EFTA01459667

Global Economy "Fab 5" Confirms U.S. Leadership Withholding Tax Receipts Jobless Claims New Vehicle Sales Commercial & Industrial Loans We expect a stronger consumer. a fading of the exporttscalicapex drag and strength in housing to support U.S. growth in 2016. Source. Deutsche Bank Wealth Managrnien! Deutsche Bank Wealth Management Europe German Exports Credit Impulse Belgium Manufacturing Survey Consumer Sentiment Inflation We expect moderate to solid growth supported by monetary poky, easing fiscal drag, growing consumer demand. increasing wages and EUR depreciation. PMI Manufacturing/Services Average Real Earnings Consumer Confidence Japan's economy should be supported by aggressive monetary policy, a pick up in export activity as global growth accelerates and positive consumer momentum. Aggressive easing is likely to push inflation higher China Housing Prices Retail/Auto Sales Inflation Growth is likely to slow from 6 8% in 2015 to 6.0% in 2016. However, reform implementation and central bank flexibility should result in better long term growth prospects 3 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0120264 SDNY_GM_00266448 EFTA01459667