ERS FOR A CALL (Replay number is: 917 677 7532 and use conference ID 5299783) -Introduction / Moderator — Shilpa Kapur and Ben Coates -Economics — Mark Wall, Chief Economist -Research — Kinner Lakhani, Head of European Research and Head of Financials Research -Equities — Karim Moussalem, Co-Head of Glob

their expectations for major currencies around the world, which centers on their thesis of ongoing USD strength. • Focus Europe — Chief Economist Mark Wall dives into the risks of a slowdown in euro-area growth, primarily driven by an external demand shock and a deflationary shock. • Weekly Highlights

their expectations for major currencies around the world, which centers on their thesis of ongoing USD strength. • Focus Europe — Chief Economist Mark Wall dives into the risks of a slowdown in euro-area growth, primarily driven by an external demand shock and a deflationary shock. • Weekly Highlights

es their expectations for major currencies around the world, which centers on their thesis of ongoing USD strength. Focus Europe — Chief Economist Mark Wall dives into the risks of a slowdown in euro-area growth, primarily driven by an external demand shock and a deflationary shock. Weekly Highlights —

es their expectations for major currencies around the world, which centers on their thesis of ongoing USD strength. Focus Europe — Chief Economist Mark Wall dives into the risks of a slowdown in euro-area growth, primarily driven by an external demand shock and a deflationary shock. Weekly Highlights —

es their expectations for major currencies around the world, which centers on their thesis of ongoing USD strength. Focus Europe — Chief Economist Mark Wall dives into the risks of a slowdown in euro-area growth, primarily driven by an external demand shock and a deflationary shock. Weekly Highlights —

15 World Outlook 2016 Managing with less liquidity David Folkerts-Landau 'tors Peter Hooper Chief Economist Matthew Luzzetti Chief Economist Mark Wall Chief Economist Torsten Slok hi f E n mi t Deutsche Bank AG/London DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 12

Managing with less liquidity Contacts Name Coverage David Folkerts-Landau Michael Spencer Economics Peter Hooper Torsten Slok Joe LaVorgna Mark Wall Stefan Schneider Mikihiro Matsuoka Michael Spencer Taimur Baig Gustavo Canonero Strategy Dominic Konstam Francis Yared Oleg Melentyev Jim R