Epstein Secrets

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

age 55 EFTA01476124 World Outlook 2016: Managing with less liquidity 8 December 2015 Page 56 Deutsche Bank AG/London Figure 8: S&P 500 Advised Sector and Industry Allocation (2014/15 PE based on DB US Equity Strategy top down sector and industry EPS estimates) Market Advised Weight (%)Weight (%) Sector 2015 2016 PE

(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%

476316 Source: Deutsche Bank EFTA01476317 US Equity Insights 20 November 2015 Page 4 Deutsche Bank Securities Inc. Figure 8: S&P 500 Advised Sector and Industry Allocation (2014/15 PE based on DB US Equity Strategy top down sector and industry EPS estimates) Market Advised Weight (%) Weight (%) Sector 2015 2016 P

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

below 100 bps below 100 bps EFTA01476463 US Equity Insights 20 November 2015 Deutsche Bank Securities Inc Page 35 Figure 64: S&P 500 Advised Sector and Industry Allocation (2014/15 PE based on DB US Equity Strategy top down sector and industry EPS estimates) Market Advised Weight (%) Weight (%) Sector 2015 2016 P