EFTA Document EFTA01367799

22 May 2015 US Equity Insights How 10yr yields react to Fed hikes is the key to S&P PE IFigure 19: 10yr Treasury yields 9.2 3.0 2.8 26 2.4 2.2 20 1.6 1.8 el 4, to el n an 3.2 3.0 2.8 2.0 24 2.2 2.0 1.5 1.8 in 4 7 tn e z 4 7 Sat. Deutsche Sank fli804ouee 1 6 4.4 2 4 10yr Treasury Yield 4 [Figure 21: Syr. 10yr, 30yr Treasury yields SO a5 l0 15 to I 25 16 201 10 1.51 12 10 1.0 00 0.5 06 00 O 0 0 0 ra N td is et eh et a ws US Treasury Yields (%) 5).• Sates fah, Detactio Ss* Figure 20: 10yr real rates and inflation breakeven or? 08 04 02 00 42 44 ob OS n0 21111$ tialiii;iiiii .101911P:11 , si Sara Deutsche Bent MetiMreer 'Figure 22: Yield curves are getting steeper 26 - 20 22 - 20 la - - - 1051-5f ••••' - '30f San fat. Detabehe Bonk Yield S64680 26 24 22 20 16 16 1.4 2 0 6 06 0A Deutsche Bank Securities Inc. Page 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0059412 CONFIDENTIAL PROT1 PROT0