September 2015 Asset Allocation I Figure 11: We expect the EM growth advantage of DM will erode further and fall to the middle of its historical range 7 6 1 5 4 -I 3 I EM minus DM: Real GDP growth rate (IMF data and forecasts) — 2011 forecast —2012 forecast 2013 forecast — 2014 forecast —Consensus forecast • 2015 forecast Sans Rif, Nor, °Mirth, ant (96) 6 5 4 3 2 1 0 Figure 12: Global growth steady at trend like rates as measured at PPP weights. rising above trend as measured at market weights 6 5 4 3 2 1 0 -1 -2 World Real GDP Growth (%) (IMF data and forecas —PPP weights Market exchange rate weights 2015 0 e CO 0) IN I.13 CO •ct 0 CO OD CO OD CO 03 0') CD CI) O 0 0 C C C C C C C C C C C C C co ") co co co co CO CD CO 10 CO CO CO CD " s.,,,, fen Ne.a• Devscl, Sal Deutsche Bank Securities Inc. 1. 5 4 3 2 1 0 -1 -2 Page 9 CONFIDENTIAL — PURSUANT TO FED R CRIM. P. 6(e) DI3-SDNY-0118631 CONFIDENTIAL SDNY GM 00264815 EFTA01458633