EFTA01459561.pdf

1 Global Economy No Peloton in the Tour de Global Economy escb •••••••, • •• • •• • 2015: +2.2% • •••••• 2015: +0.8% • 2015: +4.2% 2016: +2.4% • 2016: +1.2% II 2016: +4.5% • • • • • • • • • • • 0 • ,Stuck in neutral. • • • • • • • Leader of the pack. Looking for a way to '?• Mixed cycle. Not a breakout. )>Spinning its wheels. well "oiled" team. p After six plus years r I of recovery and Unemployment ), Today's economy is Brazil/Russia struggle expansion. U.S. above U.S. Widest same size as it was with commodity enters late stage of margin since in 1995, 2001, 2003 headwind as China & business cycle. Eurozone created. and 2008. India downshifting. es Emerging market growth estimate is for broad EM not just the ERIC country flags that ere pictured 2L, IS Source'. Deutsche Bank Wealth EA men?. Deutsche Bank Wcralth 2 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 120051 CONFIDENTIAL SDNY_GM_00266235 EFTA01459561