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Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd.2017/03/13

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: Bloomberg 2017/03/10

(%)9/053.903.786.30%%4.93

# 1.46%, 1.17% ,

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Bloomberg1bp=0.01% :2017/03/10(%)(bp)(bp)(bp)3.783393522976.303603893354.932682732683.90170175170

()()()()()

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: Bloomberg 2017/03/10

MSCIMSCI

(%)

# 0.3% 3.7% 1982 2.5% ,

0.6% 1.9%1.6%, , , , ,

: Bloomberg 2017/03/10

(%)

(bp)0.4850.0892.575$1.0673$48.490114.74$1204.73101.25

# 9.7bp, 2.575% 10 12.9bp, 0.485% 1.1bp 0.089%

2.4%12049.1%, 48.49 1982 CRB 3.7% 3.1%,

, QE 0.5% 1.06731 0.3% 101.25 , 0.7% 114.741 , 1.3% 1.2%

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: Bloomberg 2017/03/10 ==225= (%)

# 0.9%, , 12%, 0.8% 3.1%4.7%

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(0.9%)

(0.8%)12%

(-3.10%)

(-4.7%)

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Bloomberg

#WFII

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()Bloomberg : 2016/12/05()

#BLP WEEKLY REPORT :>

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()Bloomberg : 2017/03/10()

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: Bloomberg

03/13 () 1 4.8%4.8% 2 PPI 1.0%0.5%03/14 () 2 CPI ()2.2%2.2% 2 PPI 0.1%0.6% 2 CPI 3.60%3.17%03/15 () 2 CPI ()1.4%1.4% 2 CPI0.0%0.6% 3 15.018.703/16 () 2 CPI ()2.0%2.0% FOMC(~)0.75%~1.00%0.5%~0.75% 0.250%0.250%03/17 () 2 0.2%-0.3% 2 0.4%0.6%

#CDR2) >>GALAXY

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2.575%EPFR211090.5%9.1%(IEA)()OPECIEAOPEC5

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3 333314-15310219CPI331

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366268David Davis

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8(10)8..60

(10)(2017)

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(Narendra Modi)(2016)11(Bharatiya Janata PartyBJP )(Uttah Pradesh)BJP

G1MarceloOdebrecht201421.5Dilma RousseffMichel TemerJoao Santana

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1 1.2%1.0%1.3% 1 -$48.5b-$48.5b-$44.3b 2 ADP 298k198k246k 2 235k200k227k 2 4.7%4.7%4.8% 1 -7.4%-2.5%5.2% 2 0.1%0.4%-0.9% Q4 GDP ()1.7%1.7%1.7% 1 2.8%2.7%-3.0% 1 -1.3%0.3%0.6% 1 -0.4%0.4%1.3%

: Bloomberg

#PMIGDP17

2 CPI -0.04%0.7%2.25% 1 65.5b270.0b1112.2b Q4 GDP 1.2%1.5%1.0% 2 -$9.15b$27.00b$51.35b 2 PPI 7.8%7.7%6.9% 2 CPI 0.8%1.7%2.5% Q4 GDP 0.7%0.6%0.7% 2 CPI 4.6%4.6%5.0% Q4 GDP -2.5%-2.4%-2.9% 1 2.7%0.5%-0.4%

: Bloomberg

#9CPI18

(%)MSCI1845.88-0.17 1.24 4.05 8.91 5.41 13.51 2372.60-0.44 1.90 4.44 11.55 5.97 17.33 1365.27-2.07 -1.95 -0.60 12.62 0.60 25.54 373.23-0.53 0.84 4.40 10.19 3.27 9.06 270.49-0.15 0.87 6.97 11.12 5.13 10.55 22519604.610.70 0.78 1.88 17.23 2.60 15.78 5819.301.40 4.91 14.77 34.04 11.90 35.81 3212.76-0.17 -0.13 1.83 6.26 3.52 14.32 MSCI926.14-0.53 -0.99 5.58 4.53 7.41 15.64 MSCI455.290.20 -0.18 6.08 3.73 8.67 15.55 MSCI290.53-3.08 -5.40 -2.56 7.11 -2.17 10.12 MSCI2540.59-2.54 -3.00 8.82 9.55 8.54 22.11 MSCI247.59-2.01 -2.86 0.86 4.05 1.15 11.13 Bloomberg123.02-0.44 -0.88 -0.08 -3.67 -0.43 -1.44 Bloomberg136.74-0.44 -0.47 0.10 -1.74 -0.56 2.71 Bloomberg143.49-0.88 -0.75 0.90 -2.39 -0.13 4.26 Bloomberg163.38-0.92 -0.14 2.64 2.93 2.03 14.72 Bloomberg173.17-1.17 -0.22 2.56 4.23 2.00 17.29 Bloomberg175.30-0.39 0.20 2.21 2.48 1.24 9.56 ETF47.33-0.55 -1.17 2.94 4.69 3.68 11.08 Bloomberg158.64-0.72 -0.26 2.82 -0.68 1.99 9.62 Bloomberg124.46-0.34 -0.12 0.50 -4.42 1.58 0.31 Bloomberg162.47-1.46 -1.19 1.71 -4.01 1.53 4.39

Bloomberg 2016/12/05

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(%)()MSCI204.31-1.90 -3.96 -8.33 3.21 -6.71 10.39 MSCI231.72-1.61 -3.45 2.34 11.56 4.43 22.59 MSCI112.620.15 1.96 4.26 21.40 6.06 23.88 MSCI206.950.32 1.02 3.11 8.60 5.35 10.77 MSCI219.420.19 2.47 5.14 0.95 5.72 2.98 MSCI223.81-0.30 0.40 3.65 9.55 5.33 16.45 MSCI178.530.58 2.71 9.18 14.32 10.73 25.91 MSCI69.810.30 1.85 1.01 -0.76 0.40 -2.20 MSCI118.44-1.03 1.41 1.41 0.62 3.03 1.45 MSCI209.94-0.03 3.90 8.65 3.58 8.87 6.81 NBI3146.06-0.59 4.99 11.80 6.40 13.46 14.84 AMEX186.65-2.59 -13.65 2.58 -18.47 2.38 6.44 REITsFTSE15730.11-4.17 -3.30 -0.89 -1.30 -1.16 5.79 REITsFTSE1865.58-4.65 -4.15 -2.53 -3.62 -3.10 2.79 REITsFTSE1270.55-2.44 -1.82 -1.67 -4.39 -3.82 -6.25 REITsFTSE1678.98-1.93 -2.05 1.34 -5.99 0.36 2.29 (/)1204.73-2.42 -1.67 3.99 -8.67 4.55 -3.68 (/)17.04-5.20 -4.36 0.77 -9.66 7.02 11.05 (/)5732.00-3.13 -5.88 -1.61 23.72 3.55 17.22 (/)51.37-8.10 -8.17 -8.38 8.39 -10.15 26.39 (/)48.49-9.08 -9.11 -9.19 7.15 -10.44 24.96 CRB182.65-3.72 -4.90 -5.59 1.16 -5.12 5.26 856.35-2.35 -3.50 1.34 3.98 1.83 5.80

: Bloomberg 2016/12/05

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(%)1.06730.48 0.81 0.55 -4.78 1.59 -3.77 114.79-0.66 -0.98 0.28 -10.72 1.82 -0.91 1.2167-1.01 -2.86 -3.87 -7.77 -1.39 -14.92 1.0109-0.30 -0.44 0.20 -3.33 0.88 -2.27 1.3471-0.68 -2.88 -2.44 -2.10 -0.13 -1.48 0.7542-0.71 -1.28 0.56 1.05 4.63 0.36 1157.40-0.10 0.34 1.64 -2.51 5.03 3.31 31.0660-0.05 -0.03 2.64 2.37 4.39 5.82 6.9093-0.14 -0.45 -0.03 -3.32 0.52 -5.80 13376.000.05 -0.22 -0.22 -1.39 0.89 -2.22 66.60500.30 0.42 1.22 0.48 1.98 0.69 35.3190-0.84 -0.64 0.73 -1.01 1.49 -0.59 1.4126-0.13 0.75 0.75 -3.33 2.36 -2.61 4.45300.03 -0.08 -0.35 -7.69 0.78 -7.79 50.27700.20 -0.71 -0.98 -5.28 -1.37 -7.31 13.1786-1.16 1.07 3.18 9.10 4.14 17.64 3.7316-0.73 -1.84 -6.65 -20.24 -5.81 -23.27 58.9825-1.28 -1.90 2.68 10.55 4.16 18.55 4.0632-0.26 0.19 2.60 -4.40 3.16 -5.07 293.24-0.81 -0.64 0.97 -5.57 0.54 -4.63 4.26090.14 0.03 -0.06 -6.61 1.60 -5.22 3.1419-0.85 -0.85 6.23 3.36 3.61 15.42 19.6086-0.51 3.37 3.35 -2.73 5.63 -9.56 15.4750-0.22 0.37 3.59 -3.55 2.62 -0.89

: Bloomberg 2016/12/05

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(%) () (bp)30 3.16479.313.33.370.110.041.2102.57459.713.910.384.713.059.10.08901.1-0.40.310.24.39.40.485012.916.512.047.427.717.91.116017.55.930.381.043.043.32.367026.79.632.7111.955.290.61.889021.118.737.580.750.530.04.056011.7-5.920.989.529.292.33.75101.9-8.714.185.411.884.111.27000.028.0-6.0151.0-12.0107.08.2627-4.12.1-25.221.4-19.7-101.03.630018.08.028.073.047.045.08.6950-3.9-7.8-20.4-6.2-22.9-50.610.25802.2-8.0-162.3-200.4-114.3-426.97.39305.26.06.6145.8-4.3122.22.30708.716.610.779.921.544.77.52402.3-2.1-21.453.0-44.9-25.6*6.86107.75.642.0-18.434.6-77.52.80507.510.611.167.515.691.2

: Bloomberg 2016/12/05 *

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20082014-26.69% -5.61%-36.09% -7.28%-20.81% ---18.82%-5.58%-21.11% -12.76%-9.52% -5.56%

Bloomberg() 2016/11/21%

#G 640423

Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd.

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105008 (02)7708-88886610 (04)3700-7988360171 (07)972-118839

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