Levels of Correlation between Aggregate Benchmark, US Treasuries, Euro Government bonds and UK Gilts

Barclays Global Aggregate Bond Index Correlation to Market Indexes 10-Year Period ended 31 March 2016

Index Name	Correlation
Barclays US Aggregate Government – Treasury Index (Gross)	0.510.51
Barclays Euro Government Bond Index (Gross)	0.870.87
FTSE UK Gilts (All) Government Total Return Index (Gross)	0.660.66

Source: FactSet, representing 10-year correlations between Barclays Global Aggregate Bond Index and the listed indice. Correlation measures the degree to which two investments move in tandem. Correlation will range between 1.00 (perfect positive correlation; where two items historically always moved in the same direction) and -1.00 (perfect negative correlation; where two items historically always moved in opposite directions).