11 0 0 0 0 1 0 0 Average of all Pullbacks -5.2% -6.4% -6.3% -6.0% -9.2% -5.7% -6.5% EFTA01477381 4 Global Inflation Germination, Examination & Protection Deciphering Inflation -3 -2 -1 0 1 2 3 4 5 1997 2000 2004 CPI Services Inflation (% YoY) Core CPI (% YoY) 2008 2012 CPI Goods Infla