EFTA01459568.pdf

5 U.S. Dollar Downshifting its Pace Dollar Cycle to Moderate? Historical Dollar Cycles 170 1 160 +67% 150 6-Year USD 160 Uptrend 140 7-Year USD 150 Downtrend 130 +38% +43% 9.Year USD 120 - Downtrend 140, -5-Year 1 USD 130 Uptrencr 100 120 90 6-Year • USD 7-Year USD 80 110 Downtrend V Uptrend 70 100 60 1 226 451 676 901 1126 1351 1576 73 '75 '77 '79 131 '83 '85 '67 '69 '91 '93 '95 '97 '99 '01 '03 '06 '07 '09 '11 '13 '15 — Nominal Trade Weighted Odle: Index - -• Average 1978.1985 -- 1995.2032 ea 2011 • Present - At this juncture, the dollar bull market is the — The dollar will enter the sixth year of the current strongest in history. bull cycle in 2016. — While the bull market should continue, the pace of its rally should moderate. Footnotes: Nominal Dollar index. Data as of December 24, 2015 Footnotes: Data as of December 24, 2015. Source: FactSet, - Deutsche Bank Wealth Managerment Sour:;-): FaciSet Deutsthe Bank W.?.alth M4nagerngnt Deutsche Bank Wealth Mormgement 15 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 120064 CONFIDENTIAL SDNY_GM_00266248 EFTA01459568