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					                                                                                                               This document is provided to John Poehling by Altegris Investments, Inc., accessed on 7/21/2011
    There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.




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       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                      Chart 2
                            Sector Cumulative Debt and Equity Issuance to GDP

                                                                                                                                    Last points: 4Q 2010
         140%                                                                                                                                                               140%

         120%                                                                                                                                                               120%

         100%                                                                                                                                                               100%

           80%                                                                                                                                                              80%

           60%                                                                                                                                                              60%

           40%                                                                                                                                                              40%

           20%                                                                                                                                                              20%

             0%                                                                                                                                                             0%
              1952             1958            1964           1970           1976           1982           1988           1994            2000           2006
                       Nonfinancial Corporate                                          Federal Government                               Source: Flow of Funds
                       Household                                                       Financial
                       State and Local

ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                      Chart 3
                                        Real GDP In Recessions and Recovery
                                                         percent change from start of recession


           16%                                                                                                                                                              16%
           14%                                                                                                                                                              14%
           12%                                                                                                                                                              12%
           10%                                                                                                                                                              10%
             8%                                                                                                                                                             8%
             6%                                                                                                                                                             6%
             4%                                                                                                                                                             4%
             2%                                                                                                                                                             2%
             0%                                                                                                                                                             0%
            -2%                                                                                                                                                             -2%
            -4%                                                                                                                                                             -4%
            -6%                                                                                                                                                           -6%
                    0                 2                  4            6       8       10         12                                                  14                 16
                                                               Quarters from recession's start
                                                             2007iv to 2009ii       1990iii to1991i
                                                             2001i to 2001iv        1981iii to 1982iv
                                                               Source: Bureau of Economic Research
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                 Chart 4
                                                      U.S. Federal Budget Balance
                                                                 $ Bil.

            400                                                                                                                                                             400
            200                                                                                                                                                             200
                 0                                                                                                                                                          0
          -200                                                                                                                                                              -200
          -400                                                                                                                                                              -400
          -600                                                                                                                                                              -600
          -800                                                                                                                                                              -800
        -1000                                                                                                                                                               -1000
        -1200                                                                                                                                                               -1200
        -1400                                                                                                                                                               -1400
        -1600                                                                                                                                                               -1600
            1980                    1985             1990              1995              2000              2005             2010              2015              2020

                                Historical                                                                 Source: Congressional Budget Office
                                Projections
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                      Chart 5




ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                      Chart 6
                           Net Government and Non-Government Borrowing
                                                                       as a percentage of GDP

                                                                                  Last Points 4Q 10 - Govt: 11.5%, Non-Govt: -0.5%
           20%                                                                                                                                                              20%


           15%                                                                                                                                                              15%


           10%                                                                                                                                                              10%


             5%                                                                                                                                                             5%


             0%                                                                                                                                                             0%


            -5%                                                                                                                                                             -5%
              1985-I            1988-I            1991-I           1994-I           1997-I            2000-I           2003-I           2006-I            2009-I

                               Government Borrowing
                               Nonfinancial Non-Government Borrowing
                    Source: The Federal Reserve
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                      Chart 7
                                                             U.S. Personal Saving Rate
                                                              (Seasonally Adjusted Annual Rate)

                                                                                                                            Last Point Feb. 11: 5.8%
              16                                                                                                                                                            16

              14                                                                                                                                                            14

              12                                                                                                                                                            12

              10                                                                                                                                                            10

                 8                                                                                                                                                          8

                 6                                                                                                                                                          6

                 4                                                                                                                                                          4

                 2                                                                                                                                                          2

               0                                                                                                                                                            0
              Jan-59                 May-67                  Sep-75                  Jan-84                 May-92                  Sep-00                  Jan-09

                                                                                                            Source: Bureau of Economic Analysis
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                      Chart 8
                                                Debt and Debt Service Payments
                                             as a % of Disposable Personal Income

                                                                     Last Points 4Q 2010 - Debt: 116%, Debt Service: 11.7%
         140%                                                                                                                                                               14.0%
         130%
                                                                                                                                                                            13.5%
         120%
         110%                                                                                                                                                               13.0%
         100%
           90%                                                                                                                                                              12.5%

           80%                                                                                                                                                              12.0%
           70%
           60%                                                                                                                                                              11.5%
           50%
                                                                                                                                                                            11.0%
           40%
           30%                                                                                                                                                              10.5%
             1952-I                          1964-I                        1976-I                         1988-I                        2000-I
                         Debt (consumer plus mortgage) / DPI - left axis
                         Debt Service Payments / DPI - right axis
               Source: The Federal Reserve
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                      Chart 9
                                                    Ratio of Household Net Worth to
                                                     Disposable Personal Income
                                                                                                                       Last Point 4Q 2010: 4.93
             6.5                                                                                                                                                            6.5


             6.0                                                                                                                                                            6.0


             5.5                                                                                                                                                            5.5


             5.0                                                                                                                                                            5.0


             4.5                                                                                                                                                            4.5


             4.0                                                                                                                                                            4.0
              1952-I                    1962-I                    1972-I                   1982-I                   1992-I                    2002-I

                                                                                                                       Source: The Federal Reserve
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                   Chart 10
                                                                                   S&P 500

                                                                                                                      Last Point 04/14/11: 1315
         1600                                                                                                                                                               1600

         1400                                                                                                                                                               1400

         1200                                                                                                                                                               1200

         1000                                                                                                                                                               1000

            800                                                                                                                                                             800

            600                                                                                                                                                             600

            400                                                                                                                                                             400

            200                                                                                                                                                             200

               0                                                                                                                                                            0
              Jan-80 Jan-84 Jan-88 Jan-92 Jan-96 Jan-00 Jan-04 Jan-08

                                                                                                                                  Source: Yahoo Finance
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                     Chart 11
                                                        U.S. Homeowner's Equity
                                                    as a % of Household Real Estate

                                                                         Last points 4Q 2010 - Total: 38.5%, Mortgagors: 19.0%
           70%                                                                                                                                                              70%


           60%                                                                                                                                                              60%


           50%                                                                                                                                                              50%


           40%                                                                                                                                                              40%


           30%                                                                                                                                                              30%


           20%                                                                                                                                                              20%


           10%                                                                                                                                                              10%
             1983                           1988                       1993                        1998                        2003                       2008
                               Total
                                                                                                                       Source: Federal Reserve and
                               Mortgagors Only                                                                           A. Gary Shilling & Company

ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                     Chart 12
                                        Alternative Measures of Unemployment

                                                     Last Point 03/11 - Unemployment Rate: 8.8%, Alt. Measure: 15.7%
           18%                                                                                                                                                              18%

           16%                                                                                                                                                              16%

           14%                                                                                                                                                              14%

           12%                                                                                                                                                              12%

           10%                                                                                                                                                              10%

             8%                                                                                                                                                             8%

             6%                                                                                                                                                             6%

             4%                                                                                                                                                             4%

             2%                                                                                                                                                             2%
             Jan-94 Jan-96 Jan-98 Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10
                    Total unemployed
                    Total unemployed + marginally attached workers
                    + employed part time for economic reasons
                     Source: Bureau of Labor Statistics
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                     Chart 13
                  Required and Total Reserves of Depository Institutions
                                         $ Bil, SA
                                                                       Last Points 04/06/11: Required: 74.6, Total: 1506.1
         1600                                                                                                                                                               1600

         1400                                                                                                                                                               1400

         1200                                                                                                                                                               1200

         1000                                                                                                                                                               1000

            800                                                                                                                                                             800

            600                                                                                                                                                             600

            400                                                                                                                                                             400

            200                                                                                                                                                             200

               0                                                                                                                                                            0
              Jan-08 May-08 Oct-08 Feb-09                                            Jul-09           Dec-09 Apr-10 Sep-10 Jan-11
                                  Required reserves of depository institutions
                                  Total reserves of depository institutions (excess + required)
                      Source: The Federal Reserve
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                     Chart 14
                                               U.S. M2 Money Supply and Velocity


                                                                              Last Points - Yr/Yr 03/11: 4.7%, Velocity 4Q 10: 1.69
            11%                                                                                                                                                           2.1
            10%
               9%                                                                                                                                                         2.0
               8%
               7%                                                                                                                                                         1.9
               6%
               5%                                                                                                                                                         1.8
               4%
               3%                                                                                                                                                         1.7
               2%
               1%                                                                                                                                                         1.6
               Jan-00                Sep-01                May-03                Jan-05                Sep-06               May-08                 Jan-10
                                 M2 Money Supply (Yr/Yr % Change) - left axis
                                 M2 Money Velocity (GDP / M2) - right axis
                       Source: The Federal Reserve
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                             Chart 15
                                                Housing Starts and Completions
                                                                     thousands of units, SAAR


         2800                                                                  Last Point Feb. 2011 - Starts: 479, Completions: 581 2800


         2500                                                                                                                                                               2500

         2200                                                                                                                                                               2200

         1900                                                                                                                                                               1900

         1600                                                                                                                                                               1600

         1300                                                                                                                                                               1300

         1000                                                                                                                                                               1000

            700                                                                                                                                                             700

            400                                                                                                                                                             400
            Jan 1959                 Jan 1968                  Jan 1977                  Jan 1986                 Jan 1995                  Jan 2004
                            Housing Starts                                                                                       Source: Census Bureau
                            Housing Completions

ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                     Chart 16
               U.S. Percentage Living at Parents' Home vs. Homeownership Rate

                                                                 Last Points 2010 - At Parents': 13.4%, Homeowners: 39.1%
       13.5%                                                                                                                                                                44%

       13.0%                                                                                                                                                                43%

       12.5%                                                                                                                                                                42%

       12.0%                                                                                                                                                                41%

       11.5%                                                                                                                                                                40%

       11.0%                                                                                                                                                                39%

       10.5%                                                                                                                                                                38%

       10.0%                                                                                                                                                                37%
           1983                             1988                       1993                        1998                        2003                       2008
                                % of 25-34 Year Olds Living at Parents' Home - left axis
                                Under 35 Homeownership Rate - right axis
                      Source: The Census Bureau
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                     Chart 17
                                                                  Homeownership Rate

                                                                                                                       Last Point 4Q 2010: 66.5%
           70%                                                                                                                                                              70%

           69%                                                                                                                                                              69%

           68%                                                                                                                                                              68%

           67%                                                                                                                                                              67%

           66%                                                                                                                                                              66%

           65%                                                                                                                                                              65%

           64%                                                                                                                                                              64%

           63%                                                                                                                                                              63%

           62%                                                                 62%
            1965-I 1970-I 1975-I 1980-I 1985-I 1990-I 1995-I 2000-I 2005-I 2010-I

                                                                                                                                   Source: Census Bureau
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                  Chart 18
                                                          U.S Household Formations
                                               change from one year ago, thousands of units

                                                                                                                           Last Point 4Q 2010: 1080
         2500                                                                                                                                                               2500


         2000                                                                                                                                                               2000


         1500                                                                                                                                                               1500


         1000                                                                                                                                                               1000


            500                                                                                                                                                             500


                 0                                                                                                                                                          0


          -500                                                                                                                                                              -500
                              2002           2003           2004           2005            2006           2007           2008            2009           2010

                                                                                                                                 Source: Census Bureau
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                     Chart 19
                                                 Real Quality Adjusted Home Prices

                                                                                                                          Last Point 4Q 2010: 124.1
            200                                                                                                                                                             200

            180                                                                                                                                                             180

            160                                                                                                                                                             160

            140                                                                                                                                                             140

            120                                                                                                                                                             120

            100                                                                                                                                                             100

              80                                                                                                                                                            80

              60                                                                                                                                                       60
               1890                      1910                    1930                     1950                     1970                    1990                     2010

                                                                                                                                    Source: Robert Shiller
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                     Chart 20
                                          Apartment Vacancy and Rental Rates

                                                                            Last Points 4Q 2010 - Vacancy: 6.6%, Rents: $1,043
          8.5%                                                                                                                                                              1060


          8.0%                                                                                                                                                              1050

                                                                                                                                                                            1040
          7.5%
                                                                                                                                                                            1030
          7.0%
                                                                                                                                                                            1020
          6.5%
                                                                                                                                                                            1010

          6.0%                                                                                                                                                              1000

          5.5%                                                                                                                                                              990
             2007-I              2007-III              2008-I            2008-III             2009-I             2009-III             2010-I             2010-III

                               Vacancy Rate - left axis
                               Avg. Asking Rent ($ / month) - right axis
                    Source: Mortgage Bankers Association / REIS
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                     Chart 21
                                                                   Crude Oil Spot Prices
                                                                         $/Barrel

                                                                                                                     Last Point 04/14/11: $108.11
            160                                                                                                                                                             160

            140                                                                                                                                                             140

            120                                                                                                                                                             120

            100                                                                                                                                                             100

              80                                                                                                                                                            80

              60                                                                                                                                                            60

              40                                                                                                                                                            40

              20                                                                                                                                                            20
              Jan-07                     Oct-07                     Jul-08                    Apr-09                     Jan-10                    Nov-10

                                                                                                    Souce: Energy Information Administration

ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                Chart 22
                                                                               UPRISINGS
                                     1848                                                                                                       2011
       Winds of change including socialism                                                                         Winds of change including
       and nationalism                                                                                             nationalism and democracy
       Economic discontent among lower                                                                             Economic discontent among lower
       and middle class                                                                                            and middle class
                                                                                        Causes
       Unemployment                                                                                                Unemployment

       Unpopularity of ruling class / absolute                                                                     Unpopularity of ruling class / absolute
       monarchy and resentment of their                                                                            monarchy and resentment of their
       accumulated wealth                                                                                          accumulated wealth


                            Italian states                                                                                                    Tunisia
                                France                                                                                                         Egypt
                           German states                                                                                                      Bahrain
                              Denmark                                            States Involved                                               Oman
                          Habsburg Empire                                                                                                      Libya
                             Switzerland                                                                                                      Yemen
                           Greater Poland                                                                                                       Iraq

                                                                               New tech means
                                 Telegraph                                                                                  Internet (Facebook, Twitter)
                                                                              of communication
                                                                    Source: A. Gary Shilling & Co.
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                         Chart 23
                                                                    Japanese Net Debt
                                                                     as a percentage of GDP

                                                                                                                           Last Point 2010: 120.7%
         140%                                                                                                                                                               140%

         120%                                                                                                                                                               120%

         100%                                                                                                                                                               100%

           80%                                                                                                                                                              80%

           60%                                                                                                                                                              60%

           40%                                                                                                                                                              40%

           20%                                                                                                                                                              20%

             0%                                                                                                                                                         0%
              1980                       1985                     1990                     1995                     2000                    2005                     2010

                                                                                                            Source: International Monetary Fund
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                     Chart 24
                                 Japanese Current Account and Trade Balance
                                    (100 million Yen, Seasonally Adjusted)

                                                          Last Points 4Q 10 - Current Acct: 42,182; Trade Balance: 17,934
        70000                                                                                                                                                              70000

        60000                                                                                                                                                              60000

        50000                                                                                                                                                              50000

        40000                                                                                                                                                              40000

        30000                                                                                                                                                              30000

        20000                                                                                                                                                              20000

        10000                                                                                                                                                              10000

                 0                                                                                                                                                         0

       -10000                                                                                                                                                              -10000
            1985                  1988             1991              1994             1997             2000             2003             2006              2009

                                  Current Account                                                        Source: Japanese Ministry of Finance
                                  Trade Balance

ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                     Chart 25




ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                        Chart 26
                                                                  Japanese Saving Rate

                                                                                                                                  Last Point 2010: 2.7%
           20%                                                                                                                                                              20%


           16%                                                                                                                                                              16%


           12%                                                                                                                                                              12%


             8%                                                                                                                                                             8%


             4%                                                                                                                                                             4%


             0%                                                                                                                                                         0%
              1980                       1985                     1990                     1995                     2000                    2005                     2010


                                                                                                           Source: International Monetary Fund
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                       Chart 27
                                                                 Japanese Population
                                                                   year/year percentage change

                                                                                                                                 Last Point 2010: -0.1%
          2.5%                                                                                                                                                              2.5%


          2.0%                                                                                                                                                              2.0%


          1.5%                                                                                                                                                              1.5%


          1.0%                                                                                                                                                              1.0%


          0.5%                                                                                                                                                              0.5%


          0.0%                                                                                                                                                              0.0%


        -0.5%                                                                                                                                                               -0.5%
            1955                           1965                       1975                        1985                       1995                       2005

                                                                                                                 Source: Japanese Statistics Bureau
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                     Chart 28
                           Japanese Business Gross Saving and Investment
                                              tril. Yen
                                                                Last Points 2009 - Saving: 93.3; Investment: 67.1; Net: 26.2
            120                                                                                                                                                             120

            100                                                                                                                                                             100

              80                                                                                                                                                            80

              60                                                                                                                                                            60

              40                                                                                                                                                            40

              20                                                                                                                                                            20

                 0                                                                                                                                                          0

             -20                                                                                                                                                            -20

             -40                                                                                                                                                            -40
               1980                       1985                      1990                     1995                      2000                      2005
                               Gross Investment
                               Gross Saving
                               Net                                                                               Source: Japanese Cabinet Office

ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                     Chart 29
                                                Japanese Real GDP and Exports
                                                               year/year percentage change

                                                                                  Last Points 4Q 2010 - GDP: 2.5%; Exports: 13.1%
             8%                                                                                                                                                             40%
             6%                                                                                                                                                             30%
             4%                                                                                                                                                             20%
             2%                                                                                                                                                             10%
             0%                                                                                                                                                             0%
            -2%                                                                                                                                                             -10%
            -4%                                                                                                                                                             -20%
            -6%                                                                                                                                                             -30%
            -8%                                                                                                                                                             -40%
         -10%                                                                                                                                                               -50%
         -12%                                                                                                                                                               -60%
            1990-I                  1993-I                1996-I                1999-I               2002-I                2005-I               2008-I

                             Real Gross Domestic Product - left axis
                             Real Exports - right axis                                                                  Source: Japanese Cabinet Office

ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                  Chart 30
                                 10 Year Japanese Government Bond Yields

                                                                                                                      Last Point March 2011: 1.25%
           10%                                                                                                                                                              10%
             9%                                                                                                                                                             9%
             8%                                                                                                                                                             8%
             7%                                                                                                                                                             7%
             6%                                                                                                                                                             6%
             5%                                                                                                                                                             5%
             4%                                                                                                                                                             4%
             3%                                                                                                                                                             3%
             2%                                                                                                                                                             2%
             1%                                                                                                                                                             1%
             0%                                                                                                                                                             0%
             Jan-80               Mar-84             May-88               Jul-92              Sep-96             Nov-00               Jan-05             Mar-09


                                                                                                                 Source: European Central Bank
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                       Chart 31
                                                                PIIGS Debt and GDP
                                                               2010 levels, billions of Euros


                                              Private                      Public                   Total                Nominal                     Total Debt /
                                              Lending                       Debt                    Debt                  GDP                           GDP
          Italy                                2,056                       1,843                    3,899                 1,543                         253%
          Spain                                  2,096                        600                   2,696                   1,058                          255%
          Ireland                                  367                        125                     492                     156                          315%
          Portugal                                 274                        128                     402                     172                          234%
          Greece                                   262                        283                     545                     231                          236%
          Total                                  5,055                      2,979                   8,034                   3,159                          254%




                                                                   Source: Central Banks, IMF
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                              Chart 32
                             U.S. Bank Exposure to the Eurozone and U.K.
                                                                         as of 09/30/10, $ billion
                                                      Claims on                 Claims on                                                               Total Claims as a
                                                       Banking                    Public                Claims on     Total                               % of Global
       Country                                          Sector                   Sector                Other Sector Claims                                  Exposure
       Belgium                                          22,199                    6,957                   12,100     41,256                                   1.00%
       France                                          180,085                   34,060                   77,748    291,893                                   7.09%
       Germany                                         294,618                   66,894                   63,584    425,096                                  10.33%
       Italy                                            20,788                    36,748                  18,199     75,735                                   1.84%
       Luxembourg                                       4,830                      975                    26,119     31,924                                   0.78%
       Netherlands                                      33,658                    9,870                   76,366    119,894                                   2.91%
       Austria                                          4,947                     4,855                   7,897     17,699                                    0.43%
       Finland                                          6,346                     3,201                   3,864      13,411                                   0.33%
       Greece                                            724                      2,670                   5,123      8,517                                    0.21%
       Ireland                                          21,898                    1,808                   49,691     73,397                                   1.78%
       Portugal                                         1,737                     2,564                   2,086      6,387                                    0.16%
       Spain                                            24,083                    5,371                   30,898     60,352                                   1.47%
       Slovakia                                           36                       408                     494         938                                    0.02%
       United Kingdom                                  348,208                   64,693                  566,674    979,575                                  23.80%

       Total Eurozone*                                  615,949                   176,381                   374,169               1,166,499                       28.34%
       Total Eurozone* + U.K.                           964,157                   241,074                   940,843               2,146,074                       52.14%

       *Data for Cyprus, Malta and Slovenia not available
       Source: Federal Financial Institutions Examination Council
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                              Chart 33
                                                    Chinese Stocks and Copper
                                                                    return since Jan. 3, 2010


           40%                                                                 Last Points 04/14/11 - China: 5.6%, Copper: 25.8% 40%



           30%                                                                                                                                                              30%


           20%                                                                                                                                                              20%


           10%                                                                                                                                                              10%


             0%                                                                                                                                                             0%


         -10%                                                                                                                                                               -10%


         -20%                                                                                                                                                               -20%
           Jan-10                    Mar-10                 May-10                 Aug-10                  Oct-10                Dec-10                 Mar-11
                             iShares FTSE China 25 Index Fund (FXI)
                             Copper (nearest futures contract)                                                                Source: Thomson Reuters

ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                            Chart 34
                                              Chinese Gross Domestic Product
                                               year / year percentage change
                                                                                                                              Last Point 1Q 11: 9.7%
           12%                                                                                                                                                              12%

           11%                                                                                                                                                              11%

           10%                                                                                                                                                              10%

             9%                                                                                                                                                             9%

             8%                                                                                                                                                             8%

             7%                                                                                                                                                             7%

             6%                                                                                                                                                             6%

             5%                                                                                                                                                             5%
                           2005                 2006                 2007                  2008                 2009                 2010                  2011

                                                                                           Source: Chinese National Bureau of Statistics
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                     Chart 35
                                                 Chinese Consumer Price Indices
                                                                    year/year percent change

                                                                               Last Points Mar. 2011 - All Items: 5.4%, Food: 11.7%
           12%                                                                                                                                                              12%

           10%                                                                                                                                                              10%

             8%                                                                                                                                                             8%

             6%                                                                                                                                                             6%

             4%                                                                                                                                                             4%

             2%                                                                                                                                                             2%

             0%                                                                                                                                                             0%

            -2%                                                                                                                                                             -2%
             Jan-09                        Jun-09                      Nov-09                       Apr-10                       Sep-10                      Feb-11

                          Consumer Price Index - All Items
                          Consumer Price Index - Food                                                   Source: China National Bureau of Statistics

ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                          Chart 36
                                               Chinese Household Saving Rate
                                                      annual average

       30.0%                                                                                                                                                                30.0%



       27.5%                                                                                                                                                                27.5%



       25.0%                                                                                                                                                                25.0%



       22.5%                                                                                                                                                                22.5%



       20.0%                                                                                                                                                                20.0%
           2003                        2004                   2005                   2006                   2007                   2008                   2009

                      Source: China's National Bureau of Statistics
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                                     Chart 37
                                     Real and Nominal Chinese Deposit Rate


             5%                                                Last Points - Real 03/31/11: -2.40% Nominal 04/14/11: 3.25%                                                  5%
             4%                                                                                                                                                             4%
             3%                                                                                                                                                             3%
             2%                                                                                                                                                             2%
             1%                                                                                                                                                             1%
             0%                                                                                                                                                             0%
            -1%                                                                                                                                                             -1%
            -2%                                                                                                                                                             -2%
            -3%                                                                                                                                                             -3%
            -4%                                                                                                                                                             -4%
            -5%                                                                                                                                                             -5%
             Jan-07               Jul-07            Feb-08             Aug-08             Mar-09             Sep-09              Apr-10             Nov-10
                           Nominal One Year Deposit Rate
                           Real One Year Deposit Rate (nominal rate less yr/yr change in CPI)
                  Source: Bloomberg
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                           Chart 38
                       Chinese Reserve Ratio and One Year Lending Rates

                                                                     Last Points 04/14/11- Reserves: 20.0%, Loans: 6.31%
           20%                                                                                                                                                              20%

           18%                                                                                                                                                              18%

           16%                                                                                                                                                              16%

           14%                                                                                                                                                              14%

           12%                                                                                                                                                              12%

           10%                                                                                                                                                              10%

             8%                                                                                                                                                             8%

             6%                                                                                                                                                             6%

             4%                                                                                                                                                             4%
             Jan-07               Jul-07            Feb-08             Aug-08             Mar-09             Sep-09              Apr-10            Nov-10

                              Required Reserve Ratio (major banks) - left axis
                              One Year Lending Rate - right axis                                                                       Source: Bloomberg

ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                            Chart 39
                                                  Chinese Yuan per U.S. Dollar
                                                                                                                          Last Point 04/14/11: 6.53
                 9                                                                                                                                                          9

                 8                                                                                                                                                          8

                 7                                                                                                                                                          7

                 6                                                                                                                                                          6

                 5                                                                                                                                                          5

                 4                                                                                                                                                          4

                 3                                                                                                                                                          3

                 2                                                                                                                                                          2

               1                                                                                                                                                            1
              Jan-81              Dec-84             Dec-88              Feb-93              Mar-97              Feb-01             Feb-05              Feb-09


                                                                                                                         Source: The Federal Reserve
ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                                 Chart 40
                                                          Commodity Price Indices

                            Last Points 04/14/11 - Metals: 141, Textiles: 144, Industrials: 136, Foodstuffs: 135
            160                                                                                                                                                             160


            140                                                                                                                                                             140


            120                                                                                                                                                             120


            100                                                                                                                                                             100


              80                                                                                                                                                            80


              60                                                                                                                                                            60


              40                                                                                                                                                            40
              Jun-05              Mar-06              Dec-06              Oct-07               Jul-08             May-09              Feb-10              Dec-10

                               Metals                          Raw Industrials
                               Textiles                        Foodstuffs                                                    Source: Thomson Reuters

ai.e
       There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.



                                                           Chart 41
                                               Long Term Investment Strategies
                 Buy                                                Sell
         1.      Treasurys and other High-Quality                                                     1.      Big-Ticket Consumer Purchases
                     Bonds
                                                                                                      2.      Credit Card and Other Consumer
         2.      Income-Producing Securities                                                                      Lenders
         3.      Food and Other Consumer Staples                                                      3.      Conventional Home Builders and
                                                                                                                 Suppliers
         4.      Small Luxuries
                                                                                                      4.      Antiques, Art, and Other Tangibles
         5.      The U.S. Dollar
                                                                                                      5.      Banks and Similar Financial Institutions
         6.      Investment Advisors and Financial
                     Planners                                                                         6.      Junk Securities
         7.      Factory-Built Housing and Rental                                                     7.      Flailing Companies
                     Apartments
                                                                                                      8.      Low- and Old-Tech Capital Equipment
         8.      Health Care                                                                                      Producers
         9.      Productivity Enhancers                                                               9.      Commercial Real Estate
         10. North American Energy                                                                    10. Commodities
                                                                                                      11. Developing Country Stocks and Bonds
                                                                                                      12. Japan – A Slow Train Wreck

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