EFTA01377059

CIO Insights — August 2016 Contents 2 Contents Inside the cover Some important events ahead - from the triggering of Article 50 of the Brexit process, through Fed and other key central bank meetings, to French and German elections next year. 3 LE77E:R TC. INVESTORS Binary vs. broad- path thinking 5 MACROECONOMICS The impact of uncertainty 6 MIR7i AsSEL Recalibrating strategy 9 EQUITIES The continuing appeal of the U.S. 11 .x..1) iIE(.1.1N111 Monetary medicine side-effects 13 ALT E P.N.4-EvES Hedge Funds and Real Estate 15 DATA TABLES Macroeconomic forecasts 16 PP.; P. Asset class forecasts 18 GLOSSARY 20 DISCLAIMER CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0073595 SONY GM_00219779 EFTA01377059