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 N00 CO 00 03 O) NO) 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 —3Ial 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