EFTA01454523.pdf

1 July 2014 Early Morning Reid: Macro Strategy 'Figure 6: Total Return Performance of Major Global Financial Assets Cuusn y ite± ea !', 11.14 Ma, 14 Am I4 May 14 Am E4 .111.1 (:714 Credit BJR Corp 14% 0.8% 04% 09% 09% 0.6% 2.3% 2.5% 49% 4.5% Non-Fin 15% 06% 0.4% 09% 10% 0.7% 24% 2.7% 5.2% 41% An Son 11% 04% 04% 08% 08% 05% 1.9% 10% 40% 36% An SIC 17% 13% 06% 14% 09% 05% 36% 28% 65% 61% HY 06% 16% 07% 10% 07% 06% 2.9% 13% 53% 41% GBP Carp 20% 05% -0.1% 13% 4% -03% 24% 2.3% 47% 8.2% Non-An 19% 05% -02% 13% 6% -04% 22% 2.5% 47% 91% An Son 23% 03% -01% 09% 0% -04% 25% 15% 40% 74% An SIC 19% 0.8% 00% 17% 1% 00% 27% 28% 56% 91% HY 12% 1.4% 09% 08% 0% 06% as% 25% 61% 9.6% USD Corp 16% 11% 01% 1 1% 5% 01% 2.8% 17% 58% 6.6% Non-Fin 20% 1.2% 0.1% 13% 7% 0.1% 33% 3.0% 64% 6.4% An Sen 1.0% 0.9% -01% 0.7% 2% 02% 1.7% 20% 3.8% 38% An Sub 1.2% 1.6% 0.4% 12% 7% 05% 3.2% 3.4% 6.7% 6.7% HY 05% 21% 01% 07% 09% 09% 2.6% 25% 53% 6.3% Govemmeints EUR Spearman 22% 07% 09% 10% 10% 11% 38% 30% 70% 6.6% Bands 12% 01% 04% 06% 10% 06% 17% 22% 50% 4.6% OAT 20% 02% 0.7% 09% 12% 10% 2.9% 3.1% 6.1% 6.7% BTOs 11% 1.7% 14% 12% 07% 15% 52% 3.4% 99% 8.5% Spanish bands 28% 1.2% 17% 11% 08% 13% 5.9% 33% 93% 89% GBP Glt 21% 01% 01% 07% 09% -0 5% 23% 11% 35% 6914 USD Treasury 1.6% 03% -03% 06% 1 1% -02% 1.6% 1.6% 32% 3.2% Equity EUR CU Stoxx 600 -16% 50% -0.7% 16% 27% -05% 26% 39% 66% 8.2% EUR CU Stom800 Banks 1.4% 34% -06% 04% 19% -0 0% 4.2% -28% 13% 09% EUR OM •26% 41% -14% 05% 35% -11% 00% 19% 19% 2.6% GBP FTSE 100 -35% 51% -26% 31% 14% -12% -1.2% 33% 21% 5.4% 1)50 S&P 500 -35% 46% 08% 07% 23% 11% 1.8% 52% 71% 7.1% USD S&P 500Financials -38% 31% 32% •15% 14% 24% 28% 23% 50% 6.0% HUD Hang Sang -55% 37% -26% 00% 54% 13% 4.5% 68% 20% 20% JPY Monti 4.4% -0.4% 0.7% -35% 23% 37% -8.2% 2.3% -0.1% -24% EUR Greece Allies 13% 113% 19% -78% -05% -07% 149% -8.8% 41% 4.4% BJR Po-yawl General 25% 79% 39% -07% •1 1% -34% 149% .51% 90% 86% EVA Insh OYES 15% 117% 33% -17% 01% 40% 107% -56% 45% 41% EUR FTSEMIB 74% 53% 61% 05% 08% -12% 14.4% 01% 145% 14.1% EUR IBEX 35 07% 20% 25% 16% 38% 17% 5.3% 7.2% 128% 12.4% EM Equines CNY Shanghai Composite -39% 1.1% -11% -03% 08% 20% -3.9% 25% -1.5% -39% BBL Bannon .75% •1.1% 71% 24% .08% 38% -2.1% 5.5% 32% 10.2% MIR Nifty -32% 31% 69% -01% 82% 57% 6.7% 142% 218% 25.5% RUB Max IRemaal -33% -07% 42% -46% 96% 42% -9.0% 91% -0 7% -31% USD MSCIEM 46% 33% 31% 04% 35% 27% .05% 67% 61% 6.1% EM Bonds USD EM Bard Al -36% 26% 27% 08% 24% 07% 1.7% 3.9% 56% 68% EM 8cand ASA .7% 20% 13% 01% 21% 01% 38% 14% 81% es% EM Sand latam -28% 19% 37% 15% 32% 08% 2.7% 56% 95% 5.6% EM Bond EEMEA -63% 38% 24% 1 1% 21% 11% -04% 44% 40% 40% EM Carp Band M -0 1% 20% 05% 07% 24% 07% 2.5% 39% 65% 6.5% Commodity USD CRB Index 11% 67% 07% 16% -13% 09% 87% 12% 100% 100% Copper .59% 13% -0 6% 01% 31% 21% •109% 54% 41% 41% US1NTI Oil -09% 52% -10% -18% 30% 26% 3.2% 3.7% 71% 7.1% Brem1NTI -40% 32% -0.5% 00% 16% 3.4% -14% 5.0% 3.6% 36% Sugar -51% 59% 79% .30% 08% -44% 8.3% 45% 13% 1.3% Silver -15% 107% 48% -29% -20% 118% 16% 64% 80% 60% Corn 18% 54% 97% 24% .94% -89% 19.0% .155% 05% 05% Meat -82% 7.8% 16.4% 23% -120% -100% 15.2% -19.0% 4.7% 4.7% Gold 'spot) 32% 6.6% -32% 06% -32% 62% 65% 34% 101% 10.1% OM F)( NM OXY Index 16% -20% 05% .08% 1 1% -07% 01% -04% -03% EURNSO -19% 23% -0 2% 07% •17% 04% 02% -06% .04% EUR/JPY -49% 21% 12% -0 3% -21% 00% -1.8% -24% -41% JPY/USD 32% 03% -1.4% 10% 04% 04% 20% 1.9% 39% GBP/USD -07% 19% -05% 13% -0 7% 21% 0.8% 27% 33% GBP/EUR 12% .05% -03% 06% 10% 17% 05% 33% 38% AUDAJSD -18% 19% 38% 02% 02% 13% 3.9% 1.8% 58% CADAJSD -45% 0.6% 01% 08% 1 1% 16% -3.9% 36% -04% Nn 57.4Sdtc4nnsnera ISra Sean* Doubt?. Son*. &angst, Sw UP, Obe. Page 6 Deutsche Bank AG/London CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0112673 CONFIDENTIAL SDNY_GM_00258857 EFTA01454523