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ntation. 'Moody's". "Standard & Poor's". and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless 'Japan' or 'Nippon' is specifically designated in the name of the entity. Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities r
forecasts lower. We now see EUFt/LISD moving down to 1.00 by year-end. 90cents by 2016 and down to a trough of 85cents by 2017. Date 9 March 2015 George Saravelos Strategist a We also foresee a continuation of low and flat global yield curves: Europe will continue being a major source of global imbalances f
tation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless "Japan" or "Nippon" is specifically designated in the name of the entity. Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities
10: Turning Up the Volume: Buy USD/GBP variance swap and AUD/USD variance swap Research Team London Bilal Hafeez James Malcolm Henrik Gullberg George Saravelos Caio Natividade Siddharth Kapoor Oliver Harvey Nicholas Weng New York Alan Ruskin Daniel Brehon Drausio Giacomelli Guilherme Marone Mauro R
entation. "Moody's", "Standard & Poor's", and "Fitch" mentioned in this report are not registered credit rating agencies in Japan unless Japan or "Nippon" is specifically designated in the name of the entity. Reports on Japanese listed companies not written by analysts of DSI are written by Deutsche
cer 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 Research Telephone +44 20 754 55502 +852 2203 8303 Email
Entities connected to both Nippon and George Saravelos

Deutsche Bank
ORGANIZATION
Moody's
ORGANIZATIONStandard & Poor's
ORGANIZATIONthe Kanto Local Finance Bureau
ORGANIZATION
Malaysia
LOCATION
Frankfurt
LOCATIONthe Qatar Financial Centre
ORGANIZATIONDeutsche Securities Saudi Arabia LLC Company
ORGANIZATIONDeutsche Securities Saudi Arabia
ORGANIZATION
Riyadh
LOCATIONDeutsche Bank AG Johannesburg
ORGANIZATION
Tower
ORGANIZATIONDeutsche Bank Securities Inc.
ORGANIZATIONDeutsche Bank AG - DIFC Branch
ORGANIZATION
New Zealand
LOCATION
Tokyo
LOCATIONSteve Pollard
PERSONAndreas Neubauer
PERSONDavid Folkerts-Landau
PERSON
Bloomberg L.P.
ORGANIZATION