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EFTA01464418

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ew York Alan Ruskin Daniel Brehon Drausio Giacomelli Guilherme Marone Mauro Roca Singapore Sameer Goel Mallika Sachdeva Sydney John Horner Tokyo Taisuke Tanaka Head of FX Strategy Bilal Hafeez Deutsche Bank AG/London DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MICA(P

atter cumulative fportfolio lows, bn Sfr -900 -700 -500 -300 -100 100 99 inflows outflows 250bn u/weight 02 05 Source: Deutsche Bank, Bloomberg Finance LP 08 11 Swiss Franc Is Last "Safe Haven" To Turn 200 400 600 800 1000 1200 1400 1600 1800 0 90 93 96 99 02 05 08 11 Source: Deutsche Ban

EFTA01475956_sub_003 - EFTA01475956_298

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erce Centre, 1 Austin Road West,Kowloon, Hong Kong Tel: (852) 2203 8888 Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche B

rilsk, Alcoa, Glencore, Southern Copper, Anglo American and Vale Source: Deutsche Bank Research, Company reports, Source: Deutsche Bank Research, Bloomberg Finance LP 2017E Glencore 1Y CDS spread Grant Sporre, (44) 20 754 58170 Michael Hsueh, (44) 20 754 78015 EFTA01476156 Page 66 Deutsche Bank AG/London D

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sectors are highlighted in green (red) All sectors within 5% of their 5 year high are highlighed in yellow Source: Deutsche Bank, Thomson Reuters, Bloomberg Finance LP 2015 PE (ex. Neg EFTA01476521 EPS) 18.4 17.5 14.4% 3.6% 2.8% 20.4 17.2 17.1 26.1% 22.3 16.5% 5.7% 18.6 16.8 11.6% 22.2 14.8% 4.5%