EFTA01377068

CIO Insights - August 2016 Asset Class Forecasts 16 Asset Class Forecasts Benchmark interest rates United States Eurozone United Kingdom Japan FX EUR vs USD USD vs JPY EUR vs JPY EUR vs GBP GBP vs USD USD vs CNY Equities US Germany Eurozone Europe Japan Switzerland UK Emerging Markets Asia ex Japan Latam Commodities Gold Oil Official rate End-June 2017F Fed fund rates 0.75-1.00 Refi rate 0 Repo rate 0.1 Overnight call rate 0 End-June 2017F USD/EUR 1.05 USD/JPY 108 EUFt/JPY 113.5 EUR/GBP 0.84 GBP/USD 1.25 USD/CNY 6.9 Market Index End-June 2017F S&P 500 2100 DAX 10300 Eurostoxx 50 2900 Stoxx 600 330 MSCI Japan 800 SMI 8150 FTSE 100 6200 MSCI EM 830 MSCI Asia ex Japan 500 MSCI Latam 2100 End-June 2017F Gold spot 1390 WTI spot 55 F = Forecasts. Please soo risk warnings for more information. Forecasts aro based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect. No assurance can be given that any forecast or target will be achieved. Past performance is not indicative of future returns. •• US HY default rate assumptions: 5%; 30% recovery; EUR HY default rate assumptions: 2.5%; 30% recovery. Source: Deutsche Bank Wealth Management. As of August 1. 2016. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0073609 CONFIDENTIAL SONY GM_00219793 EFTA01377068