Epstein Secrets

by DSI. Some of the foreign securities stated on this report are not disclosed according to the Financial Instruments and Exchange Law of Japan. Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities referred to herein and may from time to time offer those securit

7% 4.6% 25.1% -7.8% -13.1% 3.5% -5.5% 38.2% 13.2% 4.4% 18.6% 22.5% 48.6% 22.2% -9.8% 15.0% 25.6% 6.9% -4.5% Source: Deutsche Bank, Haver Analytics, Thomson Reuters -10.2% 18.7% Tech Tech -15.9% -33.2% 25.6% 13.2% 38.1% -20.8% 42.0% 16.8% -28.8% Consumer Growth Consumer Plays Con D

preciated 28 India — range bound until post-election outlook clearer 29 Indonesia — first stress test since 1997; equities expensive 31 Malaysia — low-beta but fundamentally without merit 33 Thailand — tempting only to a tactical contrarian 34 Philippines — superior fundamentals more

sus oil price — YoY growth, both USD (%) Source: Deutsche Bank (Marc Balston, Robert Burgess, Drausio Giacomelli, Gustavo Canonero, Taimur Baig), Haver Analytics Source: Deutsche Bank, Bloomberg Finance LP Our long-standing overweight position on Turkish equities has been by far the least successful of our

60.6 61.8 63.9 Indonesia USD/IDR 10278 10500 10500 10000 (Fwd. Rates) Philippines USD/PHP 43.3 42.6 42.3 41.7 (Fwd. Rates) - 10723 11000 11412 Malaysia USD/MYR 3.243.173.153.13 EFTA01464312 (Fwd. Rates) - 3.26 3.27 3.30 - 43.3 43.4 43.6 Singapore USD/SGD 1.27 1.27 1.28 1.30 (Fwd. Rates) - 1.2

ted with private inflows since the late 1990s Figure 6: Relative to the private basic balance, the dollar is expensive Source: DB FX Research and Haver Analytics Source: DB FX Research and US Treasury Deutsche Bank Securities Inc. Page 25 EFTA01464356 30 July 2013 Exchange Rate Perspectives: FX and the

Deficit 2009 ment Rate YIY (pps) Tunisia Ethiopia Colombia Cyprus Poland Spain Kenya Norway Ghana Bolivia Sweden Brazil Switzerland Latvia Malawi Malaysia Denmark Gabon Finland Turkey Czech Republic Slovenia Slovakia Croatia Australia 3 BS fe coocooecees Ce eee eC HFN OC HB ON | OO f& 68 47 43 45 46

a TE - S Note: Housing includes purchase, rent and home improvement. Government savings occur when government runs a surplus. KP Source: BEA, CMS via Haver Analytics. (@E) www.kpcb.com USA Inc. | What Might a Turnaround Expert Consider? 408 HOUSE_OVERSIGHT_021045 USA Income Taxes Higher, Consumption Taxes Lower

the future. Correlation 0.25 0.20 5 015 4 014 0.10 - 0.05 - 0.00 Since 1957 Since 1970 Data through 03 2016. Source: Investment Strategy Group, Haver Analytics, Olivier Blanchard, “Three Remarks About the US Treasury Yield Curve,” Peterson Institute for International Economics, June 22, 2016. We have examin

urce: Investment Strategy Group, Emerging Advisors Group, Goldman Sachs Global Investment Research. both China and the US, such as Korea, Taiwan and Malaysia, would be particularly vulnerable. While the net effect of these competing forces is positive in our base case, the risks are tilted to the downside

an Buildup Iraq War (10) (20) 64 72 81 90 98 07 Trump? 16 Through September 30, 2016 Four-year moving average Source: Bureau of Economic Analysis and Haver Analytics occurred in the mid- 1960s, during President Lyndon Johnson's term, and ran for five years. That was tied to the military engagement in Southeast Asi

ceBernstein is not licensed to, and does not purport to, conduct any business or offer any services in any of the above countries. Note to Readers in Malaysia: Nothing in this document should be construed as an invitation or offer to subscribe to or purchase any securities, nor is it an offering of fund man