EFTA01459577.pdf

Multi Asset Investment Committee Forecasts January 2016 GDP Growth 2016 al q4 Carman Curren! I1 Month Fonacia.• Wodd 32% 3.4% (Dec 2016) USA 22% 2.4% EL R vs USD 108 0.96 Eurohind 14% 10% USDw SY 11651 130.00 9.7% UK 25% 22% EUR vs CHF 110 1.13 24% Japan 08% 1.2% 08Pm USD 143 1.62 8.0% China 68% 80% USD... CNY' 656 640 49% Ethane° Commodities Currant: 12 Month Forecast 12 Month Return 2015 2018 Neal 3%. Move MV (004 2018) tee 20t6) USA Komi PCE) 14% 1.0% CO 9Y TO in USD 32 60 55.3% Euro1ond 01% 1.2% Gob lob%) 1096 1000 44% UK 02% 1.8% Japan 07% 0.6% Baubles Current' NOW EPS 12 Month Forecast Drvidend N74 PIE 12 Mbrlin Return (1.24)? Nan mow China 15% 12% Yield Forecast' Forecast' (Doc 2016) (Dec 2016) USA (SIP 5C0) 1907 2.2% 18 27 16.75 124 2000 11.3% Curt Mal Balance Eurobnd (Euro Sub 50) 3023 3.5% 13 26 14.50 236 3400 16.0% 2015 2016 ea %of GOP Germany(DA)0 9785 2.8% 12 30 1375 819 11300 15.7% USA 4.8% -30% UK (FTSE 100) 5900 42% 1497 14.75 401 5900 4.2% Eurobnd 30% 10% MSC' Japan OM 832 1.9% 13.71 16.00 62 1000 22.1% UK 4.7% 4.2% Assam Japan (MSG on USD) 448 27% 11 27 1200 39 470 7.6% Japan 20% 2.0% Won Amines (1460 in USD) 1621 3.1% 13 38 14.00 104 1500 4.3% China 20% 18% 12 Month Forecast 12 Month Return 30YOrelgrIRien COMM' Next 3%• Yield Move? (00C2016) (NC 2016) Fiscal Balance 2015 2016 m % a GCP USA 2.05% (.4 2.40% USA -2.5% -2.3% Eurobnd (Gorman Bond) 041% 0.75% -2.7% Euroland -22% -1.9% UK 171% 2.20% -2.3% UK 4.5% 4.5% Japan 023% 0.38% 4.9% Japan 45% 4 5% China 4.4% -2.a Current Current 12-Month (Price Rearm Credit Yield Next Move' 12 Month Return Coupon' Spreads Estimate) 12 Mo Forecast BBarclaysU S High Yield 5 70% 9 47% 790 44% Key Unrest Rates Current' Moe 2016) JPM OBI. EM Global Oryersthed (Local) 700% USA (Fed funds) 025% 0.75-1.00% JPM cmen (EM Broad today) (Hard Crrency) 457 H Eurobnd (Rah nate) 005% 0.05% UK (Repo Me) 050% 0.75% japan (Mmid mte) 010% 0.10% Footnotes Macro estimates are according to Deutsche Asset & Wealth Management and are as of November 2015. U.S. GOP is 40 over 4a ! Current as of January 22. 2016. 7 LTM stands for last twelve months. 3 P/11 and EPS forecasts are according to Deutsche Asset & Wealth Management. a Direction in sovereign bonds is yield move. High yield spread is high yield versus five year Treasury 8 hie4 3% move in credit is return move. Source FaCI$et. Deutsche Bank Wealth Management. Deutsche Bank Itkralth Mormgement CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 120081 CONFIDENTIAL SDNY_GM_00266265 EFTA01459577