133 42134 42135 42136 42137 42138 42139 42140 42141 42142 42143 42144 42145 42146 42147 42148 42149 42150 42151 42152 42153 42154 42155 42156 42157 42158 42159 42160 42161 42162 42163 42164 42165 42166 42167 42168 42169 42170 42171 42172 42173 42174 42175 42176 42177 42178 42179 42180 42181 42182 42183 42184 42185 42186 42187 42188 42189 42190 42191 42192 42193 42194 42195 42196 42197 42198 42199 42200 42201 42202 42203 42204 42205 42206 42207 42208 42209 42210 42211 42212 42213 42214 42215 42216 42217 42218 42219 42220 42221 42222 42223 42224 42225 42226 42227 42228 42229 42230 42231 42232 42233 42234 42235 42236 42237 42238 42239 42240 42241 42242 42243 42244 42245 42246 42247 42248 42249 42250 42251 42252 42253 42254 42255 42256 42257 42258 42259 42260 42261 42262 42263 42264 42265 42266 42267 42268 42269 42270 42271 42272 42273 42274 42275 42276 42277 42278 42279 42280 42281 42282 42283 42284 42285 42286 42287 42288 42289 42290 42291 42292 42293 42294 42295 42296 42297 42298 42299 42300 42301 42302 42303 42304 42305 42306 42307 42308 42309 42310 42311 42312 42313 42314 42315 42316 42317 42318 42319 42320 42321 42322 42323 42324 42325 42326 42327 42328 42329 42330 42331 42332 42333 42334 42335 42336 42337 42338 42339 42340 42341 42342 42343 42344 42345 0.54100000000000004 0.498 0.498 0.498 0.51700000000000002 0.44600000000000001 0.48399999999999999 0.51 0.49199999999999999 0.49199999999999999 0.49199999999999999 0.47799999999999998 0.47699999999999998 0.42399999999999999 0.47399999999999998 0.45400000000000001 0.45400000000000001 0.45400000000000001 0.439 0.44900000000000001 0.52400000000000002 0.44700000000000001 0.36199999999999999 0.36199999999999999 0.36199999999999999 0.39500000000000002 0.38300000000000001 0.35299999999999998 0.35899999999999999 0.30199999999999999 0.30199999999999999 0.30199999999999999 0.313 0.34599999999999997 0.36699999999999999 0.36599999999999999 0.375 0.375 0.375 0.35499999999999998 0.37 0.35499999999999998 0.31900000000000001 0.34200000000000003 0.34200000000000003 0.34200000000000003 0.33400000000000002 0.372 0.38100000000000001 0.38 0.36699999999999999 0.36699999999999999 0.36699999999999999 0.36499999999999999 0.375 0.32500000000000001 0.29799999999999999 0.32800000000000001 0.32800000000000001 0.32800000000000001 0.35599999999999998 0.36199999999999999 0.38300000000000001 0.34799999999999998 0.39300000000000002 0.39300000000000002 0.39300000000000002 0.312 0.23400000000000001 0.20899999999999999 0.248 0.25700000000000001 0.25700000000000001 0.25700000000000001 0.27900000000000003 0.28199999999999997 0.19700000000000001 0.187 0.184 0.184 0.184 0.224 0.23499999999999999 0.22 0.215 0.20699999999999999 0.20699999999999999 0.20699999999999999 0.20599999999999999 0.18 0.16700000000000001 0.19400000000000001 0.19400000000000001 0.19400000000000001 0.19400000000000001 0.19400000000000001 0.186 0.16300000000000001 0.16 0.155 0.155 0.155 0.157 0.13800000000000001 0.107 8.5000000000000006E-2 7.8E-2 7.8E-2 7.8E-2 7.4999999999999997E-2 0.10100000000000001 0.16500000000000001 0.16500000000000001 0.155 0.155 0.155 0.16200000000000001 0.16300000000000001 0.28499999999999998 0.36599999999999999 0.373 0.373 0.373 0.45300000000000001 0.51600000000000001 0.58599999999999997 0.59 0.54700000000000004 0.54700000000000004 0.54700000000000004 0.61 0.67500000000000004 0.72399999999999998 0.70199999999999996 0.624 0.624 0.624 0.64900000000000002 0.59499999999999997 0.63200000000000001 0.64 0.60399999999999998 0.60399999999999998 0.60399999999999998 0.60599999999999998 0.54700000000000004 0.55400000000000005 0.53 0.48699999999999999 0.48699999999999999 0.48699999999999999 0.54100000000000004 0.71399999999999997 0.88200000000000001 0.83799999999999997 0.84399999999999997 0.84399999999999997 0.84399999999999997 0.879 0.95 0.98099999999999998 0.88400000000000001 0.83399999999999996 0.83399999999999996 0.83399999999999996 0.82499999999999996 0.79800000000000004 0.80800000000000005 0.80800000000000005 0.752 0.752 0.752 0.88400000000000001 0.872 0.84399999999999997 0.86199999999999999 0.92200000000000004 0.92200000000000004 0.92200000000000004 0.79600000000000004 0.76400000000000001 0.81299999999999994 0.84499999999999997 0.79100000000000004 0.79100000000000004 0.79100000000000004 0.76400000000000001 0.64300000000000002 0.67100000000000004 0.71899999999999997 0.89800000000000002 0.89800000000000002 0.89800000000000002 0.85499999999999998 0.83699999999999997 0.82799999999999996 0.83299999999999996 0.78800000000000003 0.78800000000000003 0.78800000000000003 0.76200000000000001 0.78100000000000003 0.747 0.74199999999999999 0.69099999999999995 0.69099999999999995 0.69099999999999995 0.69099999999999995 0.68899999999999995 0.71699999999999997 0.65 0.64400000000000002 0.64400000000000002 0.64400000000000002 0.628 0.63800000000000001 0.754 0.70899999999999996 0.66100000000000003 0.66100000000000003 0.66100000000000003 0.69799999999999995 0.63200000000000001 0.60499999999999998 0.63 0.66 0.66 0.66 0.627 0.64200000000000002 0.61899999999999999 0.58199999999999996 0.56399999999999995 0.56399999999999995 0.56399999999999995 0.59199999999999997 0.73 0.70399999999999996 0.74199999999999999 0.74199999999999999 0.74199999999999999 0.74199999999999999 0.79800000000000004 0.79700000000000004 0.78200000000000003 0.72399999999999998 0.66800000000000004 0.66800000000000004 0.66800000000000004 0.67500000000000004 0.67600000000000005 0.69799999999999995 0.69499999999999995 0.65300000000000002 0.65300000000000002 0.65300000000000002 0.65500000000000003 0.74299999999999999 0.77400000000000002 0.78100000000000003 0.66300000000000003 0.66300000000000003 0.66300000000000003 0.68400000000000005 0.59 0.59699999999999998 0.60299999999999998 0.64900000000000002 0.64900000000000002 0.64900000000000002 0.58699999999999997 0.58299999999999996 0.58699999999999997 0.53600000000000003 0.51 0.51 0.51 0.56599999999999995 0.59599999999999997 0.59299999999999997 0.58599999999999997 0.61499999999999999 0.61499999999999999 0.61499999999999999 0.57799999999999996 0.58699999999999997 0.54100000000000004 0.55000000000000004 0.54800000000000004 0.54800000000000004 0.54800000000000004 0.56499999999999995 0.626 0.56799999999999995 0.496 0.51200000000000001 0.51200000000000001 0.51200000000000001 0.5 0.443 0.438 0.53 0.51700000000000002 0.51700000000000002 0.51700000000000002 0.55700000000000005 0.57299999999999995 0.59799999999999998 0.60699999999999998 0.69299999999999995 0.69299999999999995 0.69299999999999995 0.66100000000000003 0.621 0.61 0.60799999999999998 0.55800000000000005 0.55800000000000005 0.55800000000000005 0.53 0.52400000000000002 0.50600000000000001 0.47899999999999998 0.47899999999999998 0.47899999999999998 0.47899999999999998 0.53 0.51700000000000002 0.47099999999999997 0.47 0.46 0.46 0.46 0.47299999999999998 0.46800000000000003 0.47 0.66600000000000004 0.67800000000000005 0.67800000000000005 0.67800000000000005 0.58099999999999996 Japan 10 (RHS) 42005 42006 42007 42008 42009 42010 42011 42012 42013 42014 42015 42016 42017 42018 42019 42020 42021 42022 42023 42024 42025 42026 42027 42028 42029 42030 42031 42032 42033 42034 42035 42036 42037 42038 42039 42040 42041 42042 42043 42044 42045 42046 42047 42048 42049 42050 42051 42052 42053 42054 42055 42056 42057 42058 42059 42060 42061 42062 42063 42064 42065 42066 42067 42068 42069 42070 42071 42072 42073 42074 42075 42076 42077 42078 42079 42080 42081 42082 42083 42084 42085 42086 42087 42088 42089 42090 42091 42092 42093 42094 42095 42096 42097 42098 42099 42100 42101 42102 42103 42104 42105 42106 42107 42108 42109 42110 42111 42112 42113 42114 42115 42116 42117 42118 42119 42120 42121 42122 42123 42124 42125 42126 42127 42128 42129 42130 42131 42132 42133 42134 42135 42136 42137 42138 42139 42140 42141 42142 42143 42144 42145 42146 42147 42148 42149 42150 42151 42152 42153 42154 42155 42156 42157 42158 42159 42160 42161 42162 42163 42164 42165 42166 42167 42168 42169 42170 42171 42172 42173 42174 42175 42176 42177 42178 42179 42180 42181 42182 42183 42184 42185 42186 42187 42188 42189 42190 42191 42192 42193 42194 42195 42196 42197 42198 42199 42200 42201 42202 42203 42204 42205 42206 42207 42208 42209 42210 42211 42212 42213 42214 42215 42216 42217 42218 42219 42220 42221 42222 42223 42224 42225 42226 42227 42228 42229 42230 42231 42232 42233 42234 42235 42236 42237 42238 42239 42240 42241 42242 42243 42244 42245 42246 42247 42248 42249 42250 42251 42252 42253 42254 42255 42256 42257 42258 42259 42260 42261 42262 42263 42264 42265 42266 42267 42268 42269 42270 42271 42272 42273 42274 42275 42276 42277 42278 42279 42280 42281 42282 42283 42284 42285 42286 42287 42288 42289 42290 42291 42292 42293 42294 42295 42296 42297 42298 42299 42300 42301 42302 42303 42304 42305 42306 42307 42308 42309 42310 42311 42312 42313 42314 42315 42316 42317 42318 42319 42320 42321 42322 42323 42324 42325 42326 42327 42328 42329 42330 42331 42332 42333 42334 42335 42336 42337 42338 42339 42340 42341 42342 42343 42344 42345 0.32900000000000001 0.32900000000000001 0.32900000000000001 0.32900000000000001 0.32500000000000001 0.29299999999999998 0.30099999999999999 0.29399999999999998 0.27900000000000003 0.27900000000000003 0.27900000000000003 0.27900000000000003 0.26800000000000002 0.25900000000000001 0.253 0.24299999999999999 0.24299999999999999 0.24299999999999999 0.20100000000000001 0.223 0.252 0.32 0.23400000000000001 0.23400000000000001 0.23400000000000001 0.23 0.26300000000000001 0.29499999999999998 0.29699999999999999 0.27800000000000002 0.27800000000000002 0.27800000000000002 0.28899999999999998 0.36599999999999999 0.38100000000000001 0.36099999999999999 0.33900000000000002 0.33900000000000002 0.33900000000000002 0.35399999999999998 0.39500000000000002 0.39500000000000002 0.39600000000000002 0.42399999999999999 0.42399999999999999 0.42399999999999999 0.441 0.39900000000000002 0.41099999999999998 0.39300000000000002 0.39100000000000001 0.39100000000000001 0.39100000000000001 0.38300000000000001 0.377 0.34 0.34300000000000003 0.33500000000000002 0.33500000000000002 0.33500000000000002 0.35 0.376 0.40899999999999997 0.40400000000000003 0.39600000000000002 0.39600000000000002 0.39600000000000002 0.435 0.46899999999999997 0.42 0.38900000000000001 0.41 0.41 0.41 0.41799999999999998 0.42499999999999999 0.36599999999999999 0.33700000000000002 0.32900000000000001 0.32900000000000001 0.32900000000000001 0.314 0.31 0.33 0.32900000000000001 0.375 0.375 0.375 0.374 0.40500000000000003 0.38800000000000001 0.34100000000000003 0.36799999999999999 0.36799999999999999 0.36799999999999999 0.34 0.36 0.36399999999999999 0.36699999999999999 0.34499999999999997 0.34499999999999997 0.34499999999999997 0.34300000000000003 0.33 0.32900000000000001 0.32900000000000001 0.308 0.308 0.308 0.31 0.315 0.30599999999999999 0.315 0.28999999999999998 0.28999999999999998 0.28999999999999998 0.309 0.30099999999999999 0.30099999999999999 0.34200000000000003 0.36299999999999999 0.36299999999999999 0.36299999999999999 0.36299999999999999 0.36299999999999999 0.36299999999999999 0.43 0.42099999999999999 0.42099999999999999 0.42099999999999999 0.39600000000000002 0.44900000000000001 0.45500000000000002 0.45400000000000001 0.40400000000000003 0.40400000000000003 0.40400000000000003 0.39 0.379 0.39600000000000002 0.41399999999999998 0.41899999999999998 0.41899999999999998 0.41899999999999998 0.42399999999999999 0.42299999999999999 0.39 0.40100000000000002 0.39400000000000002 0.39400000000000002 0.39400000000000002 0.40899999999999997 0.42299999999999999 0.47399999999999998 0.50900000000000001 0.49099999999999999 0.49099999999999999 0.49099999999999999 0.496 0.45800000000000002 0.51100000000000001 0.53600000000000003 0.51800000000000002 0.51800000000000002 0.51800000000000002 0.50900000000000001 0.502 0.48099999999999998 0.44900000000000001 0.42299999999999999 0.42299999999999999 0.42299999999999999 0.437 0.46500000000000002 0.46400000000000002 0.48 0.47 0.47 0.47 0.45100000000000001 0.46500000000000002 0.48299999999999998 0.52500000000000002 0.48799999999999999 0.48799999999999999 0.48799999999999999 0.47499999999999998 0.45800000000000002 0.41899999999999998 0.44800000000000001 0.44700000000000001 0.44700000000000001 0.44700000000000001 0.45500000000000002 0.46400000000000002 0.45600000000000002 0.44800000000000001 0.42599999999999999 0.42599999999999999 0.42599999999999999 0.42599999999999999 0.42 0.42299999999999999 0.41699999999999998 0.41099999999999998 0.41099999999999998 0.41099999999999998 0.40899999999999997 0.41199999999999998 0.41 0.41099999999999998 0.41499999999999998 0.41499999999999998 0.41499999999999998 0.41799999999999998 0.39100000000000001 0.40100000000000002 0.42599999999999999 0.42 0.42 0.42 0.41 0.39400000000000002 0.35899999999999999 0.38400000000000001 0.38400000000000001 0.38400000000000001 0.38400000000000001 0.39900000000000002 0.377 0.376 0.36599999999999999 0.36599999999999999 0.36599999999999999 0.36599999999999999 0.34799999999999998 0.38500000000000001 0.371 0.39300000000000002 0.379 0.379 0.379 0.38 0.36099999999999999 0.39500000000000002 0.40100000000000002 0.36 0.36 0.36 0.37 0.35499999999999998 0.36899999999999999 0.35 0.34499999999999997 0.34499999999999997 0.34499999999999997 0.36399999999999999 0.38200000000000001 0.37 0.36499999999999999 0.314 0.314 0.314 0.314 0.314 0.314 0.33100000000000002 0.32400000000000001 0.32400000000000001 0.32400000000000001 0.35799999999999998 0.33200000000000002 0.35599999999999998 0.32500000000000001 0.317 0.317 0.317 0.313 0.32900000000000001 0.34100000000000003 0.33300000000000002 0.32 0.32 0.32 0.32 0.315 0.31 0.32400000000000001 0.32 0.32 0.32 0.33200000000000002 0.314 0.32 0.308 0.30299999999999999 0.30299999999999999 0.30299999999999999 0.32100000000000001 0.308 0.28699999999999998 0.3 0.309 0.309 0.309 0.316 0.316 0.32300000000000001 0.31900000000000001 0.32400000000000001 0.32400000000000001 0.32400000000000001 0.33500000000000002 0.31900000000000001 0.318 0.30099999999999999 0.30499999999999999 0.30499999999999999 0.30499999999999999 0.30299999999999999 0.29899999999999999 0.3 0.3 0.32400000000000001 0.32400000000000001 0.32400000000000001 0.32400000000000001 0.32 0.30399999999999999 0.3 0.308 0.308 0.308 0.307 0.29899999999999999 0.32200000000000001 0.31900000000000001 0.34100000000000003 0.34100000000000003 0.34100000000000003 0.33

Yield (%)

Short end leading the way

Spread 210 UST (bps) 42005 42006 42007 42008 42009 42010 42011 42012 42013 42014 42015 42016 42017 42018 42019 42020 42021 42022 42023 42024 42025 42026 42027 42028 42029 42030 42031 42032 42033 42034 42035 42036 42037 42038 42039 42040 42041 42042 42043 42044 42045 42046 42047 42048 42049 42050 42051 42052 42053 42054 42055 42056 42057 42058 42059 42060 42061 42062 42063 42064 42065 42066 42067 42068 42069 42070 42071 42072 42073 42074 42075 42076 42077 42078 42079 42080 42081 42082 42083 42084 42085 42086 42087 42088 42089 42090 42091 42092 42093 42094 42095 42096 42097 42098 42099 42100 42101 42102 42103 42104 42105 42106 42107 42108 42109 42110 42111 42112 42113 42114 42115 42116 42117 42118 42119 42120 42121 42122 42123 42124 42125 42126 42127 42128 42129 42130 42131 42132 42133 42134 42135 42136 42137 42138 42139 42140 42141 42142 42143 42144 42145 42146 42147 42148 42149 42150 42151 42152 42153 42154 42155 42156 42157 42158 42159 42160 42161 42162 42163 42164 42165 42166 42167 42168 42169 42170 42171 42172 42173 42174 42175 42176 42177 42178 42179 42180 42181 42182 42183 42184 42185 42186 42187 42188 42189 42190 42191 42192 42193 42194 42195 42196 42197 42198 42199 42200 42201 42202 42203 42204 42205 42206 42207 42208 42209 42210 42211 42212 42213 42214 42215 42216 42217 42218 42219 42220 42221 42222 42223 42224 42225 42226 42227 42228 42229 42230 42231 42232 42233 42234 42235 42236 42237 42238 42239 42240 42241 42242 42243 42244 42245 42246 42247 42248 42249 42250 42251 42252 42253 42254 42255 42256 42257 42258 42259 42260 42261 42262 42263 42264 42265 42266 42267 42268 42269 42270 42271 42272 42273 42274 42275 42276 42277 42278 42279 42280 42281 42282 42283 42284 42285 42286 42287 42288 42289 42290 42291 42292 42293 42294 42295 42296 42297 42298 42299 42300 42301 42302 42303 42304 42305 42306 42307 42308 42309 42310 42311 42312 42313 42314 42315 42316 42317 42318 42319 42320 42321 42322 42323 42324 42325 42326 42327 42328 42329 42330 42331 42332 42333 42334 42335 42336 42337 42338 42339 42340 42341 42342 42343 42344 42345 150.66999999999999 144.58000000000001 144.58000000000001 144.58000000000001 137.52000000000001 131.51999999999998 135.86000000000001 141.28 138.39000000000001 138.39000000000001 138.39000000000001 136.20999999999998 136.12 135.46999999999997 130.27000000000001 135.32999999999998 135.32999999999998 135.32999999999998 135.32999999999998 129.66 136.43 134.57 131.04 131.04 131.04 131.34 131.26000000000002 125.52999999999999 123.53999999999998 119.19 119.19 119.19 120.56 128.36000000000001 126.71000000000001 130.06 131.32000000000002 131.32000000000002 131.32000000000002 132.58000000000001 134.68 135.33999999999997 136.01999999999998 140.92999999999998 140.92999999999998 140.92999999999998 140.92999999999998 147.64000000000001 148.30000000000001 149.67999999999998 147.96 147.96 147.96 145.56999999999996 142.71 136.61999999999998 138.34 137.46 137.46 137.46 141.98999999999998 144.07000000000002 146.26000000000002 147.65 151.80000000000001 151.80000000000001 151.80000000000001 149.9 144.98000000000002 142.83999999999997 145.12 145.69999999999999 145.69999999999999 145.69999999999999 142.26 137.91 136.74 135.93 134.91 134.91 134.91 134.28999999999996 131.61000000000001 132.27000000000001 137.91999999999999 136.71 136.71 136.71 136.88 136.79999999999998 132.18 137.21 136.2700000000 0001 136.27000000000001 136.27000000000001 139.91999999999999 136.88999999999999 137.29 141.18 139.13 139.13 139.13 139.91999999999999 138.64999999999998 139.19999999999999 140.57999999999998 135.72 135.72 135.72 136.94 139.25 143.42000000000002 142.93 140.44999999999999 140.44999999999999 140.44999999999999 140.44999999999999 144.24 148.18000000000004 146.47 151.85000000000002 151.85000000000002 151.85000000000002 154.49 156.22999999999999 160.80000000000001 154.87 157.59000000000003 157.59000000000003 157.59000000000003 166.37 165.28 171.64000000000001 168.60000000000002 160.60999999999999 160.60999999999999 160.60999999999999 165.7 167.53000000000003 166.29 161.68 159.50000000000003 159.50000000000003 159.50000000000003 159.50000000000003 152.67000000000004 148 150.66 151.61000000000001 151.61000000000001 151.61000000000001 153.47000000000003 160.97000000000003 169.17 164.63 169.89000000000001 169.89000000000001 169.89000000000001 170.16 172.15000000000003 175.88 166.41000000000003 166.62 166.62 166.62 165.44 162.38 166.73 170.14000000000001 164.07999999999998 164.07999999999998 164.07999999999998 171.5 173.08 168.7 172.07999999999998 176.09 176.09 176.09 169.12999999999997 171 .04 173.36999999999998 175.52999999999997 175.52999999999997 175.52999999999997 175.52999999999997 169.58 167.3 165.08000000000004 173.6 176.01999999999998 176.01999999999998 176.01999999999998 177.66000000000003 176.39999999999998 172.71 169.51 168.14 168.14 168.14 166.62 164.75 161.72 157.35000000000002 158.42999999999998 158.42999999999998 158.42999999999998 156.79999999999998 158.19 158.20999999999998 153.14000000000001 151.94999999999999 151.94999999999999 151.94999999999999 148.34 148.91 154.35999999999999 152.07999999999998 144.54000000000002 144.54000000000002 144.54000000000002 150.59 146.78999999999996 148.29000 000000002 147.81 147.59000000000003 147.59000000000003 147.59000000000003 146.20000000000002 147.44999999999999 146.82 141.45999999999998 142.37 142.37 142.37 143.54 147.09 150.31999999999996 149.63 146.5 146.5 146.5 148.04000000000002 144.84 147.62 146.73000000000002 141.76999999999998 141.76999999999998 141.76999999999998 141.76999999999998 145.01 145.97000000000003 148.89999999999998 148.29999999999998 148.29999999999998 148.29999999999998 145.75 148.43 148.32 151.08000000000001 145.59 145.59 145.59 149.5 145.99 145.04000000000002 144.67999999999998 147.05000000000001 147.05000000000001 147.05000000000001 142.66 140.22 140.79 139.20999999999998 141.35 141.35 141.35 145.1 143.03 144.18 147.10000000000002 145.10999999999999 145.10999999999999 145.10999999999999 145.10999999999999 142.69 142.31 142.07 142.45999999999998 142.45999999999998 142.45999999999998 143.62 143.80000000000001 140.19000000000003 142.57 144.52999999999997 144.52999999999997 144.52999999999997 141.92000000000002 141.60999999999999 139.80000000000001 144.88999999999999 141.81 141.81 141.81 141.78000000000003 144.48000000000002 141.34000000000003 140.66999999999999 143.93000000000004 143.93000000000004 14 3.93000000000004 146.15 146.74999999999997 145.56999999999996 144.1 143.11000000000001 143.11000000000001 143.11000000000001 141.66 141.47 139.72000000000003 135.61000000000001 134.50999999999996 134.50999999999996 134.50999999999996 132.02999999999997 130.73999999999998 129.98000000000002 129.98000000000002 130.16 130.16 130.16 127.55999999999999 123.64000000000001 124.52000000000001 136.31000000000003 133.04999999999998 133.04999999999998 133.04999999999998 128.65 UST 2yr % (RHS) 0.66449999999999998 0.66469999999999996 0.66469999999999996 0.66469999999999996 0.65680000000000005 0.625 0.60909999999999997 0.60509999999999997 0.56100000000000005 0.56100000000000005 0.56100000000000005 0.54490000000000005 0.53879999999999995 0.50060000000000004 0.41220000000000001 0.48349999999999999 0.48349999999999999 0.48349999999999999 0.48349999999999999 0.4914 0.50739999999999996 0.51739999999999997 0.4864 0.4864 0.4864 0.51070000000000004 0.51049999999999995 0.46539999999999998 0.51580000000000004 0.44879999999999998 0.44879999999999998 0.44879999999999998 0.45860000000000001 0.50790000000000002 0.48420000000000002 0.51980000000000004 0.64349999999999996 0.64349999999999996 0.64349999999999996 0.65169999999999995 0.64990000000000003 0.66420000000000001 0.62419999999999998 0.6411 0.6411 0.6411 0.6411 0.66149999999999998 0.59699999999999998 0.61739999999999995 0.6321 0.6321 0.6321 0.60170000000000001 0.55289999999999995 0.60260000000000002 0.64610000000000001 0.61839999999999995 0.61839999999999995 0.61839999999999995 0.66210000000000002 0.67820000000000003 0.65459999999999996 0.63890000000000002 0.72340000000000004 0.72340000000000004 0.72340000000000004 0.69169999999999998 0.67989999999999995 0.68020000000000003 0.66439999999999999 0.65700000000000003 0.65700000000000003 0.65700000000000003 0.64910000000000001 0.67159999999999997 0.55249999999999999 0.60919999999999996 0.58120000000000005 0.58120000000000005 0.58120000000000005 0.56910000000000005 0.55700000000000005 0.60229999999999995 0.61019999999999996 0.59440000000000004 0.59440000000000004 0.59440000000000004 0.57869999999999999 0.55510000000000004 0.53549999999999998 0.53959999999999997 0.47620000000000001 0.47620000000000001 0.47620000000000001 0.496 0.51590000000000003 0.53180000000000005 0.54779999999999995 0.55600000000000005 0.55600000000000005 0.55600000000000005 0.52800000000000002 0.51200000000000001 0.496 0.4839 0.5081 0.5081 0.5081 0.5202 0.51619999999999999 0.54459999999999997 0.52839999999999998 0.50409999999999999 0.50409999999999999 0.50409999999999999 0.51629999999999998 0.56100000000000005 0.55700000000000005 0.56699999999999995 0.59499999999999997 0.59499999999999997 0.59499999999999997 0.59909999999999997 0.623 0.6351 0.63129999999999997 0.57189999999999996 0.57189999999999996 0.57189999999999996 0.61599999999999999 0.59609999999999996 0.57620000000000005 0.54410000000000003 0.5363 0.5363 0.5363 0.57669999999999999 0.61329999999999996 0.58499999999999996 0.57299999999999995 0.61419999999999997 0.61419999999999997 0.61419999999999997 0.61419999999999997 0.61229999999999996 0.64849999999999997 0.62890000000000001 0.60529999999999995 0.60529999999999995 0.60529999999999995 0.64470000000000005 0.65269999999999995 0.67249999999999999 0.66069999999999995 0.7087 0.7087 0.7087 0.68 079999999999996 0.71689999999999998 0.72499999999999998 0.71309999999999996 0.72560000000000002 0.72560000000000002 0.72560000000000002 0.70150000000000001 0.6855 0.6492 0.6331 0.6169 0.6169 0.6169 0.65749999999999997 0.67789999999999995 0.68020000000000003 0.68799999999999994 0.7117 0.7117 0.7117 0.63290000000000002 0.64270000000000005 0.68820000000000003 0.627 0.627 0.627 0.627 0.58919999999999995 0.58520000000000005 0.54139999999999999 0.58509999999999995 0.63700000000000001 0.63700000000000001 0.63700000000000001 0.67720000000000002 0.63700000000000001 0.625 0.6552 0.66549999999999998 0.66549999999999998 0.66549999999999998 0.70609999999999995 0.67779999999999996 0.70630000000000004 0.69420000000000004 0.67810000000000004 0.67810000000000004 0.67810000000000004 0.64949999999999997 0.66800000000000004 0.70379999999999998 0.72750000000000004 0.66059999999999997 0.66059999999999997 0.66059999999999997 0.66459999999999997 0.73219999999999996 0.72629999999999995 0.7006 0.71689999999999998 0.71689999999999998 0.71689999999999998 0.72099999999999997 0.67300000000000004 0.66510000000000002 0.70730000000000004 0.7218 0.7218 0.7218 0.70579999999999998 0.71799999999999997 0.65739999999999998 0.65329999999999999 0.61280000000000001 0.61280000000000001 0.61280000000000001 0.56799999999999995 0.60050000000000003 0.67200000000000004 0.68779999999999997 0.71560000000000001 0.7156 0000000000001 0.71560000000000001 0.73750000000000004 0.70399999999999996 0.70809999999999995 0.69230000000000003 0.70669999999999999 0.70669999999999999 0.70669999999999999 0.70669999999999999 0.73270000000000002 0.7409 0.73299999999999998 0.70530000000000004 0.70530000000000004 0.70530000000000004 0.72560000000000002 0.8024 0.81079999999999997 0.67949999999999999 0.67769999999999997 0.67769999999999997 0.67769999999999997 0.70620000000000005 0.67379999999999995 0.69930000000000003 0.67979999999999996 0.69179999999999997 0.69179999999999997 0.69179999999999997 0.66830000000000001 0.64859999999999995 0.62890000000000001 0.64470000000000005 0.57940000000000003 0.57940000000000003 0.57940000000000003 0.60519999999999996 0.60119999999999996 0.625 0.63300000000000001 0.63700000000000001 0.63700000000000001 0.63700000000000001 0.63700000000000001 0.61699999999999999 0.54869999999999997 0.5968 0.60880000000000001 0.60880000000000001 0.60880000000000001 0.58660000000000001 0.629 0.62090000000000001 0.60060000000000002 0.64129999999999998 0.64129999999999998 0.64129999999999998 0.63719999999999999 0.62090000000000001 0.70289999999999997 0.72360000000000002 0.72399999999999998 0.72399999999999998 0.72399999999999998 0.75309999999999999 0.76570000000000005 0.81159999999999999 0.8256 0.88590000000000002 0.88590000000000002 0.88590000000000002 0.8821 0.87439999999999996 0.87439999999999996 0.87060000000000004 0.8347 0.8347 0.8347 0.85099999999999998 0.85109999999999997 0.87560000000000004 0.8921 0.91720000000000002 0.91720000000000002 0.91720000000000002 0.91739999999999999 0.93030000000000002 0.93430000000000002 0.93430000000000002 0.91849999999999998 0.91849999999999998 0.91849999999999998 0.9304 0.90669999999999995 0.9345 0.95050000000000001 0.93879999999999997 0.93879999999999997 0.93879999999999997 0.92290000000000005

Spread (bps)

Yield (%)

U.S.TIPS can offer attractive value…

U.S. Rates: Time to reconsider TIPS as labor market slack erodes.

…but inflation expectations may start to decouple from oil markets

Sources: BlackRock Investment Institute. Bloomberg. As of 12/7/2015.

Sources: BlackRock Investment Institute. Bloomberg. As of 12/7/2015. WTI is West Texas Intermediate Crude Oil and US BE 10 is the Breakeven 10 year rate.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

US10 Year Breakeven % 42005 42006 42007 42008 42009 42010 42011 42012 42013 42014 42015 42016 42017 42018 42019 42020 42021 42022 42023 42024 42025 42026 42027 42028 42029 42030 42031 42032 42033 42034 42035 42036 42037 42038 42039 42040 42041 42042 42043 42044 42045 42046 42047 42048 42049 42050 42051 42052 42053 42054 42055 42056 42057 42058 42059 42060 42061 42062 42063 42064 42065 42066 42067 42068 42069 42070 42071 42072 42073 42074 42075 42076 42077 42078 42079 42080 42081 42082 42083 42084 42085 42086 42087 42088 42089 42090 42091 42092 42093 42094 42095 42096 42097 42098 42099 42100 42101 42102 42103 42104 42105 42106 42107 42108 42109 42110 42111 42112 42113 42114 42115 42116 42117 42118 42119 42120 42121 42122 42123 42124 42125 42126 42127 42128 42129 42130 42131 42132 42133 42134 42135 42136 42137 42138 42139 42140 42141 42142 42143 42144 42145 42146 42147 42148 42149 42150 42151 42152 42153 42154 42155 42156 42157 42158 42159 42160 42161 42162 42163 42164 42165 42166 42167 42168 42169 42170 42171 42172 42173 42174 42175 42176 42177 42178 42179 42180 42181 42182 42183 42184 42185 42186 42187 42188 42189 42190 42191 42192 42193 42194 42195 42196 42197 42198 42199 42200 42201 42202 42203 42204 42205 42206 42207 42208 42209 42210 42211 42212 42213 42214 42215 42216 42217 42218 42219 42220 42221 42222 42223 42224 42225 42226 42227 42228 42229 42230 42231 42232 42233 42234 42235 42236 42237 42238 42239 42240 42241 42242 42243 42244 42245 42246 42247 42248 42249 42250 42251 42252 42253 42254 42255 42256 42257 42258 42259 42260 42261 42262 42263 42264 42265 42266 42267 42268 42269 42270 42271 42272 42273 42274 42275 42276 42277 42278 42279 42280 42281 42282 42283 42284 42285 42286 42287 42288 42289 42290 42291 42292 42293 42294 42295 42296 42297 42298 42299 42300 42301 42302 42303 42304 42305 42306 42307 42308 42309 42310 42311 42312 42313 42314 42315 42316 42317 42318 42319 42320 42321 42322 42323 42324 42325 42326 42327 42328 42329 42330 42331 42332 42333 42334 42335 42336 42337 42338 42339 42340 42341 42342 42343 42344 42345 1.6928999999999998 1.7086999999999999 1.7086999999999999 1.7086999999999999 1.6412 1.554 1.5832000000000002 1.6205000000000001 1.6125 1.6125 1.6125 1.5641 1.5331999999999999 1.5686 1.5672000000000001 1.5981999999999998 1.5981999999999998 1.5981999999999998 1.5981999999999998 1.5966 1.6169 1.6423000000000001 1.5984 1.5984 1.5984 1.611 1.6472 1.5994999999999999 1.631 1.6448 1.6448 1.6448 1.6446000000000001 1.7018 1.6987000000000001 1.6876 1.7175 1.7175 1.7175 1.7088000000000001 1.7027999999999999 1.6884000000000001 1.6623999999999999 1.6952 1.6952 1.6952 1.6928000000000001 1.7210999999999999 1.7196 1.7528999999999999 1.7572000000000001 1.7572000000000001 1.7572000000000001 1.734 1.7281 1.7351999999999999 1.8068 1.8336000000000001 1.8336000000000001 1.8336000000000001 1.8325 1.8738000000000001 1.8793 1.8494999999999999 1.8328 1.8328 1.8328 1.7631999999999999 1.7385999999999999 1.7282999999999999 1.7105000000000001 1.6956 1.6956 1.6956 1.6558000000000002 1.653 1.7242 1.7932000000000001 1.7662 1.7662 1.7662 1.7486999999999999 1.7721 1.8028999999999999 1.8087 1.7766999999999999 1.7766999999999999 1.7766999999999999 1.7463 1.7772999999999999 1.8058000000000001 1.8148 1.8368 1.8368 1.8368 1.8464 1.8597999999999999 1.8389 1.8361000000000001 1.8227 1.8227 1.8227 1.8122 1.8087 1.8401000000000001 1.8526 1.893 1.893 1.893 1.8942999999999999 1.8719000000000001 1.8806 1.8875 1.8959999999999999 1.8959999999999999 1.8959999999999999 1.9115 1.899 1.9268000000000001 1.929 1.9457 1.9457 1.9457 1.9315 1.9336 1.9123999999999999 1.8936999999999999 1.8856000000000002 1.8856000000000002 1.8856000000000002 1.8839999999999999 1.8862999999999999 1.8963999999999999 1.8769 1.8618000000000001 1.8618000000000001 1.8618000000000001 1.8837000000000002 1.8824000000000001 1.9012 1.8744000000000001 1.899 1.899 1.899 1.899 1.8479000000000001 1.8136000000000001 1.8101 1.8288 1.8288 1.8288 1.8273999999999999 1.8519999999999999 1.8555999999999999 1.8361000000000001 1.8858999999999999 1.8858999999999999 1.8858999999999999 1.8769 1.8953 1.8872 1.8573 1.8662000000000001 1.8662000000000001 1.8662000000000001 1.8717000000000001 1.9052 1.9232 1.9083000000000001 1.8841999999999999 1.8841999999999999 1.8841999999999999 1.9294 1.9415 1.9277 1.9315 1.9363999999999999 1.9363999999999999 1.9363999999999999 1.8835999999999999 1.8929 1.9152 1.9201999999999999 1.9201999999999999 1.9201999999999999 1.9201999999999999 1.9001000000000001 1.8868 1.8416999999999999 1.8613 1.8820000000000001 1.8820000000000001 1.8820000000000001 1.8789 1.8646 1.8505 1.8494999999999999 1.8321000000000001 1.8321000000000001 1.8321000000000001 1.8319999999999999 1.8286 1.8149 1.7690999999999999 1.7627000000000002 1.7627000000000002 1.7627000000000002 1.7328000000000001 1.7444999999999999 1.7690999999999999 1.7648999999999999 1.7452999999999999 1.7452999999999999 1.7452999999999999 1.7019 1.7044000000000001 1.7006999999999999 1.6762000000000001 1.6614 1.6614 1.6614 1.6987000000000001 1.6562000000000001 1.6299000000000001 1.6255999999999999 1.6271 1.6271 1.6271 1.5975000000000001 1.5943000000000001 1.5752999999999999 1.5609 1.5367 1.5367 1.5367 1.4898 1.5314999999999999 1.5449999999999999 1.5886 1.6175000000000002 1.6175000000000002 1.6175000000000002 1.6367 1.5716000000000001 1.5590999999999999 1.5364 1.5137 1.5137 1.5137 1.5142 1.5335000000000001 1.5594000000000001 1.5988 1.5897999999999999 1.5897999999999999 1.5897999999999999 1.5632999999999999 1.5754999999999999 1.5712999999999999 1.5807 1.5632000000000001 1.5632000000000001 1.5632000000000001 1.5575999999999999 1.53 1.5243 1.4965999999999999 1.4696 1.4696 1.4696 1.3862000000000001 1.3998999999999999 1.4309000000000001 1.4603999999999999 1.4937 1.4937 1.4937 1.5131999999999999 1.5274000000000001 1.5535000000000001 1.5807 1.5327999999999999 1.5327999999999999 1.5327999999999999 1.5327999999999999 1.5217000000000001 1.4938 1.5005999999999999 1.4843999999999999 1.4843999999999999 1.4843999999999999 1.46 1.4865999999999999 1.4523999999999999 1.4863 1.5230999999999999 1.5230999999999999 1.5230999999999999 1.4874000000000001 1.4859 1.4732000000000001 1.5223 1.5291999999999999 1.5291999999999999 1.5291999999999999 1.5531999 999999999 1.589 1.5756000000000001 1.5604 1.5914999999999999 1.5914999999999999 1.5914999999999999 1.6101999999999999 1.5784 1.5788 1.5672000000000001 1.5541 1.5541 1.5541 1.5443 1.5640000000000001 1.5916000000000001 1.6099999999999999 1.635 1.635 1.635 1.6434 1.6455 1.6379000000000001 1.6379000000000001 1.6352 1.6352 1.6352 1.6202999999999999 1.5981999999999998 1.5882000000000001 1.6343000000000001 1.6263000000000001 1.6263000000000001 1.6263000000000001 1.5748 Fed's Inflation Target % 42005 42006 42007 42008 42009 42010 42011 42012 42013 42014 42015 42016 42017 42018 42019 42020 42021 42022 42023 42024 42025 42026 42027 42028 42029 42030 42031 42032 42033 42034 42035 42036 42037 42038 42039 42040 42041 42042 42043 42044 42045 42046 42047 42048 42049 42050 42051 42052 42053 42054 42055 42056 42057 42058 42059 42060 42061 42062 42063 42064 42065 42066 42067 42068 42069 42070 42071 42072 42073 42074 42075 42076 42077 42078 42079 42080 42081 42082 42083 42084 42085 42086 42087 42088 42089 42090 42091 42092 42093 42094 42095 42096 42097 42098 42099 42100 42101 42102 42103 42104 42105 42106 42107 42108 42109 42110 42111 42112 42113 42114 42115 42116 42117 42118 42119 42120 42121 42122 42123 42124 42125 42126 42127 42128 42129 42130 42131 42132 42133 42134 42135 42136 42137 42138 42139 42140 42141 42142 42143 42144 42145 42146 42147 42148 42149 42150 42151 42152 42153 42154 42155 42156 42157 42158 42159 42160 42161 42162 42163 42164 42165 42166 42167 42168 42169 42170 42171 42172 42173 42174 42175 42176 42177 42178 42179 42180 42181 42182 42183 42184 42185 42186 42187 42188 42189 42190 42191 42192 42193 42194 42195 42196 42197 42198 42199 42200 42201 42202 42203 42204 42205 42206 42207 42208 42209 42210 42211 42212 42213 42214 42215 42216 42217 42218 42219 42220 42221 42222 42223 42224 42225 42226 42227 42228 42229 42230 42231 42232 42233 42234 42235 42236 42237 42238 42239 42240 42241 42242 42243 42244 42245 42246 42247 42248 42249 42250 42251 42252 42253 42254 42255 42256 42257 42258 42259 42260 42261 42262 42263 42264 42265 42266 42267 42268 42269 42270 42271 42272 42273 42274 42275 42276 42277 42278 42279 42280 42281 42282 42283 42284 42285 42286 42287 42288 42289 42290 42291 42292 42293 42294 42295 42296 42297 42298 42299 42300 42301 42302 42303 42304 42305 42306 42307 42308 42309 42310 42311 42312 42313 42314 42315 42316 42317 42318 42319 42320 42321 42322 42323 42324 42325 42326 42327 42328 42329 42330 42331 42332 42333 42334 42335 42336 42337 42338 42339 42340 42341 42342 42343 42344 42345 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Yield (%)

Trendline

y = 90.201x - 100.25

2.2317999999999998 2.2507000000000001 2.2522000000000002 2.2522000000000002 2.2522000000000002 2.2452000000000001 2.2423999999999999 2.2757000000000001 2.3029999999999999 2.2692999999999999 2.2692999999999999 2.2692999999999999 2.2561 2.2481 2.2669999999999999 2.2406000000000001 2.2444000000000002 2.2444000000000002 2.2444000000000002 2.2435 2.2402000000000002 2.2452000000000001 2.2156000000000002 2.129 2.129 2.129 2.1375999999999999 2.1398000000000001 2.1337999999999999 2.1438999999999999 2.1316000000000002 2.1316000000000002 2.1316000000000002 2.1276999999999999 2.1202999999999999 2.1238999999999999 2.145 2.1642999999999999 2.1642999999999999 2.1642999999999999 2.1785999999999999 2.1688999999999998 2.1808999999999998 2.1918000000000002 2.1711 2.1711 2.1711 2.1711 2.1602999999999999 2.1505000000000001 2.1353 2.1440999999999999 2.1440999999999999 2.1440999999999999 2.1635 2.1676000000000002 2.1720000000000002 2.169 2.1819999999999999 2.1819999999999999 2.1819999999999999 2.1798000000000002 2.1916000000000002 2.1966000000000001 2.2143999999999999 2.2311999999999999 2.2311999999999999 2.2311999999999999 2.2227000000000001 2.2132999999999998 2.1879 2.1718000000000002 2.1821000000000002 2.1821000000000002 2.1821000000000002 2.1951999999999998 2.1936 2.1661000000000001 2.1451000000000002 2.1516999999999999 2.1516 999999999999 2.1516999999999999 2.1581000000000001 2.1547000000000001 2.1492 2.1389 2.1374 2.1374 2.1374 2.14 2.14 2.1478000000000002 2.1503999999999999 2.1435 2.1435 2.1435 2.1322000000000001 2.1221999999999999 2.1423000000000001 2.1402999999999999 2.141 2.141 2.141 2.1343000000000001 2.1434000000000002 2.1671999999999998 2.2139000000000002 2.214 2.214 2.214 2.2080000000000002 2.2132999999999998 2.2170000000000001 2.2189000000000001 2.2000000000000002 2.2000000000000002 2.2000000000000002 2.1874000000000002 2.1766999999999999 2.1890000000000001 2.1932 2.1911999999999998 2.1911999999999998 2.1911999999999998 2.1800000000000002 2.1614 2.1646999999999998 2.1789000000000001 2.1768999999999998 2.1768999999999998 2.1768999999999998 2.1669 2.1520000000000001 2.1661999999999999 2.1814999999999998 2.1762999999999999 2.1762999999999999 2.1762999999999999 2.1625000000000001 2.1583999999999999 2.1762999999999999 2.2166999999999999 2.2185000000000001 2.2185000000000001 2.2185000000000001 2.2185000000000001 2.2069000000000001 2.2103999999999999 2.2343000000000002 2.2147000000000001 2.2147000000000001 2.2147000000000001 2.2027999999999999 2.1863000000000001 2.1667000000000001 2.1764000000000001 2.1877 2.1877 2.1877 2.2025000000000001 2.2000000000000002 2.2002999999999999 2.1863999999999999 2.1764000000000001 2.1764000000000001 2.1764000000000001 2.1808000000000001 2.2113999999999998 2.2172999999999998 2.242 2.2652999999999999 2.2652999999999999 2.2652999999999999 2.2618999999999998 2.2723 2.2622999999999998 2.2563 2.2555999999999998 2.2555999999999998 2.2555999999999998 2.2439 2.2366000000000001 2.2408999999999999 2.2612000000000001 2.2612000000000001 2.2612000000000001 2.2612000000000001 2.2523 2.2423999999999999 2.2633000000000001 2.2633000000000001 2.2648000000000001 2.2648000000000001 2.2648000000000001 2.2536 2.2334999999999998 2.2143999999999999 2.2147000000000001 2.2166999999999999 2.2166999999999999 2.2166999999999999 2.2254999999999998 2.2157999999999998 2.2094999999999998 2.2433999999999998 2.27010000000 00002 2.2701000000000002 2.2701000000000002 2.2692000000000001 2.2662 2.2711000000000001 2.2684000000000002 2.2511000000000001 2.2511000000000001 2.2511000000000001 2.2322000000000002 2.2362000000000002 2.2336999999999998 2.2317 2.2382 2.2382 2.2382 2.2437999999999998 2.2302 2.2265000000000001 2.2233000000000001 2.1941999999999999 2.1941999999999999 2.1941999999999999 2.1911999999999998 2.1823000000000001 2.1739000000000002 2.1812999999999998 2.1518000000000002 2.1518000000000002 2.1518000000000002 2.1499000000000001 2.1551999999999998 2.1452 2.1352000000000002 2.1284999999999998 2.1284999999999998 2.1284999999999998 2.1284999999999998 2.1568999999999998 2.1722999999999999 2.16880000000 00001 2.1606000000000001 2.1606000000000001 2.1606000000000001 2.1373000000000002 2.1154999999999999 2.1097000000000001 2.1326999999999998 2.1362999999999999 2.1362999999999999 2.1362999999999999 2.1310000000000002 2.1246 2.0543999999999998 2.0325000000000002 2.0270000000000001 2.0270000000000001 2.0270000000000001 1.9976 2.0207000000000002 2.0343 2.0118999999999998 1.9708999999999999 1.9708999999999999 1.9708999999999999 1.9513 1.9725999999999999 1.9565999999999999 1.9577 1.9401999999999999 1.9401999999999999 1.9401999999999999 1.9374 1.9217 1.9679 1.9697 1.9624999999999999 1.9624999999999999 1.9624999999999999 1.9624999999999999 1.9155 1.8653999999999999 1.8921000000000001 1.9254 1.9254 1.9254 1.903 1.9137 1.9041999999999999 1.9098000000000002 1.9031 1.9031 1.9031 1.8959000000000001 1.9138999999999999 1.9085999999999999 1.9077999999999999 1.9283000000000001 1.9283000000000001 1.9283000000000001 1.9298999999999999 1.9171 1.9293 1.9431 1.9384999999999999 1.9384999999999999 1.9384999999999999 1.9379999999999999 1.9379999999999999 1.9201999999999999 1.8944000000000001 1.9012 1.9012 1.9012 1.87 1.8613 1.8418000000000001 1.8607 1.873 1.873 1.873 1.8801999999999999 1.8547 1.8411999999999999 1.8411999999999999 1.8 1.8 1.8 1.8068 1.7871000000000001 1.7947 1.7749999999999999 1.7603 1.7603 1.7603 1.7187000000000001 1.7427000000000001 1.7084000000000001 1.6992 1.6253 1.6253 1.6253 1.621 1.6465000000000001 1.6488 1.6496 1.6880999999999999 1.6880999999999999 1.6880999999999999 1.7044999999999999 1.7079 1.6861999999999999 1.6861999999999999 1.6798999999999999 1.6798999999999999 1.6798999999999999 1.6493 1.6377999999999999 1.6800999999999999 1.6928999999999998 1.7086999999999999 1.7086999999999999 1.7086999999999999 1.6412 1.554 1.5832000000000002 1.6205000000000001 1.6125 1.6125 1.6125 1.5641 1.5331999 999999999 1.5686 1.5672000000000001 1.5981999999999998 1.5981999999999998 1.5981999999999998 1.5981999999999998 1.5966 1.6169 1.6423000000000001 1.5984 1.5984 1.5984 1.611 1.6472 1.5994999999999999 1.631 1.6448 1.6448 1.6448 1.6446000000000001 1.7018 1.6987000000000001 1.6876 1.7175 1.7175 1.7175 1.7088000000000001 1.7027999999999999 1.6884000000000001 1.6623999999999999 1.6952 1.6952 1.6952 1.6928000000000001 1.7210999999999999 1.7196 1.7528999999999999 1.7572000000000001 1.7572000000000001 1.7572000000000001 1.734 1.7281 1.7351999999999999 1.8068 1.833600 0000000001 1.8336000000000001 1.8336000000000001 1.8325 1.8738000000000001 1.8793 1.8494999999999999 1.8328 1.8328 1.8328 1.7631999999999999 1.7385999999999999 1.7282999999999999 1.7105000000000001 1.6956 1.6956 1.6956 1.6558000000000002 1.653 1.7242 1.7932000000000001 1.7662 1.7662 1.7662 1.7486999999999999 1.7721 1.8028999999999999 1.8087 1.7766999999999999 1.7766999999999999 1.7766999999999999 1.7463 1.7772999999999999 1.8058000000000001 1.8148 1.8368 1.8368 1.8368 1.8464 1.8597999999999999 1.8389 1.8361000000000001 1.8227 1.8227 1.8227 1.8122 1.8087 1.8401000000000001 1.8526 1.893 1.893 1.893 1.8942999999999999 1.8719000000000001 1.8806 1.8875 1.8959999999999999 1.8959999999999999 1.8959999999999999 1.9115 1.899 1.9268000000000001 1.929 1.9457 1.9457 1.9457 1.9315 1.9336 1.9123999999999999 1.8936999999999999 1.8856000000000002 1.8856000000000002 1.8856000000000002 1.8839999999999999 1.8862999999999999 1.8963999999999999 1.8769 1.8618000000000001 1.8618000000000001 1.8618000000000001 1.8837000000000002 1.8824000000000001 1.9012 1.8744000000000001 1.899 1.899 1.899 1.899 1.8479000000000001 1.8136000000000001 1.8101 1.8288 1.8288 1.8288 1.8273999999999999 1.8519999999999999 1.8555999999999999 1.8361000000000001 1.8858999999999999 1.8858999999999999 1.8858999999999999 1.8769 1.8953 1.8872 1.8573 1.8662000000000001 1.8662000000000001 1.8662000000000001 1.8717000000000001 1.9052 1.9232 1.9083000000000001 1.8841999999999999 1.8841999999999999 1.8841999999999999 1.9294 1.9415 1.9277 1.9315 1.9363999999999999 1.9363999999999999 1.9363999999999999 1.8835999999999999 1.8929 1.9152 1.9201999999999999 1.9201999999999999 1.9201999999999999 1.9201999999999999 1.9001000000000001 1.8868 1.8416999999999999 1.8613 1.8820000000000001 1.8820000000000001 1.8820000000000001 1.8789 1.8646 1.8505 1.8494999999999999 1.8321000000000001 1.8321000000000001 1.8321000000000001 1.8319999999999999 1.8286 1.8149 1.7690999999999999 1.7627000000000002 1.7627000000000002 1.7627000000000002 1.7328000000000001 1.7444999999999999 1.7690999999999999 1.7648999999999999 1.7452999999999999 1.7452999999999999 1.7452999999999999 1.7019 1.7044000000000001 1.7006999999999999 1.6762000000000001 1.6614 1.6614 1.6614 1.6987000000000001 1.6562000000000001 1.6299000000000001 1.6255999999999999 1.6271 1.6271 1.6271 1.5975000000000001 1.5943000000000001 1.5752999999999999 1.5609 1.5367 1.5 367 1.5367 1.4898 1.5314999999999999 1.5449999999999999 1.5886 1.6175000000000002 1.6175000000000002 1.6175000000000002 1.6367 1.5716000000000001 1.5590999999999999 1.5364 1.5137 1.5137 1.5137 1.5142 1.5335000000000001 1.5594000000000001 1.5988 1.5897999999999999 1.5897999999999999 1.5897999999999999 1.5632999999999999 1.5754999999999999 1.5712999999999999 1.5807 1.5632000000000001 1.5632000000000001 1.5632000000000001 1.5575999999999999 1.53 1.5243 1.4965999999999999 1.4696 1.4696 1.4696 1.3862000000000001 1.3998999999999999 1.4309000000000001 1.4603999999999999 1.4937 1.4937 1.4937 1.513 1999999999999 1.5274000000000001 1.5535000000000001 1.5807 1.5327999999999999 1.5327999999999999 1.5327999999999999 1.5327999999999999 1.5217000000000001 1.4938 1.5005999999999999 1.4843999999999999 1.4843999999999999 1.4843999999999999 1.46 1.4865999999999999 1.4523999999999999 1.4863 1.5230999999999999 1.5230999999999999 1.5230999999999999 1.4874000000000001 1.4859 1.4732000000000001 1.5223 1.5291999999999999 1.5291999999999999 1.5291999999999999 1.5531999999999999 1.589 1.5756000000000001 1.5604 1.5914999999999999 1.5914999999999999 1.5914999999999999 1.6101999999999999 1.5784 1.5788 1.5672000000000001 1.5541 1.5541 1.5541 1.5443 1.5640000000000001 1.5916000000000001 1.6099999999999999 1.635 1.635 1.635 1.6434 1.6455 1.6379000000000001 1.6379000000000001 1.6352 1.6352 1.6352 1.6202999999999999 1.5981999999999998 1.5882000000000001 1.6343000000000001 1.6263000000000001 1.6263000000000001 1.6263000000000001 1.5758000000000001 98.42 95.44 93.96 93.96 93.96 93.43 93.67 92.33 91.66 92.72 92.72 92.72 91.8 92.59 94.17 93.96 94.37 94.37 94.37 94.37 94.99 96.73 97.32 96.64 96.64 96.64 95.72 97.41 97.36 98.23 97.49 97.49 97.49 96.43 97.19 97.38 97.84 99.88 99.88 99.88 100.06 99.94 100.37 100.35 100.3 100.3 100.3 100.3 102.43 103.31 102.92 102.2 102.2 102.2 102.82 101.83 102.59 102.4 102.59 102.59 102.59 104.92 103.33 101.45 101.56 102.58 102.58 102.58 101.12 100.03 97.99 98.2 98.89 98.89 98.89 98.08 99.7 100.37 99.43 99.46 99.46 99.46 99.6 99.19 100.26 101.28 101.67 101.67 101.67 101.58 99.74 99.62 100.29 101.14 101.14 101.14 100.44 102.56 103.6 103.4 103.74 103.74 103.74 104.05 103.75 103.76 104.3 104.3 104.3 104.3 104.37 102.13 101.44 101.94 100.6 100.6 100.6 100.84 101.28 99.74 99.42 99.76 99.76 99.76 99.48 99.5 100.77 100.26 99.99 99.99 99.99 100.59 101.7 102.37 101.5 102.02 102.02 102.02 102.61 102.44 104.07 103.74 104.35 104.35 104.35 104.35 104.11 102.72 103.58 102.71 102.71 102.71 102.47 102.66 102.64 102.48 102.66 102.66 102.66 104.41 104.35 104.4 106.53 106.91 106.91 106.91 106.9 106.36 105.97 106.43 107.26 107.26 107.26 106.17 106.03 106.5 105.84 105.74 105.74 105.74 105.37 105.34 104.48 104.06 104.06 104.06 104.06 103.53 103.4 102.29 102.93 100.83 100.83 100.83 100.91 99.96 101.2 103.19 103.13 103.13 103.13 104.59 104.42 103.12 102.07 102.09 102.09 102.09 101.67 100.97 100.27 98.17 97.88 97.88 97.88 98.29 97.38 96.92 97.34 97.65 97.65 97.65 98.08 97.37 97.59 95.58 97.35 97.35 97.35 96.41 94.48 96.07 93.96 93.65 93.65 93.65 93.35 93.86 93.88 94.55 95.96 95.96 95.96 95.96 92.88 95.54 94.45 93.29 93.29 93.29 92.66 92.75 91.67 92.83 92.27 92.27 92.27 92.92 94.88 94.42 93.07 92.41 92.41 92.41 91.52 91.56 92.8 92.53 93.54 93.54 93.54 94.57 91.16 90.73 91.01 89.74 89.74 89.74 90.34 88.85 87.31 85.77 85.82 85.82 85.82 85.74 81.84 81.78 82.7 82.75 82.75 82.75 82.71 82.81 80.52 82.09 81.010000000000005 81.010000000000005 81.010000000000005 81 81.42 82.2 81.12 80.540000000000006 80.540000000000006 80.540000000000006 78.78 77.19 78.680000000000007 77.91 78.650000000000006 78.650000000000006 78.650000000000006 77.400000000000006 77.94 77.180000000000007 74.209999999999994 75.819999999999993 75.819999999999993 75.819999999999993 75.64 74.61 74.58 75.58 76.510000000000005 76.510000000000005 76.510000000000005 75.78 74.09 73.69 73.69 66.15000 0000000006 66.150000000000006 66.150000000000006 69 66.88 67.38 66.81 65.84 65.84 65.84 63.05 63.82 60.94 59.95 57.81 57.81 57.81 55.91 55.93 56.47 54.11 56.52 56.52 56.52 55.26 57.12 55.84 55.84 54.73 54.73 54.73 53.61 54.12 53.27 53.27 52.69 52.69 52.69 50.04 47.93 48.65 48.79 48.36 48.36 48.36 46.07 45.89 48.48 46.25 48.69 48.69 48.69 48.69 46.39 47.78 46.31 45.59 45.59 45.59 45.15 46.23 44.45 44.53 48.24 48.24 48.24 49.57 53.05 48.45 50.48 51.69 51.69 51.69 52.86 50.02 48.84 51.21 52.78 52.78 52.78 52.78 53.53 52.14 51.16 50.34 50.34 50.34 49.45 49.28 50.99 48.17 49.76 49.76 49.76 49.59 50.52 51.53 50.76 49.61 49.61 49.61 50 48.29 48.17 47.05 44.84 44.84 44.84 43.88 43.46 44.66 43.96 45.72 45.72 45.72 47.45 47.51 49.21 51.43 48.87 48.87 48.87 48.68 47.6 50.09 49.14 49.14 49.14 49.14 52.14 53.98 50.42 50.79 51.64 51.64 51.64 51.91 53.29 56.39 56.71 55.74 55.74 55.74 56.38 55.26 56.16 57.74 57.15 57.15 57.15 56.99 57.06 58.58 59.63 59.15 59.15 59.15 58.93 60.4 60.93 58.94 59.39 59.39 59.39 59.25 60.75 60.5 59.88 59.69 59.69 59.69 59.43 57.26 58.98 60.72 59.72 59.72 59.72 59.72 58.03 57.51 57.68 60.3 60.3 60.3 60.2 61.26 59.64 58 59.13 59.13 59.13 58.14 60.14 61.43 60.77 59.96 59.96 59.96 59.52 59.97 59.92 60.45 59.61 59.61 59.61 59.68 61.01 60.27 59.7 59.63 59.63 59.63 58.33 59.47 56.96 56.93 56.93 56.93 56.93 52.53 52.33 51.65 52.78 52.74 52.74 52.74 52.2 53.04 51.41 50.91 50.89 50.89 50.89 50.15 50.36 49.19 48.45 48.14 48.14 48.14 47.39 47.98 48.79 48.52 47.12 47.12 47.12 45.17 45.74 45.15 44.66 43.87 43.87 43.87 44.96 43.08 43.3 42.23 42.5 42.5 42.5 41.87 42.62 40.799999999999997 41.14 40.450000000000003 40.450000000000003 40.450000000000003 38.24 39.31 38.6 42.56 45.22 45.22 45.22 49.2 45.41 46.25 46.75 46.05 46.05 46.05 46.05 45.94 44.15 45.92 44.63 44.63 44.63 44 44.59 47.15 46.9 44.68 44.68 44.68 46.68 45.83 44.48 44.91 45.7 45.7 45.7 44.43 45.23 45.09 44.74 45.54 45.54 45.54 46.26 48.53 47.81 49.43 49.63 49.63 49.63 47.1 46.66 46.64 46.38 47.26 47.26 47.26 45.89 45.55 45.2 45.38 44.6 44.6 44.6 43.98 43.2 45.94 46.06 46.59 46.59 46.59 46.14 47.9 46.32 45.2 44.29 44.29 44.29 43.87 44.21 42.93 41.75 40.74 40.74 40.74 41.74 40.67 40.75 40.54 40.39 40.39 40.39 41.75 42.87 43.04 43.04 41.71 41.71 41.71 41.65 41.85 39.94 41.08 39.97 39.97 39.97 37.75

US BE 10 (%)

WTI Crude Oi l($)

Fundamentals paint a mixed picture as downgrades increasing…

U.S. High Yield: Assessing the debate over the end of the credit cycle.

…but leverage is not comparable to prior end of cycles.

Source: BlackRock Investment Institute, Moody’s. As of 11/21/2015.

Source: BlackRock Investment Institute, S&P Capital IQ & Barclays. Based on public filings of companies in the Barclays US High Yield Index. Commodities defined as energy and metals and mining. As of 11/20/2015.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

Spread (bps)

Yield (%)

Par Weighted Average Net Debt to EBITDA in US High Yield Excluding Commodities and Financials

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015Q1 2015Q2 2015Q3 7.2 8 7 6.4 5.5 5.8 5.6 6.3 6.5 6.7 5.8 5.9 6.1 5.8 6.3 6 5.8 5.8

Net Debt/EBITDA Ratio

Yet cheap on an absolute and relative basis

U.S. High Yield: Dispersion within the asset class is compelling.

Suggests moving up in credit quality spectrum.

Source: BlackRock Investment Institute, Bloomberg, J.P. Morgan. As of 12/7/2015. HY spread is for J.P. Morgan Domestic High Yield Index. HY/IG Ratio is HY index spread divided by J.P. Morgan JULI Index spread for Investment Grade Debt.

Source: BlackRock Investment Institute, J.P. Morgan. From 12/31/2014-12/7/2015. Data is indexed values of the performance of the separate credit rating buckets' market indexes of the J.P. Morgan HY Domestic Index. Callout boxes are the year to date return for that rating bucket.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

HY Spread (bps) 40544 40545 40546 40547 40548 40549 40550 40551 40552 40553 40554 40555 40556 40557 40558 40559 40560 40561 40562 40563 40564 40565 40566 40567 40568 40569 40570 40571 40572 40573 40574 40575 40576 40577 40578 40579 40580 40581 40582 40583 40584 40585 40586 40587 40588 40589 40590 40591 40592 40593 40594 40595 40596 40597 40598 40599 40600 40601 40602 40603 40604 40605 40606 40607 40608 40609 40610 40611 40612 40613 40614 40615 40616 40617 40618 40619 40620 40621 40622 40623 40624 40625 40626 40627 40628 40629 40630 40631 40632 40633 40634 40635 40636 40637 40638 40639 40640 40641 40642 40643 40644 40645 40646 40647 40648 40649 40650 40651 40652 40653 40654 40655 40656 40657 40658 40659 40660 40661 40662 40663 40664 40665 40666 40667 40668 40669 40670 40671 40672 40673 40674 40675 40676 40677 40678 40679 40680 40681 40682 40683 40684 40685 40686 40687 40688 40689 40690 40691 40692 40693 40694 40695 40696 40697 40698 40699 40700 40701 40702 40703 40704 40705 40706 40707 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42036 42037 42038 42039 42040 42041 42042 42043 42044 42045 42046 42047 42048 42049 42050 42051 42052 42053 42054 42055 42056 42057 42058 42059 42060 42061 42062 42063 42064 42065 42066 42067 42068 42069 42070 42071 42072 42073 42074 42075 42076 42077 42078 42079 42080 42081 42082 42083 42084 42085 42086 42087 42088 42089 42090 42091 42092 42093 42094 42095 42096 42097 42098 42099 42100 42101 42102 42103 42104 42105 42106 42107 42108 42109 42110 42111 42112 42113 42114 42115 42116 42117 42118 42119 42120 42121 42122 42123 42124 42125 42126 42127 42128 42129 42130 42131 42132 42133 42134 42135 42136 42137 42138 42139 42140 42141 42142 42143 42144 42145 42146 42147 42148 42149 42150 42151 42152 42153 42154 42155 42156 42157 42158 42159 42160 42161 42162 42163 42164 42165 42166 42167 42168 42169 42170 42171 42172 42173 42174 42175 42176 42177 42178 42179 42180 42181 42182 42183 42184 42185 42186 42187 42188 42189 42190 42191 42192 42193 42194 42195 42196 42197 42198 42199 42200 42201 42202 42203 42204 42205 42206 42207 42208 42209 42210 42211 42212 42213 42214 42215 42216 42217 42218 42219 42220 42221 42222 42223 42224 42225 42226 42227 42228 42229 42230 42231 42232 42233 42234 42235 42236 42237 42238 42239 42240 42241 42242 42243 42244 42245 42246 42247 42248 42249 42250 42251 42252 42253 42254 42255 42256 42257 42258 42259 42260 42261 42262 42263 42264 42265 42266 42267 42268 42269 42270 42271 42272 42273 42274 42275 42276 42277 42278 42279 42280 42281 42282 42283 42284 42285 42286 42287 42288 42289 42290 42291 42292 42293 42294 42295 42296 42297 42298 42299 42300 42301 42302 42303 42304 42305 42306 42307 42308 42309 42310 42311 42312 42313 42314 42315 42316 42317 42318 42319 42320 42321 42322 42323 42324 42325 42326 42327 42328 42329 42330 42331 42332 42333 42334 42335 42336 42337 42338 42339 42340 42341 42342 42343 42344 42345 583 583 573.52 571.54 559.66 560.29999999999995 567.78 567.78 567.78 570.03 567.70000000000005 561.17999999999995 562.57000000000005 561.01 561.01 561.01 561.01 557.33000000000004 558.71 554.91999999999996 555.53 555.53 555.53 552.37 552.16999999999996 548.53 548.54999999999995 550.27 550.27 550.27 546.53 539 531.09 523.72 516.95000000000005 516.95000000000005 516.95000000000005 512.72 500.53 505.72 504.64 507.33 507.33 507.33 504.32 505.55 503.72 502.72 503.2 503.2 503.2 503.2 514.49 515.54999999999995 519.49 520.46 520.46 520.46 519.66999999999996 520.76 514.61 504.76 513.14 513.14 513.14 511.84 511.16 514.79 528.92999999999995 531.05999999999995 531.05999999999995 531.05999999999995 539.96 550.80999999999995 558.16 547.41999999999996 546.24 546.24 546.24 536.07000000000005 537.6 536.91999999999996 530.80999999999995 527.86 527.86 527.86 528.92999999999995 521.55999999999995 522.9 516.96 519.79999999999995 519.79999999999995 519.79999999999995 518.91 515.73 506.55 506.28 503.78 503.78 503.78 504.11 511.95 513.62 511.06 518.1 518.1 518.1 524.88 525.47 518.6 518.94000000000005 518.94000000000005 518.94000000000005 518.94000000000005 521.04999999999995 523.07000000000005 521.4 521.55999999999995 521.19000000000005 521.19000000000005 521.19000000000005 519.99 515.58000000000004 515.42999999999995 519.5 520.88 520.88 520.88 520.08000000000004 513.6 517.9 515.34 517.73 517.73 517.73 521.6 522.89 521.12 522.58000000000004 525.29999999999995 525.29999999999995 525.29999999999995 530.61 532.13 535.07000000000005 539.83000000000004 540.79 540.79 540.79 540.79 539.29 543.82000000000005 545.84 551.4 551.4 551.4 554.97 558.76 565.55999999999995 565.03 568.42999999999995 568.42999999999995 568.42999999999995 572.27 566.22 575.08000000000004 588.21 587.35 587.35 587.35 590.9 589.66 587.61 594.89 602.55999999999995 602.55999999999995 602.55999999999995 600.32000000000005 590.91999999999996 579.58000000000004 567.03 561.96 561.96 561.96 561.96 564.97 565.79999999999995 557.88 566.66999999999996 566.66999999999996 566.66999999999996 579.92999999999995 586.83000000000004 584.36 578.22 582.21 582.21 582.21 585.29999999999995 583.54 576.71 568.75 564.19000000000005 564.19000000000005 564.19000000000005 560.66 565.85 563.57000000000005 564.74 579.47 579.47 579.47 582.67999999999995 598.02 604.48 631.16 635.4 635.4 635.4 691.67 717.56 727.22 732.14 724.33 724.33 724.33 709.27 710.38 707.27 724.54 728.7 728.7 728.7 729.29 741.01 740.82 739.46 744.83 744.83 744.83 738.55 739.9 723.02 719.86 727.42 727.42 727.42 727.42 742.52 732.66 730.66 740.55 740.55 740.55 750.37 750.57 746.57 740.11 739.41 739.41 739.41 749.79 746.63 750.35 775.13 775.63 775.63 775.63 776.49 772.01 779.97 788.14 807.99 807.99 807.99 834.43 863.61 858.31 836.79 820.79 820.79 820.79 820.79 807.14 785.5 784.83 771.46 771.46 771.46 771.07 769.96 753.46 748.31 731.64 731.64 731.64 720.86 717.74 709.84 684.26 682.26 682.26 682.26 699.11 725.39 719.34 709.39 710.91 710.91 710.91 711.88 706.26 725.73 726.15 726.15 726.15 726.15 726.67 73 3.97 738.05 741.41 743.03 743.03 743.03 758.23 768.55 775.85 775.85 772.07 772.07 772.07 768.44 769.52 755.33 747.39 742.79 742.79 742.79 735.42 732.28 732.52 735.26 734.84 734.84 734.84 740.48 740.04 745.19 744.43 746.02 746.02 746.02 744.57 736.82 731.25 727.95 720.94 720.94 720.94 720.94 721.72 722.3 720.61 724.11 724.11 724.11 724.11 712.14 709.5 708.81 707.07 707.07 707.07 704.84 701.76 705.67 703.94 709.62 709.62 709.62 709.62 708.18 706.45 692.74 686.5 686.5 686.5 681.7 679.57 681.7 671.91 673.5 673.5 673.5 678.58 677.75 671.61 672.58 662.78 662.78 662.78 660.48 655.82 650.61 648.39 654.84 654.84 654.84 651.89 652.30999999999995 653.67999999999995 653.27 647.30999999999995 647.30999999999995 647.30999999999995 647.30999999999995 640.95000000000005 635.76 636.34 628.64 628.64 628.64 631.44000000000005 628.38 621.69000000000005 619.69000000000005 622.64 622.64 622.64 626.79999999999995 647.11 642.82000000000005 635.04 632.48 632.48 632.48 631.07000000000005 622.97 610.77 616.80999999999995 615.83000000000004 615.83000000000004 615.83000000000004 609.91 612.84 616.33000000000004 621.52 624.62 624.62 624.62 625.41999999999996 628.15 626.9 632.87 629.28 629.28 629.28 629.47 620.72 628.86 633.49 633.49 633.49 633.49 648.67999999999995 657.39 657.22 651.54 653.46 653.46 653.46 653.57000000000005 647.58000000000004 645.86 648.78 645.86 645.86 645.86 650.20000000000005 645.67999999999995 638.35 639.28 632.67999999999995 632.67999999999995 632.67999999999995 631.45000000000005 624.48 622.9 622.22 624.85 624.85 624.85 626.72 629.78 633.80999999999995 628.04 629.71 629.71 629.71 638.04999999999995 642 645.51 665.83 672.55 672.55 672.55 682.29 677.94 686.27 682.32 683.88 683.88 683.88 683.88 681.1 3 692.25 695.93 715.17 715.17 715.17 717 721.44 709.08 699.68 698.92 698.92 698.92 698.91 699.7 698.17 694.81 696.42 696.42 696.42 693.55 682.29 670.99 668.69 667 667 667 674.72 672.1 666.39 666.84 655.08000000000004 655.08000000000004 655.08000000000004 653.07000000000005 647.37 647.37 650.4 653.16999999999996 653.16999999999996 653.16999999999996 652.69000000000005 650.73 646.89 649.71 649.84 649.84 649.84 650.47 648.07000000 000005 644.69000000000005 639.30999999999995 641.29 641.29 641.29 652.32000000000005 653.71 652.29999999999995 647.25 638.98 638.98 638.98 637.6 633.6 627.28 628.98 620.91999999999996 620.91999999999996 620.91999999999996 618.99 612.22 609.84 611.67999999999995 614.84 614.84 614.84 614.54999999999995 612.62 608.66999999999996 611.47 611.42999999999995 611.42999999999995 611.42999999999995 605.52 602.75 606.28 604.97 604.61 604.61 604.61 604.79 606.37 602.54 602.42999999999995 606.66999999999996 606.66999999999996 606.66999999999996 606.66999999999996 605.30999999999995 600.32000000000005 590 586.35 586.35 586.35 582.45000000000005 577.38 564.92999999999995 563.53 547.16999999999996 547.16999999999996 547.16999999999996 550.15 551.71 551.16999999999996 555.15 558.22 558.22 558.22 564.76 571.91999999999996 592.13 586.71 585.9 585.9 585.9 581.49 583.53 581.79 575.86 570.23 570.23 570.23 570.23 575.01 576.14 573.46 573.98 573.98 573.98 571.19000000000005 566.54999999999995 556.16 553.4 557.88 557.88 557.88 558.26 569.39 566.41 563 569.4 569.4 569.4 575.23 575.23 576.51 573.30999999999995 572.04999999999995 572.04999999999995 572.04999999999995 573.46 568.47 578.20000000000005 582.20000000000005 591.48 591.48 591.48 591.48 595.91 599.75 609.37 612.70000000000005 612.70000000000005 612.70000000000005 605.66999999999996 599.35 596.46 596.46 596.03 596.03 596.03 594.03 592.72 591.62 583.89 581.51 581.51 581.51 577.41999999999996 574.91999999999996 568.28 566.22 563.45000000000005 563.45000000000005 563.45000000000005 562.51 553.4 548.79 547.26 549.14 549.14 549.14 543.03 538.76 538.71 539.77 543.6 543.6 543.6 543.35 543.35 542.07000000000005 545.88 548.92999999999995 548.92999999999995 548.92999999999995 548.08000000000004 548.08000000000004 531.94000000000005 522.14 522.44000000000005 522.44000000000005 522.44000000000005 521.74 519.46 519.22 512.29999999999995 512.89 512.89 512.89 513.64 517.01 513.65 507.53 508.99 508.99 508.99 508.99 508.41 505.51 504.77 493.36 493.36 493.36 493.69 496.91 507.2 513.59 512.6 512.6 512.6 519.27 520.54 522.04 525.76 526.97 526.97 526.97 525.95000000000005 523.26 515.87 515.57000000000005 513.99 513.99 513.99 513.99 512.09 512.24 518.61 517.29999999999995 517.29999999999995 517.29999999999995 518.80999999999995 520.33000000000004 515.22 514.72 515.94000000000005 515.94000000000005 515.94000000000005 513.11 508.59 505.26 498.75 495.57 495.57 495.57 494.5 495.32 492.43 491.08 491.9 491.9 491.9 497 498.9 494.97 496.49 496.93 496.93 496.93 496.5 497.72 501.12 500.62 500.62 500.62 500.62 500.96 498.69 501.26 502.67 505.72 505.72 505.72 503.04 500.78 491.02 487.43 488.92 488.92 488.92 496.26 494.94 496.97 496.16 493.62 493.62 493.62 493.43 487.36 482.19 476.97 477.27 477.27 477.27 472.63 468.53 463.36 457.95 447.78 447.78 447.78 444.54 438.78 438.73 438.31 437.28 437.28 437.28 451.08 452.64 453.94 457.97 453.43 453.43 453.43 453.07 455.38 447.25 462.56 465.57 465.57 465.57 465.57 458.42 478.55 476.68 482.4 482.4 482.4 493.96 497.21 519.04 522.77 504.87 504.87 504.87 505.29 526.49 520.5 531.04 523.16 523.16 523.16 516.15 515.15 500.86 533.47 529.29999999999995 529.29999999999995 529.29999999999995 551.42999999999995 550.52 549.26 542.54999999999995 536.78 536.78 536.78 533.88 532.76 531.71 531.71 522.67999999999995 522.67999999999995 522.67999999999995 531.33000000000004 526.19000000000005 527.24 512.65 503.03 503.03 503.03 500.35 494.38 491.7 481.61 480.21 480.21 480.21 477.73 475.02 479.4 490.13 493.34 493.34 493.34 492.46 491.35 493.62 487.28 498.13 498.13 498.13 498.34 499.35 502.65 501.16 501.64 501.64 501.64 498.93 495.59 495.79 498.23 496.06 496.06 496.06 497.7 502.9 498.23 497.2 501.32 501.32 501.32 500.79 506.17 500.98 498.71 497.08 497.08 497.08 497.08 491.64 488.11 484.86 490.54 490.54 490.54 492.55 490.06 492.96 489.67 490.89 490.89 490.89 487.81 489.11 496.08 480.99 483.52 483.52 483.52 490.52 492.8 495.02 495.28 500.8 500.8 500.8 507.9 502.35 502.42 500.53 495.09 495.09 495.09 496.46 495.99 491.73 491.93 492.26 492.26 492.26 492.26 487.08 488.06 485.26 477.91 477.91 477.91 473.08 476.68 472.95 468.77 467.76 467.76 467.76 468.05 469.33 466.94 463.29 460.61 460.61 460.61 466.66 466.45 468.52 469.88 470.66 470.66 470.66 470.66 471.47 478.33 477.59 475.18 475.18 475.18 473.88 466.68 467.27 470.41 469.19 469.19 469.19 467.14 465.74 461.76 461.76 463.09 463.09 463.09 460.58 461.68 459.44 456.49 455.37 455.37 455.37 453.7 454.83 451.06 452.92 454.73 454.73 454.73 455.05 460.82 455.07 449.99 447.9 447.9 447.9 445.74 441.48 441.48 443.29 444.59 444.59 444.59 444.33 439.95 439.95 439.61 438.76 438.76 438.76 438.77 436.1 430.47 430.57 438.06 438.06 438.06 439.04 434.56 430.69 430.08 430.81 430.81 430.81 430.81 430.37 427.23 435.81 451.68 451.68 451.68 453.12 451.42 457.24 451.86 452.69 452.69 452.69 460.92 463.13 461.39 454.9 453.78 453.78 453.78 454.34 446.33 440.34 442.15 439.62 439.62 439.62 439.62 441.04 434.9 433.36 430.34 430.34 430.34 428.36 425.5 421.95 419.95 417.81 417.81 417.81 422.58 417.19 415.02 415.98 418.09 418.09 418.09 421.4 420.97 423.16 426.56 429.75 429.75 429.75 429.36 427.7 415.49 419.25 417.45 417.45 417.45 417.22 416.9 415.26 416 413.16 413.16 413.16 412.86 411.07 405.95 406.4 410.22 410.22 410.22 414.41 415.73 416.21 419.01 422.55 422.55 422.55 420.06 418.54 416.17 408.27 408.27 408.27 408.27 411.6 411.6 408.16 407.57 409.73 409.73 409.73 410.77 409.29 412.41 412.73 411.33 411.33 411.33 411.89 409.86 413.45 413.46 411.31 411.31 411.31 409.97 413.03 413.55 416.1 416.95 416.95 416.95 416.88 419.68 419.24 418.79 421.09 421.09 421.09 421.09 420.43 421.7 419.72 418.16 418.16 418.16 413.99 413.63 414.16 414.68 410.01 410.01 410.01 406.64 402.69 403.25 403.53 401.36 401.36 401.36 401.42 398.08 400.62 396.26 394.69 394.69 394.69 393.16 395.27 398.73 402.15 402.34 402.34 402.34 405 401.18 399.59 397.84 397.84 397.84 397.84 397.75 401.51 404.03 413.38 413.68 413.68 413.68 411.06 414.85 418.44 428.77 431.5 431.5 431.5 435.27 435.56 433.18 429.82 432.32 432.32 432.32 432.91 436.76 436.71 455.03 475.33 475.33 475.33 475.21 467.5 470.72 470.72 469.86 469.86 469.86 463.6 458.79 455.41 450.73 453.7 453.7 453.7 446.16 444.32 436.7 436.4 434.43 434.43 434.43 433.03 433.36 434.23 434.22 435.17 435.17 435.17 435.17 432.8 434.41 435.35 443.29 443.29 443.29 439.55 443.62 451.06 454.03 455.01 455.01 455.01 459.87 463.87 455.32 451.55 453.4 453.4 453.4 457.19 465.58 469.16 482.38 489.63 489.63 489.63 500.11 491.92 495.59 493.46 484.59 484.59 484.59 479.9 488.47 498.42 505.11 520.37 520.37 520.37 520.37 536.36 563.11 552.91999999999996 526.16 526.16 526.16 526.20000000000005 507.92 503.96 500.31 498.69 498.69 498.69 500.83 498.38 492.13 493.34 488.28 488.28 488.28 487.27 491.98 488.91 485.64 491.79 491.79 491.79 486.84 486.84 486.48 489.88 495.55 495.55 495.55 499.68 506.63 509.78 514.96 509.23 509.23 509.23 510.77 511.51 512.66 512.66 524.98 524.98 524.98 537.51 540.77 539.63 541.21 536.27 536.27 536.27 546.66 566.04 581.17999999999995 586.07000000000005 607.64 607.64 607.64 616.42999999999995 634.91 614.62 584.12 579.21 579.21 579.21 572.54 566.54 563.62 563.62 563.89 563.89 563.89 567.66 568.44000000000005 570.72 570.72 575.24 575.24 575.24 587.38 603.47 594.67999999999995 585.25 588.52 588.52 588.52 593.78 595.42999999999995 602.98 604.48 597.1 597.1 597.1 597.1 599.41 594.61 590.16 592.73 592.73 592.73 587.92999999999995 588.78 591.25 590.41999999999996 599.05999999999995 599.05999999999995 599.05999999999995 596.66999999999996 580.29999999999995 582 571.36 549.65 549. 65 549.65 551.17999999999995 549.21 548.85 547.11 542.91 542.91 542.91 542.91 536.27 539.07000000000005 533.65 531.03 531.03 531.03 531.35 533.53 529.19000000000005 517.76 519.41 519.41 519.41 513.09 514.61 519.80999999999995 520.53 515.71 515.71 515.71 524.13 538.45000000000005 535.07000000000005 533.12 540.52 540.52 540.52 546.85 552.05999999999995 567.34 553.36 553.79 553.79 553.79 554.5 554.05999999999995 547.27 546.20000000000005 548.54999999999995 548.54999999999995 548.54999999999995 548.74 548.84 550.22 545.80999999999995 553.55999999999995 553.55999999999995 553.55999999999995 545.82000000000005 538.72 530.88 526.72 527.74 527.74 527.74 528.59 531.98 526.26 528.45000000000005 532.08000000000004 532.08000000000004 532.08000000000004 529.35 525.91999999999996 520.74 524.57000000000005 526.37 526.37 526.37 524.48 521.23 524.83000000000004 522.4 516.72 516.72 516.72 515.28 514.61 516.46 520.79999999999995 517.76 517.76 517.76 512.46 521.99 516.84 518.65 520.36 520.36 520.36 517.19000000000005 511.86 513.67999999999995 515.25 512.55999999999995 512.55999999999995 512.55999999999995 512.55999999999995 514.36 512.51 513.48 514.80999999999995 514.80999999999995 514.80999999999995 511.49 508.83 505.43 512.85 513.79 513.79 513.79 518.62 521.99 521.67999999999995 522.27 525.04 525.04 525.04 533.84 539.49 540.13 536.66 536.04999999999995 536.04999999999995 536.04999999999995 526.78 526.71 528.75 527.6 526.19000000000005 526.19000000000005 526.19000000000005 552.25 549.29999999999995 539.05999999999995 544.21 544.21 544.21 544.21 558.03 564.84 573.91 561.15 551.9 551.9 551.9 546.29999999999995 549.25 545.73 541.76 546.25 546.25 546.25 546.85 556.45000000000005 564.22 568.84 574.36 574.36 574.36 588.26 583.78 573.35 570.11 575.80999999999995 575.80999999999995 575.80999999999995 581.77 576.45000000000005 573.70000000000005 583.16999999999996 593.82000000000005 593.82000000000005 593.82000000000005 590.809999 99999995 607.29999999999995 618.46 609.21 608.77 608.77 608.77 613.78 613.04 623.96 631.69000000000005 643.25 643.25 643.25 670.14 654.74 649.54 636 630.16 630.16 630.16 626.74 635.01 631.55999999999995 628.9 630.22 630.22 630.22 630.22 621.37 615.84 614.91 618.54999999999995 618.54999999999995 618.54999999999995 622.76 614.65 617.08000000000004 629.4 635.25 635.25 635.25 631.49 649.76 649.1 661.86 665.27 665.27 665.27 694.84 704.8 705.65 708.71 723.15 723.15 723.15 705.88 697.92 677.45 675.45 662.98 662.98 662.98 662.98 673.69 680.44 675.09 668.11 668.11 668.11 668.94 659.04 659.2 659.99 651.30999999999995 651.30999999999995 651.30999999999995 652.76 656.19 646.95000000000005 642.83000000000004 641.99 641.99 641.99 636.5 629.94000000000005 627.52 633.63 633.57000000000005 633.57000000000005 633.57000000000005 644.41 650.51 650.51 662.73 677.76 677.76 677.76 679.49 674.66 675.8 682.27 686.2 686.2 686.2 689.47 693.45 690.79 690.79 693.65 693.65 693.65 689.84 690.71 686.37 687.54 691.18 691.18 691.18 691.18 HY/IG Ratio (RHS) 40544 40545 40546 40547 40548 40549 40550 40551 40552 40553 40554 40555 40556 40557 40558 40559 40560 40561 40562 40563 40564 40565 40566 40567 40568 40569 40570 40571 40572 40573 40574 40575 40576 40577 40578 40579 40580 40581 40582 40583 40584 40585 40586 40587 40588 40589 40590 40591 40592 40593 40594 40595 40596 40597 40598 40599 40600 40601 40602 40603 40604 40605 40606 40607 40608 40609 40610 40611 40612 40613 40614 40615 40616 40617 40618 40619 40620 40621 40622 40623 40624 40625 40626 40627 40628 40629 40630 40631 40632 40633 40634 40635 40636 40637 40638 40639 40640 40641 40642 40643 40644 40645 40646 40647 40648 40649 40650 40651 40652 40653 40654 40655 40656 40657 40658 40659 40660 40661 40662 40663 40664 40665 40666 40667 40668 40669 40670 40671 40672 40673 40674 40675 40676 40677 40678 40679 40680 40681 40682 40683 40684 40685 40686 40687 40688 40689 40690 40691 40692 40693 40694 40695 40696 40697 40698 40699 40700 40701 40702 40703 40704 40705 40706 40707 40708 40709 40710 40711 40712 40713 40714 40715 40716 40717 40718 40719 40720 40721 40722 40723 40724 40725 40726 40727 40728 40729 40730 40731 40732 40733 40734 40735 40736 40737 40738 40739 40740 40741 40742 40743 40744 40745 40746 40747 40748 40749 40750 40751 40752 40753 40754 40755 40756 40757 40758 40759 40760 40761 40762 40763 40764 40765 40766 40767 40768 40769 40770 40771 40772 40773 40774 40775 40776 40777 40778 40779 40780 40781 40782 40783 40784 40785 40786 40787 40788 40789 40790 40791 40792 40793 40794 40795 40796 40797 40798 40799 40800 40801 40802 40803 40804 40805 40806 40807 40808 40809 40810 40811 40812 40813 40814 40815 40816 40817 40818 40819 40820 40821 40822 40823 40824 40825 40826 40827 40828 40829 40830 40831 40832 40833 40834 40835 40836 40837 40838 40839 40840 40841 40842 40843 40844 40845 40846 40847 40848 40849 40850 40851 40852 40853 40854 40855 40856 40857 40858 40859 40860 40861 40862 40863 40864 40865 40866 40867 40868 40869 40870 40871 40872 40873 40874 40875 40876 40877 40878 40879 40880 40881 40882 40883 40884 40885 40886 40887 40888 40889 40890 40891 40892 40893 40894 40895 40896 40897 40898 40899 40900 40901 40902 40903 40904 40905 40906 40907 40908 40909 40910 40911 40912 40913 40914 40915 40916 40917 40918 40919 40920 40921 40922 40923 40924 40925 40926 40927 40928 40929 40930 40931 40932 40933 40934 40935 40936 40937 40938 40939 40940 40941 40942 40943 40944 40945 40946 40947 40948 40949 40950 40951 40952 40953 40954 40955 40956 40957 40958 40959 40960 40961 40962 40963 40964 40965 40966 40967 40968 40969 40970 40971 40972 40973 40974 40975 40976 40977 40978 40979 40980 40981 40982 40983 40984 40985 40986 40987 40988 40989 40990 40991 40992 40993 40994 40995 40996 40997 40998 40999 41000 41001 41002 41003 41004 41005 41006 41007 41008 41009 41010 41011 41012 41013 41014 41015 41016 41017 41018 41019 41020 41021 41022 41023 41024 41025 41026 41027 41028 41029 41030 41031 41032 41033 41034 41035 41036 41037 41038 41039 41040 41041 41042 41043 41044 41045 41046 41047 41048 41049 41050 41051 41052 41053 41054 41055 41056 41057 41058 41059 41060 41061 41062 41063 41064 41065 41066 41067 41068 41069 41070 41071 41072 41073 41074 41075 41076 41077 41078 41079 41080 41081 41082 41083 41084 41085 41086 41087 41088 41089 41090 41091 41092 41093 41094 41095 41096 41097 41098 41099 41100 41101 41102 41103 41104 41105 41106 41107 41108 41109 41110 41111 41112 41113 41114 41115 41116 41117 41118 41119 41120 41121 41122 41123 41124 41125 41126 41127 41128 41129 41130 41131 41132 41133 41134 41135 41136 41137 41138 41139 41140 41141 41142 41143 41144 41145 41146 41147 41148 41149 41150 41151 41152 41153 41154 41155 41156 41157 41158 41159 41160 41161 41162 41163 41164 41165 41166 41167 41168 41169 41170 41171 41172 41173 41174 41175 41176 41177 41178 41179 41180 41181 41182 41183 41184 41185 41186 41187 41188 41189 41190 41191 41192 41193 41194 41195 41196 41197 41198 41199 41200 41201 41202 41203 41204 41205 41206 41207 41208 41209 41210 41211 41212 41213 41214 41215 41216 41217 41218 41219 41220 41221 41222 41223 41224 41225 41226 41227 41228 41229 41230 41231 41232 41233 41234 41235 41236 41237 41238 41239 41240 41241 41242 41243 41244 41245 41246 41247 41248 41249 41250 41251 41252 41253 41254 41255 41256 41257 41258 41259 41260 41261 41262 41263 41264 41265 41266 41267 41268 41269 41270 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3.3131404460518383 3.3131404460518383 3.3131404460518383 3.3163658243080625 3.3184894259818734 3.2884961054523667 3.2761077844311379 3.2666064981949461 3.2666064981949461 3.2666064981949461 3.2666064981949461 3.2639683505782102 3.2910256410256413 3.2921036397285626 3.2962756052141526 3.2962756052141526 3.2962756052141526 3.2860235003092151 3.2933950617283947 3.2746905940594062 3.2079306071871128 3.2022811344019728 3.2022811344019728 3.2022811344019728 3.310258064516129 3.3351263771872972 3.3731992212848798 3.3800649350649348 3.386145764937623 3.386145764937623 3.386145764937623 3.410084580351334 3.4671603348358015 3.4299358974358976 3.3956687898089171 3.4080706179066835 3.4080706179066835 3.4080706179066835 3.4050435865504363 3.4204460966542745 3.4827501534683858 3.411590628853268 3.3912431108389463 3.3912431108389463 3.3912431108389463 3.3914373088685017 3.3908200734394121 3.3451711491442544 3.3550368550368552 3.3529951100244495 3.3529951100244495 3.3529951100244495 3.3706388206388205 3.3795566502463057 3.3985176034589255 3.4028054862842887 3.4318660880347172 3.4318660880347172 3.4318660880347172 3.4092442223610249 3.3796737766624845 3.36 3.3485060394151303 3.3592616168045835 3.3592616168045835 3.3592616168045835 3.3539974619289343 3.3712294043092519 3.3434561626429478 3.3552380952380956 3.3697276757441421 3.3697276757441421 3.3697276757441421 3.3566899175649971 3.3455470737913484 3.3252873563218395 3.3348378893833441 3.3293485135989882 3.3293485135989882 3.3293485135989882 3.3279187817258884 3.2843730308758667 3.2822388993120701 3.2487562189054722 3.2134328358208957 3.2134328358208957 3.2134328358208957 3.2064716863721219 3.2102932002495321 3.2319148936170214 3.2388059701492531 3.2199004975124375 3.2199004975124375 3.2199004975124375 3.2068836045056321 3.2462064676616915 3.1844731977818852 3.1897293972939731 3.200246002460025 3.200246002460025 3.200246002460025 3.1945027794935146 3.151847290640394 3.1417737003058099 3.1341240875912408 3.1310934636530239 3.1310934636530239 3.1310934636530239 3.1310934636530239 3.1154451847365237 3.0929993964996982 3.074730538922156 3.0426122931442081 3.0426122931442081 3.0426122931442081 3.0591507177033495 3.0450628366247754 3.0521135265700483 3.0727980826842423 3.102596618357488 3.102596618357488 3.102596618357488 3.1148348348348347 3.1275614140203714 3.1294541091781642 3.123624 4019138759 3.1326968973747014 3.1326968973747014 3.1326968973747014 3.1532191376255168 3.1549122807017542 3.1568088836937465 3.1346962616822429 3.1093387470997675 3.1093387470997675 3.1093387470997675 3.0698135198135197 3.0747810858143607 3.0741279069767442 3.0692262943571844 3.0735397196261687 3.0735397196261687 3.0735397196261687 3.1683878370625358 3.1532721010332949 3.1267981438515076 3.1548405797101453 3.1548405797101453 3.1548405797101453 3.1548405797101453 3.2089131684876362 3.2276571428571432 3.2608522727272726 3.2010838562464343 3.1663798049340213 3.1663798049340213 3.1663798049340213 3.1378518093049972 3.1385714285714288 3.1095726495726499 3.094003426613364 3.1232132647226987 3.1232132647226987 3.1232132647226987 3.119509412435824 3.1562677254679525 3.1967138810198303 3.1993250843644545 3.2087150837988827 3.2087150837988827 3.2087150837988827 3.2411019283746554 3.2075824175824175 3.1537403740374037 3.1359185918591859 3.1413529732678662 3.1413529732678662 3.1413529732678662 3.1721374045801523 3.1551724137931041 3.1332605133806668 3.1573903627504061 3.1994612068965522 3.1994612068965522 3.1994612068965522 3.1763978494623655 3.2320383182543901 3.2211458333333334 3.1779342723004698 3.1839435146443518 3.1839435146443518 3.1839435146443518 3.2118262689691259 3.1979134063641106 3.2229338842975208 3.2427618069815196 3.2635717909690514 3.2635717909690514 3.2635717909690514 3.3257568238213397 3.2574129353233832 3.213953488372093 3.1911690918213744 3.1906835443037975 3.1906835443037975 3.1906835443037975 3.1765838824125696 3.1990428211586903 3.1929221435793727 3.1972547025927809 3.2121304791029566 3.2121304791029566 3.2121304791029566 3.2121304791029566 3.202938144329897 3.1892283790781981 3.1827639751552796 3.1851184346035013 3.1851184346035013 3.1851184346035013 3.2067971163748714 3.1748450413223139 3.2022833419823562 3.2577639751552794 3.289746245468669 3.289746245468669 3.289746245468669 3.2821725571725571 3.3423868312757201 3.3458762886597939 3.3579908675799088 3.3804369918699182 3.3804369918699182 3.3804369918699182 3.4500496524329693 3.4481409001956944 3.4388401559454191 3.4808939096267193 3.5310058593749996 3.5310058593749996 3.5310058593749996 3.49445544 55445545 3.4774289985052316 3.4318642350557247 3.4321646341463414 3.3825510204081635 3.3825510204081635 3.3825510204081635 3.3825510204081635 3.4284478371501277 3.457520325203252 3.442580316165222 3.4191914022517911 3.4191914022517911 3.4191914022517911 3.4251920122887864 3.3936148300720905 3.4120082815734993 3.4320852834113365 3.4261441346659649 3.4261441346659649 3.4261441346659649 3.4446437994722956 3.4409543786051393 3.4157866948257656 3.3886663152345813 3.3806740389678778 3.3806740389678778 3.3806740389678778 3.3766578249336869 3.3507446808510641 3.3683306494900696 3.4029538131041894 3.424702702702703 3.424702702702703 3.424702702702703 3.4664335664335661 3.4528131634819532 3.4528131634819532 3.5083642138697724 3.5522012578616349 3.5522012578616349 3.5522012578616349 3.559402828706129 3.5359538784067084 3.5587151132174824 3.5965735371639433 3.6191983122362874 3.6191983122362874 3.6191983122362874 3.6383641160949871 3.6382476390346277 3.628098739495798 3.628098739495798 3.6354821802935007 3.6354821802935007 3.6354821802935007 3.6022976501305486 3.6143903715332288 3.6105733824302999 3.6167280378748026 3.6263378803777542 3.6263378803777542 3.6263378803777542 3.6263378803777542

Spread (bps)

HY/IG Ratio

BB 42004 42006 42009 42010 42011 42012 42013 42016 42017 42018 42019 42020 42024 42025 42026 42027 42030 42031 42032 42033 42034 42037 42038 42039 42040 42041 42044 42045 42046 42047 42048 42052 42053 42054 42055 42058 42059 42060 42061 42062 42065 42066 42067 42068 42069 42072 42073 42074 42075 42076 42079 42080 42081 42082 42083 42086 42087 42088 42089 42090 42093 42094 42095 42096 42097 42100 42101 42102 42103 42104 42107 42108 42109 42110 42111 42114 42115 42116 42117 42118 42121 42122 42123 42124 42125 42128 42129 42130 42131 42132 42135 42136 42137 42138 42139 42142 42143 42144 42145 42146 42150 42151 42152 42153 42156 42157 42158 42159 42160 42163 42164 42165 42166 42167 42170 42171 42172 42173 42174 42177 42178 42179 42180 42181 42184 42185 42186 42187 42191 42192 42193 42194 42195 42198 42199 42200 42201 42202 42205 42206 42207 42208 42209 42212 42213 42214 42215 42216 42219 42220 42221 42222 42223 42226 42227 42228 42229 42230 42233 42234 42235 42236 42237 42240 42241 42242 42243 42244 42247 42248 42249 42250 42251 42255 42256 42257 42258 42261 42262 42263 42264 42265 42268 42269 42270 42271 42272 42275 42276 42277 42278 42279 42282 42283 42284 42285 42286 42290 42291 42292 42293 42296 42297 42298 42299 42300 42303 42304 42305 42306 42307 42310 42311 42312 42313 42314 42317 42318 42320 42321 42324 42325 42326 42327 42328 42331 42332 42333 42335 42338 42339 42340 42341 42342 100 99.959433136236498 99.641983127737191 99.320315437289736 99.621843148209379 100.01893388330346 100.12538649444879 100.03750593773962 100.10881180845686 99.954586822316912 100.0456251582316 100.03997843499951 100.08706370062995 100.14569276906207 100.3680896031545 100.55677787519544 100.7451828973655 100.7995376338753 101.0132195090377 101.08640396599526 101.09424541887194 101.17999886042182 101.5253115191217 101.63324068443258 101.84355828209651 102.15945498485236 102.08024735644726 102.07255392447084 102.09886144150941 102.16109417 926634 102.21408566155897 102.31988405687352 102.47627636138022 102.4998994006104 102.62525848378137 102.68620471889902 102.847249630962 103.07502090292678 103.25273552674481 103.29083720292255 103.32336525260902 103.2007034391761 103.10940378241281 103.14249833184101 102.80552235643719 102.70432174612326 102.32130761590193 102.52873971972005 102.59122829607001 102.24425085909685 102.11720506863035 101.87066255361054 101.89220050830744 102.23037161542447 102.36399611256915 102.43388390651353 102.57440873599619 102.66149253822989 102.55286529904372 102.59292048562114 102.70264600333886 102.79953573336006 102.87214272606475 103.00787971902054 102.9684970224591 103.17508851375725 103.44099070059609 103.75130463976814 103.77510859343195 103.84983356420331 103.95674302997908 103.94946807684416 104.18620283665794 104.16948012976576 104.06010913124126 104.11974510727883 104.18818010349845 104.18811431643167 104.20728759156148 104.23580445759279 104.25901450023707 104.20386666408884 104.05411154365301 103.98460202534261 104.04992127298271 104.1192882526484 104.0360822325178 103.86864135562882 103.71164417559145 104.00046950036666 103.93160323337592 103.57267265185224 103.78062374253055 103.83738336181493 103.96216315331453 103.91032842694615 103.86694002898511 103.9038191621718 104.03631431467007 104.07898270973352 104.05772435007046 104.16270406188728 104.14676531754091 104.2236301954012 104.20504169419834 104.14218215188848 103.97316238539673 103.74052469790863 103.39557204065753 103.22305824995229 102.97374354103501 103.12020930813176 103.26559872571922 103.17318068882064 102.89074036436028 102.81465579420878 103.03512652917932 103.14574930939118 103.32522190982711 103.48462945489462 103.43127979857175 103.39976779358332 103.29339193401592 103.04517002137463 102.55909131394723 102.63235252248269 102.8558914931512 102.87563857769685 102.5985105588791 102.43874483978134 102.48217161353131 102.62180283535686 102.77252283277217 102.98108610865523 103.00771890619066 103.17590902467354 103.16424643966796 102.97575187399035 102.81253233388655 102.54028534994032 102.24932925516879 102.25001819195145 102.25182368145092 101.85246146513434 102.02959131502543 102.40678877209214 102.71486960583064 102.8027063044953 102.66647408112014 102.64785816863943 102.64033468658555 102.28987601732852 101.896198900033 101.81987311063662 101.294514042085 101.08837575058024 101.32713346269756 101.28993635868811 101.24639080273421 101.14714187540146 100.90309013182674 100.7761777429123 100.44360767356433 99.718632370211964 100.22312414666415 100.16996819670456 100.75430902546299 101.00750699873889 101.13743280079564 100.99211099769346 101.13341796230343 101.41767474077434 101.43745837369042 101.69408275669451 101.95458126696467 101.93162706291342 101.86562253332768 101.75001821022562 101.76830335995388 101.6044570152971 101.60935632435383 101.50826901398824 101.3939621580366 100.8794287168076 100.90129195200137 100.31454806788689 100.15277218841524 99.23469722471053 98.966019189137185 99.217437256772939 99.017917875153813 98.781479157140524 99.529944098171015 99.990014985197405 100.901136621427 101.06144508382573 101.61440913656635 101.49999994517748 101.47631111888052 101.54761516217923 101.83218442921736 101.93965673989781 102.19306121146668 102.43710199053028 102.58078825405551 102.84762242434041 102.88802116559994 102.73440836466476 102.84472048372794 102.90260944765878 103.07369054224299 103.22039021891052 103.38516489217632 103.42467185319722 103.28109157994626 102.81762717672505 102.35215809538552 102.14272862312316 101.62905589601789 101.34481008205807 101.23141693536728 101.63627419917864 101.59824196490476 101.37356268507871 101.20385215438576 101.17562584789938 101.14089393147572 101.31394315580782 101.34998715873009 101.50317234373117 101.8412283234813 102.04980439129403 101.65858332449169 101.48937533389223 B 42004 42006 42009 42010 42011 42012 42013 42016 42017 42018 42019 42020 42024 42025 42026 42027 42030 42031 42032 42033 42034 42037 42038 42039 42040 42041 42044 42045 4204 6 42047 42048 42052 42053 42054 42055 42058 42059 42060 42061 42062 42065 42066 42067 42068 42069 42072 42073 42074 42075 42076 42079 42080 42081 42082 42083 42086 42087 42088 42089 42090 42093 42094 42095 42096 42097 42100 42101 42102 42103 42104 42107 42108 42109 42110 42111 42114 42115 42116 42117 42118 42121 42122 42123 42124 42125 42128 42129 42130 42131 42132 42135 42136 42137 42138 42139 42142 42143 42144 42145 42146 42150 42151 42152 42153 42156 42157 42158 42159 42160 42163 42164 42165 42166 42167 42170 42171 42172 42173 42174 42177 42178 42179 42180 42181 42184 42185 42186 42187 42191 42192 42193 42194 42195 42198 42199 42200 42201 42202 42205 42206 42207 42208 42209 42212 42213 42214 42215 42216 42219 42220 42221 42222 42223 42226 42227 42228 42229 42230 42233 42234 42235 42236 42237 42240 42241 42242 42243 42244 42247 42248 42249 42250 42251 42255 42256 42257 42258 42261 42262 42263 42264 42265 42268 42269 42270 42271 42272 42275 42276 42277 42278 42279 42282 42283 42284 42285 42286 42290 42291 42292 42293 42296 42297 42298 42299 42300 42303 42304 42305 42306 42307 42310 42311 42312 42313 42314 42317 42318 42320 42321 42324 42325 42326 42327 42328 42331 42332 42333 42335 42338 42339 42340 42341 42342 100 99.975495002628392 99.609554455877287 99.264760399081254 99.569492260265847 100.04375700216848 100.20682172941743 100.15269998773853 100.08682347010178 99.840450719766466 99.87000020424567 99.748876463806454 99.737830158037923 99.801031976510515 99.940282240623048 99.998829678991029 100.00021971543846 100.00179807940458 100.18313505995441 100.17691576784928 100.10271920947639 100.12656730252687 100.53704954944095 100.62520924812769 100.83944749459042 101.19272749969858 101.18242553602772 101.27857121830436 101.29943073299286 101.51423620400593 101.64834781725152 101.74118655797984 101.90550904401429 101.92253699049529 102.05245159046736 102.11932579555426 102.28887885422073 102.53403868565593 102.78073204117187 102.85748447301262 102.89313442390062 102.80795433559878 102.66122253660711 102.64917181740562 102.43694912379165 102.25116402661004 101.82466273063646 102.00499978174184 102.07137850609509 101.75843646189358 101.56102438242753 101.38610847346712 101.37334928407628 101.74882279046363 101.85058242639246 101.93838340599601 102.04613813460294 102.18622914656673 102.12545540788859 102.1309864077528 102.22418386756432 102.25591481246829 102.29542099350077 102.36488694396387 102.34228315773326 102.58434903707581 102.86480458430435 103.08420390157674 103.11080516359084 103.20565048919084 103.2747442686051 103.2020453624046 103.51939740933528 103.56557576531542 103.48824938294155 103.62126241899482 103.72850597290818 103.75069947418736 103.78998593978136 103.90136148913442 103.90248248626943 103.88951030742295 103.81870364438637 103.82359567588361 103.90132337523181 103.99718208224188 104.07128896084396 103.93828937675632 103.90316629452177 104.14398562505018 104.1936525241145 103.8725361688044 104.12248714199471 104.19859612147995 104.29553098573965 104.2890964621846 104.19557391320392 104.15479203743179 104.36105775227026 104.39398143812588 104.31624925478911 104.40327898836374 104.38837645245074 104.43246975375973 104.37605669393685 104.30086693210234 104.18848248532775 103.95488910233171 103.63058238917534 103.54434632157231 103.26746675520448 103.3990314629593 103.54425888379578 103.44217640069206 103.16588199482874 103.05587854596895 103.24027136470885 103.40301100278863 103.58528289494907 103.751560399987 103.70188004895707 103.69330217887988 103.60710646717371 103.43642568538941 102.89463656006154 103.04393544249243 103.29237082755617 103.33144654568879 102.97969333867853 102.78615318331686 102.65539783549353 102.7372821922184 102.87669836390693 102.97809928075255 103.03312903011081 103.19390243921579 103.21253565359413 102.84240930354086 102.640349569953 102.26844756043783 101.830536755624 101.78951947045351 101.64466422066587 101.2442687059727 101.32132829102842 101.78116579980332 102.069185835699 102.02913709205318 101.81488539362482 101.78366786540869 101.82461789075109 101.41445400702332 101.08749949863405 101.04092655166238 100.59808335945445 100.27393134390272 100.52723409852673 100.38392358279116 100.33670045748117 100.23976559322149 100.086827954 09032 99.819266115908832 99.461721837699045 98.471457630556884 99.057263829388546 99.060877924151853 99.566508165892415 99.809982017636543 99.906107521964742 99.764346224269772 99.954958335114767 100.19217029686267 100.1647350129801 100.42056001115793 100.77307101223145 100.62626746942314 100.56547803678514 100.5334915045344 100.47375132521476 100.39411344674848 100.39485778884614 100.27057283648617 100.21035959637554 99.627456780123566 99.616890261128844 98.993671903912926 98.774108921058811 97.720302112315025 97.448076926051826 97.511962552776779 97.356646157725123 96.948881207866322 97.560972547519995 98.01983927277594 98.838279281056074 99.051770943426902 99.635837354705018 99.430656765093261 99.437503815593971 99.40464963156073 99.67714609913061 99.718945840301345 99.96930261445452 99.888021354188282 99.611518442857829 99.968508948482921 99.810452836433242 99.619596348212809 99.815331415964877 99.759238961322609 99.711412739553992 99.899063175968266 100.182251714212 100.13327086539431 99.83195356148299 99.403205787250812 99.055672013456785 98.826448277293053 98.232039546447226 97.787772687877819 97.543765241497411 97.918263480377277 97.813089287175174 97.5166124488929 97.2969889321935 97.246030644429638 97.145963714174698 97.288561275732391 97.286254263628507 97.35376519508813 97.534456481288188 97.683999741094482 97.416469290832765 97.106699668523376 CCC 42004 42006 42009 42010 42011 42012 42013 42016 42017 42018 42019 42020 42024 42025 42026 42027 42030 42031 42032 42033 42034 42037 42038 42039 42040 42041 42044 42045 42046 42047 42048 42052 42053 42054 42055 42058 42059 42060 42061 42062 42065 42066 42067 42068 42069 42072 42073 42074 42075 42076 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42317 42318 42320 42321 42324 42325 42326 42327 42328 42331 42332 42333 42335 42338 42339 42340 42341 42342 100 99.969445068199903 99.536955255130195 99.112601233493109 99.427427259547372 99.912793278347664 100.12486727186413 99.854526692285191 99.764633794480858 99.407060738924073 99.357980720775515 99.117911775415934 99.0 82512454985022 98.906849926892519 99.047071927633269 99.070827717495376 99.109698721006737 99.098256074177016 99.313876438317934 99.319385288547238 99.335113455143926 99.149556115185618 99.623646890272099 99.864861903117458 100.03574442839296 100.51543676928061 100.60817294462267 100.64035039893068 100.84190375047112 100.94232501654913 101.05630593501482 101.17093586248369 101.49851285510422 101.4902045096906 101.7504957514506 101.91213504929601 102.12331536771681 102.41517111083739 102.66336297046684 102.73204203033815 102.8286362036435 102.83694454905711 102.68223574020986 102.6033347885386 102.38300138282702 102.17860990461398 101.65357964907621 101.66834975476345 101.69901285473074 101.34481876668254 101.1745852504102 100.79053932364867 100.7646021424147 9 101.03316567353265 101.19224756685365 101.19650990772767 101.27650284280109 101.49104667613516 101.56164958412302 101.6680226748293 101.74362707283368 101.7119698559012 101.58204700993697 101.60512546103786 101.60428329459326 101.72352582176325 102.04330182918297 102.36651603905995 102.49988738921166 102.65088242431855 102.74898580109952 102.78085677893385 103.03826611166785 103.20640065041007 103.11540031660826 103.23401701366804 103.35068668371829 103.25394571075749 103.26490160083483 103.42270865504247 103.45865911803958 103.44141917253469 103.43580472957076 103.50560410260231 103.5480832871194 103.61431053520094 103.56079562219739 103.52337973807805 103.48422028612083 103.61342716183553 103.71867736394903 103.31967590035647 103.57075739530957 103.70988226178306 103.80157023607633 103.68099878570938 103.48383654667056 103.42849050112233 103.5949381315428 103.56518931013157 103.51309603589687 103.45147366121876 103.29697346240825 103.32605524678846 103.25895750250423 103.21880908444695 103.24579446672961 103.09115776999383 102.85333202638726 102.6214838617345 102.51425572742085 102.62738932857685 102.82721456487471 102.60834658028539 102.42107657767983 102.25244240502246 102.38882958669288 102.47329347267704 102.55454836970107 102.636586198221 102.55804838253961 102.4609082175332 102.42070313995976 102.22831832830541 101.51303314383398 101.69767620523623 102.08237371643349 102.11481386486184 101.59637929209043 101.18340610690183 101.02782165098681 101.19201577792404 101.36 311206410137 101.3762261666575 101.45341960654662 101.62837904155235 101.49446427513212 101.29964310428329 100.98818059314229 100.60985212664677 100.17116324742378 99.783212964912991 99.493924928047008 98.991767089005947 99.141914806803129 99.600522081385378 99.639308095622525 99.605933065177695 99.453189311367822 99.195707866522355 99.144343439699938 98.870981877737179 98.589095634026421 98.515080277906804 97.897020247716043 97.523613432827929 97.672712949576336 97.663366704844165 97.489280341473645 97.450880642119344 97.317908484013245 96.953201480286666 96.587497784162366 95.442862238902464 95.971735039808223 96.027166074630685 96.588669605973649 96.449325827733233 96.580981939805127 96.363090044153097 96.410524360900752 96.553566460286234 96.579423803110984 96.824455606998825 97.094708621870979 97.124017044315792 96.9533122238864 96.972288010931507 96.994905459605505 96.954095155382277 96.817875376827757 96.703345891228423 96.60276494833218 95.92309799605863 95.884595279402234 95.389679556698141 95.22423376954049 94.240699256722564 93.724080363900498 93.757985933451096 93.367609593476089 92.866930052719994 93.327427694795603 93.599122951897044 94.303220457361391 94.256553619514321 94.702935315770944 94.458305279361269 94.505023625859394 94.549782068185252 94.643476304436732 94.584444814906206 94.598313519200161 94.581336267815615 94.72775991014224 94.913008198194277 94.7102856002751 94.582657464714941 94.52129778415717 94.498973934794122 94.512749923516196 94. 635237495702029 94.557606232279042 94.666508397751656 94.153770681785858 93.849012021578403 93.444434746510197 93.30576573159847 92.746515703738737 92.32096668139738 91.958587868698046 92.048583783804474 91.863399881566252 91.266919400730941 90.832570125358515 90.572575058342025 90.190494186617855 90.053239084177321 90.029882486360805 89.98178370801466 90.011970352959793 89.913570801435313 89.600099452903549 89.316863682535399

Indexed Performance

U.S. Municipals: Stable fundamentals and good technicals warrant an allocation.

…and strong demand bodes well for muni’s.

Sources: BlackRock Investment Institute. Thompson Reuters. Chart shows 2015 Gross Issuance, on a cumulatively week by week basis. As of 12/7/2015

Sources: BlackRock Investment Institute, ICI. Chart shows the weekly flows into Municipal bond mutual funds. As of 12/7/2015.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

A technical story led by low issuance…

41976 41983 41990 41997 42004 42011 42018 42025 42032 42039 42046 42053 42060 42067 42074 42081 42088 42095 42102 42109 42116 42123 42130 42137 42144 42151 42158 42165 42172 42179 42186 42193 42200 42207 42214 42221 42228 42235 42242 42249 42256 42263 42270 42277 42284 42291 42298 42305 42312 42319 42326 42333 42340 841 1105 951 315 1397 1326 967 1038 1280 962 688 274 1003 675 298 194 703 96 -187 -945 672 1028 -45 -171 -149 -194 -4 -655 -507 105 -515 -288 -38 240 -91 -107 -12 50 -850 -497 -193 -589 617 -587 558 615 394 1189 496 314 649 626 918

Bln ($)

2015 -7.8826764436296881E-2 1.1498635414994385 0.74084725417625275 0.72874644981002223 0.5200351894346904 0.56237552358710086 0.6174703419026164 0.6298115142967049 0.79721491874414552 0.78182101120436909 0.57855788450675827 0.62638379969400049 0.65078561219551823 0.66932001674541031 0.64407239457605314 0.72218823411011668 0.66997155608335945 0.61845998733589846 0.60855525363738328 0.61633798486887925 0.6047123818287059 0.569507127844886 0.54688004332252804 0.49330923729646181 0.4663766661331008 0.43739404998916487 0.43433807405799785 0.43381439210045469 0.43957695398180174 0.43960816248892942 0.42732370023742949 0.41509513503629103 0.39416558165775362 0.3929501288452002 0.40833999119858655 0.41505437155216907 0.41016362430766851 0.38832752276584603 0.35525675247703958 0.3460538471690644 0.35496303008165642 0.34267495618779442 0.32529411247880402 0.30319840211401194 0.27866321113137005 0.2565598341364852 0.2556259062129278 0.25138470444060945 0.21250700798960365

Week

2015 Gross Issuance

USD outperformed Local…

Emerging Market Debt: Seeking to withstand the Fed’s shift.

… leading to moderate returns expectations.

Source: BlackRock Investment Institute, Bloomberg & J.P. Morgan. As of 12/7/2015. Data is index. EMD (USD) is total return for J.P. Morgan EMBIG and EMD Local Currency is total return for J.P. Morgabn GBI-EM Global Diversified.

Source: BlackRock Investment Institute, J.P. Morgan and Authors' calculation. Index is JP Morgan EMBI Global which represents EMD USD denominated debt. As of 11/30/2015. Graph depicts the percentage point(pp) contribution of Investment Grade (IG) and High Yield(HY) sub sectors of the index's year to date total return through month end close.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

High Yield dominated returns in 2015

IG 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 42309 1.0973550000000001 1.5034799999999999 1.8164160000000003 2.2728600000000001 1.5981680000000003 0.30822599999999994 0.54315199999999997 -0.51136700000000002 -1.700523 5.1304000000000002E-2 -0.21549200000000002 HY 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 42309 -0.71487000000000001 9.468E-2 7.9727999999999993E-2 1.9038959999999998 1.742148 1.3010759999999999 1.4929920000000001 1.4954480000000001 1.3725180000000001 2.7512289999999995 3.0394600000000001

Percentage Point Contribution to Total Return

Declining EM FX was the driver

EMD (USD) 42005 42006 42007 42008 42009 42010 42011 42012 42013 42014 42015 42016 42017 42018 42019 42020 42021 42022 42023 42024 42025 42026 42027 42028 42029 42030 42031 42032 42033 42034 42035 42036 42037 42038 42039 42040 42041 42042 42043 42044 42045 42046 42047 42048 42049 42050 42051 42052 42053 42054 42055 42056 42057 42058 42059 42060 42061 42062 42063 42064 42065 42066 42067 42068 42069 42070 42071 42072 42073 42074 42075 42076 42077 42078 42079 42080 42081 42082 42083 42084 42085 42086 42087 42088 42089 42090 42091 42092 42093 42094 42095 42096 42097 42098 42099 42100 42101 42102 42103 42104 42105 42106 42107 42108 42109 42110 42111 42112 42113 42114 42115 42116 42117 42118 42119 42120 42121 42122 42123 42124 42125 42126 42127 42128 42129 42130 42131 42132 42133 42134 42135 42136 42137 42138 42139 42140 42141 42142 42143 42144 42145 42146 42147 42148 42149 42150 42151 42152 42153 42154 42155 42156 42157 42158 42159 42160 42161 42162 42163 42164 42165 42166 42167 42168 42169 42170 42171 42172 42173 42174 42175 42176 42177 42178 42179 42180 42181 42182 42183 42184 42185 42186 42187 42188 42189 42190 42191 42192 42193 42194 42195 42196 42197 42198 42199 42200 42201 42202 42203 42204 42205 42206 42207 42208 42209 42210 42211 42212 42213 42214 42215 42216 42217 42218 42219 42220 42221 42222 42223 42224 42225 42226 42227 42228 42229 42230 42231 42232 42233 42234 42235 42236 42237 42238 42239 42240 42241 42242 42243 42244 42245 42246 42247 42248 42249 42250 42251 42252 42253 42254 42255 42256 42257 42258 42259 42260 42261 42262 42263 42264 42265 42266 42267 42268 42269 42270 42271 42272 42273 42274 42275 42276 42277 42278 42279 42280 42281 42282 42283 42284 42285 42286 42287 42288 42289 42290 42291 42292 42293 42294 42295 42296 42297 42298 42299 42300 42301 42302 42303 42304 42305 42306 42307 42308 42309 42310 42311 42312 42313 42314 42315 42316 42317 42318 42319 42320 42321 42322 42323 42324 42325 42326 42327 42328 42329 42330 42331 42332 42333 42334 42335 42336 42337 42338 42339 42340 42341 42342 42343 42344 42345 100 99.954721765247442 99.954721765247456 99.954721765 247456 99.088398206981921 98.602411820637826 99.166880480553004 99.648339043421842 99.44458698703535 99.44458698703535 99.44458698703535 99.09745385393245 99.15027846114377 99.331391400153976 99.634755572996085 99.532124907556963 99.532124907556963 99.532124907556963 99.532124907556963 99.512504339164195 99.352521243038495 99.489865221787923 100.35467950556171 100.35467950556171 100.35467950556171 100.14338107671647 100.16451091960099 100.28525287894114 100.30185489835041 100.34411458411945 100.34411458411945 100.34411458411945 100.72143320705742 100.97650059616348 100.81048040207079 101.05649214422634 100.92971308691918 100.92971308691918 100.92971308691918 100.84519371538107 100.08602864602992 99.990944353049542 100.61125616915955 101.10931675143763 101.10931675143762 101.10931675143762 101.10931675143762 100.9719727726882 101.00064898803149 100.92216671446039 100.78029491223573 100.78029491223573 100.78029491223573 100.6218210906018 100.99461189006449 101.42022729673852 101.53493215811166 101.59379386328997 101.59379386328997 101.59379386328997 101.58322894184771 101.55304345201269 101.36287486605197 101.35985631706846 100.83915661741408 100.83915661741408 100.83915661741408 100.53579244457195 100.03773186229387 100.09206574399691 100.47391219041013 99.836998354890866 99.836998354890881 99.836998354890881 99.649848317913651 99.492883770771471 99.87020239370942 100.60823762017607 101.30250388638191 101.30250388638191 101.30250388638191 101.67378541135284 101.96205683927745 102.13411413133717 101.85640762485484 101.9922423291125 101.9922423291125 101.9922423291125 102.0707246026836 102.06015968124134 102.65481383099154 102.93704816094915 103.02458608147076 103.02458608147076 103.02458608147076 103.17702280513768 103.38379341050768 103.74903783751162 103.94977134491462 104.07353185323826 104.07353185323826 104.07353185323826 104.1384306563836 104.24558914529798 104.20936655749594 104.20031091054543 103.89392818871983 103.89392818871981 103.89392818871981 103.82450156209921 103.95580844288162 104.23200567487221 104.45235975066799 104.80854853072141 104.80854853072142 104.80854853072142 104.74968682554311 104.55499041610715 104.26219116470729 104.07202257874657 103.88034471829408 103.8803447182941 103.8803447182941 103.89090963973636 103.83959430701681 103.70375960275915 103.54377650663345 104.18370889113622 104.18370889113622 104.18370889113622 103.9120394826209 103.35360792067272 103.59358256486126 103.5045353698479 103.9210951295714 103.9210951295714 103.9210951295714 103.84110358150855 103.43812729221082 103.44416439017783 103.94222497245595 103.96788263881571 103.96788263881571 103.96788263881571 103.96788263881571 103.80337171921475 103.59660111384474 103.4758591545046 103.51359101679839 103.51359101679837 103.51359101679837 103.15740223674494 102.92950178849043 102.66236020345036 102.42691338273707 101.97413103521153 101.97413103521153 101.97413103521153 101.52285796217772 101.3674026895273 101.05649214422643 101.26175347510465 101.57266402040554 101.572 66402040555 101.57266402040555 101.24213290671189 101.0127231839656 101.06554779117693 101.74773986144874 101.98771450563729 101.98771450563729 101.98771450563729 102.15373469972999 102.28051375703713 102.31824561933094 102.12053066091146 101.88055601672291 101.88055601672291 101.88055601672291 101.58021039286429 101.76132333187451 101.8745189187559 102.08581734760115 102.08581734760115 102.08581734760115 102.08581734760115 101.89866731062392 101.85489835036313 101.76132333187451 101.965075388261 101.98016813317852 101.98016813317854 101.98016813317854 101.93790844740947 101.86546327180538 101.83527778197035 102.04506693632383 102.0556318577661 102.05563185776609 102.05563185776609 102.00280725055477 102.01940926996404 102.02997419140628 101.85338907587132 101.64058137253431 101.64058137253433 101.64058137253433 101.19081757399228 101.24364218120358 101.61492370617455 101.89263021265688 102.17939236608971 102.17939236608971 102.17939236608971 101.99827942707948 101.92130642800015 101.85489835036307 101.5620990989632 101.59530313778174 101.59530313778174 101.59530313778174 101.52285796217764 101.54549707955391 101.57568256938896 101.44588496309831 101.36287486605197 101.36287486605197 101.36287486605197 101.31608735680764 101.1515764372067 100.89198122462537 100.62785818856881 100.371281524971 100.371281524971 100.371281524971 99.406855124741583 99.651357592405375 99.514013613655976 100.70332191315642 101.00366753701503 101.00366753701505 101.00366753701505 101.0806 4053609439 100.736525951975 100.59918197322557 100.92669453793573 100.99461189006456 100.99461189006456 100.99461189006456 100.99461189006456 100.96593567472129 101.26779057307165 101.0685663401604 101.11837239838822 101.11837239838822 101.11837239838822 101.12440949635521 101.21194741687682 101.4443756886066 101.72962856754769 102.20354075795777 102.20354075795775 102.20354075795775 101.80056446866003 101.20440104441805 100.93725945937798 100.22186335028763 100.09206574399698 100.09206574399697 100.09206574399697 99.432512791101416 99.165371206061351 99.684561631223986 100.16149237061755 100.51617187617923 100.51617187617923 100.51617187617923 101.21496596586033 101.60435878473231 101.86999109528062 101.85338907587135 102.31069924687213 102.31069924687213 102.31069924687213 102.31069924687213 102.07827097514235 102.23825407126805 102.66839730141731 103.11816109995937 103.11816109995937 103.11816109995937 103.02005825799549 102.68801786981008 102.4963400093576 102.83441749551001 103.05326229681401 103.05326229681401 103.05326229681401 103.24795870625 102.95515945485013 103.19211555005518 102.91289976908108 102.83290822101824 102.83290822101824 102.83290822101824 103.01553043452022 103.51057246781484 103.58301764341891 103.32795025431287 102.8193247505925 102.8193247505925 102.8193247505925 102.30013432542985 102.32277344280615 102.32277344280615 102.31975489382265 102.07374315166709 102.07374315166707 102.07374315166707 102.18844801304023 102.45709887257205 102.633 68398810699 102.99289131714393 103.21173611844794 103.21173611844796 103.21173611844796 103.22531958887373 103.23135668684073 103.15891151123664 103.15891151123664 103.0970312570748 103.0970312570748 103.0970312570748 102.77404651583991 102.78008361380692 102.70160134023583 102.07072460268355 102.07072460268357 102.07072460268357 102.07072460268357 102.07072460268357 EMD Local Currency 42005 42006 42007 42008 42009 42010 42011 42012 42013 42014 42015 42016 42017 42018 42019 42020 42021 42022 42023 42024 42025 42026 42027 42028 42029 42030 42031 42032 42033 42034 42035 42036 42037 42038 42039 42040 42041 42042 42043 42044 42045 42046 42047 42048 42049 42050 42051 42052 42053 42054 42055 42056 42057 42058 42059 42060 42061 42062 42063 42064 42065 42066 42067 42068 42069 42070 42071 42072 42073 42074 42075 42076 42077 42078 42079 42080 42081 42082 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101.98440822111981 101.98440822111981 101.98440822111981 101.58657674969135 102.01546026434424 101. 78165664477196 101.24427363791128 100.33536206682402 100.33536206682402 100.33536206682402 100.83256007657072 101.60995711164858 101.05503883331998 101.2760563174469 100.31490425011147 100.31490425011147 100.31490425011147 99.800170968896865 98.89856576092123 97.931203284940906 98.857650127496086 99.6653685694872 99.6653685694872 99.6653685694872 99.68034661386605 99.464808902072861 99.3281799118853 99.442159176426799 99.09254970153512 99.09254970153512 99.09254970153512 98.912082532677758 99.202510466365212 99.412933723980274 99.370922136088367 98.98843402719433 98.98843402719433 98.98843402719433 98.430593203621086 97.975406781766296 97.05188248445576 97.00256453345223 95.451058326696767 95.451058326696767 95.451058326696767 94.962262634528471 93.724930041573259 93.984305932036264 94.447164035158281 93.053840589769692 93.053840589769692 93.053840589769692 93.238326258338446 93.484185377044938 93.867404122250136 94.627631204015657 95.752445805051707 95.752445805051707 95.752445805051707 96.994892852185032 97.526796086711983 97.55894408440318 96.875433815309805 96.21457327186252 96.21457327186252 96.21457327186252 95.855465524925705 96.03812460271655 96.868858088509327 97.374458415834397 97.406971731681168 97.406971731681168 97.406971731681168 98.913543805300066 98.40538625088594 98.792988813958104 98.546764377096025 98.194232356959688 98.194232356959688 98.194232356959688 97.262671060226367 97.932299239407627 97.446791410639548 98.213228901049945 97.903804423272234 97.903804423272234 97.903804423272234 97.720780027325816 97.756215888417245 97.411720867703707 97.79238238581982 98.031665777725848 98.031665777725848 98.031665777725848 98.680836140194529 99.399782270379319 99.654774342975344 98.841210810494914 98.42730534022084 98.42730534022084 98.42730534022084 97.844988200223625 98.059429957550108 98.496350471625803 97.954583646898143 98.519000197271865 98.519000197271865 98.519000197271865 97.796035567375696 97.639314078631131 98.710061592641068 99.203241102676358 99.949951412685351 99.949951412685351 99.949951412685351 99.371287454243941 98.584757465276567 98.445205929844363 98.644669642791953 98.241723717185337 98.241723717185337 98.241723717185337 98.09376986417476 96.670125011872884 96.269736313355338 96.1265315 963673 96.292386039001386 96.292386039001386 96.292386039001386 95.763405349719093 96.199960545639215 95.931817019442249 95.519007503634938 94.241124595410156 94.241124595410156 94.241124595410156 93.822469989113515 94.574660071456222 95.317351881753822 95.046285810312199 95.03349967486686 95.03349967486686 95.03349967486686 94.915501910613955 94.930114636837232 94.769739966536861 96.036663330094186 95.749523259806963 95.749523259806963 95.749523259806963 96.392117895475181 95.836834298991008 95.884690977372202 95.818568391211926 95.269129885217055 95.269129885217055 95.269129885217055 94.768644012070126 95.119714759584141 94.904177047790938 95.088662716359693 94.906003638568848 94.906003638568848 94.906003638568848 94.42926344553473 93.79580176375606 93.91927930034268 94.196921098584767 94.942535454127011 94.942535454127011 94.942535454127011 94.880431367678142 95.323562290398726 95.030211811466629 95.116061578028336 94.866914595921614 94.866914595921614 94.866914595921614 94.377022949286555 94.735034741756621 94.308708454192768 93.790687309577947 93.004522638766119 93.004522638766119 93.004522638766119 92.848531786332728 92.565044897601339 92.945341097561879 92.190593788130101 92.680850752920747 92.680850752920747 92.680850752920747 91.956790168557831 91.782168090189785 90.96604733062027 90.630319945640693 91.044225415914752 91.044225415914752 91.044225415914752 91.131536455098782 90.756720027471957 90.971892421109573 90.55141122403505 90.410763734136097 90.4 10763734136097 90.410763734136097 90.017316080574602 89.515003616649778 89.191697048959981 89.171604550402989 88.520607597156413 88.520607597156413 88.520607597156413 87.335515500449389 87.703390883120164 87.035589294716829 87.814812920572578 88.08697494648095 88.086974946480936 88.086974946480936 87.695719201852938 87.448033492368538 86.572731191594798 86.545332329926168 85.893239422212844 85.893239422212844 85.893239422212844 84.996018032104189 85.409192866067087 85.657243893707061 85.427458773846169 85.713868207822216 85.713868207822216 85.713868207822216 85.869128423944431 86.012333140932455 86.654197140289497 86.736028407139798 87.561647438754434 87.561647438754434 87.561647438754434 86.63885377775506 85.538515493142995 84.892998312230134 84.562020063273124 85.13520424938082 85.13520424938082 85.13520424938082 84.451328662131885 84.171860273111889 85.092096707022165 85.488832223983906 85.999181687331529 85.999181687331529 85.999181687331529 87.046914157539831 87.893721642178207 89.264030043765146 89.2687791797877 90.635069081663246 90.635069081663246 90.635069081663246 90.540086361212019 89.424039395909929 89.73967428233253 90.655892216531427 90.641644808463738 90.641644808463724 90.641644808463724 89.95594263043688 89.711179466197137 88.889578934293908 89.173065823025297 89.267317907165364 89.267317907165364 89.267317907165364 89.344765356148685 88.851585846113409 89.422578123287593 88.376306925701613 88.944376657631153 88.944376657631153 88.944376657631153 89.200464684693912 89.618023336523791 89.342208129059614 89.097810282975459 87.822484601839761 87.822484601839761 87.822484601839761 87.515252032995562 87.661013977072656 88.116565717083034 87.849883463508391 87.3946970416536 87.394697041653586 87.394697041653586 87.247839143109744 87.458262400724792 87.519635850862528 88.549102413291749 88.906383569450654 88.906383569450654 88.906383569450654 88.358041017922545 88.434392512439118 88.096838536681631 87.919659231224514 87.601101799557284 87.601101799557284 87.601101799557284 87.020976568493538 87.522923714262802 87.345013772494511 87.582835891778188 87.721291472743644 87.721291472743644 87.721291472743644 87.721291472743644

Indexed Performance

Investment ideas for 2016

European Equities

Hard Currency EM Debt

US Breakevens

Japanese Equities

Real Assets

Attractive valuations; weak Euro, subdued wage growth and expanding domestic credit should support corporate earnings.

Return on equity is rising – dividends at record highs and valuations remain low.

Absolute yields look appealing and valuations have rerated significantly in the last 12 months propelled by commodity price implosion.

Current pricing well below Fed’s inflation target for next 10 and 30 years. Breakevens likely prove less dependent on oil prices and more sensitive to a pick up in core inflation.

Appealing yield profile vs. fixed income and offers diversification benefits.

US Growth Disappoints

China Macro Risk

Geopolitical Risk Intensifies

Momentum Reversals

Curve Balls

Blend Alpha and Beta

The more muted return prospects for traditional assets from here warrant a more thoughtful approach to blending alpha and index in a portfolio.

For use with professional and Institutional investors only - proprietary and confidential - iS-17588

This presentation is prepared by the BlackRock Investment Institute and is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Furthermore, the information provided in this presentation is neither tax nor legal advice. Investors should speak to their tax professional for specific information regarding their tax situation.

The opinions expressed in this presentation are as of September 2015 and may change as subsequent conditions vary. The information and opinions contained in this presentation are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents.

This presentation may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the viewer.

Investing involves risk, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise and are subject to credit risk, which refers to the possibility that the debt issuers may not be able to make principal and interest payments or may have their debt downgraded by ratings agencies. High yield securities may be more volatile, be subject to greater levels of credit or default risk, and may be less liquid and more difficult to sell at an advantageous time or price to value than higher-rated securities of similar maturity. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Investing in alternative strategies such as a long/short strategy, presents the opportunity for losses which exceed the principal amount invested. Past performance is no guarantee of future results.

©2015 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

Important notes

For use with professional and Institutional investors only - proprietary and confidential - iS-17588