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16projections. This is why regular revisions of the underlying projections are important for investors who want a clearer assessment of the future. In the EAGLEs case, BBVA provides the investment community with annual revisions of a large set of countries so that we can review which economies can still be considered an EAGLE. This, of course, also depends on the prospects of the G6 within the same 10-year timeframe. The new forecasts about EAGLEs have been available since mid-February.4 Cut-off point. The only rigorous way to identify a group is to have a clear threshold to identify which countries are in a group-and which aren't. BBVA defines the EAGLEs threshold as a contribution to global GDP (incremental GDP) that exceeds that of the G6 in the next 10 years. We also aim to anticipate which other economies may become EAGLEs in the future in case they suddenly improve their expected performance. We named this set of economies "the Nest of the EAGLEs." The cut-off point we use here is the incremental GDP of Italy, which is the smallest among the G6 nations. In other words, if an emerging country is expected to contribute more to global growth than Italy in the next 10 years, it's "in the Nest."Insights: How does the EAGLEs concept compare with a "BRIC" strategy?Garcia-Herrero: As I mentioned, it's a more comprehensive set of leading economies. BBVA expects them to be responsible for half of the world's growth in the next decade. Whereas the G7 economies' expected contribution does not exceed 14%. Also, since it's dynamic and based on absolute growth, we can identify interesting trends, such as Indonesia and Korea coming out ahead of Russia, even if the latter is a BRIC and the other two aren't. Another relevant case is Mexico, which is expected to have a larger incremental GDP than Germany. Insights: Why is it important to look beyond the BRICs? Garcia-Herrero: Besides the cases that were already mentioned, I would like to highlight the important role that we anticipate Turkey and Taiwan will play in the global markets. For each of them, their expected incremental GDP is larger than that of the United Kingdom, Canada, France and Italy. Insights: Do the four BRIC countries generally make it on the EAGLEs list?Garcia-Herrero: All of them are included. Three of them are at the top of the list (China, India and Brazil) but not Russia, which falls behind Indonesia and Korea, in that order.The others are Mexico, Taiwan and Turkey. The EAGLEs today are 10 countries, but there could be more or less in future revisions, depending on their macroeconomic prospects. Our next revision will be in February 2013.Insights: What happens if an EAGLEs country is impacted by an unanticipated event, such as the uprisings that took place in the Middle East this year?Garcia-Herrero: All economies suffer shocks, either positive or negative. In the case of Egypt, it became the first "fallen angel" after BBVA revised its projections downward for the next two years in the 2012 EAGLEs annual report. For the medium term, we need to strike the balance between the boost that democracy may bring in terms of economic liberalization, versus its current political instability. Insights: How does working at a firm like BBVA give you a different perspective on markets?Garcia-Herrero: BBVA is a global bank with branches in the United States, Europe, Latin America and Asia-Pacific. Our Economic Research team has over 100 economists all over the world analyzing developments from every perspective. Our understanding of this field-as well as our medium-term orientation-makes us a unique platform to analyze developments on a global scale.Insights: What has the reaction of the global investment community been to the Dow Jones BBVA EAGLEs Indexes so far?Garcia-Herrero: As far as European investors are concerned, the concept has been very well accepted because of its dynamism and clear rules on its composition. For more information on BBVA EAGLEs, visit: >> www.bbvaeagles.comYou can also follow EAGLEs on Twitter and LinkedIn.

17Dow Jones Pring U.S. Business Cycle IndexSMLaunch Date: March 2012The Dow Jones Pring U.S. Business Cycle IndexSM is a dynamic multi-asset class index that is designed to automatically allocate among stock, bond, commodity and cash segments based on a proprietary model that identifies and accounts for the current stage of the economic business cycle. The proprietary model is a rules-based application of an investment process developed by Pring Research. Dow Jones Select Dividend Distributing IndexesSM Six New IndexesLaunch Date: February 2012Dow Jones Indexes began calculating six new dividend-focused indexes-for Australia, Canada, Switzerland, the United States, the United Kingdom and the Asia/Pacific region-according to its distributing methodology. The methodology couples the performance of a base equity index with a theoretical cash component that is designed to reflect the dividends paid by its constituents, in order to offer investors greater transparency into the index's price performance. Dow Jones Global Titans 50 Volatility Risk Control IndexesSMLaunch Date: February 2012The Dow Jones Global Titans 50 Volatility Risk Control IndexesSM target predetermined levels of market volatility (10% and 15%) by dynamically allocating between the base index and a cash component. The underlying index is the Dow Jones Global Titans 50 IndexSM, which represents 50 of the world's largest stocks. Dow Jones LSP Position Sizing IndexesSMLaunch Date: January 2012The Dow Jones LSP Position Sizing IndexesSM are based on a rules-based application of an investment strategy known as Leverage Space Portfolio, which was created by LSP Partners, LLC. The strategy aims to maximize the probability of positive performance, rather than seeking to maximize performance, by employing a risk-control process focused on drawdown management. The first index in this series is the Dow Jones LSP Position Sizing Equal Sector U.S. Large-Cap 50 IndexSM.Dow Jones Islamic Market CHIME 100 IndexSMLaunch Date: January 2012The Dow Jones Islamic Market CHIME 100 IndexSM measures the stock performance of 100 leading companies selected from China, India, and the Middle East and North Africa (MENA) region. As part of the Dow Jones Islamic Market IndexSM family, the index includes only securities that have passed rules-based screens for Shari'ah compliance, which include industry and financial-ratio screens. Dow Jones Credit Suisse Inflation Breakeven IndexesSMLaunch Date: January 2012The Dow Jones Credit Suisse Inflation Breakeven IndexesSM aim to reflect changes in long-term inflation expectations implied by the U.S. government bond market. The indexes take a long/short approach to measuring positions in TIPS and Treasury bonds, duration-adjusting the Treasury notional in an effort to minimize interest rate variation embedded in each instrument to provide cleaner measures of inflation. Available are 10-year and 30-year breakeven indexes, as well as indexes covering the TIPS and Treasury components. To take advantage of these new licensing opportunities, please call +1.609.520.7249 or email OpportunitiesNew Index IntroductionsThe following new indexes are now available for licensing:Join Our Mailing ListsTo be added to the following mailing lists, please email us at respect your privacy. Your email address will not be shared with third parties.Index Data MonthlyPerformance report on our major indexes.New Index AnnouncementsSame-day announcements of new index launches.Insights from Dow Jones IndexesElectronic version of this newsletter.