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Weight Change (QoQ)

Global Investment Grade Bonds 48% 1%

APAC ex JP / Emerging Market Bonds 48% 0%

Cash 4% -1%

Weight Change (QoQ)

Global Investment Grade Bonds 30% 2%

Global High Yield Bonds 1% 0%

APAC ex JP / Emerging Market Bonds 13% 0%

US Equities 25% -1%

Europe Equities 8% -1%

Japan Equities 4% 0%

Asia ex Japan Equities 17% -2%

Cash 2% 2%

Weight Change (QoQ)

Global Investment Grade Bonds 12% 1%

Global High Yield Bonds 0% 0%

APAC ex JP / Emerging Market Bonds 6% 1%

US Equities 29% -2%

Europe Equities 9% -1%

Japan Equities 5% 0%

Asia ex Japan Equities 22% -1%

GEM ex-Asia 1% 0%

Commodities 0% 0%

Hedge Funds 14% 0%

Cash 2% 2%

Weight Change (QoQ)

Global Investment Grade Bonds 2% 2%

US Equities 36% 0%

Europe Equities 12% -1%

Japan Equities 6% 0%

Asia ex Japan Equities 27% -1%

GEM ex-Asia 2% 0%

Commodities 0% 0%

Hedge Funds 15% 0%

Last price 52-Week 52-Week

31-Jul-19 High Low 1 week 1 month 1 year Year-to-date

US / Global

Dow Jones Industrial Average 26864.27 27398.68 21712.53 -1.49% 0.99% 5.70% 15.16%

S&P 500 2980.38 3027.98 2346.58 -1.30% 1.31% 5.83% 18.89%

NASDAQ 8175.42 8339.64 6190.17 -1.76% 2.11% 6.56% 23.21%

Europe

MSCI Europe 448.89 476.32 390.84 -1.44% -1.97% -5.78% 11.14%

Stoxx Europe 600 385.77 395.10 327.34 -1.52% 0.23% -1.49% 14.25%

FTSE100 7586.78 7790.17 6536.53 1.14% 2.17% -2.09% 12.76%

CAC40 5518.90 5672.77 4555.99 -1.55% -0.36% 0.14% 16.66%

DAX 12189.04 12833.11 10279.20 -2.67% -1.69% -4.81% 15.44%

Japan

NIKKEI225 21521.53 24448.07 18948.58 -0.87% 1.15% -4.58% 7.53%

Topix 1565.14 1838.30 1408.89 -0.63% 0.90% -10.73% 4.76%

Emerging Markets

MSCI Emerging Market 1037.01 1099.18 929.90 -1.74% -1.69% -4.64% 7.38%

MSCI Latin America 2843.65 2980.17 2366.54 -1.96% 0.00% 5.23% 10.82%

MSCI Emerging Europe 177.09 184.96 147.18 0.46% -2.69% 8.74% 16.41%

MSCI EM Middle East & Africa 263.15 269.30 229.47 -1.36% -1.42% -2.53% 9.45%

Brazil Bovespa 101812.10 106650.10 74274.51 -2.22% 0.84% 28.52% 15.84%

Russia RTS 1360.04 1413.82 1033.31 1.52% -1.48% 15.94% 27.26%

Asia

MSCI Asia ex-Japan 638.47 687.70 568.61 -2.10% -2.17% -5.34% 7.02%

Australia S&P/ASX 200 6812.56 6875.50 5410.20 0.53% 2.93% 8.48% 20.65%

China HSCEI (H-shares) 10675.31 11881.68 9761.60 -1.69% -1.90% -3.17% 5.44%

China Shanghai Composite 2932.51 3288.45 2440.91 0.32% -1.56% 1.95% 17.59%

Hong Kong Hang Seng 27777.75 30280.12 24540.63 -2.62% -2.68% -2.82% 7.48%

India Sensex30 37481.12 40312.07 33291.58 -0.97% -4.86% -0.33% 3.92%

Indonesia JCI 6390.51 6636.33 5621.60 0.09% 0.50% 7.65% 3.16%

Malaysia KLCI 1634.87 1826.90 1572.03 -1.06% -2.23% -8.37% -3.30%

Korea KOSPI 2024.55 2356.62 1984.53 -2.77% -4.98% -11.79% -0.81%

Philippines PSE 8045.80 8419.59 6790.58 -1.42% 0.58% 4.87% 7.77%

Singapore STI 3300.75 3415.18 2955.68 -2.01% -0.63% -0.58% 7.56%

Taiwan TAIEX 10823.81 11186.05 9319.28 -1.02% 0.87% -2.11% 11.27%

Thailand SET 1711.97 1766.62 1546.62 -0.78% -1.06% 0.60% 9.47%

Commodity

Oil 58.58 76.90 42.36 4.83% 0.19% -14.81% 29.00%

Gold spot 1413.90 1453.07 1160.27 -0.84% 0.32% 15.51% 10.25%

Historical Returns (%)

Last price

Currency 31-Jul-19 Sep-19 Dec-19 Mar-20 Jun-20

G10-US Dollar

Euro EURUSD 1.11 1.13 1.14 1.16 1.18

Japanese yen USDJPY 109 106 105 104 102

British Pound GBPUSD 1.22 1.26 1.3 1.34 1.38

Swiss Franc USDCHF 0.99 0.98 0.97 0.97 0.96

Australian Dollar AUDUSD 0.68 0.71 0.72 0.72 0.73

New Zealand NZDUSD 0.66 0.68 0.69 0.69 0.69

Canadian Dollar USDCAD 1.32 1.28 1.27 1.27 1.26

EM Asia

Chinese Renminbi USDCNY 6.88 6.89 6.87 6.85 6.76

Hong Kong USDHKD 7.83 7.81 7.82 7.83 7.83

Indonesian Rupiah USDIDR 14,022 13946 13833 13721 13862

Indian Rupee USDINR 68.8 68.2 67.7 67.1 67.8

Korean Won USDKRW 1,183 1196 1189 1181 1170

Malaysian Ringgit USDMYR 4.13 4.05 4.04 4.02 3.98

Philippine Peso USDPHP 50.9 52 51.9 51.70 51.70

Singapore Dollar USDSGD 1.37 1.36 1.35 1.35 1.34

Thai Baht USDTHB 30.8 31.2 31.1 31 31.20

Taiwan Dollar USDTWD 31.1 31.10 31.2 31.3 31.2

EM Europe

Czech Koruna USDCZK 23.20 22.7 22.3 22 21.4

Hungarian Forint USDHUF 294 288 284 281 275

Polish Zloty USDPLN 3.87 3.78 3.72 3.66 3.57

Israeli Shekel USDILS 3.51 3.55 3.54 3.53 3.53

Russian Ruble USDRUB 63.6 64.8 65.3 65.7 66.50

Turkish Lira USDTRY 5.58 6.08 6.55 7.01 7.08

South African Rand USDZAR 14.34 14.33 14.18 14.03 13.98

EM Latam

Brazilian Real USDBRL 3.81 3.69 3.68 3.67 3.67

Chilean Peso USDCLP 697 681 674 666 666

Mexican Peso USDMXN 19.1 19.5 19.6 19.8 19.9

Colombian Peso USDCOP 3280 3191 3172 3153 3134

Forecasts