c04365.gif) Positioning research suggests steepeners are less crowded among real money investors (Embedded image moved to file: pic09734.gif) (08 GM Research: Global Fixed Income weekly 7 10/03/14) Please note all prices are indicative and subject to change without notice. Best regards, Daniel CONFIDENTIAL - PURSUANT TO FE

Positioning research suggests steepeners are less crowded among real money investors (Embedded image moved to file: pic16280.gif) (08 GM Research: Global Fixed Income weekly ? 10/03/14) Please note all prices are indicative and subject to change without notice. Best regards, Daniel (Embedded image moved to file