EFTA01385835.pdf

0.3% -02% 0 3% -04% -0.4% 0.4% 0.6% -1.0% -0.5% -08% -13% • 1.S% -1.1% -12% ly2y Forward Volatility is at the lows and so is vol carry —LIMP! ly Equity returns vs Ly change in USDJP12y UStli - e‘ implied volatiley 93% WC% — 1y:it Vol Corry 1P1H$ 754f Seturns - Nikkei • ly Pattitrts- S&P :14k • -2.5% -7 59s -504 7.5% 107r -20% -50% 8.09t. 94'74: "--.---;•"-? : see-25 $.40•19 -Las-17 -75% Sources: Deutsche Bonk, Bloomberg Finance L.P. Discicumer: http://giobolmorkets.db.cominew/content/3045.html Martin Zeman Director I Key Client Partners Deutsche Bank Wealth Management DB Securities Inc 345 P New York. NY. USA Tel Mob Em KCP products and services are intended and available only for persons who are sophisticated institutional investors within the meaning of the FINRA Rule 4512(C)(3). and who are capable of evaluating the strategies. characteristics and investment risks of. and exercising independent judgment in evaluating. the ideas and products discussed herein. Trades and transactions are subject to relevant internal approvals of DB& or its affiliates prior to execution. and the execution of any transaction or idea discussed herein is conditional on your becoming a client ofDeutsche Bank. Key Client Partners (KCP) products, investment ideas and solutions and related matters discussed herein are provided for discussion purposes only, and strictly on a non- advisory basis. The KCP Americas desk does not provide investment advice. The information set forth herein is confidential and personal to you and is being presented for your information end for discussion purposes only Any reproduction andfor redistribution thereof (in whole or in part) or ctisclosure of its content without our written consent is strictly forbidden. This communication does not create any legally binding obligation on the part of DB& or any of its affiliates. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0087214 CONFIDENTIAL SDNY GM_00233398 EFTA01385835