kpcb.com Note: 2010 data as of 12/31/10. Source: FactSet, Bloomberg. USA Inc. | What Might a Turnaround Ex

. deduct.-recur.impact -3.50 -5.00 -6.00 Recurring impact 7.00 1.50 -3.50 One-time repat. tax 8.50 -8.50 Source: BofAML US Equity & Quant Strategy, FactSet, Compustat, S&P “Assumes end to interest deductibility only applies to new debt, where we estimate 70-90% of debt is long-term. Note: For this exhib

et revisions, in %; MSCI Europe) 30% 20% 10% 0% -10% -20% -30% -40% -50% -60% Jun.05 Jun.06 Jun.07 Jun.0&8 Jun.09 Jun.10 Jun.11 Jun.12 Source: FactSet, UBS CIO, as of 27 June 2012 Note: Past performance is no indication for future returns. 21 Please see important disclaimer and disclosures at the

by quarter Index, 12/30/2011 = 100 101 4QE+1% 100 SQE -1% 99 FYI2-1% a8 2QE -2% of 1QE -3% O68 12/30/2011 OVSV2012 O2/2o/2012 OS282012 Source: FactSet The place that worries me the most: Spain. It ranks at or close to the bottom in a lot of categories (see table), and its growth outlook is poor. Hi

reland 96 Commercial RE exposure % of bank assets None 12/30/2011 01/31/2012 02/29/2012 03/28/2012 Encumbered banking system assets, % Greece Source: FactSet. World Bank labor rigidity, Europe None The place that worries me the most: Spain. It ranks at or |!ntra-European real effective exchange rate Italy

red with the 13.9% estimate of analysts polled by FactSet. </td> </tr> <tr> <td style="padding:0 10px