U.S. END-YEAR 2015 ECONOMIC OUTLOOK SURVEY | 2015 ECONOMIC ADVISORY ROUNDTABLE Ethan Harris (Chair) Bank of America Merrill Lynch Michael Gapen Barclays Capital Inc. James Sweeney Credit Suisse AG Michael Moran Daiwa Capital Markets America, Inc. Joseph LaVorgna Deutsche Bank Securities Inc. Christopher Low FTN Financial Jan Hatzius Goldman, Sachs & Co. Ward McCarthy Jefferies & Co., Inc. Michael Feroli J.P. Morgan Chase & Co. Diane Swonk Mesirow Financial, Inc. John Lonski Moody’s Analytics, Inc. Ellen Zentner Morgan Stanley & Co. Inc. Alexander Lewis Nomura Securities International, Inc. Stuart Hoffman PNC Financial Services Group Scott J.

Brown Raymond James & Associates, Inc. Aneta Markowska Société Générale Corporate and Investment Banking Beth Ann Bovino Standard & Poor's Rating Services Maury Harris UBS Securities, LLC John Silvia Wells Fargo Securities, LLC SIFMA Staff Advisors Kyle Brandon Managing Director, Director of Research Sharon Sung Assistant Vice President, Research Justyna Podziemska Senior Associate, Research The report is subject to the Terms of Use applicable to SIFMA's website, available here: http://www.sifma.org/legal/ SIFMA is the voice of the U.S. securities industry, representing the broker-dealers, banks and asset managers whose 889,000 employees provide access to the capital markets, raising over $2.4 trillion for businesses and municipalities in the U.S., serving clients with over $16 trillion in assets and managing more than $62 trillion in assets for individual and institutional clients including mutual funds and retirement plans. SIFMA, with offices in New York and Washington, D.C., is the U.S.

regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org. 6 .