PM* mmiliont Ftcm. Th ey5 Nana kwortmall t* is Atte.4.404.5 NrspntLos 004101.0 144011.0401044011 0001 The big picture Our strategic forecasts The Fed decided to postpone its first rate hike. Its decision was not focused on the U.S. economy alone but on the deceleration of growth in emerging markets. Asoka Wahrmann, Chief Investment Officer Economic data OP: 02-ited Suatcl 2.3 or 2.4 Eumntync 1.4 1.6 Unttd Kegdorn 2.5 2.2 Japan 0.6 0 1.2 Our.) 6.6 1 6.0 WrAd 3.2 1 3.5 World (GDP growth) 3.2% a 3.5 % We revise our global growth forecast for 2016 down by 0.3 percentage points. Global growth will be particularly hampered by decelerating growth in emerging markets. n in PtrCent (year-on•yeaff 2015 tfi 2016 (F) 0.1 •L 1.4 s 1.6 0.7x0.8 Eurozone United Statet Japan 1.5 u1 .2 0.5$1.8 China United Kingdom A continuing economic recovery and the fading effect of low oil prices should boost inflation in the Eurozone next year. Capital markets urivul Sum ;StP 500 In.*-0 1,943 A 2.160 13 fume: (5715)0 Etna'', MO maux, 34/ 1 390 16 Eusomom IEIJRO 510X4 50 Undo.' 3,076 A 3,600 21 Gennury WAX, 9,5/1 P 11,400 19 IM•iucc Kundwo iFESE 15O 000; 5,936 1 6,500 13 ...srun !PA-SUSI:pin imsms 999 1 1,020 17 MSC! Eftwoop Male!, lire., 808 -. 790 1 MSC! AC Apt 04 .010,14: mete 497 .0 510 6 MSCI EM 1.30 '0 0310004- 1,920 1 1,700 9 9,571 $ 11,400 (Current 25 i i;f) The recent sell-off was caused by low growth figures from China and renminbi devaluation. The DAX suffered severe losses and is now moderately valued compared to other European markets. F refers to forecasts. Our forecasts are as of 9/21/15. Past performance is not Indicative of future returns. It is not possible to invest directly in an index. No assurance can be given that any forecast or target will be reached Forecasts are based on assumptions, estimates, opinions and hypothetical models or analyses that may prove to be incorrect. Investments come with risk. The value of an investment can tall as well as rise and your capital may be at risk. You might not get back the amount originally invested at any point in time. si 0 =A z—. CFSMeet 1110‘44,mi famed Omoinf 2015 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118577 CONFIDENTIAL SDNY_GM_00264761 EFTA01458597