-001% -0 01% - US nal money slope posasoning (>0 steepened's. w0 flatteners) Crowded flatterers ahead at 0E tapering announcement and bear stapenIng ream* Crowded steepeniers in 04 201 3 ahead of flattrung regime in Hi 2014 -0 02% Mar-12 SeP-12 Mar-13 Sep-13 Mar 14 Sea-14 CONFIDENTIAL