18 September 2017 Long•Term Asset Return Study. The Next Financial Crisis International 10 year government bond return charts 'Figure 96: Last 5 Yeats Annualised 10 Year Government Bond Returns - Nominal (lett), Real (middle), USD (right) 10, ph BILIlitiplupp.. pispiliji San Onaloolilsot GPO 1 2% loc • *CU MIA 0% % 411. 2% IR PIIIIii15/J111111111111.11, 42 8% 2% Fig.tre 97: Last 25 Years Annualised 10 Year Government Bond Returns - Nominal (left), Real (middle), USD (right) 4% Ora .EPA IM 7% iR 7% % oR I% 2R 2% 14 OR OR 14 .7, 11 7 311 : JCS .2 y ry gi r d= t Figure 98: Last 50 Years Annualised 10 Year Government Bond Returns— Nominal (left), Real (middle). USD (right) le% •MA o11. 12% 11% 104 4% SondurrInfrantePO % •Cm 500 12% CM 6 7% 'Figure 99: Last 100 Years Annualised ID Year Government Bond Retuins - Nominal (left), Real (middle). USD (right) 4% 54 111111111F Soisc• 0..MM flam GED Deutsche Bank AG/London D0M • IA EM 6% 4eli ill Ill U WI E4% 4% 11111! I g i112111111 A Page 87 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0084736 CONFIDENTIAL SDNY_GM_00230920 EFTA01384494