EFTA01452338.pdf

Trust insets grew rapidly in China, reaching In terms of underlying investments. 29% of Rmb10.1 to by 3013 Dust assets are invested In higher risk industrial and 2010-3013 CAGR at 55% commercial sectors (as of 3013) 11mb tN 1%J too °Owl lurk IMO IT is IT 14 12 Ortat so 21 29 IS A CAGR 55% SO Intelnal and so It conimercuS et 70 ao zi 14 20 OA es SO 'mato& 72 11.7 wis*OblOnS " I .-411 43.r LINj si ti co C Is la 12 10 11 11 • Sectoity 40 spc aa masset 4° 71 as 33 34 3.7 e 30 1 111 I ' :,Ra.l•stite 00 4011/ 4011 rtivIt_ 1012 2012 1012 4012 1013 2013 3013 20 • •IntiesUsellite 0 Ann en•nageene01 bust Seleit uS Inni • Combined um! pugs 4010 Mal 10.1 2012 3012 4012 tots tois SOW Note: Asset management trusts ate not Included its the above. Source; Crone rive Assa,anort Sosc.• el:14> but: Aeseravaon Asian corporates have sold a significant quantity of options (to enhance returns) depressing implied volatility IF USDCNH starts to retrace hither, option sellers will short cover options they have c)• Last Price 2.6600 6.0000 F T High on 10/03/11 6.3125 F 4- Average 3.2727 L 1 Low on 01/02/13 2.0750 5.0000 4.0000 3.0000 2.5630 2.0000 2011 2012 2013 20: uSDCW.flY Conk, (u5D-C14400Vol ATM 1Y) Daily 29.1aN2039-25.1M2014 Copyright0 2014 Bloomberg birarcel.o. 2S-2an-2014 15:01:27 k% I'm KCP Capital Markets Vinit Sahni I Nav Gupta I Vanshree Verma Nav Gupta Managing Director Deutsche Bank AG. Filial* London Deutsche Asset & Wealth Management 109108 Old &oad St Ruiners Hall). EC2N 1EN London. United Kingdom Tel. Mobile CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 109289 CONFIDENTIAL SDNY_GM_00255473 EFTA01452338