Epstein Secrets

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Group Executive Committee Guy Ashton Global Chief Operating Officer Rosearch Marcel Cassard Global Head FICC Rosearch & Global Macro Economics Richard Smith and Steve Pollard Co-Global Heads Equity Research Michael Spencer Regional Head Asia Pacific Research International locations Ralf Hoffmann R

unter & Phillip Streets Sydney. NSW 2000 Australia Tel:161) 2 8258 1234 Peurselin flank 1/t) it/nth', I Great Winchester Street London EC2N 2E0 United Kingdom Tel: (44) 20 7545 8000 Global Disclaimer Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Ba

Germany Tel: (49)69 910 00 arutsthaTihrlk &Mt:0 icKt Int 60 Wall Street New York. NY 10005 United Slates of America Tel: I I 1 212 250 2500 Richard Smith and Steve Pollard Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research. Germany Deutsche Bank AC Filiale Hongkong I

unter & Phillip Streets Sydney. NSW 2000 Australia Tel:161) 2 8258 1234 Peurselin flank 1/t) it/nth', I Great Winchester Street London EC2N 2E0 United Kingdom Tel: (44) 20 7545 8000 Global Disclaimer Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Ba

Germany Tel: (49)69 910 00 arutsthaTihrlk &Mt:0 icKt Int 60 Wall Street New York. NY 10005 United Slates of America Tel: I I 1 212 250 2500 Richard Smith and Steve Pollard Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research. Germany Deutsche Bank AC Filiale Hongkong I

the NYSE, the NASD, NFA and SIPC. In Germany this report is approved 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 EFTA01464476 of the London Stock Exchange and regulated by the F

matil!".11111 Speyer Co-Heads DB Research Germany Andreas Neubauer Regional Head Guy Ashton Chief Operating Officer EFTA01464475 Research Richard Smith Associate Director Equity Research North America Steve Pollard Regional Head Global Disclaimer The information and opinions in this report wer

the NYSE, the NASD, NFA and SIPC. In Germany this report is approved 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 Servic

68 Ralf Hoffmann & Bernhard Speyer Co-Heads DB Research Germany Andreas Neubauer Regional Head Guy Ashton Chief Operating Officer Research Richard Smith Associate Director Equity Research Americas Steve Pollard Regional Head GRCM2013PROD028390 EFTA01464569

the NYSE, the NASD, NFA and SIPC. In Germany this report is approved 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 Servic

ann & Bernhard Speyer Co-Heads DB Research Germany Andreas Neubauer Regional Head Guy Ashton Chief Operating Officer EFTA01464585 Research Richard Smith Associate Director Equity Research North America Steve Pollard Regional Head Global Disclaimer The information and opinions in this report wer

Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel:161) 2 8258 1234 tans, he Bert:. AG Lentlee I Great Winchester Street London EC2N 2E0 United Kingdom Tel. 144) 20 7545 80C0 Global Disclaimer Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Ba

n Germany Tel: (49169 910 00 Deutsche Bank fineArfilitn. Int 60 Wail Street New York. NY 10005 United Slates of America Tel: (1) 212 250 2500 Richard Smith and Steve Pollard Co-Global Fiends Equity Research Andreas Neubauer Regional Head Equity Research, Germany Finale Hongkong International Comme

emen*, the PlYSE de NASD, NIA end SP.: In Garenry this report • •pproyed erolke COMMUnCated by Onsche Ben AG Frankton eAlnonted by the Oaf, n In the Unsed Kingdom this neon is approved 'walla commonated by Deutacts. tat AG London, • tremble of the London Seat &change and regaled by the Funnel Conduct Authorit

David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Guy Ashton Marcel Cassard Richard Smith and Steve Pollard Global Chief Operating Officer Global Head Co-Global Heads Research FICC Research & Global Macro Economics Equity Research M

the NYSE, the NASD, NFA and SIPC. In Germany this report is approved 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 Conduc

(81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Richard Smith and Steve Pollard EFTA01466498 Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research, Germany Steve Pollard Regiona

the NYSE, the NASD, NFA and SIPC. In Germany this report is approved 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 F

ann & Bernhard Speyer Co-Heads DB Research Germany Andreas Neubauer Regional Head Guy Ashton Chief Operating Officer EFTA01464410 Research Richard Smith Associate Director Equity Research North America Steve Pollard Regional Head Global Disclaimer The information and opinions in this report wer