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he risks related to rates movements. EFTA01464473 Deutsche Bank AG/London Page 23 EFTA01464474 David Folkerts-Landau Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head International Locations Deutsche Bank AG Deutsche Bank Place Australia Te
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
sks 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 Locations Deutsche Bank AG London Tel: Deuts Frankfurt 60272
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
g Kong Tel: (852) 2203 8888 Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Steve Pollard Global Head EFTA
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
g Kong Tel: (852) 2203 8888 Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Steve Pollard Global Head EFTA
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%
Entities connected to both Marcel Cassard and Bloomberg Finance LP

Bloomberg L.P.
ORGANIZATION
Deutsche Bank
ORGANIZATION
Frankfurt
LOCATIONSteve Pollard
PERSONAndreas Neubauer
PERSONDavid Folkerts-Landau
PERSON
Tokyo
LOCATION
Sydney
LOCATIONMichael Spencer
PERSONDeutsche Bank Research
ORGANIZATIONChiyoda-ku
ORGANIZATIONRalf Hoffmann
PERSON
Richard Smith
PERSON
Kowloon
LOCATION
Moody's
ORGANIZATION
New Zealand
LOCATIONStandard & Poor's
ORGANIZATIONNippon
ORGANIZATIONRaj Hindocha
PERSON
Malaysia
LOCATION