Epstein Secrets

477940 Discretionary Portfolio Management At a glance Assets entrusted to us AuM € billion Global Regions 20 Americas 17 EM EA Frankfurt Zurich, Geneva Luxembourg Boston Chicago San Francisco Los Angeles Baltimore London Madrid New York Hong Kong Singapore Retail 2% UHNWI 72%

t outperforms sovereigns in tightening cycles. — Cautious on EM debt due to the uncertain growth outlook but looking for opportunities to add. — Active management advised, especially in high yield. Footnotes: Outlook as of March 21, 2016 Multi-Asset Investment Committee Meeting and March 22, 2016

478010 Discretionary Portfolio Management At a glance Assets entrusted to us AuM € billion Global Regions 20 Americas 17 EM EA Frankfurt Zurich, Geneva Luxembourg Boston Chicago San Francisco Los Angeles Baltimore London Madrid New York Hong Kong Singapore Retail 2% UHNWI 72%

t outperforms sovereigns in tightening cycles. — Cautious on EM debt due to the uncertain growth outlook but looking for opportunities to add. — Active management advised, especially in high yield. Footnotes: Outlook as of March 21, 2016 Multi-Asset Investment Committee Meeting and March 22, 2016

0.00 Evonik Degussa Chile S.A. Santiago (Chile) 99.99 Evonik Degussa (China) Co., Ltd. Beijing (China) 100.00 Evonik Degussa International AG Zurich (Switzerland) 100.00 Evonik Dutch Holding B.V. Amsterdam (Netherlands) 100.00 Evonik Espana y Portugal, SA.U. Granollers (Spain) 100.00 Evoni

s as a result of the specific demand/supply situation and political events. These entail both opportunities and risks. 9. Mergers £7 acquisitions Active portfolio management has high priority for Evonik as part of our value-based management approach. We have set out clear procedures for preparing, a