Epstein Secrets

ittee Forecasts January 2016 GDP Growth in % World USA Euroland UK Japan China Inflation in % USA (core PCE) Euroland UK Japan China Curr Acct Balance in % of GDP USA Euroland UK Japan China Fiscal Balance in % of GDP USA Euroland UK Japan China Key Interest Rates USA (Fed funds) Eur

mber 2015. U.S. GDP is 4Q over 4Q. 1 Current as of January 22, 2016. 2 LTM stands for last twelve months. 3 P/E and EPS forecasts are according to Deutsche Asset & Wealth Management 4 Direction in sovereign bonds is yield move. 5 High yield spread is high yield versus five year Treasury. 6 Next 3% move in credit is return move. Source: F

t Forecasts March/April 2016 GDP Growth in % World USA Euroland UK Japan China Inflation in % USA (core PCE) Euroland UK Japan China Curr Acct Balance in % of GDP USA Euroland UK Japan China Fiscal Balance in % ofGDP of GDP USA Euroland UK Japan China KI t -2.8% -1.9% -3.3% -6.0%

th 3 P/E d EPS f t ditDthAt&Wlth M t 4 Di ti i i b d i i ld 5 Hi h i ld tands or last twelve months. 3 P/E and EPS forecasts are according to Deutsche Asset & Wealth Management 4 Direction in sovereign bonds is yield move. 5 High yield spread is high yield versus five year Treasury. 6 Next 3% move in credit is return move. Source: F

t Forecasts March/April 2016 GDP Growth in % World USA Euroland UK Japan China Inflation in % USA (core PCE) Euroland UK Japan China Curr Acct Balance in % of GDP USA Euroland UK Japan China Fiscal Balance in % ofGDP of GDP USA Euroland UK Japan China KI t -2.8% -1.9% -3.3% -6.0%

th 3 P/E d EPS f t ditDthAt&Wlth M t 4 Di ti i i b d i i ld 5 Hi h i ld tands or last twelve months. 3 P/E and EPS forecasts are according to Deutsche Asset & Wealth Management 4 Direction in sovereign bonds is yield move. 5 High yield spread is high yield versus five year Treasury. 6 Next 3% move in credit is return move. Source: F