Epstein Secrets

0.01% probability of occurrence. In modeling 5s-10s using observations going back the last 25 years, three variables - Fed funds, 2s-funds and the Michigan 5-10y inflation survey - have explained 88% of the variance in 5s-10s. It is puzzling then why the market has priced in such a flat 5s-10s that's 6

5-year forward breakeven inflation measure is even lower at 1.90%. The difference between survey and market inflation measures Page 16 2010 2015 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0116620 CONFIDENTIAL SDNY_GM_00262804 EFTA01457190

27 March 2015 US Fixed Income Weekly explains for about 35 bps of the excessive flatness using the Michigan beta in our model. If we plug in the lower of these two market-based measures, without recalibrating the model, 5s-10s looks 20 bps below fair valu

ctions fared well with a solid customer demand and coverage ratios, whereas the other two auctions were comparatively weaker on both the measures. Deutsche Bank Securities Inc. Page 11 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SONY-0116621 CONFIDENTIAL SDNY_GM_00262805 EFTA01457191

age girls had come forward with testimony of Epstein sexually assaulting them. According to court papers, Epstein allegedly abused underage girls in Michigan, California, West Palm Beach, New York, New Mexico, and Paris. After the accusations became public, several parties returned donations they had rec

ing this case to the Americas Reputational Risk Committee for review and decision. Thanks and regards, Dmitri Dmitri Saks AML Compliance Officer Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0068440 CONFIDENTIAL SDNY_GM_00214624 EFTA01373974

27 March 2015 US Fixed Income Weekly explains for about 35 bps of the excessive flatness using the Michigan beta in our model. If we plug in the lower of these two market-based measures, without recalibrating the model, 5s-10s looks 20 bps below fair valu

ctions fared well with a solid customer demand and coverage ratios, whereas the other two auctions were comparatively weaker on both the measures. Deutsche Bank Securities Inc. Page 11 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0087398 CONFIDENTIAL SDNY_GM_00233582 EFTA01385930

0.01% probability of occurrence. In modeling 5s-10s using observations going back the last 25 years, three variables - Fed funds, 2s-funds and the Michigan 5-10y inflation survey - have explained 88% of the variance in 5s-10s. It is puzzling then why the market has priced in such a flat 5s-10s that's 6

5-year forward breakeven inflation measure is even lower at 1.90%. The difference between survey and market inflation measures Page 16 2010 2015 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0087397 CONFIDENTIAL SDNY_GM_00233581 EFTA01385929