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Epstein File EFTA01449258: Deutsche Bank (DS10)

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A Deutsche Bank research report dated February 28, 2013, analyzing currency exchange rates and USD/JPY correlations. The document contains economic analysis and market data sourced from EcoWin and Bloomberg, marked confidential pursuant to Federal Rule of Criminal Procedure 6(e). This appears to be general market research material.

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Excerpt 1
**Deutsche** **Bank** 28 February 2013 Exchange Rate Perspectives Figure 5: USD/JPY Broken Away From Rate Differentials Figure 6: Record Negative Correlation Between
Excerpt 2
**Bank**, EcoWin Source **Deutsche** **Bank** Bloomberg The significance of the USD/JPY turn higher should not be understated.
Excerpt 3
**Bank**, EcoWin Source **Deutsche** **Bank**, Bloomberg **Deutsche** **Bank** AG/London Page 7 CONFIDENTIAL - PURSUANT TO FED.

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