EFTA01380818

Economic and Capital Market Forecasts March/April 2016 GDP Growth in 2016 2017 Currencies Current' 12 Month Forecast 12 Month Return Next 3%• Move (March 2017) (Marc, 2017) World 3.2% 3.6% USA 16% 2.0% EUR vs. USD 1.12 1.05 -6.4% Euroland 1.6% 1.6% USDvs. JPY 113.25 120.00 6.0% UK 2.0% 2.1% EUR vs CliF 109 1.12 2.6% Japan 1.0% 0.8% GBP vs USO 1.43 1.60 6.2% China 6.0% 6.0% USD vs CRY' 8.52 6.90 6.9% Inflation 2016 2017 Commodities Current' Next 3%. Move 12 Month Forecast 12 Month Return R. (March 2017) (March 2017) USA (core PCE) 1.6% 1.7% Oil Mm) in USD 39 60 26.9% Euroland 0.3% 1.6% Gold In USD 1220 1100 -9.8% UK 0.6% 1.8% Japan China 0.8% 1.2% 1.8% 1.2% Equities Current' Dividend Yield P/E (LTM)? NTM P/E Forecast' NTM EPS Forecast' ' '• '• 12 Month Forecast (March 2017) 12 Month Return (March 2017) USA (SSP 500) 2037 2.1% 17.38 16.75 123 2060 3.3% Curr Ace! Balance 2016 2017 Euroland (Euro Sion 50) 2987 4.0% 13.20 13.75 233 3200 11.1% in% re GDP Germany (DAX) 9851 2.9% 12.32 13.25 818 10800 9.6% USA -2,7% UK (F7SE 100) 6106 4.1% 15.38 14.50 400 5800 -0.9% Euroland 2.9% 2.8% MSCI Japan (JPY) 833 2.3% 14.42 15.00 60 890 9.2% UK -3.9% -3.6% Asia ex Japan (MSCI In US0) 495 3.0% 12.63 13.00 39 500 4.0% Japan 2.8% 2.5% Latin America (MSCI in USD) 2125 3.1% 18.88 17.00 112 4, 1900 -7.5% China 2.6% 2.5% Sovereign Rates Current' Nexl 3 • Yield Move' 12 Month Forecast 12 Month Return (March 2017) (March 2017) Fiscal Balance in% 0 I GDP 2016 2017 USA 1.89% Euroland (German Bund) 0.18% R., 4, 2.00% 0.36% 1.0% -1.3% USA -2.8% -2.9% Euroland -1.9% -1.9% UK 1.45% ei• 1.90% -2.0% UK 4.3% -2.6% Japan -0.10% -0.10% -0.1% Japan -6.0% 4.2% China -2.4% -2.5% Current Credit Yield Current Next 3%• Move; 12-Month (Price 12 Month Return Coupon' Spread' Return Estimate) Key Interest Rates Current' 12 Mo Forecast Barclays U.S. High Yield 6.60% 8.35% 700 -3.2% 3.4% (Mar 20171 a GED- EM Global Diversified (Local) 6.55% .114.1 B (EM Broad Index) (Hard USA (Fed funds) 0.25% 0.75-1.00% CurreEMncy)IG 405 Euroland (Ref; rale) 0.00% 0.00% UK (Repo rare) 0.60% 0.60% Japan (MmIcl rate) 0.00% 0.00% Footnotes Macro estimates are according to Deutsche Asset 8 Wealth Management and are as of March 2016. U.S. GDP is 4O over 4O. ' Current as of March 28, 2016 2 LTM stands for last twe€ve months. 3 PIE and EPS forecasts are according to Deutsche Asset & Wealth Management. 4 Direction in sovereign bonds is yield move 5 High yield spread is high yield versus live year Treasury. e Next 3% move in credit is return move Source, FactSet, Deutsche Bank Wealth Management. Deutsche Bank Wealth Management 21 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0079378 CONFIDENTIAL SDNY_GM_00225562 EFTA01380818