ecial — 9 December 2015 EFTA01476290 I At NAIRU, broader slack measures also diminished 2010 Note: (*) Our distance measures follow a speech by St. Louis Fed President Jim Bullard on 17 July 2014 Source: Haver Analytics, Deutsche Bank Research Distance from targets* Distance from "normal policy"* I Fe

forward return: 0.88 Dec 31 '10 10 yr Tsy Yield 3.3% Next-5-10 yr Return Est. 3.4% 1969 1974 1979 1984 1989 1994 1999 2004 2009 Source: St. Louis Fed, Ibbotson, Research Affiliates, NEPC, NYC MOPI 'Merrill Lynch US Treasury Master Annualized Total Return 4 EFTA_R1_02033249 EFTA02691358 Progre