105 100 95 so Dec-15 Jan.I6 Fe -16 Mar.16 Ape.t6 lhat-16 Jun- 6 —Long-lerrnUS Treasury torch S&P SOO(*) EFTA00643874 Correlation of US 20e YearTreasuries & SPX - -06- -08- M-13 Dee.13 Tes-14 Od-14 Taar-15 Aug-15 Jan-16 Juri-16 3m relise ly restée • 6m 61y in'Oed 15% 14% 12% Tele I: Analys expeacba