EFTA01458631

11 September 2015 Asset Allocation iFigure 7: At PPP weights EM is already almost I.6x larger than DM 65 Share of EM vs DM in World GDP (PPP weights) 65 -EM 60 DM - 60 55 50 45 40 35 ! C , . . . 35 o 'O <I3 CO O la (O CO O CO CO O V (O CO 0N0 CO 00 03 O) O N) O) c) O N o O o o c a aa a ac aa aa 6 aa a r C.4 a ra ra a 03 ro 03 03 re cc re 03 03 03 03 03 <0 03 0 ea a3 al <0 nnnn - 3 - 3-3 - 3 - 3 - 3nnnnnnnnn 55 50 45 San SF. S.E, Dann. Sant 40 I Figure 8: At market exchange rate weights EM has seen its share in global GDP rise but is still much smaller than DM 90 80 4! Share of EM vs DM in World GDP (mkt each rate wts) so - 80 70 -1 -EM - 70 60 DM - 60 50 50 40 - 40 30 - 30 20 -I - 20 10 -;* -r- 1- r - . n 10 C•1 at CO 03 O N O CO CO O (N V (3 03 O CNI V' CO CO CO CO CO O) CO O) O) 0) COO O O O O r r r a C a a co co co co io nnnnn a a re cc - 3 - 3 - 3 -innnnnnnn a —3 03 a a a a a a C a a a a M —3I al RI QC <0 a <0 <0 <0 ea ca Sam SF, Horny. Par% ant Deutsche Bank Securities Inc. Page 7 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118629 CONFIDENTIAL SDNY_GM_00264813 EFTA01458631