This document contains market data and commentary from March 12-13, 2020. Key points include: - Global stock markets saw steep declines on March 12, with many indexes down over 10%. Bond yields also fell sharply. - The WHO declared COVID-19 a pandemic. Countries implemented travel bans and event cancellations. Economic activity declined sharply. - Surveys of economic sentiment in Europe, such as the ZEW indicator, plunged to the lowest levels on record, reflecting high uncertainty from the outbreak. Central banks cut interest rates.

1. 13 March
2020

3. PAGE 2
• (WHO)
10
0.8042%
0.5407%
10
10 -0.741%
•
8.28%
726 9.51%
814
•
10.97%
2.2%
9.08%
Bloomberg 2020/3/12
-10.65
-10.59
-10.10
-10.70
-9.71
-10.43
-5.47
-3.11
-4.87
-2.48
-0.95
-2.05
-0.64
0.72
-0.46
4.85
-10.97
-9.51
-9.12
-9.08
-8.28
-8.14
-5.90
-5.49
-4.67
-4.11
-3.88
-3.59
-2.20
-1.41
-1.40
0.46
-
ESG ( )
-
% %

4. PAGE 3
• OPEC+
VIX
75.5
•
S&P 500
17.97% 2
•
600 22.54%
225 12.98%
•
300 6.08%
•
8.66%
Bloomberg 2020/3/12
-40.12
-37.79
-36.84
-37.95
-33.37
-31.60
-26.25
-26.60
-20.42
-21.14
-22.22
-15.65
-11.48
-10.65
-9.94
-0.84
-29.11
-29.00
-27.19
-27.00
-23.30
-22.54
-18.48
-17.97
-15.03
-14.80
-12.98
-12.09
-9.49
-9.34
-8.66
-6.08
MSCI
BOVESPA
MSCI
RTS
DAX
600
MSCI
S&P 500
MSCI
SENSEX
Nikkei 225
MSCI
H
BAML
300
% %

5. PAGE 4
Bloomberg 2020/3/12
-40.46
-38.44
-17.36
-9.69
-12.95
0.64
-4.50
-3.70
-5.62
-4.66
-9.78
-7.67
-33.55
-31.37
-12.58
-8.22
-5.76
-5.75
-4.19
-4.18
-4.12
-3.72
-3.63
-2.55
CRB
LME
LME
LME
LME
% %
• OPEC OPEC
30%
• 3 6
770 ( )
250

6. PAGE 5
• 47 47
48 29
26
• 259
159 112
70
Bank of America Merrill Lynch EPFR 2020/3/11
Weekly FICC flows as % AUM

8. PAGE 7
( 1) S&P 500
( 2) ( )
• (WHO)
(Pandemic)
NBA Broadway Disney
Trump 30
•
1750 14 (repo)
450 repo
500
9
4.3
• 2 3.5%
27.3 ( 2)
2018
Bloomberg 2020/3/12

9. PAGE 8
( 1)
( 2) PPI (%)
Bloomberg 2020/3/12
•
•
Del Monte
Foods
• Joe
Biden
6
Bernie Sanders
Elizabeth Warran
Sanders
• 2 (PPI)
-0.6%( 2)
2015 2 (CPI)

10. PAGE 9
•
1,200
250
• 2
0.75% 0.25%( 1) 2016 8
300
• Conte
250
Conte 4 3
•
4,308
1.6
5,000
Bloomberg 2020/3/12
( 1)
( 2)

11. PAGE 10
( 1) CPI/ PPI (%)
( 2) CPI
Bloomberg 2020/3/12
• 2
9,057
2 8,554
3
• 2 (CPI)
5.2%( 1) 5.4%
CPI 1.0% 2
(PPI)
0.4%
• 2 (CPI)
6.58%( 2) 2
6.80%
CPI
•
Bolsonaro
10 450

13. PAGE 12
Bloomberg 2020/3/13
/ /
3/16 3 6.0 12.9
3/16 2 ( ) -3.0% -
3/16 2 ( ) -3.1% -
3/16 1 ( ) -0.4% -12.5%
3/17 2 ( ) 0.2% 0.3%
3/17 2 ( ) 0.4% -0.3%
3/17 3 ZEW - 10.4
3/19 FOMC ( ) 0.75% 1.25%
3/19 2 0.0% 0.8%
3/19 2 CPI( ) 0.5% 0.7%
3/19 1 ( ) 0.3% 0.0%
3/19 -0.10% -0.10%
3/19 Selic 4.00% 4.25%
3/19 SARB 6.00% 6.25%
3/19 7 4.50% 4.75%
3/20 1 4.00% 4.05%
3/20 5 4.70% 4.75%

14. PAGE 13
Bloomberg ICE * ICE
(%) (bp)
(%) (bp)*
/ / 本益比 風險
2.0
2.5
3.0
3.5
4.0
4.5
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 3.03 (3/12)
0
50
100
150
200
250
300
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 209.0 (3/12) 5 : 126.2
5.0
5.2
5.4
5.6
5.8
6.0
6.2
6.4
6.6
2013 2014 2015 2016 2017 2018 2019 2020
: 5.61 (3/12)
200
250
300
350
400
450
500
550
600
2013 2014 2015 2016 2017 2018 2019 2020
: 475.75 (3/12) 5 : 352.5

15. PAGE 14
Bloomberg
(%) (bp)
(%) (bp)
/ / 本益比 風險
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 8.78 (3/12)
0
200
400
600
800
1,000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 813.5 (3/12) 5 : 458.8
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 8.22 (3/12)
0
200
400
600
800
1,000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 726.0 (3/12) 5 : 434.5

16. PAGE 15
Bloomberg J.P. Morgan -
(%) (bp)
(%) (bp)
/ / 本益比 風險
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 6.31 (3/12)
0
200
400
600
800
1,000
1,200
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 654.0 (3/12) 5 : 376.1
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 7.83 (3/12)
0
100
200
300
400
500
600
700
800
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 715.7 (3/12) 5 : 516.3

17. PAGE 16
Bloomberg J.P. Morgan (EMBIG) J.P. Morgan (CEMBI)
(%) (bp)
(%) (bp)
/ / 本益比 風險
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 6.31 (3/12)
0
100
200
300
400
500
600
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 537.17 (3/12) 5 : 346.1
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 5.45 (3/12)
0
100
200
300
400
500
600
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 465.10 (3/12) 5 : 335.8

18. PAGE 17
Bloomberg J.P. Morgan (JACI)
(%) (bp)
(%) (bp)
/ / 本益比 風險
2.0
4.0
6.0
8.0
10.0
12.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 11.24 (3/12)
0
200
400
600
800
1,000
1,200
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 1040.0 (3/12) 5 : 556.3
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 4.10 (3/12)
0
100
200
300
400
500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 342.03 (3/12) 5 : 257.3

19. PAGE 18
Bloomberg 12
MSCI 500
600 225
/ / 本益比 風險
8
10
12
14
16
18
20
2008 2010 2012 2014 2016 2018 2020
: 12.8 (3/12) 5 : 15.9
8
10
12
14
16
18
20
2008 2010 2012 2014 2016 2018 2020
: 14.0 (3/12) 5 : 16.8
6
8
10
12
14
16
18
2008 2010 2012 2014 2016 2018 2020
: 10.9 (3/12) 5 : 14.5
10
12
14
16
18
20
22
24
2012 2013 2014 2015 2016 2017 2018 2019 2020
: 13.7 (3/12) 5 : 16.3

20. PAGE 19
Bloomberg 12
MSCI 300
SENSEX BOVESPA
/ / 本益比 風險
4
6
8
10
12
14
16
2008 2010 2012 2014 2016 2018 2020
: 10.6 (3/12) 5 : 11.9
0
5
10
15
20
25
30
35
2008 2010 2012 2014 2016 2018 2020
: 11.3 (3/12) 5 : 12.3
5
7
9
11
13
15
17
19
21
23
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 14.9 (3/12) 5 : 17.2
5
10
15
20
25
2008 2010 2012 2014 2016 2018 2020
: 8.9 (3/12) 5 : 12.0

21. PAGE 20
Bloomberg
VIX MOVE
CDX
/ / 本益比 風險
0
10
20
30
40
50
60
70
80
90
2008 2010 2012 2014 2016 2018 2020
: 75.47 (3/12) 5 : 15.32
0
50
100
150
200
250
300
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 152.6 (3/12) 5 : 65.0
50
60
70
80
90
100
110
120
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 55.7 (3/12) 5 : 66.5
200
300
400
500
600
700
800
2012 2013 2014 2015 2016 2017 2018 2019 2020
: 685.4 (3/12) 5 : 366.0

22. PAGE 21
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
'15/3/12 '16/3/12 '17/3/12 '18/3/12 '19/3/12 '20/3/12
-5%
0%
5%
10%
15%
20%
25%
30%
35%
'15/3/12 '16/3/12 '17/3/12 '18/3/12 '19/3/12 '20/3/12
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
'15/3/12 '16/3/12 '17/3/12 '18/3/12 '19/3/12 '20/3/12
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
'15/3/12 '16/3/12 '17/3/12 '18/3/12 '19/3/12 '20/3/12
5 1
22.5% -8.7%
28.5% 0.1%
5 1
21.13% -8.7%
30.9% 0.1%
5 1
21.9% -8.7%
29.7% 0.1%
5 1
20.4% -9.1%
26.0% 0.1%
Bloomberg
* 50% +50%
5 ( ) 5 ( )
* 5 ( ) 5 ( )

23. PAGE 22
TR109061
PineBridge Investments IP Holding Company Limited
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( )
•
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