EFTA01458629.pdf

11 September 2015 Asset Allocation Figure 3: Global GDP growth measured at conventional PPP weights has been steady at neat trend rates for the last 3 years. EM slowing was perfectly offset by the DM pickup ,--World Real GDP growth rate (IMF data and forecast) 6 5 2015 5 r / 4 3 -N.-.:.:-Lft: - 34 2 1 Steady 2 Average = 3.5% global 1 1 growth 0 "-- 7 r— r —" : .--. 0 In co n 0 (,) (0 a> IN lo CO •Cr r-- P, g g 0) O) O') O1 O) o C C C C C C C C C C C C e ozi (0 CO CO CO CO Ca CO CO CO CO CO 01 03 CO —1 —) Weights using PPP exchange rates sows Oa. Clicathe era Figure 4: The conventional method of aggregating global GDP employs PPP exchange rates which tend to be systematically higher than market rates for EM but in-line for OM 3.5 PPP to market exchange rate ratio 3.5 3.0 3.0 2.5 2.5 EM 2.0 2.0 -DM 1.5 1.5 1.0 1.0 0.5 0.5 C C?; 1 mi mi g 8 0 $ C) CN1 ‘r ecccceeeeeee c c C ee co co co co co co co co co 03 00 CO CO CO CO Of cO cO Sans an, Hireir. Dana. Ant Deutsche Bank Securities Inc. Page 5 CONFIDENTIAL — PURSUANT TO FED R CRIM P 6(e) DB-SDNY-0118627 CONFIDENTIAL SDNY_GM_00264811 EFTA01458629