EFTA01459561

1 Global Economy No Peloton in the Tour de Global Economy escb 2015: +2.2% 2016: +2.4% Leader of the pack. p After six plus years of recovery and expansion. U.S. enters late stage of business cycle. ,Stuck in neutral. Looking for a way to breakout. r Unemployment above U.S. Widest margin since Eurozone created. • [repeated 6 times] 2015: +0.8% • • 2016: +1.2% II )>Spinning its wheels. I ), Today's economy is same size as it was in 1995, 2001, 2003 and 2008. 2015: +4.2% 2016: +4.5% '?• Mixed cycle. Not a well "oiled" team. es 2L, IS Emerging market growth estimate is for broad EM not just the ERIC country flags that ere pictured Source'. Deutsche Bank Wealth EA men?. Deutsche Bank Wcralth Brazil/Russia struggle with commodity headwind as China & India downshifting. 2 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00266235 DB-SDNY-0 120051 EFTA01459561