g a specific recommendation or view in this report. Dominic Konstam/Aleksandar Kocic/Joseph LaVorgna/Alex Li/Stuart Sparks/Daniel Sorid/Steven Zeng/Aditya Bhave The authors of this report wish to acknowledge the contribution made by Shailendra Singh, Ignacio Quintana, Catherine Montecinos, employees of Eval

I 49 147 IX 133 son nisnentaaraoneaaa On.eacna Bra Restock as oe &twain 20 Joseph A. LaVorgna, (l) 212 250 7329 Brett Ryan, (1) 212 250 6294 Aditya Bhave, (1)212 250 0584 Deutsche Bank Securities Inc. Page 41 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0116651 SDNY_GM_00

1.125 1.33 0.90 128 1.27 Source: Deutsche Bank Research as of December 07. Joseph A. LaVorgna, (1) 212 250 7329 Brett Ryan, (1) 212 250 6294 Aditya Bhave, (1) 212 250 0584 Page 22 Deutsche Bank AG/London EFTA01476012 8 December 2015 World Outlook 2016: Managing with less liquidity Europe: Not a