EFTA01459021.pdf

Mint: pOliflt, FOCUI Irratencin trbite: lights Aiseedas paspectixri Pentee ?icn.eceovki-cn ,deas unnel SUM. 2-Rs/ 0.93 0 1.50 uresad States &moral !tint irk) 0.0.25 r 0.75-1.00 united Sweet. 10-ste 2.24 -. 2.40 e:?en.en eve owes, 0.05 16 0.00 Unind SDut, ?Olen: 300 .01 3.10 tutted l<ietwere Nee ,a.l.e; 0.50 r 1.00 Csa many. 2-rge -0 38 ... -0.25 ) 4r4n crei 010 0.10 Genn.wry.10..ra, 0 52 -6. 0.76 Eurozono (refi rate) Vnleg Kinggan. 10-eo$f 1.87 -. 2.20 &wen. z-vaar .heee. Zei.etir 0.00 -. 0.32 -. 0.00 0.35 0.05% y 0.00% d i (Current') (Dec 2016F) Unitod Suer,: 30.yoal The refi rate Is the rate that banks pay to borrow funds from the ECB. In 2016, persistent downside risks to growth are likely 3.00% -) 3.10% 30Y to push this rate to zero, in line with further cuts in the already negative deposit rate. (Cui rule ^ 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 Dan el USD 1,06 0.95 11 keep investors guessing about the timing of the initial and further hikes. Expect an uneasy ride for long-term interest rates. 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 Crude le rAt% 43 r 66 12 EUR vs. USD C*: 1,086 1.000 -9 Silver 14 0 19 33 1.06 y 0.95 $/€ Capin, 4,943 ir 6,400 9 (Current" 5 (Der, 20161; A ftennium 0.mzi 1.518 1,500 .1 Interest-rate divergence between Europe and the United States Aluminum ILME1 is likely to strengthen the U.S. dollar, pushing it beyond parity. 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. F refers to our forecasts. Our forecasts are as of 11/11/2015. 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 11/11/2015 are based on assumptions, estimates, opinions and hypothetical • • Expected total return includes interest, dividends and capital models or analyses that may prove to he incorrect. Investments gains where applicable come with risk. The value of an investment can tall as well as • " Source: Bloomberg Finance L. P-; as of 11/24/2015 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. 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