upside. Price Ratio (July 24, 2012 = 100) Basis Points 50 4 0 40 + ¥ 30 5 or, oo fo) ites ie 100 te 200 | 300 20 4 - 400 500 00 - + G00 90 = MSCI Spain vs. MSCI EMU (Sector-Adjusted) | 700 — — — — Spanish CDS Spread (Right, Inverted) 80 4 L g00 2009 =. 2010 2011 2012 = 2013 2014 = 2015 2016 Data thr