1. The 13 th Seoul International Derivative & Alternative Investment Conference Seoul, August 26, 2015 Hung Tran Fed’s Liftoff, China’s Devaluation: EM’s Perfect Storm

2. Institute of International Finance 2 Source: Bloomberg, IIF.

3. Institute of International Finance 3 Source: Blue Chips Economic Indicators and Blue Chip Financial Forecasts.

4. Institute of International Finance 4 Source: Federal Reserve, BEA, Bloomberg, IIF.

5. Institute of International Finance 5 Source: FRED, IIF.

6. Institute of International Finance 6 Source: Bloomberg, IIF.

7. Institute of International Finance 1894- 1932 1932- 1971 1971- 1999 1999- ongoing Peak year1817195119732010 Percent rise in prices during upswing 50.2%72.0%38.9%81.3% Percent fall in prices during downswing -54.6%-43.3%-52.5%- Length of the cycle (years) 383928- Upswing2319211 Downswing152026- 7 Total non-oil commodity prices Source: UN Department of Economic and Social Affairs.

8. Institute of International Finance 8 Source: Bloomberg, Morgan Stanley Research.

9. Institute of International Finance 9 Source: IIF.

10. Institute of International Finance 10 Source: Bloomberg, Datastream, IIF.

11. Institute of International Finance 11 Source: MRB Partners.

12. Institute of International Finance 12 Source: Haver, IIF.

13. Institute of International Finance 13 Source: Haver, Markit/Caixin.

14. Institute of International Finance 14 Source: Bloomberg, IIF.

15. Institute of International Finance 15 Source: IMF, Haver, BIS, IIF.

16. Institute of International Finance 16 Source: Bloomberg, IIF.

17. Institute of International Finance 17 Source: Bloomberg, IIF.

18. Institute of International Finance 18 Source: Bloomberg, IIF.

19. Institute of International Finance 19 Source: Haver.

20. Institute of International Finance 20 Source: CPB World Trade Monitor, IIF.

21. Institute of International Finance 21 Source: OECD-WTO, UNCTAD, Credit Suisse.

22. Institute of International Finance 22 Source: BIS, IMF, OECD, McKinsey, IIF;*Brazil, China, Czech Republic, Hungary, India, Indonesia, Mexico, Poland, Russia, Saudi Arabia, South Africa, Thailand, Turkey

23. Institute of International Finance 23 Source: Bloomberg, IIF.

24. Institute of International Finance 24 Source: MSCI, Bloomberg, IIF.

25. Institute of International Finance 25 Source: Bloomberg, IIF.

26. Institute of International Finance 26

27. Institute of International Finance 27 Source: EPFR, IIF estimates; includes mutual funds and ETFs.

28. Institute of International Finance 28 Source: Haver, NN Investment Partners, IIF.

29. Institute of International Finance 29 Source: IIF.

30. Institute of International Finance 30 Source: IMF, IIF.

31. Institute of International Finance 31 Source: UN, IIF.

32. Institute of International Finance 32 Source: United Nations.1-Age 15-64 years

33. Institute of International Finance percentEquitiesBondsFX* 2014-now-26.2-3.4-9.2 Taper tantrum-15.7-10.8-1.5 Financial crisis-66.1-26.6-5.2 Dot-com crisis-53.112.9-5.5 Asian crisis-33.2-3.1-17.7 33 Change from peak to trough, EM Assets *FX: GDP weighted average of 20 EM currencies vis-à-vis USD. Source: Bloomberg, IIF.