Epstein Secrets

Deutsche Bank Markets Research North America United States Periodical US Equity Insights 2016 S&P EPS growth to surge to 5%! Falling standards of excellence this cycle: Is there an objectiv

5 $50 $55 $60 $65 $70 $75 $80 Figure 4: Brent now expected to settle at —$50 at 2016 EFTA01476308 end and stay under $60 even by 2018 end Brent futures prices over time $40 $45 $50 $55 $60 $65 $70 $75 $80 Dec 2015 Dec 2016 Source: Bloomberg Finance LP, Deutsche Bank Dec 2017 Dec

ime $35 $40 $45 $50 $55 $60 $65 $70 $75 $35 $40 $45 $50 $55 $60 $65 $70 $75 $40 $45 $50 $55 $60 $65 $70 $75 $80 Figure 4: Brent now expected to settle at —$50 at 2016 EFTA01476308 end and stay under $60 even by 2018 end Brent futures prices over time $40 $45 $50 $55 $

ect to preliminary distillation, the companies said June 25. The decision was "a positive first step" to dispersing the build-up of crude supply in North America, Bank of America said in a report on June 27. The U.S. could potentially have daily exports of 1 million barrels of crude, including 300,000 of cond

ult of the shale boom, WTI futures on the New York Mercantile Exchange remain at a discount of about $7 a barrel to their European counterpart, the Brent contract on ICE Futures Europe's London-based exchange. WTI was at $103.74 a barrel as of 4:13 p.m. London time. Islamist Insurgency. "The shale pr

production growth will likely also slow. Chart 27: High yield issuers hedged 7596 of their production this year in the case of high yield issuers North America producers - %of gas production hedged 80% $7.00 1 ill _ 70% $6.00 I $5.00 50% 60% 20% - . III $4.00 $3.00 $2.00 10°/ $1.00 40°4 30

balances point to deficits of 210 kbd in 2017 and 90 kbd in 2018. We lower our WTI forecasts to average $47 this year and $50.bbl next year. We cut Brent to $50 this year and $52bbl in 2018. We now beleve oil stays in contango by yearend. but see a WTI forward anchor al $45.50 and S5 backwardation by

anadian terms of trade have clearly peaked (chart 6), with the currency moderately expensive versus non-energy commodity prices and supply glut in North America oil production providing an additional headwind. Big picture, GBP/CAD is a dollar-neutral cross, with correlations with other USD crosses all lyin

isocioa t0000 5000 0 20 5 'Figure 5: EUR/NOK and Crude oil lob 9.5 - 9.0 - 8,5 - 2 to - 7.5 - 7.0 - 2009 2010 2011 2012 2013 —010,04 Brent, Close, USD, its —EUR/NOIC actual. Ito &wore DeoYene Bork Eitiomewg Fount* CP 30 40 50n 60c 70 80c 90 7gi 100 1102. 120 130 Figure 6: Cor

hief Oil Strategist and Head of Energy Research Paul Sankey DB oil & Gas Analyst 1 week REPLAY: U.S: Intl. Acces Amy Tan Equity Focus Group - North America 60 wall Street New York. NY 10005 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 123061 CONFIDENTIAL SDNY_GM_00269245 EFTA01461188

wardation has subsided but vols are still very low compared to their average over the last 10 years. Investors looking to express a bullish view on Brent crude oil can take advantage of premiums which are close to 10-year lows. IPE Brent lmo Implied vol - Mid Implied vol (Embedded image moved to fil

y Andreas Neubauer Regional Head Guy Ashton Chief Operating Officer EFTA01464475 Research Richard Smith Associate Director Equity Research North America Steve Pollard Regional Head Global Disclaimer The information and opinions in this report were prepared by Deutsche Bank AG or one of its affili

licy likely to continue to be a compromise over the next couple of meetings, the best Norges Bank can hope for currently is that the correction in Brent crude lower will extend and weigh the NOK down. Near-term, and dependent on crude consolidating above/around $100/barrel, the re-assessment of the

shore Both Both TBD Description RREEF fund to acquire and manage a diverse portfolio of energy efficiency retrofits on real estate buildings in North America RIN Ltd. is a newly formed private debt fund, utilizing CLO structuring, that will seek to originate a diversified portfolio of private infrastruct

a Delta One note or Total Return Swap Source: Bloomberg Finance LP, Deutsche Bank Research European Oil Sensitivity Basket Outperforms market when Brent rises (1) For additional detail on basket holdings please see Appendix Deutsche Asset & Wealth Management For Internal Use Only 22 EFTA0147079

Security. Here is =hat we found: 1. Illegal immigrants make up 3.5 percent of the U.S. POPULATION The vast majority of th= POPULATION has roots in North America -- particularly Mexico and Central America. China, the Philippines, Korea a=d Vietnam are among the top 10 countries of origin for the Asian illegal

sed." Siluanov said the ruble is oversold and its current exchange rate would correlate to=the oil price of $60 per barrel. The global price of oil, Brent, traded around =70 a barrel on Tuesday. Russia's economic stability is important for the region.=lt is a major trading partner for Western Europe, s