EFTA Document EFTA01458630

11 September 2016 Asset Allocation [Figure 5: For DM the PPP methodology smoothens out cyclical variations in exchange rates but has minimal impact on the trend in the level of DM GDP 50 45 40 35 30 25 20 15 10 5 DM GDP ($tn) Using PPP Exchange Weights Using Mkt Exch Rate Weights 1 1 1 . . . $ 9 $ $ O NI W $ $ V a 4 $ $ O CN V (O CO aaaaaaaaaaaaaace c aae 43 CO CO CO CO 03 CO c0 CO 03 03 CO 03 03 03 CO CO CO (0 CO -3 -3 -3 -3 -> -3 -3