Epstein Secrets

k Tower Corner of Hunter & Philip Streets 1 Austin Road West.Kowbon. Chiyoda-ku. Tokyo 100-6171 Sydney. NSW 2000 Hon /(or e ~ Japan Australia Deutsche Bank AG London Deutsche Bank Secuntes Inc 1 Great Winchester Street 60 Wall Street London EC2N 2EO New York. NY 10005 United Statte of America T Global Disc

ptions) also bear the risks typical to options in addition to the risks related to rates movements. Page 12 Deutsche Bank AG/London EFTA00602244 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Marcel Cassard Global Head

ved and/or communicated by Deutsche Bank AG Frankfurt authorized by the BaFin. In the United Kingdom this report is approved and/or communicated by Deutsche Bank AG London, a member of the London Stock Exchange and regulated by the Financial Services Authority for the conduct of investment business in the UK and autho

tions) also bear the risks typical to options in addition to the risks related to rates movements. Deutsche Bank AG/London Page 45 EFTA01464565 David Folkerts-Landau Managing Director Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head Principal Locatio

l locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel: (61) 2 8258 1234 Deutsche Bank AG London 1 Great Winchester Street London EC2N 2EQ United Kingdom Tel: (44) 20 7545 8000 Deutsche Bank AG Grote GallusstraRe 10-14 60272 Frankfurt am M

stitute, any appraisal or evaluation activity requiring a license in the Russian Federation. Deutsche Bank Securities Inc. Page 5 EFTA01464584 David Folkerts-Landau Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head International locations Deutsche Ba

l locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel: (61) 2 8258 1234 Deutsche Bank AG London 1 Great Winchester Street London EC2N 2EQ United Kingdom Tel: (44) 20 7545 8000 Deutsche Bank AG Grote Gallusstra@e 10-14 60272 Frankfurt am M

0 2015 Deutsche Bank AG consent. Please cite source when quoting. Japan. information at Deutsche Bank AG/Hong Kong Page 13 EFTA01473329 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional He

ional locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 AustriiiiIIIIIIIIIIIII Tel: Deutsche Bank AG London 1 Great Winchester Street London EC2N 2EQ United Kin dom Tel: Deutsc e an Grote GallusstraRe 10-14 60272 Frankfurt am Main German Tel: Deuts

Please cite source when 17th Floor, 11372 Riyadh, Saudi Arabia. information at quoting. Deutsche Bank Securities Inc. Page 9 EFTA01473352 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional He

Research International locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Aust Tel: Deutsche Bank AG London 1 Great Winchester Street London EC2N 2EQ Unit Tel: Deutsche Bank AG Grote Gallusstra@e 10-14 60272 Frankfurt am Main German Tel: Deutsche

Please cite source when information at 17th Floor, 11372 Riyadh, Saudi Arabia. quoting. Page 10 Deutsche Bank Securities Inc. EFTA01473408 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional He

l Locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel: (61) 2 8258 1234 Deutsche Bank AG London 1 Great Winchester Street London EC2N 2EQ United Kingdom Tel: (44) 20 7545 8000 Deutsche Bank AG Grote GallusstraRe 10-14 60272 Frankfurt am M

0 5.5 Deutsche Bank AG/London Page 77 EFTA01476241 8 December 2015 World Outlook 2016: Managing with less liquidity Contacts Name Coverage David Folkerts-Landau Michael Spencer Economics Peter Hooper Torsten Slok Joe LaVorgna Mark Wall Stefan Schneider Mikihiro Matsuoka Michael Spencer Taimur Baig

l locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel: (61) 2 8258 1234 Deutsche Bank AG London 1 Great Winchester Street London EC2N 2EQ United Kingdom Tel: (44) 20 7545 8000 Deutsche Bank AG Grote GallusstraRe 10-14 60272 Frankfurt am M

Please cite source when quoting. 17th Floor, 11372 Riyadh, Saudi Arabia. information at Deutsche Bank Securities Inc. Page 51 EFTA01476552 David Folkerts-Landau Chief Economist and Global Head of Research Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Re

l locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel: (61) 2 8258 1234 Deutsche Bank AG London 1 Great Winchester Street London EC2N 2EQ United Kingdom Tel: (44) 20 7545 8000 Deutsche Bank AG Grote Gallusstra@e 10-14 60272 Frankfurt am M

t constitute, any appraisal or evaluation activity requiring a license in the Russian Federation. Deutsche Bank AG/London Page 49 EFTA01466497 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Global Chief Operating Officer Research Michael Spencer Regional Head

ved and/or communicated by Deutsche Bank AG Frankfurt authorized by the BaFin. In the United Kingdom this report is approved and/or communicated by Deutsche Bank AG London, a member EFTA01464411 of the London Stock Exchange and regulated by the Financial Services Authority for the conduct of investment business in t

risks typical to options in addition to the risks related to rates movements. EFTA01464408 Page 50 Deutsche Bank Securities Inc. EFTA01464409 David Folkerts-Landau Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head International Locations Deutsche Ba