t 75: HUF vol lagging EUR and PLN Italy and Spain 190% 5% 12 140% ©) am "8 @ | 3% 90% ® ay 10 40% 1% -10% 0% 5 Spain France Portugal Italy Hungary Czech Poland Romania OQ 6 Jan/14 TN NN MO WA WO WO OO € = G6 GB € SF SG GS ss. S&S © @ 5 S&S ® @ => 2a 06 7 2 aA WH ——Italy = Spain ——Portugal =———= Fr

MALAYSIA (EM) m= INDONESIA ~ THAILAND m@ PHILIPPINES TURKEY © CHILE = POLAND & QATAR m UAE @ COLOMBIA = PERU m GREECE m HUNGARY EGYPT m@ CZECH REPUBLIC Source: BofA Merrill Lynch Global Research, MSCI and DataStream OS Merrill Lynch GEMs Paper #26|30 June 2016 47 HOUSE_OVERSIGHT_016157

unisia Ethiopia Colombia Cyprus Poland Spain Kenya Norway Ghana Bolivia Sweden Brazil Switzerland Latvia Malawi Malaysia Denmark Gabon Finland Turkey Czech Republic Slovenia Slovakia Croatia Australia 3 BS fe coocooecees Ce eee eC HFN OC HB ON | OO f& 68 47 43 45 46 51 44 53 12 44 38 42 52 30 27 44 3

r turn nasty or fail. When many American HOUSE_OVERSIGHT_031890 --- PAGE BREAK --- 16 idealists think about revolution today, they have Poland, the Czech Republic and Hungary in mind. Few assumptions can lead you into as much trouble this quickly. Even in 1989-90, those countries were the exception and