.8 2.0 24 2.2 2.0 1.5 1.8 in 4 7 tn e z 4 7 Sat. Deutsche Sank fli804ouee 1 6 4.4 2 4 10yr Treasury Yield 4 [Figure 21: Syr. 10yr, 30yr Treasury yields SO a5 l0 15 to I 25 16 201 10 1.51 12 10 1.0 00 0.5 06 00 O 0 0 0 ra N td is et eh et a ws US Treasury Yields (%) 5).• S

% 7% 7% Low Down Yes bet. 1 - 3% Syr Treasury yield 1.51% 0.01% 1.50% 0.15% 1.52% 1.34% 3.68% 5% 95% Nigh Down Caution 1.5% - 3% 30yr Treasury yield 199% 406% 2.90% 0.35% 3.41% 3.44% 4.88% 3% 97% Nigh Down Caution 2.5% - 4.5% Fed f und Rate 2015 End (futWeS1 0.33% Q02% 0.33%

ross Asset Class Market Signals Interest Rates and Inflation 10yr Treasury yield 10yr TIPS yield 10yr Treasury - TIPS spread 5yr Treasury yield 30yr Treasury yield Fed Fund Rate 2015 End (Futures) Fed Fund Rate 2016 End (Futures) Duration US Treasury yield curve slope (10-2yr) US Treasury yield curve