CIO Insights Resilience versus recession Appendix 2 Asset class forecasts Bond yield and spread forecasts Equity index forecasts for end- for end-December 2023 December 2023 United States (2-year 4.10% United States (S&P 500) 4,100 Treasuries) Germany (DAX) 15,000 United States (10-year 4.20% Eurozone (Euro Stoxx 50) 4,000 Treasuries) United States (30-year 4.35% Europe (Stoxx 600) 445 Treasuries) Japan (MSCI Japan) 1,250 USD IG Corp (BarCap U.S. 150bp Switzerland (SMI) 11,150 Credit) USD HY (Barclays U.S. HY) 550bp United Kingdom (FTSE 100) 7,600 Germany (2-year Schatz) 2.30% Emerging Markets (MSCI 990 EM) Germany (10-year Bunds) 2.40% Asia ex Japan (MSCI Asia ex 625 Germany (30-year Bunds) 2.40% Japan) United Kingdom (10-year 3.30% Australia (MSCI Australia) 1,450 Gilts) EUR IG Corp (iBox Eur Corp 150bp Commodity forecasts for end- all) December 2023 EUR HY (ML Eur Non-Fin HY 550bp Gold (USD/oz) 1,850 Constr.) Japan (2-year JGB) 0.00% Oil (Brent Spot,USD/b) 100 Japan (10-year JGB) 0.20% Asia Credit (JACI) 380bp EM Sovereign (EMBIG Div.) 500bp EM Credit (CEMBI Broad) 425bp FX forecasts for end-December 2023 EUR vs. USD 1.05 USD vs. JPY 140 EUR vs. JPY 147 EUR vs. CHF 1.00 EUR vs. GBP 0.90 GBP vs. USD 1.15 USD vs. CNY 7.35 Forecasts as of November 17, 2022. 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. 38