2011 2012 2013 2014 MOW Curncy {Ml-G5P X-RATE) Copyright 2014 ekoomberg Finance LP. 19-.7un-2014 16:37:54 0.90000 0.88000 0.86000 0.84000 0.82000 0.79907 14.1•10%.PIJ.J CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-S

Prey Close 102.58 12 Mar 2014 (WIT CRUDE FUTURE Apria) 5 Days Tick 13 14 103.00 102.00 101.00 100.00 99.00 Ccpyrigi 2014 1310amtersi Finance LP. 14-Plac-2014 07:20:45 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 110807 SDNY_GM_00256991 EFTA01453283

multiple expansion). Earnings detail and investment thesis below. —64% implied upside to DB price target of $132 Used with permission of B=oomberg Finance LP Forwarded by Tazia Smith/db/dbcom on 02/05/2014 09:38 AM From: EVS EquityFocus/db/dbcom=DBEMEA To: Date: 02/05/2014 05:01 AM Subject: DB: GI

Vertical lines indicate the peaks in easing for long term real rates Source: Deutsche Bank Research, Haver Analytics LP, Bloomberg EFTA01476084 Finance LP, ECB, Federal Reserve, Bank of Japan, Eurostat, BEA, CAO Similarly, the output gap has mirrored the dynamics of credit, as the unemployment rate p