EFTA01458631.pdf

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 - 60 DM 55 55 50 50 45 45 40 40 C 35 ! , . . . 35 o 'O <I3 CO O la (O CO O N CO CO O C.4 V (O CO N00 CO 00 03 O) N O) O) c) O o O o o c a aa a ac aa aa 6 aa a ra ra ra a 03 nnnn ro 03 03 re cc re 03 03 03 03 03 <0 - 3 - 3-3 - 3 - 3 - 3nnnnnnnnn 03 0 ea a3 al <0 San SF. S.E, Dann. Sant IFigure 8: At market exchange rate weights EM has seen its share in global GDP rise but is still much smaller than DM 90 Share of EM vs DM in World GDP (mkt each rate wts) so 80 ! 4 - 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 a a a a a a a a a C a a a a co co co co io -re3 -cc3 —3 nnnnn 03 —3 MI -al3 -RIinnnnnnnn 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