Deutsche Bank MO-2. ...while latest high-frequency indicators point to a soft landing... 70 60 50 40 30 20 10 0 -10 -20 -30 -40 YoY%, 3mma Vehicle sales —White goods sales House sales Core imports —Consumer confidence (rhs) <100 = pessimism Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Source: Haver Analytics. TurkStat. CBT. end Deutsche Bank 85 80 75 70 65 60 55 Deutsche Bank Bank 4 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0070007 CONFIDENTIAL SDNY_GM_00216191 EFTA01374994