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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
lard Co-Global Heads Equity Research Michael Spencer Regional Head Asia Pacific Research International Locations Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Andreas Neubauer Regional Head Equity Research, Germany Steve Pollard Regional Head Americas Research Deutsche Bank AG Deutsche Bank
by North* Secures Korea CO The report e claCebutod m Srnotion be Deo:sent Bank AG. Singteptiro Branch of Deutsche Sectribte Asia tented. S rogapOna Brent 'One Raffia Crow sib 03 &bah Tome Secopore 04 9583, nth fA23 BOOS. era recipients in SoDapare of the report are to contact Deutsche Bank AA Swoops*
lard Co-Global Heads Equity Research Michael Spencer Regional Head Asia Pacific Research International locations Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Andreas Neubauer Regional Head Equity Research. Ger many Steve Pollard Regional Head Americas Research Peuts.Ate Elm* A() Deulmtv 13
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
see basket underperform Implementation: Buy European Oil Sensitivity Basket via 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 Ass
Entities connected to both Brent and Deutsche Bank Research

Deutsche Bank
ORGANIZATION
Sydney
LOCATION
Frankfurt
LOCATIONMichael Spencer
PERSONSteve Pollard
PERSON
Tokyo
LOCATIONAndreas Neubauer
PERSONDavid Folkerts-Landau
PERSONRalf Hoffmann
PERSONMarcel Cassard
PERSONChiyoda-ku
ORGANIZATIONDeutsche Bank Securities Inc.
ORGANIZATION
Richard Smith
PERSON
Bloomberg L.P.
ORGANIZATION
Malaysia
LOCATION
United States
LOCATION
Ghislaine Maxwell
PERSON
United Kingdom
LOCATION
Moody's
ORGANIZATION
North America
LOCATION