Country Risk PremiumsTo estimate the equity risk premium for a country, I start with a mature market premium and add an additional country risk premium, based upon the risk of the country in question.Use the look up table in the next worksheet, to look up the statistics for an individual country or region.

Step 1: Estimating mature market risk premiumTo estimate the mature market risk premium, I compute the implied equity risk premium for the S&P 500. To see the latest estimate for this number, go to my website and you can download the excel spreadsheet containing the implied premiumLink to site:Historical monthly ERP:

Step 2: Estimate the default spread for the country in question. I offer two choices, one based upon the local currency sovereign rating for the country from Moody's and the other is the CDS spread for the country (if one exists)Moody's ratings: (You will have to register, but it is free. Look under sovereign ratings)Ratings to spreads: Based upon my estimates of typical spreads for each ratings class. I compute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of every year.CDS spreads: BloombergIf you cannot find a country on this list, it is because that country does not have a sovereign rating or a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.

Step 3: Convert the default spread into a country risk premiumWith sovereign ratings default spreads, you have two choices:

You can see the relative ratios for individual countries in the worksheet "Equity vs Govt Bond" in this spreadsheet. Set cell E5 in the ERP worksheet to that number.With CDS spreads, I compute the base number in two steps

Any country that has a CDS spread lower than the US will have a negative country risk premium and end up with a total equity risk premium lower than the US.

prefer not to scale the default spread.

Step 4: Compute a total equity risk premiumAdd the mature market premium from step 1 to the country risk premium from step 3 to get a total equity risk premium.

Step 5: Compute regional averages and regional weighted averagesFor the regional averages, I use a simple average of the total and country risk premiums by regionFor the weighted averages, I use the World Bank GDP estimates from the most recent year.

If you are interested in a fuller explanation of these concepts, try these references:

My paper on equity risk premiums:Campbell Harvey's country risk premium page:Watch my lectures on country risk premiums:

http://www.damodaran.comhttp://www.stern.nyu.edu/~adamodar/pc/implprem/ERPbymonth.xls

http://www.moodys.com

Choice 1: Use the default spread as the measure of the additional country risk premium. To make this choice, go into the ERP worksheet and set cell E5 to 1.00.Choice 2: Scale the default spread up to reflect the higher risk of equity in the market, relative to the default spread. I used the ratio of the S&P Emerging Market Equity Index std deviation to the BAML Emerging Public Bond index standard deviation

Substep 1: Since the base equity premium is computed for the US, and the US has a CDS spread, I subtracted out the US CDS spread from the CDS for other markets.

Substep 2: I apply the scaling factor that you chose for the default spreads to this number to get a country risk premium. The default scaling is set at 1.34, but you can change it to 1, if you would

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2742186

http://www.duke.edu/~charvey/Country_risk/couindex.htmhttp://echo360.stern.nyu.edu:8080/ess/echo/presentation/d5b0232a-ef00-4ffd-b92e-0f95e1685373/media.m4vhttp://echo360.stern.nyu.edu:8080/ess/echo/presentation/e41ef416-aba8-4dda-8d8b-0fe3b0e6283d/media.m4v

To estimate the equity risk premium for a country, I start with a mature market premium and add an additional country risk premium, based upon the risk of the country in question.Use the look up table in the next worksheet, to look up the statistics for an individual country or region.

To estimate the mature market risk premium, I compute the implied equity risk premium for the S&P 500. To see the latest estimate for this number, go to my website and you can download the excel spreadsheet containing the implied premium

Step 2: Estimate the default spread for the country in question. I offer two choices, one based upon the local currency sovereign rating for the country from Moody's and the other is the CDS spread for the country (if one exists)(You will have to register, but it is free. Look under sovereign ratings)

Based upon my estimates of typical spreads for each ratings class. I compute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of every year.

If you cannot find a country on this list, it is because that country does not have a sovereign rating or a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.

You can see the relative ratios for individual countries in the worksheet "Equity vs Govt Bond" in this spreadsheet. Set cell E5 in the ERP worksheet to that number.

Any country that has a CDS spread lower than the US will have a negative country risk premium and end up with a total equity risk premium lower than the US.

Add the mature market premium from step 1 to the country risk premium from step 3 to get a total equity risk premium.

For the regional averages, I use a simple average of the total and country risk premiums by region

http://www.stern.nyu.edu/~adamodar/pc/implprem/ERPbymonth.xls

Use the default spread as the measure of the additional country risk premium. To make this choice, go into the ERP worksheet and set cell E5 to 1.00.Scale the default spread up to reflect the higher risk of equity in the market, relative to the default spread. I used the ratio of the S&P Emerging Market Equity Index std deviation to the BAML Emerging Public Bond index standard deviation

Since the base equity premium is computed for the US, and the US has a CDS spread, I subtracted out the US CDS spread from the CDS for other markets.

: I apply the scaling factor that you chose for the default spreads to this number to get a country risk premium. The default scaling is set at 1.34, but you can change it to 1, if you would

http://www.data.worldbank.org/data-catalog/GDP-ranking-table

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2742186

http://www.duke.edu/~charvey/Country_risk/couindex.htmhttp://echo360.stern.nyu.edu:8080/ess/echo/presentation/d5b0232a-ef00-4ffd-b92e-0f95e1685373/media.m4vhttp://echo360.stern.nyu.edu:8080/ess/echo/presentation/e41ef416-aba8-4dda-8d8b-0fe3b0e6283d/media.m4v

To estimate the mature market risk premium, I compute the implied equity risk premium for the S&P 500. To see the latest estimate for this number, go to my website and you can download the excel spreadsheet containing the implied premium

Step 2: Estimate the default spread for the country in question. I offer two choices, one based upon the local currency sovereign rating for the country from Moody's and the other is the CDS spread for the country (if one exists)

Based upon my estimates of typical spreads for each ratings class. I compute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of every year.

If you cannot find a country on this list, it is because that country does not have a sovereign rating or a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.

Scale the default spread up to reflect the higher risk of equity in the market, relative to the default spread. I used the ratio of the S&P Emerging Market Equity Index std deviation to the BAML Emerging Public Bond index standard deviation

: I apply the scaling factor that you chose for the default spreads to this number to get a country risk premium. The default scaling is set at 1.34, but you can change it to 1, if you would

http://www.data.worldbank.org/data-catalog/GDP-ranking-table

To look up the equity risk premium for a country, use this worksheetCountry Egypt If you cannot find a country on this list, it is because that country does not have a sovereign rating

or a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.Moody's sovereign rating B3 Local currencyS&P sovereign rating B- Local currencyCDS spread 3.87%Excess CDS spread (over US CDS) 3.48%

Country Default Spread (based on rating) 6.67%Country Risk Premium (Rating) 7.50%Equity Risk Premium (Rating) 12.58%

Country Risk Premium (CDS) 3.91%Equity Risk Premium (CDS) 8.99%

To look up the equity risk premium for a region, use this worksheetRegion North America

Country Risk Premium (simple average)) 0.00%Total Equity Risk Premium (simple averag 23.75%

Country Risk Premium (GDP weighted) 0.00%Total Equity Risk Premium (GDP weighted 5.08%

To construct your own regional ERP, use the data on GDP and ERP for countries in the Regional Weighted Averages Worksheet

For countries not on the list above, try this frontier market listCountry Brunei

PRS Score 76.30ERP based on PRS Score 6.06%

If you cannot find a country on this list, it is because that country does not have a sovereign rating

or a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.

To construct your own regional ERP, use the data on GDP and ERP for countries in the Regional Weighted Averages Worksheet

Estimating Country Risk Premiums

Enter the current risk premium for a mature equity marketDo you want to adjust the country default spread for the additional volatility of the equity market to get to a country premium?If yes, enter the multiplier to use on the default spread (See worksheet for volatility numbers for selected emerging markets)

Country Africa Moody's rating Rating-based Default SpreadAbu Dhabi Middle East Aa2 0.51%Albania Eastern Europe & Russia B1 4.62%Andorra (Principality of) Western Europe Baa2 1.95%Angola Africa B2 5.64%Argentina Central and South America B2 5.64%Armenia Eastern Europe & Russia B1 4.62%Aruba Caribbean Baa1 1.64%Australia Australia & New Zealand Aaa 0.00%Austria Western Europe Aa1 0.41%Azerbaijan Eastern Europe & Russia Ba2 3.08%Bahamas Caribbean Baa3 2.26%Bahrain Middle East B1 4.62%Bangladesh Asia Ba3 3.69%Barbados Caribbean Caa3 10.25%Belarus Eastern Europe & Russia Caa1 7.69%Belgium Western Europe Aa3 0.62%Belize Central and South America B3 6.67%Bermuda Caribbean A2 0.87%Bolivia Central and South America Ba3 3.69%Bosnia and Herzegovina Eastern Europe & Russia B3 6.67%Botswana Africa A2 0.87%Brazil Central and South America Ba2 3.08%Bulgaria Eastern Europe & Russia Baa2 1.95%

Burkina Faso Africa B2 5.64%Cambodia Asia B2 5.64%Cameroon Africa B2 5.64%Canada North America Aaa 0.00%Cayman Islands Caribbean Aa3 0.62%Cape Verde Africa B2 5.64%Chile Central and South America Aa3 0.62%China Asia A1 0.72%Colombia Central and South America Baa2 1.95%Congo (Democratic Republic of) Africa B3 6.67%Congo (Republic of) Africa Caa2 9.23%Cook Islands Australia & New Zealand B1 4.62%Costa Rica Central and South America Ba2 3.08%Côte d'Ivoire Africa Ba3 3.69%Croatia Eastern Europe & Russia Ba2 3.08%Cuba Caribbean Caa2 9.23%Curacao Caribbean A3 1.23%Cyprus Western Europe Ba3 3.69%Czech Republic Eastern Europe & Russia A1 0.72%Denmark Western Europe Aaa 0.00%Dominican Republic Caribbean Ba3 3.69%Ecuador Central and South America B3 6.67%Egypt Africa B3 6.67%El Salvador Central and South America Caa1 7.69%Estonia Eastern Europe & Russia A1 0.72%Ethiopia Africa B1 4.62%Fiji Asia Ba3 3.69%Finland Western Europe Aa1 0.41%France Western Europe Aa2 0.51%

Gabon Africa B3 6.67%Georgia Eastern Europe & Russia Ba2 3.08%Germany Western Europe Aaa 0.00%Ghana Africa B3 6.67%Greece Western Europe Caa2 9.23%Guatemala Central and South America Ba1 2.56%Guernsey (States of) Western Europe Aa3 0.62%Honduras Central and South America B1 4.62%Hong Kong Asia Aa2 0.51%Hungary Eastern Europe & Russia Baa3 2.26%Iceland Western Europe A3 1.23%India Asia Baa2 1.95%Indonesia Asia Baa3 2.26%Iraq Middle East Caa1 7.69%Ireland Western Europe A2 0.87%Isle of Man Western Europe Aa2 0.51%Israel Middle East A1 0.72%Italy Western Europe Baa2 1.95%Jamaica Caribbean B3 6.67%Japan Asia A1 0.72%Jersey (States of) Western Europe Aa3 0.62%Jordan Middle East B1 4.62%Kazakhstan Eastern Europe & Russia Baa3 2.26%Kenya Africa B1 4.62%Korea Asia Aa2 0.51%Kuwait Middle East Aa2 0.51%Kyrgyzstan Eastern Europe & Russia B2 5.64%Latvia Eastern Europe & Russia A3 1.23%Lebanon Middle East B3 6.67%

Liechtenstein Western Europe Aaa 0.00%Lithuania Eastern Europe & Russia A3 1.23%Luxembourg Western Europe Aaa 0.00%Macao Asia Aa3 0.62%Macedonia Eastern Europe & Russia Ba3 3.69%Malaysia Asia A3 1.23%Malta Western Europe A3 1.23%Mauritius Asia Baa1 1.64%Mexico Central and South America A3 1.23%Moldova Eastern Europe & Russia B3 6.67%Mongolia Asia Caa1 7.69%Montenegro Eastern Europe & Russia B1 4.62%Montserrat Caribbean Baa3 2.26%Morocco Africa Ba1 2.56%Mozambique Africa Caa3 10.25%Namibia Africa Ba1 2.56%Netherlands Western Europe Aaa 0.00%New Zealand Australia & New Zealand Aaa 0.00%Nicaragua Central and South America B2 5.64%Nigeria Africa B2 5.64%Norway Western Europe Aaa 0.00%Oman Middle East Baa2 1.95%Pakistan Asia B3 6.67%Panama Central and South America Baa2 1.95%Papua New Guinea Asia B2 5.64%Paraguay Central and South America Ba1 2.56%Peru Central and South America A3 1.23%Philippines Asia Baa2 1.95%Poland Eastern Europe & Russia A2 0.87%

Portugal Western Europe Ba1 2.56%Qatar Middle East Aa3 0.62%Ras Al Khaimah (Emirate of) Middle East A2 0.87%Romania Eastern Europe & Russia Baa3 2.26%Russia Eastern Europe & Russia Ba1 2.56%Rwanda Africa B2 5.64%Saudi Arabia Middle East A1 0.72%Senegal Africa Ba3 3.69%Serbia Eastern Europe & Russia Ba3 3.69%Sharjah Middle East A3 1.23%Singapore Asia Aaa 0.00%Slovakia Eastern Europe & Russia A2 0.87%Slovenia Eastern Europe & Russia Baa1 1.64%South Africa Africa Baa3 2.26%Spain Western Europe Baa2 1.95%Sri Lanka Asia B1 4.62%St. Maarten Caribbean Baa2 1.95%St. Vincent & the Grenadines Caribbean B3 6.67%Suriname Central and South America B1 4.62%Swaziland Africa B2 5.64%Sweden Western Europe Aaa 0.00%Switzerland Western Europe Aaa 0.00%Taiwan Asia Aa3 0.62%Tajikistan Eastern Europe & Russia B3 6.67%Thailand Asia Baa1 1.64%Trinidad and Tobago Caribbean Ba1 2.56%Tunisia Africa B1 4.62%Turkey Western Europe Ba1 2.56%Turks and Caicos Islands Caribbean Baa1 1.64%

Uganda Africa B2 5.64%Ukraine Eastern Europe & Russia Caa2 9.23%United Arab Emirates Middle East Aa2 0.51%United Kingdom Western Europe Aa2 0.51%United States North America Aaa 0.00%Uruguay Central and South America Baa2 1.95%Venezuela Central and South America Caa3 10.25%Vietnam Asia B1 4.62%Zambia Africa B3 6.67%

Frontier Markets (no sovereign ratings)Country PRS Composite Risk Score ERP CRPAlgeria 62.3 12.58% 7.50%Brunei 76.3 6.06% 0.98%Gambia 59.3 15.46% 10.38%Guinea 58.3 15.46% 10.38%Guinea-Bissau 63.8 12.58% 7.50%Guyana 68.5 9.23% 4.15%Haiti 61.8 13.73% 8.65%Iran 73.3 7.27% 2.19%Korea, D.P.R. 56 16.60% 11.52%Liberia 53 18.91% 13.83%Libya 62 13.73% 8.65%Madagascar 64.5 11.42% 6.34%Malawi 61.3 13.73% 8.65%Mali 60.8 13.73% 8.65%Myanmar 63.8 12.58% 7.50%

Niger 53.7 18.91% 13.83%Sierra Leone 54.3 18.91% 13.83%Somalia 52 18.91% 13.83%Sudan 48 25.32% 20.24%Syria 47 25.32% 20.24%Tanzania 63.3 12.58% 7.50%Togo 61 13.73% 8.65%Yemen, Republic 49.3 25.32% 20.24%Zimbabwe 58.5 15.46% 10.38%

Rating Default spread in basis pointsA1 72A2 87A3 123Aa1 41Aa2 51Aa3 62Aaa 0B1 462B2 564B3 667Ba1 256Ba2 308Ba3 369Baa1 164Baa2 195Baa3 226Ca 1230

Caa1 769Caa2 923Caa3 1025NR NA

5.08% Updated January 1, 2018Yes1.12 Updated January 1, 2018

Total Equity Risk Premium Country Risk Premium Sovereign CDS, net of US Total Equity Risk Premium25.65% 0.57% 0.73% 5.90%

10.27% 5.19% NA NA7.27% 2.19% NA NA

11.42% 6.34% NA NA11.42% 6.34% 3.27% 8.76%10.27% 5.19% NA NA6.92% 1.84% NA NA5.08% 0.00% 0.00% 5.08%5.54% 0.46% 0.00% 5.08%8.54% 3.46% NA NA7.62% 2.54% NA NA

10.27% 5.19% 2.98% 8.43%9.23% 4.15% NA NA

16.60% 11.52% NA NA13.72% 8.64% NA NA5.78% 0.70% 0.00% 5.08%

12.58% 7.50% NA NA6.06% 0.98% NA NA9.23% 4.15% NA NA

12.58% 7.50% NA NA6.06% 0.98% NA NA8.54% 3.46% 2.26% 7.62%7.27% 2.19% 1.08% 6.29%

11.42% 6.34% NA NA11.42% 6.34% NA NA11.42% 6.34% NA NA5.08% 0.00% NA NA5.78% 0.70% NA NA

11.42% 6.34% NA NA5.78% 0.70% 0.63% 5.79%5.89% 0.81% 0.58% 5.73%7.27% 2.19% 1.61% 6.89%

12.58% 7.50% NA NA15.46% 10.38% NA NA10.27% 5.19% NA NA8.54% 3.46% 1.87% 7.18%9.23% 4.15% NA NA8.54% 3.46% 1.22% 6.45%

15.46% 10.38% NA NA6.46% 1.38% NA NA9.23% 4.15% 1.36% 6.61%5.89% 0.81% 0.32% 5.44%5.08% 0.00% 0.00% 5.08%9.23% 4.15% NA NA

12.58% 7.50% NA NA12.58% 7.50% 3.48% 8.99%13.72% 8.64% NA NA5.89% 0.81% 0.37% 5.50%

10.27% 5.19% NA NA9.23% 4.15% NA NA5.54% 0.46% 0.00% 5.08%5.65% 0.57% 0.03% 5.11%

12.58% 7.50% NA NA8.54% 3.46% NA NA5.08% 0.00% 0.00% 5.08%

12.58% 7.50% NA NA15.46% 10.38% NA NA7.96% 2.88% NA NA5.78% 0.70% NA NA

10.27% 5.19% NA NA5.65% 0.57% 0.29% 5.41%7.62% 2.54% 0.97% 6.17%6.46% 1.38% 0.56% 5.71%7.27% 2.19% 0.87% 6.06%7.62% 2.54% 1.16% 6.38%

13.72% 8.64% NA NA6.06% 0.98% 0.19% 5.29%5.65% 0.57% NA NA5.89% 0.81% 0.63% 5.79%7.27% 2.19% 1.42% 6.68%

12.58% 7.50% NA NA5.89% 0.81% 0.09% 5.18%5.78% 0.70% NA NA

10.27% 5.19% NA NA7.62% 2.54% 1.49% 6.76%

10.27% 5.19% NA NA5.65% 0.57% 0.40% 5.53%5.65% 0.57% NA NA

11.42% 6.34% NA NA6.46% 1.38% 0.61% 5.77%

12.58% 7.50% 4.47% 10.11%

5.08% 0.00% NA NA6.46% 1.38% 0.56% 5.71%5.08% 0.00% NA NA5.78% 0.70% NA NA9.23% 4.15% NA NA6.46% 1.38% 0.69% 5.86%6.46% 1.38% NA NA6.92% 1.84% NA NA6.46% 1.38% 1.46% 6.72%

12.58% 7.50% NA NA13.72% 8.64% NA NA10.27% 5.19% NA NA7.62% 2.54% NA NA7.96% 2.88% 1.56% 6.83%

16.60% 11.52% NA NA7.96% 2.88% NA NA5.08% 0.00% 0.00% 5.08%5.08% 0.00% 0.03% 5.11%

11.42% 6.34% NA NA11.42% 6.34% 4.16% 9.76%5.08% 0.00% 0.00% 5.08%7.27% 2.19% NA NA

12.58% 7.50% 3.37% 8.87%7.27% 2.19% 1.02% 6.23%

11.42% 6.34% NA NA7.96% 2.88% NA NA6.46% 1.38% 1.08% 6.29%7.27% 2.19% 0.71% 5.88%6.06% 0.98% 0.51% 5.65%

7.96% 2.88% 1.29% 6.53%5.78% 0.70% 1.19% 6.42%6.06% 0.98% NA NA7.62% 2.54% 1.11% 6.33%7.96% 2.88% 1.64% 6.92%

11.42% 6.34% NA NA5.89% 0.81% 1.14% 6.36%9.23% 4.15% NA NA9.23% 4.15% NA NA6.46% 1.38% NA NA5.08% 0.00% NA NA6.06% 0.98% 0.45% 5.59%6.92% 1.84% 0.79% 5.97%7.62% 2.54% 2.25% 7.61%7.27% 2.19% 0.61% 5.77%

10.27% 5.19% NA NA7.27% 2.19% NA NA

12.58% 7.50% NA NA10.27% 5.19% NA NA11.42% 6.34% NA NA5.08% 0.00% 0.00% 5.08%5.08% 0.00% 0.01% 5.09%5.78% 0.70% NA NA

12.58% 7.50% NA NA6.92% 1.84% 0.48% 5.62%7.96% 2.88% NA NA

10.27% 5.19% 3.58% 9.11%7.96% 2.88% 2.31% 7.68%6.92% 1.84% NA NA

11.42% 6.34% NA NA15.46% 10.38% 5.51% 11.28%5.65% 0.57% NA NA5.65% 0.57% 0.05% 5.14%5.08% 0.00% 0.00% 5.08%7.27% 2.19% NA NA

16.60% 11.52% NA NA10.27% 5.19% 1.52% 6.79%12.58% 7.50% NA NA

Frontier Markets (no sovereign ratings)Default Spread

6.67%0.87%9.23%9.23%6.67%3.69%7.69%1.95%

10.25%12.30%7.69%5.64%7.69%7.69%6.67%

12.30%12.30%12.30%18.00%18.00%6.67%7.69%

18.00%9.23%

Country Risk Premium3 Has to be sorted in ascending order0.82% RatingDefault spread in basis points

NA A1 72NA A2 87NA A3 123

3.68% Aa1 41NA Aa2 51NA Aa3 62

0.00% Aaa 00.00% B1 462

NA B2 564NA B3 667

3.35% Ba1 256NA Ba2 308NA Ba3 369NA Baa1 164

0.00% Baa2 195NA Baa3 226NA Ca 1230NA Caa1 769NA Caa2 923NA Caa3 1025

2.54% NR NA1.21%

NANANANANANA

0.71%0.65%1.81%

NANANA

2.10%NA

1.37%NANA

1.53%0.36%0.00%

NANA

3.91%NA

0.42%NANA

0.00%0.03%

NANA

0.00%NANANANANA

0.33%1.09%0.63%0.98%1.30%

NA0.21%

NA0.71%1.60%

NA0.10%

NANA

1.68%NA

0.45%NANA

0.69%5.03%

NA0.63%

NANANA

0.78%NANA

1.64%NANANANA

1.75%NANA

0.00%0.03%

NA4.68%0.00%

NA3.79%1.15%

NANA

1.21%0.80%0.57%

1.45%1.34%

NA1.25%1.84%

NA1.28%

NANANANA

0.51%0.89%2.53%0.69%

NANANANANA

0.00%0.01%

NANA

0.54%NA

4.03%2.60%

NA

NA6.20%

NA0.06%0.00%

NANA

1.71%NA

VolatilityBAML Emerging Mkt Publ 11.84% BAMLEMPBPUBSICRPIEYS&P Emerging BMI (Equit 13.31% BAMLEMPUPUBSLCRPIUSEYRelative Volatility 1.12

Index: BAML Public Sector US Emerging Markets Corporate Plus Index YieldSource: FRED (Federal Reserve St. Louis Datasets)

https://research.stlouisfed.org/fred2/series/BAMLEMPBPUBSICRPIEY/downloaddataPeriod Five yearsInterval Daily

DATE VALUE

2012-12-31 3.66 Average = 4.47 In spread %

2013-01-02 3.64 Std Dev = 0.52893226 In spread %2013-01-03 3.61 CV = 11.84% ! Std Dev/ Average2013-01-04 3.602013-01-07 3.602013-01-08 3.602013-01-09 3.602013-01-10 3.602013-01-11 3.612013-01-14 3.612013-01-15 3.602013-01-16 3.602013-01-17 3.612013-01-18 3.612013-01-21 3.602013-01-22 3.602013-01-23 3.592013-01-24 3.592013-01-25 3.612013-01-28 3.632013-01-29 3.652013-01-30 3.692013-01-31 3.802013-02-01 3.812013-02-04 3.83

2013-02-05 3.852013-02-06 3.832013-02-07 3.832013-02-08 3.812013-02-11 3.802013-02-12 3.812013-02-13 3.832013-02-14 3.802013-02-15 3.802013-02-18 3.792013-02-19 3.792013-02-20 3.782013-02-21 3.802013-02-22 3.792013-02-25 3.762013-02-26 3.762013-02-27 3.762013-02-28 3.772013-03-01 3.752013-03-04 3.752013-03-05 3.732013-03-06 3.762013-03-07 3.782013-03-08 3.792013-03-11 3.792013-03-12 3.772013-03-13 3.772013-03-14 3.782013-03-15 3.782013-03-18 3.792013-03-19 3.792013-03-20 3.802013-03-21 3.802013-03-22 3.802013-03-25 3.782013-03-26 3.782013-03-27 3.802013-03-28 3.812013-03-31 3.832013-04-01 3.83

2013-04-02 3.822013-04-03 3.812013-04-04 3.762013-04-05 3.722013-04-08 3.692013-04-09 3.672013-04-10 3.692013-04-11 3.682013-04-12 3.672013-04-15 3.682013-04-16 3.712013-04-17 3.732013-04-18 3.722013-04-19 3.712013-04-22 3.702013-04-23 3.682013-04-24 3.672013-04-25 3.682013-04-26 3.672013-04-29 3.642013-04-30 3.642013-05-01 3.622013-05-02 3.592013-05-03 3.612013-05-06 3.612013-05-07 3.602013-05-08 3.602013-05-09 3.592013-05-10 3.632013-05-13 3.662013-05-14 3.662013-05-15 3.672013-05-16 3.642013-05-17 3.672013-05-20 3.682013-05-21 3.692013-05-22 3.712013-05-23 3.752013-05-24 3.772013-05-27 3.77

2013-05-28 3.832013-05-29 3.932013-05-30 3.942013-05-31 4.062013-06-03 4.112013-06-04 4.122013-06-05 4.182013-06-06 4.242013-06-07 4.262013-06-10 4.322013-06-11 4.452013-06-12 4.442013-06-13 4.392013-06-14 4.292013-06-17 4.312013-06-18 4.352013-06-19 4.412013-06-20 4.732013-06-21 4.812013-06-24 5.042013-06-25 4.982013-06-26 4.922013-06-27 4.802013-06-28 4.772013-06-30 4.802013-07-01 4.782013-07-02 4.732013-07-03 4.782013-07-04 4.772013-07-05 4.862013-07-08 4.872013-07-09 4.842013-07-10 4.852013-07-11 4.782013-07-12 4.762013-07-15 4.712013-07-16 4.652013-07-17 4.602013-07-18 4.532013-07-19 4.50

2013-07-22 4.462013-07-23 4.462013-07-24 4.512013-07-25 4.542013-07-26 4.532013-07-29 4.542013-07-30 4.552013-07-31 4.642013-08-01 4.672013-08-02 4.642013-08-05 4.632013-08-06 4.632013-08-07 4.632013-08-08 4.612013-08-09 4.602013-08-12 4.602013-08-13 4.632013-08-14 4.642013-08-15 4.692013-08-16 4.712013-08-19 4.792013-08-20 4.822013-08-21 4.872013-08-22 4.922013-08-23 4.882013-08-26 4.872013-08-27 4.862013-08-28 4.902013-08-29 4.912013-09-02 4.962013-09-03 5.002013-09-04 5.042013-09-05 5.092013-09-06 5.052013-09-09 5.002013-09-10 5.012013-09-11 4.972013-09-12 4.932013-09-13 4.922013-09-16 4.84

2013-09-17 4.832013-09-18 4.752013-09-19 4.632013-09-20 4.632013-09-23 4.632013-09-24 4.652013-09-25 4.652013-09-26 4.682013-09-27 4.682013-09-30 4.742013-10-01 4.752013-10-02 4.752013-10-03 4.742013-10-04 4.742013-10-07 4.732013-10-08 4.732013-10-09 4.732013-10-10 4.712013-10-11 4.682013-10-14 4.682013-10-15 4.672013-10-16 4.632013-10-17 4.562013-10-18 4.502013-10-21 4.502013-10-22 4.462013-10-23 4.432013-10-24 4.452013-10-25 4.442013-10-28 4.442013-10-29 4.452013-10-30 4.442013-10-31 4.412013-11-01 4.452013-11-04 4.462013-11-05 4.522013-11-06 4.522013-11-07 4.532013-11-08 4.592013-11-11 4.59

2013-11-12 4.692013-11-13 4.682013-11-14 4.642013-11-15 4.612013-11-18 4.562013-11-19 4.572013-11-20 4.582013-11-21 4.602013-11-22 4.582013-11-25 4.562013-11-26 4.552013-11-27 4.562013-11-28 4.562013-11-29 4.572013-11-30 4.592013-12-02 4.622013-12-03 4.632013-12-04 4.662013-12-05 4.672013-12-06 4.672013-12-09 4.652013-12-10 4.602013-12-11 4.612013-12-12 4.632013-12-13 4.612013-12-16 4.592013-12-17 4.592013-12-18 4.582013-12-19 4.592013-12-20 4.592013-12-23 4.582013-12-24 4.602013-12-26 4.602013-12-27 4.612013-12-30 4.592013-12-31 4.612014-01-02 4.612014-01-03 4.622014-01-06 4.602014-01-07 4.58

2014-01-08 4.602014-01-09 4.602014-01-10 4.572014-01-13 4.542014-01-14 4.542014-01-15 4.532014-01-16 4.522014-01-17 4.512014-01-20 4.502014-01-21 4.512014-01-22 4.532014-01-23 4.532014-01-24 4.582014-01-27 4.612014-01-28 4.592014-01-29 4.602014-01-30 4.632014-01-31 4.702014-02-03 4.692014-02-04 4.682014-02-05 4.672014-02-06 4.652014-02-07 4.632014-02-10 4.612014-02-11 4.612014-02-12 4.612014-02-13 4.612014-02-14 4.602014-02-17 4.592014-02-18 4.562014-02-19 4.582014-02-20 4.592014-02-21 4.562014-02-24 4.522014-02-25 4.492014-02-26 4.492014-02-27 4.462014-02-28 4.462014-03-03 4.572014-03-04 4.55

2014-03-05 4.552014-03-06 4.562014-03-07 4.592014-03-10 4.642014-03-11 4.632014-03-12 4.672014-03-13 4.672014-03-14 4.712014-03-17 4.712014-03-18 4.662014-03-19 4.662014-03-20 4.692014-03-21 4.692014-03-24 4.672014-03-25 4.652014-03-26 4.582014-03-27 4.512014-03-28 4.512014-03-31 4.612014-04-01 4.572014-04-02 4.592014-04-03 4.592014-04-04 4.552014-04-07 4.542014-04-08 4.512014-04-09 4.502014-04-10 4.462014-04-11 4.472014-04-14 4.512014-04-15 4.542014-04-16 4.552014-04-17 4.552014-04-21 4.542014-04-22 4.542014-04-23 4.542014-04-24 4.552014-04-25 4.612014-04-28 4.622014-04-29 4.602014-04-30 4.58

2014-05-01 4.542014-05-02 4.532014-05-05 4.542014-05-06 4.522014-05-07 4.462014-05-08 4.402014-05-09 4.402014-05-12 4.402014-05-13 4.362014-05-14 4.332014-05-15 4.312014-05-16 4.312014-05-19 4.302014-05-20 4.272014-05-21 4.262014-05-22 4.262014-05-23 4.232014-05-26 4.222014-05-27 4.202014-05-28 4.142014-05-29 4.102014-05-30 4.102014-05-31 4.162014-06-02 4.182014-06-03 4.212014-06-04 4.222014-06-05 4.202014-06-06 4.132014-06-09 4.102014-06-10 4.122014-06-11 4.152014-06-12 4.142014-06-13 4.152014-06-16 4.192014-06-17 4.212014-06-18 4.192014-06-19 4.152014-06-20 4.142014-06-23 4.142014-06-24 4.10

2014-06-25 4.092014-06-26 4.082014-06-27 4.092014-06-30 4.122014-07-01 4.142014-07-02 4.162014-07-03 4.162014-07-04 4.162014-07-07 4.152014-07-08 4.112014-07-09 4.092014-07-10 4.102014-07-11 4.092014-07-14 4.102014-07-15 4.102014-07-16 4.122014-07-17 4.162014-07-18 4.182014-07-21 4.212014-07-22 4.202014-07-23 4.162014-07-24 4.172014-07-25 4.212014-07-28 4.262014-07-29 4.282014-07-30 4.312014-07-31 4.352014-08-01 4.372014-08-04 4.382014-08-05 4.412014-08-06 4.452014-08-07 4.442014-08-08 4.462014-08-11 4.422014-08-12 4.402014-08-13 4.352014-08-14 4.312014-08-15 4.282014-08-18 4.262014-08-19 4.25

2014-08-20 4.272014-08-21 4.262014-08-22 4.272014-08-25 4.272014-08-26 4.242014-08-27 4.212014-08-28 4.252014-08-29 4.282014-08-31 4.282014-09-01 4.292014-09-02 4.362014-09-03 4.322014-09-04 4.322014-09-05 4.322014-09-08 4.362014-09-09 4.382014-09-10 4.422014-09-11 4.412014-09-12 4.452014-09-15 4.472014-09-16 4.482014-09-17 4.502014-09-18 4.522014-09-19 4.492014-09-22 4.472014-09-23 4.452014-09-24 4.442014-09-25 4.442014-09-26 4.472014-09-29 4.532014-09-30 4.532014-10-01 4.512014-10-02 4.522014-10-03 4.532014-10-06 4.512014-10-07 4.472014-10-08 4.462014-10-09 4.452014-10-10 4.472014-10-13 4.47

2014-10-14 4.452014-10-15 4.482014-10-16 4.512014-10-17 4.472014-10-20 4.462014-10-21 4.462014-10-22 4.452014-10-23 4.482014-10-24 4.482014-10-27 4.462014-10-28 4.432014-10-29 4.432014-10-30 4.402014-10-31 4.422014-11-03 4.402014-11-04 4.462014-11-05 4.472014-11-06 4.502014-11-07 4.512014-11-10 4.522014-11-11 4.522014-11-12 4.532014-11-13 4.552014-11-14 4.602014-11-17 4.662014-11-18 4.652014-11-19 4.652014-11-20 4.632014-11-21 4.592014-11-24 4.572014-11-25 4.562014-11-26 4.562014-11-27 4.562014-11-28 4.572014-11-30 4.622014-12-01 4.722014-12-02 4.782014-12-03 4.832014-12-04 4.842014-12-05 4.91

2014-12-08 4.992014-12-09 5.092014-12-10 5.152014-12-11 5.222014-12-12 5.332014-12-15 5.562014-12-16 5.782014-12-17 5.672014-12-18 5.482014-12-19 5.402014-12-22 5.322014-12-23 5.352014-12-24 5.352014-12-26 5.362014-12-29 5.362014-12-30 5.372014-12-31 5.382015-01-02 5.382015-01-05 5.462015-01-06 5.572015-01-07 5.532015-01-08 5.452015-01-09 5.452015-01-12 5.462015-01-13 5.462015-01-14 5.432015-01-15 5.362015-01-19 5.382015-01-20 5.382015-01-21 5.392015-01-22 5.382015-01-23 5.272015-01-26 5.282015-01-27 5.322015-01-28 5.282015-01-29 5.332015-01-30 5.382015-01-31 5.382015-02-02 5.372015-02-03 5.35

2015-02-04 5.322015-02-05 5.282015-02-06 5.292015-02-09 5.292015-02-10 5.342015-02-11 5.352015-02-12 5.282015-02-13 5.212015-02-16 5.202015-02-17 5.212015-02-18 5.142015-02-19 5.192015-02-20 5.212015-02-23 5.222015-02-24 5.162015-02-25 5.172015-02-26 5.162015-02-27 5.142015-02-28 5.152015-03-02 5.162015-03-03 5.132015-03-04 5.142015-03-05 5.112015-03-06 5.132015-03-09 5.182015-03-10 5.222015-03-11 5.222015-03-12 5.192015-03-13 5.252015-03-16 5.312015-03-17 5.342015-03-18 5.292015-03-19 5.252015-03-20 5.162015-03-23 5.112015-03-24 5.052015-03-25 5.032015-03-26 5.072015-03-27 5.052015-03-30 5.05

2015-03-31 4.972015-04-01 4.902015-04-02 4.852015-04-06 4.832015-04-07 4.782015-04-08 4.732015-04-09 4.692015-04-10 4.682015-04-13 4.652015-04-14 4.632015-04-15 4.612015-04-16 4.592015-04-17 4.612015-04-20 4.652015-04-21 4.662015-04-22 4.652015-04-23 4.592015-04-24 4.552015-04-27 4.532015-04-28 4.572015-04-29 4.582015-04-30 4.612015-05-01 4.642015-05-04 4.642015-05-05 4.662015-05-06 4.652015-05-07 4.682015-05-08 4.642015-05-11 4.652015-05-12 4.682015-05-13 4.632015-05-14 4.602015-05-15 4.562015-05-18 4.542015-05-19 4.572015-05-20 4.582015-05-21 4.552015-05-22 4.552015-05-26 4.542015-05-27 4.61

2015-05-28 4.622015-05-29 4.622015-05-31 4.652015-06-01 4.742015-06-02 4.772015-06-03 4.732015-06-04 4.762015-06-05 4.822015-06-08 4.852015-06-09 4.862015-06-10 4.902015-06-11 4.882015-06-12 4.872015-06-15 4.872015-06-16 4.902015-06-17 4.882015-06-18 4.862015-06-19 4.832015-06-22 4.832015-06-23 4.832015-06-24 4.812015-06-25 4.822015-06-26 4.862015-06-29 4.882015-06-30 4.892015-07-01 4.892015-07-02 4.872015-07-03 4.872015-07-06 4.842015-07-07 4.872015-07-08 4.882015-07-09 4.912015-07-10 4.922015-07-13 4.922015-07-14 4.912015-07-15 4.892015-07-16 4.872015-07-17 4.862015-07-20 4.872015-07-21 4.87

2015-07-22 4.872015-07-23 4.882015-07-24 4.922015-07-27 4.962015-07-28 4.972015-07-29 4.952015-07-30 4.932015-07-31 4.882015-08-03 4.882015-08-04 4.902015-08-05 4.932015-08-06 4.982015-08-07 4.982015-08-10 5.002015-08-11 4.972015-08-12 4.972015-08-13 5.002015-08-14 5.012015-08-17 5.002015-08-18 5.032015-08-19 5.052015-08-20 5.102015-08-21 5.132015-08-24 5.252015-08-25 5.262015-08-26 5.292015-08-27 5.202015-08-28 5.172015-08-31 5.202015-09-01 5.212015-09-02 5.242015-09-03 5.222015-09-04 5.202015-09-07 5.202015-09-08 5.242015-09-09 5.232015-09-10 5.262015-09-11 5.282015-09-14 5.302015-09-15 5.31

2015-09-16 5.312015-09-17 5.292015-09-18 5.232015-09-21 5.282015-09-22 5.372015-09-23 5.402015-09-24 5.502015-09-25 5.512015-09-28 5.572015-09-29 5.632015-09-30 5.582015-10-01 5.512015-10-02 5.482015-10-05 5.392015-10-06 5.322015-10-07 5.282015-10-08 5.302015-10-09 5.252015-10-12 5.242015-10-13 5.232015-10-14 5.232015-10-15 5.202015-10-16 5.152015-10-19 5.152015-10-20 5.162015-10-21 5.202015-10-22 5.172015-10-23 5.142015-10-26 5.102015-10-27 5.102015-10-28 5.132015-10-29 5.152015-10-30 5.142015-10-31 5.152015-11-02 5.122015-11-03 5.082015-11-04 5.052015-11-05 5.082015-11-06 5.122015-11-09 5.18

2015-11-10 5.192015-11-11 5.192015-11-12 5.212015-11-13 5.242015-11-16 5.222015-11-17 5.192015-11-18 5.172015-11-19 5.112015-11-20 5.072015-11-23 5.082015-11-24 5.092015-11-25 5.122015-11-26 5.122015-11-27 5.122015-11-30 5.092015-12-01 5.112015-12-02 5.112015-12-03 5.162015-12-04 5.202015-12-07 5.212015-12-08 5.262015-12-09 5.252015-12-10 5.302015-12-11 5.372015-12-14 5.452015-12-15 5.432015-12-16 5.472015-12-17 5.432015-12-18 5.452015-12-21 5.482015-12-22 5.472015-12-23 5.482015-12-24 5.482015-12-28 5.482015-12-29 5.472015-12-30 5.482015-12-31 5.502016-01-04 5.472016-01-05 5.462016-01-06 5.45

2016-01-07 5.482016-01-08 5.492016-01-11 5.512016-01-12 5.552016-01-13 5.592016-01-14 5.652016-01-15 5.712016-01-18 5.722016-01-19 5.722016-01-20 5.772016-01-21 5.792016-01-22 5.702016-01-25 5.692016-01-26 5.662016-01-27 5.632016-01-28 5.562016-01-29 5.512016-01-31 5.552016-02-01 5.552016-02-02 5.592016-02-03 5.572016-02-04 5.512016-02-05 5.492016-02-08 5.492016-02-09 5.512016-02-10 5.532016-02-11 5.582016-02-12 5.612016-02-15 5.602016-02-16 5.572016-02-17 5.502016-02-18 5.482016-02-19 5.462016-02-22 5.442016-02-23 5.432016-02-24 5.442016-02-25 5.402016-02-26 5.392016-02-29 5.382016-03-01 5.36

2016-03-02 5.312016-03-03 5.282016-03-04 5.212016-03-07 5.252016-03-08 5.242016-03-09 5.242016-03-10 5.222016-03-11 5.192016-03-14 5.182016-03-15 5.222016-03-16 5.212016-03-17 5.092016-03-18 5.022016-03-21 5.022016-03-22 5.022016-03-23 5.042016-03-24 5.082016-03-28 5.082016-03-29 5.062016-03-30 4.982016-03-31 4.962016-04-01 4.982016-04-04 4.972016-04-05 5.002016-04-06 4.992016-04-07 4.992016-04-08 4.972016-04-11 4.922016-04-12 4.902016-04-13 4.842016-04-14 4.802016-04-15 4.802016-04-18 4.822016-04-19 4.772016-04-20 4.762016-04-21 4.772016-04-22 4.792016-04-25 4.822016-04-26 4.832016-04-27 4.80

2016-04-28 4.732016-04-29 4.712016-04-30 4.542016-05-02 4.522016-05-03 4.542016-05-04 4.552016-05-05 4.532016-05-06 4.522016-05-09 4.532016-05-10 4.512016-05-11 4.482016-05-12 4.462016-05-13 4.432016-05-16 4.422016-05-17 4.402016-05-18 4.442016-05-19 4.512016-05-20 4.492016-05-23 4.492016-05-24 4.482016-05-25 4.472016-05-26 4.472016-05-27 4.462016-05-30 4.462016-05-31 4.542016-06-01 4.542016-06-02 4.502016-06-03 4.422016-06-06 4.372016-06-07 4.332016-06-08 4.292016-06-09 4.302016-06-10 4.322016-06-13 4.342016-06-14 4.392016-06-15 4.382016-06-16 4.362016-06-17 4.352016-06-20 4.332016-06-21 4.33

2016-06-22 4.312016-06-23 4.282016-06-24 4.292016-06-27 4.302016-06-28 4.272016-06-29 4.192016-06-30 4.182016-07-01 4.092016-07-04 4.092016-07-05 4.062016-07-06 4.062016-07-07 4.052016-07-08 4.032016-07-11 3.992016-07-12 4.012016-07-13 3.992016-07-14 4.002016-07-15 4.012016-07-18 4.022016-07-19 3.992016-07-20 4.002016-07-21 4.012016-07-22 3.992016-07-25 3.992016-07-26 4.012016-07-27 4.002016-07-28 3.992016-07-29 3.972016-07-31 4.012016-08-01 4.002016-08-02 4.032016-08-03 4.062016-08-04 4.012016-08-05 3.982016-08-08 3.962016-08-09 3.942016-08-10 3.892016-08-11 3.892016-08-12 3.882016-08-15 3.85

2016-08-16 3.832016-08-17 3.852016-08-18 3.812016-08-19 3.822016-08-22 3.842016-08-23 3.832016-08-24 3.842016-08-25 3.862016-08-26 3.862016-08-29 3.872016-08-30 3.852016-08-31 3.892016-09-01 3.912016-09-02 3.902016-09-05 3.902016-09-06 3.862016-09-07 3.802016-09-08 3.802016-09-09 3.872016-09-12 3.942016-09-13 3.932016-09-14 3.962016-09-15 3.962016-09-16 3.962016-09-19 3.962016-09-20 3.942016-09-21 3.912016-09-22 3.832016-09-23 3.842016-09-26 3.862016-09-27 3.842016-09-28 3.832016-09-29 3.812016-09-30 3.822016-10-03 3.832016-10-04 3.842016-10-05 3.862016-10-06 3.872016-10-07 3.882016-10-10 3.88

2016-10-11 3.892016-10-12 3.902016-10-13 3.892016-10-14 3.892016-10-17 3.912016-10-18 3.912016-10-19 3.892016-10-20 3.882016-10-21 3.882016-10-24 3.852016-10-25 3.852016-10-26 3.922016-10-27 3.932016-10-28 3.942016-10-31 3.952016-11-01 4.002016-11-02 4.012016-11-03 4.002016-11-04 4.012016-11-07 3.992016-11-08 3.972016-11-09 4.062016-11-10 4.192016-11-11 4.202016-11-14 4.472016-11-15 4.392016-11-16 4.392016-11-17 4.372016-11-18 4.452016-11-21 4.452016-11-22 4.432016-11-23 4.452016-11-24 4.452016-11-25 4.482016-11-28 4.472016-11-29 4.462016-11-30 4.392016-12-01 4.442016-12-02 4.452016-12-05 4.42

2016-12-06 4.372016-12-07 4.342016-12-08 4.342016-12-09 4.352016-12-12 4.392016-12-13 4.352016-12-14 4.342016-12-15 4.452016-12-16 4.432016-12-19 4.432016-12-20 4.402016-12-21 4.372016-12-22 4.362016-12-23 4.372016-12-27 4.372016-12-28 4.362016-12-29 4.342016-12-30 4.322016-12-31 4.332017-01-03 4.312017-01-04 4.282017-01-05 4.232017-01-06 4.212017-01-09 4.222017-01-10 4.192017-01-11 4.222017-01-12 4.172017-01-13 4.172017-01-16 4.172017-01-17 4.132017-01-18 4.142017-01-19 4.202017-01-20 4.212017-01-23 4.172017-01-24 4.152017-01-25 4.182017-01-26 4.182017-01-27 4.162017-01-30 4.152017-01-31 4.17

2017-02-01 4.162017-02-02 4.142017-02-03 4.132017-02-06 4.102017-02-07 4.092017-02-08 4.082017-02-09 4.072017-02-10 4.072017-02-13 4.072017-02-14 4.062017-02-15 4.082017-02-16 4.072017-02-17 4.062017-02-20 4.062017-02-21 4.042017-02-22 4.022017-02-23 3.992017-02-24 3.982017-02-27 3.982017-02-28 4.012017-03-01 4.062017-03-02 4.092017-03-03 4.092017-03-06 4.082017-03-07 4.092017-03-08 4.142017-03-09 4.212017-03-10 4.202017-03-13 4.202017-03-14 4.232017-03-15 4.202017-03-16 4.142017-03-17 4.132017-03-20 4.122017-03-21 4.102017-03-22 4.082017-03-23 4.122017-03-24 4.112017-03-27 4.082017-03-28 4.08

2017-03-29 4.082017-03-30 4.072017-03-31 4.122017-04-03 4.102017-04-04 4.082017-04-05 4.082017-04-06 4.072017-04-07 4.072017-04-10 4.082017-04-11 4.062017-04-12 4.052017-04-13 4.022017-04-17 4.002017-04-18 4.002017-04-19 4.012017-04-20 4.022017-04-21 4.002017-04-24 4.012017-04-25 4.012017-04-26 4.022017-04-27 4.012017-04-28 4.002017-04-30 4.002017-05-01 4.012017-05-02 4.002017-05-03 3.992017-05-04 4.012017-05-05 4.032017-05-08 4.022017-05-09 4.032017-05-10 4.022017-05-11 4.012017-05-12 3.982017-05-15 3.942017-05-16 3.932017-05-17 3.912017-05-18 3.972017-05-19 3.952017-05-22 3.952017-05-23 3.95

2017-05-24 3.942017-05-25 3.922017-05-26 3.912017-05-29 3.912017-05-30 3.902017-05-31 3.952017-06-01 3.942017-06-02 3.922017-06-05 3.912017-06-06 3.902017-06-07 3.922017-06-08 3.942017-06-09 3.952017-06-12 3.962017-06-13 3.962017-06-14 3.942017-06-15 3.952017-06-16 3.962017-06-19 3.962017-06-20 3.992017-06-21 4.012017-06-22 4.012017-06-23 4.002017-06-26 3.982017-06-27 3.992017-06-28 4.012017-06-29 4.032017-06-30 4.052017-07-03 4.072017-07-04 4.062017-07-05 4.092017-07-06 4.112017-07-07 4.132017-07-10 4.112017-07-11 4.102017-07-12 4.062017-07-13 4.052017-07-14 4.042017-07-17 4.022017-07-18 4.00

2017-07-19 3.992017-07-20 3.982017-07-21 3.962017-07-24 3.972017-07-25 3.982017-07-26 3.972017-07-27 3.962017-07-28 3.972017-07-31 4.002017-08-01 4.002017-08-02 3.992017-08-03 3.962017-08-04 3.962017-08-07 3.962017-08-08 3.962017-08-09 3.962017-08-10 3.972017-08-11 3.972017-08-14 3.952017-08-15 3.962017-08-16 3.972017-08-17 3.932017-08-18 3.922017-08-21 3.902017-08-22 3.912017-08-23 3.912017-08-24 3.882017-08-25 3.872017-08-28 3.862017-08-29 3.842017-08-30 3.842017-08-31 3.852017-09-01 3.842017-09-04 3.832017-09-05 3.822017-09-06 3.822017-09-07 3.792017-09-08 3.772017-09-11 3.792017-09-12 3.82

2017-09-13 3.822017-09-14 3.832017-09-15 3.832017-09-18 3.822017-09-19 3.832017-09-20 3.842017-09-21 3.862017-09-22 3.852017-09-25 3.842017-09-26 3.842017-09-27 3.892017-09-28 3.882017-09-29 3.862017-09-30 3.892017-10-02 3.912017-10-03 3.902017-10-04 3.882017-10-05 3.882017-10-06 3.902017-10-09 3.902017-10-10 3.892017-10-11 3.882017-10-12 3.862017-10-13 3.862017-10-16 3.862017-10-17 3.862017-10-18 3.852017-10-19 3.842017-10-20 3.882017-10-23 3.892017-10-24 3.892017-10-25 3.912017-10-26 3.902017-10-27 3.902017-10-30 3.872017-10-31 3.932017-11-01 3.942017-11-02 3.932017-11-03 3.972017-11-06 3.96

2017-11-07 3.982017-11-08 3.992017-11-09 4.002017-11-10 4.032017-11-13 4.032017-11-14 4.032017-11-15 4.002017-11-16 3.972017-11-17 3.972017-11-20 3.962017-11-21 3.982017-11-22 3.962017-11-23 3.962017-11-24 3.962017-11-27 3.932017-11-28 3.922017-11-29 3.962017-11-30 3.912017-12-01 3.902017-12-04 3.912017-12-05 3.902017-12-06 3.892017-12-07 3.912017-12-08 3.922017-12-11 3.922017-12-12 3.942017-12-13 3.932017-12-14 3.922017-12-15 3.922017-12-18 3.932017-12-19 3.942017-12-20 3.962017-12-21 3.972017-12-22 3.972017-12-26 3.972017-12-27 3.962017-12-28 3.95

Index: S&P Emerging BMI IndexSource: S&P

https://research.stlouisfed.org/fred2/series/BAMLEMPBPUBSICRPIEY/downloaddata http://us.spindices.com/indices/equity/sp-emerging-bmi-us-dollarPeriod Five yearsInterval Daily

Effective dat Return

12/28/2012 390.47 0.83%

12/31/2012 390.56 0.02% 13.31%1/1/2013 390.84 0.07%1/2/2013 398.31 1.91%1/3/2013 400.88 0.65% 3.564108211/4/2013 399.73 -0.29%1/7/2013 399.59 -0.04%1/8/2013 397.66 -0.48%1/9/2013 399.52 0.47%

1/10/2013 400.63 0.28%1/11/2013 399.2 -0.36%1/14/2013 402.35 0.79%1/15/2013 400.41 -0.48%1/16/2013 399.56 -0.21%1/17/2013 400.24 0.17%1/18/2013 403.2 0.74%1/21/2013 402.87 -0.08%1/22/2013 402.79 -0.02%1/23/2013 402.53 -0.06%1/24/2013 401.53 -0.25%1/25/2013 401.18 -0.09%1/28/2013 399.8 -0.34%1/29/2013 401.64 0.46%1/30/2013 401.15 -0.12%1/31/2013 401.7 0.14%

S&P Emerging BMI (US Dollar) Gross Total Return

Daily Std Deviation =Annualized Std Deviation=

2/1/2013 404.08 0.59%2/4/2013 403.3 -0.19%2/5/2013 401.68 -0.40%2/6/2013 400.64 -0.26%2/7/2013 399 -0.41%2/8/2013 399.05 0.01%

2/11/2013 398.17 -0.22%2/12/2013 398.11 -0.02%2/13/2013 399.27 0.29%2/14/2013 399.42 0.04%2/15/2013 399.4 -0.01%2/18/2013 398.9 -0.13%2/19/2013 398.53 -0.09%2/20/2013 398.58 0.01%2/21/2013 392.78 -1.46%2/22/2013 392.96 0.05%2/25/2013 393.82 0.22%2/26/2013 389.39 -1.12%2/27/2013 390.98 0.41%2/28/2013 393.38 0.61%

3/1/2013 392.95 -0.11%3/4/2013 389.13 -0.97%3/5/2013 392.6 0.89%3/6/2013 396.39 0.97%3/7/2013 396.75 0.09%3/8/2013 400.19 0.87%

3/11/2013 399.74 -0.11%3/12/2013 397.54 -0.55%3/13/2013 393.77 -0.95%3/14/2013 394.05 0.07%3/15/2013 392.44 -0.41%3/18/2013 388.11 -1.10%3/19/2013 385.52 -0.67%3/20/2013 387.07 0.40%3/21/2013 385.89 -0.30%3/22/2013 383.56 -0.60%3/25/2013 384.93 0.36%3/26/2013 386.86 0.50%3/27/2013 388.39 0.40%3/28/2013 388.78 0.10%

3/29/2013 389.36 0.15%4/1/2013 388.45 -0.23%4/2/2013 388.12 -0.08%4/3/2013 386.26 -0.48%4/4/2013 384.1 -0.56%4/5/2013 381.96 -0.56%4/8/2013 382.05 0.02%4/9/2013 385.44 0.89%

4/10/2013 388.66 0.84%4/11/2013 389.84 0.30%4/12/2013 387.21 -0.67%4/15/2013 380.36 -1.77%4/16/2013 382.34 0.52%4/17/2013 379.84 -0.65%4/18/2013 379.74 -0.03%4/19/2013 384.68 1.30%4/22/2013 384.73 0.01%4/23/2013 384.54 -0.05%4/24/2013 387.16 0.68%4/25/2013 390.55 0.88%4/26/2013 388.81 -0.45%4/29/2013 391.02 0.57%4/30/2013 394.82 0.97%

5/1/2013 394.23 -0.15%5/2/2013 394.49 0.07%5/3/2013 396.06 0.40%5/6/2013 397.77 0.43%5/7/2013 400.83 0.77%5/8/2013 404.09 0.81%5/9/2013 403.68 -0.10%

5/10/2013 401.61 -0.51%5/13/2013 398.32 -0.82%5/14/2013 399.17 0.21%5/15/2013 399.75 0.15%5/16/2013 399.55 -0.05%5/17/2013 399.53 -0.01%5/20/2013 400.67 0.29%5/21/2013 400.45 -0.05%5/22/2013 400.32 -0.03%5/23/2013 392.71 -1.90%

5/24/2013 393.01 0.08%5/27/2013 393.5 0.12%5/28/2013 394.84 0.34%5/29/2013 390.43 -1.12%5/30/2013 388.19 -0.57%5/31/2013 385.4 -0.72%

6/3/2013 381.17 -1.10%6/4/2013 383.39 0.58%6/5/2013 378.8 -1.20%6/6/2013 376.12 -0.71%6/7/2013 376.27 0.04%

6/10/2013 373.34 -0.78%6/11/2013 365.87 -2.00%6/12/2013 366.31 0.12%6/13/2013 362.98 -0.91%6/14/2013 366.48 0.96%6/17/2013 368.43 0.53%6/18/2013 366.57 -0.50%6/19/2013 364.34 -0.61%6/20/2013 349.83 -3.98%6/21/2013 347.32 -0.72%6/24/2013 340.58 -1.94%6/25/2013 342.1 0.45%6/26/2013 348.74 1.94%6/27/2013 354.03 1.52%6/28/2013 360.94 1.95%

7/1/2013 361.86 0.25%7/2/2013 358.04 -1.06%7/3/2013 351.13 -1.93%7/4/2013 354.53 0.97%7/5/2013 353.28 -0.35%7/8/2013 349.64 -1.03%7/9/2013 351.4 0.50%

7/10/2013 352.24 0.24%7/11/2013 361.02 2.49%7/12/2013 362.55 0.42%7/15/2013 365.73 0.88%7/16/2013 366.62 0.24%7/17/2013 368.7 0.57%7/18/2013 369.1 0.11%

7/19/2013 366.39 -0.73%7/22/2013 367.81 0.39%7/23/2013 373.02 1.42%7/24/2013 371.67 -0.36%7/25/2013 370.53 -0.31%7/26/2013 369.85 -0.18%7/29/2013 366.77 -0.83%7/30/2013 366.11 -0.18%7/31/2013 363.95 -0.59%

8/1/2013 367.02 0.84%8/2/2013 367.49 0.13%8/5/2013 367.8 0.08%8/6/2013 364.1 -1.01%8/7/2013 361.96 -0.59%8/8/2013 365.36 0.94%8/9/2013 367.49 0.58%

8/12/2013 370.03 0.69%8/13/2013 372.4 0.64%8/14/2013 372.91 0.14%8/15/2013 369.61 -0.88%8/16/2013 368.52 -0.29%8/19/2013 363.05 -1.48%8/20/2013 358.55 -1.24%8/21/2013 355.65 -0.81%8/22/2013 355.51 -0.04%8/23/2013 358.95 0.97%8/26/2013 358.17 -0.22%8/27/2013 350.31 -2.19%8/28/2013 347.8 -0.72%8/29/2013 351.45 1.05%8/30/2013 354.17 0.77%

9/2/2013 357.74 1.01%9/3/2013 355.84 -0.53%9/4/2013 357.46 0.46%9/5/2013 361.47 1.12%9/6/2013 364.64 0.88%9/9/2013 371.01 1.75%

9/10/2013 377.47 1.74%9/11/2013 377.97 0.13%9/12/2013 377.53 -0.12%

9/13/2013 376.44 -0.29%9/16/2013 381.77 1.42%9/17/2013 382.42 0.17%9/18/2013 382.26 -0.04%9/19/2013 391.66 2.46%9/20/2013 387.6 -1.04%9/23/2013 387.83 0.06%9/24/2013 385.76 -0.53%9/25/2013 385.51 -0.06%9/26/2013 383.61 -0.49%9/27/2013 382.14 -0.38%9/30/2013 377.97 -1.09%10/1/2013 381.64 0.97%10/2/2013 382.38 0.19%10/3/2013 385.44 0.80%10/4/2013 386.78 0.35%10/7/2013 385.53 -0.32%10/8/2013 386.42 0.23%10/9/2013 385.14 -0.33%

10/10/2013 389.06 1.02%10/11/2013 392.01 0.76%10/14/2013 391.68 -0.08%10/15/2013 393.37 0.43%10/16/2013 394.24 0.22%10/17/2013 395.42 0.30%10/18/2013 398.93 0.89%10/21/2013 399.08 0.04%10/22/2013 399.85 0.19%10/23/2013 395.76 -1.02%10/24/2013 395.08 -0.17%10/25/2013 393.94 -0.29%10/28/2013 395.45 0.38%10/29/2013 396.46 0.26%10/30/2013 398.48 0.51%10/31/2013 396.16 -0.58%

11/1/2013 393.13 -0.76%11/4/2013 393.38 0.06%11/5/2013 389.4 -1.01%11/6/2013 388.93 -0.12%11/7/2013 386.41 -0.65%

11/8/2013 381.35 -1.31%11/11/2013 380.71 -0.17%11/12/2013 379.07 -0.43%11/13/2013 376.16 -0.77%11/14/2013 381.08 1.31%11/15/2013 384.96 1.02%11/18/2013 392.26 1.90%11/19/2013 391.08 -0.30%11/20/2013 389.7 -0.35%11/21/2013 384.5 -1.33%11/22/2013 386.07 0.41%11/25/2013 386.3 0.06%11/26/2013 384.01 -0.59%11/27/2013 385.46 0.38%11/28/2013 386.26 0.21%11/29/2013 388.9 0.68%

12/2/2013 387.57 -0.34%12/3/2013 384.18 -0.87%12/4/2013 382.32 -0.48%12/5/2013 383.54 0.32%12/6/2013 385.22 0.44%12/9/2013 388.29 0.80%

12/10/2013 388.53 0.06%12/11/2013 384.47 -1.04%12/12/2013 380.21 -1.11%12/13/2013 380.32 0.03%12/16/2013 380.09 -0.06%12/17/2013 379.88 -0.06%12/18/2013 380.96 0.28%12/19/2013 380.27 -0.18%12/20/2013 379.35 -0.24%12/23/2013 380.96 0.42%12/24/2013 382.17 0.32%12/25/2013 381.96 -0.05%12/26/2013 381.38 -0.15%12/27/2013 383 0.42%12/30/2013 384.93 0.50%12/31/2013 385.62 0.18%

1/1/2014 385.64 0.01%1/2/2014 382.15 -0.90%

1/3/2014 378.92 -0.85%1/6/2014 376.38 -0.67%1/7/2014 376.33 -0.01%1/8/2014 377 0.18%1/9/2014 372.95 -1.07%

1/10/2014 376.04 0.83%1/13/2014 378.19 0.57%1/14/2014 377.61 -0.15%1/15/2014 378.8 0.32%1/16/2014 377.51 -0.34%1/17/2014 376.63 -0.23%1/20/2014 376.03 -0.16%1/21/2014 375.88 -0.04%1/22/2014 378.03 0.57%1/23/2014 373.54 -1.19%1/24/2014 367.56 -1.60%1/27/2014 360.8 -1.84%1/28/2014 361.97 0.32%1/29/2014 361.25 -0.20%1/30/2014 361.1 -0.04%1/31/2014 361.08 -0.01%

2/3/2014 358.1 -0.83%2/4/2014 355.97 -0.59%2/5/2014 354.85 -0.31%2/6/2014 360.03 1.46%2/7/2014 362.81 0.77%

2/10/2014 362.32 -0.14%2/11/2014 365.85 0.97%2/12/2014 368.86 0.82%2/13/2014 366.57 -0.62%2/14/2014 370.54 1.08%2/17/2014 373.15 0.70%2/18/2014 371.69 -0.39%2/19/2014 372 0.08%2/20/2014 369.49 -0.67%2/21/2014 371.81 0.63%2/24/2014 372.03 0.06%2/25/2014 369.92 -0.57%2/26/2014 369.61 -0.08%2/27/2014 372.54 0.79%

2/28/2014 373.61 0.29%3/3/2014 367.65 -1.60%3/4/2014 371.33 1.00%3/5/2014 372.22 0.24%3/6/2014 376.93 1.27%3/7/2014 374.94 -0.53%

3/10/2014 371.19 -1.00%3/11/2014 371.04 -0.04%3/12/2014 367.84 -0.86%3/13/2014 366.79 -0.29%3/14/2014 364.85 -0.53%3/17/2014 366.77 0.53%3/18/2014 370.62 1.05%3/19/2014 370.01 -0.16%3/20/2014 366.66 -0.91%3/21/2014 368.02 0.37%3/24/2014 370.92 0.79%3/25/2014 372.93 0.54%3/26/2014 375.56 0.71%3/27/2014 377.1 0.41%3/28/2014 380.97 1.03%3/31/2014 384.94 1.04%

4/1/2014 387.64 0.70%4/2/2014 389.32 0.43%4/3/2014 387.42 -0.49%4/4/2014 387.7 0.07%4/7/2014 387.86 0.04%4/8/2014 390.99 0.81%4/9/2014 392.17 0.30%

4/10/2014 394.35 0.56%4/11/2014 391.47 -0.73%4/14/2014 390.14 -0.34%4/15/2014 385.77 -1.12%4/16/2014 386.84 0.28%4/17/2014 389.99 0.81%4/18/2014 390.51 0.13%4/21/2014 390.65 0.04%4/22/2014 389.83 -0.21%4/23/2014 387.94 -0.48%4/24/2014 388.09 0.04%

4/25/2014 384.19 -1.00%4/28/2014 383.23 -0.25%4/29/2014 386.35 0.81%4/30/2014 384.77 -0.41%

5/1/2014 385.33 0.15%5/2/2014 388.59 0.85%5/5/2014 387.92 -0.17%5/6/2014 388.97 0.27%5/7/2014 388.97 0.00%5/8/2014 390.09 0.29%5/9/2014 389.64 -0.12%

5/12/2014 393.4 0.96%5/13/2014 395.28 0.48%5/14/2014 398.6 0.84%5/15/2014 397.28 -0.33%5/16/2014 398.4 0.28%5/19/2014 400.28 0.47%5/20/2014 398.41 -0.47%5/21/2014 399.62 0.30%5/22/2014 403.52 0.98%5/23/2014 404.87 0.33%5/26/2014 404.64 -0.06%5/27/2014 401.54 -0.77%5/28/2014 403.02 0.37%5/29/2014 403.27 0.06%5/30/2014 399.92 -0.83%

6/2/2014 400.92 0.25%6/3/2014 403.12 0.55%6/4/2014 401.47 -0.41%6/5/2014 403.74 0.57%6/6/2014 408.39 1.15%6/9/2014 410.67 0.56%

6/10/2014 413.23 0.62%6/11/2014 412.75 -0.12%6/12/2014 412.96 0.05%6/13/2014 411.31 -0.40%6/16/2014 410.58 -0.18%6/17/2014 409.54 -0.25%6/18/2014 410.13 0.14%6/19/2014 412.36 0.54%

6/20/2014 410.76 -0.39%6/23/2014 409.85 -0.22%6/24/2014 412.22 0.58%6/25/2014 410.48 -0.42%6/26/2014 411.97 0.36%6/27/2014 412.21 0.06%6/30/2014 414.27 0.50%

7/1/2014 414.84 0.14%7/2/2014 417.92 0.74%7/3/2014 419.24 0.32%7/4/2014 420.07 0.20%7/7/2014 420.7 0.15%7/8/2014 420.3 -0.10%7/9/2014 419.22 -0.26%

7/10/2014 419.82 0.14%7/11/2014 418.86 -0.23%7/14/2014 421.3 0.58%7/15/2014 422.42 0.27%7/16/2014 423.45 0.24%7/17/2014 421.2 -0.53%7/18/2014 421.71 0.12%7/21/2014 422.13 0.10%7/22/2014 426.47 1.03%7/23/2014 428.03 0.37%7/24/2014 429.83 0.42%7/25/2014 428.98 -0.20%7/28/2014 428.64 -0.08%7/29/2014 427.79 -0.20%7/30/2014 426.44 -0.32%7/31/2014 421.76 -1.10%

8/1/2014 419.96 -0.43%8/4/2014 423.62 0.87%8/5/2014 421.29 -0.55%8/6/2014 419.01 -0.54%8/7/2014 417.06 -0.47%8/8/2014 415.7 -0.33%

8/11/2014 421.95 1.50%8/12/2014 422.98 0.24%8/13/2014 425.27 0.54%8/14/2014 425.7 0.10%

8/15/2014 426.49 0.19%8/18/2014 428.09 0.38%8/19/2014 430.91 0.66%8/20/2014 431.26 0.08%8/21/2014 431.03 -0.05%8/22/2014 430.79 -0.06%8/25/2014 432.2 0.33%8/26/2014 432.74 0.12%8/27/2014 435.02 0.53%8/28/2014 432.22 -0.64%8/29/2014 432.83 0.14%

9/1/2014 434.12 0.30%9/2/2014 434.24 0.03%9/3/2014 440.41 1.42%9/4/2014 439.88 -0.12%9/5/2014 439.58 -0.07%9/8/2014 439.08 -0.11%9/9/2014 435.54 -0.81%

9/10/2014 430.48 -1.16%9/11/2014 429.29 -0.28%9/12/2014 425.72 -0.83%9/15/2014 423.39 -0.55%9/16/2014 422.15 -0.29%9/17/2014 424.96 0.67%9/18/2014 424.08 -0.21%9/19/2014 423.22 -0.20%9/22/2014 417.52 -1.35%9/23/2014 414.75 -0.66%9/24/2014 415.85 0.27%9/25/2014 411.44 -1.06%9/26/2014 411.04 -0.10%9/29/2014 405.39 -1.37%9/30/2014 404.07 -0.33%10/1/2014 401.7 -0.59%10/2/2014 400.7 -0.25%10/3/2014 402.56 0.46%10/6/2014 408.41 1.45%10/7/2014 408.05 -0.09%10/8/2014 404.34 -0.91%10/9/2014 408.02 0.91%

10/10/2014 400.48 -1.85%10/13/2014 400.32 -0.04%10/14/2014 400.01 -0.08%10/15/2014 396.23 -0.94%10/16/2014 391.25 -1.26%10/17/2014 394.94 0.94%10/20/2014 396.01 0.27%10/21/2014 397.06 0.27%10/22/2014 398.5 0.36%10/23/2014 396.95 -0.39%10/24/2014 398.11 0.29%10/27/2014 394.14 -1.00%10/28/2014 400.88 1.71%10/29/2014 404.53 0.91%10/30/2014 406.35 0.45%10/31/2014 410.41 1.00%

11/3/2014 408.98 -0.35%11/4/2014 408.78 -0.05%11/5/2014 405.61 -0.78%11/6/2014 402.19 -0.84%11/7/2014 401.38 -0.20%

11/10/2014 404.65 0.81%11/11/2014 403.59 -0.26%11/12/2014 404.67 0.27%11/13/2014 403.4 -0.31%11/14/2014 403.62 0.05%11/17/2014 400.91 -0.67%11/18/2014 401.66 0.19%11/19/2014 402.32 0.16%11/20/2014 403.14 0.20%11/21/2014 408.99 1.45%11/24/2014 411.07 0.51%11/25/2014 410.12 -0.23%11/26/2014 411.08 0.23%11/27/2014 410.39 -0.17%11/28/2014 407.54 -0.69%

12/1/2014 399.63 -1.94%12/2/2014 399.24 -0.10%12/3/2014 400.43 0.30%12/4/2014 400.46 0.01%

12/5/2014 399.86 -0.15%12/8/2014 395.74 -1.03%12/9/2014 390.36 -1.36%

12/10/2014 388.21 -0.55%12/11/2014 383.87 -1.12%12/12/2014 380.76 -0.81%12/15/2014 373.95 -1.79%12/16/2014 367.07 -1.84%12/17/2014 370.99 1.07%12/18/2014 379 2.16%12/19/2014 382.09 0.82%12/22/2014 386.61 1.18%12/23/2014 384.53 -0.54%12/24/2014 384.29 -0.06%12/25/2014 384.12 -0.04%12/26/2014 384.92 0.21%12/29/2014 387.72 0.73%12/30/2014 386.92 -0.21%12/31/2014 387.99 0.28%

1/1/2015 388.07 0.02%1/2/2015 387.24 -0.21%1/5/2015 382.53 -1.22%1/6/2015 380.03 -0.65%1/7/2015 382.75 0.72%1/8/2015 389.39 1.73%1/9/2015 389.68 0.07%

1/12/2015 386.98 -0.69%1/13/2015 388.57 0.41%1/14/2015 386.93 -0.42%1/15/2015 388.56 0.42%1/16/2015 387.95 -0.16%1/19/2015 385.49 -0.63%1/20/2015 387.85 0.61%1/21/2015 394.94 1.83%1/22/2015 398.58 0.92%1/23/2015 401.08 0.63%1/26/2015 400.07 -0.25%1/27/2015 400.42 0.09%1/28/2015 398.36 -0.51%1/29/2015 394.05 -1.08%

1/30/2015 389.47 -1.16%2/2/2015 390.69 0.31%2/3/2015 395.59 1.25%2/4/2015 396.13 0.14%2/5/2015 397.23 0.28%2/6/2015 395.1 -0.54%2/9/2015 392.87 -0.56%

2/10/2015 390.99 -0.48%2/11/2015 388.97 -0.52%2/12/2015 393.78 1.24%2/13/2015 399.35 1.41%2/16/2015 398.47 -0.22%2/17/2015 397.85 -0.16%2/18/2015 398.79 0.24%2/19/2015 398.91 0.03%2/20/2015 398.62 -0.07%2/23/2015 398.08 -0.14%2/24/2015 399.85 0.44%2/25/2015 400.7 0.21%2/26/2015 401.29 0.15%2/27/2015 400.41 -0.22%

3/2/2015 399.8 -0.15%3/3/2015 398.41 -0.35%3/4/2015 394.58 -0.96%3/5/2015 394.68 0.03%3/6/2015 392.41 -0.58%3/9/2015 388.47 -1.00%

3/10/2015 382.75 -1.47%3/11/2015 382.13 -0.16%3/12/2015 385.1 0.78%3/13/2015 380.85 -1.10%3/16/2015 381.28 0.11%3/17/2015 383.34 0.54%3/18/2015 386.66 0.87%3/19/2015 389.36 0.70%3/20/2015 391.8 0.63%3/23/2015 394.14 0.60%3/24/2015 394.8 0.17%3/25/2015 393.52 -0.32%3/26/2015 388.97 -1.16%

3/27/2015 387.36 -0.41%3/30/2015 392.1 1.22%3/31/2015 394.25 0.55%

4/1/2015 398.35 1.04%4/2/2015 402.42 1.02%4/3/2015 402.58 0.04%4/6/2015 406.98 1.09%4/7/2015 407.56 0.14%4/8/2015 414.65 1.74%4/9/2015 418.29 0.88%

4/10/2015 419.72 0.34%4/13/2015 423.15 0.82%4/14/2015 420.64 -0.59%4/15/2015 420.42 -0.05%4/16/2015 425.66 1.25%4/17/2015 421.23 -1.04%4/20/2015 416.63 -1.09%4/21/2015 420.39 0.90%4/22/2015 422.8 0.57%4/23/2015 424.81 0.48%4/24/2015 427.66 0.67%4/27/2015 430.12 0.58%4/28/2015 431.21 0.25%4/29/2015 428.38 -0.66%4/30/2015 424.11 -1.00%

5/1/2015 423.42 -0.16%5/4/2015 424.9 0.35%5/5/2015 424.24 -0.16%5/6/2015 421.22 -0.71%5/7/2015 415.13 -1.45%5/8/2015 420.51 1.30%

5/11/2015 421.05 0.13%5/12/2015 418.09 -0.70%5/13/2015 420.66 0.61%5/14/2015 421.58 0.22%5/15/2015 425.23 0.87%5/18/2015 424.54 -0.16%5/19/2015 424.83 0.07%5/20/2015 422.84 -0.47%5/21/2015 422.37 -0.11%

5/22/2015 423.79 0.34%5/25/2015 422.85 -0.22%5/26/2015 420.07 -0.66%5/27/2015 418.85 -0.29%5/28/2015 414.41 -1.06%5/29/2015 412.83 -0.38%

6/1/2015 413.71 0.21%6/2/2015 413.05 -0.16%6/3/2015 411.25 -0.44%6/4/2015 408.14 -0.76%6/5/2015 405.76 -0.58%6/8/2015 403.69 -0.51%6/9/2015 400.43 -0.81%

6/10/2015 404.01 0.89%6/11/2015 403.39 -0.15%6/12/2015 405.27 0.47%6/15/2015 401.71 -0.88%6/16/2015 399.99 -0.43%6/17/2015 401.76 0.44%6/18/2015 405.2 0.86%6/19/2015 403.65 -0.38%6/22/2015 408.31 1.15%6/23/2015 409.63 0.32%6/24/2015 410.52 0.22%6/25/2015 409.04 -0.36%6/26/2015 405.56 -0.85%6/29/2015 397.32 -2.03%6/30/2015 402.73 1.36%

7/1/2015 402.3 -0.11%7/2/2015 402.15 -0.04%7/3/2015 399.02 -0.78%7/6/2015 390.65 -2.10%7/7/2015 384.54 -1.56%7/8/2015 373.61 -2.84%7/9/2015 381.2 2.03%

7/10/2015 387.03 1.53%7/13/2015 391.58 1.18%7/14/2015 391.86 0.07%7/15/2015 390.1 -0.45%7/16/2015 392.19 0.54%

7/17/2015 392.76 0.15%7/20/2015 390.64 -0.54%7/21/2015 391.94 0.33%7/22/2015 387.84 -1.05%7/23/2015 385.45 -0.62%7/24/2015 380.06 -1.40%7/27/2015 370.72 -2.46%7/28/2015 369.56 -0.31%7/29/2015 373.24 1.00%7/30/2015 371.72 -0.41%7/31/2015 374.56 0.76%

8/3/2015 370.27 -1.15%8/4/2015 371.03 0.21%8/5/2015 371.61 0.16%8/6/2015 369.22 -0.64%8/7/2015 369.6 0.10%

8/10/2015 371.29 0.46%8/11/2015 367.05 -1.14%8/12/2015 359.6 -2.03%8/13/2015 360.46 0.24%8/14/2015 360.7 0.07%8/17/2015 357.59 -0.86%8/18/2015 354.12 -0.97%8/19/2015 350.64 -0.98%8/20/2015 345.92 -1.35%8/21/2015 338.5 -2.15%8/24/2015 319.74 -5.54%8/25/2015 326.59 2.14%8/26/2015 325.26 -0.41%8/27/2015 337.22 3.68%8/28/2015 339.09 0.55%8/31/2015 338.46 -0.19%

9/1/2015 330.98 -2.21%9/2/2015 329.44 -0.47%9/3/2015 332.38 0.89%9/4/2015 326.85 -1.66%9/7/2015 323.28 -1.09%9/8/2015 328.75 1.69%9/9/2015 335.55 2.07%

9/10/2015 333.12 -0.72%

9/11/2015 332.93 -0.06%9/14/2015 334.93 0.60%9/15/2015 334.69 -0.07%9/16/2015 340.67 1.79%9/17/2015 341.91 0.36%9/18/2015 342.12 0.06%9/21/2015 337.75 -1.28%9/22/2015 333.75 -1.18%9/23/2015 327.95 -1.74%9/24/2015 325.44 -0.77%9/25/2015 327.27 0.56%9/28/2015 323.63 -1.11%9/29/2015 321.64 -0.61%9/30/2015 327.47 1.81%10/1/2015 328.96 0.46%10/2/2015 333.53 1.39%10/5/2015 340.88 2.20%10/6/2015 343.01 0.62%10/7/2015 351.32 2.42%10/8/2015 349.68 -0.47%10/9/2015 354.64 1.42%

10/12/2015 356.9 0.64%10/13/2015 352.47 -1.24%10/14/2015 350.4 -0.59%10/15/2015 356.35 1.70%10/16/2015 357.16 0.23%10/19/2015 357.6 0.12%10/20/2015 356.89 -0.20%10/21/2015 353.96 -0.82%10/22/2015 354.67 0.20%10/23/2015 358.62 1.11%10/26/2015 359.02 0.11%10/27/2015 357.42 -0.45%10/28/2015 356.72 -0.20%10/29/2015 351.27 -1.53%10/30/2015 352.32 0.30%

11/2/2015 353.05 0.21%11/3/2015 356.85 1.08%11/4/2015 360.19 0.94%11/5/2015 358.82 -0.38%

11/6/2015 354.71 -1.15%11/9/2015 351.12 -1.01%

11/10/2015 347.55 -1.02%11/11/2015 347.45 -0.03%11/12/2015 347.81 0.10%11/13/2015 342.58 -1.50%11/16/2015 341.22 -0.40%11/17/2015 344.94 1.09%11/18/2015 344.38 -0.16%11/19/2015 349.89 1.60%11/20/2015 352.75 0.82%11/23/2015 351.79 -0.27%11/24/2015 350.21 -0.45%11/25/2015 348.69 -0.43%11/26/2015 348.98 0.08%11/27/2015 344.51 -1.28%11/30/2015 341.82 -0.78%

12/1/2015 345.57 1.10%12/2/2015 345.03 -0.16%12/3/2015 344.21 -0.24%12/4/2015 341.65 -0.74%12/7/2015 340.73 -0.27%12/8/2015 335.73 -1.47%12/9/2015 335.03 -0.21%

12/10/2015 332.34 -0.80%12/11/2015 324.67 -2.31%12/14/2015 324.34 -0.10%12/15/2015 328.28 1.21%12/16/2015 331.94 1.11%12/17/2015 335.98 1.22%12/18/2015 332.66 -0.99%12/21/2015 333.29 0.19%12/22/2015 334.1 0.24%12/23/2015 337.77 1.10%12/24/2015 338.15 0.11%12/25/2015 338.36 0.06%12/28/2015 337.09 -0.38%12/29/2015 337.4 0.09%12/30/2015 334.32 -0.91%12/31/2015 335.55 0.37%

1/1/2016 335.71 0.05%1/4/2016 325.14 -3.15%1/5/2016 325.35 0.06%1/6/2016 322.12 -0.99%1/7/2016 312.4 -3.02%1/8/2016 312.71 0.10%

1/11/2016 305.73 -2.23%1/12/2016 305.54 -0.06%1/13/2016 306.84 0.43%1/14/2016 304.85 -0.65%1/15/2016 298.34 -2.14%1/18/2016 295.79 -0.85%1/19/2016 300.29 1.52%1/20/2016 291.77 -2.84%1/21/2016 290.03 -0.60%1/22/2016 298.17 2.81%1/25/2016 299.99 0.61%1/26/2016 297.44 -0.85%1/27/2016 299.46 0.68%1/28/2016 301.94 0.83%1/29/2016 310.48 2.83%

2/1/2016 310.41 -0.02%2/2/2016 305.28 -1.65%2/3/2016 302.54 -0.90%2/4/2016 309.04 2.15%2/5/2016 308.65 -0.13%2/8/2016 306.1 -0.83%2/9/2016 304.11 -0.65%

2/10/2016 304.44 0.11%2/11/2016 297.76 -2.19%2/12/2016 297.71 -0.02%2/15/2016 303.97 2.10%2/16/2016 306.11 0.70%2/17/2016 308.6 0.81%2/18/2016 312.59 1.29%2/19/2016 311 -0.51%2/22/2016 315.32 1.39%2/23/2016 312.77 -0.81%2/24/2016 309.57 -1.02%2/25/2016 308.54 -0.33%

2/26/2016 311.02 0.80%2/29/2016 311.43 0.13%

3/1/2016 317.59 1.98%3/2/2016 323.73 1.93%3/3/2016 327.59 1.19%3/4/2016 332.53 1.51%3/7/2016 334.3 0.53%3/8/2016 331.6 -0.81%3/9/2016 332.06 0.14%

3/10/2016 332.16 0.03%3/11/2016 336.39 1.27%3/14/2016 337.24 0.25%3/15/2016 331.45 -1.72%3/16/2016 332.17 0.22%3/17/2016 342.21 3.02%3/18/2016 346.09 1.13%3/21/2016 347.55 0.42%3/22/2016 347.49 -0.02%3/23/2016 343.94 -1.02%3/24/2016 341.04 -0.84%3/25/2016 340.67 -0.11%3/28/2016 340.67 0.00%3/29/2016 340.97 0.09%3/30/2016 349.02 2.36%3/31/2016 350.35 0.38%

4/1/2016 347.3 -0.87%4/4/2016 347.05 -0.07%4/5/2016 341.96 -1.47%4/6/2016 340.45 -0.44%4/7/2016 340.09 -0.11%4/8/2016 343.69 1.06%

4/11/2016 346.92 0.94%4/12/2016 349.47 0.74%4/13/2016 355.75 1.80%4/14/2016 355.92 0.05%4/15/2016 355.88 -0.01%4/18/2016 355.04 -0.24%4/19/2016 358.64 1.01%4/20/2016 357.56 -0.30%4/21/2016 358.46 0.25%

4/22/2016 355.37 -0.86%4/25/2016 352.78 -0.73%4/26/2016 354.31 0.43%4/27/2016 354.45 0.04%4/28/2016 355.09 0.18%4/29/2016 354.04 -0.30%

5/2/2016 352.2 -0.52%5/3/2016 345.71 -1.84%5/4/2016 342.88 -0.82%5/5/2016 341.33 -0.45%5/6/2016 339.36 -0.58%5/9/2016 337.76 -0.47%

5/10/2016 340.53 0.82%5/11/2016 340.9 0.11%5/12/2016 340.06 -0.25%5/13/2016 336.26 -1.12%5/16/2016 337.53 0.38%5/17/2016 339.08 0.46%5/18/2016 336.42 -0.78%5/19/2016 331.13 -1.57%5/20/2016 332.88 0.53%5/23/2016 333.65 0.23%5/24/2016 334.67 0.31%5/25/2016 338.21 1.06%5/26/2016 340 0.53%5/27/2016 342.48 0.73%5/30/2016 342.88 0.12%5/31/2016 342.65 -0.07%

6/1/2016 342.49 -0.05%6/2/2016 343.17 0.20%6/3/2016 346.35 0.93%6/6/2016 349.83 1.00%6/7/2016 353.96 1.18%6/8/2016 356.34 0.67%6/9/2016 354.04 -0.65%

6/10/2016 348.75 -1.49%6/13/2016 343.49 -1.51%6/14/2016 340.79 -0.79%6/15/2016 343.32 0.74%6/16/2016 339.93 -0.99%

6/17/2016 342.94 0.89%6/20/2016 348.52 1.63%6/21/2016 350.14 0.46%6/22/2016 351.81 0.48%6/23/2016 354.73 0.83%6/24/2016 343.62 -3.13%6/27/2016 339.59 -1.17%6/28/2016 344.11 1.33%6/29/2016 351.35 2.10%6/30/2016 356.15 1.37%

7/1/2016 357.66 0.42%7/4/2016 359.65 0.56%7/5/2016 355.15 -1.25%7/6/2016 351.42 -1.05%7/7/2016 353.92 0.71%7/8/2016 355.36 0.41%

7/11/2016 362.07 1.89%7/12/2016 365.67 0.99%7/13/2016 366.28 0.17%7/14/2016 370.2 1.07%7/15/2016 370.53 0.09%7/18/2016 371.57 0.28%7/19/2016 370.88 -0.19%7/20/2016 372.52 0.44%7/21/2016 372.64 0.03%7/22/2016 372.12 -0.14%7/25/2016 371.95 -0.05%7/26/2016 372.14 0.05%7/27/2016 373.68 0.41%7/28/2016 374.15 0.13%7/29/2016 373.37 -0.21%

8/1/2016 376.31 0.79%8/2/2016 374.44 -0.50%8/3/2016 371.82 -0.70%8/4/2016 375.02 0.86%8/5/2016 378.8 1.01%8/8/2016 382.82 1.06%8/9/2016 384.39 0.41%

8/10/2016 385.27 0.23%8/11/2016 387.5 0.58%

8/12/2016 388.84 0.35%8/15/2016 391.7 0.74%8/16/2016 391.22 -0.12%8/17/2016 389.35 -0.48%8/18/2016 392.12 0.71%8/19/2016 389.64 -0.63%8/22/2016 387.41 -0.57%8/23/2016 387.63 0.06%8/24/2016 384.05 -0.92%8/25/2016 384.41 0.09%8/26/2016 386.31 0.49%8/29/2016 384.14 -0.56%8/30/2016 385.41 0.33%8/31/2016 383.27 -0.56%

9/1/2016 382.73 -0.14%9/2/2016 386.41 0.96%9/5/2016 389.59 0.82%9/6/2016 395.71 1.57%9/7/2016 396.49 0.20%9/8/2016 397.2 0.18%9/9/2016 390.33 -1.73%

9/12/2016 383.23 -1.82%9/13/2016 381.22 -0.52%9/14/2016 381.13 -0.02%9/15/2016 383.16 0.53%9/16/2016 381.67 -0.39%9/19/2016 386.51 1.27%9/20/2016 386.73 0.06%9/21/2016 389.61 0.74%9/22/2016 395.34 1.47%9/23/2016 393.85 -0.38%9/26/2016 388.74 -1.30%9/27/2016 390.34 0.41%9/28/2016 391.32 0.25%9/29/2016 390.96 -0.09%9/30/2016 387.68 -0.84%10/3/2016 391.73 1.04%10/4/2016 393.59 0.47%10/5/2016 393.83 0.06%10/6/2016 393.99 0.04%

10/7/2016 393.18 -0.21%10/10/2016 394.46 0.33%10/11/2016 390.07 -1.11%10/12/2016 388.71 -0.35%10/13/2016 384.05 -1.20%10/14/2016 386.85 0.73%10/17/2016 385.6 -0.32%10/18/2016 391.36 1.49%10/19/2016 393.17 0.46%10/20/2016 393.41 0.06%10/21/2016 393.27 -0.04%10/24/2016 395.88 0.66%10/25/2016 396.16 0.07%10/26/2016 393.31 -0.72%10/27/2016 391.2 -0.54%10/28/2016 390.34 -0.22%10/31/2016 391.13 0.20%

11/1/2016 389.8 -0.34%11/2/2016 384.89 -1.26%11/3/2016 381.87 -0.78%11/4/2016 379.76 -0.55%11/7/2016 386.01 1.65%11/8/2016 388.78 0.72%11/9/2016 380.47 -2.14%

11/10/2016 378.03 -0.64%11/11/2016 367.23 -2.86%11/14/2016 363.59 -0.99%11/15/2016 364.48 0.24%11/16/2016 366.6 0.58%11/17/2016 366.7 0.03%11/18/2016 365.77 -0.25%11/21/2016 367.11 0.37%11/22/2016 370.51 0.93%11/23/2016 369.43 -0.29%11/24/2016 368.21 -0.33%11/25/2016 369.94 0.47%11/28/2016 372.74 0.76%11/29/2016 370.83 -0.51%11/30/2016 372.58 0.47%

12/1/2016 370.22 -0.63%

12/2/2016 368.42 -0.49%12/5/2016 369.1 0.18%12/6/2016 371.75 0.72%12/7/2016 374.46 0.73%12/8/2016 378.25 1.01%12/9/2016 378.12 -0.03%

12/12/2016 375.6 -0.67%12/13/2016 377.62 0.54%12/14/2016 375.58 -0.54%12/15/2016 369.74 -1.55%12/16/2016 368.84 -0.24%12/19/2016 366.46 -0.65%12/20/2016 366.34 -0.03%12/21/2016 366.84 0.14%12/22/2016 363.2 -0.99%12/23/2016 363.32 0.03%12/26/2016 363.32 0.00%12/27/2016 364.5 0.32%12/28/2016 368.08 0.98%12/29/2016 371.28 0.87%12/30/2016 373.45 0.58%

1/2/2017 373.28 -0.05%1/3/2017 375.37 0.56%1/4/2017 377.01 0.44%1/5/2017 381.4 1.16%1/6/2017 381.05 -0.09%1/9/2017 380.15 -0.24%

1/10/2017 383.03 0.76%1/11/2017 382.7 -0.09%1/12/2017 386.59 1.02%1/13/2017 386.37 -0.06%1/16/2017 383.97 -0.62%1/17/2017 386.03 0.54%1/18/2017 387.21 0.31%1/19/2017 385.97 -0.32%1/20/2017 385.37 -0.16%1/23/2017 389.21 1.00%1/24/2017 392.42 0.82%1/25/2017 393.76 0.34%1/26/2017 394.85 0.28%

1/27/2017 394.74 -0.03%1/30/2017 393.46 -0.32%1/31/2017 392.62 -0.21%

2/1/2017 394.23 0.41%2/2/2017 395.33 0.28%2/3/2017 397.28 0.49%2/6/2017 398.59 0.33%2/7/2017 397.78 -0.20%2/8/2017 399.34 0.39%2/9/2017 401.32 0.50%

2/10/2017 403.47 0.54%2/13/2017 406.13 0.66%2/14/2017 405.14 -0.24%2/15/2017 408.59 0.85%2/16/2017 410.31 0.42%2/17/2017 407.75 -0.62%2/20/2017 409.83 0.51%2/21/2017 410.22 0.10%2/22/2017 412.36 0.52%2/23/2017 412.82 0.11%2/24/2017 409.17 -0.88%2/27/2017 408.27 -0.22%2/28/2017 406.21 -0.50%

3/1/2017 407.31 0.27%3/2/2017 406.01 -0.32%3/3/2017 405.05 -0.24%3/6/2017 406.68 0.40%3/7/2017 406.88 0.05%3/8/2017 405.82 -0.26%3/9/2017 401.15 -1.15%

3/10/2017 402.24 0.27%3/13/2017 406.5 1.06%3/14/2017 407.14 0.16%3/15/2017 408.79 0.41%3/16/2017 417.01 2.01%3/17/2017 417.65 0.15%3/20/2017 420.24 0.62%3/21/2017 419.66 -0.14%3/22/2017 417.3 -0.56%3/23/2017 418.06 0.18%

3/24/2017 418.91 0.20%3/27/2017 416.9 -0.48%3/28/2017 418.9 0.48%3/29/2017 419.66 0.18%3/30/2017 419.17 -0.12%3/31/2017 414.91 -1.02%

4/3/2017 417.74 0.68%4/4/2017 418.34 0.14%4/5/2017 420.56 0.53%4/6/2017 418.78 -0.42%4/7/2017 418.22 -0.13%

4/10/2017 417.34 -0.21%4/11/2017 416.43 -0.22%4/12/2017 417.61 0.28%4/13/2017 418.63 0.24%4/14/2017 417.68 -0.23%4/17/2017 419.06 0.33%4/18/2017 416.88 -0.52%4/19/2017 415 -0.45%4/20/2017 417.18 0.53%4/21/2017 417.93 0.18%4/24/2017 421.66 0.89%4/25/2017 425.89 1.00%4/26/2017 425.59 -0.07%4/27/2017 424.47 -0.26%4/28/2017 424.31 -0.04%

5/1/2017 425.12 0.19%5/2/2017 428.02 0.68%5/3/2017 426.83 -0.28%5/4/2017 423.82 -0.71%5/5/2017 422.72 -0.26%5/8/2017 424 0.30%5/9/2017 426.12 0.50%

5/10/2017 429.34 0.76%5/11/2017 430.4 0.25%5/12/2017 431.54 0.26%5/15/2017 435.13 0.83%5/16/2017 436.74 0.37%5/17/2017 433.91 -0.65%5/18/2017 424.45 -2.18%

5/19/2017 428.29 0.90%5/22/2017 430.49 0.51%5/23/2017 430.66 0.04%5/24/2017 430.96 0.07%5/25/2017 434.24 0.76%5/26/2017 435.53 0.30%5/29/2017 434.72 -0.19%5/30/2017 433.99 -0.17%5/31/2017 431.41 -0.59%

6/1/2017 433.04 0.38%6/2/2017 435.39 0.54%6/5/2017 436.4 0.23%6/6/2017 435.7 -0.16%6/7/2017 436.52 0.19%6/8/2017 437.85 0.30%6/9/2017 436.89 -0.22%

6/12/2017 433.76 -0.72%6/13/2017 434.2 0.10%6/14/2017 435.54 0.31%6/15/2017 431.26 -0.98%6/16/2017 431.71 0.10%6/19/2017 435.5 0.88%6/20/2017 433.12 -0.55%6/21/2017 433.47 0.08%6/22/2017 434.17 0.16%6/23/2017 435.09 0.21%6/26/2017 438.64 0.82%6/27/2017 437.26 -0.31%6/28/2017 436 -0.29%6/29/2017 436.51 0.12%6/30/2017 435.79 -0.16%

7/3/2017 437.9 0.48%7/4/2017 435.43 -0.56%7/5/2017 436.56 0.26%7/6/2017 435.92 -0.15%7/7/2017 434.74 -0.27%

7/10/2017 437.41 0.61%7/11/2017 440.76 0.77%7/12/2017 446.07 1.20%7/13/2017 450.21 0.93%

7/14/2017 452.92 0.60%7/17/2017 454.42 0.33%7/18/2017 455.02 0.13%7/19/2017 458.31 0.72%7/20/2017 457.87 -0.10%7/21/2017 457.47 -0.09%7/24/2017 459.05 0.35%7/25/2017 458.6 -0.10%7/26/2017 459.53 0.20%7/27/2017 462 0.54%7/28/2017 461.41 -0.13%7/31/2017 462.66 0.27%

8/1/2017 463.92 0.27%8/2/2017 464.43 0.11%8/3/2017 463.53 -0.19%8/4/2017 464.78 0.27%8/7/2017 468.52 0.80%8/8/2017 469.67 0.25%8/9/2017 466.68 -0.64%

8/10/2017 460.79 -1.26%8/11/2017 456.06 -1.03%8/14/2017 460.25 0.92%8/15/2017 459.81 -0.10%8/16/2017 463.22 0.74%8/17/2017 463.97 0.16%8/18/2017 462.52 -0.31%8/21/2017 464.35 0.40%8/22/2017 467.79 0.74%8/23/2017 469.13 0.29%8/24/2017 472 0.61%8/25/2017 473.65 0.35%8/28/2017 473.89 0.05%8/29/2017 472.44 -0.31%8/30/2017 475.56 0.66%8/31/2017 476.73 0.25%

9/1/2017 478.86 0.45%9/4/2017 476.67 -0.46%9/5/2017 477.83 0.24%9/6/2017 477.64 -0.04%9/7/2017 479.93 0.48%

9/8/2017 480.24 0.06%9/11/2017 483.84 0.75%9/12/2017 484.92 0.22%9/13/2017 483.84 -0.22%9/14/2017 483.85 0.00%9/15/2017 484.75 0.19%9/18/2017 487.69 0.61%9/19/2017 486.37 -0.27%9/20/2017 487.3 0.19%9/21/2017 485.76 -0.32%9/22/2017 483.2 -0.53%9/25/2017 475.12 -1.67%9/26/2017 472.56 -0.54%9/27/2017 471.85 -0.15%9/28/2017 469.96 -0.40%9/29/2017 474.1 0.88%10/2/2017 474.79 0.15%10/3/2017 481.17 1.34%10/4/2017 483.75 0.54%10/5/2017 484.41 0.14%10/6/2017 484.52 0.02%10/9/2017 483.22 -0.27%

10/10/2017 486.9 0.76%10/11/2017 487.66 0.16%10/12/2017 489.43 0.36%10/13/2017 491.61 0.45%10/16/2017 494.13 0.51%10/17/2017 490.96 -0.64%10/18/2017 491.42 0.09%10/19/2017 487.63 -0.77%10/20/2017 488.44 0.17%10/23/2017 486.55 -0.39%10/24/2017 485.4 -0.24%10/25/2017 485.94 0.11%10/26/2017 483.84 -0.43%10/27/2017 483.93 0.02%10/30/2017 485.74 0.37%10/31/2017 486.44 0.14%

11/1/2017 489.34 0.60%11/2/2017 488.9 -0.09%

11/3/2017 487.95 -0.19%11/6/2017 490.46 0.51%11/7/2017 491.41 0.19%11/8/2017 491.64 0.05%11/9/2017 491.33 -0.06%

11/10/2017 489.2 -0.43%11/13/2017 487 -0.45%11/14/2017 484.7 -0.47%11/15/2017 481.1 -0.74%11/16/2017 486.27 1.07%11/17/2017 491.14 1.00%11/20/2017 491.47 0.07%11/21/2017 497.64 1.26%11/22/2017 499.59 0.39%11/23/2017 498 -0.32%11/24/2017 498.93 0.19%11/27/2017 496.63 -0.46%11/28/2017 496.92 0.06%11/29/2017 494.41 -0.51%11/30/2017 487.76 -1.35%

12/1/2017 485.19 -0.53%12/4/2017 487 0.37%12/5/2017 484.81 -0.45%12/6/2017 478.52 -1.30%12/7/2017 478.18 -0.07%12/8/2017 482.7 0.95%

12/11/2017 486.95 0.88%12/12/2017 483.45 -0.72%12/13/2017 486.05 0.54%12/14/2017 487.45 0.29%12/15/2017 486.7 -0.15%12/18/2017 492.33 1.16%12/19/2017 492.88 0.11%12/20/2017 493.65 0.16%12/21/2017 496.4 0.56%12/22/2017 498.96 0.52%12/25/2017 498.93 -0.01%12/26/2017 498.43 -0.10%12/27/2017 500.76 0.47%12/28/2017 503.87 0.62%

ValuesRow Labels Average of Adj. Default SpreaAverage of Country Risk PremiAfrica 5.08% 5.71%Asia 2.70% 3.03%Australia & New Zealand 1.54% 1.73%Caribbean 3.68% 4.14%Central and South Americ 3.98% 4.48%Eastern Europe & Russia 3.37% 3.78%Middle East 2.40% 2.70%North America 0.00% 0.00%Western Europe 1.21% 1.36%Grand Total 3.11% 3.50%

Average of Corporate Tax Rate29.04%23.02%19.33%17.32%28.06%15.38%14.54%23.75%20.44%21.50%

Country GDP (in billions) Moody's rating Adj. Default SpreadAngola 102.60 B2 5.64%Botswana 15.58 A2 0.87%Burkina Faso 11.69 B2 5.64%Cameroon 32.22 B2 5.64%Cape Verde 1.90 B2 5.64%Congo (Democratic Republic 31.93 B3 6.67%Congo (Republic of) 7.83 Caa2 9.23%Côte d'Ivoire 36.37 Ba3 3.69%Egypt 332.79 B3 6.67%Ethiopia 72.37 B1 4.62%Gabon 14.21 B3 6.67%Ghana 42.69 B3 6.67%Kenya 70.53 B1 4.62%Morocco 103.61 Ba1 2.56%Mozambique 11.01 Caa3 10.25%Namibia 10.95 Ba1 2.56%Nigeria 404.65 B2 5.64%Rwanda 8.38 B2 5.64%Senegal 14.68 Ba3 3.69%South Africa 295.46 Baa3 2.26%Swaziland 3.72 B2 6.34%Tunisia 42.06 B1 4.62%Uganda 24.08 B2 5.64%Zambia 21.06 B3 6.67%Africa 1712.37 4.95%Bangladesh 221.42 Ba3 3.69%Cambodia 20.02 B2 5.64%China 11199.15 A1 0.72%Fiji 4.70 Ba3 3.69%Hong Kong 320.91 Aa2 0.51%India 2263.79 Baa2 1.95%Indonesia 932.26 Baa3 2.26%Japan 4940.16 A1 0.72%Korea 1411.25 Aa2 0.51%Macao 44.80 Aa3 0.62%Malaysia 296.54 A3 1.23%Mauritius 12.17 Baa1 1.64%Mongolia 11.18 Caa1 7.69%Pakistan 278.91 B3 6.67%

Papua New Guinea 20.21 B2 5.64%Philippines 304.91 Baa2 1.95%Singapore 296.98 Aaa 0.00%Sri Lanka 81.32 B1 4.62%Taiwan 970.90 Aa3 0.62%Thailand 407.03 Baa1 1.64%Vietnam 205.28 B1 4.62%Asia 24243.89 1.06%Australia 1204.62 Aaa 0.00%Cook Islands 1.20 B1 4.62%New Zealand 184.97 Aaa 0.00%Australia & New Zealand 1390.79 0.00%Aruba 2.60 Baa1 1.64%Bahamas 11.26 Baa3 2.26%Barbados 4.53 Caa3 10.25%Bermuda 5.60 A2 0.87%Cayman Islands 3.20 Aa3 0.62%Cuba 77.20 Caa2 9.23%Curacao 1.00 A3 1.23%Dominican Republic 71.58 Ba3 3.69%Jamaica 14.06 B3 6.67%Montserrat 1.50 Baa3 2.26%St. Maarten 1.50 Baa2 1.95%St. Vincent & the Grenadines 0.77 B3 6.67%Trinidad and Tobago 21.89 Ba1 2.56%Turks and Caicos Islands 1.50 Baa1 1.64%Caribbean 218.19 5.61%Argentina 545.48 B2 5.64%Belize 1.74 B3 6.67%Bolivia 33.81 Ba3 3.69%Brazil 1796.19 Ba2 3.08%Chile 247.03 Aa3 0.62%Colombia 282.46 Baa2 1.95%Costa Rica 57.44 Ba2 3.08%Ecuador 98.61 B3 6.67%El Salvador 26.80 Caa1 7.69%Guatemala 68.76 Ba1 2.56%Honduras 21.52 B1 4.62%Mexico 1046.92 A3 1.23%Nicaragua 13.23 B2 5.64%

Panama 55.19 Baa2 1.95%Paraguay 27.42 Ba1 2.56%Peru 192.21 A3 1.23%Suriname 3.28 B1 4.62%Uruguay 52.42 Baa2 1.95%Venezuela 250.00 Caa3 10.25%Central and South America 4820.51 3.16%Albania 11.86 B1 4.62%Armenia 10.57 B1 4.62%Azerbaijan 37.85 Ba2 3.08%Belarus 47.41 Caa1 7.69%Bosnia and Herzegovina 16.91 B3 6.67%Bulgaria 53.24 Baa2 1.95%Croatia 50.71 Ba2 3.08%Czech Republic 195.31 A1 0.72%Estonia 23.34 A1 0.72%Georgia 14.38 Ba2 3.08%Hungary 125.82 Baa3 2.26%Kazakhstan 137.28 Baa3 2.26%Kyrgyzstan 6.55 B2 5.64%Latvia 27.57 A3 1.23%Lithuania 42.74 A3 1.23%Macedonia 10.90 Ba3 3.69%Moldova 6.75 B3 6.67%Montenegro 4.37 B1 4.62%Poland 471.36 A2 0.87%Romania 187.59 Baa3 2.26%Russia 1283.16 Ba1 2.56%Serbia 38.30 Ba3 3.69%Slovakia 89.77 A2 0.87%Slovenia 44.71 Baa1 1.64%Tajikistan 6.95 B3 2.56%Ukraine 93.27 Caa2 9.23%Eastern Europe & Russia 3038.67 2.39%Abu Dhabi 390.00 Aa2 0.51%Bahrain 32.18 B1 4.62%Iraq 171.49 Caa1 7.69%Israel 317.74 A1 0.72%Jordan 38.65 B1 4.62%Kuwait 110.88 Aa2 0.51%

Lebanon 49.60 B3 6.67%Oman 66.29 Baa2 1.95%Qatar 152.45 Aa3 0.62%Ras Al Khaimah (Emirate of) 5.20 A2 0.87%Saudi Arabia 646.44 A1 0.72%Sharjah 5.00 A3 1.23%United Arab Emirates 348.74 Aa2 0.51%Middle East 2334.66 1.43%Canada 1529.76 Aaa 0.00%United States 18624.48 Aaa 0.00%North America 20154.24 0.00%Andorra (Principality of) 2.86 Baa2 1.95%Austria 390.80 Aa1 0.41%Belgium 467.96 Aa3 0.62%Cyprus 20.05 Ba3 3.69%Denmark 306.90 Aaa 0.00%Finland 238.50 Aa1 0.41%France 2465.45 Aa2 0.51%Germany 3477.80 Aaa 0.00%Greece 192.69 Caa2 9.23%Guernsey (States of) 0.50 Aa3 0.62%Iceland 20.05 A3 1.23%Ireland 304.82 A2 0.87%Isle of Man 7.40 Aa2 0.51%Italy 1858.91 Baa2 1.95%Jersey (States of) 1.00 Aa3 0.62%Liechtenstein 6.70 Aaa 0.00%Luxembourg 58.63 Aaa 0.00%Malta 11.00 A3 1.23%Netherlands 777.23 Aaa 0.00%Norway 371.08 Aaa 0.00%Portugal 204.84 Ba1 2.56%Spain 1237.26 Baa2 1.95%Sweden 514.46 Aaa 0.00%Switzerland 668.85 Aaa 0.00%Turkey 863.71 Ba1 2.56%United Kingdom 2647.90 Aa2 0.51%Western Europe 17117.35 0.82%

Region Weighted Average: TRP Weighted Average: CRPWeighted Average: Default Spreads

Africa 10.63% 5.58% 4.95%Asia 6.27% 1.19% 1.06%Australia & New Zealand 5.08% 0.00% 0.00%Caribbean 11.39% 6.31% 5.61%Central and South America 8.63% 3.55% 3.16%Eastern Europe & Russia 7.77% 2.69% 2.39%Middle East 6.69% 1.61% 1.43%North America 5.08% 0.00% 0.00%Western Europe 6.01% 0.93% 0.82%Global 6.21% 1.13% 1.00%

For updating industry average spreadsheetsERP Default Spread Tax rate

Africa & Mid East 8.11% 2.70% 23.26%Australia, NZ & Canada 5.08% 0.00% 28.03%Latin America & Caribbean 8.75% 2.00% 27.15%Japan 5.89% 0.72% 35.64%US 5.08% 0.00% 40%Europe 6.01% 0.82% 30%Emerging Markets 7.14% 0.93% 25%Small Asia (No India, China & J 6.93% 0.78% 20%India 9.05% 2.20% 34%China 5.89% 0.60% 25%Global 6.21% 1.00% 30%

Total Risk Premium Country Risk Premium Corporate Tax Rate11.42% 6.34% 30.00%6.06% 0.98% 22.00%

11.42% 6.34% 27.50%11.42% 6.34% 33.00%11.42% 6.34% 28.21%12.58% 7.50% 35.00%15.46% 10.38% 28.21%9.23% 4.15% 25.00%

12.58% 7.50% 22.50%10.27% 5.19% 30.00%12.58% 7.50% 30.00%12.58% 7.50% 25.00%10.27% 5.19% 30.00%7.96% 2.88% 31.00%

16.60% 11.52% 32.00%7.96% 2.88% 32.00%

11.42% 6.34% 30.00%11.42% 6.34% 30.00%9.23% 4.15% 30.00%7.62% 2.54% 28.00%5.08% 11.42% 27.50%

10.27% 5.19% 25.00%11.42% 6.34% 30.00%12.58% 7.50% 35.00%10.63% 5.58% 28.04%9.23% 4.15% 25.00%

11.42% 6.34% 20.00%5.89% 0.81% 25.00%9.23% 4.15% 20.00%5.65% 0.57% 16.50%7.27% 2.19% 30.00%7.62% 2.54% 25.00%5.89% 0.81% 30.86%5.65% 0.57% 22.00%5.78% 0.70% 12.00%6.46% 1.38% 24.00%6.92% 1.84% 15.00%

13.72% 8.64% 25.00%12.58% 7.50% 31.00%

11.42% 6.34% 30.00%7.27% 2.19% 30.00%5.08% 0.00% 17.00%

10.27% 5.19% 28.00%5.78% 0.70% 17.00%6.92% 1.84% 20.00%

10.27% 5.19% 20.00%6.27% 1.19% 25.93%5.08% 0.00% 30.00%

10.27% 5.19% 0.00%5.08% 0.00% 28.00%5.08% 0.00% 29.71%6.92% 1.84% 0.00%7.62% 2.54% 0.00%

16.60% 11.52% 25.00%6.06% 0.98% 0.00%5.78% 0.70% 0.00%

15.46% 10.38% 27.98%6.46% 1.38% 22.00%9.23% 4.15% 27.00%

12.58% 7.50% 25.00%7.62% 2.54% 27.98%7.27% 2.19% 34.50%

12.58% 7.50% 27.98%7.96% 2.88% 25.00%6.92% 1.84% 0.00%

11.39% 6.31% 24.02%11.42% 6.34% 35.00%12.58% 7.50% 28.21%9.23% 4.15% 25.00%8.54% 3.46% 34.00%5.78% 0.70% 25.50%7.27% 2.19% 34.00%8.54% 3.46% 30.00%

12.58% 7.50% 22.00%13.72% 8.64% 30.00%7.96% 2.88% 25.00%

10.27% 5.19% 25.00%6.46% 1.38% 30.00%

11.42% 6.34% 30.00%

7.27% 2.19% 25.00%7.96% 2.88% 10.00%6.46% 1.38% 29.50%

10.27% 5.19% 36.00%7.27% 2.19% 25.00%

16.60% 11.52% 34.00%8.63% 3.55% 31.73%

10.27% 5.19% 15.00%10.27% 5.19% 20.00%8.54% 3.46% 20.00%

13.72% 8.64% 18.00%12.58% 7.50% 10.00%7.27% 2.19% 10.00%8.54% 3.46% 20.00%5.89% 0.81% 19.00%5.89% 0.81% 20.00%8.54% 3.46% 15.00%7.62% 2.54% 9.00%7.62% 2.54% 20.00%

11.42% 6.34% 15.00%6.46% 1.38% 15.00%6.46% 1.38% 15.00%9.23% 4.15% 10.00%

12.58% 7.50% 12.00%10.27% 5.19% 9.00%6.06% 0.98% 19.00%7.62% 2.54% 16.00%7.96% 2.88% 20.00%9.23% 4.15% 15.00%6.06% 0.98% 21.00%6.92% 1.84% 19.00%7.96% 2.88% 0.00%

15.46% 10.38% 18.00%7.77% 2.69% 18.42%5.65% 0.57% 0.00%

10.27% 5.19% 0.00%13.72% 8.64% 15.00%5.89% 0.81% 24.00%

10.27% 5.19% 20.00%5.65% 0.57% 15.00%

12.58% 7.50% 15.00%7.27% 2.19% 15.00%5.78% 0.70% 10.00%6.06% 0.98% 0.00%5.89% 0.81% 20.00%6.46% 1.38% 0.00%5.65% 0.57% 55.00%6.69% 1.61% 20.56%5.08% 0.00% 26.50%5.08% 0.00% 21.00%5.08% 0.00% 21.42%7.27% 2.19% 0.00%5.54% 0.46% 25.00%5.78% 0.70% 33.99%9.23% 4.15% 12.50%5.08% 0.00% 22.00%5.54% 0.46% 20.00%5.65% 0.57% 33.33%5.08% 0.00% 29.79%

15.46% 10.38% 29.00%5.78% 0.70% 0.00%6.46% 1.38% 20.00%6.06% 0.98% 12.50%5.65% 0.57% 0.00%7.27% 2.19% 24.00%5.78% 0.70% 20.00%5.08% 0.00% 12.50%5.08% 0.00% 27.08%6.46% 1.38% 35.00%5.08% 0.00% 25.00%5.08% 0.00% 24.00%7.96% 2.88% 21.00%7.27% 2.19% 25.00%5.08% 0.00% 22.00%5.08% 0.00% 17.77%7.96% 2.88% 20.00%5.65% 0.57% 20.00%6.01% 0.93% 25.51%

Tax Rate Total GDP Weight

28.04% 1712.37 2.28%25.93% 24243.89 32.31%29.71% 1390.79 1.85%24.02% 218.19 0.29%31.73% 4820.51 6.42%18.42% 3038.67 4.05%20.56% 2334.66 3.11%21.42% 20154.24 26.86%25.51% 17117.35 22.81%24.64% 75030.67

Region GDP Weight Weigth*Default SpreadAfrica 5.99% 0.34%Africa 0.91% 0.01%Africa 0.68% 0.04%Africa 1.88% 0.11%Africa 0.11% 0.01%Africa 1.86% 0.12%Africa 0.46% 0.04%Africa 2.12% 0.08%Africa 19.43% 1.30%Africa 4.23% 0.20%Africa 0.83% 0.06%Africa 2.49% 0.17%Africa 4.12% 0.19%Africa 6.05% 0.16%Africa 0.64% 0.07%Africa 0.64% 0.02%Africa 23.63% 1.33%Africa 0.49% 0.03%Africa 0.86% 0.03%Africa 17.25% 0.39%Africa 0.22% 0.01%Africa 2.46% 0.11%Africa 1.41% 0.08%Africa 1.23% 0.08%

100.00%Asia 0.91% 0.03%Asia 0.08% 0.00%Asia 46.19% 0.33%Asia 0.02% 0.00%Asia 1.32% 0.01%Asia 9.34% 0.18%Asia 3.85% 0.09%Asia 20.38% 0.15%Asia 5.82% 0.03%Asia 0.18% 0.00%Asia 1.22% 0.02%Asia 0.05% 0.00%Asia 0.05% 0.00%Asia 1.15% 0.08%

Asia 0.08% 0.00%Asia 1.26% 0.02%Asia 1.22% 0.00%Asia 0.34% 0.02%Asia 4.00% 0.02%Asia 1.68% 0.03%Asia 0.85% 0.04%

100.00%Australia & New Zealand 86.61% 0.00%Australia & New Zealand 0.09% 0.00%Australia & New Zealand 13.30% 0.00%

Caribbean 1.19% 0.02%Caribbean 5.16% 0.12%Caribbean 2.08% 0.21%Caribbean 2.57% 0.02%Caribbean 1.47% 0.01%Caribbean 35.38% 3.27%Caribbean 0.46% 0.01%Caribbean 32.81% 1.21%Caribbean 6.44% 0.43%Caribbean 0.69% 0.02%Caribbean 0.69% 0.01%Caribbean 0.35% 0.02%Caribbean 10.03% 0.26%Caribbean 0.69% 0.01%

100.00%Central and South America 11.32% 0.64%Central and South America 0.04% 0.00%Central and South America 0.70% 0.03%Central and South America 37.26% 1.15%Central and South America 5.12% 0.03%Central and South America 5.86% 0.11%Central and South America 1.19% 0.04%Central and South America 2.05% 0.14%Central and South America 0.56% 0.04%Central and South America 1.43% 0.04%Central and South America 0.45% 0.02%Central and South America 21.72% 0.27%Central and South America 0.27% 0.02%

Central and South America 1.14% 0.02%Central and South America 0.57% 0.01%Central and South America 3.99% 0.05%Central and South America 0.07% 0.00%Central and South America 1.09% 0.02%Central and South America 5.19% 0.53%

100.00%Eastern Europe & Russia 0.39% 0.02%Eastern Europe & Russia 0.35% 0.02%Eastern Europe & Russia 1.25% 0.04%Eastern Europe & Russia 1.56% 0.12%Eastern Europe & Russia 0.56% 0.04%Eastern Europe & Russia 1.75% 0.03%Eastern Europe & Russia 1.67% 0.05%Eastern Europe & Russia 6.43% 0.05%Eastern Europe & Russia 0.77% 0.01%Eastern Europe & Russia 0.47% 0.01%Eastern Europe & Russia 4.14% 0.09%Eastern Europe & Russia 4.52% 0.10%Eastern Europe & Russia 0.22% 0.01%Eastern Europe & Russia 0.91% 0.01%Eastern Europe & Russia 1.41% 0.02%Eastern Europe & Russia 0.36% 0.01%Eastern Europe & Russia 0.22% 0.01%Eastern Europe & Russia 0.14% 0.01%Eastern Europe & Russia 15.51% 0.13%Eastern Europe & Russia 6.17% 0.14%Eastern Europe & Russia 42.23% 1.08%Eastern Europe & Russia 1.26% 0.05%Eastern Europe & Russia 2.95% 0.03%Eastern Europe & Russia 1.47% 0.02%Eastern Europe & Russia 0.23% 0.01%Eastern Europe & Russia 3.07% 0.28%

100.00%Middle East 16.70% 0.08%Middle East 1.38% 0.06%Middle East 7.35% 0.56%Middle East 13.61% 0.10%Middle East 1.66% 0.08%Middle East 4.75% 0.02%

Middle East 2.12% 0.14%Middle East 2.84% 0.06%Middle East 6.53% 0.04%Middle East 0.22% 0.00%Middle East 27.69% 0.20%Middle East 0.21% 0.00%Middle East 14.94% 0.08%

100.00%North America 7.59% 0.00%North America 92.41% 0.00%

Western Europe 0.02% 0.00%Western Europe 2.28% 0.01%Western Europe 2.73% 0.02%Western Europe 0.12% 0.00%Western Europe 1.79% 0.00%Western Europe 1.39% 0.01%Western Europe 14.40% 0.07%Western Europe 20.32% 0.00%Western Europe 1.13% 0.10%Western Europe 0.00% 0.00%Western Europe 0.12% 0.00%Western Europe 1.78% 0.02%Western Europe 0.04% 0.00%Western Europe 10.86% 0.21%Western Europe 0.01% 0.00%Western Europe 0.04% 0.00%Western Europe 0.34% 0.00%Western Europe 0.06% 0.00%Western Europe 4.54% 0.00%Western Europe 2.17% 0.00%Western Europe 1.20% 0.03%Western Europe 7.23% 0.14%Western Europe 3.01% 0.00%Western Europe 3.91% 0.00%Western Europe 5.05% 0.13%Western Europe 15.47% 0.08%

100.00%

Weight *ERP Weight*CRP Weight*Default Spread

0.24% 0.13% 0.11%2.03% 0.38% 0.34%0.09% 0.00% 0.00%0.03% 0.02% 0.02%0.55% 0.23% 0.20%0.31% 0.11% 0.10%0.21% 0.05% 0.04%1.36% 0.00% 0.00%1.37% 0.21% 0.19%

Weight*ERP Weight*CRP Weight * Tax Rate0.68% 0.38% 1.80%0.06% 0.01% 0.20%0.08% 0.04% 0.19%0.21% 0.12% 0.62%0.01% 0.01% 0.03%0.23% 0.14% 0.65%0.07% 0.05% 0.13%0.20% 0.09% 0.53%2.44% 1.46% 4.37%0.43% 0.22% 1.27%0.10% 0.06% 0.25%0.31% 0.19% 0.62%0.42% 0.21% 1.24%0.48% 0.17% 1.88%0.11% 0.07% 0.21%0.05% 0.02% 0.20%2.70% 1.50% 7.09%0.06% 0.03% 0.15%0.08% 0.04% 0.26%1.31% 0.44% 4.83%0.01% 0.02% 0.06%0.25% 0.13% 0.61%0.16% 0.09% 0.42%0.15% 0.09% 0.43%

0.08% 0.04% 0.23%0.01% 0.01% 0.02%2.72% 0.37% 11.55%0.00% 0.00% 0.00%0.07% 0.01% 0.22%0.68% 0.20% 2.80%0.29% 0.10% 0.96%1.20% 0.17% 6.29%0.33% 0.03% 1.28%0.01% 0.00% 0.02%0.08% 0.02% 0.29%0.00% 0.00% 0.01%0.01% 0.00% 0.01%0.14% 0.09% 0.36%

0.01% 0.01% 0.03%0.09% 0.03% 0.38%0.06% 0.00% 0.21%0.03% 0.02% 0.09%0.23% 0.03% 0.68%0.12% 0.03% 0.34%0.09% 0.04% 0.17%

4.40% 0.00% 25.98%0.01% 0.00% 0.00%0.68% 0.00% 3.72%

0.08% 0.02% 0.00%0.39% 0.13% 0.00%0.34% 0.24% 0.52%0.16% 0.03% 0.00%0.08% 0.01% 0.00%5.47% 3.67% 9.90%0.03% 0.01% 0.10%3.03% 1.36% 8.86%0.81% 0.48% 1.61%0.05% 0.02% 0.19%0.05% 0.02% 0.24%0.04% 0.03% 0.10%0.80% 0.29% 2.51%0.05% 0.01% 0.00%

6.31%1.29% 0.72% 3.96%0.00% 0.00% 0.01%0.06% 0.03% 0.18%3.18% 1.29% 12.67%0.30% 0.04% 1.31%0.43% 0.13% 1.99%0.10% 0.04% 0.36%0.26% 0.15% 0.45%0.08% 0.05% 0.17%0.11% 0.04% 0.36%0.05% 0.02% 0.11%1.40% 0.30% 6.52%0.03% 0.02% 0.08%

0.08% 0.03% 0.29%0.05% 0.02% 0.06%0.26% 0.06% 1.18%0.01% 0.00% 0.02%0.08% 0.02% 0.27%0.86% 0.60% 1.76%

0.04% 0.02% 0.06%0.04% 0.02% 0.07%0.11% 0.04% 0.25%0.21% 0.13% 0.28%0.07% 0.04% 0.06%0.13% 0.04% 0.18%0.14% 0.06% 0.33%0.38% 0.05% 1.22%0.05% 0.01% 0.15%0.04% 0.02% 0.07%0.32% 0.11% 0.37%0.34% 0.11% 0.90%0.02% 0.01% 0.03%0.06% 0.01% 0.14%0.09% 0.02% 0.21%0.03% 0.01% 0.04%0.03% 0.02% 0.03%0.01% 0.01% 0.01%0.94% 0.15% 2.95%0.47% 0.16% 0.99%3.36% 1.22% 8.45%0.12% 0.05% 0.19%0.18% 0.03% 0.62%0.10% 0.03% 0.28%0.02% 0.01% 0.00%0.47% 0.32% 0.55%

0.94% 0.10% 0.00%0.14% 0.07% 0.00%1.01% 0.63% 1.10%0.80% 0.11% 3.27%0.17% 0.09% 0.33%0.27% 0.03% 0.71%

0.27% 0.16% 0.32%0.21% 0.06% 0.43%0.38% 0.05% 0.65%0.01% 0.00% 0.00%1.63% 0.22% 5.54%0.01% 0.00% 0.00%0.84% 0.09% 8.22%

0.39% 0.00% 2.01%4.69% 0.00% 19.41%

0.00% 0.00% 0.00%0.13% 0.01% 0.57%0.16% 0.02% 0.93%0.01% 0.00% 0.01%0.09% 0.00% 0.39%0.08% 0.01% 0.28%0.81% 0.08% 4.80%1.03% 0.00% 6.05%0.17% 0.12% 0.33%0.00% 0.00% 0.00%0.01% 0.00% 0.02%0.11% 0.02% 0.22%0.00% 0.00% 0.00%0.79% 0.24% 2.61%0.00% 0.00% 0.00%0.00% 0.00% 0.00%0.02% 0.00% 0.09%0.00% 0.00% 0.02%0.23% 0.00% 1.14%0.11% 0.00% 0.52%0.10% 0.03% 0.25%0.53% 0.16% 1.81%0.15% 0.00% 0.66%0.20% 0.00% 0.69%0.40% 0.15% 1.01%0.87% 0.09% 3.09%

Weight* Tax Rate

0.64%8.38%0.55%0.07%2.04%0.75%0.64%5.75%5.82%

Country GDP (in billions) Moody's rating Adj. Default SpreadAbu Dhabi 390.00 Aa2 0.51%Albania 11.86 B1 4.62%Andorra (Principality of) 2.86 Baa2 1.95%Angola 102.60 B2 5.64%Argentina 545.48 B2 5.64%Armenia 10.57 B1 4.62%Aruba 2.60 Baa1 1.64%Australia 1204.62 Aaa 0.00%Austria 390.80 Aa1 0.41%Azerbaijan 37.85 Ba2 3.08%Bahamas 11.26 Baa3 2.26%Bahrain 32.18 B1 4.62%Bangladesh 221.42 Ba3 3.69%Barbados 4.53 Caa3 10.25%Belarus 47.41 Caa1 7.69%Belgium 467.96 Aa3 0.62%Belize 1.74 B3 6.67%Bermuda 5.60 A2 0.87%Bolivia 33.81 Ba3 3.69%Bosnia and Herzegovina 16.91 B3 6.67%Botswana 15.58 A2 0.87%Brazil 1796.19 Ba2 3.08%Bulgaria 53.24 Baa2 1.95%Burkina Faso 11.69 B2 5.64%Cambodia 20.02 B2 5.64%Cameroon 32.22 B2 5.64%Canada 1529.76 Aaa 0.00%Cayman Islands 3.20 Aa3 0.62%Cape Verde 1.90 B2 5.64%Chile 247.03 Aa3 0.62%China 11199.15 A1 0.72%Colombia 282.46 Baa2 1.95%Congo (Democratic Republi 31.93 B3 6.67%Congo (Republic of) 7.83 Caa2 9.23%Cook Islands 1.20 B1 4.62%Costa Rica 57.44 Ba2 3.08%Côte d'Ivoire 36.37 Ba3 3.69%Croatia 50.71 Ba2 3.08%Cuba 77.20 Caa2 9.23%

Curacao 1.00 A3 1.23%Cyprus 20.05 Ba3 3.69%Czech Republic 195.31 A1 0.72%Denmark 306.90 Aaa 0.00%Dominican Republic 71.58 Ba3 3.69%Ecuador 98.61 B3 6.67%Egypt 332.79 B3 6.67%El Salvador 26.80 Caa1 7.69%Estonia 23.34 A1 0.72%Ethiopia 72.37 B1 4.62%Fiji 4.70 Ba3 3.69%Finland 238.50 Aa1 0.41%France 2465.45 Aa2 0.51%Gabon 14.21 B3 6.67%Georgia 14.38 Ba2 3.08%Germany 3477.80 Aaa 0.00%Ghana 42.69 B3 6.67%Greece 192.69 Caa2 9.23%Guatemala 68.76 Ba1 2.56%Guernsey (States of) 0.50 Aa3 0.62%Honduras 21.52 B1 4.62%Hong Kong 320.91 Aa2 0.51%Hungary 125.82 Baa3 2.26%Iceland 20.05 A3 1.23%India 2263.79 Baa2 1.95%Indonesia 932.26 Baa3 2.26%Iraq 171.49 Caa1 7.69%Ireland 304.82 A2 0.87%Isle of Man 7.40 Aa2 0.51%Israel 317.74 A1 0.72%Italy 1858.91 Baa2 1.95%Jamaica 14.06 B3 6.67%Japan 4940.16 A1 0.72%Jersey (States of) 1.00 Aa3 0.62%Jordan 38.65 B1 4.62%Kazakhstan 137.28 Baa3 2.26%Kenya 70.53 B1 4.62%Korea 1411.25 Aa2 0.51%Kuwait 110.88 Aa2 0.51%Kyrgyzstan 6.55 B2 5.64%

Latvia 27.57 A3 1.23%Lebanon 49.60 B3 6.67%Liechtenstein 6.70 Aaa 0.00%Lithuania 42.74 A3 1.23%Luxembourg 58.63 Aaa 0.00%Macao 44.80 Aa3 0.62%Macedonia 10.90 Ba3 3.69%Malaysia 296.54 A3 1.23%Malta 11.00 A3 1.23%Mauritius 12.17 Baa1 1.64%Mexico 1046.92 A3 1.23%Moldova 6.75 B3 6.67%Mongolia 11.18 Caa1 7.69%Montenegro 4.37 B1 4.62%Montserrat 1.50 Baa3 2.26%Morocco 103.61 Ba1 2.56%Mozambique 11.01 Caa3 10.25%Namibia 10.95 Ba1 2.56%Netherlands 777.23 Aaa 0.00%New Zealand 184.97 Aaa 0.00%Nicaragua 13.23 B2 5.64%Nigeria 404.65 B2 5.64%Norway 371.08 Aaa 0.00%Oman 66.29 Baa2 1.95%Pakistan 278.91 B3 6.67%Panama 55.19 Baa2 1.95%Papua New Guinea 20.21 B2 5.64%Paraguay 27.42 Ba1 2.56%Peru 192.21 A3 1.23%Philippines 304.91 Baa2 1.95%Poland 471.36 A2 0.87%Portugal 204.84 Ba1 2.56%Qatar 152.45 Aa3 0.62%Ras Al Khaimah (Emirate o 5.20 A2 0.87%Romania 187.59 Baa3 2.26%Russia 1283.16 Ba1 2.56%Rwanda 8.38 B2 5.64%Saudi Arabia 646.44 A1 0.72%Senegal 14.68 Ba3 3.69%Serbia 38.30 Ba3 3.69%

Sharjah 5.00 A3 1.23%Singapore 296.98 Aaa 0.00%Slovakia 89.77 A2 0.87%Slovenia 44.71 Baa1 1.64%South Africa 295.46 Baa3 2.26%Spain 1237.26 Baa2 1.95%Sri Lanka 81.32 B1 4.62%St. Maarten 1.50 Baa2 1.95%St. Vincent & the Grenadin 0.77 B3 6.67%Suriname 3.28 B1 4.62%Swaziland 3.72 B2 0.00%Sweden 514.46 Aaa 0.00%Switzerland 668.85 Aaa 0.00%Taiwan 970.90 Aa3 0.62%Tajikistan 6.95 B3 2.56%Thailand 407.03 Baa1 1.64%Trinidad and Tobago 21.89 Ba1 2.56%Tunisia 42.06 B1 4.62%Turkey 863.71 Ba1 2.56%Turks and Caicos Islands 1.50 Baa1 1.64%Uganda 24.08 B2 5.64%Ukraine 93.27 Caa2 9.23%United Arab Emirates 348.74 Aa2 0.51%United Kingdom 2647.90 Aa2 0.51%United States 18624.48 Aaa 0.00%Uruguay 52.42 Baa2 1.95%Venezuela 250.00 Caa3 10.25%Vietnam 205.28 B1 4.62%Zambia 21.06 B3 6.67%

Equity Risk Premiu Country Risk Premium Corporate Tax Rate Region5.65% 0.57% 0.00% Middle East

10.27% 5.19% 15.00% Eastern Europe & Russia7.27% 2.19% 0.00% Western Europe

11.42% 6.34% 30.00% Africa11.42% 6.34% 35.00% Central and South America10.27% 5.19% 20.00% Eastern Europe & Russia6.92% 1.84% 0.00% Caribbean5.08% 0.00% 30.00% Australia & New Zealand5.54% 0.46% 25.00% Western Europe8.54% 3.46% 20.00% Eastern Europe & Russia7.62% 2.54% 0.00% Caribbean

10.27% 5.19% 0.00% Middle East9.23% 4.15% 25.00% Asia

16.60% 11.52% 25.00% Caribbean13.72% 8.64% 18.00% Eastern Europe & Russia5.78% 0.70% 33.99% Western Europe

12.58% 7.50% 28.21% Central and South America6.06% 0.98% 0.00% Caribbean9.23% 4.15% 25.00% Central and South America

12.58% 7.50% 10.00% Eastern Europe & Russia6.06% 0.98% 22.00% Africa8.54% 3.46% 34.00% Central and South America7.27% 2.19% 10.00% Eastern Europe & Russia

11.42% 6.34% 27.50% Africa11.42% 6.34% 20.00% Asia11.42% 6.34% 33.00% Africa5.08% 0.00% 26.50% North America5.78% 0.70% 0.00% Caribbean

11.42% 6.34% 28.21% Africa5.78% 0.70% 25.50% Central and South America5.89% 0.81% 25.00% Asia7.27% 2.19% 34.00% Central and South America

12.58% 7.50% 35.00% Africa15.46% 10.38% 28.21% Africa10.27% 5.19% 0.00% Australia & New Zealand8.54% 3.46% 30.00% Central and South America9.23% 4.15% 25.00% Africa8.54% 3.46% 20.00% Eastern Europe & Russia

15.46% 10.38% 27.98% Caribbean

6.46% 1.38% 22.00% Caribbean9.23% 4.15% 12.50% Western Europe5.89% 0.81% 19.00% Eastern Europe & Russia5.08% 0.00% 22.00% Western Europe9.23% 4.15% 27.00% Caribbean

12.58% 7.50% 22.00% Central and South America12.58% 7.50% 22.50% Africa13.72% 8.64% 30.00% Central and South America5.89% 0.81% 20.00% Eastern Europe & Russia

10.27% 5.19% 30.00% Africa9.23% 4.15% 20.00% Asia5.54% 0.46% 20.00% Western Europe5.65% 0.57% 33.33% Western Europe

12.58% 7.50% 30.00% Africa8.54% 3.46% 15.00% Eastern Europe & Russia5.08% 0.00% 29.79% Western Europe

12.58% 7.50% 25.00% Africa15.46% 10.38% 29.00% Western Europe7.96% 2.88% 25.00% Central and South America5.78% 0.70% 0.00% Western Europe

10.27% 5.19% 25.00% Central and South America5.65% 0.57% 16.50% Asia7.62% 2.54% 9.00% Eastern Europe & Russia6.46% 1.38% 20.00% Western Europe7.27% 2.19% 30.00% Asia7.62% 2.54% 25.00% Asia

13.72% 8.64% 15.00% Middle East6.06% 0.98% 12.50% Western Europe5.65% 0.57% 0.00% Western Europe5.89% 0.81% 24.00% Middle East7.27% 2.19% 24.00% Western Europe

12.58% 7.50% 25.00% Caribbean5.89% 0.81% 30.86% Asia5.78% 0.70% 20.00% Western Europe

10.27% 5.19% 20.00% Middle East7.62% 2.54% 20.00% Eastern Europe & Russia

10.27% 5.19% 30.00% Africa5.65% 0.57% 22.00% Asia5.65% 0.57% 15.00% Middle East

11.42% 6.34% 15.00% Eastern Europe & Russia

6.46% 1.38% 15.00% Eastern Europe & Russia12.58% 7.50% 15.00% Middle East5.08% 0.00% 12.50% Western Europe6.46% 1.38% 15.00% Eastern Europe & Russia5.08% 0.00% 27.08% Western Europe5.78% 0.70% 12.00% Asia9.23% 4.15% 10.00% Eastern Europe & Russia6.46% 1.38% 24.00% Asia6.46% 1.38% 35.00% Western Europe6.92% 1.84% 15.00% Asia6.46% 1.38% 30.00% Central and South America

12.58% 7.50% 12.00% Eastern Europe & Russia13.72% 8.64% 25.00% Asia10.27% 5.19% 9.00% Eastern Europe & Russia7.62% 2.54% 27.98% Caribbean7.96% 2.88% 31.00% Africa

16.60% 11.52% 32.00% Africa7.96% 2.88% 32.00% Africa5.08% 0.00% 25.00% Western Europe5.08% 0.00% 28.00% Australia & New Zealand

11.42% 6.34% 30.00% Central and South America11.42% 6.34% 30.00% Africa5.08% 0.00% 24.00% Western Europe7.27% 2.19% 15.00% Middle East

12.58% 7.50% 31.00% Asia7.27% 2.19% 25.00% Central and South America

11.42% 6.34% 30.00% Asia7.96% 2.88% 10.00% Central and South America6.46% 1.38% 29.50% Central and South America7.27% 2.19% 30.00% Asia6.06% 0.98% 19.00% Eastern Europe & Russia7.96% 2.88% 21.00% Western Europe5.78% 0.70% 10.00% Middle East6.06% 0.98% 0.00% Middle East7.62% 2.54% 16.00% Eastern Europe & Russia7.96% 2.88% 20.00% Eastern Europe & Russia

11.42% 6.34% 30.00% Africa5.89% 0.81% 20.00% Middle East9.23% 4.15% 30.00% Africa9.23% 4.15% 15.00% Eastern Europe & Russia

6.46% 1.38% 0.00% Middle East5.08% 0.00% 17.00% Asia6.06% 0.98% 21.00% Eastern Europe & Russia6.92% 1.84% 19.00% Eastern Europe & Russia7.62% 2.54% 28.00% Africa7.27% 2.19% 25.00% Western Europe

10.27% 5.19% 28.00% Asia7.27% 2.19% 34.50% Caribbean

12.58% 7.50% 27.98% Caribbean10.27% 5.19% 36.00% Central and South America5.08% 0.00% 27.50% Africa5.08% 0.00% 22.00% Western Europe5.08% 0.00% 17.77% Western Europe5.78% 0.70% 17.00% Asia7.96% 2.88% 0.00% Eastern Europe & Russia6.92% 1.84% 20.00% Asia7.96% 2.88% 25.00% Caribbean

10.27% 5.19% 25.00% Africa7.96% 2.88% 20.00% Western Europe6.92% 1.84% 0.00% Caribbean

11.42% 6.34% 30.00% Africa15.46% 10.38% 18.00% Eastern Europe & Russia5.65% 0.57% 55.00% Middle East5.65% 0.57% 20.00% Western Europe5.08% 0.00% 21.00% North America7.27% 2.19% 25.00% Central and South America

16.60% 11.52% 34.00% Central and South America10.27% 5.19% 20.00% Asia12.58% 7.50% 35.00% Africa

Central and South America

Central and South America

Central and South America

Central and South America

Central and South America

Central and South America

Central and South America

Central and South America

Central and South America

Central and South America

Central and South America

Central and South America

Central and South America

Central and South America

Central and South AmericaCentral and South America

Central and South America

Central and South AmericaCentral and South America

Country S&P Rating Moody's ratingAbu Dhabi AA Aa2Albania B+ B1Andorra (Principality of) BBB Baa2Angola B- B2Argentina B+ B2Armenia NA B1Aruba BBB+ Baa1Australia AAA AaaAustria AA+ Aa1Azerbaijan BB+ Ba2Bahamas BB+ Baa3Bahrain BB- B1Bangladesh BB- Ba3Barbados CCC+ Caa3Belarus B Caa1Belgium AA Aa3Belize B- B3Bermuda A+ A2Bolivia BB Ba3Bosnia and Herzegovina B B3Botswana A- A2Brazil BB Ba2Bulgaria BB+ Baa2Burkina Faso B B2Cambodia NA B2Cameroon B B2Canada AAA AaaCayman Islands NA Aa3Cape Verde B B2Chile A+ Aa3China A+ A1Colombia BBB Baa2Congo (Democratic Republic CCC+ B3Congo (Republic of) CCC+ Caa2Cook Islands B+ B1Costa Rica BB- Ba2Côte d'Ivoire NA Ba3Croatia BB Ba2Cuba NA Caa2

Curacao A- A3Cyprus BB+ Ba3Czech Republic AA- A1Denmark AAA AaaDominican Republic BB- Ba3Ecuador B- B3Egypt B- B3El Salvador CCC+ Caa1Estonia AA- A1Ethiopia B B1Fiji B+ Ba3Finland AA+ Aa1France AA Aa2Gabon NA B3Georgia BB- Ba2Germany AAA AaaGhana B- B3Greece B- Caa2Guatemala BB- Ba1Guernsey (States of) AA- Aa3Honduras BB- B1Hong Kong AA+ Aa2Hungary BBB- Baa3Iceland A A3India BBB- Baa2Indonesia BBB- Baa3Iraq B- Caa1Ireland A+ A2Isle of Man NA Aa2Israel A+ A1Italy BBB Baa2Jamaica B B3Japan A+ A1Jersey (States of) AA- Aa3Jordan B+ B1Kazakhstan BBB- Baa3Kenya B+ B1Korea AA Aa2Kuwait AA Aa2Kyrgyzstan NA B2

Latvia A- A3Lebanon B- B3Liechtenstein AAA AaaLithuania A- A3Luxembourg AAA AaaMacao NA Aa3Macedonia BB- Ba3Malaysia A- A3Malta A- A3Mauritius NA Baa1Mexico BBB+ A3Moldova NA B3Mongolia B- Caa1Montenegro B+ B1Montserrat BBB- Baa3Morocco BBB- Ba1Mozambique SD Caa3Namibia NA Ba1Netherlands AAA AaaNew Zealand AA AaaNicaragua B+ B2Nigeria B B2Norway AAA AaaOman BB+ Baa2Pakistan B B3Panama BBB Baa2Papua New Guinea B+ B2Paraguay BB Ba1Peru BBB+ A3Philippines BBB Baa2Poland BBB+ A2Portugal BBB- Ba1Qatar AA- Aa3Ras Al Khaimah (Emirate of) A A2Romania BBB- Baa3Russia BB+ Ba1Rwanda B B2Saudi Arabia A- A1Senegal B+ Ba3Serbia BB- Ba3

Sharjah BBB+ A3Singapore AAA AaaSlovakia A+ A2Slovenia A+ Baa1South Africa BB+ Baa3Spain BBB+ Baa2Sri Lanka B+ B1St. Maarten NA Baa2St. Vincent & the Grenadines NA B3Suriname B B1Swaziland NA B2Sweden AAA AaaSwitzerland AAA AaaTaiwan AA- Aa3Tajikistan B- B3Thailand BBB+ Baa1Trinidad and Tobago BBB+ Ba1Tunisia NA B1Turkey BB Ba1Turks and Caicos Islands BBB+ Baa1Uganda B B2Ukraine B- Caa2United Arab Emirates NA Aa2United Kingdom AA Aa2United States AA+ AaaUruguay BBB Baa2Venezuela CCC- Caa3Vietnam BB- B1Zambia B B3

GOVERNMENT BOND RATINGS

In local currency

S&P: These are the S&P sovereign local currency ratings

Moody's: These are the Moody's local currency rating

In red: These are countries where S&P has a rating and Moody's does not. The following lookup table is used to estimate theMoody's equivalent rating for these countries.S&P Moody'sA A2A- A3A+ A1AA Aa2AA- Aa3AA+ Aa1AAA AaaB B2B- B3B+ B1BB Ba2BB- Ba3BB+ Ba1BBB Baa2BBB- Baa3BBB+ Baa1C C2C- C3C+ C1CC Ca2CC- Ca3CC+ Ca1CCC Caa2CCC- Caa3CCC+ Caa1

GOVERNMENT BOND RATINGS

In local currency

S&P: These are the S&P sovereign local currency ratings

Moody's: These are the Moody's local currency rating

In red: These are countries where S&P has a rating and Moody's does not. The following lookup table is used to estimate the

Country RegionAbu Dhabi Middle EastAlbania Eastern Europe & RussiaAndorra Western EuropeAngola AfricaArgentina Central and South AmericaArmenia Eastern Europe & RussiaAruba CaribbeanAustralia Australia & New ZealandAustria Western EuropeAzerbaijan Eastern Europe & RussiaBahamas CaribbeanBahrain Middle EastBangladesh AsiaBarbados CaribbeanBelarus Eastern Europe & RussiaBelgium Western EuropeBelize Central and South AmericaBenin AfricaBermuda CaribbeanBolivia Central and South AmericaBosnia and Herzegovina Eastern Europe & RussiaBotswana AfricaBrazil Central and South AmericaBulgaria Eastern Europe & RussiaBurkina Faso AfricaCambodia AsiaCameroon AfricaCanada North AmericaCape Verde AfricaCayman Islands CaribbeanChile Central and South AmericaChina AsiaColombia Central and South AmericaCongo (Democratic Republic of) AfricaCongo (Republic of) AfricaCook Islands Australia & New ZealandCosta Rica Central and South AmericaCôte d'Ivoire AfricaCroatia Eastern Europe & Russia

Cuba CaribbeanCuracao CaribbeanCyprus Western EuropeCzech Republic Eastern Europe & RussiaDemocratic Republic of Congo AfricaDenmark Western EuropeDominican Republic CaribbeanEcuador Central and South AmericaEgypt AfricaEl Salvador Central and South AmericaEstonia Eastern Europe & RussiaEthiopia AfricaFiji AsiaFinland Western EuropeFrance Western EuropeGabon AfricaGeorgia Eastern Europe & RussiaGermany Western EuropeGhana AfricaGreece Western EuropeGuatemala Central and South AmericaGuernsey (States of) Western EuropeHonduras Central and South AmericaHong Kong AsiaHungary Eastern Europe & RussiaIceland Western EuropeIndia AsiaIndonesia AsiaIraq Middle EastIreland Western EuropeIsle of Man Western EuropeIsrael Middle EastItaly Western EuropeJamaica CaribbeanJapan AsiaJersey (States of) Western EuropeJordan Middle EastKazakhstan Eastern Europe & RussiaKenya AfricaKorea Asia

Kuwait Middle EastKyrgyzstan Eastern Europe & RussiaLatvia Eastern Europe & RussiaLebanon Middle EastLiechtenstein Western EuropeLithuania Eastern Europe & RussiaLuxembourg Western EuropeMacao AsiaMacedonia Eastern Europe & RussiaMalaysia AsiaMalta Western EuropeMauritius AsiaMexico Central and South AmericaMoldova Eastern Europe & RussiaMongolia AsiaMontenegro Eastern Europe & RussiaMontserrat CaribbeanMorocco AfricaMozambique AfricaNamibia AfricaNetherlands Western EuropeNew Zealand Australia & New ZealandNicaragua Central and South AmericaNigeria AfricaNorway Western EuropeOman Middle EastPakistan AsiaPanama Central and South AmericaPapua New Guinea AsiaParaguay Central and South AmericaPeru Central and South AmericaPhilippines AsiaPoland Eastern Europe & RussiaPortugal Western EuropeQatar Middle EastRas Al Kaminah Middle EastRepublic of the Congo AfricaRomania Eastern Europe & RussiaRussia Eastern Europe & RussiaRwanda Africa

Saudi Arabia Middle EastSenegal AfricaSerbia Eastern Europe & RussiaSharjah Middle EastSingapore AsiaSlovakia Eastern Europe & RussiaSlovenia Eastern Europe & RussiaSouth Africa AfricaSpain Western EuropeSri Lanka AsiaSt. Maarten CaribbeanSt. Vincent & the Grenadines CaribbeanSuriname Central and South AmericaSwaziland AfricaSweden Western EuropeSwitzerland Western EuropeTaiwan AsiaTajikistan Eastern Europe & RussiaThailand AsiaTrinidad and Tobago CaribbeanTunisia AfricaTurkey Western EuropeTurkmenistan Eastern Europe & RussiaTurks and Caicos CaribbeanUganda AfricaUkraine Eastern Europe & RussiaUnited Arab Emirates Middle EastUnited Kingdom Western EuropeUnited States North AmericaUruguay Central and South AmericaVenezuela Central and South AmericaVietnam AsiaZambia Africa

Rating Default Spread (7/1/ Updated Default Spread (1/1/18)Country

A1 81 72 Abu Dhabi Aa2 0.98% 1.12%A2 98 87 Argentina B3 4.25% 3.66%A3 139 123 Australia Aaa 0.46% 0.36%Aa1 46 41 Austria Aa1 0.47% 0.34%Aa2 57 51 Bahrain Ba2 3.35% 3.37%Aa3 70 62 Belgium Aa3 0.46% 0.38%Aaa 0 0 Brazil Ba2 3.46% 2.65%B1 520 462 Bulgaria Baa2 1.63% 1.47%B2 636 564 Chile Aa3 1.15% 1.02%B3 751 667 China A1 1.15% 0.97%Ba1 289 256 Colombia Baa2 2.30% 2.00%Ba2 347 308 Costa Rica Ba2 2.59% 2.26%Ba3 416 369 Croatia Ba2 2.17% 1.61%Baa1 184 164 Cyprus B1 2.60% 1.75%Baa2 220 195 Czech Republic A1 0.72% 0.71%Baa3 254 226 Denmark Aaa 0.41% 0.32%Ca 1386 1230 Dubai 2.01% 2.00%

Caa1 866 769 Egypt B3 4.50% 0.39%Caa2 1040 923 Estonia A1 0.78% 0.76%Caa3 1155 1025 Finland Aa1 0.42% 0.37%NR NA NA France Aa2 0.49% 0.42%

Germany Aaa 0.37% 0.26%Greece 5.65% 4.83%Hong Kong Aa2 0.57% 0.68%Hungary Baa3 1.59% 1.36%Iceland A3 1.19% 0.95%India Baa3 1.42% 1.26%

Moody's rating

CDS Spread (7/1/17)

CDS Spread (1/1/18)

Indonesia Baa3 1.85% 1.55%Ireland A3 0.72% 0.58%Israel A1 1.08% 1.02%Italy Baa2 2.02% 1.81%Japan A1 0.47% 0.48%Kazakhstan Baa3 2.22% 1.88%Korea Aa2 0.73% 0.79%Kuwait 1.26% 1.28%Latvia A3 1.01% 1.00%Lebanon B2 4.86% 5.40%Lithuania A3 0.96% 0.95%Malaysia A3 1.35% 1.08%Mexico A3 1.92% 1.85%Morocco Ba1 1.97% 1.95%Netherlands Aaa 0.44% 0.35%New Zealand Aaa 0.56% 0.42%Nigeria B1 4.57% 4.55%Norway Aaa 0.34% 0.32%Pakistan B3 3.31% 3.76%Panama Baa2 1.67% 1.41%Peru A3 1.60% 1.47%Philippines Baa2 1.26% 1.10%Poland A2 1.06% 0.90%Portugal Ba1 2.63% 1.68%Qatar Aa3 1.63% 1.58%Romania Baa3 1.53% 1.50%Russia Ba1 2.52% 2.03%Saudi Arabia A1 1.70% 1.53%Slovakia A2 0.81% 0.84%

Slovenia Baa3 1.26% 1.18%South Africa Baa3 2.88% 2.64%Spain Baa2 1.10% 1.00%Sweden Aaa 0.35% 0.30%Switzerland Aaa 0.48% 0.40%Thailand Baa1 1.04% 0.87%Tunisia Ba3 4.75% 3.97%Turkey Ba1 2.89% 2.70%Ukraine Caa3 6.10% 5.90%United Kingdom Aa1 0.52% 0.44%United States Aaa 0.34% 0.39%Venezuela Caa3 30.11% NAVietnam B1 2.23% 1.91%AverageMedian

14.29%-13.88%-21.74%-27.66%0.60%

-17.39%-23.41%-9.82%

-11.30%-15.65%-13.04%-12.74%-25.81%-32.69%-1.39%

-21.95%-0.50%

-91.33%-2.56%

-11.90%-14.29%-29.73%-14.51%19.30%-14.47%-20.17%-11.27%

CDS % Change

-16.22%-19.44%-5.56%

-10.40%2.13%

-15.32%8.22%1.59%-0.99%11.11%-1.04%

-20.00%-3.65%-1.02%

-20.45%-25.00%-0.44%-5.88%13.60%-15.57%-8.13%

-12.70%-15.09%-36.12%-3.07%-1.96%

-19.44%-10.00%3.70%

-6.35%-8.33%-9.09%

-14.29%-16.67%-16.35%-16.42%-6.57%-3.28%

-15.38%14.71%

NA-14.35%-11.24%-12.30%

Country Moody's rating CDS Spread (1/1/18)Abu Dhabi Aa2 1.12%Albania B1 NAAndorra (Principality of) Baa2 NAAngola B2 NAArgentina B2 3.66%Armenia B1 NAAruba Baa1 NAAustralia Aaa 0.36%Austria Aa1 0.34%Azerbaijan Ba2 NABahamas Baa3 NABahrain B1 3.37%Bangladesh Ba3 NABarbados Caa3 NABelarus Caa1 NABelgium Aa3 0.38%Belize B3 NABermuda A2 NABolivia Ba3 NABosnia and Herzegovina B3 NABotswana A2 NABrazil Ba2 2.65%Bulgaria Baa2 1.47%Burkina Faso B2 NACambodia B2 NACameroon B2 NACanada Aaa NACayman Islands Aa3 NACape Verde B2 NAChile Aa3 1.02%China A1 0.97%Colombia Baa2 2.00%Congo (Democratic Republic B3 NACongo (Republic of) Caa2 NACook Islands B1 NACosta Rica Ba2 2.26%Côte d'Ivoire Ba3 NACroatia Ba2 1.61%Cuba Caa2 NA

Curacao A3 NACyprus Ba3 1.75%

Czech Republic A1 0.71%Denmark Aaa 0.32%Dominican Republic Ba3 NAEcuador B3 NAEgypt B3 3.87%El Salvador Caa1 NAEstonia A1 0.76%Ethiopia B1 NAFiji Ba3 NAFinland Aa1 0.37%France Aa2 0.42%Gabon B3 NAGeorgia Ba2 NAGermany Aaa 0.26%Ghana B3 NAGreece Caa2 NAGuatemala Ba1 NAGuernsey (States of) Aa3 NAHonduras B1 NAHong Kong Aa2 0.68%Hungary Baa3 1.36%Iceland A3 0.95%India Baa2 1.26%Indonesia Baa3 1.55%Iraq Caa1 NAIreland A2 0.58%Isle of Man Aa2 NAIsrael A1 1.02%Italy Baa2 1.81%Jamaica B3 NAJapan A1 0.48%Jersey (States of) Aa3 NAJordan B1 NAKazakhstan Baa3 1.88%Kenya B1 NAKorea Aa2 0.79%Kuwait Aa2 NA

Kyrgyzstan B2 NALatvia A3 1.00%Lebanon B3 4.86%Liechtenstein Aaa NALithuania A3 0.95%Luxembourg Aaa NAMacao Aa3 NAMacedonia Ba3 NAMalaysia A3 1.08%Malta A3 NAMauritius Baa1 NAMexico A3 1.85%Moldova B3 NAMongolia Caa1 NAMontenegro B1 NAMontserrat Baa3 NAMorocco Ba1 1.95%Mozambique Caa3 NANamibia Ba1 NANetherlands Aaa 0.35%New Zealand Aaa 0.42%Nicaragua B2 NANigeria B2 4.55%Norway Aaa 0.32%Oman Baa2 NAPakistan B3 3.76%Panama Baa2 1.41%Papua New Guinea B2 NAParaguay Ba1 NAPeru A3 1.47%Philippines Baa2 1.10%Poland A2 0.90%Portugal Ba1 1.68%Qatar Aa3 1.58%Ras Al Khaimah (Emirate of) A2 NARomania Baa3 1.50%Russia Ba1 2.03%Rwanda B2 NASaudi Arabia A1 1.53%Senegal Ba3 NA

Serbia Ba3 NASharjah A3 NASingapore Aaa NASlovakia A2 0.84%Slovenia Baa1 1.18%South Africa Baa3 2.64%Spain Baa2 1.00%Sri Lanka B1 NASt. Maarten Baa2 NASt. Vincent & the Grenadines B3 NASuriname B1 NASwaziland B2 NASweden Aaa 0.30%Switzerland Aaa 0.40%Taiwan Aa3 NATajikistan B3 NAThailand Baa1 0.87%Trinidad and Tobago Ba1 NATunisia B1 3.97%Turkey Ba1 2.70%Turks and Caicos Islands Baa1 NAUganda B2 NAUkraine Caa2 5.90%United Arab Emirates Aa2 NAUnited Kingdom Aa2 0.44%United States Aaa 0.39%Uruguay Baa2 NAVenezuela Caa3 NAVietnam B1 1.91%Zambia B3 NA

CDS Spread adj for US Updated: July 20170.73%

NANANA

3.27%NANA

0.00%0.00%

NANA

2.98%NANANA

0.00%NANANANANA

2.26%1.08%

NANANANANANA

0.63%0.58%1.61%

NANANA

1.87%NA

1.22%NA

NA1.36%

0.32%Country

0.00% Abu DhabiNA ArgentinaNA Australia

3.48% AustriaNA Bahrain

0.37% BelgiumNA BrazilNA Bulgaria

0.00% Chile0.03% China

NA ColombiaNA Costa Rica

0.00% CroatiaNA CyprusNA Czech RepublicNA DenmarkNA DubaiNA Egypt

0.29% Estonia0.97% Finland0.56% France0.87% Germany1.16% Greece

NA Hong Kong0.19% Hungary

NA Iceland0.63% India1.42% Indonesia

NA Ireland0.09% Israel

NA ItalyNA Japan

1.49% KazakhstanNA Korea

0.40% KuwaitNA Latvia

NA Lebanon0.61% Lithuania4.47% Malaysia

NA Mexico0.56% Morocco

NA NetherlandsNA New ZealandNA Nigeria

0.69% NorwayNA PakistanNA Panama

1.46% PeruNA PhilippinesNA PolandNA PortugalNA Qatar

1.56% RomaniaNA RussiaNA Saudi Arabia

0.00% Slovakia0.03% Slovenia

NA South Africa4.16% Spain0.00% Sweden

NA Switzerland3.37% Thailand1.02% Tunisia

NA TurkeyNA Ukraine

1.08% United Kingdom0.71% United States0.51% Venezuela1.29% Vietnam1.19%

NA1.11%1.64%

NA1.14%

NA

NANANA

0.45%0.79%2.25%0.61%

NANANANANA

0.00%0.01%

NANA

0.48%NA

3.58%2.31%

NANA

5.51%NA

0.05%0.00%

NANA

1.52%NA

1.12% 0.73%3.66% 3.27%0.36% -0.03%0.34% -0.05%3.37% 2.98%0.38% -0.01%2.65% 2.26%1.47% 1.08%1.02% 0.63%0.97% 0.58%2.00% 1.61%2.26% 1.87%1.61% 1.22%1.75% 1.36%0.71% 0.32%0.32% -0.07%2.00% 1.61%3.87% 3.48%0.76% 0.37%0.37% -0.02%0.42% 0.03%0.26% -0.13%4.83% 4.44%0.68% 0.29%1.36% 0.97%0.95% 0.56%1.26% 0.87%1.55% 1.16%0.58% 0.19%1.02% 0.63%1.81% 1.42%0.48% 0.09%1.88% 1.49%0.79% 0.40%1.28% 0.89%1.00% 0.61%

CDS Spread (1/1/18)

CDS Spread net of US

5.40% 5.01%0.95% 0.56%1.08% 0.69%1.85% 1.46%1.95% 1.56%0.35% -0.04%0.42% 0.03%4.55% 4.16%0.32% -0.07%3.76% 3.37%1.41% 1.02%1.47% 1.08%1.10% 0.71%0.90% 0.51%1.68% 1.29%1.58% 1.19%1.50% 1.11%2.03% 1.64%1.53% 1.14%0.84% 0.45%1.18% 0.79%2.64% 2.25%1.00% 0.61%0.30% -0.09%0.40% 0.01%0.87% 0.48%3.97% 3.58%2.70% 2.31%5.90% 5.51%0.44% 0.05%0.39% 0.00%

NA NA1.91% 1.52%

Country Std deviation in Equities (weekly)Argentina 38.11% NABangladesh 13.48% NABosnia 8.96% NABotswana 4.89% NAGhana 8.33% NAGreece 43.21% 45.54%Jamaica 16.93% NAJordan 7.14% NAKenya 10.90% NAKuwait 10.77% NALaos 16.00% NAMacedonia 11.59% NAMalta 7.75% NAMauritius 5.40% NAMongolia 17.21% NAMontenegro 20.08% NANamibia 21.83% NANigeria 27.08% NAOman 17.56% NAPalestine 9.33% NASerbia 10.18% NASingapore 11.27% NASri Lanka 8.88% NATaiwan 14.02% NATanzania 19.44% NAUAE 31.74% NAUkraine 29.74% NAUS 12.69% NAVenezuela 51.23% 44.85%Pakistan 14.21% NATunisia 8.44% NAEgypt 27.71% NABrazil 23.52% 12.21%Lebanon 6.33% 3.15%Costa Rica 8.31% NABahrain 7.93% NASouth Africa 14.79% 20.21%Russia 22.90% 40.10%Kazakhastan 32.79% NAVietnam 17.55% NATurkey 20.97% 9.46%Croatia 7.77% NAColombia 17.48% 7.09%Portugal 22.96% 7.14%Indonesia 15.19% 10.00%Morocco 8.16% NACyprus 32.96% NAMexico 13.68% 4.74%

sBond

Peru 15.94% 8.51%Panama 4.69% NAIndia 14.93% 2.93%Malaysia 10.65% NABulgaria 14.54% 13.05%Thailand 12.08% 6.87%Hungary 17.05% NASaudi Arabia 24.27% 17.55%Italy 20.08% 7.23%China 29.13% NAPhilippines 11.29% 30.36%Romania 12.79% NAQatar 21.16% NASlovenia 14.17% 5.78%Spain 22.89% 6.37%Chile 12.29% 8.04%Poland 13.93% 12.13%Latvia 17.53% NALithuania 7.63% NAIceland 10.01% 4.02%Israel 10.30% 4.86%Ireland 17.41% 3.08%Korea 12.40% NASlovakia 17.69% 7.91%Czech Republic 13.82% 4.93%Estonia 10.89% NA

AverageMedian

AverageMedian

CDSNA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NA0.95 NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA NA NA NA NANA 0.1100% NA NA NA1.14 1.3700% NA NA NANA 0.3219% 6.56% 4.90% 2.90NA 0.4039% 6.33% 6.38% 1.32NA 0.2988% 5.48% 5.45% 5.081.93 0.4111% 5.09% 8.07% 2.912.01 0.3565% 5.00% 7.13% 0.89NA 0.3136% 4.86% 6.45% 1.29NA 0.3200% 4.00% 8.00% 0.990.73 0.3821% 3.99% 9.58% 1.540.57 0.5519% 3.67% 15.05% 1.52NA 0.3585% 3.55% 10.10% 3.25NA 0.2610% 3.52% 7.41% 2.372.22 0.3261% 3.39% 9.61% 2.18NA 0.2240% 3.23% 6.93% 1.122.47 0.4247% 3.22% 13.19% 1.333.22 0.5728% 3.18% 18.03% 1.271.52 0.3922% 2.96% 13.27% 1.14NA 0.3185% 2.69% 11.84% 0.69NA 0.5916% 2.66% 22.24% 1.482.89 0.4093% 2.48% 16.50% 0.83

sEquity/ sBond s (CDS) CVCDS sEquity/ sCDS

1.87 0.3400% 2.34% 14.50% 1.10NA 0.3181% 2.32% 13.70% 0.345.10 0.3731% 2.25% 16.59% 0.90NA 0.5214% 2.21% 23.59% 0.451.11 0.2917% 2.13% 13.69% 1.061.76 0.3830% 2.05% 18.73% 0.65NA 0.3111% 2.03% 15.33% 1.111.38 0.6852% 1.93% 35.50% 0.682.78 0.5215% 1.93% 27.09% 0.74NA 0.3936% 1.76% 22.36% 1.300.37 0.3890% 1.68% 23.22% 0.49NA 0.2938% 1.66% 17.72% 0.72NA 0.4138% 1.63% 25.42% 0.832.45 0.2665% 1.62% 16.47% 0.863.59 0.5239% 1.55% 33.85% 0.681.53 0.3765% 1.54% 24.50% 0.501.15 0.2970% 1.38% 21.57% 0.65NA 0.2699% 1.30% 20.76% 0.84NA 0.2612% 1.26% 20.73% 0.372.49 0.3686% 1.26% 29.31% 0.342.12 0.2495% 1.19% 20.97% 0.495.65 0.4114% 1.06% 38.81% 0.45NA 0.4744% 0.89% 53.60% 0.232.24 0.1457% 0.88% 16.63% 1.062.80 0.3475% 0.81% 42.90% 0.32NA 0.3969% 0.80% 49.71% 0.22

2.15 1.142.01 0.89

1.98 1.331.87 1.10

Country GDP (in billions) Country Nam 2016 (in billions)Abu Dhabi 390 Albania 11.86Albania 11.86 Source: Algeria 159.05Andorra (Principality of) 2.86 Year 2016 American Sa 0.66Angola 102.6 Andorra 2.86Argentina 545.48 Antigua and 1.46Armenia 10.57 Arab World 2504.70Aruba 2.6 Argentina 545.48Australia 1204.62 Armenia 10.57Austria 390.8 ArubaAzerbaijan 37.85 Australia 1204.62Bahamas 11.26 Austria 390.80Bahrain 32.18 Azerbaijan 37.85Bangladesh 221.42 Bahamas, The 11.26Barbados 4.53 Bahrain 32.18Belarus 47.41 Bangladesh 221.42Belgium 467.96 Barbados 4.53Belize 1.74 Belarus 47.41Bermuda 5.6 Belgium 467.96Bolivia 33.81 Belize 1.74Bosnia and Herzegovina 16.91 Benin 8.58Botswana 15.58 Bermuda 0.00Brazil 1796.19 Bhutan 2.21Bulgaria 53.24 Bolivia 33.81Burkina Faso 11.69 Bosnia and He 16.91Cambodia 20.02 Botswana 15.58Cameroon 32.22 Brazil 1796.19Canada 1529.76 British Virgin 0.00Cayman Islands 3.2 Brunei Darus 11.40Cape Verde 1.9 Bulgaria 53.24Chile 247.03 Burkina Faso 11.69China 11199 Burundi 3.01Colombia 282.46 Cabo Verde 1.62Congo (Democratic Republic of 31.93 Cambodia 20.02Congo (Republic of) 7.83 Cameroon 32.22Cook Islands 1.2 Canada 1529.76Costa Rica 57.44 Caribbean sma 66.71Côte d'Ivoire 36.37 Cayman Islan 0.00Croatia 50.71 Central Africa 1.76Cuba 77.2 Central Europ 1312.16

World Bank

Curacao 1.0 Chad 9.60Cyprus 20.05 Channel Islan 0.00Czech Republic 195.31 Chile 247.03Denmark 306.9 China 11199.15Dominican Republic 71.58 Colombia 282.46Ecuador 98.61 Comoros 0.62Egypt 332.79 Congo, Dem. 31.93El Salvador 26.8 Congo, Rep. 7.83Estonia 23.34 Costa Rica 57.44Ethiopia 72.37 Cote d'Ivoire 36.37Fiji 4.7 Croatia 50.71Finland 238.5 Cuba 0.00France 2465.45 Curacao 0.00Gabon 14.21 Cyprus 20.05Georgia 14.38 Czech Republi 195.31Germany 3477.8 Denmark 306.90Ghana 42.69 Djibouti 0.00Greece 192.69 Dominica 0.58Guatemala 68.76 Dominican Re 71.58Guernsey (States of) 0.5 Early-demogra 10401.99Honduras 21.52 East Asia & Pa 22480.43Hong Kong 320.91 East Asia & Pa 13512.44Hungary 125.82 East Asia & Pa 13486.49Iceland 20.05 Ecuador 98.61India 2263.79 Egypt, Arab R 332.79Indonesia 932.26 El Salvador 26.80Iraq 171.49 Equatorial Gu 10.68Ireland 304.82 Eritrea 0.00Isle of Man 7.4 Estonia 23.34Israel 317.74 Ethiopia 72.37Italy 1858.91 Euro area 11934.06Jamaica 14.06 Europe & Cent 20273.84Japan 4940.16 Europe & Cent 2991.82Jersey (States of) 1 Europe & Cent 3463.19Jordan 38.65 European Uni 16487.34Kazakhstan 137.28 Faroe Islands 0.00Kenya 70.53 Fiji 4.70Korea 1411.25 Finland 238.50Kuwait 110.88 Fragile and co 744.25Kyrgyzstan 6.55 France 2465.45

Latvia 27.57 French Polyne 0.00Lebanon 49.6 Gabon 14.21Liechtenstein 6.7 Gambia, The 0.96Lithuania 42.74 Georgia 14.38Luxembourg 58.63 Germany 3477.80Macao 44.8 Ghana 42.69Macedonia 10.9 Gibraltar 0.00Malaysia 296.54 Greece 192.69Malta 11 Greenland 0.00Mauritius 12.17 Grenada 1.06Mexico 1046.92 Guam 5.79Moldova 6.75 Guatemala 68.76Mongolia 11.18 Guinea 8.20Montenegro 4.37 Guinea-Bissau 1.16Montserrat 1.5 Guyana 3.50Morocco 103.61 Haiti 8.02Mozambique 11.01 Heavily indeb 648.29Namibia 10.95 High income 48557.46Netherlands 777.23 Honduras 21.52New Zealand 184.97 Hong Kong SA 320.91Nicaragua 13.23 Hungary 125.82Nigeria 404.65 IBRD only 25981.48Norway 371.08 Iceland 20.05Oman 66.29 IDA & IBRD to 27972.82Pakistan 278.91 IDA blend 923.61Panama 55.19 IDA only 1072.79Papua New Guinea 20.21 IDA total 1999.81Paraguay 27.42 India 2263.79Peru 192.21 Indonesia 932.26Philippines 304.91 Iran, Islamic 418.98Poland 471.36 Iraq 171.49Portugal 204.84 Ireland 304.82Qatar 152.45 Isle of Man 0.00Ras Al Khaimah (Emirate of) 5.2 Israel 317.74Romania 187.59 Italy 1858.91Russia 1283.16 Jamaica 14.06Rwanda 8.38 Japan 4940.16Saudi Arabia 646.44 Jordan 38.65Senegal 14.68 Kazakhstan 137.28Serbia 38.3 Kenya 70.53

Sharjah 5 Kiribati 0.18Singapore 296.98 Korea, Dem. P 0.00Slovakia 89.77 Korea, Rep. 1411.25Slovenia 44.71 Kosovo 6.65South Africa 295.46 Kuwait 110.88Spain 1237.26 Kyrgyz Republ 6.55Sri Lanka 81.32 Lao PDR 15.90St. Maarten 1.5 Late-demograp 18455.07St. Vincent & the Grenadines 0.8 Latin America 5299.87Suriname 3.28 Latin America 4853.04Swaziland 3.72 Latin America 5094.16Sweden 514.46 Latvia 27.57Switzerland 668.85 Least develope 940.73Taiwan 970.9 Lebanon 49.60Tajikistan 6.95 Lesotho 2.29Thailand 407.03 Liberia 2.10Trinidad and Tobago 21.89 Libya 0.00Tunisia 42.06 Liechtenstein 0.00Turkey 863.71 Lithuania 42.74Turks and Caicos Islands 1.5 Low & middle 27299.38Uganda 24.08 Low income 402.52Ukraine 93.27 Lower middle 6263.37United Arab Emirates 348.74 Luxembourg 58.63United Kingdom 2647.9 Macao SAR, C 44.80United States of America 18624 Macedonia, F 10.90Uruguay 52.42 Madagascar 10.00Venezuela 250 Malawi 5.43Vietnam 205.28 Malaysia 296.54Zambia 21.06 Maldives 4.22

Mali 14.03Malta 11.00Marshall Islan 0.19Mauritania 4.74Mauritius 12.17Mexico 1046.92Micronesia, Fe 0.33Middle East & 3144.80Middle East & 1453.90Middle East & 1440.24Middle incom 26897.07

Moldova 6.75Monaco 0.00Mongolia 11.18Montenegro 4.37Morocco 103.61Mozambique 11.01Myanmar 63.23Namibia 10.95Nauru 0.10Nepal 21.13Netherlands 777.23New Caledoni 0.00New Zealand 184.97Nicaragua 13.23Niger 7.53Nigeria 404.65North Americ 20160.30Northern Mari 1.24Norway 371.08Not classified 0.00OECD membe 47552.62Oman 66.29Other small s 362.08Pacific island 9.02Pakistan 278.91Palau 0.31Panama 55.19Papua New Gu 20.21Paraguay 27.42Peru 192.21Philippines 304.91Poland 471.36Portugal 204.84Post-demograp 45213.31Pre-demograph 1207.79Puerto Rico 0.00Qatar 152.45Romania 187.59Russian Feder 1283.16Rwanda 8.38

Samoa 0.79San Marino 1.59Sao Tome and 0.34Saudi Arabia 646.44Senegal 14.68Serbia 38.30Seychelles 1.43Sierra Leone 3.74Singapore 296.98Sint Maarten 0.00Slovak Republ 89.77Slovenia 44.71Small states 437.80Solomon Islan 1.20Somalia 6.22South Africa 295.46South Asia 2892.48South Asia (I 2892.48South Sudan 0.00Spain 1237.26Sri Lanka 81.32St. Kitts and 0.91St. Lucia 1.67St. Martin (Fr 0.00St. Vincent a 0.77Sub-Saharan A 1512.60Sub-Saharan A 1511.17Sub-Saharan A 1512.60Sudan 95.58Suriname 3.28Swaziland 3.72Sweden 514.46Switzerland 668.85Syrian Arab R 0.00Tajikistan 6.95Tanzania 47.34Thailand 407.03Timor-Leste 1.78Togo 4.40Tonga 0.40

Trinidad and 21.89Tunisia 42.06Turkey 863.71Turkmenistan 36.18Turks and Cai 0.00Tuvalu 0.03Uganda 24.08Ukraine 93.27United Arab E 348.74United Kingd 2647.90United States 18624.48Upper middle 20623.86Uruguay 52.42Uzbekistan 67.22Vanuatu 0.77Venezuela, R 0.00Vietnam 205.28Virgin Islands 0.00West Bank an 13.40World 75845.11Yemen, Rep. 27.32Zambia 21.06Zimbabwe 16.62

2016 (in billions)

Country S&P RatingMoody's Rating

Abu Dhabi AA Aa2 Abu DhabiAlbania B+ B1 AlbaniaAndorra (Principality of) BBB NA AndorraAngola B- B2 AngolaArgentina B+ B2 ArgentinaArmenia NA B1 ArmeniaAruba BBB+ NAAustralia AAA Aaa AustraliaAustria AA+ Aa1 AustriaAzerbaijan BB+ Ba2 AzerbaijanBahamas BB+ Baa3 BahamasBahrain BB- B1 BahrainBangladesh BB- Ba3 BangladeshBarbados CCC+ Caa3 BarbadosBelarus B Caa1 BelarusBelgium AA Aa3 BelgiumBelize B- B3 BelizeBermuda A+ A2 BermudaBolivia BB Ba3 BoliviaBosnia and Herzegovina B B3 Bosnia and HBotswana A- A2 BotswanaBrazil BB Ba2 BrazilBulgaria BB+ Baa2 BulgariaBurkina Faso B NACambodia NA B2 CambodiaCameroon B B2 CameroonCanada AAA Aaa CanadaCayman Islands NA Aa3 Cayman IslanCape Verde B NAChile A+ Aa3 ChileChina A+ A1 ChinaColombia BBB Baa2 ColombiaCongo (Democratic Republic of) CCC+ B3 Congo (DemocrCongo (Republic of) CCC+ Caa2 Congo (RepublCook Islands B+ NACosta Rica BB- Ba2 Costa RicaCôte d'Ivoire NA Ba3 Cote d'Ivoire

Croatia BB Ba2 CroatiaCuba NA Caa2 CubaCuracao A- NACyprus BB+ Ba3 CyprusCzech Republic AA- A1 Czech RepublDenmark AAA Aaa DenmarkDominican Republic BB- Ba3 Dominican RepEcuador B- NA EcuadorEgypt B- B3 EgyptEl Salvador CCC+ NA El SalvadorEstonia AA- A1 EstoniaEthiopia B B1 EthiopiaFiji B+ Ba3 FijiFinland AA+ Aa1 FinlandFrance AA Aa2 FranceGabon NA B3 GabonGeorgia BB- Ba2 GeorgiaGermany AAA Aaa GermanyGhana B- B3 GhanaGreece B- Caa2 GreeceGuatemala BB- Ba1 GuatemalaGuernsey (States of) AA- NA Guernsey (Channel Islands)Honduras BB- B1 HondurasHong Kong AA+ Aa2 Hong KongHungary BBB- Baa3 HungaryIceland A A3 IcelandIndia BBB- Baa2 IndiaIndonesia BBB- Baa3 IndonesiaIraq B- Caa1 IraqIreland A+ A2 IrelandIsle of Man NA Aa2 Isle of ManIsrael A+ A1 IsraelItaly BBB Baa2 ItalyJamaica B B3 JamaicaJapan A+ A1 JapanJersey (States of) AA- NA Jersey (Channel Islands)Jordan B+ B1 JordanKazakhstan BBB- Baa3 KazakhstanKenya B+ B1 KenyaKorea AA Aa2 Korea

Kuwait AA Aa2 Kuwait

Kyrgyzstan NA B2 Kyrgyz RepublLatvia A- A3 LatviaLebanon B- B3 LebanonLiechtenstein AAA NA LiechtensteinLithuania A- A3 LithuaniaLuxembourg AAA Aaa LuxembourgMacao NA Aa3 MacaoMacedonia BB- NAMalaysia A- A3 MalaysiaMalta A- A3 MaltaMauritius NA Baa1 MauritiusMexico BBB+ A3 MexicoMoldova NA B3 MoldovaMongolia B- Caa1 MongoliaMontenegro B+ NA MontenegroMontserrat BBB- NAMorocco BBB- Ba1 MoroccoMozambique SD Caa3 MozambiqueNamibia NA Ba1 NamibiaNetherlands AAA Aaa NetherlandsNew Zealand AA Aaa New ZealandNicaragua B+ B2 NicaraguaNigeria B B2 NigeriaNorway AAA Aaa NorwayOman BB+ Baa2 OmanPakistan B B3 PakistanPanama BBB NA PanamaPapua New Guinea B+ B2 Papua New GParaguay BB Ba1 ParaguayPeru BBB+ A3 PeruPhilippines BBB Baa2 PhilippinesPoland BBB+ A2 PolandPortugal BBB- Ba1 PortugalQatar AA- Aa3 QatarRas Al Khaimah (Emirate of) A NARomania BBB- Baa3 RomaniaRussia BB+ Ba1 RussiaRwanda B B2 RwandaSaudi Arabia A- A1 Saudi Arabia

Senegal B+ Ba3 SenegalSerbia BB- Ba3 SerbiaSharjah BBB+ A3 SharjahSingapore AAA Aaa SingaporeSlovakia A+ A2 SlovakiaSlovenia A+ Baa1 SloveniaSouth Africa BB+ Baa3 South AfricaSpain BBB+ Baa2 SpainSri Lanka B+ NA Sri LankaSt. Maarten NA Baa2 Sint MaartenSt. Vincent & the Grenadines NA B3 St. Vincent &Suriname B B1 SurinameSwaziland NA B2 SwazilandSweden AAA Aaa SwedenSwitzerland AAA Aaa SwitzerlandTaiwan AA- Aa3 TaiwanTajikistan B- B3 TajikistanThailand BBB+ Baa1 ThailandTrinidad and Tobago BBB+ Ba1 Trinidad and Tunisia NA B1 TunisiaTurkey BB Ba1 TurkeyTurks and Caicos Islands BBB+ NAUganda B B2 UgandaUkraine B- Caa2 UkraineUnited Arab Emirates NA Aa2 United Arab EUnited Kingdom AA Aa2 United KingdUnited States AA+ Aaa United StatesUruguay BBB Baa2 UruguayVenezuela CCC- Caa3 VenezuelaVietnam BB- B1 VietnamZambia B B3 Zambia

FC LC Foreign currency ratings (LT/outlook/ST)Aa2 Aa2 AAB1 B1 B+

BBBB2 B2 B-B2 B2 B+B1 B1

BBB+Aaa Aaa AAAAa1 Aa1 AA+Ba2 Ba2 BB+

Baa3 Baa3 BB+B1 B1 BB-

Ba3 Ba3 BB-Caa3 Caa3 CCC+Caa1 Caa1 BAa3 Aa3 AAB3 B3 B-A2 A2 A+

Ba3 Ba3 BBB3 B3 BA2 A2 A-

Ba2 Ba2 BBBaa2 Baa2 BB+

BB2 B2B2 B2 B

Aaa Aaa AAAAa3 Aa3

BAa3 Aa3 A+A1 A1 A+

Baa2 Baa2 BBBB3 B3 CCC+

Caa2 Caa2 CCC+B+

Ba2 Ba2 BB-Ba3 Ba3

Abu DhabiAlbaniaAndorraAngolaArgentina

ArubaAustraliaAustriaAzerbaijanBahamasBahrainBangladeshBarbadosBelarusBelgiumBelizeBermudaBoliviaBosnia and HerzegovinaBotswanaBrazilBulgariaBurkina Faso

CameroonCanada

Cape VerdeChileChinaColombiaCongo (DRC)Congo (Republic of)Cook IslandsCosta Rica

Ba2 Ba2 BBCaa2 Caa2

A-Ba3 Ba3 BB+A1 A1 AA-

Aaa Aaa AAABa3 Ba3 BB-B3 B-B3 B3 B-

Caa1 CCC+A1 A1 AA-B1 B1 B

Ba3 Ba3 B+Aa1 Aa1 AA+Aa2 Aa2 AAB3 B3

Ba2 Ba2 BB-Aaa Aaa AAAB3 B3 B-

Caa2 Caa2 B-Ba1 Ba1 BB-

Guernsey (Channel Islands) AA-B1 B1 BB-

Aa2 Aa2 AA+Baa3 Baa3 BBB-

A3 A3 ABaa2 Baa2 BBB-Baa3 Baa3 BBB-Caa1 Caa1 B-

A2 A2 A+Aa2 Aa2A1 A1 A+

Baa2 Baa2 BBBB3 B3 BA1 A1 A+

Jersey (Channel Islands) AA-B1 B1 B+

Baa3 Baa3 BBB-B1 B1 B+

Aa2 Aa2 AA

Croatia

CuracaoCyprusCzech RepublicDenmarkDominican RepublicEcuadorEgyptEl SalvadorEstoniaEthiopiaFijiFinlandFrance

GeorgiaGermanyGhanaGreeceGuatemalaGuernseyHondurasHong KongHungaryIcelandIndiaIndonesiaIraqIreland

IsraelItalyJamaicaJapanJerseyJordanKazakhstanKenyaKorea

Aa2 Aa2 AAB2 B2A3 A3 A-B3 B3 B-

AAAA3 A3 A-

Aaa Aaa AAAAa3 Aa3

BB-A3 A3 A-A3 A3 A-

Baa1 Baa1A3 A3 BBB+B3 B3

Caa1 Caa1 B-B1 B+

BBB-Ba1 Ba1 BBB-

Caa3 Caa3 SDBa1 Ba1Aaa Aaa AAAAaa Aaa AAB2 B2 B+B2 B2 B

Aaa Aaa AAABaa2 Baa2 BB+

B3 B3 BBaa2 BBB

B2 B2 B+Ba1 Ba1 BBA3 A3 BBB+

Baa2 Baa2 BBBA2 A2 BBB+

Ba1 Ba1 BBB-Aa3 Aa3 AA-

ABaa3 Baa3 BBB-Ba1 Ba1 BB+B2 B2 BA1 A1 A-

Kuwait

LatviaLebanonLiechtensteinLithuaniaLuxembourg

MacedoniaMalaysiaMalta

Mexico

MongoliaMontenegroMontserratMoroccoMozambique

NetherlandsNew ZealandNicaraguaNigeriaNorwayOmanPakistanPanamaPapua New GuineaParaguayPeruPhilippinesPolandPortugalQatarRas Al KhaimahRomaniaRussiaRwandaSaudi Arabia

Ba3 Ba3 B+Ba3 Ba3 BB-A3 A3 BBB+

Aaa Aaa AAAA2 A2 A+

Baa1 Baa1 A+Baa3 Baa3 BB+Baa2 Baa2 BBB+

B1 B+Baa2 Baa2

B3 B3B1 B1 BB2 B2

Aaa Aaa AAAAaa Aaa AAAAa3 Aa3 AA-B3 B3 B-

Baa1 Baa1 BBB+Ba1 Ba1 BBB+B1 B1

Ba1 Ba1 BBBBB+

B2 B2 BCaa2 Caa2 B-Aa2 Aa2Aa2 Aa2 AAAaa Aaa AA+

Baa2 Baa2 BBBCaa3 Caa3 CCC-

B1 B1 BB-B3 B3 B

SenegalSerbiaSharjahSingaporeSlovak RepublicSloveniaSouth AfricaSpainSri Lanka

Suriname

SwedenSwitzerlandTaiwanTajikistanThailandTrinidad and Tobago

TurkeyTurks and CaicosUgandaUkraine

United KingdomUnited StatesUruguayVenezuelaVietnamZambia

Foreign currency ratings (LT/outlook/ST)

Iraq B-

Kyrgyz Republ B2 B2 Kyrgyzstan B

Country Tax RateAbu Dhabi 0.00%Albania 15.00%Andorra (Principality of) 0.00%Angola 30.00%Argentina 35.00%Armenia 20.00%Aruba 0.00%Australia 30.00%Austria 25.00%Azerbaijan 20.00%Bahamas 0.00%Bahrain 0.00%Bangladesh 25.00%Barbados 25.00%Belarus 18.00%Belgium 33.99%Belize 28.21%Bermuda 0.00%Bolivia 25.00%Bosnia and Herzegovina 10.00%Botswana 22.00%Brazil 34.00%Bulgaria 10.00%Burkina Faso 27.50%Cambodia 20.00%Cameroon 33.00%Canada 26.50%Cayman Islands 0.00%Cape Verde 28.21%Chile 25.50%China 25.00%Colombia 34.00%Congo (Democratic Republic of) 35.00%Congo (Republic of) 28.21%Cook Islands 0.00%Costa Rica 30.00%Côte d'Ivoire 25.00%Croatia 20.00%Cuba 27.98%

Curacao 22.00%Cyprus 12.50%Czech Republic 19.00%Denmark 22.00%Dominican Republic 27.00%Ecuador 22.00%Egypt 22.50%El Salvador 30.00%Estonia 20.00%Ethiopia 30.00%Fiji 20.00%Finland 20.00%France 33.33%Gabon 30.00%Georgia 15.00%Germany 29.79%Ghana 25.00%Greece 29.00%Guatemala 25.00%Guernsey (States of) 0.00%Honduras 25.00%Hong Kong 16.50%Hungary 9.00%Iceland 20.00%India 30.00%Indonesia 25.00%Iraq 15.00%Ireland 12.50%Isle of Man 0.00%Israel 24.00%Italy 24.00%Jamaica 25.00%Japan 30.86%Jersey (States of) 20.00%Jordan 20.00%Kazakhstan 20.00%Kenya 30.00%Korea 22.00%Kuwait 15.00%Kyrgyzstan 15.00%

Latvia 15.00%Lebanon 15.00%Liechtenstein 12.50%Lithuania 15.00%Luxembourg 27.08%Macao 12.00%Macedonia 10.00%Malaysia 24.00%Malta 35.00%Mauritius 15.00%Mexico 30.00%Moldova 12.00%Mongolia 25.00%Montenegro 9.00%Montserrat 27.98%Morocco 31.00%Mozambique 32.00%Namibia 32.00%Netherlands 25.00%New Zealand 28.00%Nicaragua 30.00%Nigeria 30.00%Norway 24.00%Oman 15.00%Pakistan 31.00%Panama 25.00%Papua New Guinea 30.00%Paraguay 10.00%Peru 29.50%Philippines 30.00%Poland 19.00%Portugal 21.00%Qatar 10.00%Ras Al Khaimah (Emirate of) 0.00%Romania 16.00%Russia 20.00%Rwanda 30.00%Saudi Arabia 20.00%Senegal 30.00%Serbia 15.00%

Sharjah 0.00%Singapore 17.00%Slovakia 21.00%Slovenia 19.00%South Africa 28.00%Spain 25.00%Sri Lanka 28.00%St. Maarten 34.50%St. Vincent & the Grenadines 27.98%Suriname 36.00%Swaziland 27.50%Sweden 22.00%Switzerland 17.77%Taiwan 17.00%Tajikistan 0.00%Thailand 20.00%Trinidad and Tobago 25.00%Tunisia 25.00%Turkey 20.00%Turks and Caicos Islands 0.00%Uganda 30.00%Ukraine 18.00%United Arab Emirates 55.00%United Kingdom 20.00%United States 21.00%Uruguay 25.00%Venezuela 34.00%Vietnam 20.00%Zambia 35.00%

Country Tax Rate: 2017 Africa averageAfghanistan 20.00% Americas averageAlbania 15.00% Asia averageAlgeria 26.00% EU averageAndorra 10.00% Europe averageAngola 30.00% Global averageAnguilla 0.00% Latin America averageAntigua and Barbuda 25.00% North America averageArgentina 35.00% Oceania averageArmenia 20.00% OECD averageAruba 25.00% South America averageAustralia 30.00%Austria 25.00%Azerbaijan 20.00%Bahamas 0.00%Bahrain 0.00%Bangladesh 25.00%Barbados 25.00%Belarus 18.00%Belgium 33.99%Benin 30.00%Bermuda 0.00%Bolivia 25.00%Bonaire, Saint Eustatius and Saba 25.00%Bosnia and Herzegovina 10.00%Botswana 22.00%Brazil 34.00%Brunei Darussalam 18.50%Bulgaria 10.00%Burkina Faso 27.50%Burundi 30.00%Cambodia 20.00%Cameroon 33.00%Canada 26.50%Cayman Islands 0.00%Chile 25.50%China 25.00%Colombia 34.00%Congo (Democratic Republic of the 35.00%Costa Rica 30.00%

Croatia 20.00%Curacao 22.00%Cyprus 12.50%Czech Republic 19.00%Denmark 22.00%Djibouti 25.00%Dominica 25.00%Dominican Republic 27.00%Ecuador 22.00%Egypt 22.50%El Salvador 30.00%Estonia 20.00%Ethiopia 30.00%Fiji 20.00%Finland 20.00%France 33.33%Gabon 30.00%Gambia 31.00%Georgia 15.00%Germany 29.79%Ghana 25.00%Gibraltar 10.00%Greece 29.00%Grenada 30.00%Guatemala 25.00%Guernsey 0.00%Honduras 25.00%Hong Kong SAR 16.50%Hungary 9.00%Iceland 20.00%India 30.00%Indonesia 25.00%Iraq 15.00%Ireland 12.50%Isle of Man 0.00%Israel 24.00%Italy 24.00%Ivory Coast 25.00%Jamaica 25.00%Japan 30.86%

Jersey 20.00%Jordan 20.00%Kazakhstan 20.00%Kenya 30.00%Korea, Republic of 22.00%Kuwait 15.00%Kyrgyzstan 10.00%Latvia 15.00%Lebanon 15.00%Libya 20.00%Liechtenstein 12.50%Lithuania 15.00%Luxembourg 27.08%Macau 12.00%Macedonia 10.00%Madagascar 20.00%Malawi 30.00%Malaysia 24.00%Malta 35.00%Mauritius 15.00%Mexico 30.00%Moldova 12.00%Monaco 33.33%Mongolia 25.00%Montenegro 9.00%Morocco 31.00%Mozambique 32.00%Myanmar 25.00%Namibia 32.00%Netherlands 25.00%New Zealand 28.00%Nicaragua 30.00%Nigeria 30.00%Norway 24.00%Oman 15.00%Pakistan 31.00%Palestinian Territory 15.00%Panama 25.00%Papua New Guinea 30.00%Paraguay 10.00%

Peru 29.50%Philippines 30.00%Poland 19.00%Portugal 21.00%Qatar 10.00%Romania 16.00%Russia 20.00%Rwanda 30.00%Saint Kitts and Nevis 33.00%Saint Lucia 30.00%Saint Vincent and the Grenadines 32.50%Samoa 27.00%Saudi Arabia 20.00%Senegal 30.00%Serbia 15.00%Sierra Leone 30.00%Singapore 17.00%Sint Maarten (Dutch part) 34.50%Slovakia 21.00%Slovenia 19.00%Solomon Islands 30.00%South Africa 28.00%Spain 25.00%Sri Lanka 28.00%St Maarten 34.50%Sudan 35.00%Suriname 36.00%Swaziland 27.50%Sweden 22.00%Switzerland 17.77%Syria 28.00%Taiwan 17.00%Tanzania 30.00%Thailand 20.00%Trinidad and Tobago 25.00%Tunisia 25.00%Turkey 20.00%Turkmenistan 20.00%Turks and Caicos Islands 0.00%Uganda 30.00%

Ukraine 18.00%United Arab Emirates 55.00%United Kingdom 19.00%United States 24.00%Uruguay 25.00%Uzbekistan 7.50%Vanuatu 0.00%Venezuela 34.00%Vietnam 20.00%Yemen 20.00%Zambia 35.00%Zimbabwe 25.00%

28.21%25.66%21.28%21.51%19.54%24.25%27.98%23.75%28.67%24.07%27.98%

Country PRS Score Total Equity Risk Premiu Rating-based Default SprAbu Dhabi 5.65% 0.51%Albania 69.5 10.27% 4.62%Andorra (Principality of) 7.27% 1.95%Angola 59.0 11.42% 5.64%Argentina 69.3 11.42% 5.64%Armenia 63.3 10.27% 4.62%Aruba 6.92% 1.64%Australia 78.3 5.08% 0.00%Austria 81.0 5.54% 0.41%Azerbaijan 66.3 8.54% 3.08%Bahamas 75.8 7.62% 2.26%Bahrain 65.8 10.27% 4.62%Bangladesh 65.8 9.23% 3.69%Barbados 16.60% 10.25%Belarus 63.5 13.72% 7.69%Belgium 77.8 5.78% 0.62%Belize 12.58% 6.67%Bermuda 6.06% 0.87%Bolivia 66.8 9.23% 3.69%Bosnia and Herzegovina 12.58% 6.67%Botswana 79.3 6.06% 0.87%Brazil 69.8 8.54% 3.08%Bulgaria 76.3 7.27% 1.95%Burkina Faso 63.8 11.42% 5.64%Cambodia 11.42% 5.64%Cameroon 63.3 11.42% 5.64%Canada 83.0 5.08% 0.00%Cayman Islands 5.78% 0.62%Cape Verde 11.42% 5.64%Chile 75.5 5.78% 0.62%China 73.5 5.89% 0.72%Colombia 68.3 7.27% 1.95%Congo (Democratic Republic of 48.5 12.58% 6.67%Congo (Republic of) 61.3 15.46% 9.23%Cook Islands 10.27% 4.62%Costa Rica 73.3 8.54% 3.08%Côte d'Ivoire 62.8 9.23% 3.69%Croatia 72.3 8.54% 3.08%Cuba 67.0 15.46% 9.23%

Curacao 6.46% 1.23%Cyprus 73.3 9.23% 3.69%Czech Republic 81.3 5.89% 0.72%Denmark 82.0 5.08% 0.00%Dominican Republic 71.5 9.23% 3.69%Ecuador 63.3 12.58% 6.67%Egypt 59.5 12.58% 6.67%El Salvador 67.8 13.72% 7.69%Estonia 76.0 5.89% 0.72%Ethiopia 56.3 10.27% 4.62%Fiji 9.23% 3.69%Finland 82.0 5.54% 0.41%France 75.0 5.65% 0.51%Gabon 65.8 12.58% 6.67%Georgia 8.54% 3.08%Germany 84.0 5.08% 0.00%Ghana 67.0 12.58% 6.67%Greece 70.0 15.46% 9.23%Guatemala 70.3 7.96% 2.56%Guernsey (States of) 5.78% 0.62%Honduras 67.0 10.27% 4.62%Hong Kong 84.3 5.65% 0.51%Hungary 78.8 7.62% 2.26%Iceland 84.0 6.46% 1.23%India 70.8 7.27% 1.95%Indonesia 68.0 7.62% 2.26%Iraq 55.3 13.72% 7.69%Ireland 83.0 6.06% 0.87%Isle of Man 5.65% 0.51%Israel 78.0 5.89% 0.72%Italy 75.8 7.27% 1.95%Jamaica 71.8 12.58% 6.67%Japan 84.0 5.89% 0.72%Jersey (States of) 5.78% 0.62%Jordan 63.8 10.27% 4.62%Kazakhstan 68.0 7.62% 2.26%Kenya 63.3 10.27% 4.62%Korea 84.0 5.65% 0.51%Kuwait 73.5 5.65% 0.51%Kyrgyzstan 11.42% 5.64%

Latvia 73.3 6.46% 1.23%Lebanon 58.3 12.58% 6.67%Liechtenstein 5.08% 0.00%Lithuania 73.3 6.46% 1.23%Luxembourg 86.5 5.08% 0.00%Macao 5.78% 0.62%Macedonia 9.23% 3.69%Malaysia 73.8 6.46% 1.23%Malta 81.5 6.46% 1.23%Mauritius 6.92% 1.64%Mexico 66.8 6.46% 1.23%Moldova 64.5 12.58% 6.67%Mongolia 66.0 13.72% 7.69%Montenegro 10.27% 4.62%Montserrat 7.62% 2.26%Morocco 70.3 7.96% 2.56%Mozambique 50.0 16.60% 10.25%Namibia 70.3 7.96% 2.56%Netherlands 84.0 5.08% 0.00%New Zealand 83.8 5.08% 0.00%Nicaragua 64.8 11.42% 5.64%Nigeria 61.5 11.42% 5.64%Norway 89.0 5.08% 0.00%Oman 69.5 7.27% 1.95%Pakistan 61.5 12.58% 6.67%Panama 75.3 7.27% 1.95%Papua New Guinea 66.8 11.42% 5.64%Paraguay 70.0 7.96% 2.56%Peru 71.0 6.46% 1.23%Philippines 71.5 7.27% 1.95%Poland 77.8 6.06% 0.87%Portugal 78.3 7.96% 2.56%Qatar 70.8 5.78% 0.62%Ras Al Khaimah (Emirate of) 6.06% 0.87%Romania 71.8 7.62% 2.26%Russia 70.0 7.96% 2.56%Rwanda 11.42% 5.64%Saudi Arabia 73.0 5.89% 0.72%Senegal 63.8 9.23% 3.69%Serbia 67.5 9.23% 3.69%

Sharjah 6.46% 1.23%Singapore 85.8 5.08% 0.00%Slovakia 75.0 6.06% 0.87%Slovenia 75.0 6.92% 1.64%South Africa 68.5 7.62% 2.26%Spain 74.5 7.27% 1.95%Sri Lanka 63.5 10.27% 4.62%St. Maarten 7.27% 1.95%St. Vincent & the Grenadines 12.58% 6.67%Suriname 64.3 10.27% 4.62%Swaziland 11.42% 5.64%Sweden 85.5 5.08% 0.00%Switzerland 89.3 5.08% 0.00%Taiwan 84.5 5.78% 0.62%Tajikistan 12.58% 6.67%Thailand 71.0 6.92% 1.64%Trinidad and Tobago 70.3 7.96% 2.56%Tunisia 64.8 10.27% 4.62%Turkey 62.8 7.96% 2.56%Turks and Caicos Islands 6.92% 1.64%Uganda 61.3 11.42% 5.64%Ukraine 62.0 15.46% 9.23%United Arab Emirates 78.8 5.65% 0.51%United Kingdom 77.5 5.65% 0.51%United States of America 77.5 5.08% 0.00%Uruguay 74.0 7.27% 1.95%Venezuela 47.8 16.60% 10.25%Vietnam 68.3 10.27% 4.62%Zambia 65.3 12.58% 6.67%Algeria 62.3 6.67%Brunei 76.3 0.87%Gambia 59.3 9.23%Guinea 58.3 9.23%Guinea-Bissau 63.8 6.67%Guyana 68.5 3.69%Haiti 61.8 7.69%Iran 73.3 1.95%Korea, D.P.R. 56.0 10.25%Liberia 53.0 12.30%Libya 62.0 7.69%

Madagascar 64.5 5.64%Malawi 61.3 7.69%Mali 60.8 7.69%Myanmar 63.8 6.67%Niger 53.7 12.30%Sierra Leone 54.3 12.30%Somalia 52.0 12.30%Sudan 48.0 18.00%Syria 47.0 18.00%Tanzania 63.3 6.67%Togo 61.0 7.69%Yemen, Republic 49.3 18.00%Zimbabwe 58.5 9.23%

Final ERP Tax Rate CRP PRS Score5.65% 0.00% 0.5720% More than

10.27% 15.00% 5.1897% 07.27% 0.00% 2.1945% 50.001

11.42% 30.00% 6.3442% 55.00111.42% 35.00% 6.3442% 57.00110.27% 20.00% 5.1897% 60.0016.92% 0.00% 1.8408% 62.0015.08% 30.00% 0.0000% 64.0015.54% 25.00% 0.4576% 66.0018.54% 20.00% 3.4633% 68.0017.62% 0.00% 2.5377% 69.001

10.27% 0.00% 5.1897% 72.0019.23% 25.00% 4.1497% 74.001

16.60% 25.00% 11.5235% 76.00113.72% 18.00% 8.6426% 80.0015.78% 33.99% 0.6968% 82.501

12.58% 28.21% 7.4986% 85.0016.06% 0.00% 0.9776%9.23% 25.00% 4.1497% Rating

12.58% 10.00% 7.4986% Aaa6.06% 22.00% 0.9776% Aa18.54% 34.00% 3.4633% Aa27.27% 10.00% 2.1945% Aa3

11.42% 27.50% 6.3442% A111.42% 20.00% 6.3442% A211.42% 33.00% 6.3442% A35.08% 26.50% 0.0000% Baa15.78% 0.00% 0.6968% Baa2

11.42% 28.21% 6.3442% Baa35.78% 25.50% 0.6968% Ba15.89% 25.00% 0.8112% Ba27.27% 34.00% 2.1945% Ba3

12.58% 35.00% 7.4986% B115.46% 28.21% 10.3795% B210.27% 0.00% 5.1897% B38.54% 30.00% 3.4633% Caa19.23% 25.00% 4.1497% Caa28.54% 20.00% 3.4633% Caa3

15.46% 27.98% 10.3795% Ca

6.46% 22.00% 1.3832%9.23% 12.50% 4.1497%5.89% 19.00% 0.8112%5.08% 22.00% 0.0000%9.23% 27.00% 4.1497%

12.58% 22.00% 7.4986%12.58% 22.50% 7.4986%13.72% 30.00% 8.6426%5.89% 20.00% 0.8112%

10.27% 30.00% 5.1897%9.23% 20.00% 4.1497%5.54% 20.00% 0.4576%5.65% 33.33% 0.5720%

12.58% 30.00% 7.4986%8.54% 15.00% 3.4633%5.08% 29.79% 0.0000%

12.58% 25.00% 7.4986%15.46% 29.00% 10.3795%7.96% 25.00% 2.8809%5.78% 0.00% 0.6968%

10.27% 25.00% 5.1897%5.65% 16.50% 0.5720%7.62% 9.00% 2.5377%6.46% 20.00% 1.3832%7.27% 30.00% 2.1945%7.62% 25.00% 2.5377%

13.72% 15.00% 8.6426%6.06% 12.50% 0.9776%5.65% 0.00% 0.5720%5.89% 24.00% 0.8112%7.27% 24.00% 2.1945%

12.58% 25.00% 7.4986%5.89% 30.86% 0.8112%5.78% 20.00% 0.6968%

10.27% 20.00% 5.1897%7.62% 20.00% 2.5377%

10.27% 30.00% 5.1897%5.65% 22.00% 0.5720%5.65% 15.00% 0.5720%

11.42% 15.00% 6.3442%

6.46% 15.00% 1.3832%12.58% 15.00% 7.4986%5.08% 12.50% 0.0000%6.46% 15.00% 1.3832%5.08% 27.08% 0.0000%5.78% 12.00% 0.6968%9.23% 10.00% 4.1497%6.46% 24.00% 1.3832%6.46% 35.00% 1.3832%6.92% 15.00% 1.8408%6.46% 30.00% 1.3832%

12.58% 12.00% 7.4986%13.72% 25.00% 8.6426%10.27% 9.00% 5.1897%7.62% 27.98% 2.5377%7.96% 31.00% 2.8809%

16.60% 32.00% 11.5235%7.96% 32.00% 2.8809%5.08% 25.00% 0.0000%5.08% 28.00% 0.0000%

11.42% 30.00% 6.3442%11.42% 30.00% 6.3442%5.08% 24.00% 0.0000%7.27% 15.00% 2.1945%

12.58% 31.00% 7.4986%7.27% 25.00% 2.1945%

11.42% 30.00% 6.3442%7.96% 10.00% 2.8809%6.46% 29.50% 1.3832%7.27% 30.00% 2.1945%6.06% 19.00% 0.9776%7.96% 21.00% 2.8809%5.78% 10.00% 0.6968%6.06% 0.00% 0.9776%7.62% 16.00% 2.5377%7.96% 20.00% 2.8809%

11.42% 30.00% 6.3442%5.89% 20.00% 0.8112%9.23% 30.00% 4.1497%9.23% 15.00% 4.1497%

6.46% 0.00% 1.3832%5.08% 17.00% 0.0000%6.06% 21.00% 0.9776%6.92% 19.00% 1.8408%7.62% 28.00% 2.5377%7.27% 25.00% 2.1945%

10.27% 28.00% 5.1897%7.27% 34.50% 2.1945%

12.58% 27.98% 7.4986%10.27% 36.00% 5.1897%11.42% 27.50% 6.3442%5.08% 22.00% 0.0000%5.08% 17.77% 0.0000%5.78% 17.00% 0.6968%

12.58% 0.00% 7.4986%6.92% 20.00% 1.8408%7.96% 25.00% 2.8809%

10.27% 25.00% 5.1897%7.96% 20.00% 2.8809%6.92% 0.00% 1.8408%

11.42% 30.00% 6.3442%15.46% 18.00% 10.3795%5.65% 55.00% 0.5720%5.65% 20.00% 0.5720%5.08% 21.00% 0.0000%7.27% 25.00% 2.1945%

16.60% 34.00% 11.5235%10.27% 20.00% 5.1897%12.58% 35.00% 7.4986%12.58% 26.00% 7.50%6.06% 18.50% 0.98%

15.46% 31.00% 10.38%15.46% 28.21% 10.38%12.58% 28.21% 7.50%9.23% 27.98% 4.15%

13.73% 27.98% 8.65%7.27% 21.28% 2.19%

16.60% 21.28% 11.52%18.91% 28.21% 13.83%13.73% 20.00% 8.65%

11.42% 20.00% 6.34%13.73% 30.00% 8.65%13.73% 28.21% 8.65%12.58% 25.00% 7.50%18.91% 28.21% 13.83%18.91% 30.00% 13.83%18.91% 20.00% 13.83%25.32% 35.00% 20.24%25.32% 28.00% 20.24%12.58% 30.00% 7.50%13.73% 28.67% 8.65%25.32% 20.00% 20.24%15.46% 25.00% 10.38%

PRS Score

CountryLess than ERP CRP

50.000 25.32% 18.0000% Below Ca Country55.000 18.91% 12.3000% Ca Abu Dhabi57.000 16.60% 10.2500% Caa3 Albania 68.8 Albania60.000 15.46% 9.2300% Caa2 Andorra (Prin62.000 13.73% 7.6900% Caa1 Algeria 63.0 Algeria

64.000 12.58% 6.6700% B3 Angola 59.0 Angola66.000 11.42% 5.6400% B2 Argentina 65.3 Argentina68.000 10.27% 4.6200% B1 Armenia 62.5 Armenia69.000 9.23% 3.6900% Ba3 Aruba72.000 8.54% 3.0800% Ba2 Australia 77.8 Australia74.000 7.27% 1.9500% Baa2 Austria 78.8 Austria76.000 6.92% 1.6400% Baa1 Azerbaijan 68.5 Azerbaijan80.000 6.06% 0.8700% A2 Bahamas 76.3 Bahamas82.500 5.78% 0.6200% Aa3 Bahrain 68.8 Bahrain85.000 5.54% 0.4100% Aa1 Bangladesh 66.0 Bangladesh90.000 5.08% 0.0000% Aaa Barbados

Belarus 59.5 BelarusDefault Sprea Updated Default Spread (1/1/18) Belgium 76.3 Belgium

0 0 Belize46 41 Bermuda57 51 Bolivia 68.8 Bolivia70 62 Bosnia and H81 72 Botswana 77.5 Botswana98 87 Brazil 62.8 Brazil

139 123 Brunei 72.8 Brunei

184 164 Bulgaria 71.8 Bulgaria220 195 Burkina Faso 63.5 Burkina Faso254 226 Cambodia289 256 Cameroon 63.8 Cameroon347 308 Canada 81.3 Canada416 369 Cayman Isla520 462 Cape Verde636 564 Chile 74.8 Chile751 667 China, Peoples' 72.5 China866 769 Colombia 65.3 Colombia

1040 923 Congo, Dem. R 57.3 Congo (Democ1155 1025 Congo, Republi 64.8 Congo (Repub1386 1230 Cook Islands

Costa Rica 73.5 Costa RicaCote d'Ivoire 64.0 Côte d'IvoireCroatia 71.5 CroatiaCuba 70.0 Cuba

CuracaoCyprus 73.3 CyprusCzech Republic 77.8 Czech RepubDenmark 82.3 DenmarkDominican Rep 73.0 Dominican REcuador 63.0 EcuadorEgypt 60.5 EgyptEl Salvador 68.3 El SalvadorEstonia 74.8 EstoniaEthiopia 61.0 Ethiopia

FijiFinland 81.8 FinlandFrance 73.8 FranceGabon 69.5 Gabon

GeorgiaGambia 62.0 GambiaGermany 84.5 GermanyGhana 64.3 GhanaGreece 68.5 GreeceGuatemala 70.0 GuatemalaGuinea 53.8 GuineaGuinea-Bissau 62.3 Guinea-BissauGuyana 63.5 Guyana

Guernsey (StaHaiti 57.0 HaitiHonduras 66.8 HondurasHong Kong 81.0 Hong KongHungary 75.3 HungaryIceland 83.5 IcelandIndia 69.3 IndiaIndonesia 63.8 IndonesiaIran 67.8 IranIraq 56.0 IraqIreland 82.5 Ireland

Isle of ManIsrael 77.0 Israel

Italy 75.5 ItalyJamaica 71.0 JamaicaJapan 82.3 Japan

Jersey (StateJordan 68.8 JordanKazakhstan 63.8 KazakhstanKenya 62.0 KenyaKorea, D.P.R. 56.0 Korea, D.P.R.Korea, Republi 81.0 KoreaKuwait 73.8 KuwaitLatvia 74.3 LatviaLebanon 60.8 LebanonLiberia 50.5 LiberiaLibya 52.8 Libya

LiechtensteinLithuania 76.3 LithuaniaLuxembourg 87.0 Luxembourg

MacaoMadagascar 61.3 Madagascar

MacedoniaMalawi 57.0 MalawiMalaysia 74.3 MalaysiaMali 62.5 MaliMalta 77.5 Malta

MauritiusMexico 68.3 MexicoMoldova 62.3 MoldovaMongolia 62.5 Mongolia

MontenegroMontserrat

Morocco 69.5 MoroccoMozambique 52.3 MozambiqueMyanmar 63.3 MyanmarNamibia 71.3 NamibiaNetherlands 82.8 NetherlandsNew Zealand 82.3 New ZealandNicaragua 64.3 NicaraguaNiger 51.0 NigerNigeria 62.0 NigeriaNorway 87.5 Norway

Oman 74.5 OmanPakistan 61.3 PakistanPanama 73.5 PanamaPapua New Gui 64.0 Papua New GParaguay 67.3 ParaguayPeru 68.3 PeruPhilippines 73.0 PhilippinesPoland 79.3 PolandPortugal 76.3 PortugalQatar 78.3 Qatar

Ras Al KhaimRomania 71.8 RomaniaRussia 64.3 Russia

RwandaSaudi Arabia 72.5 Saudi ArabiaSenegal 63.3 SenegalSerbia 63.8 Serbia

SharjahSierra Leone 56.5 Sierra LeoneSingapore 87.3 SingaporeSlovakia 74.0 SlovakiaSlovenia 72.3 SloveniaSomalia 42.5 SomaliaSouth Africa 66.3 South AfricaSpain 74.0 SpainSri Lanka 67.5 Sri LankaSudan 48.3 Sudan

St. MaartenSt. Vincent

Suriname 68.3 SurinameSweden 85.8 SwedenSwitzerland 87.5 SwitzerlandSyria 35.8 SyriaTaiwan 83.3 TaiwanTanzania 63.0 TanzaniaThailand 68.0 ThailandTogo 63.8 TogoTrinidad & Tob 75.5 Trinidad andTunisia 65.8 Tunisia

Turkey 61.5 TurkeyTurks and Ca

Uganda 60.3 UgandaUkraine 52.0 UkraineUnited Arab Em 77.8 United Arab United Kingdo 80.3 United KingUnited States 78.3 United StateUruguay 70.5 UruguayVenezuela 49.3 VenezuelaVietnam 71.5 VietnamYemen, Republ 50.3 Yemen, RepublZambia 65.0 ZambiaZimbabwe 54.5 Zimbabwe

CountryPRS SCORE Moody's ratingRating-basedTotal Equity Risk PremiumNA Aa2 0.55% 6.74% 0

68.75 B1 4.99% 12.71% 1 Albania

NA Baa3 2.44% 9.28% 063.0 1 Angola

59 Ba2 3.33% 10.48% 1 Argentina

65.25 Caa1 8.31% 17.17% 1 Armenia

62.5 Ba3 3.99% 11.37% 1NA Baa1 1.77% 8.38% 0 Australia

77.75 Aaa 0.00% 6.00% 1 Austria

78.75 Aaa 0.00% 6.00% 1 Azerbaijan

68.5 Baa3 2.44% 9.28% 1 Bahamas

76.25 Baa2 2.11% 8.84% 1 Bahrain

68.75 Baa3 2.44% 9.28% 1 Bangladesh

66 Ba3 3.99% 11.37% 1NA B3 7.21% 15.70% 0 Belarus

59.5 Caa1 8.31% 17.17% 1 Belgium

76.25 Aa3 0.67% 6.90% 1NA Caa2 9.98% 19.42% 0NA A1 0.78% 7.05% 0 Bolivia

68.75 Ba3 3.99% 11.37% 1NA B3 7.21% 15.70% 0 Botswana

77.5 A2 0.94% 7.26% 1 Brazil

62.75 Baa3 2.44% 9.28% 1 Bulgaria72.8 1 Burkina Faso

71.75 Baa2 2.11% 8.84% 163.5 B3 7.21% 15.70% 1 Cameroon

NA B2 6.10% 14.20% 0 Canada

63.75 B2 6.10% 14.20% 181.25 Aaa 0.00% 6.00% 1

NA Aa3 0.67% 6.90% 0 Chile

NA B2 6.10% 14.20% 0 China

74.75 Aa3 0.67% 6.90% 1 Colombia

NA Aa3 0.67% 6.90% 0 Congo, Dem. R

65.25 Baa2 2.11% 8.84% 1 Congo, Republi

NA B3 7.21% 15.70% 0NA Ba3 3.99% 11.37% 0 Costa Rica

NA B1 4.99% 12.71% 0 Cote d'Ivoire

73.5 Ba1 2.77% 9.72% 1 Croatia

NA Ba3 3.99% 11.37% 0 Cuba

71.5 Ba1 2.77% 9.72% 170 Caa2 9.98% 19.42% 1 Cyprus

NA A3 1.33% 7.79% 0 Czech Republic

73.25 B1 4.99% 12.71% 1 Denmark

77.75 A1 0.78% 7.05% 1 Dominican Rep

82.25 Aaa 0.00% 6.00% 1 Ecuador

73 B1 4.99% 12.71% 1 Egypt

63 B3 7.21% 15.70% 1 El Salvador

60.5 B3 7.21% 15.70% 1 Estonia

68.25 Ba3 3.99% 11.37% 1 Ethiopia

74.75 A1 0.78% 7.05% 161 B1 4.99% 12.71% 1 Finland

NA B1 4.99% 12.71% 0 France

81.75 Aaa 0.00% 6.00% 1 Gabon

73.75 Aa2 0.55% 6.74% 169.5 Ba3 3.99% 11.37% 1 Germany

NA Ba3 3.99% 11.37% 0 Ghana62.0 1 Greece

84.5 Aaa 0.00% 6.00% 1 Guatemala

64.25 B3 7.21% 15.70% 168.5 Caa3 11.08% 20.90% 1 Honduras

70 Ba1 2.77% 9.72% 1 Hong Kong53.8 1 Hungary62.3 1 Iceland63.5 1 India

NA Aa1 0.44% 6.59% 0 Indonesia57.0 1 Iraq

66.75 B3 7.21% 15.70% 1 Ireland

81 Aa1 0.44% 6.59% 175.25 Ba1 2.77% 9.72% 1 Israel

83.5 Baa2 2.11% 8.84% 1 Italy

69.25 Baa3 2.44% 9.28% 1 Jamaica

63.75 Baa3 2.44% 9.28% 1 Japan67.8 156.0 1 Jordan

82.5 Baa1 1.77% 8.38% 1 Kazakhstan

NA Aa1 0.44% 6.59% 0 Kenya

77 A1 0.78% 7.05% 1 Korea, Republi

75.5 Baa2 2.11% 8.84% 1 Kuwait

71 Caa2 9.98% 19.42% 182.25 A1 0.78% 7.05% 1 Latvia

NA Aa1 0.44% 6.59% 0 Lebanon

68.75 B1 4.99% 12.71% 163.75 Baa2 2.11% 8.84% 1 Lithuania

62 B1 4.99% 12.71% 1 Luxembourg56.0 1

NA Aa2 0.55% 6.74% 073.75 Aa2 0.55% 6.74% 1 Malaysia

74.25 A3 1.33% 7.79% 1 Malta

60.75 B2 6.10% 14.20% 150.5 1 Mexico52.8 1 Moldova

NA Aaa 0.00% 6.00% 0 Mongolia

76.25 A3 1.33% 7.79% 187 Aaa 0.00% 6.00% 1

NA Aa2 0.55% 6.74% 0 Morocco61.3 1 Mozambique

NA Ba3 3.99% 11.37% 0 Namibia57.0 1 Netherlands

74.25 A3 1.33% 7.79% 1 New Zealand62.5 1 Nicaragua

77.5 A3 1.33% 7.79% 1 Nigeria

NA Baa1 1.77% 8.38% 0 Norway

68.25 A3 1.33% 7.79% 1 Oman

62.25 B3 7.21% 15.70% 1 Pakistan

62.5 B2 6.10% 14.20% 1 Panama

NA Ba3 3.99% 11.37% 0 Papua New Gui

NA Baa3 2.44% 9.28% 0 Paraguay

69.5 Ba1 2.77% 9.72% 1 Peru

52.25 B2 6.10% 14.20% 1 Philippines63.3 1 Poland

71.25 Baa3 2.44% 9.28% 1 Portugal

82.75 Aaa 0.00% 6.00% 1 Qatar

82.25 Aaa 0.00% 6.00% 164.25 B2 6.10% 14.20% 1 Romania

51.0 1 Russia

62 Ba3 3.99% 11.37% 187.5 Aaa 0.00% 6.00% 1 Saudi Arabia

74.5 A1 0.78% 7.05% 1 Senegal

61.25 B3 7.21% 15.70% 1 Serbia

73.5 Baa2 2.11% 8.84% 164 B1 4.99% 12.71% 1 Singapore

67.25 Ba1 2.77% 9.72% 1 Slovakia

68.25 A3 1.33% 7.79% 1 Slovenia

73 Baa2 2.11% 8.84% 1 South Africa

79.25 A2 0.94% 7.26% 1 Spain

76.25 Ba1 2.77% 9.72% 1 Sri Lanka

78.25 Aa2 0.55% 6.74% 1

NA A2 0.94% 7.26% 071.75 Baa3 2.44% 9.28% 1 Suriname

64.25 Ba1 2.77% 9.72% 1 Sweden

NA B1 4.99% 12.71% 0 Switzerland

72.5 Aa3 0.67% 6.90% 1 Taiwan

63.25 B1 4.99% 12.71% 1 Thailand

NA B1 4.99% 12.71% 0 Trinidad & Tob

NA A3 1.33% 7.79% 0 Tunisia56.5 1 Turkey

87.25 Aaa 0.00% 6.00% 174 A2 0.94% 7.26% 1 Uganda

72.25 Baa3 2.44% 9.28% 1 Ukraine42.5 1 United Arab Em

66.25 Baa2 2.11% 8.84% 1 United Kingdo

74 Baa2 2.11% 8.84% 1 United States

67.5 B1 4.99% 12.71% 1 Uruguay48.3 1 Venezuela

NA Baa1 1.77% 8.38% 0 Vietnam

NA B3 7.21% 15.70% 0 Zambia

68.25 Ba3 3.99% 11.37% 185.75 Aaa 0.00% 6.00% 1

87.5 Aaa 0.00% 6.00% 135.8 1

83.25 Aa3 0.67% 6.90% 163.0 1

68 Baa1 1.77% 8.38% 163.8 1

NA Baa2 2.11% 8.84% 065.75 Ba3 3.99% 11.37% 1

61.5 Baa3 2.44% 9.28% 1NA Baa1 1.77% 8.38% 0

60.25 B1 4.99% 12.71% 152 Caa3 11.08% 20.90% 1

77.75 Aa2 0.55% 6.74% 180.25 Aa1 0.44% 6.59% 1

NA Aaa 0.00% 6.00% 070.5 Baa2 2.11% 8.84% 1

49.25 Caa3 11.08% 20.90% 171.5 B1 4.99% 12.71% 1

50.3 165 B2 6.10% 14.20% 1

54.5 1

Country PRS Score Total Equity Rating-based Final ERPAbu Dhabi 7.03% 0.56% 7.03%

69.3 Albania 69.3 13.32% 5.05% 13.32%Andorra (Principality of) 9.71% 2.47% 9.71%

55.3 Angola 55.3 13.32% 5.05% 13.32%63.5 Argentina 63.5 16.46% 7.29% 16.46%62.5 Armenia 62.5 13.32% 5.05% 13.32%

Aruba 8.76% 1.79% 8.76%79.0 Australia 79.0 6.25% 0.00% 6.25%79.3 Austria 79.3 6.88% 0.45% 6.88%63.5 Azerbaijan 63.5 10.17% 2.80% 10.17%76.3 Bahamas 76.3 9.23% 2.13% 9.23%65.8 Bahrain 65.8 10.97% 3.37% 10.97%66.3 Bangladesh 66.3 11.91% 4.04% 11.91%

Barbados 18.02% 8.41% 18.02%59.8 Belarus 59.8 18.02% 8.41% 18.02%76.8 Belgium 76.8 7.20% 0.68% 7.20%

Belize 20.39% 10.10% 20.39%Bermuda 7.58% 0.95% 7.58%

67.5 Bolivia 67.5 11.91% 4.04% 11.91%Bosnia and Herzegovina 16.46% 7.29% 16.46%

77.5 Botswana 77.5 7.58% 0.95% 7.58%64.8 Brazil 64.8 10.97% 3.37% 10.97%74.0 Bulgaria 74.0 9.23% 2.13% 9.23%63.8 Burkina Faso 63.8 16.46% 7.29% 16.46%

Cambodia 14.89% 6.17% 14.89%63.8 Cameroon 63.8 14.89% 6.17% 14.89%82.8 Canada 82.8 6.25% 0.00% 6.25%

Cayman Islands 7.20% 0.68% 7.20%Cape Verde 14.89% 6.17% 14.89%

75.0 Chile 75.0 7.20% 0.68% 7.20%71.0 China 71.0 7.20% 0.68% 7.20%67.0 Colombia 67.0 9.23% 2.13% 9.23%56.3 Congo (Democratic Republ 56.3 16.46% 7.29% 16.46%64.5 Congo (Republic of) 64.5 14.89% 6.17% 14.89%

Cook Islands 13.32% 5.05% 13.32%72.8 Costa Rica 72.8 10.17% 2.80% 10.17%63.3 Côte d'Ivoire 63.3 11.91% 4.04% 11.91%

Composite Risk Rating

06/16

71.3 Croatia 71.3 10.97% 3.37% 10.97%70.8 Cuba 70.8 20.39% 10.10% 20.39%

Curacao 8.14% 1.35% 8.14%73.3 Cyprus 73.3 13.32% 5.05% 13.32%79.5 Czech Republic 79.5 7.36% 0.79% 7.36%82.5 Denmark 82.5 6.25% 0.00% 6.25%73.8 Dominican Republic 73.8 13.32% 5.05% 13.32%61.5 Ecuador 61.5 16.46% 7.29% 16.46%60.0 Egypt 60.0 16.46% 7.29% 16.46%67.8 El Salvador 67.8 11.91% 4.04% 11.91%74.3 Estonia 74.3 7.36% 0.79% 7.36%59.0 Ethiopia 59.0 13.32% 5.05% 13.32%

Fiji 13.32% 5.05% 13.32%81.3 Finland 81.3 6.88% 0.45% 6.88%72.8 France 72.8 7.03% 0.56% 7.03%63.8 Gabon 63.8 13.32% 5.05% 13.32%61.5 Georgia 61.5 11.91% 4.04% 11.91%85.0 Germany 85.0 6.25% 0.00% 6.25%63.0 Ghana 63.0 16.46% 7.29% 16.46%66.8 Greece 66.8 21.94% 11.21% 21.94%70.3 Guatemala 70.3 10.17% 2.80% 10.17%

Guernsey (States of) 6.88% 0.45% 6.88%67.5 Honduras 67.5 14.89% 6.17% 14.89%80.8 Hong Kong 80.8 6.88% 0.45% 6.88%75.0 Hungary 75.0 10.17% 2.80% 10.17%80.5 Iceland 80.5 9.23% 2.13% 9.23%69.8 India 69.8 9.71% 2.47% 9.71%65.5 Indonesia 65.5 9.71% 2.47% 9.71%56.5 Iraq 56.5 16.46% 7.29% 16.46%82.0 Ireland 82.0 8.14% 1.35% 8.14%

Isle of Man 6.88% 0.45% 6.88%77.8 Israel 77.8 7.36% 0.79% 7.36%75.5 Italy 75.5 9.23% 2.13% 9.23%71.3 Jamaica 71.3 20.39% 10.10% 20.39%81.5 Japan 81.5 7.36% 0.79% 7.36%

Jersey (States of) 6.88% 0.45% 6.88%68.8 Jordan 68.8 13.32% 5.05% 13.32%60.5 Kazakhstan 60.5 9.71% 2.47% 9.71%62.5 Kenya 82.0 13.32% 5.05% 13.32%82.0 Korea 70.3 7.03% 0.56% 7.03%

70.3 Kuwait 82.0 7.03% 0.56% 7.03%Kyrgyzstan 14.89% 6.17% 14.89%

74.5 Latvia 74.5 8.14% 1.35% 8.14%61.0 Lebanon 61.0 14.89% 6.17% 14.89%

Liechtenstein 6.25% 0.00% 6.25%76.0 Lithuania 76.0 8.14% 1.35% 8.14%86.5 Luxembourg 86.5 6.25% 0.00% 6.25%

Macao 7.20% 0.68% 7.20%Macedonia 11.91% 4.04% 11.91%

73.3 Malaysia 73.3 8.14% 1.35% 8.14%77.5 Malta 77.5 8.14% 1.35% 8.14%

Mauritius 8.76% 1.79% 8.76%67.3 Mexico 67.3 8.14% 1.35% 8.14%60.5 Moldova 60.5 16.46% 7.29% 16.46%68.5 Mongolia 68.5 14.89% 6.17% 14.89%

Montenegro 11.91% 4.04% 11.91%Montserrat 9.71% 2.47% 9.71%

70.3 Morocco 70.3 10.17% 2.80% 10.17%50.3 Mozambique 50.3 18.02% 8.41% 18.02%72.0 Namibia 72.0 9.71% 2.47% 9.71%82.5 Netherlands 82.5 6.25% 0.00% 6.25%83.0 New Zealand 83.0 6.25% 0.00% 6.25%65.3 Nicaragua 65.3 14.89% 6.17% 14.89%59.0 Nigeria 59.0 13.32% 5.05% 13.32%89.3 Norway 89.3 6.25% 0.00% 6.25%70.3 Oman 70.3 8.76% 1.79% 8.76%62.8 Pakistan 62.8 16.46% 7.29% 16.46%73.0 Panama 73.0 9.23% 2.13% 9.23%63.3 Papua New Guinea 63.3 14.89% 6.17% 14.89%67.8 Paraguay 67.8 10.17% 2.80% 10.17%72.3 Peru 72.3 8.14% 1.35% 8.14%75.0 Philippines 75.0 9.23% 2.13% 9.23%78.8 Poland 78.8 7.58% 0.95% 7.58%76.5 Portugal 76.5 10.17% 2.80% 10.17%78.3 Qatar 78.3 7.03% 0.56% 7.03%

Ras Al Khaimah (Emirate of) 7.58% 0.95% 7.58%71.5 Romania 71.5 9.71% 2.47% 9.71%66.3 Russia 66.3 10.17% 2.80% 10.17%

Rwanda 13.32% 5.05% 13.32%68.3 Saudi Arabia 68.3 7.36% 0.79% 7.36%

63.8 Senegal 63.8 13.32% 5.05% 13.32%67.0 Serbia 67.0 13.32% 5.05% 13.32%

Sharjah 8.14% 1.35% 8.14%86.3 Singapore 86.3 6.25% 0.00% 6.25%74.8 Slovakia 74.8 7.58% 0.95% 7.58%72.8 Slovenia 72.8 9.71% 2.47% 9.71%65.0 South Africa 65.0 9.23% 2.13% 9.23%73.8 Spain 73.8 9.23% 2.13% 9.23%64.5 Sri Lanka 64.5 13.32% 5.05% 13.32%

St. Maarten 9.23% 2.13% 9.23%

St. Vincent & the Grenadines 16.46% 7.29% 16.46%61.8 Suriname 61.8 13.32% 5.05% 13.32%85.8 Sweden 85.8 6.25% 0.00% 6.25%87.8 Switzerland 87.8 6.25% 0.00% 6.25%83.3 Taiwan 83.3 7.20% 0.68% 7.20%69.5 Thailand 69.5 8.76% 1.79% 8.76%70.8 Trinidad and Tobago 70.8 9.23% 2.13% 9.23%65.0 Tunisia 65.0 11.91% 4.04% 11.91%64.0 Turkey 64.0 9.71% 2.47% 9.71%

Turks and Caicos Islands 8.76% 1.79% 8.76%60.5 Uganda 60.5 13.32% 5.05% 13.32%59.5 Ukraine 59.5 21.94% 11.21% 21.94%77.8 United Arab Emirates 77.8 7.03% 0.56% 7.03%77.8 United Kingdom 77.8 6.88% 0.45% 6.88%79.3 United States of America 79.3 6.25% 0.00% 6.25%71.0 Uruguay 71.0 9.23% 2.13% 9.23%44.3 Venezuela 44.3 21.94% 11.21% 21.94%71.8 Vietnam 71.8 13.32% 5.05% 13.32%64.8 Zambia 64.8 16.46% 7.29% 16.46%

Algeria 60.3Brunei 72.8Gambia 61.5Guinea 48.5Guinea-Bissau 64.5Guyana 64.5Haiti 58.0Iran 72.0Korea, D.P.R. 56.0Liberia 52.8

Libya 50.0Madagascar 64.5Malawi 54.8Mali 63.5Myanmar 61.8Niger 53.8Sierra Leone 57.3Somalia 41.0Sudan 48.3Syria 45.8Tanzania 64.0Togo 61.0Yemen, Republic 50.5Zimbabwe 56.0

Tax Rate CRP Test55.00% 0.7800% 015.00% 7.0700% 10.00% 3.4600% 0

30.00% 7.0700% 135.00% 10.2100% 120.00% 7.0700% 128.00% 2.5100% 030.00% 0.0000% 125.00% 0.6300% 120.12% 3.9200% 1

0.00% 2.9800% 10.00% 4.7200% 1

27.50% 5.6600% 125.00% 11.7700% 018.00% 11.7700% 133.99% 0.9500% 126.85% 14.1400% 0

0.00% 1.3300% 025.00% 5.6600% 110.00% 10.2100% 022.00% 1.3300% 134.00% 4.7200% 110.00% 2.9800% 127.92% 10.2100% 1

0.00% 8.6400% 033.00% 8.6400% 126.50% 0.0000% 10.00% 0.9500% 0

27.92% 8.6400% 022.50% 0.9500% 125.00% 0.9500% 125.00% 2.9800% 127.92% 10.2100% 027.92% 8.6400% 027.00% 7.0700% 030.00% 3.9200% 127.92% 5.6600% 0

20.00% 4.7200% 127.35% 14.1400% 125.00% 1.8900% 012.50% 7.0700% 119.00% 1.1100% 123.50% 0.0000% 127.00% 7.0700% 122.00% 10.2100% 122.50% 10.2100% 130.00% 5.6600% 120.00% 1.1100% 127.92% 7.0700% 120.00% 7.0700% 020.00% 0.6300% 133.33% 0.7800% 127.92% 7.0700% 115.00% 5.6600% 029.65% 0.0000% 125.00% 10.2100% 129.00% 15.6900% 125.00% 3.9200% 10.00% 0.6300% 0

30.00% 8.6400% 116.50% 0.6300% 119.00% 3.9200% 120.00% 2.9800% 134.61% 3.4600% 125.00% 3.4600% 115.00% 10.2100% 112.50% 1.8900% 10.00% 0.6300% 0

26.50% 1.1100% 131.40% 2.9800% 125.00% 14.1400% 133.06% 1.1100% 10.00% 0.6300% 0

20.00% 7.0700% 120.00% 3.4600% 130.00% 7.0700% 124.20% 0.7800% 0

15.00% 0.7800% 115.00% 8.6400% 015.00% 1.8900% 115.00% 8.6400% 112.50% 0.0000% 015.00% 1.8900% 129.22% 0.0000% 112.00% 0.9500% 010.00% 5.6600% 025.00% 1.8900% 135.00% 1.8900% 115.00% 2.5100% 030.00% 1.8900% 112.00% 10.2100% 121.96% 8.6400% 1

9.00% 5.6600% 027.35% 3.4600% 030.00% 3.9200% 132.00% 11.7700% 133.00% 3.4600% 125.00% 0.0000% 128.00% 0.0000% 126.85% 8.6400% 130.00% 7.0700% 127.00% 0.0000% 112.00% 2.5100% 133.00% 10.2100% 125.00% 2.9800% 130.00% 8.6400% 110.00% 3.9200% 128.00% 1.8900% 130.00% 2.9800% 119.00% 1.3300% 121.00% 3.9200% 110.00% 0.7800% 10.00% 1.3300% 0

16.00% 3.4600% 120.00% 3.9200% 127.92% 7.0700% 020.00% 1.1100% 1

27.92% 7.0700% 115.00% 7.0700% 00.00% 1.8900% 0

17.00% 0.0000% 122.00% 1.3300% 117.00% 3.4600% 128.00% 2.9800% 128.00% 2.9800% 128.00% 7.0700% 124.50% 2.9800% 0

26.85% 10.2100% 034.50% 7.0700% 122.00% 0.0000% 117.92% 0.0000% 117.00% 0.9500% 120.00% 2.5100% 125.00% 2.9800% 025.00% 5.6600% 120.00% 3.4600% 126.85% 2.5100% 030.00% 7.0700% 118.00% 15.6900% 155.00% 0.7800% 120.00% 0.6300% 140.00% 0.0000% 025.00% 2.9800% 134.00% 15.6900% 122.00% 7.0700% 135.00% 10.2100% 1