EFTA01386987.pdf

ly2y Forward Volatility is at the lows and so is vol carry <image011.png> <image012.png> Sources: Deutsche Bank, Bloomberg finance L.P. Disclaimer: httn://alabalmorkets.db,cominewicontent/3045,0mi <imagc00 I gif> Martin Zeman Director I Key Client Partners Deutsche Bank Wealth Management DB Semsities Inc 345 Park Avenue, 10154-0CO4 New York, NY. USA Tel. Mob Ema KCP products and services are intended and available only for persons who are sophisticated institutional investors within the meaning of the FINR4 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 DOS! or its affiliates prior to execution. and the execution of any transaction or idea discussed herein is conditional on your becoming a client of Deutsche 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 and for discussion purposes only. Any reproduction and/or redistribution thereof (in whole or in part) or disclosure of its content Shout our written consent is strictly forbidden. This communication does not create any legally binding obligation on the part of CBS! or any of its affiliates. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Please refer to httas //db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0088970 CONFIDENTIAL SDNY_GM_00235154 EFTA01386987