Indicators


GDP Growth Rate %
  Quarter* 2011 E 2012 E
US 2.0 1.7 2.0
UK 2.3 0.9 0.2
Euro Area 0.6 1.4 -0.5
Japan 5.6 -0.6 1.7
 
Inflation %
  Latest Year Ago 2011 E
US 3.4 1.1 3.0
UK 4.8 3.2 4.4
Euro Area 2.8 2.2 2.5
Japan -0.5 -0.3 -0.3
* % change on previous quarter, annual rate
SOURCE: ECONOMIST (JANUARY 7, 2011)

Equity Summary
Index Value Quarter (%)* 1 yr (%)* 5 yr (%)* 10 yr (%)*
S&P 500 1,257.60 11.82 2.11 -0.25 2.92
Russell 1000 Value $ 386.60 13.11 0.39 -2.64 3.98
Russell 2000 $ (Small) 1,841.36 15.47 -4.18 0.15 5.62
MSCI EAFE $ 1,412.55 3.33 -12.14 -4.72 4.67
MSCI EAFE Value $ 2,298.80 2.04 -15.60 -9.56 1.81
MSCI EAFE Small $ 139.50 -0.56 -15.94 -4.14 9.01
FTSE 100 £ 5,572.28 9.40 -2.18 1.54 4.29
FTSE 250 £ (Small) 10,102.90 3.50 -10.06 0.81 8.49
MSCI UK Value £ 4,130.96 9.77 0.29 -5.11 0.05
MSCI Europe € 84.95 8.93 -8.08 -4.90 0.49
MSCI Europe Value € 129.13 8.00 -9.45 -8.06 0.03
MSCI Europe Small € 916.39 3.78 -17.45 -5.30 5.23
MSCI Emerging Markets. $ 299.51 4.52 -18.42 2.40 13.86
MSCI AC World Index $ 280.64 7.18 -7.35 -1.93 4.24
* Annualised Total Return
SOURCE: MSCI BARRA & MORNINGSTAR (DECEMBER 31, 2011)

Fixed Income Summary
Index YTM % Total Return YTD (%) Spread to benchmark (bps)
US Invt Grade (CS LUCI) 3.75 6.85 212.00
UK Invt Grade (CS LEI) 4.80 7.79 260.00
EUR  Invt Grade (CS LEI) 4.50 -0.06 343.00
JPM Emg Mkt (EMBI)+ 5.96 6.74 403.00
CS High Yield Index 8.75 2.72 771.00
 
Foreign Exchange
Index Spot Rate End 2010 Change
GBP/USD 1.554 1.566 -0.76%
EUR/USD 1.298 1.342 -3.26%
GBP/EUR 1.197 1.167 2.59%
USD/JPY 76.94 81.11 -5.14%
GBP/JPY 119.57 127.00 -5.85%
CHF/USD 0.935 1.073 -12.85%
SOURCE: CREDIT SUISSE (DECEMBER 31, 2011)
  
SOURCE: FINANCIAL TIMES (DECEMBER 31, 2011)

Interest Rates %
  CBR* 3M Libor 12M Libor 10 yr Govt.
US 0.00-0.25 0.5810 1.1280 1.8800
UK 0.50 1.0801 1.8707 1.9800
Euro Area (DE) 1.50 1.2921 1.9134 1.8300
Switzerland 0.00-0.25 0.0517 0.3250 0.6900
Japan 0.00-0.10 0.1957 0.5543 0.9800
 
Real Assets
Index Price Quarter
(%)*		 1 yr
(%)*		 5 yr
(%)*		 10 yr
(%)*
Gold (Lon. PM) 1,574.50 -5.49 8.93 19.36 18.67
Oil (WTI) 98.83 -14.09 2.38 5.41 13.32
S&P GSCI Commodity Index 645.81 9.12 2.07 8.26 14.32
S&P Global REITs Index 300.35 9.57 1.70 -3.90 9.68
* Central Bank Rate
SOURCE: FINANCIAL TIMES (DECEMBER 31, 2011)
   * Annualised Total Return
SOURCE: MORNINGSTAR (DECEMBER 31, 2011)

Economic Indicators
  Unemployment
(%)		 Current A/C
Balance*		 Budget
Balance*		 Industrial
Production
US 8.6 -3.1 -8.7 3.7
UK 8.3 -2.5 -8.8 -1.7
Euro Area 10.3 -0.5 -4.1 1.3
Japan 4.5 2.4 -8.3 -4.0
 
Volatility Index
Index Current End
2010		 YTD % Change 52 Week Hi 52 Week Low
VIX (S&P500) 23.40 17.87 30.95 48.00 14.27
VDAX (DAX) 28.59 19.09 49.76 45.78 14.40
* % of GDP 2011 estimate
SOURCE: ECONOMIST
(JANUARY 7, 2011))
    
SOURCE: FINANCIAL TIMES (DECEMBER 31, 2011)

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