Trust insets grew rapidly in China, reaching Rmb10.1 to by 3013 2010-3O13 CAGR at 55% IliMb MI IMO 4° 7a 21 L7 3,6 06 4010 4011 1012 CAGR 66% r L r rn rr I 1V FIT ea ea 3.7 e t7 at um) S 72 ..... 2012 1012 4012 1013 2013 3013 Anet 'no...apemen trust Seigle wt3 Inni • Combined um inns SOlstOr Crone rive Assooanon In terms of underlying investments. 29% of bust assets are invested In higher tisk industrial and commercial sectors (as of 3013) 1%J 100 1/0 SO 70 SO co IT 21 2g IS 111 It IT 14 12 Is a a as 32 34 nal C 19 la 12 II 40 6 C C Z a 1 4 30 1. 1 20 • 10 •Inge•Uucture 0 4010 4C11 10.1 2012 3012 cow ton ton sena 10 11 11 Now: Asset management trusts ate not included in the above. Source' C . fr.r dg:twarror Asian corporates have sold a significant quantity of options (to enhance returns) depressing implied volatility IF USDCNH starts to retrace higher. option sellers will short cover options the have Q• Last Price 2.6600 T High on 10/03/11 6. 125 r Average 3.32727 1 Low on 01/02/13 2.0750 2011 2012 2013 20: USLOIMV1Y Carney (1160-011OptVol ATM 1Y) Daily 293M2009-28JAIC014 COpyrIght0 2014 5100Mbefg flf..41ICe L 28.32n-201416:07 1 \kith OF iiii,11117 6.0000 5.0000 4.0000 3.0000 2.0000 KCP Capital Markets Vinit Sahni I Nav Gupta I Vanshree Verma Nav Gupta Managing Director Deutsche Bank AG. Finale London Deutsche Asset E. Wealth Management 1051108 Old Broad St Winners Hall), EC2N 1 EN London. United Kingdom My proposed ideas are being delivered to you by the DeAWM Key Client Partners (-KCP-) London desk for discussion purposes arty, and do not create any legally binding obligation on the pan of Deutsche Bank AG and or its affiliates (Dr. These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MiF1D), who understan