EFTA Document EFTA01385546

D B forecasts Deutsche Bank DP .rowth % 2016 2017 2018F 2019F CPI inflation Yor % 2016 2017 2018F 2019F Global 3.2 3.7 3.8 3.7 US 1.3 2.1 2.1 2.2 US 1.5 2.3 2.6 2.2 Eurozone 0.2 1.5 1.4 1.5 Eurozone 1.8 2.3 2.3 1.7 Japan -0.1 0.3 0.4 0.8 Germany 1.9 2.3 2.3 1.8 UK 0.6 2.6 2.5 2.3 France 1.1 1.8 2.0 1.6 China 2.0 1.7 2.7 2.4 Italy 0.9 1.6 1.4 1.0 Spain 3.3 3.1 2.9 2.3 Central Bank policy rate (%) MEM Q4-17F O4-18F Q4-19F Japan 0.9 1.8 1.2 0.8 US 1.375 1.375 2.375 3.125 UK 1.9 1.6 1.0 1.4 Eurozone 0.00 0.00 0.00 0.50 China 6.7 6.8 6.3 6.3 Japan -0.10 -0.10 -0.10 -0.10 India 7.9 6.3 7.5 7.8 UK 0.50 0.50 0.50 0.75 EM Asia 6.2 6.1 6.0 6.0 China 1.50 1.50 1.50 1.50 EM CEEMEA 1.6 2.6 2.9 2.9 EM LatAm -1.2 1.1 2.3 2.8 Ke market metrics MEM O4-17F Q4-18F O4-19F EM 4.3 4.8 4.9 5.0 US 10Y yield (%) 2.46 2.50 2.95 2.96 DM 1.6 2.2 2.2 1.9 EUR 10Y yield (%) 0.42 0.50 0.90 0.90 EUR/USD 1.204 1.17 1.20 1.20 USD/JPY 112 116 120 110 S&P 500 2,696 2,600 2,850 • Cc (%) foie:oasis re period ansages Stoxx 600 388 375 395 CEEklEA: Czech Rep thael Egypt eungary. Kazakhstan hgena NOM Romanta Rum.* Sao* AraDa. SouM Mica Turkey U.S and thaaine Oil WTI (USD/bbl) 60.4 51.0 52.0 53.0 LATUZ Agonies& maid, Chit Charm. meet& Peru and geneniela AVA Pena. AK Wei indenozsa. Kole& lantayske Frapperts Singgx, Lae& Teem& inefand end kik1nary Oil Brent (USD/bbl) 66.6 56.0 55.0 56.0 Australia Canada Denmark. Eurozone Japan ilea Seam) itonray Seeden Seitzenand UK and US Current prices as of 02-Jan-2018 DeUsche Bank Research' European Equity Focus —January 2018 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0086832 SDNY_GM_00233016 EFTA01385546