EFTA01459577

Multi Asset Investment Committee Forecasts January 2016 GDP Growth al q4 Return 30YOrelgrIRien 2016 Carman Curren! Wodd 32% 3.4% USA 22% 2.4% EL R vs USD 108 Eurohind 14% 10% USDw SY 11651 UK 25% 22% EUR vs CHF 110 Japan 08% 1.2% 08P m USD 143 China 68% 80% USD... CNY' 656 Ethane° 2015 2018 Commodities Currant: M V USA Komi PCE) 14% 1.0% CO 9Y TO in USD 32 Euro1ond 01% 1.2% Gob lob%) 1096 UK 02% 1.8% Japan China 07% 15% 0.6% 12% Baubles Current' Drvidend Yield (1.24)? N74 PIE Forecast' NOW EPS Forecast' USA (SIP 5C0) 1907 2.2% 18 27 16.75 124 Curt Mal Balance 2015 2016 Eurobnd (Euro Sub 50) 3023 3.5% 13 26 14.50 236 ea %of GOP Germany(DA)0 9785 2.8% 12 30 1375 819 USA 4.8% -30% UK (FTSE 100) 5900 42% 1497 14.75 401 Eurobnd 30% 10% MSC' Japan OM 832 1.9% 13.71 16.00 62 UK 4.7% 4.2% Assam Japan (MSG on USD) 448 27% 11 27 1200 39 Japan 20% 2.0% Won Amines (1460 in USD) 1621 3.1% 13 38 14.00 104 China 20% 18% COMM' Fiscal Balance m % a GCP 2015 2016 USA 2.05% USA -2.5% -2.3% Eurobnd (Gorman Bond) 041% Euroland -22% -1.9% UK 171% UK 4.5% 4.5% Japan 023% Japan 45% 4 5% China 4.4% -2.a Current Credit Yield Current Coupon' Spreads Key Unrest Rates Current' 12 Mo Forecast BBarclaysU S High Yield 5 70% 9 47% 790 Moe 2016) JPM OBI. EM Global Oryersthed (Local) 700% USA (Fed funds) 025% 0.75-1.00% JPM cmen (EM Broad today) (Hard Crrency) 457 Eurobnd (Rah nate) 005% 0.05% UK (Repo Me) 050% 0.75% japan (Mmid mte) 010% 0.10% Footnotes Macro estimates are according to Deutsche Asset & Wealth Management and are as of November 2015. U.S. GOP is 40 over 4a ! Current as of January 22. 2016. 7 LTM stands for last twelve months. 3 P/11 and EPS forecasts are according to Deutsche Asset & Wealth Management. a Direction in sovereign bonds is yield move. High yield spread is high yield versus five year Treasury 8 hie4 3% move in credit is return move. Source FaCI$et. Deutsche Bank Wealth Management. Neal 3%. Move I1 Month Fonacia.• (Dec 2016) 0.96 130.00 9.7% 1.13 24% 1.62 8.0% 640 49% 12 Month Forecast 12 Month Return (004 2018) tee 20t6) 60 55.3% 1000 44% Nan mow 12 Month Forecast 12 Mbrlin Return (Doc 2016) (Dec 2016) Next 3%• Yield Move? (.4 Next Move' 2000 11.3% 3400 16.0% 11300 15.7% 5900 4.2% 1000 22.1% 470 7.6% 1500 4.3% 12 Month Forecast (00C2016) 12 Month (NC 2016) 2.40% 0.75% -2.7% 2.20% -2.3% 0.38% 4.9% 12-Month (Price Rearm 12 Month Return Estimate) H 44% Deutsche Bank Itkralth Mormgement CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 120081 CONFIDENTIAL SDNY_GM_00266265 EFTA01459577