Berner, “Why is US Employment So Weak” (7/23/10), Morgan Stanley Research. (@)E) www.kpcb.com USA Inc. | Income Statement D

ael Cembalest Chief Investment Officer “What a diffrence a day makes’, Dinah Washington, 1959, Mercury Records “Banks Deleveraging and Real Estate”, Morgan Stanley Research, Francesca Tondi, March 15, 2012 The ECRI (Economic Cycle Research Institute) claims papal infallibility on its historical recession predictions. EC

al and interest payments IMF budget repayments” ™ Sovereign interest payments = Principal - AID bonds m@ Principal - UKRAIN bonds Source: Bloomberg, Morgan Stanley Research; See Ukraine Economics and Strategy: Kyiv Trip Takeaways, April 7, 2017. Politics EU has verified its support by (1) lifting its visa requirements