Deutsche Bank Markets Research Global Foreign Exchange Special Report FX Spot Euroglut here to stay: trillions of outflows to go Robin Winkler • Last year we introduced the Euroglut concept: the idea that the Euro-area's Strategist huge current account surplus reflects a very large pool

en. There are risk events in the first quarter that could trigger this cycle, including key BoJ appointments in March and spring wage negotiations. Robin Winkler, London Page 12 Deutsche Bank AG/London CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0089886 CONFIDENTIAL SDNY_GM_00236070 EFTA013

-end. While hardly contrarian, our impression from recent client marketing is that SEK longs are far less extended than in the summer. FX daily by Robin Winkler : http ilpulldb•gmresearch contAxti-bin/pulVDocPull/1272-6DA817165272/08 FXDaiI 2017-10-10 21570105d-ec6:4- 43bc-agef-227c25d31:'463 604 Of Theme #4

Please see a note from our FX Daily Strategist Robin Winkler: http://pull.db-gmresearch.com/cgi-bin/pull/DocPull/710-D7E8/20361321/DB FXDailv 2017-11-20 4Sc07d52.1142- 456b-a94a-4e777cbab682 604.pdf Martin Ze