Epstein Secrets

EM 20 1.8 2.7 32 0.6 02 2.4 2.3 2.9 51 5.6 4 5.1 4.2 Czech Reputio -0.9 2.8 2.8 6A 32 jj) 2.0 2.3 42 1.1 0.2 4 1.6 4 1.5 Hungary 1.1 30 25 2.7 45 21 2.0 2.5 30 03 -OA 4 0.6 4 2.9 t Israel 3.4 3.3 3.8 32 2.7 3.2 3.6 45 32 1.9 1.0 1.3 1.9 Pdand IS 32

ector accounts for 18.4% of the CEMBI Broad, but not all of the issuers in the sector arc beneficiaries of higher oil prices. Only about 22% of the CEMBI Broad is made up of issuers in countries that are net oil exporters and where the economy would benefit from higher oil prices (JPI/ E tl Corporat

United Krgdom 01 00 1.8 -12 -1.5 Emerging Europe 41 2.6 2.61 2,4 1.3 Bulgaria 1.7 1.0 1.5 Czech Republic 1.7 -1.1 0.9 -3.1 -0.8 Hungary 1.6 -12 0.5 -3.5 09 Poland 4.3 2.3 1.81 2.4 11 Romania 2.5 00 0.8 0.5 1$ Russa 4.3 3.6 3.0 3.7 IS Turkey 8.5 2.8 3/ Globa

sury 176 iBoxx Euro Corporate Index 582 JPMorgan Global High Yield Index STW 726 iBoxx Euro HY Index 294 EMBI Global 337 JPM EM Corporates (CEMBI) 10.1% 9.5% 13.1% 21.0% 16.4% 15.4% Quarterly Averages Commodities Current 1204 1301 1302 1303 GSCI Index YID Return' Brent (Sibbl)

2.6 3.6 3.0 5.0 5.8 5.8 5.1 Bulgaria 1.7 0.7 1.5 Czech Republic 1.9 -1.1 0.0 -1.6 -1.3 -1.6 0.0 0.8 2.4 1.4 3.4 2.7 2.2 2.4 Hungary 1.6 -1.4 0.0 .1A -0.7 •1.0 0.0 0.5 1.8 2.0 5.5 5.5 3.7 3.9 Poland 4.3 2.1 1.6 0.8 1.6 0.5 1.3 2.3 3.0 2.3 4.0 2.9 1.9 2.

. H means hedged 2013E 2012 MSCI EM 15.0 17.4 EM Local Fl (U) 10.0 8.9 EMFX 10.0 7.5 GSCI 10.0 0.1 MSCI World 10.0 16.0 US HY 7.5 16.2 CEMBI 7.0 16.7 EMBIG 7.0 18.5 JACI 6.5 14.3 EU HY 6.0 25.0 US HY Loans 5.5 9.7 US KG 5.4 9.9 Gold 5.0 6.1 EU KG ■ 1.5 11.2 EM Local Fl