1. Newcastle, 11 th December 2015 Ben Gutteridge, CFA: Head of Fund Research Brewin Dolphin UK Economic Perspective:

2. UK Consumer – Reasons for Optimism Source: Bloomberg/BoE

3. Source: Bloomberg/Datstream UK Housing

4. UK Consumer – Reasons for Caution

5. UK Forward Rates Source: Bloomberg

6. Economic Rebalancing?

7. UK Trade Source: Bloomberg

8. Currency Strength Source: Bloomberg

9. Chinese Private Sector Leverage Source: Bloomberg

10. Sino the Times Source: Bloomberg

11. Yuan Direction Source: Bloomberg

12. Eurozone lending rates are falling

13. EU Referendum Brexit? What are the terms? Who will lead the campaigns? How will refugee crisis evolve? What can we learn from recent elections? Consequences for FDI? Consequences for markets?

14. UK Fiscal Consolidation

15. Deflation is the only constant Source: Bloomberg/Brewin Dolphin

16. Economic recover seems set to continue Decent jobs/wage growth Housing Private sector leverage a concern Global Trade remains a difficult environment Europe improving China slowing Currency Strength Summary

17. Disclaimer  The value of investments can fall and you may get back less than you invested.  Past performance is not a guide to future performance.  If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset.  The information contained in this document is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness.  The opinions expressed in this document are not necessarily the views held throughout Brewin Dolphin Ltd.