oward the Fed's 2% target. With respect to all of the aforementioned risks, this is perhaps the one that financial markets are least prepared for. Joseph A. LaVorgna, Brett Ryan, Aditya Shave, Deutsche Bank Securities Inc. Figure 8: Goods prices will continue to fall but this should be offset by services %S

R 10) 104 103 098 .Pr per LISO 119 121 13. 126 VS0 on MP I 49 147 IX 133 son nisnentaaraoneaaa On.eacna Bra Restock as oe &twain 20 Joseph A. LaVorgna, (l) 212 250 7329 Brett Ryan, (1) 212 250 6294 Aditya Bhave, (1)212 250 0584 Deutsche Bank Securities Inc. Page 41 CONFIDENTIAL — PURSUANT TO FE

-3.1 Current Q1-2016 02-2016 Q4-2016 0.625 0.83 1.01 127 1.42 1.125 1.33 0.90 128 1.27 Source: Deutsche Bank Research as of December 07. Joseph A. LaVorgna, (1) 212 250 7329 Brett Ryan, (1) 212 250 6294 Aditya Bhave, (1) 212 250 0584 Page 22 Deutsche Bank AG/London EFTA01476012 8 December 2015 Wo