Epstein Secrets

Netherlands France Austria EFTA01464497 Hungary Portugal Italy Ireland Spain Greece China Indonesia Thailand Brazil Taiwan Malaysia Philippines Hong Kong India Singapore EFTA01464498 28 February 2013 Exchange Rate Perspectives Figure 17: BoJ Balance Sheet Yet To Grow As Fast As Fed Or

02 03 04 05 06 07 08 09 09 10 11 12 to return to lOy ave of current account (FEER) PPP adjusted for productivity and terms of trade (BEER Source: Deutsche Bank Page 10 Deutsche Bank AG/London EFTA01464500 28 February 2013 Exchange Rate Perspectives Figure 21: Almost All FX Weaken When Dollar Strengthens. le

eas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at http://gm.db.com. 3. Country-Specific Disclosures Australia and

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nia Russia Saudi Arabia South Africa Turkey Ukraine United Arab Emirates Asia (ex-Japan) China Hong Kong India Indonesia Korea Malaysia Philippines Singapore Sri Lanka EFTA01476183 Taiwan Thailand Vietnam Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela G7 Adva

scussed in this report is available upon request. This report may not be reproduced, distributed or published by any person for any purpose without Deutsche Bank's prior written Copyright @ 2015 Deutsche Bank AG consent. Please cite source when 17th Floor, 11372 Riyadh, Saudi Arabia. information at quo

of an underlying security, effectively assume currency risk. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FIN

Hindocha Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International Locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel: (61) 2 8258 1234 Deutsche Bank AG London 1 Great Winchester Street

the same as the last couple of years. There may be further slowing of China, but India and Indonesia could see growth accelerate, Malaysia and the Philippines could maintain trend growth, and the rest of Asia could see less disappointment. Indeed, our forecast for the next two years assumes such a path. W

3.6 -3.3 -2.5 -3.4 -9.7 -7.6 -3.2 62.0 120.0 175.0 250.0 4.6 -0.3 -0.9 CA bal., % GDP Source: National authorities, Deutsche Bank Research 0.2 Deutsche Bank AG/London Page 41 EFTA01476081 8 December 2015 World Outlook 2016: Managing with less liquidity Bond Market Strategy: Peak policy divergence IIThe

0.25% 5.0% 2.5% 3% 6.5% 0.5% 1.5% 2.59 3.37 3.65 9.33 2.25 Figure 7: Our intrinsic valuation model S&P 500 Capi tal ized EPS Valuat ion Deutsche Bank's 2015E S&P 500 EPS DB's "normal 2015E" S&P 500 EPS EFTA01476121 "Normal 2015E" EPS / 2015E EPS Accounting quality adjustment to pro forma EPS No

he International Energy Agency in Paris. He has also served with the U.S. Agency for International Development and was a Peace Corps Volunteer in the Philippines. Dr. Melby received his BA from Haverford College and his MA and PhD from the Johns Hopkins University (SAIS). He is a member of the Council on Fore

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re or technology outage. In addition and because of specific identified vulnerabilities, further contingency measures are undertaken in India, the Philippines and Tokyo against complete loss of a city. Roles 8. Responsibilities The BCM Program has defined roles and responsibilities, which are documented

tter summarizes the measures DB has taken through our global Business Continuity Management Program to respond to significant business disruptions. Deutsche Bank's Business Continuity Management Program Deutsche Bank is committed to protecting its staff and ensuring the continuity of critical Group businesses

Deutsche Bank Singapore Hong Kong Taiwan Malaysia Korea Chile China Israel Thailand Poland Indonesia Peru Iradia Turkey Yot.ifh Mika Philippines Hungary Mexico Romania Russia Brazil Colombia Ukraine Argentina Venezuela 1 2 Deutsche Sank 33 CONFIDENTIAL - PURSUANT TO FED. R. CRIM.

Deutsche Bank • • DC-2a. Whoever is at the helm needs to tackle faltering potential growth problem by implementing structural reforms... Potential growth rate (%) •

re or technology outage. In addition and because of specific identified vulnerabilities, further contingency measures are undertaken in India, the Philippines and Tokyo against complete loss of a city. Roles 8. Responsibilities The BCM Program has defined roles and responsibilities, which are documented

tter summarizes the measures DB has taken through our global Business Continuity Management Program to respond to significant business disruptions. Deutsche Bank's Business Continuity Management Program Deutsche Bank is committed to protecting its staff and ensuring the continuity of critical Group businesses

nd Turkey and later in the year in Israel, but continuing to come down in Russia. In Asia, in sharp contrast to past Fed cycles, we expect only the Philippines will see rate hikes in 2016. Instead, we expect central banks in China, India, Indonesia and Taiwan to cut rates. By implication, interest rate di

Matthew Luzzetti, (44) 20 754 73288 Michael Spencer, (852) 2203 8303 EFTA01475995 Mark Wall, (44) 20 754 52087 Torsten Slok, (1) 212 250 2155 Deutsche Bank AG/London Page 17 EFTA01475996 8 December 2015 World Outlook 2016: Managing with less liquidity US: Dollar drag IIOn the back of weak manufacturin