EFTA01377068.pdf

CIO Insights - August 2016 Asset Class Forecasts 16 Asset Class Forecasts Benchmark interest rates Official rate End-June 2017F United States Fed fund rates 0.75-1.00 Eurozone Refi rate 0 United Kingdom Repo rate 0.1 Japan Overnight call rate 0 FX End-June 2017F EUR vs USD USD/EUR 1.05 USD vs JPY USD/JPY 108 EUR vs JPY EUFt/JPY 113.5 EUR vs GBP EUR/GBP 0.84 GBP vs USD GBP/USD 1.25 USD vs CNY USD/CNY 6.9 Equities Market Index End-June 2017F US S&P 500 2100 Germany DAX 10300 Eurozone Eurostoxx 50 2900 Europe Stoxx 600 330 Japan MSCI Japan 800 Switzerland SMI 8150 UK FTSE 100 6200 Emerging Markets MSCI EM 830 Asia ex Japan MSCI Asia ex Japan 500 Latam MSCI Latam 2100 Commodities End-June 2017F Gold Gold spot 1390 Oil WTI spot 55 F = Forecasts. Please soo risk warnings for more information. Forecasts aro based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect. No assurance can be given that any forecast or target will be achieved. Past performance is not indicative of future returns. •• US HY default rate assumptions: 5%; 30% recovery; EUR HY default rate assumptions: 2.5%; 30% recovery. Source: Deutsche Bank Wealth Management. As of August 1. 2016. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0073609 CONFIDENTIAL SONY GM_00219793 EFTA01377068