5 February 2016 Focus Europe: Dark clouds, no storm yet iEuroland Data Monitor new 02 03 04 01 Aug Sep Oot Nov Dec Jan code 2015 2015 2015 2018 2015 2015 2015 2015 2015 2016 Business summand output Industry EC industrial cont. EUICEMU -3.2 -3.7 -2.3 -1.9 -3.3 -2.0 -3.2 Headline IR I% pop) EUITEMUM -0.3 0.7 -0.5 -02 0.8 -0 Capacity Utilisation EUUCEMU 81.2 81.1 81. Construction EC construction con!. EUCOEMU -24.4 -22.6 'MAIM -22.3 -22.2 -17.6 -17.8 -19.1 StWiCOS EC services cont EUSCEMU 7.7 10.4 12.13MIll 10.0 12.4 12.3 12.7 12.8 11.6 National Senillneni Ito GRIFPBUS 108.3 108.3 108. 108.4 108.5 108.2 109.0 108.6 107.3 INSEE INSESYNT 101.4 103.3 102. 103.1 104.3 103.1 101.8 102.3 102.4 Consumer dreiend EC consumer survey EUCCEMU 4.2 -7.0 -8 4.8 -7.0 -7.6 -5.9 4.7 -8.3 Relay Saba il 1 % 900 RSSAEMUM 1.8 2.7 -011 0.2 -0.1 -0.2 0.0 0.. New car reg. (sa. % yoyl rondo sector 8 .8 9.2 10 8.1 10.1 8.0 11.1 13. Foreign orders EUICEMU -11.7 -11.9 -H. -12.4 -12.8 •11.4 -12.8 -11.2 -12.3 Exports Cu val. % pop) 3.3 4.1 -3.7 0.9 0.2 1 Impons Ise val.% pop) 6.0 -8. -2.1 0.8 0.2 -0.1 Not trade Ise EUR bn) XTS8E2 60.1 61. 19.2 19.8 19.8 22. Labour market Unemployment rate ISO UNIRTEMU 11.0 10. 10.8 10.8 10.8 10.5 10. Change in unemployment -255.7 -468. -88.0 -182.0 -121.0 -170.0 -49. in Employment 1:-. yoyl 1.0 1.all Prices, wages and costs Prices l''.'o YOYI Harmonised CPI ECCPEMUY 0.2 0.1 0 0.1 4.1 0.1 0.1 O. Core HICP (Eurostat) CPEXEMUY 0.8 0.9 11 0.9 0.9 1.1 0.9 0 Hat monised PPI PPIXEMU -1.1 -1.9 -2.0 -2.6 .2.13 •24 Oil Price (USD) EUCREIRCIT 61.7 60.2 43. 46.5 47.6 48.4 44.3 38.0 30.7 EURNSO EUR 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 Inflation expectations EC household survey EUMEMU 2.8 3.3 2.5 2.9 3.0 OA 3.6 3.6 2.3 EC industrial survey EUICEMU -1.3 -2.0 -2.2 -3.5 -2.4 48 -3.2 4.2 Umi labour cost Os my) Unit labour cost 0.7 0 Labour productivity 0.8 0: Compensation. 1.3 1.$ 1 1.11 Hourly labour costs Hal 1.6 1.4 Monty R4 vovl ECMAM3YY 5.1 5.0 5. 4.9 4.9 5.2 5.0 4. M3 trend (3m ems) ECMA3MTH 5.0 5.0 5.1 5. Credit -private ECMSCDXE 0.4 0.8 0.9 1.0 0.6 0.9 1.2 0. Credit - public ECMSCDGY 4.3 6.3 75 6.3 7.2 6.9 7.8 7 arta en many yam* tare saw straw Sate., Awswfw Bank Ictaw" Evosfie lb WEE Rain tvwsn CO^V•VeleWl. &tie. , Seitee, •• 0. ‘ el ntis , anamicatI 1- Atom M fbal *Sie* Cutlery dile a, stuedled ow' an qualar.tralste Ita deb irt Pa thidid anat.@ ban III 14 AV e Change vinetoobendietaperied l'age 24 Deutsche Bank AG/London CONFIDENTIAL — PURSUANT TO FED. R CRIM. P. 6(e) DB-SDNY-0120380 CONFIDENTIAL SDNY_GM_00266564 EFTA01459731