EFTA01458597.pdf

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 Capital markets OP: 02-ited Suatcl 2.3 or 2.4 urivul Sum;StP 500 In.*-0 1,943 A 2.160 13 Eumntync 1.4 1.6 fume: (5715)0 Etna'', MO maux, 34/ 1 390 16 Unttd Kegdorn 2.5 2.2 Eusomom IEIJRO 510X4 50 Undo.' 3,076 A 3,600 21 Japan 0.6 0 1.2 Gennury WAX, 9,5/1 P 11,400 19 Our.) 6.6 1 6.0 IM•iucc Kundwo iFESE 15O 000; 5,936 1 6,500 13 WrAd 3.2 1 3.5 ...srun !PA-SUSI:pin imsms 999 1 1,020 17 MSC! Eftwoop Male!, lire., 808 -. 790 1 World (GDP growth) MSC! AC Apt 04 .010,14: mete 497 .0 510 6 3.2% a 3.5 % MSCI EM 1.30 '0 0310004 - 1,920 1 1,700 9 9,571 $ 11,400 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. (Current 25 i i;f) The recent sell-off was caused by low growth figures from China n in PtrCent (year-on•yeaff and renminbi devaluation. The DAX suffered severe losses and is now moderately valued compared to other European markets. 2015 tfi 2016 (F) 0.1 •L 1.4 1.6 s 0.7x0.8 United Statet Japan Eurozone F refers to forecasts. Our forecasts are as of 9/21/15. 1.5 u1.2 0.5$1.8 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 China United Kingdom are based on assumptions, estimates, opinions and hypothetical models or analyses that may prove to be incorrect. Investments A continuing economic recovery and the fading effect of low oil come with risk. The value of an investment can tall as well as prices should boost inflation in the Eurozone next year. rise and your capital may be at risk. You might not get back the amount originally invested at any point in time. si 0 =Az—. CFSMeet 1110‘44,mi famed Omoinf 2015 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118577 CONFIDENTIAL SDNY_GM_00264761 EFTA01458597