YID performance review In YTD terms, of the main indices we track the FTSE-MIB (+14.5%) and the IBEx (+12.8%) have been the star performers. Spanish, Portuguese and Italian bonds have not been far behind. Interestingly commodities make up quite a few of the other top ten places (with the CRB index, Gold, Silver and Oil returning between 7-11%), but also 2 of the worst 3 with wheat and Copper both down more than 6%. Also negative was Chinese equities (-1.5%) after disappointing growth in HI which may explain some part of the weakness for certain commodities. The Nikkei (-6.1%) was the only other asset lower YTD in our sample. Apart from these four all the other assets saw a positive 2014 total return. credit has put in a good performance in 2014 so far with most major indices returning between 4-7% which is impressive in the low yield, low spread environment. For the full numbers for the year, Q2 and June see the charts and tables in today's pdf. we also show the YTD numbers all converted to dollars. Happy H2! Other Market Data (ITX Sen Fin 0 68 // +2) (ITX Sub Fin 0 103 // +3) (CDX EM 0 237 // +4) (ITX Japan @ 68 // -1) (ITX Australia 0 85 // +2) (ITX Asia X7 0 105 // unch) (Euro NonSov @ 69.15 // unch) (Euro Corp 0 103 // unch) (Euro BBB 0 133.94 // +1) (Sterling NonGilt @ 115 // unch) (Sterling Corp fit 139 7/ unch) (Sterling BBB 0 176 // unch) (WTI 0ilA @ 105.65 // -0.09%) (Dollar IndexA @ 79.82 // -0.27%) (EuR/USDA 0 1.369 // +0.31%) (D) Stoxx 600 @ 342 // -0.03%) (NIKKEI 0 15332 // +1.12%) (Hang Seng 0 23191 // 0%) (vix 0 11.57 // +0.31) Key Economic Data (Release // DB // Prey // Con) (ISM manufacturing (June) // 55.0 // 55.4 // 55.8) (Construction spending (May) // +0.5% // +0.2% // +0.5%) (unit motor vehicle sales (June) // 16.4M // 16.7M // 16.3M) Topical Deutsche Bank Publications * world outlook - The calm before the storm, 25 June 2014, http://pull.db-gmresearch.com/cgi-bin/pull/DocPu11/1372-1896/72708206/DB_Worl dOutlook_2014-06-25_0900b8c0886ac28f.pdf * FX Daily - The single most important question for policymakers, 24 June 2014, http://pull.db-gmresearch.com/cgi-bin/pull/DocPu11/1361-CA65/71273754/0900b8c 088677283.pdf * European Staffing - Later than it seems, 25 June 2014, http://pull.db-gmresearch.com/cgi-bin/pull/DocPu11/2172-585C/72258420/DB_FXDa ily_2014-06-24_0900b8c0886c5a64.pdf * European Equity Strategy - The return of the stock alpha, 20 Jun 2014, http://pull.db-gmresearch.com/cgi-bin/pull/DocPu11/6-A867/74847497/0900b8c088 6acc70.pdf * Focus Europe - Down but not out , 20 Jun 2014, http://pull.db-gmresearch.com/cgi-bin/pull/DocPu11/3055-5155/62173638/DB_Focu sEurope_2014-06-20_0900b8c0886840eb.pdf CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0112701 CONFIDENTIAL SDNY_GM_00258885 EFTA01454546