Teneo Research Highlights - 15th July, 2021

[{"selector":"#anim-704d06fa-4998-4fdd-8821-bef6f47f1421","keyframes":{"transform":["translate3d(0px, -2070.13635%, 0)","translate3d(0px, 0px, 0)"]},"delay":400,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5c7c6bbd-d1eb-4b78-9406-d736714056d0","keyframes":{"opacity":[0,1]},"delay":500,"duration":800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1a06cf41-3612-40ba-b5a3-027a82122c89","keyframes":{"transform":["translate3d(0px, 1160.74053%, 0)","translate3d(0px, 0px, 0)"]},"delay":400,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-872f764b-98f5-40b6-9464-74cf088e572a","keyframes":{"opacity":[0,1]},"delay":600,"duration":800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1ff878a1-6924-40ee-9c8a-52cef4c8ba70 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.285244247341844%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-d018eb4d-5cf6-46ec-b45c-5c198c23cd8e","keyframes":{"opacity":[0,1]},"delay":1000,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] 15TH JULY, 2021 GLOBAL POLITICS TENEO HIGHLIGHTS

[{"selector":"#anim-ae9cc14c-9294-454d-8895-26506291dd83","keyframes":{"transform":["rotate(90deg) translate3d(-53.92492%, 0px, 0) rotate(-90deg)","rotate(90deg) translate3d(0px, 0px, 0) rotate(-90deg)"]},"delay":300,"duration":1001,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-224df117-3f8f-468d-8f50-5efa6d0b9e21","keyframes":{"transform":["rotate(-180deg) translate3d(-118.68132%, 0px, 0) rotate(180deg)","rotate(-180deg) translate3d(0px, 0px, 0) rotate(180deg)"]},"delay":200,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-08b2c90f-49c1-49c7-800e-709fbc025ada","keyframes":{"transform":["translate3d(119.78021%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d2c40455-f695-4094-88fa-0e34e2d6c3b6","keyframes":{"transform":["rotate(-90deg) translate3d(55.29010%, 0px, 0) rotate(90deg)","rotate(-90deg) translate3d(0px, 0px, 0) rotate(90deg)"]},"delay":100,"duration":1001,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bb2e8804-6d6d-428f-8878-dff73f30c180","keyframes":{"transform":["translate3d(0px, 100.18861%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-109036d3-8433-4f73-b376-b0595a55e5a4","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f3bbbfe0-042b-4b83-b05e-810d8e0973c6","keyframes":{"transform":["translate3d(0px, 137.46113%, 0)","translate3d(0px, 0px, 0)"]},"delay":600,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] CHART WEEKLY CHART WEEKLY CHART WEEKLY CHART TENEO EU vaccine coverage and infection rates EU vaccine coverage and infection rates

[{"selector":"#anim-872cf541-dcd5-43fd-952d-436b56773608 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-b79b87e9-9130-4bbd-9cdf-e3283c7b79f9","keyframes":{"transform":["translate3d(219.51217%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-603c9b56-c6a1-4c50-9ff8-82a9462724fa","keyframes":{"transform":["translate3d(116.61342%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-dc8109b2-d0ea-49e0-b39b-5eb2f5282495","keyframes":{"transform":["translate3d(224.07407%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2356c0b2-f3ab-4cba-b186-22768a3c3e71","keyframes":{"transform":["translate3d(116.29393%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0b622c5f-5195-4ded-8e67-0ac7ec0a90be","keyframes":{"opacity":[0,1]},"delay":600,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fd206d95-52fa-4b25-9dfd-39bccd101a89","keyframes":{"opacity":[0,1]},"delay":600,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5be61d97-c03f-4206-87c6-f81bacf786e2","keyframes":{"opacity":[0,1]},"delay":600,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-245822d5-9a0d-4c30-b28c-8e810c8b5571","keyframes":{"transform":["translate3d(82.71604%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] By Mary Apartment June 29, 2020 EUROPE Managing the Pandemic July 15th, 2021 ANDRIUS TURSA, ANTONIO BARROSO, CARSTEN NICKEL, LUIS CORNAGO What we are watching TENEO

[{"selector":"#anim-04a1b186-854e-406d-bf35-77f2312a4639","keyframes":{"transform":["translate3d(0px, -1006.79045%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1c61334d-d556-408f-a449-0886ed1c7a64","keyframes":{"transform":["translate3d(0px, -278.9886%, 0)","translate3d(0px, 0px, 0)"]},"delay":100,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3fc1f270-523b-414b-a7fd-e9488e066815","keyframes":{"transform":["translate3d(0px, -2352.22666%, 0)","translate3d(0px, 0px, 0)"]},"delay":100,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e38a8d3b-e684-40a3-a52d-8c2bd17cd9e6","keyframes":{"transform":["translate3d(0px, -4722.23074%, 0)","translate3d(0px, 0px, 0)"]},"delay":100,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0c5a04a4-e465-44cb-bb63-4bdcda2c7807 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(28.90624987200394%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] SUB-SAHARAN AFRICA Eurobond Political Risk Monitor BY ANNE FRÜHAUF MALTE LIEWERSCHEIDT

[{"selector":"#anim-b345eea3-0274-44b2-8690-33abaf3a5d85","keyframes":{"transform":["translate3d(-115.9864%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":390,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8b35bf46-738f-4975-93d9-355d160d2bfc","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5a1af9d0-3b55-41ff-8874-5b15a4e970b8","keyframes":{"transform":["translate3d(-114.83871%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":600,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6f2ae889-04b5-4e2d-9ff3-dd66388a749c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b336233e-ecf6-4d47-8119-241f3646c21c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-69aa3318-e11f-4450-a5f3-9d4e8209bc8c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.812499744007886%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] BY CARSTEN NICKEL READ MORE Arrow Chancellor Angela Merkel has arrived in Washington for her first official visit since the inauguration of US President Joe Biden. GERMAN POLITICS Geopolitical prospects beyond Merkel

[{"selector":"#anim-fa356c4c-8d2e-4fd0-94e5-bbd1d0f39721","keyframes":{"transform":["translate3d(99.39024%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0501fca2-002b-40d0-a0f0-45b42f4dc554","keyframes":{"transform":["translate3d(115.97445%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0a4765a8-0320-431f-a68a-ec32ca8e5126","keyframes":{"transform":["translate3d(225.30862%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d1de2ca9-a19d-41a4-9a3f-9a6529899433","keyframes":{"transform":["translate3d(119.40790%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-004b5ce6-17f1-4b18-ab13-875e4eda0ecd","keyframes":{"opacity":[0,1]},"delay":600,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-910821ad-7443-421f-bb43-0f5d9f013045","keyframes":{"opacity":[0,1]},"delay":600,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-98fbbea5-bf8f-4902-ad3d-7dc1bdf3ac40","keyframes":{"transform":["translate3d(82.71604%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-908e178a-f741-4a9c-b1e4-4acf01c12325 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.808662772633998%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-8f90f5ed-d84f-4c46-b987-4612fb493cae","keyframes":{"opacity":[0,1]},"delay":600,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] EUROPE CEE PULSE July 15th, 2021 BY ANDRIUS TURSA Russia will likely continue to rely on vaccination rather than tight restrictions to cope with the still surging pandemic. TENEO

[{"selector":"#anim-4d8bacf9-5606-4006-85c4-c37aded1522c","keyframes":{"transform":["translate3d(0px, -664.64646%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-552218ca-70b7-4c1b-9f44-7e6328ccf5d4","keyframes":{"transform":["translate3d(0px, -171.40741%, 0)","translate3d(0px, 0px, 0)"]},"delay":100,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f5acd47d-5f8a-4b1c-af23-59318774c3db","keyframes":{"transform":["translate3d(0px, -1822.22517%, 0)","translate3d(0px, 0px, 0)"]},"delay":100,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b1fbc07a-28bc-4679-a120-e01a7bbcf9e7","keyframes":{"transform":["translate3d(0px, -5322.23197%, 0)","translate3d(0px, 0px, 0)"]},"delay":100,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9514cb35-3fd4-4d11-8487-7c92a12eeab2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(8.91812840568756%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-11b9e90c-2f22-4f6d-8951-601e574a4f77","keyframes":{"transform":["translate3d(-127.03704%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] TURKEY Erdogan looks to make provocative move in the Eastern Mediterranean BY WOLFANGO PICCOLI

[{"selector":"#anim-aed7d773-6556-49b0-9895-29a2376385f9","keyframes":{"transform":["translate3d(0px, -780.06514%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e3e92fa8-8c8f-4d05-929d-2284d0a4bee5","keyframes":{"transform":["translate3d(-118.11847%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1f0fb244-60a1-445d-b02a-4c25ff6f0274","keyframes":{"transform":["translate3d(-124.61539%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-76a545dc-f0fb-4b46-a55d-fcfa7628b10b","keyframes":{"transform":["translate3d(125.40983%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-43caf291-2208-4fcc-8133-edca5ff91f00","keyframes":{"opacity":[0,1]},"delay":1000,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0883e7c4-5388-4f4d-88df-c5a28fc9ab3b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-d0d6d35b-b8ca-4c67-ba3b-408930b680d0","keyframes":{"transform":["translate3d(0px, 473.82741%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] FRANCE - POLITICS Macron lays out re-election plan – what to watch BY ANTONIO BARROSO July 14th, 2021 No more reform before the elections

[{"selector":"#anim-9bc2d6cb-3462-4011-bc1e-03c4e11c91a8","keyframes":{"transform":["translate3d(0px, -691.82986%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7449447b-de65-49ae-83a7-a1f490e6b341","keyframes":{"transform":["translate3d(-118.11847%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-648a367c-d879-4867-b98a-02f5dc7e4352","keyframes":{"transform":["translate3d(-129.44786%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b8895c81-77f2-4870-a0fd-be3641502f6b","keyframes":{"transform":["translate3d(126.22951%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a45b1a3a-83a5-4452-856c-2423d9cf6fb0","keyframes":{"opacity":[0,1]},"delay":1000,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ebf4aa0f-52f1-4d0f-9641-8964be628c38","keyframes":{"transform":["translate3d(0px, 232.95992%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-13666d61-7727-43f0-af00-a113054fc624 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.812499744007886%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] SOUTH AFRICA License to loot or higher degree of coordination? BY ANNE FRÜHAUF July 14th, 2021 The #FreeZuma unrest has wreaked widespread destruction, first and foremost in KwaZulu-Natal (KZN) province.

[{"selector":"#anim-291c60be-cd11-4a87-b6de-73cfad9d527f","keyframes":{"transform":["translate3d(0px, 422.57831%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-744121d9-2583-4dc4-9733-d1ff40062d0e","keyframes":{"transform":["translate3d(0px, 206.96231%, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":1000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6c7b0230-85e8-4ba6-9b55-622e515c8da2","keyframes":{"transform":["translate3d(83.71336%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":1000,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Survey Results Bitcoin, Big Tech & Bonds SEE RESULTS SEE RESULTS

[{"selector":"#anim-7d9db97b-2336-485e-bf19-808bfb133bc2","keyframes":{"transform":["translate3d(0px, 186.97090%, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cb53b147-5868-4255-bb0a-446fff92237f","keyframes":{"transform":["translate3d(-103.03032%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-191c5429-b58d-42f1-97dc-ccea42d1c015","keyframes":{"transform":["rotate(90deg) translate3d(0px, -1505.09077%, 0) rotate(-90deg)","rotate(90deg) translate3d(0px, 0px, 0) rotate(-90deg)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Which portfolio allocations do you expect to have the highest total return? QUESTION 1 SEE ALL RESPONSES Arrow