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💨IMPACT LEVEL 1 — MEH

Epstein File EFTA01458983: Deutsche Bank (DS10)

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This document contains Deutsche Bank Research analysis discussing European earnings trends and debt accumulation patterns, as well as corporate activity impacts on diverging fundamentals. The document cites Bloomberg Finance LP as a data source and is attributed to Deutsche Bank AG/London. The document is marked confidential pursuant to Federal Rules of Criminal Procedure 6(e) and contains no specific financial transactions or named individuals.

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**Bank** Research Source: **Deutsche** **Bank** Research In Europe there are sign that earnings have been drifting lower but debt accumulation has been nowhere near
Excerpt 2
**Bank** Research, Bloomberg Finance LP Another reason for diverging fundamentals has been corporate activity.
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**Deutsche** **Bank** AG/London Page 51 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0119158 CONFIDENTIAL SDNY_GM_00265342 EFTA01458983

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