Epstein Secrets

ctor 0.15% 2,955 189.8 Metals & Mining XME SPDR S&P Metals & Mining 0.35% 392 58.3 Telecom VOX Vanguard Telecom Service 0.12% 993 5.8 Utilities XLU Utilities Select Sector 0.15% 6,447 571.9 k T5 R AUM SM VO9 AUV SM Swore Own*. Sent Skamen Nuncio LP 14010, Nat I fen ye aims Tqualykr

ch SPDR S&P Biotech ETF 0.35% 0.35% 805 2.282 14.1 294.3 Health Care Equipment & Supplies IH1 Shares U.S. Medical Devices 0.45% 778 8.3 Health Care Providers & Services IHF iShares U.S. Health Care Providers 0.45% 858 12.0 Pharmaceuticals PPH XPH Market Vectors Pharmaceuticals SPDR S&P Pharmaceuticals 0.35

and Industrials worry us a great deal. Most of the rest of the market, both the S&P and the Russell 2000, seem fully valued except a few big Banks, Utilities, Airlines, and some of our specific stock picks. EFTA01476108 Fortunately, Health Care and Tech represent 35% of the S&P 500. These two sectors d

8.3 10.6 10.6 20.5 29.3 29.5 22.9 21.3 20.0 17.2 16.4 17.3 16.0 18.4 16.8 24.5 22.4 23.8 21.7 Equa lweight 2015 2016 PE PE Underweight Health Care Providers & Services 2015 2016 PE PE 16.3 15.5 David Bianco,(1) 212 250 8169 Ju Wang, (1) 212 250 7911 Winnie Nip (1) 415 617 3297 EFTA01476128 8 December 2015

(China —5%) A continued profit recession, Foreign Cons Disc Cons Staples Energy Financials Health Care Industrials Tech Materials Telecom Utilities S&P 500 per share Avg oil price Euro Avg FF rate US UE yr end US GDP Global GDP Source: Deutsche Bank Sales % Profits % 27% 28% 41% 18%

3 16.7 25.0 22.8 23.6 21.5 EFTA01476321 20.9 12.3 18.8 17.4 33.2 19.3 11.7 18.0 16.1 11.7 Equalweight 2015 2016 PE PE Underweight Health Care Providers & Services 2015 2016 PE PE 16.0 15.2 EFTA01476322 US Equity Insights 20 November 2015 Deutsche Bank Securities Inc. Page 5 Figure 9: S&P EPS Model by

ncials Health Care Industrials Tech ex. Fin ex. En Disc. S&P Staples Energy Financials Health Care Industrials Tech Materials Telecom Utilities Health Care Industrials Tech Materials Telecom Utilities Ex. En, Fin, HC Disc. Staples Energy Financials ex. Fin ex. En ex. Tech En, F

3 16.7 25.0 22.8 23.6 21.5 EFTA01476467 20.9 12.3 18.8 17.4 33.2 19.3 11.7 18.0 16.1 11.7 Equalweight 2015 2016 PE PE Underweight Health Care Providers & Services 2015 2016 PE PE 16.0 15.2 EFTA01476468 20 November 2015 US Equity Insights Figure 65: Sector and Industry ETFs Note: Please see DB note "Eq