Salient 2015 Market Outlook - February 2015

Salient Partners

Description

Glossary Barclays High Yield Credit Index - An Index that measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. CRB Commodities Index - A broad-based commodity index consisting of 17 different commodities. Each of the commodities is continuously rebalanced and a Treasury bill return is added to the return from the commodities to reflect interest earned on margin. MSCI Emerging Market Index - An Index that covers over 2,700 securities in 21 markets that are currently classified as EM countries. The EM equity universe spans large, mid and small cap securities and can be segmented across styles and sectors. MSCI World Index - A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 24 developed market country indices. MSCI World Index ex U.S.

Index - An Index that is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets excluding the U.S. Quantitative Easing (QE) Operations - A monetary policy used by a central bank to stimulate an economy when standard monetary policy has become ineffective. S&P 500 Index - The S&P 500 Index is an unmanaged, capitalization weighted index comprising publicly traded common stocks issued by companies in various industries. S&P 500 Total Return Index - An unmanaged, capitalization weighted index calculating the performance of publicly traded common stocks issued by companies in various industries that have all dividends and distributions reinvested. U.S. Monetary Base - The sum of currency in circulation and reserve balances (deposits held by banks and other depository institutions in their accounts at the Federal Reserve). CBOE Volatility Index (VIX) - A key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. It is the premier benchmark for U.S.

stock market volatility. Salient Partners, L.P. 10 .