EFTA01458608

Economic and Capital Market Forecasts September/October 2015 GDP Growth m % 2315 2010 Currenciem Curtest` Nei t. 17 month tomennt 12 month Return World 32% 3.591 ,O,p, C.O. /slot Mull USA 23% 24% SUR mu USD 11_ • nin .10.8% Eueolemd 14% 18% USO vs JPY 1196N 130 CO 8.4% UK 25% 22% EUR vs CHF 109 1.13 3.4% Japan 08% 12% GBP vs uSI3 152 1.41 .1.8% China 88% 8.0% USO VS CMS' 837 465 4.4% Inflation y; 9. 2016 2016 Com mooches Current. Month Forecast (Sept 2016) I2 Monet Return (Sept 2015) USA (cam PCE) 14% 1.8% Cil (WTI) in USD 44 ss 23.0% Stream° 01% 1 4% Gold in USD 1132 1250 10.5% UK 05% 16% Japan 07% 0.8% Equities cdnerie Dividend HIM PIE NW EPS 2 Month Forecast 12 Month Return China 1.5% 12% Yield I:VE(42M)' Forecast' Forecast (Sept 20161 (Sept 20 oh USA (SIP 5001 1882 21% 18.01 18.75 129 2180 18.9% Curt Acct Balance 2016 2016 Eutotand (Euro Stoxx 50) 3039 3.5% 13.13 14.75 246 3800 21.914 m % ofei2i4 Germany(DA)0 9484 2.8% 12.17 14.50 788 11400 20.2% USA 45% 4.0% UK (FTSE 1C0) 5959 4.1% 14.01 14.75 441 6500 13.2% Etroland 30% 30% MS0 Japan (JPY) 872 i 9% 1407 10.25 63 1020 189% UK 4.7% 42% Asia ex Japan (MSCI in USD) 481 2.9% 11.41 12.03 43 510 9.0% MOM 20% 20% Lan Amerce (14S0 in USD) 1844 3.0% 1239 13.75 123 1700 48% China 20% 1 6% Sommeign Rates Curtest' !int 3t• Yield Wye' 12 Month Fon/cast (Sept 2016) 12 Month Return (Sept 2016) Fiscal Banc* m%caGDP 2015 2016 USA 209% •-• 2.25% 0.8% USA -2.5% Eueolar4 (German Buhl) 058% 0.73% 4.8% Etniand 4.2% UK 188% 2.15% 41% UK -4.5% 4.8% Japan 035% 0.36% 0.4% Japan 4.5% 4.5% China .24% .2.4% Current Credit Yield Current lit • Move° 12-Month (Price Return Next t2 Mom Return Coupon' Spread' Estimate) Key inters t Rams Current' 12 Mo Forecast (Sept 2016) Satelity4 U S l'•411 Yield 8 70% OM GPI. EM Global °meshed (local) 7.98% 7.26% 659 4.6% 11.4% USA (Fed hands) 025% 0154.00% JFM IBMEAG (EM Broad Index) (Hard Currency) 418 Eutelend (Reli rate) 005% 0.05% UK (Repo nab) 050% 0.76% Japen(Minkt rate) 010% 0.10% Footnotes Macro estimates are according to Deutsche Asset 8 Wealth Management and are as of September 2015 U.S. GDP is 40 over 40 1 Current as of September 2z. 2015. LTM stands for last twelve months '1 PIE and EPS forecasts are according to Deutsche Asset & Wealth Management. Direction in sovereign bonds is yield move. High yield spread is high yield versus five year Treasury. 6 Next 3% move in credit is return move. Source: FactSet, Deutsche Asset & Wealth Management Deutsche Asset & Wealth Management CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118597 CONFIDENTIAL SDNY_GM_00264781 EFTA01458608