EFTA Document EFTA01459673

aw Il Global Fixed Income Combing the Field for Yield Powerful Flows to U.S. 1.000 - 800 600 • 400 • 200 0 -400 •600 600 Mar•2009 Mar•2010 Mr•2011 Mar•2012 Mr•2013 Mar•2014 Mar-2015 —.United States —Euro Area —Japan Given the superior yield and solid economic outlook, U.S. bonds have seen steady inflows on a rolling 12 month basis while European bonds have seen steady outflows. Footnotes: Data as of August 2015. Source Deutsche Bank Global Markets Deutsche Bank Wealth Management Deutsche Bank Wealth Mormgernent U.S. Supply Moderating 62000 $0 .111.111111111 S1 000 - • 6500 45) MEAM11; ;; gi 500 • ■ Net U.S. Treasury Issuance Est. <0 8 — Given our estimate that the federal budget deficit should shrink to the lowest level since August 2008 in 2016 (-$414 billion), the need for Treasury issuance is also shrinking. Footnotes: Estimate as of December 2015. Sothce: Deutsche Bank Global Markets. Deutsche Bank Wealth Management 18 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 120279 SDNY_GM_00266463 EFTA01459673