EFTA Document EFTA01459021

unnel SUM. 2-Rs/ 0.93 0 1.50 united Sweet. 10-ste 2.24 -. 2.40 Unind SDut, ?Olen: 300 .01 3.10 Csa many. 2-rge -0 38 ... -0.25 Genn.wry.10..ra, 0 52 -6. 0.76 Vnleg Kinggan. 10-eo$f 1.87 -. 2.20 &wen. z-vaar 0.00 -. 0.00 .heee. Zei.etir 0.32 -. 0.35 Unitod Suer,: 30.yoal 3.00% -) 3.10% (Cui rule ^ 30Y Long-term U.S. interest rates are not expected to rise quite as much and as quickly as short-term rates. Fed policy is likely to keep investors guessing about the timing of the initial and further hikes. Expect an uneasy ride for long-term interest rates. Crude le rAt% 43 r 66 12 C*: 1,086 1.000 -9 Silver 14 0 19 33 Capin, 4,943 ir 6,400 9 A ftennium 0.mzi 1.518 1,500 .1 Aluminum ILME1 1,518 -)1 500 (Current') (Dec 20161) London Met4I Exchange. WII Was' TEVOS kveirrewitAn Abundant supply and demand concerns continue to make us cautious on aluminum. Past performance is not Indicative of future returns. It is not possible to invest directly in an index. No assurance can be given that any forecast or target will be reached. Forecasts are based on assumptions, estimates, opinions and hypothetical models or analyses that may prove to he incorrect. Investments come with risk. The value of an investment can tall as well as rise and your capital may be at risk. You might not get back the amount originally invested at any point in time. uresad States &moral !tint irk) e:?en.en eve owes, tutted l<ietwere Nee ,a.l.e; )4r 4n crei Eurozono (refi rate) Mint: pOliflt, FOCUI Irratencin trbite: lights Aiseedas paspectixri Pentee ?icn.eceovki-cn ,deas 0.0.25 r 0.75-1.00 0.05 16 0.00 0.50 r 1.00 010 0.10 0.05% y 0.00% d i (Dec 2016F) (Current') The refi rate Is the rate that banks pay to borrow funds from the ECB. In 2016, persistent downside risks to growth are likely to push this rate to zero, in line with further cuts in the already negative deposit rate. Dan el USD 1,06 0.95 11 vo. ,Pf 123 oll 130 C FDA vs Cilf 1.08 A 1.13 4 GBP vs. USD 1.51 --. 1.52 1 USD vs. at 6.39 0 6.60 3 EUR vs. USD 1.06 y 0.95 $/€ (Current" 5 (Der, 20161; Interest-rate divergence between Europe and the United States is likely to strengthen the U.S. dollar, pushing it beyond parity. F refers to our forecasts. Our forecasts are as of 11/11/2015. • Source: Bloomberg Finance L.P.; as of 11/11/2015 • • Expected total return includes interest, dividends and capital gains where applicable • " Source: Bloomberg Finance L. P-; as of 11/24/2015 ' Total-return index (includes dividends) DiOV.3WI aei+en:It &Aro [0ut:mber ICH 2=hrae..... 0 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0119218 CONFIDENTIAL SDNY_GM_00265402 EFTA01459021