EFTA01458598

VilItel SUN% 2-y..st 0.68 or 1.35 0nit0d S-a.tes, I 0-ste 2.10 2.25 Vni 00140: 2 E13 .01 2.90 Sof many. 2igge -0 26 -0.20 Gelm.wry.10.var 0 59 -• 0.75 until /00000m. 10-vow 1.77 2.15 atram.2-vear 0.01 0.00 3.200n. 0.36 0.35 Germany. 10-year 0.59% -) 0.75% (Current • " {Septerrther 2016F) air 1©Y The ECB is likely to expand its quantitative-easing (OE) program due to low inflation. The 10-year German Bund yield should rise only modestly. Commodities in U.S. dollars A:It'd ear 0 '16 C*: 1,125 silver 15 Capin, 6,078 Akin-mum ILMEI 1,589 Crude oil (Will 46 $ (Current') 55 (Sept 2016H 66 20 1.260 II 19 29 6,700 32 1,800 13 LOW!" Mo0IEItha004. W I = Itaca Tin 13% MUMIte"179 Shale-oil production and the oil-rig count in the United States have fallen due to low oil prices. At the same time, demand for oil is on the rise. The outcome: higher oil prices. Past performance is not indicative of future returns. It is not possible to invest directly in an index. No assurance can be given that any forecast or target will be reached. Forecasts are based on assumptions, estimates, opinions and hypothetical models or analyses that may prove to be incorrect. Investments come with risk. The value of an investment can fall as well as rise and your capital may be at risk. You might not get back the amount originally invested at any point in time. Minn pOliflt, FOCUI It ,: :us 4,,p(., Irramincot w,WC iionts Ais01-0.04 prspsttixri Pon/0o ?..icn.00*.ovk!tyn !dais vrilad Stites &moral hint irk) 0.0.26 1 0.75-1.00 !-:?0/c.r. 000 ri!,40 0.05 0.05 Uretod 0.c. pc. :4r,' 0.50 r 0.75 J4r4n :mcnollt trim 0.10 0.10 Unitr.rd States (federal funds ratril 0 - 0.25% a 0.75 1.00°/0 111 l (Current) (Sept 20151j The Fed postponed its first rate hike due to decelerating growth in China and volatile capital markets. It might dare to take the first step in December. Euf!v9 USD 1.12 'Is 1.00 —11 Vg.) 120 130 9 NA vs CHF 1.09 1.13 3 SSP vs. USD 1.52 1.49 .2 UST) vs /NV 6.37 6.65 4 USD vs. JPY 120 s 130 ws (Ca!" °) I S0pl 2o, cri The inflation target of the Bank of Japan is sti€I tar off. OE should therefore be continued. The high rate differential between the United States and Japan is likely to further weaken the yen. F refers to forecasts. Our forecasts are as of 9/21/15. • Source: Bloomberg Finance L.P., as of 9/22/15 • • Expected total return includes interest, dividends and capital gains where applicable Source: Bloomberg Finance L.P., as of 9/28115 ' Total-return index {includes dividends) = Our equity-market forecasts are as of 9r23/15 in U.S. dollars CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00264762 C Ye \kw Are,..44/1"Ed+., I I>. Nu 20! 5 =Iv., ca DB-SDNY-0 118578 EFTA01458598