Exhibit 44: Emerging Market GDP Growth These pro-growth policies, coupled with less We expect growth roughly in line with potential. slack in the economy and a boost from higher % Yov {PPP Weighted) energy prices and past yen appreciation, should an iar forecast = fnable core inflation (excluding fresh food) to ee eee 7 OEE . 9 | reach our expected range of 0.25-1.0%. While "| Japan may have lost its battles against deflation 7 | tee, over the years, it has not yet lost the war. 6 y Tales “ Stee . ‘ . j | --\_--7 46 Emerging Markets: Competing Forces . ; | Emerging market economies failed to live up , to expectations once again in 2016, with GDP expanding by an estimated 3.9% versus original "993.199 <1999+~=~«SNN?~=C«NDS~C«NDBS*«N”~SC«~SC~SC« Xt ations closer to 5.0%. This marked the Data as of 2016. second-slowest growth rate in 15 years; only the Note: ISG forecasts for 2016-17. For informational purposes only. There can be no assurance the 2.6% expansion at the depth of the global financial forecasts will be achieved. oe . . . 8 Source: Investment Strategy Group, IMF. crisis in 2009 was slower. Yet this disappointing i _ headline belies the economic recovery that unfolded over the course of 2016. Consider that large fiscal stimulus package last August and a growth actually troughed during a challenging shift by the BOJ away from ever-higher purchases first quarter, with economic activity gradually of Japanese government bonds (JGBs). Instead, improving thereafter on the back of recovering the BOJ will now use a “yield-curve control” commodity prices, the Federal Reserve’s willingness framework, wherein it sets the short rate and to delay any further rate hikes and stable Chinese targets a yield of about 0% on 10-year JGBs. This — growth. These tailwinds were bolstered into the novel approach should afford the government final quarter by early signs of recovery in Brazil low real interest rates with which to finance its and Russia, both of which had suffered deep