Epstein Secrets

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

the purchase of financial products and/or services, customers should carefully read the relevant disclosures, prospectuses and other documentation. "Moody's", 'Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless "Japan" or "Nippon" is specifi

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

he purchase of financial products and/or services, customers should carefully read the relevant disclosures, prospectuses and other documentation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless "Japan" or "Nippon" is speci

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

otal assets Core Tier 1 capital ratio DeAWM financial standing — total assets Global Americas Wealth Management-Americas Deutsche Bank Ratings Moody's investors service Standard & Poor's Fitch ratings Presence and span Global employees (FTE) Countries with DB presence (as of 12/31/2013) Total

04bn in nine years), subordination risk and the significant challenge to contain its cash burn and sell a sizable amount of assets in a scenario of Brent price under USD55/bbl, all in absence of a material show of support from the government, which we fear that might not come anytime soon. In other w

tion are important risk to bondholders. Petrobras has only one investment-grade rating (BBB- by Fitch) and two non- investment-grade ratings (Ba2 by Moody's and BB by S&P) and ratings upgrades are not likely in the near term, in our view. The key positive risks to Petrobras include a faster-than-expecte

04bn in nine years), subordination risk and the significant challenge to contain its cash burn and sell a sizable amount of assets in a scenario of Brent price under USD55/bbl, all in absence of a material show of support from the government, which we fear that might not come anytime soon. In other w

tion are important risk to bondholders. Petrobras has only one investment-grade rating (BBB- by Fitch) and two non- investment-grade ratings (Ba2 by Moody's and BB by S&P) and ratings upgrades are not likely in the near term, in our view. The key positive risks to Petrobras include a faster-than-expecte