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G1,* ;<=*+,*,   E!.-F  533+,-   E!.!F  534+2-   E!&-F  51/+)-   E!!&F  5*2+,-   E!!"F  5*3+/-   E!%.F  5*)+.-

/")(% 9FG*#$*$   H563I  H5>7I  HC56I  HC55I  HC58I  HCC5I 

H*2 I5*>71< 4J+*5K(*,   >  %/  *+3-   %/  *+,-   %/  )+.-   %/  )+2-   %/  )+0-

9:;/<= 478  /.+,-   458  )/+.-   4?3  )/+,-   467  )*+1-   463  )*+0-   4@?  )1+0-

@*=5*)(12(8+   E&F  7   E&F  5,+2-   E&F  5,+0-   E&F  5,+3-   E&F  5,+3-   E&F  5,+3-

9:;/ 476  /2+/-   456  )/+/-   4?5  )4+)-   43@  ))+.-   465  )*+4-   4@4  )1+4-

4114 $)LB(,(2(8+   !/  0+1-   !/  0+/-   !/  3+/-G1,* A1=*<   &  ,+2-   &  ,+2-   .  ,+.-   &  ,+3-   &  ,+3-   &  ,+3-

/""/T#,."8,K #,E,&5,$ O,&,#"8,

FJV C[A3+R )"#O6&$<BJ>V .%&O 8,#) O#%I80 #"8,

#,".6_,K 6& <>?=C

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<>

 C'(-'#&"% *..-1A#&"%.

!4"b$+#$8 ;%+"1$ ?#'#$1$%#. \ =-4"A$

!21#(%3 4$+$&%5%+" 6#27%("'2+.

92J"G* ,-.

!"# %&''(

!"%.; !"%?; !"%3; !"%-; !"%/; !"%#;

'()*+,*   ??  /)+1-   ?!  /4+)-   .#  40+/-   ?"  40+/-   ?%  40+/-   ?!  40+/-

01(+2*+1+)*   %.#  3)+3-   %..  1.+/-   %&#  *.+)-   %&.  *3+3-   %!#  **+,-   %!?  *4+2-

4*56()*   %&  1+3-   %!  *+.-   %!  *+)-   %%  )+2-   %%  )+2-   %%  )+0-

4114 4BC,)5(=2(8+   %!  1+/-   !?  4,+*-   ?#  /,+.-   33  /)+4-   -&  /1+,-   /"  /3+3-

4114 4*56()* ?  /+4-   %"  *+/-   !.  2+)-   !-  .+/-   !#  4,+,-   &!  4,+0-

/")(% 0*1*#2* 5C?  )**+*,   5?C  )**+*,   5>5  )**+*,   5>>  )**+*,   58C  )**+*,   588  )**+*,

!"! $%"&'(   CD8?E 43D>3E 5D77E 5D77E 5D77E

4114>5*912*D ;<=*+,*, E%!F  E!3F  E?#F  E3-F  E-.F  E/"F 

G1,* ;<=*+,*,   E%3?F  50,+1-   E%?#F  531+)-   E%?&F  51*+)-   E%.&F  5*.+0-   E%&#F  5*0+*-   E%&.F  5**+2-

/")(% 9FG*#$*$   H4@@I  H4>3I  H545I  H547I  H54CI  H54?I 

H*2 I5*>71< 4J+*5K(*,   >  %!  *+.-   %!  *+)-   %!  *+/-   %!  *+4-   %!  *+,-

9:;/<= 3@  /*+)-   @4  /.+4-   >5  /2+.-   >8  )4+4-   85  )4+*-   8@  )/+)-

@*=5*)(12(8+   E!F  7   E!F  5,+2-   E!F  5,+0-   E!F  5,+0-   E!F  5,+0-   E!F  5,+0-

9:;/ 33  -.+/,   68  -0+-,   >7  -0+-,   >@  .*+/,   87  .*+1,   83  .)+2,

4114 $)LB(,(2(8+   %#  %#  %# G1,* A1=*<   !  ,+.-   !  ,+2-   !  ,+0-   !  ,+0-   !  ,+0-   !  ,+0-

!"&&6:".6_"86%& %Q .6D,&$,

$".,$ K5, 8% /""/ $06Q8 UJVT

?>V %QQ )O)8B G#%b,D86%&$W

/""/ /5:$D#6G86%& "&K /,#E6D,$

"$ V %Q 3%8". d,E,&5, 6&D#,"$,

F>V %E,# $62 ;,"#$

d,E,&5, I,6O08$ $62 ;,"#$ %58

#,Q.,D8 D0"&O6&O G#%K5D8$8#"8,O;

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<?

 C'(-'#&"% *..-1A#&"%.

!4"b$+#$8 ;%+"1$ ?#'#$1$%#. \ Europe (cont’d)

!21#(%3 4$+$&%5%+" 6#27%("'2+.

92J"G* ,-.

!"# %&''(

!"%.; !"%?; !"%3; !"%-; !"%/; !"%#;

'()*+,*   ??  /)+1-   ?!  /4+)-   .#  40+/-   ?"  40+/-   ?%  40+/-   ?!  40+/-

01(+2*+1+)*   %.#  3)+3-   %..  1.+/-   %&#  *.+)-   %&.  *3+3-   %!#  **+,-   %!?  *4+2-

4*56()*   %&  1+3-   %!  *+.-   %!  *+)-   %%  )+2-   %%  )+2-   %%  )+0-

4114 4BC,)5(=2(8+   %!  1+/-   !?  4,+*-   ?#  /,+.-   33  /)+4-   -&  /1+,-   /"  /3+3-

4114 4*56()* ?  /+4-   %"  *+/-   !.  2+)-   !-  .+/-   !#  4,+,-   &!  4,+0-

/")(% 0*1*#2* 5C?  )**+*,   5?C  )**+*,   5>5  )**+*,   5>>  )**+*,   58C  )**+*,   588  )**+*,

!"! $%"&'(   CD8?E 43D>3E 5D77E 5D77E 5D77E

4114>5*912*D ;<=*+,*, E%!F  E!3F  E?#F  E3-F  E-.F  E/"F 

G1,* ;<=*+,*,   E%3?F  50,+1-   E%?#F  531+)-   E%?&F  51*+)-   E%.&F  5*.+0-   E%&#F  5*0+*-   E%&.F  5**+2-

/")(% 9FG*#$*$   H4@@I  H4>3I  H545I  H547I  H54CI  H54?I 

H*2 I5*>71< 4J+*5K(*,   >  %!  *+.-   %!  *+)-   %!  *+/-   %!  *+4-   %!  *+,-

9:;/<= 3@  /*+)-   @4  /.+4-   >5  /2+.-   >8  )4+4-   85  )4+*-   8@  )/+)-

@*=5*)(12(8+   E!F  7   E!F  5,+2-   E!F  5,+0-   E!F  5,+0-   E!F  5,+0-   E!F  5,+0-

9:;/ 33  -.+/,   68  -0+-,   >7  -0+-,   >@  .*+/,   87  .*+1,   83  .)+2,

4114 $)LB(,(2(8+   %#  %#  %# G1,* A1=*<   !  ,+.-   !  ,+2-   !  ,+0-   !  ,+0-   !  ,+0-   !  ,+0-

/""/T#,."8,K #,E,&5,$ O,&,#"8,

FJV C[A3+R )"#O6&$<B>>V .%&O 8,#) O#%I80 #"8,

#,".6_,K 6& <>?=C

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<F

 C'(-'#&"% *..-1A#&"%.

!4"b$+#$8 c$# d"4U&%: Q'A&#'(

!21#(%3 4$+$&%5%+" 6#27%("'2+.

P*) Q"JR&#S !(G&)(% =$$2TG)&"#$

Z\; !"%& Z\; !"%. Z\; !"%? Z\; !"%3 Z\; !"%- Z\; !"%/ Z\; !"%#

@1J, 419*, UB2,21+D(+K ?&R"!   ?&R"!   ?&R"! ?&R"! ?&R"! ?&R"! ?&R"!

I5*=1(D ;<=*+,*,]78219 ;<=*+,*, 3R?.T   3R?.T   3R?.T 3R?.T 3R?.T 3R?.T 3R?.T

UA$]419*, .R#"T   .R#"T   .R#"T .R#"T .R#"T .R#"T .R#"T

@1J, I1J1C9*, UB2,21+D(+K %%R#.   %%R#.   %%R#. %%R#. %%R#. %%R#. %%R#.

$))5B*D ;<=*+,*,]78219 ;<=*+,*, %!R%?T   %!R%?T   %!R%?T %!R%?T %!R%?T %!R%?T %!R%?T@*^*55*D O*6*+B*]419*, !-R!"T   !-R!"T   !-R!"T !-R!"T !-R!"T !-R!"T !-R!"T

UA']78219 ;<=*+,*, /R%/T   -R#.T   -R#.T -R#.T -R#.T -R#.T -R#.T

•   9e <>?F \f! #"86%$ U+/H* +7H* ,8DBW 0,.K D%&$8"&8 Q%# G#%b,D86%& G,#6%K

•   3#"&$686%& 8% /""/ :5$6&,$$ $0%5.K 0"E, &,O.6O6:., 6)G"D8 %& D"$0 D;D.,* "$ 80, ,26$86&O

#,E,&5, $%5#D,$ I6.. $86.. "DD%5&8 Q%# %E,# PJV %Q 3%8". d,E,&5, 6& <>?]•   e,"# %E,# ;,"# K#6E,#$ %Q I%#-6&O D"G68". 68,)$ .,"K 8% K,D#,"$,$ 6& \f!^ #,G#,$,&8$ " D"$0 '+F,2G

6& 80, +!9

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<@

 C'(-'#&"% *..-1A#&"%.

!4"b$+#$8 D'('%+$ ?K$$#

!21#(%3 4$+$&%5%+" 6#27%("'2+.

!"#$"%&'()*' :(%(#K* BL**)

!"# %&''(

Z\; !"%& Z\; !"%. Z\; !"%? Z\; !"%3 Z\; !"%- Z\; !"%/ Z\; !"%#

A1,W #!  !"  !"  !"  !"  !"  !" 

$))8B+2, O*)*(61C9* /3  //  #!  %"-  %"#  %%!  %%. 

I5*=1(D ;<=*+,*, !/  !#  &"  &?  &?  &?  &3 

U2W*5 AB55*+2 $,,*2, !#  &"  &%  &3  &-  &/  &# 

78219 AB55*+2 $,,*2, !&?  %3-  %-.  %#/  !"%  !"?  !"# 

@*^*55*D Z(+1+)(+K Z**, ?%  .3  .%  &3  &%  !3  !" 

H*2 II_; .3  .3  .3  .-  .-  .-  .- 

P+21+K(C9*, %#  33  %%!  %?#  %?#  %?#  %?# 

`88D[(99 %a?#/  %a?#/  %a?#/  %a?#/  %a?#/  %a?#/  %a?#/ 

U2W*5 $,,*2, 3!  3!  3!  3!  3!  3!  3! 78219 '7 $,,*2, %a--3  %a/%-  %a/?#  %a#"!  %a/#3  %a/#%  %a//3 

/")(% =$$*)$ 5U744  4U8>3  5U7CC  5U477  5U78@  5U786  5U783 

$))8B+2, I1J1C9* %.  %.  %?  %/  %-  %/  %/ 

$))5B*D ;<=*+,*, ?!  ?.  ?-  3?  3?  33  33 

@*^*55*D O*6*+B* %3%  %3?  %-&  !""  !"?  !"#  !%. 

AB55*+2 I852(8+ 8^ '7 @*C2 >  >  >  >  >  >  > 

U2W*5 AB55*+2 '(1C(9(2(*, &?  &?  &-  .&  .!  .&  .& 

78219 AB55*+2 '(1C(9(2(*, !3!  !3#  !/%  &!3  &!#  &&3  &.! 

O*6896(+K '(+* 8^ A5*D(2 .!-  &-#  &-#  &?%  !/!  !!?  %?# 

7*5M '81+ $ .!-  &/.  &.!  !##  !?3  %#!  %!/ 7*5M '81+ G .!-  .!&  .%/  .%.  .%"  ."3  ."% 

'7 @*C2 b AB55*+2 >  >  >  >  >  >  > 

U2W*5 '7 '(1C(9(2(*, &.  &.  &.  &.  &.  &.  &. 

78219 '(1C(9(2(*, %a?--  %a./#  %a.??  %a.!.  %a&%%  %a%#&  %a"3. 

;LB(2J .&.  .#3  ?-/  3-?  -/-  #"&  %a"&" 

/")(% .&(V&%&)&*$ - 9W2&)X 5U744  4U8>3  5U7CC  5U477  5U78@  5U786  5U783 

67    >  >  >  >  >  >  > 

!"$0 :"."&D, #,)"6&$ "8

)6&6)5) "$ K,:8 6$ G"6K

K%I& I680 Q#,, D"$0 Q.%I

77gC "&K A&8"&O6:.,$

"DD%5&8 Q%# !"G,2a+,G#B"&K dg+ G5#D0"$,$*

#,$G,D86E,.;

+,:8 G"6K K%I& 6& ([H 8%

:56.K ,S568;

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<J

P&.+"-%#$8 Q'.K 6("S

 d*QQ Q'(+-('#&"%

Source: Moody’s Baa Y Charts  

Q=!! :J*(R'"N#

c* %%R?"T

;]N -%R.?T

cD   ?R&/T

@]N !/R??T

2   ."R""T

Q=!! 8D4?E

Y* :J*(R'"N#

O(,d>Z5** O12*   &R".T

G*21 '*6*5*D "R/?

015d*2 O(,d I5*M(BM   -R#&T

4(e* I5*M(BM %R-&T

Y* 44D37E

•   !%$8 %Q +,:8 8#6"&O5."8,K 5$6&O K,:8 D%)G$

•   B"%: #$41 +4$8&# 4'#&%: %Q [[[ U/g7W* D%##,$G%&K$

 I680 ["" (Moody’s) 

•   ["" D%#G%#"8, :%&K$ ;6,.K,K JBFLV "8 ?<aF?a?F

:*)( - <*V) :J*(R'"N#

!"TG(#X :*)( .*1D <Z9 :*)( A#%*1 B-, 0()&#S <Z[

$AP X859D[(D*a P+)R EH1,D1L`4V$APXF   "R?? -!R&"T   "R&/   GG .!T

$B28M12() @121 I58)*,,(+Ka P+)R EH1,D1L`4V$@IF   "R-3 .R!"T   "R-.   $$$ .T

@47 4J,2*M, P+)R EH\4;V@47F   %R%. #&R#"T   "R-&   ./T

Z(D*9(2J H12(8+19 P+^85M12(8+ 4*56()*,a P+)R EH\4;VZP4F   "R?- 3.R-"T   "R.%   GGG &#T

`98C19 I1JM*+2, P+)R EH\4;V`IHF   "R#% /#R?"T   "R?#   .-T

f*[9*22>I1)d15D A8M=1+J EH\4;VfIgF   %R.% /!R%"T   "R#.   GGGb .?T

P+2B(2 P+)R E H1,D1L`4VPH7YF   "R?/ %.R%"T   "R?&   GGGb %!T

0()58,8^2 A85=8512(8+ EH1,D1L`4V04Z7F   "R#- !"R3"T   "R/3   $$$ %-TU51)9* A85=8512(8+ EH\4;VUOA'F   %R%- .%R""T   "R#.   $b !#T

I1J)W*<a P+)R EH1,D1L`4VI$\hF   "R#? "R""T   "R#?   >

4$I $` E@GV4$IF   "R?% !/R""T   "R..   !!T

B,.\ 7D>3 C8D83E 7D6> ::: 58E

89:; #9<='>=?@:@=A BC #9<='>=?@:@=A

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<P

P&.+"-%#$8 Q'.K 6("S

 d*QQ Q'(+-('#&"%

Source: Moody’s Baa Y Charts  

Q=!! :J*(R'"N#

c* %%R?"T

;]N -%R.?T

cD   ?R&/T

@]N !/R??T

2   ."R""T

Q=!! 8D4?E

Y* :J*(R'"N#

O(,d>Z5** O12*   &R".T

G*21 '*6*5*D "R/?

015d*2 O(,d I5*M(BM   -R#&T

4(e* I5*M(BM %R-&T

Y* 44D37E

•   +,:8 I,6O08 8#6"&O5."8,K 5$6&O K,:8 D%)G$

•   B"%: #$41 P$3#\#"\C'(-$ %Q <LBJJV

•   @>V 8"2 K,K5D86:6.68; %Q 6&8,#,$8 G";),&8$

:*)( - <*V) :J*(R'"N#

!"TG(#X :*)( .*1D <Z9 :*)( A#%*1 B-, 0()&#S <Z[

$AP X859D[(D*a P+)R EH1,D1L`4V$APXF   "R?? -!R&"T   "R&/   GG .!T

$B28M12() @121 I58)*,,(+Ka P+)R EH1,D1L`4V$@IF   "R-3 .R!"T   "R-.   $$$ .T

@47 4J,2*M, P+)R EH\4;V@47F   %R%. #&R#"T   "R-&   ./T

Z(D*9(2J H12(8+19 P+^85M12(8+ 4*56()*,a P+)R EH\4;VZP4F   "R?- 3.R-"T   "R.%   GGG &#T

`98C19 I1JM*+2, P+)R EH\4;V`IHF   "R#% /#R?"T   "R?#   .-T

f*[9*22>I1)d15D A8M=1+J EH\4;VfIgF   %R.% /!R%"T   "R#.   GGGb .?T

P+2B(2 P+)R E H1,D1L`4VPH7YF   "R?/ %.R%"T   "R?&   GGGb %!T

0()58,8^2 A85=8512(8+ EH1,D1L`4V04Z7F   "R#- !"R3"T   "R/3   $$$ %-TU51)9* A85=8512(8+ EH\4;VUOA'F   %R%- .%R""T   "R#.   $b !#T

I1J)W*<a P+)R EH1,D1L`4VI$\hF   "R#? "R""T   "R#?   >

4$I $` E@GV4$IF   "R?% !/R""T   "R..   !!T

B,.\ 7D>3 C8D83E 7D6> ::: 58E

89:; #9<='>=?@:@=A BC #9<='>=?@:@=A

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<=

P&.+"-%#$8 Q'.K 6("S

 d*QQ Q'(+-('#&"%

!21#(%3 9$='"$,>?

Q=!! :J*(R'"N#

c* %%R?"T

;]N -%R.?T

cD   ?R&/T

@]N !/R??T

2   ."R""T

Q=!! 8D4?E

Y* :J*(R'"N#

O(,d>Z5** O12*   &R".T

G*21 '*6*5*D "R/?

015d*2 O(,d I5*M(BM   -R#&T

4(e* I5*M(BM %R-&T

Y* 44D37E

:*)( - <*V) :J*(R'"N#

!"TG(#X :*)( .*1D <Z9 :*)( A#%*1 B-, 0()&#S <Z[

$AP X859D[(D*a P+)R EH1,D1L`4V$APXF   "R?? -!R&"T   "R&/   GG .!T

$B28M12() @121 I58)*,,(+Ka P+)R EH1,D1L`4V$@IF   "R-3 .R!"T   "R-.   $$$ .T

@47 4J,2*M, P+)R EH\4;V@47F   %R%. #&R#"T   "R-&   ./T

Z(D*9(2J H12(8+19 P+^85M12(8+ 4*56()*,a P+)R EH\4;VZP4F   "R?- 3.R-"T   "R.%   GGG &#T

`98C19 I1JM*+2, P+)R EH\4;V`IHF   "R#% /#R?"T   "R?#   .-T

f*[9*22>I1)d15D A8M=1+J EH\4;VfIgF   %R.% /!R%"T   "R#.   GGGb .?T

P+2B(2 P+)R E H1,D1L`4VPH7YF   "R?/ %.R%"T   "R?&   GGGb %!T

0()58,8^2 A85=8512(8+ EH1,D1L`4V04Z7F   "R#- !"R3"T   "R/3   $$$ %-TU51)9* A85=8512(8+ EH\4;VUOA'F   %R%- .%R""T   "R#.   $b !#T

I1J)W*<a P+)R EH1,D1L`4VI$\hF   "R#? "R""T   "R#?   >

4$I $` E@GV4$IF   "R?% !/R""T   "R..   !!T

B,.\ 7D>3 C8D83E 7D6> ::: 58E

89:; #9<='>=?@:@=A BC #9<='>=?@:@=A

)

•   [,8" 6$ 5&.,E,#,K "&K #,.,E,#,K 5$6&O D%)G$ 8% :,88,#

6K,&86Q; 8,D0&%.%O; 6&K5$8#; #6$-$ I680 #,$G,D8 8%

:,&D0)"#- 6&K6D,$

•   RE,#"O, D%)G"#":., "$$,8 :,8" 6$ >BPL

•   d,.,E,#,K 8% 80, 8"#O,8 +,:8T8%TCS568;* .,E,#,K :,8" 6$ >BLJ

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<L

P&.+"-%#$8 Q'.K 6("S

 d*QQ Q'(+-('#&"%

Source: Ibbotson’s Research, 9$='"$,>?

Q=!! :J*(R'"N#

c* %%R?"T

;]N -%R.?T

cD   ?R&/T

@]N !/R??T

2   ."R""T

Q=!! 8D4?E

Y* :J*(R'"N#

O(,d>Z5** O12*   &R".T

G*21 '*6*5*D "R/?

015d*2 O(,d I5*M(BM   -R#&T

4(e* I5*M(BM %R-&T

Y* 44D37E

)

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