Epstein File EFTA01457528: Deutsche Bank and Entertainment (DS10)

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Epstein File EFTA01457528: Deutsche Bank and Entertainment (DS10)

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This document is a Deutsche Bank AG market analysis report dated May 27, 2015, analyzing the broadcasting, movie, and entertainment industry sector, specifically examining Dish TV. The report contains quarterly data on Average Revenue Per User (ARPU) and monthly churn rates spanning from Q1 FY12 through Q4 FY15, with Deutsche Bank and company data cited as sources. The document is marked confidential pursuant to Federal Rules of Criminal Procedure.

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Deutsche Bank entertainment

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Excerpt 1

**Bank**, Company data Figure 5: Monthly churn Monthly Churn (%) 1.6 1.5 1.4 1.2 1:1 1,1 1.0 1.1 1.0 0.9 0.8 0.8 0,7 0.7 0,7 0,7 0.7 0.6 0.6 0.6 0.6 0.6 0.4

Excerpt 2

0.2 0.0 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Source: **Deutsche** **Bank**, Company

Excerpt 3

data Page 6 **Deutsche** **Bank** AG/Hong Kong CONFIDENTIAL - PURSUANT TO FED.