t' Next 3%• Move 12 Month Forecast (March 2017) 12 Month Return (Marc, 2017) World 3.2% 3.6% USA 16% 2.0% EUR vs. USD 1.12 1.05 -6.4% Euroland 1.6% 1.6% USDva. JPY 113.25 120.00 6.0% UK 2.0% 2.1% EUR vs CliF 1O9 1.12 2.6% Japan 1.0% 0.8% GBP vs USO 1.43 1.60 6.2% China

urrent' Next 3%. Move 12 Month Forecast 12 Month Return % (March 2017) (March 2017) USA (core PCE) 1.6% 1.7% Oil Mm) in USD 39 60 26.9% Euroland 0.3% 1.6% Gold In USD 1220 1100 -9.8% UK 0.6% 1.8% Japan China 0.8% 1.2% 1.8% 1.2% Equities Current' Dividend Yield (LTM)? NTM

t' 12 Month Forecast 12 Month Return Next 3%• Move (March 2017) (Marc, 2017) World 3.2% 3.6% USA 16% 2.0% EUR vs. USD 1.12 1.05 -6.4% Euroland 1.6% 1.6% USDvs. JPY 113.25 120.00 6.0% UK 2.0% 2.1% EUR vs CliF 109 1.12 2.6% Japan 1.0% 0.8% GBP vs USO 1.43 1.60 6.2% China

rrent' Next 3%. Move 12 Month Forecast 12 Month Return R. (March 2017) (March 2017) USA (core PCE) 1.6% 1.7% Oil Mm) in USD 39 60 26.9% Euroland 0.3% 1.6% Gold In USD 1220 1100 -9.8% UK 0.6% 1.8% Japan China 0.8% 1.2% 1.8% 1.2% Equities Current' Dividend Yield P/E (LTM)? NT

Economic and Capital Market Forecasts March/April 2016 GDP Growth in % World USA Euroland UK Japan China Inflation in % USA (core PCE) Euroland UK Japan China Curr Acct Balance in % of GDP USA Euroland UK Japan China Fiscal Balance in % ofGDP of GDP USA Euroland UK Japan Chin

Economic and Capital Market Forecasts March/April 2016 GDP Growth in % World USA Euroland UK Japan China Inflation in % USA (core PCE) Euroland UK Japan China Curr Acct Balance in % of GDP USA Euroland UK Japan China Fiscal Balance in % ofGDP of GDP USA Euroland UK Japan Chin

eary Gottleib restructuring specialist are ghosting about Athens and now the UK dots not have a government... You come across any smart research on Euroland? Or smart angles... Landon Thomas, Jr. Financial Correspondent New York Times EFTA_R1_01493391 EFTA02425151

Multi Asset Investment Committee Forecasts January 2016 GDP Growth in % World USA Euroland UK Japan China Inflation in % USA (core PCE) Euroland UK Japan China Curr Acct Balance in % of GDP USA Euroland UK Japan China Fiscal Balance in % of GDP USA Euroland UK Japan China Key

ure 10: GDP. Real v 2010 2011 2012 2013 2014 2015 2016 2017E 2018E 2019E U.S. 2.5% 1.6% 2.2% 1.5% 2.4% 2.9% 1.5% 2.3% 2.6% 2.2% Euroland 2.1% 1.6% -0.9% -0.3% 0.9% 2.0% 1.8% 2.3% 2.3% 1.7% Japan 4.8% -0.4% 1.8% 1.4% -0.1% 1.1% 1.0% 1.5% 1.0% 0.8% G7 0.0% 0.0% 0