000 - $1,500 - $1,000 - $500 - $0 $2,184 $1,873 $1,554 $1,282 1 $1,092 $1,048 1 1 2007 2008 2009 2010 2011 Q12012 Source: BlackRock. New York Federal Reserve. Certain fixed income instruments have attractive yield characteristics Sample yields on fixed income instruments 12% i l II 111111111 •Secur