Epstein Secrets

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

l Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head International Locations Deutsche Bank AG Deutsche Bank Place Australia Tel: D t iei n n London EC2N 2EQ United Kin dom Tel: Deutsche Bank AG 1rma Tel: .1111111. Deutsche Bank Securities Inc. United S

rector 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 affiliates (collectively "Deutsche Bank"). The information herein is believed to be reliable and has been obtained from public source

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use prices now have the upper hand again, although with the caveat this could change if the krone appreciates significantly. However, to be fair to Norges it is a nigh impossible job for any inflation targeting central bank to balance the dilemma of pockets of domestic overheating with external defla

ATE (adjusted for taxes and exch.:Jog energy). YoY NO, GIGS BanKs paecbon &wow dissent &mit elocintlxvg finance to Henrik Gullberg, London, 194/ Deutsche Bank AG/London Page 13 EFTA00610288 9 January 2014 FX Blueprint: Thin end of the wedge Theme #7: Trend no bitter end In 2007 we replicated a RBA study

deas 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 3. Country-Specific Disclosures Australia and New Zealand: This

y Research, Germany Steve Pollard Regional Head Americas Research Deutsche Bank AG Deutsche Bank AG Deutsche Bank AG Deutsche Securities Inc. Deutsche Bank Place Grog° Gallusstra8e 10-14 Filial° Hongkong 2-11-1 Nagatacho Level 16 60272 Frankfurt am Main International Commerce Centre, Senna Park Tower C

n Norway has evolved rapidly from three months ago, with the first hike now expected in Q3 2015 rather than Q1 2014, more or less in line with the Norges' own projections. NOK is also much better placed to benefit from a stronger US cycle with one of the strongest correlations to US growth, and CHF

ugeo for taxes and excktarkg energy). YOY — NOME* Bank's exaeceon Saes Daum. Sant Scents. Fenno IP fieruik Gullbefg. London. +44 (0120 7545 1.947 Deutsche Bank AG/London Page 13 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 107386 CONFIDENTIAL SDNY_GM_00253570 EFTA01451143

st is a scenario in which past and current FX weakness feeds through to imported inflation, thus preventing core from moderating in line with Norges forecasts. If the Bank then feels compelled to hike rates at a time when house prices already are declining, that would exacerbate the decline and