Inflation hedging property of alternative assets: Summary Instrument Return Correlation Rota Comment Equities -30% Negative Correlated with growth not inflation Commodities 54% Unstable Good correlation but hedge ratios not stable Short Fl 54% Stable Stable hedge Property 35% Relatively Stable Partial hedge at best Source: .0ecasche Sam: CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 106563 CONFIDENTIAL SDNY_GM_00252747 EFTA01450737