aS ce PS Daily 10-year USD Treasury Futures Total Return oO xf du aS én 3s 5% 4% 3% -2% -1% 0% 1% 2% 3% 4% 5% Daily S&P 500 Total Return m>50% Delever 50% to25% Delever 25% to 0% Delever No Delever Source: BofA Merrill Lynch Global Research. Data as of 5-Aug-16. Equity and fixed income components w