Epstein Secrets

al 10 year yield based on headline CPI 6 5 4 3 1 0 -1 -2 -3 -4 97 99 01 03 05 07 09 11 13 15 17 —US —Japan —Euro Area Source Bloomberg Chart 12: The term premium means that currencies maintain a positive spread between their 2 year and their 10 year interest 2Y10Y goverment bond y

USD-JAY 113 119 117 117 115 112 110 EUR-JPY 129 131 126 129 127 125 127 Dollar Bloc USOCAD 1.29 1.32 1.36 1.34 1.33 1.32 130 AUDUSD 0.76 0.71 0.70 0.70 0.71 0.73 0.75 NZDUSO 0.73 0.68 0.67 0.67 0.68 0.70 0.71 Europe EUR•GBP 0.88 0.88 0.87 0.87 0.86 0.87 027

-RATE) Daily 05JAN2010-05JAN2015 CopyrightA 2015 Bloomberg Finance LP. OS-Jan-201516:53:43 • Last Price 1

rienced increased volatility and marked depreciation vs. USD (see historical price chart below) • Affected commodity linked currency pairs include AUDUSD, USDBRL, USDCAD, USDMXN, and USDNOK • Premium neutral bullish risk reversals on commodity currencies can take advantage of implied vol, skew and f

250bn u/weight 02 05 Source: Deutsche Bank, Bloomberg Finance LP 08 11 Swiss Franc Is Last "Safe Hav

g Finance LP. Z-score values are calculated using three years of historical data. Page 20 Deutsche Bank AG/London EURCAD UUDCAD AUDCAD AUDNZD AUDUSD NZDUSD EURUSD EURAUD USDNOK GBPCAD GBPUSD EURNOK USDCHF USDSEK EURNZD EURCHF EURSEK EURGBP AUDJPY CADJPY GBP3PY EURJPY USDJPY EFTA