Epstein Secrets

.1 -10.4 -12.5 6.5 -1.4 4.0 7.5 -61.3 EFTA01464546 5.4 -7.5 -8.1 9 8 6 1 -1.5 -6.9 1.8 -5.0 6.0 -1.8 11.5 -1.4 11.2 4.6 11.6 Western Europe -59.4 -64.8 -88.4 -98.9 -112.8 -125.6 -118.5 -109.0 -93.9 -61.1 -60.8 -63.2 -66.4 Germany -29.1 -29.1 -35.9 -39.3 -45.8 -50.6 -47.9 -44.7 -43.0 -2

87 1.22 1.25 1.25 1.25 - 1.22 1.22 1.22 7.48 7.30 7.20 7.10 - 7.51 7.54 7.61 8.45 8.20 8.10 8.00 - 8.47 8.49 8.54 Source: Datastream, Reuters, Bloomberg Finance LP, DB forecasts Hungary Indonesia IDR/USD 9,686 9,950 9,900 9,850 (Fwd. Rates) Malaysia MYR/USD 3.10 3.07 3.05 3.02 (Fwd. Rates) 3.12 3.13 3.16

ity, and the European Union along with the euro area. This political and institutional evolution has coincided with an historically long peace in Western Europe. The geopolitical freeze imposed by US and Soviet occupation during the Cold War delivered the first 45 years of peace. But for the last 25 years,

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

.0 4.7 1.4 -7.3 -9.1 -10.4 -12.5 6.5 -1.4 4.0 7.5 5.4 -7.5 -8.1 9.8 6.1 -1.5 -6.9 1.8 -5.0 6.0 -1.8 11.5 -1.4 11.2 4.6 11.6 Western Europe -59.4 -64.8 -88.4 -98.9 -112.8 -125.6 -118.5 -109.0 -93.9 -61.1 -60.8 -63.2 -66.4 Germany -29.1 -29.1 -35.9 -39.3 -45.8 -50.6 -47.9 -44.7 -43.0 -2

87 1.23 1.25 1.25 1.24 - 1.23 1.23 1.23 7.86 7.35 7.25 7.15 - 7.88 7.91 7.97 8.58 8.25 8.05 8.00 - 8.60 8.62 8.66 Source: Datastream, Reuters, Bloomberg Finance LP, DB forecasts Emerging Europe Currency Czech Rep. EUR/CZK (Fwd. Rates) USD/CZK (Fwd. Rates) Hungary EUR/HUF Latin America Currency Argentin