is • Unpredictable response of investors to: negative headlines and the economic response to fiscal consolidation needed at the federal level JPM Muni Total Return USD 20Y Oct-04-2011: 260.53 Current: 266.36 • Long-term issuances have been low driving longer- dated mui yields to new lows Long Globalization

is • Unpredictable response of investors to: negative headlines and the economic response to fiscal consolidation needed at the federal level JPM Muni Total Return USD 20Y Oct-04.2011. 266.53 Current: 253.67 • Long-term issuances have been low driving longer- dated mui yields to new lows Long Globalization