EFTA01459672

6 Global Fixed Income Combing the Field for Yield False Steps 450 4.00 3.50 3.00 2.50 2.00 1.50 2008 2010 e %' ti t /4. ee zee 2012 2014 2016 10Y U.S. Treasury Fed Quarterly Survey of Professional Forecasters When looking at the Fed Quarterly Survey of Professional Forecasters, forecasts for Treasury yields have consistently overshot actual moves in Treasury yields since 2008. The ECB's public sector purchase program (PSPP) will likely have a total volume of €1490 bn if it lasts until March 2017. Footnotes. Data as of SQ 15. Source Philadelphia Fed, Deutsche Bank Wealth Management % of Negative Yielding Govt Bonds 70% - 60% - 50% - 40% - 30% - 20% - 10% - 0% ■ Dec-15 3096 C a mg C mcs * 13 11 1 2 ill E Footnotes' Data as of December 2015. Source. Deutsche Bank. G€obal Markets, Deutsche Bank Wealth Management Supply Drying Up in Europe Ba ed on historical ECB buying (Purchases as a % of Net Issuance) Slovakia Portugal lho Netherlands Italy Ireland France Finland Spain Germany Belgium Austria 0% Gtr 396% 363% 387% 39.6'; 100% 200% 300 400 . 500% 600% Footnotes. Data as of December 2015 Soutte' ECB. lik“)mbeig LP Barclays. Deuts: he Bank Wealth Management Deutsche Bank Wealth Management 1 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 120278 SDNY_GM_00266462 EFTA01459672