TURBULENT TRADING

CHANGE IN PRICE OF SELECTED ASSETS IN 2016

COMPARING THE CLOSING PRICE ON THE LAST TRADING DAY OF 2015 AND 2016 ASSET TYPE Currency* Commodity Equity index** Bond

-60% -50% -40% -30% -20% -10% 0% INVESTMENT 0% +10% +20% +30% +40% +50% +60%

Bitcoin +122.9%

BITCOIN ICE Brent crude +50.9%

The cryptocurrency went on a
tear in 2016 following two years Merval 25 (Argentina) +47.6%
of lackluster returns as it headed
back towards $1,000, a level not
seen since late-2013 NYMEX WTI crude +45.4%

ICE sugar +23.3%

CRUDE OIL Russian ruble +17.3%
Oil's recent resurgence should be taken FTSE 100
with a pinch of salt after a spectacular The UK benchmark index
tumble to a 12-year low in early-2016 Comex silver +15.1% jumped to an all-time high in
as markets responded to signs of a December, posting its best
global glut year since 2013 following a
FTSE 100 (UK) +14.4% strong performance from its
heavyweight mining sector

S&P 500 (US) +9.5%

RUBLE MSCI Emerging Markets Index ETF +8.8%
Russia's currency was the third best-
performing currency in US dollar terms,
but is still well below levels reached before Comex gold +8.7% GOLD
Western sanctions were imposed on Bullion was on track for a stellar
Moscow in 2014 2016 as risk aversion pushed
iShares Core UK Gilts UCITS ETF +8.2% investors towards safe-haven
assets, though a strengthening
US dollar in the second half of the
Xetra DAX (Germany) +6.9% year pared earlier gains

YEN CAC 40 (France) +4.9%

The yen gained for most of 2016 in
spite of Japan's negative interest
rate policy, but took a plunge US dollar index +3.6% US DOLLAR INDEX
against the greenback following the After a shaky start to the year, the US
US elections in November currency bounced back to life on hopes
Japanese yen +2.4% that Donald Trump's promises to boost
fiscal stimulus would spur economic
growth, with the dollar notching its fourth
Nikkei 225 (Japan) +0.4% year of gains against a basket of six
major currencies

-0.5% iShares US Treasury Bonds ETF

EURO -1.9% CBOT corn SSE SHANGHAI COMPOSITE

The Brexit vote and An early plunge got Chinese stocks
political uncertainty in off to a rough start in 2016, while
Italy and France weighed -2% Ibex 35 (Spain) Shanghai's benchmark index ended
heavily on the single down on the year but still finished
currency during 2016, as it 17 per cent above its January low
edged closer to parity with -2.8% Athens Stock Exchange
the US dollar

-3.7% Euro
BRITISH POUND
-7.3% Swedish Krona Sterling had a rough year on the
MEXICAN PESO back of the UK's vote to leave
The US neighbour's curren- -10.2% FTSE MIB (Italy) the EU, dropping to a 31-year
cy sank to an all-time low low against the US dollar amid
in November, registering its concerns about a so-called
biggest two-day tumble -12.3% SSE Shanghai Composite "hard Brexit"
in more than two decades
amid concern about how
then-president-elect Donald -16.3% British pound sterling
Trump's policies could impact
Mexico's economy
-17% Mexican peso EGYPTIAN POUND
Egypt devalued its currency
and allowed the pound
-23% LIFFE cocoa to free float in 2016 as it
struggled with its worst
economic crisis in decades
-36.8% Venezuelan bolvar

-56.8% Egyptian pound

-60% -50% -40% -30% -20% -10% 0% 0% +10% +20% +30% +40% +50% +60%

*Exchange rate against the US dollar **Percentage change in local currency Bloomberg/MarketWatch/Thomson Reuters/XE.com 2017

BEST AND WORST STOCK INDICES IN 2016 BEST AND WORST COMMODITIES IN 2016 BEST AND WORST CURRENCIES IN 2016
Year-to-date performance in US dollar terms as of December 28 Year-to-date performance in US dollar terms as of December 28 By spot returns
Best Worst Best Worst Best Worst

Bovespa (Brazil) +63.4% CME iron ore (62% Fe) +101.5% Bitcoin +122.9%
Kase (Kazakhstan) +60% LME zinc +65.1% Real (Brazil) +21.7%
S&P/BVL (Peru) +59.2% NYMEX natural gas +59.1% Ruble (Russia) +17.3%

RTS (Russia) +50% NYMEX heat oil +56.9% Krona (Iceland) +15.6%

Karachi 100 (Pakistan) +43.1% ICE Brent crude +50.9% Rand (South Africa) +12.9%

-18.6% Shanghai Composite (China) -2% CBOT corn -33.3% Metical (Mozambique)

-22.8% MSE Top 20 (Mongolia) -12% CME live cattle -34.5% Naira (Nigeria)

-26.2% GSE Composite (Ghana) -12.9% CBOT wheat -36.8% Bolvar (Venezuela)

-27.7% EGX 30 (Egypt) -21.6% CME feeder cattle -45.6% Dollar (Suriname)

-41.4% NSE (Nigeria) -23% LIFFE cocoa -56.8% Pound (Egypt)

Bloomberg Thomson Reuters Xe.com