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Epstein File EFTA01385511: Deutsche Bank (DS10)

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This document is a Deutsche Bank Research report dated January 2018 containing financial analysis and stock recommendations for European equities, including Banco Santander and Brazilian banks. The document is marked 'CONFIDENTIAL' and contains equity research from Deutsche Bank analysts. No direct connection to Jeffrey Epstein transactions or activities is evident in the excerpt.

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Excerpt 1
> Financials **Deutsche** **Bank** 7 Banco Santander - Ignacio Ulargui, BUY, close €5.6, €6.6 tgt, 17% upside Santander is a very large cap stock (market cap >
Excerpt 2
Popular's contribution could be bigger than expected driven by revenues and lower Santander Brazil Bradesco Itau Banco do Brazil Source: **Deutsche** **Bank**
Excerpt 3
Buy reiterated (Ulargui) Source: **Deutsche** **Bank** estimates, company data **Deutsche** **Bank** Research- European Equity Focus - January 2018 12 CONFIDENTIAL - PURSUANT

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