Epstein Secrets

g IGuidance on reinvestment policy* and interplay between rates and reinvestments Note: (*) Currently, the Fed reinvests its maturing holdings of MBS and Treasuries purchased during QE. Research Deutsche Bank [email protected] http://houseview.research.db.com TheHouseView Special — 9 De

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. Research Deutsche Bank [email protected]

.com TheHouseView Special — 9 December 2015 20 EFTA01476297 Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public

y 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 FINRA,

ect to various restrictions on vathdreves, and therefore, the liming of availability of funds will be so limited. MOTE A: This reflects derivitives,MBS and foreign securities for Paul Barton to terminate. The remaining securities and cash were transferred to Deutche Bank. 329,646.682 EFTA00613475

d. MOTE A: This reflects derivitives,MBS and foreign securities for Paul Barton to terminate. The remaining securities and cash were transferred to Deutche Bank. 329,646.682 EFTA00613475 J EPSTEIN L RELATED ENTITIES VALUATIONS CASH.LIABILMES.INVESTMENTS 11430/13 8Y66043D Financial 1 IF 10431/13 11/30

12 DB 2,095 BIOGEN IDEC INC 609,582.00 511,578.05 98,003.95 7/10/07 DB 20,000 Bomdardier 90,316.00 90,917.74 (601.74) 7/12/10 DB 50,000 Deutsche Bk Ag LDN BRH 395,000.00 415,500.00 (20,500.00) 10/23/12 DB 600,000 EARTHLINK INC 87/8% MAY 15 2019 591,000.00 592,500.00 (1,500.00) 10/71/12 DB

supply and an increase in household formation look most likely to keep things on the mend. Credit looks less likely to change. And for investors in MBS, that means supply generally running below the pace that built the $5.4 trillion market outstanding today. (Bump Moe RV ievirfrireci Selling shor

arc of MBS supply is worth some attention. Outstanding agency MBS looks like it is on track to finish the first quarter down $5 billion, well below Deutsche Bank's forecast of a $20 billion gain. Supply again is proving difficult to predict. Broad: • Neutral the MBS-Treasury basis • Long 30-year 4.0% MLB a

supply and an increase in household formation look most likely to keep things on the mend. Credit looks less likely to change. And for investors in MBS, that means supply generally running below the pace that built the $5.4 trillion market outstanding today. (mime Moe RV it:yr-Aired Selling short

arc of MBS supply is worth some attention. Outstanding agency MBS looks like it is on track to finish the first quarter down $5 billion, well below Deutsche Bank's forecast of a $20 billion gain. Supply again is proving difficult to predict. Broad: • Neutral the MBS-Treasury basis • Long 30-year 4.0% MLB a