EFTA01459634

8 February 2016 US Equity Insights [Figure 21: Banks NIM vs. Fed Funds Target Rate I EMAllgggg ti tteRecession — FF Tamer Rats (Ies) — Net nierest Margin ot Ali FCC Insteutons (nM) Saute FDIC ~ea' Ante" Dan:A* ~It r Figure 23: Banks MM vs. the spread of 10 year Treasury yield •- Fed Funds Target Rate 6% 5% 1 .1% EMAgggk -; ~Rea —10ye Tr.ssury Yield • FE Target Raba (es) Net Intent Margin of All FCC InstIlutorMODM Sov« PAC JAIN Illi~1{ ~Mg* f 4 6% 4.4% t 4 2% 40% 3.6% 3.6% 1 3.4% —1 3.2% 0% 3.0% .1% 28% [Figure 22: Banks ROE vs. Fed Funds Target Rate 12% 10% 6% 6% »; R 0 25% 20% 15% 10% 5% 0% -5% o is er • 1€4 MIIIMIRecession —FF Target Rate Ohs) —ROE of S&P 500 Bafla (rlis) ~or MC Frenil Raw" Onto. Os* Figure 24: Banks ROE vs. the spread of 10 year Treasury yield - Fed Funds Target Rate 6%, • 25% 5% 4% 3% i§§§§§§§gml ®Reason —10yr Titulary Yield • FF Target Rate (On) ROEril S&P 560 Bares (Ms) Yon rOC '***'anew. Orraa, rirpcm Cows" Owlessfte Sint [Figure 25: Banks NIM vs. 5yr Treasury Yield fm 20% 15% [Figure 26: Banks ROE vs. 5yr Treasury Yield • 46% 44% 4 3% • 3d% 8% 3.6% 34% 32% 2% 1 30% 1 28% fl nEi*i fi N IVA;; .; R8011.41a1 - Syr Terastry `Deis (ifs) Net Interest Marian of MI FOG I nactullot0 (MO) Sane ADC &den I Roan% DitaS &Mr page 12 ~Recession —5yr Treasury Yield (Ms) —ROE d SDP 500 Banks (rhs) Source FDIC Fein! Men. -Bon Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0120194 SDNY_GM_00266378 EFTA01459634