rent account imbalances were cushioned by flexible exchange rates and fiat money. Larger current account imbalances across the globe were therefore Deutsche Bank AG/London Page 47 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0084696 CONFIDENTIAL SDNY_GM_00230880 EFTA01384474

re 55 shows today's current account position for all G20 countries (including EU27 countries) in our sample. 2008 2010 2012 2014 2016 Page 48 Deutsche Bank AG/London CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0084697 CONFIDENTIAL SDNY_GM_00230881 EFTA01384475

Deutsche Bank AG/London I Figure 77: Real Returns for US Assets over Different lime Horizons COY4Y Cory 0.-.50 AAA Cot.] ese (A7eM Ilras Ay (10;0 Treasur• r30.., 1*

Deutsche Bank AG/London Figure 79: Developed Market Real Annualised Equity and Bond Retains 1.141 774: 774 754 764 7.4677 477777. Arc* 3.6G7t Itaat 111v- 111-7.

Deutsche Bank AG/London Figure SO. Developed Market USD Annualised Equity and Bond Returns l.x LSO sr-. turn. Lao 3.64, tau tat 6)74 1.0.36 3.5 • 1000 1770. 107

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Elt 0.375 0.625 0.875 1.125 3m Libor 0.62 0.83 1.08 1.33 TOY govt bond 1.82 2.00 2.25 1.75 sans DO, abeerdip *SW LP, Nainl Cent Matt Deutsche Bank AG/London Page 23 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0120379 CONFIDENTIAL SDNY_GM_00266563 EFTA01459730

ng cause of theories in Span. See Spain article in 29 January Focus Europe for more details. available at htto //cull db. mres 1 47 sEu 6 1-29 Deutsche Bank AG/London Figure 5: French surveys: contrasting performance of PMIs and INSEE It jt It jt it Source D•utioh• Bank Mutt ?AGEE Kees t •••••Ocs Figure 6:

l, Dec 2014) and risk-reward argues for being modestly underweight on a rising dollar. Industrial metals, especially Copper still looks expensive. Deutsche Bank AG/London Figure 9: Hiking cycles and 10Y Fed Rate Cycles and lOy Treasury Price Changes Hiking Cycle 1958-59 1961-66 1972-74 1976-80 1980 1983-84 1

0% -30% -20% -10% 0% 10% 20% 30% 40% 50% Source: Deutsche Bank, Bloomberg Finance LP Source: Deutsche Bank, Bloomberg Finance LP Page 12 Deutsche Bank AG/London Consumer Staples Philippines EFTA01466419 Greece Health Care Consumer Discretionary Utilities Telco Information Technology Industrial Fin