CIO Insights Resilience versus recession Economic development beyond 2023 is therefore likely to depend on future success in commercialising new technologies and integrating them in the economic cycle. In the long term they are the key to further growth and continued prosperity. Growth: stop and go Market and portfolio implications: o Mild U.S. and European recessions in the first half of 2023; growth then picks up o China to register significantly more dynamic growth in the year ahead o Innovative technologies to form the basis for stronger long-term economic growth In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S. No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns. Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive. Investments come with risk. The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk. This document was produced in December 2022. 6