EFTA01458596

Nap: paateas is a Thy taa ;tour" Inanancat te1119: iiahts Alsat4.1 as paspactiuts Ponta, 404$ Real economic growth Diminishing growth differential 2 .2 2014 Development of investment rates 2.0 I6 7" - 2O06 2W2 7008 759 2010 2011 2012 2013 2014 2515 • Chtx+4XX ma tatt X Enaulrat atxt•ta Sauna: Inuenaaarual Man: 4sory Fund- woad Etamm.:. Qutbot. as at Apnl 2015 Low investment efficiency The combination of a high investment rate and worsening growth dynamics can indicate that capital is inefficiently invested in emerging markets. Difficult structural reforms are necessary to make investment more efficient. But these reforms are painful, making it hard for governments to win broad acceptance for them. 7015 Before the financial crisis, emerging markets enjoyed impressively high growth rates. They even prevented the world economy from sliding into recession in the crisis year of 2009. Since 2010, however, the growth differential between developed and emerging markets has been shrinking. Growth in the emerging markets is simultaneously trending downwards. • Dartaxxl mtattit • Erattxx mean Sono.: xtonxteati htanctay Fare Warla Ecceounx Oaxitt ss o1 Axil 2015 World (GDP growth) w,,ext tatacony :‘ gamuil ingde<353 But decelerating emeiging-rnarket growth has beccwra a atxtar i cr,.^.‘ers cor, r R %* . (2016 F) ol 922 Ills If We expect global growth to remain moderate and likely weaker. This reflects two forces: a weaker than expected recovery in advanced economics, and a further slowdown in emerging economies. // Chnathrolagarda. ar-aar :!Tn1 Intutruxocuu Munotry ruaa.sp<•xh evi *planter 1.2015 Emerging markets (GDP growth) P0101 X 1:05/ growth :a lbe mriKigthIg marbItI has !eta thxnly taxa 2010. lint ha!: exolnatite4 to tht r Ifougth 1,owdoup, 4.5 %* (2016 F) OacrtartfrAteahtkractst as at 0:21.11S Past performance is not indicative of future returns. ft is not possible to invest directly in an index. No assurance can be given that any forecast or target will be reached. F = forecast. Forecasts are based on assumptions, estimates, opinions and hypothetical models or analyses that may prove to be incorrect. cOV:EW lare, ..44.1.:Ed+0.,4 .>:101Xt 2015 theteso 0 5 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0118576 SDNY_GM_00264760 EFTA01458596