DoubleLine CEO & CIO Jeffrey Gundlach‘s webcast slides for the month for December 2017, titled, “So Far, So Good.”

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TAB I - Global Economy

OECD Expansion Contraction Growth Indicator

Jeffrey Gundlach

Source: Organization of Economic Development (OECD), DoubleLine

As of 9/25/17

YoY = year-over-year

Citi Economic Global Surprise Index

Jeffrey Gundlach

Source: Bloomberg, DoubleLine

The Citigroup Economic Surprise Index measures the economic news defined by standard deviations of data surprises vs. Bloomberg survey. You cannot invest directly in an index.

Chinese GDP vs. Li KeQiang Index

Jeffrey Gundlach

Source: Bloomberg, DoubleLine

Li KeQiangIndex was developed by the Chinese Premier Li Keqiang to measure growth he preferred to look at change in bank lending, rail freight, and electricity consumption. GDP = Gross Domestic Product measures the amount of goods and services produced within a given country. You cannot invest directly in an index.

Central Bank Total Assets

Jeffrey Gundlach

Source: Haver Analytics

ECB = European Central Bank, BOJ = Bank of Japan

Central Bank Total Assets - Aggregate

Jeffrey Gundlach

Source: Haver Analytics

ECB = European Central Bank, BOJ = Bank of Japan

Central Bank Total Assets as Percent of GDP

Jeffrey Gundlach

Source: Haver Analytics

ECB = European Central Bank, BOJ = Bank of Japan

Japanese Government Bonds (JGB) Holders

Jeffrey Gundlach

Source: Morgan Stanley as of November 18, 2017

BOJ = Bank of Japan, Lifers = life insurance, JPY 17.7 tn= $0.64 trUS Dollars.

Fed Balance Sheet

January 1, 2003 to September 30, 2017 Projected through 2022

Jeffrey Gundlach

MBS = Mortgage-Backed Securities

* Refers to the anticipated forecast reduction in the Fed’s balance sheet after Quantitative Tightening started in October 2017.

Global Central Bank Balance Sheets will Shrink in 2019

Jeffrey Gundlach

ECB = European Central Bank, BOJ = Bank of Japan

Quantitative Easing (QE) and Equity and Credit Performance

Jeffrey Gundlach

Central Banks include European Central Bank, Bank of Japan, Bank of England, BOC = bank of Canada, SNB = Swiss National Bank,Reserve Bank of Australia, Reserve Bank of New Zealand. CB = central Banks. FX = Foreign exchange.IG= Investment Grade. Bp= basis point, chg= change. EM = Emerging Markets.

MSCI World Index is a free-float weighted equity index. The index includes developed world markets. M = Million, bn= billion, BOE = Bank of England. You cannot invest directly in an index.

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