EFTA01458629

11 September 2015 Asset Allocation Figure 3: Global GDP growth measured at conventional PPP weights has been steady at neat trend rates for the last 3 years. EM slowing was perfectly offset by the DM pickup 5 4 3 2 0 ,--World Real GDP growth rate (IMF data and forecast) r Average = 3.5% "-- 7 r - In co r-- P, g g n 0 (,) (0 a> IN lo CO 0) O) O') O1 O) o C [repeated 12 times] ozi (0 CO [repeated 4 times] Ca CO [repeated 5 times] - 1 - ) Weights using PPP exchange rates sows Oa. Clicathe era 6 2015 5 -N.-.:.:-L ft: - 4 3 1 2 Steady global 1 1 growth r - " : .--. 0 •Cr e 01 03 CO Figure 4: The conventional method of aggregating global GDP employs PPP exchange rates which tend to be systematically higher than market rates for EM but in-line for OM 3.5 3.0 2.5 PPP to market exchange rate ratio EM 2.0 -DM 1.5 1.0 0.5 CC1?; g mi mi 8 0 C) CN1 'r ecccceeeeeee c c C ee co [repeated 9 times] 03 00 CO [repeated 4 times] Of cO cO Sans an, Hireir. Dana. Ant 3.5 3.0 2.5 2.0 1.5 1.0 0.5 Deutsche Bank Securities Inc. Page 5 CONFIDENTIAL - PURSUANT TO FED R CRIM P 6(e) DB-SDNY-0118627 CONFIDENTIAL PROT1 PROT0