Epstein Secrets

ap Rates: 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% Al 514 0 010 4) \O* nc, foe, itt„.0-‘ +04 43.;\ +04 s cp Source: Bloomberg Mao; Payout comtitgaill OII tuissat Tito cookitimi ID) M %of Rofiere me Spot 120 Indicative Transaction Terms: Notional: USD 10mm Expiry: 1 Year

nc, foe, itt„.0-‘ +04 43.;\ +04 s cp Source: Bloomberg Mao; Payout comtitgaill OII tuissat Tito cookit

rade, the option value would move from 1.00% to 7.19%. Source: Deutsche Bank Hybrid Desk. Scenarios run with same parameters. DB research report: DB Global Markets Research believes risk assets are at a bifurcation point — their future path depends on the way the economy and stimulus unwind and interact with one another

S %a 441., cid o sk +04 43A, 4," tit Source: Bloomberg Indicative Transaction Terms: Notional: USD 10

rade, the option value would move from 1.00% to 7.19%. Source: Deutsche Bank Hybrid Desk. Scenarios run with same parameters. DB research report: DB Global Markets Research believes risk assets are at a bifurcation point — their future path depends on the way the economy and stimulus unwind and interact with one another

s) 200 100% 150 100 50 0 20% 40% 60% 80% -100% -80% -60% -40% -20% 0% 75 78 81 84 87 90 93 96 99 02 05 08 11 Source: Deutsche Bank, Bloomberg The significance of the USD/JPY turn higher should not be understated. It is perhaps the only currency pair that has captured all the major macro

the growth of EM holdings Figure 2: Mature market (MM) reserves have grown only modestly reflecting valuation & interest Source: FRB, Census, BEA, DB Global Markets Research Source: FRB, Census, BEA, DB Global Markets Research Figure 3: Many countries report the currency composition of reserves to the IMF, which publis

risk & performance data 24.90% 112.05% 14.40% 120.61% 10.73% -5.58% 75.61% 24.39% Daily NAV Reporting NAV available daily, including on Bloomberg M.A.R.S risk system Online Risk Reporting provides aggregate metrics EFTA01470791 on the fund including sector breakdown, top holding concen

rperformed by only 2.1% during periods of JPY strength with a return / vol of 3.1 and -0.2, respectively — Risks: Max loss — 100% of notional (1) DB Global Markets Research: Japan Data Flash 08/13/14 (2) For additional detail on basket holdings please see Appendix. DB Global Markets Research: Synthetic Equity & Index S

4105 4426 8% Shipping Kawasaki Kisen 9107 JP Equity 236 280 19% Average Implied up/downside: 18% Not covered by 08. Price target reflects Bloomberg Average target. Indicative levels, subject to market movement. Source: Bloomberg and DB Global Markets Research 12/16/13. CONFIDENTIAL - PURSUANT

nside: 18% Not covered by 08. Price target reflects Bloomberg Average target. Indicative levels, subject to market movement. Source: Bloomberg and DB Global Markets Research 12/16/13. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 106462 CONFIDENTIAL SDNY_GM_00252646 EFTA01450659

& \`>< CFA' ‘1%-3A +134 ‘464. Pqc 0C‘ Source: Bloomberg Indicative Transaction Terms: Notional: USD 10

rade, the option value would move from 1.00% to 7.19%. Source: Deutsche Bank Hybrid Desk. Scenarios run with same parameters. DB research report: DB Global Markets Research believes risk assets are at a bifurcation point — their future path depends on the way the economy and stimulus unwind and interact with one another

s an alpha overlay (USDJPY now at 103.40). Let us know your thoughts, Tazia EFTA00711075 Indicative levels, subject to market movement. Source: Bloomberg and DB Global Markets Research 12/16/13. Supplemental Information: DB Research ex ects Ja.anese e. uities could double b 2015 • Abenomics will l

rlay (USDJPY now at 103.40). Let us know your thoughts, Tazia EFTA00711075 Indicative levels, subject to market movement. Source: Bloomberg and DB Global Markets Research 12/16/13. Supplemental Information: DB Research ex ects Ja.anese e. uities could double b 2015 • Abenomics will lead to higher operational lever

.0 130.0 140.0 80.0 90.0 1.0 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 Source: DB FX Research Source: DB FX Research *Sources: BIS, Bloomberg, Deutsche Bank. Notes: For details on model, see Exchange Rate Perspectives, Jan-13. BEER model is relative PPP adjusted for terms-of-trade and pro

the growth of EM holdings Figure 2: Mature market (MM) reserves have grown only modestly reflecting valuation & interest Source: FRB, Census, BEA, DB Global Markets Research Source: FRB, Census, BEA, DB Global Markets Research Figure 3: Many countries report the currency composition of reserves to the IMF, which publis