Rides U.S. Treasuries (2..yrmir) U.S. Treasuries (10-year) U.S. Treasuries (30-year) U.K. Gilts (10.ywn) Eurozonc, periphery German Blinds 12-year) German Bunds (10-year) Japanese government bonds (2-year) Japanese government bonds (10-year) U.S. investment grade U.S. high yiekl EUR investment grade' FUR high yield' Asia credit Emerging.rnadtet credit • 0 • .4. • • • O • • ti • .• Sewn turd ispeciatuo,, Covered bonds' U.S. municipal bonds U.S. mortgage-backed securities Cur ronac4; EUR vs. USD USD vs. JPY FUR vs. GBP • la • • la EUR vs. JPY • GBP vs. USD • Si 'a no market sovereigns • Alter native3 ,1111111111$11111111111:111111111111111111111111111111111.11111111111.11111111111 COMITIOCII0 Os Real estate (listed) Real estate (non-listed) Hedge funds Private Equity' • • • • • -• 'as of 7/21/15 Past performance is not indicative of future returns. No assurance can be given that any forecast, investment objectives and/or expected returns will be achieved. Allocations are subject to change without notice. Forecasts are based on assumptions, estimates, opinions and hypothetical models that may prove to be incorrect. EUR investment grade pcdtemis Faro MI' IND Pc iwa itTeoc!,If. !ler i1/41? is Asuslets paspxtios Pmfulo He.X1Wit•Wil 404$ • — Thry Despite the ECB's quantitative-easing measures. corporates' risk premiums hove widened for a couple of months, due to uncertainties over Greece. Premiums should narrow again in line with the receding "Grexit" probability. Another problem could be pent-up issuance although the primary market has kept cairn of late 0 Commodities • Otw) State!. We remain underweight on commodities. Many commodities still suffer from stowing Chinese demand, compounding the difficulties associated with expanded production capacities. The supply of oil could increase even further after the conclusion of the nuclear deal with Iran which provides for the lifting of