Deutsche Bank AG/London I Figure 77: Real Returns for US Assets over Different lime Horizons COY4Y Cory 0.-.50 AAA Cot.] ese (A7eM Ilras Ay (10;0 Treasur• r30.., 1* GAnd Crew wry /HY CAstewl: Deism CAI 14,066 Prece. yr.:, C`n!A 6<! CApow .N 54h31nt Coninattes 1,001 IrAcA i— — o o C gco1 L m at last 560 0013-2017/ 1266% 304% 238% 414% 001% 169% 440% -044% -ON% 465% 441% -646% .12.33% -10.14% .10.12% . 3 wt 101n NON-2017) 8.01% 607% 536% 661% I60% 398% 871% 142% -1 17% -048% 281% -187% 381% 449% 386% last 15A4 C2003-2017) Wt 25m119932017) 7 16% 6 97% 5 61% 5 97% 4 99% 5 68% 6 10% 6 31% 2 01% 3 41% 353% 493% 6 63% 5 36% 0 98% 2 70% -0 29% 0 26% 0 74% 151% 6 92% 3 25% 7 67% 197% 1 21% 1 64% 0 23% .1 18% -2 35% 0 19% t .g -. 0 ^7,5 Last 50yrs 119682017/ 5.66% 434% 39)% 078% 30l% 3.08% 084% 095% 126% 016% 1.68% 466% -1 34% Wt 7504 II 9434017/ Last 100n (191820171 753% 7 19% 241% 3 06% 205% 290% 169% 2 18% 147% 2 08% 032% 056% 129% 0 83% 122% 1 25% 071% 0 35% 044% -0 X% .190% -2 07% .138% -144% •m c5 Let 1935, * (1969.20171 6.62% 254% 120% 041% 468% 005% .151% If/ last 200As (1819 2017i 6.66% 309% 032% 060% E Ante 1800 6.78% 3 43% 076% -087% '0- C farce 1900 6.36% 2 64% 158% 1.62% 040% 047% 052% 4.66% 4.07% -132% —I ,tree 1920 7.24% 346% 320% 396% 249% 245% 081% 102% 160% 020% -0.26% -192% .1.17% = m since 1930 6.30% 299% 272% 347% 703% 194% 036% 095% 159% 017% 019% -153% -091% Z 1903.1970 6.43% 112% 050% 037% 012% 013% -153% -0 96% -1.36% -106% 0 sox< 1971 6.25% 490% 452% 548% 325% 3.62% 084% 099% 371% 421% 1181% -171% -1.15% sic‘e 1980 9.19% 673% 632% 716% 470% 5.64% 129% 114% -0 66% 427% 4.18% -2 82% -233% 5 7 tux< 1986 772% 663% 623% 701% 414% 545% 590% 344% 072% 149% 175% 117% 051% -159% -105% 0 3 sect 1999 3 51% 53