Epstein Secrets

. Summarizes his thoughts about "less dovish than expected" risks to the FOMC meeting. Curi=us for your views. Speak with you soon, Tazia Source: Bloomberg, streetaccount, 101=0/13 Forwarded by on 10/30/2013 09:02 AM From: "Jim Reid, Deutsche Bank" To: Date: 10/30/2013 02:28 AM Subject: Early Mor

up 12% in the pre —market (touched a high of $4.35) on ne=s that holder Sarissa Capital is seeking representation on the board. Comments below from Jim Reid. He writ=s a good daily summary of global market action. Summarizes his thoughts about "less dovish than expected" risks to the FOMC meeting. Curi=u

90, Euro area and US Q4-07 Vertical lines indicate the peaks in easing for long term real rates Source: Deutsche Bank Research, Haver Analytics LP, Bloomberg EFTA01476084 Finance LP, ECB, Federal Reserve, Bank of Japan, Eurostat, BEA, CAO Similarly, the output gap has mirrored the dynamics of credit,

out carry for another 12 months. On balance we're mildly bullish European credit due to being less late cycle than the US and due to valuations. Jim Reid, (44) 20 754 72943 Nick Burns, (44) 20 754 71970 Rank (31 Dec 2014) Rank (31 Dec 2013) Tight Spread Page 52 Deutsche Bank AG/London 2003 2004

est *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommend

Wall Stefan Schneider Mikihiro Matsuoka Michael Spencer Taimur Baig Gustavo Canonero Strategy Dominic Konstam Francis Yared Oleg Melentyev Jim Reid David Bianco Sebastian Raedler Alan Ruskin George Saravelos Michael Hsueh Binky Chadha Peter Garber Global Head of Research Global Head, Macro

0 1 yr 3 year 5 year Source: Deutsche Bank, Bloomberg LP EM relative valuations are not as cheap as th

likely to be conflicting fund flow influences over 2014 as developed financial markets walk the bubble-taper tightrope (courtesy of DB credit guru Jim Reid). Overall demand for EM equities should be weaker than DM given the massive net buying of EM assets over the past ten years relative to the US by