Epstein Secrets

in this report are not registered credit rating agencies in Japan unless 'Japan' or 'Nippon' is specifically designated in the name of the entity. Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities referred to herein and may from time to time offer those securiti

ssets. recent flows have disproportionately favoured assets in the US. the UK. and Canada (Figure 4). By contrast, the rest of the European Union---Scandinavia and Eastern Europe--have seen disproportionately small outflows as a result of being drawn into the Eurozone's disinflationary spiral. If one plott

00 150% Israel S 15,000 S 10,000 all Italy S 650.000 S 525.000 all Japan S 500,000 S 250,000 all Latin America Sat w/Mexico w/Mexico Malaysia S 35,000 S 25,000 allxpansal Middle East S 150,000 S 100,000 allxmnet Italia S 150.000 S 100,000 150% Pan Asia Sat S 75.000 S 50.000

ansal Poland w/Bulgaria w/Bulgaria all Portugal S 50,000 S 35,000 all Pris S 35,000 S 35,000 100% Romania w/Bulgaria w/Bulgaria all Scandinavia S 375,000 S 325.000 all Svensk S 350,000 S 325,000 108% Serbia/Montenegro w/Bulgaria w/Bulgaria all Singapore aid led allxpansal Sou

00 150% Israel S 15,000 S 10,000 all Italy S 650.000 S 525.000 all Japan S 500,000 S 250,000 all Latin America Sat w/Mexico w/Mexico Malaysia S 35,000 S 25,000 allxpansal Middle East S 150,000 S 100,000 allxmnet Italia S 150.000 S 100,000 150% Pan Asia Sat S 75.000 S 50.000

ansal Poland w/Bulgaria w/Bulgaria all Portugal S 50,000 S 35,000 all Pris S 35,000 S 35,000 100% Romania w/Bulgaria w/Bulgaria all Scandinavia S 375,000 S 325.000 all Svensk S 350,000 S 325,000 108% Serbia/Montenegro w/Bulgaria w/Bulgaria all Singapore aid led allxpansal Sou

S 55,000 allxpansat Pan Asia Sat S 82,500 5 55,000 sat South Africa S 55,000 S 44,000 all Hong Kong/Macao S 55.000 S 38.500 allxpansat Malaysia $ 38,500 S 27,500 allxpansat Philippines S 22,000 $ 16.500 allxpansat Israel 5 16,500 $ 11,000 all Canada Domestic TOTAL S 9,189.500

123% Spain S 450.000 S 375,000 all Tripics S 375.000 S 375.000 100% Bulgaria S 350,000 S 300,000 all SPI S 350,000 S 300,000 117% Scandinavia S 375,000 S 325,000 all Svcnsk S 350,000 $ 325,000 108% Greece/Cyprus S 125000 S 90.000 all Italia S 150.000 S 90.000 167% Middle E

te Budget Collateral Value Pan Asia Sat Hong Kong 55 CCC 1.11 Indonesia 82.500 55.000 Isreal 16 503 S 11.000 Philippine; 22,000 11000 Malaysia 38 SCO 27 500 Thailand S Ile xcii5 82.503 I $ 407.000 I $ 280,5001 224,400 Total Unsold Termones 4,422,000 3.469.500 III. TERM SHEET CAL

etropolitan Germany/Austria Wed Bunch Greece Italia Italy 780 Japan TBD Mexico/Lai Arn/Cen Am W/Brazfl Middle East Italia Portugal 1BD Scandinavia Svensk South Africa TBO South Korea 180 Spain Tnpics United KInclom TBD 20% EX. eta NOD $ 20% EX. 00% NOD $ 20% EX. 00% NO0 $ 20% EX.

ra. The yen has fallen markedly; competitor nations such as Korea have seen their currencies weaken, while suppliers to Japan such as Thailand and Malaysia have seen their currencies strengthen. Through all of this the dollar has marched higher even with the market wavering over an early move to taper

stive of the initial pickup. RBA's monetary stance remains closely tethered to global growth, while the rest of the dollar bloc and EFTA01464464 Scandinavia central bank policies are linked to domestic pressures. Elsewhere in the UK, stagflation remains a prominent issue, further, it is worth nothing t

S 55,000 allxpansat Pan Asia Sat S 82,500 5 55,000 sat South Africa S 55,000 S 44,000 all Hong Kong/Macao S 55.000 S 38.500 allxpansat Malaysia $ 38,500 S 27,500 allxpansat Philippines S 22,000 $ 16.500 allxpansat Israel 5 16,500 $ 11,000 all Canada Domestic TOTAL S 9,189.500

123% Spain S 450.000 S 375,000 all Tripics S 375.000 S 375.000 100% Bulgaria S 350,000 S 300,000 all SPI S 350,000 S 300,000 117% Scandinavia S 375,000 S 325,000 all Svcnsk S 350,000 $ 325,000 108% Greece/Cyprus S 125000 S 90.000 all Italia S 150.000 S 90.000 167% Middle E