20% 0% 20% 40% Source: J.P. Morgan, Bloomberg. Returns in USD. "Hedged into USD. Euro Fixed Income is lboxx Overall Index. US HG, HY, EMBIG and EM $ Corp are JPM indices. EM FX is ELMI+ in $. 16 2.0% Jan-11 Mar-11 May-11 Jul-11 Oct-11 Dec-11 S&P 500 Sector Performance Utilities 14.8% Consu