rlay (USDJPY now at 103.40). Let us know your thoughts, Tazia EFTA00711075 Indicative levels, subject to market movement. Source: Bloomberg and DB Global Markets Research 12/16/13. Supplemental Information: DB Research ex ects Ja.anese e. uities could double b 2015 • Abenomics will lead to higher operational lever

rade, the option value would move from 1.00% to 7.19%. Source: Deutsche Bank Hybrid Desk. Scenarios run with same parameters. DB research report: DB Global Markets Research believes risk assets are at a bifurcation point — their future path depends on the way the economy and stimulus unwind and interact with one another

rade, the option value would move from 1.00% to 7.19%. Source: Deutsche Bank Hybrid Desk. Scenarios run with same parameters. DB research report: DB Global Markets Research believes risk assets are at a bifurcation point — their future path depends on the way the economy and stimulus unwind and interact with one another

O o O o N N er) M Nr Nr -a to to to co co tO N N W b!. g 4. g —L J. g _L 3 RIM 03 7 03 7 COM CO 7 Z Source: ODM, HaverAnalytics, DB Global Markets Research Deutsche Bank Torsion Slok, tasten.slokadb.com *1 212 250-2155 October 2017 00 - 45 - 40 - 35 - 30 - 25 - 20 - 15 - 10 5 0 27 CONFIDENTI

rade, the option value would move from 1.00% to 7.19%. Source: Deutsche Bank Hybrid Desk. Scenarios run with same parameters. DB research report: DB Global Markets Research believes risk assets are at a bifurcation point — their future path depends on the way the economy and stimulus unwind and interact with one another

the growth of EM holdings Figure 2: Mature market (MM) reserves have grown only modestly reflecting valuation & interest Source: FRB, Census, BEA, DB Global Markets Research Source: FRB, Census, BEA, DB Global Markets Research Figure 3: Many countries report the currency composition of reserves to the IMF, which publis

rperformed by only 2.1% during periods of JPY strength with a return / vol of 3.1 and -0.2, respectively — Risks: Max loss — 100% of notional (1) DB Global Markets Research: Japan Data Flash 08/13/14 (2) For additional detail on basket holdings please see Appendix. DB Global Markets Research: Synthetic Equity & Index S

nside: 18% Not covered by 08. Price target reflects Bloomberg Average target. Indicative levels, subject to market movement. Source: Bloomberg and DB Global Markets Research 12/16/13. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 106462 CONFIDENTIAL SDNY_GM_00252646 EFTA01450659

7 FX market [Faraz Munaim, CB&S FX Sales; Caleb David, Head of AWM FX Sales; George Saravelos, DB Research] Equities—Leverage the extensive work of DB Global Markets Research, Traders, and Equity Capital Markets [Joe Spinelli, CB&S Equity Strategy; Brian Rigney, ECM; Frank Wendels, ECM] Equity Derivatives — Greg Kuppenh

David, Head of AWM FX Sales; Bilal Hafeez, George Saravelos, and global team, DB FX Strategists] Equities— Leverage the analysts/strategists within DB Global Markets Research division, Traders, and Equity Capital Markets (Joe Spinelli, CB&S Equity Strategy; Brian Rigney, ECM; Frank Wendels, ECM) Equity Derivatives — Greg

the growth of EM holdings Figure 2: Mature market (MM) reserves have grown only modestly reflecting valuation & interest Source: FRB, Census, BEA, DB Global Markets Research Source: FRB, Census, BEA, DB Global Markets Research Figure 3: Many countries report the currency composition of reserves to the IMF, which publis