EFTA01459592.pdf

15 January 2016 Global Economic Perspectives: China's evolving FX policy Financial Forecasts tfrS Jig. Euro UK a•te• Swills' tan' Awl W.' 3M lowor-I Actual 0.26 0.15 .0 14 0.59 -0.35 -0.75 0.50 2.00 2.50 Baia' 0.15 0'S 0.35 -075 0.50 2.00 2.50 D8 icexasts Jun-16 1.06 0.15 .0 15 0.61 -0.35 0 75 0 50 1 (X) 250 1.3311110,16 -0.1$ 049 -0.35 -0 75 076 2O0 250 101' Gov' Actual 2.01 040 0.53 1.75 na 11 a 1 .25 2 15 s 3r) Bond/fields a:al: 0.751 n,a. n4 300 350 Spftads Jun•10 2.75 0.45 0.75 1.90 Da no. 1 .90 3.00 350 DE1 kxecastz; 2,25 045 1,10 210 4A. na. 2.55 3.00 3.25 FUR, LMExt EUR/ GBP: FUR( EURt 050i AM NNW uF.D JPv GBP USD V i: CHF CAD USD USD Erawng. Actual ' 09 '17.4 0.76 144 928 1.09 143 0.69 0.65 Rates a • y1.!.: "rwir 1.46 UN Si illIN Jun-06 7 02 '75 0 0 73 1 40 890 1 .10 1 40 0.66 0.60 ginamair 0.95 12111.0 034 US 6,75 1.12 1.43 0.60 Ilr012 II)FOSS We an Sent owes • .10ailteS poW tees fl)FOSS MSS* anfrocks, Cy Om reps/ tonircatne *venni a EIS MVOS beleyirreSoon no den Sin from USRS SS* WS* SOWS boomesMao LA SOS Sagmeat. /tensed known% n toldOp* [US 10Y rates Euroland 10Y rates Euro government bond yields, % US government bond yields, 60 25 6.0 5.0 5.0 2.0 4.0 4.0 1.5 5.0 3.0 3.0 1.0 4.0 2.0 0.5 2.0 3.0 1.0 0.0 1.0 0.0 : -0.5 - 0.0 2002 2004 2006 2008 2010 2012 2014 2016 10Y 2Y/10Y six (ghs) 1.0 -1.0 lay —2 1410Yiptass (ens) 2002 2004 2006 2006 2010 2012 2014 2016 Sawn- Innatne Bent Rase-tin BIsertS ASS LP Sara& DOSS EIS ANOVA ESYSS I net? [Japan 10Y rates UK 10Y rates 2.5 Japan government bond yields, % 2.0 7.0 UK government bond yields, % 3.5 2.0 6.0 • 3.0 1.5 2.5 5.0 2.0 1.5 1.0 4.0 1.5 1.0 3.0 - 1.0 0.5 0.5 0.5 2.0 • YflOY spread Ohs) 0.0 1.0 . -0.5 10Y —7Y/10Yspiresd (rhs) 0.0 0.0 0.0 -1.0 2002 2004 2006 2008 2010 2012 2014 2016 2002 2004 2006 2008 2010 2012 2014 2016 Sect Dooncto ant *rearm. Alfacnibeg SomeIP Sane DDSS1st Moss* SOS, Sons LP Deutsche Bank Securities Inc. Page 17 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0120101 CONFIDENTIAL SONY GM_00266285 EFTA01459592