EFTA01458630

11 September 2016 Asset Allocation [Figure 5: For DM the PPP methodology smoothens out cyclical variations in exchange rates but has minimal impact on the trend in the level of DM GDP 50 45 40 35 30 25 20 15 10 5 DM GDP ($tn) Using PPP Exchange Weights Using Mkt Exch Rate Weights 1 1 1 . . . $ 9 $ $ O NI W $ $ V a 4 $ $ O CN V (O CO aaaaaaaaaaaaaace c aae 43 CO CO CO CO 03 CO c0 CO 03 03 CO 03 03 03 CO CO CO (0 CO —3 —3 —3 —3 —> —3 —3 —3 —3 —3 —3 —3 —3 —1 —3 —3 —3 —3 —3 —) San SF, Nom Dour:mho Bat* - 50 45 40 35 30 - 25 - 20 15 10 5 Figure 6: For EM, the PPP methodology massively overstates the size of GDP relative to market exchange rates, more than doubling the current size 70 65 60 - 55 - 50 45 40 - 35 30 25 20 - 15 10 - 5- 0 EM GDP (Stn) Using PPP Exchange Weights Using Mkt Exch Rate Weights S651n 530th r r , 8 Cal ((ft,) 08 2 171 VD , CO O C•1 V. 8 8 O CV V CD 03 O a) a > ° ° 1 C li ° C.:1 CcecCCCeCccC CC a a Ca Cac 03 M c0 03 cO 03 01 cO CO CO CO CI 03 03 Cl) 03 40 Al 05 COI nn -nn -in - ) - i - >nn - ) - n - )nnn - ) - ) - 335 to Sam SF. Mint Daces Sint 70 65 60 55 50 45 40 35 30 25 20 15 10 5 0 Page 6 Deutsche Bank Securities inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118628 CONFIDENTIAL SDNY_GM_00264812 EFTA01458630