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CIO Insights Resilience versus recession Contents Letter to investors p.2 Macroeconomic and asset class outlook for 2023 p.4 Growth: | stop and go Inflation: | lower and higher Bonds: | approaching equilibrium FX: | King dollar – turnaround Stocks: | from TINA to TAPAs? Infrastructure: | the best is yet to come Alternatives: | if you don't like beta, try alpha Risks: | known unknowns Asia: | hope in the Year of the Rabbit ESG: | energy transition – climate is macro essential Our long-term investment p.27 themes (LTIT) 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. 1

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