From: Morris, Paul i Sent: 1/5/2017 3:31:54 PM To: Morris, Paul V ,&§ cc: Lehane, Sean T Subject: The Year Ahead: A World of Change (Short Version Below For Convenience) Attachments: image001.jpg; image003.jpg; image004.jpg; imageO05.png; image006.jpg The Year Ahead: A World of Change A continued rise in equities. Renewed investor confidence. Bond markets under pressure. Our Chief Investment Office explores the risks and opportunities of these and other trends shaping the year ahead. “a site , o o> OP 47 “=F. : Jat sit SS i eteetttttiny gS ¢ (fas Se > SEER RR s ae i oe . woke bRSuE, hey = ‘Ptee.)' enprto we es \. ay ay ty pS pin’ / 4 r * , Bess +, Cy tre ¥ fer (7 yon g TAS 7 +i a ( 4 id \ Bn a yw of) resets: am yr x t FNS ‘f ATEN Rs ~ ee i SSS 4a 9 i 0 ee Se Bo)“ — =~ ‘ a : ~ > / ae - Rhee — A s 7 A = — ee A fet 0 a a \ . : SE catches | ao een Fe Pe. . = Ye | el map AS WE ae . sg, hc: a LOOK ce) se Create tense £ ' BACK. UN ae Meeesgenasts "feo, c 2016, one La » e - O - eee ate. waren e Id lls sia eee Baas | © eam esd : 0) characterize > Bi > | ene it as The “ - Year of The Unlikely. It began with deep worries regarding China’s growth path, a second wave of collapsing oil prices, a Federal Reserve (Fed) hiking into deflationary headwinds, the impact of negative interest rates in Europe and Japan, concerns over a potential U.S. recession, lower-quality corporate HOUSE_OVERSIGHT_014525