EFTA01384487.pdf

I Figure 77: Real Returns for US Assets over Different lime Horizons i— — o o gco1 COY4Y Cory 0.-.50 AAA Cot.] ese (A7eM Ilras Ay Treasur• 1* GAnd Crew wry /HY Deism CAI 14,066 Prece. 6<! CApow .N 54h31nt Coninattes C (10;0 r30.., CAstewl: yr.:, C`n!A 1,001IrAcA L m at last 560 0013-2017/ 1266% 304% 238% 414% 001% 169% 440% -044% -ON% 465% 441% -646% .12.33% -10.14% .10.12% . 3 wt 101n NON-2017) 8.01% 607% 536% 661% I60% 398% 871% 142% -1 17% -048% 281% -187% 381% 449% 386% .g last 15A4 C2003-2017) 7 16% 5 61% 4 99% 6 10% 2 01% 353% 6 63% 0 98% -0 29% 0 74% 6 92% 7 67% 1 21% 0 23% -2 35% t -. Wt 25m119932017) 6 97% 5 97% 5 68% 6 31% 3 41% 493% 5 36% 2 70% 0 26% 151% 3 25% 197% 1 64% .1 18% 0 19% 0 ,5 ^7 Last 50yrs 119682017/ 5.66% 434% 39)% 078% 30l% 3.08% 084% 095% 126% 016% 1.68% 466% -1 34% Wt 7504 II 9434017/ 753% 241% 205% 290% 169% 147% 032% 129% 122% 071% 044% .190% .138% •m Last 100n (191820171 7 19% 3 06% 2 18% 2 08% 056% 0 83% 1 25% 0 35% -0 X% -2 07% -144% c 5 Let 1935, * (1969.20171 6.62% 254% 120% 041% 468% 005% .151% If/ last 200As (1819 2017i 6.66% 309% 032% 060% E Ante 1800 6.78% 3 43% 076% -087% 0- 'C farce 1900 6.36% 2 64% 158% 1.62% 040% 047% 052% 4.66% 4.07% -132% —I ,tree 1920 7.24% 346% 320% 396% 249% 245% 081% 102% 160% 020% -0.26% -192% .1.17% = m since 1930 6.30% 299% 272% 347% 703% 194% 036% 095% 159% 017% 019% -153% -091% Z 1903.1970 6.43% 112% 050% 037% 012% 013% -153% -0 96% -1.36% -106% 0 sox< 1971 6.25% 490% 452% 548% 325% 3.62% 084% 099% 371% 421% 1181% -171% -1.15% sic‘e 1980 9.19% 673% 632% 716% 470% 5.64% 129% 114% -0 66% 427% 4.18% -2 82% -233% 7 5 tux< 1986 772% 663% 623% 701% 414% 545% 590% 344% 072% 149% 175% 117% 051% -159% -105% 0 3 sect 1999 3 51% 533% 491% 572% 243% 3 0:2% 483% I80% 035% 1 74% 589% 541% 554% I 19% .0.10% Q. co RETURNS BY CECACIE ircoo-lan 11.09% 874% 000% -162% 2 1810-1819 4.66% 587% -0 34% -4 96% a. 0 1820.1829 906% ))6% 19R% 031% 18301839 323% 010% •135% 466% 1840.1849 1082% 1075% 794% 275% 013% 19601859 0.07% 364% 347% .153% 079% 408% 1960.1959 1358% 266% 091% -229% -220% •1524% 675% 1970.1879 10.20% 867% 6 5 0% 047% 019% .11.30% 764% 1883-1889 5.6% 560% 304% 000% -166% 4.70% -509% 18901899 523% 330% 219% 413% -1 39% 4 74% -I 34% 1903-1909 7.36% 196% -0 73% -0.22% 063% .041% 334% .593% ani• 3513% 19104919 430% 172% 1.49% 378% -390% 484% 372% 559% 414% 1920-1929 1587% 774% 753% 834% 66S% 706% 481% 161% 095% 046% 4.08% -629% -342% 19304939 1.60% 970% 972% 867% 627% 7.69% 267% 085'A 760% .150% 024% -0 19% I 37% 1940-1949 346% -231% 008% -263% 39% 463% 262% -369% -I9% 4.63% 217% 052% 1960-1959 16.67% 4.02% -225% -160% -100% -267% -020% 074% 352% 366% 4.75% -2 84% -1.57% 1960-1969 5.11% .199% .206% .159% -0 15% -198% 151% .065% 347% 284% 634% -222% 1970.1979 -1.51% -191% -220% -143% -121% -3.43% -0 85% 056% 2171% -103% 1923% 376% 286% 1990 1Se9 1178% 812% 756% 890% 732% 719% 384% 176% .710% 430% .664% -6.75% 1990.1999 1483% 618% 573% 687% 490% 530% 803% 427% 195% -026% 408% 492% 399% 024% 20002009 4.42% 616% 619% 592% 375% 436% 386% 3522% 019% 135% 1146% 1112% 912% 401% 339% 20104017 1106% 617% 568% 700% 244% 59% 622% 086% .129% 184% 039% -265% 4.92% 039`% 470% RETURNS BY HALF COMM' 1803 1649 7.70% 658% 000% .137% 1850-1899 685% 472% 319% -0 70% -0 86% .0 23% Deutsche Bank AG/London 1903 1949 4.91% 240% 086% 1.33% 911% 013% -098% .240% .1.44% 402% 1950-1999 917% 162% 127% 212% 175% 079% 124% 043% 401% 981% 068% 396% 4 53% 2000-2017 1.76% 621% 697% 640% 317% 4.77% 490% 232% 4348% 157% 640% 077% 167% 238% -122% Noe* MUSS to 31ACM? Sane Datum GIO CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0084723 CONFIDENTIAL SDNY_GM_00230907 EFTA01384487