EFTA01459564.pdf

2 Our Consumption Assumption Shop `tit You Drop America (and the World!) Solid Global Confidence Chinese Middle Class Growing 100% 1 70%J, 60% 50% 90 40% 30% 83 - 20% 10% 70 - 0% Poor Middle Class Rich 03 - Mar-04 Nov-05 Jul-07 Mar-09 Nov-10 Jul-12 Mar-14 Nov-15 .2009 .2020 ■2030 Source: World Bank, Devische Bank Global Markets. Deutsche Bank Wean Global Consumer Confidence Management Global consumer confidence has continued to Europeans Spending Again improve and is hovering at pre-crisis highs. 20.0% 6.0% 15.0% • 4.0% In addition, the Chinese consumer is becoming a 10.0% bigger contributor to growth. From 2009 to 2030, 5.0% • 2.0% 0.0% the Chinese middle class is expected to grow from -5.0% 0.0% 11% to 72% of the total population. -10.0% -2.0% -15O% -4.0% Better U.S. spending, increased spending from the -25.0% -6.0% Chinese economy and a better European economy Jun-04 Dec-05 Jun-07 Dec-08 Jun-10 Dec-11 Jun-13 Dec-14 support the global consumer discretionary sector. —Europe New Passenger Car Registrations (6 Mo Moving Average) (LHS) Footnote- •';lobslconsum.e: confidence Is the average of U.S., Japan. China am; —Eurostat Retail Sales (YoY) (RHS) Europe. Data rs most recent available as of November 2015. Footnotes: Data is monthly and most recent as of December 2015. Source: Bloomberg Finance LP, Deutsche Bank Wealth Management Source. Bloomberg Finance Deutsche Sank Wealth Management Deutsche Bank Wealth Mormgerneht 6 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 120055 CONFIDENTIAL SDNY_GM_00266239 EFTA01459564