Epstein Secrets

uments and Exchange Law: Company name - Deutsche Securities Inc. Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, Japan

atter cumulative fportfolio lows, bn Sfr -900 -700 -500 -300 -100 100 99 inflows outflows 250bn u/weight 02 05 Source: Deutsche Bank, Bloomberg Finance LP 08 11 Swiss Franc Is Last "Safe Haven" To Turn 200 400 600 800 1000 1200 1400 1600 1800 0 90 93 96 99 02 05 08 11 Source: Deutsche Ban

uments and Exchange Law: Company name - Deutsche Securities Inc. Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, Japan

87 1.22 1.25 1.25 1.25 - 1.22 1.22 1.22 7.48 7.30 7.20 7.10 - 7.51 7.54 7.61 8.45 8.20 8.10 8.00 - 8.47 8.49 8.54 Source: Datastream, Reuters, Bloomberg Finance LP, DB forecasts Hungary Indonesia IDR/USD 9,686 9,950 9,900 9,850 (Fwd. Rates) Malaysia MYR/USD 3.10 3.07 3.05 3.02 (Fwd. Rates) 3.12 3.13 3.16

an: Approved and/or distributed by Deutsche Securities Inc.(DSI). Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association and The Financial Futures Association of Japan. Co

rilsk, Alcoa, Glencore, Southern Copper, Anglo American and Vale Source: Deutsche Bank Research, Company reports, Source: Deutsche Bank Research, Bloomberg Finance LP 2017E Glencore 1Y CDS spread Grant Sporre, (44) 20 754 58170 Michael Hsueh, (44) 20 754 78015 EFTA01476156 Page 66 Deutsche Bank AG/London D

pan: Approved and/or distributed by Deutsche Securities Inc.(DSI) Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association and The Financial Futures Association of Japan. Co

sectors are highlighted in green (red) All sectors within 5% of their 5 year high are highlighed in yellow Source: Deutsche Bank, Thomson Reuters, Bloomberg Finance LP 2015 PE (ex. Neg EFTA01476521 EPS) 18.4 17.5 14.4% 3.6% 2.8% 20.4 17.2 17.1 26.1% 22.3 16.5% 5.7% 18.6 16.8 11.6% 22.2 14.8% 4.5%

uments and Exchange Law: Company name - Deutsche Securities Inc. Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinsho) No. 117. Member of associations: JSDA, Type II Financial Instruments Firms Association, The Financial Futures Association of Japan, Japan

87 1.23 1.25 1.25 1.24 - 1.23 1.23 1.23 7.86 7.35 7.25 7.15 - 7.88 7.91 7.97 8.58 8.25 8.05 8.00 - 8.60 8.62 8.66 Source: Datastream, Reuters, Bloomberg Finance LP, DB forecasts Emerging Europe Currency Czech Rep. EUR/CZK (Fwd. Rates) USD/CZK (Fwd. Rates) Hungary EUR/HUF Latin America Currency Argentin