EFTA01458598.pdf

Minn pOliflt, FOCUI It ,: :us 4,,p(., Irramincot w,WC iionts Ais01-0.04 prspsttixri Pon/0o ?..icn.00*.ovk!tyn !dais VilItel SUN% 2-y..st 0.68 or 1.35 vrilad Stites &moral hint irk) 0.0.26 1 0.75-1.00 0nit0d S-a.tes, I 0-ste 2.10 2.25 !-:?0/c.r. 000 ri!,40 0.05 0.05 Vni 00140: 2E13 .01 2.90 Uretod 0.c. pc. :4r,' 0.50 r 0.75 Sofmany. 2igge -0 26 -0.20 J4r4n :mcnollt trim 0.10 0.10 Gelm.wry.10.var 0 59 -• 0.75 Unitr.rd States (federal funds ratril until /00000m. 10-vow 1.77 2.15 atram.2-vear 0.01 0.00 0 - 0.25% a 0.75 1.00°/0 3.200n. Germany. 10-year 0.36 0.35 (Current) (Sept 20151j 111l The Fed postponed its first rate hike due to decelerating growth air in China and volatile capital markets. It might dare to take the 0.59% -)0.75% 1©Y first step in December. (Current • " {Septerrther 2016F) The ECB is likely to expand its quantitative-easing (OE) program due to low inflation. The 10-year German Bund yield should rise only modestly. Euf!v9 USD 1.12 'Is 1.00 —11 Vg.) 120 130 9 NA vs CHF 1.09 1.13 3 Commodities in U.S. dollars SSP vs. USD 1.52 1.49 .2 UST) vs /NV 6.37 6.65 4 A:It'd ear0 '16 66 20 USD vs. JPY C*: silver Capin, 1,125 15 6,078 1.260 6,700 19 II 29 32 120 (Ca!" °) s 130 I S0pl 2o, cri ws Akin-mum ILMEI 1,589 1,800 13 The inflation target of the Bank of Japan is sti€I tar off. OE should Crude oil (Will therefore be continued. The high rate differential between the 46 (Current') $ 55 (Sept 2016H United States and Japan is likely to further weaken the yen. LOW!" Mo0IEItha004. W I = Itaca Tin13% MUMIte"179 Shale-oil production and the oil-rig count in the United States have fallen due to low oil prices. At the same time, demand for oil is on the rise. The outcome: higher oil prices. Past performance is not indicative of future returns. F refers to forecasts. Our forecasts are as of 9/21/15. It is not possible to invest directly in an index. No assurance can be given that any forecast or target will be reached. Forecasts • Source: Bloomberg Finance L.P., as of 9/22/15 are based on assumptions, estimates, opinions and hypothetical • • Expected total return includes interest, dividends and capital models or analyses that may prove to be incorrect. Investments gains where applicable come with risk. The value of an investment can fall as well as Source: Bloomberg Finance L.P., as of 9/28115 rise and your capital may be at risk. You might not get back the ' Total-return index {includes dividends) amount originally invested at any point in time. = Our equity-market forecasts are as of 9r23/15 in U.S. dollars C Ye \kw Are, ..44/1"Ed+., I I>. Nu 20! 5 =Iv., ca CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0118578 CONFIDENTIAL SDNY_GM_00264762 EFTA01458598