As of 12130111) Gold US Municipals 10Yr EMBIG US High Grade Bonds US Bonds Global Gov Bonds" JPM Global HY EM Local Bonds" Brent EM $ Corp iBoxx Euro Corps S&P500 US Cash FTSE 100 -4% • EM FX -4% • MSCI Europe -11% Hang Seng -15% Topix -15% rrrrr - MSCI EM $ -16% rrrrr - Brazil Bovespa -17%