EFTA01384493

18 September 2017 Long-Term Asset Return Study: The Next Financial Crisis Long-Term Asset Returns in Charts International equity return charts 'Figure 92: Last 5 Years Annualised Equity Returns - Nominal (left), Rea€ {middle), USD (right) va 01” IllI imotonbi SOSO. Cif aft.. lit CFO :V4 ft% INS 4% M. 4% sCA. •ru I I I l lilt Ilij Ulu k4 dA I ilifiljilr till 15111 lilligiliP111111,01 . 0% 144 01:04 wilA a 1016 144. a la la a 10% : hililllillillinill a 1 il 04 •a 6% 0% 2% a 4% IFigime 93: Last 25 Years Annualised Equity Returns - Nominal (left), Real (middle), USD (right) IM Ira In a. /a 011 2% 0% Swot tam I .41. Ih an GEM 14% 10% 12% 3% 10% a. 114. V. 6% .7% 0% 0% J 'Figure 94: Last 50 Years Annualised Equity Returns - Nominal (left), Real (middle), USD (right) 20% '4% ,," IK In 1V4 V. 24 0% Sara: Diana.* Sent 6,0 W. ofid• IJIJN lit IT IK 0% I,. 0% 0% 0£44 01.4 HUN b • i fitil 11 . . . . . . . . . . - ^ • • • • - . . . . . . . . . . . . . . . . . . . . ^ • • • • - . . . . . . . . . . . . . . . . . . . . - • • • • - . . . . . - - • • • . - . . . . . . . . . . . . . . . . . . . - ^ • • • • - . . . . . . . . . . . . . . . 14% 2% 9% 0% 4% 0% !Figure 95: Last 100 Years Annua ised Equity Returns - Nominal (left), Rea (middle), USD {right) •• Sane Deunthe GM Page Rfi I, z I% i0L in. 10% • I 4% .10%. 2% 22% 0% S / £ I Deutsche Bank AG/London CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0084735 CONFIDENTIAL SDNY_GM_00230919 EFTA01384493