EFTA01459634.pdf

8 February 2016 US Equity Insights [Figure 21: Banks NIM vs. Fed Funds Target Rate [Figure 22: Banks ROE vs. Fed Funds Target Rate 12% 25% 10% 20% 6% 15% 6% 10% 5% 0% -5% I EMAllgggg R »; 0 o • is er 1€4 ti tteRecession — FF Tamer Rats (Ies) MIIIMIRecession —FF Target Rate Ohs) —ROE of S&P 500 Bafla (rlis) — Net nierest Margin ot Ali FCC Insteutons (nM) Saute FDIC ~ea' Ante" Dan:A* ~It ~or MC FrenilRaw" Onto. Os* rFigure 23: Banks MM vs. the spread of 10 year Treasury yield •- Fed Funds Target Rate 6% f 4 6% Figure 24: Banks ROE vs. the spread of 10 year Treasury yield - Fed Funds Target Rate 6%, • 25% 5% 1 4.4% 5% 20% t 4 2% 4% 40% 15% 3% 3.6% 3.6% 1 3.4% —1 3.2% 0% .1% 3.0% .1% 28% EMAgggk ;- i§§§§§§§gml fm ~Rea ®Reason —10ye Tr.ssury Yield • FE Target Raba (es) —10yr Titulary Yield • FF Target Rate (On) Net Intent Margin of All FCC InstIlutorMODM ROEril S&P 560 Bares (Ms) Sov« PAC JAINIlli~1{ ~Mg* Yon rOC '***'anew. Orraa,rirpcm Cows" Owlessfte Sint [Figure 25: Banks NIM vs. 5yr Treasury Yield [Figure 26: Banks ROE vs. 5yr Treasury Yield • 46% 44% 4 3% • 3d% 8% 3.6% 34% 32% 2% 1 30% 1 28% fl nEi*i fi N IVA;; ;. R8011.41a1 - Syr Terastry `Deis (ifs) ~Recession —5yr Treasury Yield (Ms) —ROE d SDP 500 Banks (rhs) Net Interest Marian of MI FOG Inactullot0 (MO) Sane ADC &denI Roan% DitaS &Mr Source FDIC Fein!Men. -Bon page 12 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0120194 CONFIDENTIAL SDNY_GM_00266378 EFTA01459634