t an indication of future returns. * Scenario probabilities are based on qualitative assessment. For further information please contact CIO analyst Thomas Wacker, [email protected] and ClO economist Ricardo Garcia, [email protected] Please see important disclaimer and disclosures at the end of the

t an indication of future returns. * Scenario probabilities are based on qualitative assessment. For further information please contact ClO analyst Thomas Wacker, [email protected] and g ClO economist Ricardo Garcia, [email protected] Please see important disclaimer and disclosures at the end of t