US

Libor 3-Month 6-Month

LIBOR US Nominal Forecasted Inflation Real 0.25% 2.00% -1.75% 0.25% 2.00% -1.75% Germany Nominal Forecasted Inflation Real 0.25% 1.27% -1.02% 0.25% 1.27% -1.02% Brazil Nominal Forecasted Inflation Real 0.25% 6.23% -5.98% 0.25% 6.23% -5.98% Hong Kong Nominal Forecasted Inflation Real 0.25% 4.91% -4.66% 0.25% 4.91% -4.66% Japan Nominal Forecasted Inflation Real 0.25% 0.88% -0.63% 0.25% 0.88% -0.63% UK Nominal Forecasted Inflation Real 0.25% 2.61% -2.36% 0.25% 2.61% -2.36%

Swap 5 yr 10 yr

SWAP BB Coomand: IRS US Nominal 1.45% 2.64% Germany (EuroZone) Nominal 1.17% 2.04% Brazil

Germany

Libor 3-Month 6-Month

Swap 5 yr 10 yr

Brazil

Libor 3-Month 6-Month

Swap 5 yr 10 yr*

Nominal 11.56%

Hong Kong Swap 5 yr 10 yr Nominal 1.39% 2.40% Japan Swap 5 yr 10 yr Nominal 0.35% 0.73% UK Swap 5 yr 10 yr Nominal 1.65% 2.57%

Hong Kong

Libor 3-Month 6-Month

Japan

Libor 3-Month 6-Month

UK

Libor 3-Month 6-Month

Fischer Equation: Real Rate = Nominal Rate - Forecasted Inflation

Used same inflation for 5 and 10 year b has not been forecasted out until 2023.

SWAP BB Coomand: IRSB US Forecasted Inflation Real 3.00% -1.55% 3.00% -0.36% Germany (EuroZone) Forecasted Inflation Real 1.80% -0.63% 1.80% 0.24% Brazil Forecasted Inflation Real 3.10% 8.46%

Gov Treas. BBCommand: WB US Gov Treas. Nominal Forecasted Inflation Real 5 yr 4.30% 3.00% 2.29% 10 yr 3.00% 3.00% 2.50% Germany (EuroZone) Gov Treas. Nominal Forecasted Inflation Real 5 yr 4.00% 1.80% 0.76% 10 yr 1.80% 1.80% 1.77% Brazil Gov Treas. Nominal Forecasted Inflation Real 5 yr 3.10% 3.10% 11.52% 10 yr* Hong Kong Gov Treas. Nominal Forecasted Inflation Real 5 yr 4.94% 4.00% 0.94% 10 yr 5.89% 4.00% 1.89% Japan Gov Treas. Nominal Forecasted Inflation Real 5 yr 1.51% 1.30% 0.21% 10 yr 1.91% 1.30% 0.61% UK Gov Treas. Nominal Forecasted Inflation Real 5 yr 3.64% 2.20% 1.44% 10 yr 0.25% 2.20% 2.60% Real Rate Calculator: FIHZ

Hong Kong Forecasted Inflation Real 4.00% -2.61% 4.00% -1.60% Japan Forecasted Inflation Real 1.30% -0.95% 1.30% -0.57% UK Forecasted Inflation Real 2.20% -0.55% 2.20% 0.37%

inflation for 5 and 10 year because inflation een forecasted out until 2023.