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Date US HY Excess Returns US Loans Total Returns1/4/2010 0.29 0.281/5/2010 0.44 0.871/6/2010 1.01 1.351/7/2010 1.62 1.441/8/2010 1.65 1.55

1/11/2010 1.79 1.74

1/12/2010 1.44 1.781/13/2010 1.65 1.781/14/2010 1.48 1.881/15/2010 1.19 1.941/19/2010 1.25 2.021/20/2010 1.03 1.981/21/2010 0.7 2.011/22/2010 0.25 1.841/25/2010 0.02 1.781/26/2010 -0.04 1.71/27/2010 0.05 1.691/28/2010 0.04 1.911/29/2010 -0.16 2.01

2/1/2010 -0.11 2.07

2/2/2010 -0.07 2.132/3/2010 0.28 2.262/4/2010 -0.29 2.232/5/2010 -1.21 2.062/8/2010 -1.3 2.042/9/2010 -1.38 1.97

2/10/2010 -1.61 1.872/11/2010 -1.78 1.82/12/2010 -2.04 1.732/16/2010 -1.97 1.712/17/2010 -1.03 1.792/18/2010 -0.41 1.842/19/2010 0 2.032/22/2010 0.31 2.192/23/2010 -0.15 2.22/24/2010 -0.11 2.272/25/2010 -0.41 2.312/26/2010 -0.4 2.39

3/1/2010 -0.13 2.483/2/2010 0.23 2.663/3/2010 0.4 2.763/4/2010 0.55 2.833/5/2010 1.09 2.933/8/2010 1.55 3.173/9/2010 1.71 3.25

3/10/2010 2.06 3.413/11/2010 2.1 3.53/12/2010 2.25 3.63/15/2010 2.2 3.673/16/2010 2.04 3.753/17/2010 2.25 3.873/18/2010 2.61 3.933/19/2010 2.76 3.983/22/2010 2.57 43/23/2010 2.68 4.053/24/2010 3.29 4.143/25/2010 3.58 4.293/26/2010 3.57 4.463/29/2010 3.67 4.633/30/2010 3.75 4.73

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3/31/2010 3.5 4.814/1/2010 3.68 4.924/2/2010 4.02 4.914/5/2010 4.42 5.054/6/2010 4.45 5.144/7/2010 4.23 5.244/8/2010 4.28 5.36

4/9/2010 4.41 5.54/12/2010 4.49 5.644/13/2010 4.54 5.844/14/2010 4.91 6.024/15/2010 5.16 6.144/16/2010 4.99 5.784/19/2010 4.98 5.724/20/2010 5.16 5.734/21/2010 5.14 5.714/22/2010 5.32 5.624/23/2010 5.58 5.614/26/2010 5.75 5.744/27/2010 5.29 5.744/28/2010 5.42 5.674/29/2010 5.32 5.734/30/2010 5.1 5.83

5/3/2010 5.31 5.95/4/2010 4.85 5.835/5/2010 4.01 5.595/6/2010 2.41 4.825/7/2010 1.5 3.98

5/10/2010 2.53 4.585/11/2010 2.21 4.35/12/2010 2.88 4.525/13/2010 3.05 4.645/14/2010 2.11 4.525/17/2010 2.03 4.465/18/2010 1.65 4.425/19/2010 1.05 4

5/20/2010 -0.38 3.315/21/2010 -0.8 3.235/24/2010 -0.51 3.235/25/2010 -1.65 2.915/26/2010 -0.81 3.045/27/2010 -0.14 3.135/28/2010 -0.11 3.215/31/2010 -0.11 3.21

6/1/2010 -0.35 3.116/2/2010 -0.26 3.066/3/2010 0.21 3.146/4/2010 -0.65 3.086/7/2010 -0.76 3.056/8/2010 -1.16 2.86

6/9/2010 -1.15 2.776/10/2010 -0.81 2.636/11/2010 -1.17 2.546/14/2010 -0.76 2.66/15/2010 -0.27 2.666/16/2010 0.08 2.746/17/2010 0.36 2.876/18/2010 0.74 2.946/21/2010 1.4 3.216/22/2010 1.07 3.226/23/2010 0.77 3.17

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6/24/2010 0.51 3.056/25/2010 0.45 2.986/28/2010 0.32 3.046/29/2010 -0.29 2.836/30/2010 -0.4 2.69

7/1/2010 -0.51 2.527/2/2010 -0.32 2.51

7/6/2010 -0.26 2.597/7/2010 -0.07 2.547/8/2010 0.43 2.617/9/2010 0.88 2.67

7/12/2010 1.06 2.787/13/2010 1.7 3.087/14/2010 1.63 3.157/15/2010 1.43 3.247/16/2010 1.37 3.277/19/2010 1.5 3.37/20/2010 1.44 3.317/21/2010 1.62 3.387/22/2010 1.94 3.577/23/2010 2.36 3.637/26/2010 2.64 3.827/27/2010 3.12 4.167/28/2010 2.99 4.347/29/2010 2.9 4.417/30/2010 2.49 4.34

8/2/2010 2.84 4.58/3/2010 2.75 4.58/4/2010 3.06 4.558/5/2010 2.97 4.598/6/2010 2.7 4.578/9/2010 2.9 4.63

8/10/2010 2.65 4.688/11/2010 1.93 4.618/12/2010 1.66 4.528/13/2010 1.48 4.51

8/16/2010 1.24 4.558/17/2010 1.58 4.68/18/2010 1.72 4.628/19/2010 1.56 4.638/20/2010 1.6 4.598/23/2010 1.61 4.658/24/2010 1.15 4.578/25/2010 1.19 4.528/26/2010 1.13 4.588/27/2010 1.61 4.68/30/2010 1.33 4.658/31/2010 1.03 4.65

9/1/2010 1.6 4.759/2/2010 1.92 4.83

9/3/2010 2.31 4.939/7/2010 2.16 5.049/8/2010 2.51 5.129/9/2010 3.09 5.17

9/10/2010 3.43 5.249/13/2010 3.56 5.379/14/2010 3.48 5.449/15/2010 3.7 5.47

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Chart 1 Returns Department

Adjusting for runup in Treasury prices, loans have outperformed junk bonds this year

Source: Barclays Capital

1/4/20101/20/2010

2/4/20102/22/2010

3/9/20103/24/2010

4/8/20104/23/2010

5/10/20105/25/2010

6/9/20106/24/2010

7/12/20107/27/2010

8/11/20108/26/2010

9/13/2010

-3

-2

-1

01

2

3

4

5

6

7 US HY ExcessReturns

US Loans TotalReturns

%

8/8/2019 Chart 1- Loans vs Excess HY Returns

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8/8/2019 Chart 1- Loans vs Excess HY Returns

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8/8/2019 Chart 1- Loans vs Excess HY Returns

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