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Jeffrey Gundlach’s Doubleline Capital – Emerging Market Debt And The Three C’s

Jeffrey Gundlach’s DoubleLine Total Return Bond Fund webcast slides titled, “Emerging Market Debt And The Three C’s.”

Jeffrey Gundlach: Emerging Markets

Three C’s: Central Banks

Jeffrey Gundlach Emerging Market Debt

Source: DoubleLine, Bloomberg
*Approximately 92 billion U.S. Dollars as of April 30, 2016, **Approximately $752 million U.S. Dollars as of April 30, 2016
FED: Federal Reserve, ECB: European Central Bank, BoJ: Bank of Japan
Q/E: Quantitative Easing
EUR: Euros, JPY: Yen
PBoC: Peoples Bank of China

Fed Fund Futures implied probability of a June hike

Jeffrey Gundlach Emerging Market Debt

Source: DoubleLine, Bloomberg, Data as of 01/02/2015 to 05/19/2016
FOMC = Federal Open Market Committee which consists of twelve members. Probability of the Federal Reserve raising the target range for the Federal Funds Rate at the June 15, 2016 meeting,
as implied by Fed Fund futures

The Three C’s: China

Emerging Markets – Three C’s: China

Jeffrey Gundlach Emerging Market Debt

Source: DoubleLine, Bloomberg
Dates: 04/30/2015 to 05/19/2016
CNY = Chinese Yuan Renminbi
USD/CNY Mid Rate or the CNYMUSD Index is the daily CNY fixing price released by the China Foreign Exchange Trading System

Jeffrey Gundlach Emerging Market Debt

Source: DoubleLine, Bloomberg
Dates: 05/31/2010 to 04/30/2016
China Foreign Reserves or the CNGFOREX Index: This ticker calculates Foreign exchange reserves comprise securities at market value, currencies and deposits with other national
central banks, BIS and IMF, such as financial derivatives.

Jeffrey Gundlach Emerging Market Debt

Source: DoubleLine, Bloomberg
Dates: 06/30/2001 to 03/31/2016
YoY = year-over-year
China GDP or the CNGDYOY Index is China’s Gross Domestic Product

Jeffrey Gundlach Emerging Market Debt

Source: DoubleLine, Bloomberg,
Dates: 12/31/2002 to 03/31/2016
China Total Social Financing or the CNLZFGDP Index: This ticker calculates total outstanding corporate and household borrowing in China as a percentage of GDP. To calculate outstanding
corporate and household debt it takes outstanding bank loans at end 2002 as a starting point and adds net growth in total social finance in every month since. Funds raised through equity
issuance, which are included in total social finance, are netted out.

See full slides below.