Epstein Secrets

f US corporate bonds ...with ECB signaling OE exit foreigners are now net sellers of US credit 10 11 12 13 14 15 16 17 Source: Treasury, Haver Analytics, O5 Global Research a S billion - 30 - 25 - 20 15 10 05 - -5 - -10 Deutsche Bank Research Tram Stoic torsten.slokedb.com +1 212250-2155

it 10 11 12 13 14 15 16 17 Source: Treasury, Haver Analytics, O5 Global Research a S billion - 30 - 25 - 20 15 10 05 - -5 - -10 Deutsche Bank Research Tram Stoic torsten.slokedb.com +1 212250-2155 Mardi 2018 Let us know if you would like to add a colleague to this distribution list. Torsten Stoi

f US corporate bonds ...with ECB signaling OE exit foreigners are now net sellers of US credit 10 11 12 13 14 15 16 17 Source: Treasury, Haver Analytics, O5 Global Research a S billion - 30 - 25 - 20 15 10 05 - -5 - -10 Deutsche Bank Research Tram Stoic torsten.slokedb.com +1 212250-2155

it 10 11 12 13 14 15 16 17 Source: Treasury, Haver Analytics, O5 Global Research a S billion - 30 - 25 - 20 15 10 05 - -5 - -10 Deutsche Bank Research Tram Stoic torsten.slokedb.com +1 212250-2155 Mardi 2018 Let us know if you would like to add a colleague to this distribution list. Torsten Stoi

7% 4.6% 25.1% -7.8% -13.1% 3.5% -5.5% 38.2% 13.2% 4.4% 18.6% 22.5% 48.6% 22.2% -9.8% 15.0% 25.6% 6.9% -4.5% Source: Deutsche Bank, Haver Analytics, Thomson Reuters -10.2% 18.7% Tech Tech -15.9% -33.2% 25.6% 13.2% 38.1% -20.8% 42.0% 16.8% -28.8% Consumer Growth Consumer Plays Con D

-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Steve Pollard Global Head EFTA01476553 Equity Research Andreas Neubauer Regional Head Equity Research, Germany GRCM2015PROD034913