lass Growing 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Poor Middle Class 2009 2020 2030 Europeans Spending Again Source:World Bank, Deutsche Bank Global Markets, Deutsche Bank Wealth -25.0% -20.0% -15.0% EFTA01477371 -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% Jun-04 Dec-05 Jun-07 Dec-08 Jun-10 Dec-

che Bank - Fixed Income Research n rew Garnett Deutsche Bank - Fixed Income Research You have received this message because you have subscribed to Deutsche Bank Global Markets research. For additional Deutsche Bank research, visit our web site: http://am.db.com EFTA_R1_01474511 EFTA02412770 For changes to your current