Epstein Secrets

nds US Bonds Global Gov Bonds" JPM Global HY EM Local Bonds" Brent EM $ Corp iBoxx Euro Corps S&P500 US Cash FTSE 100 -4% • EM FX -4% • MSCI Europe -11% Hang Seng -15% Topix -15% rrrrr - MSCI EM $ -16% rrrrr - Brazil Bovespa -17% Corn -20% -40% -20% 0% 20% 40% Source: J.P. Morgan,

nt. J.P. Morgan EFTA_R1_02049742 EFTA02696364 Macro Global Growth At A Turning Point TOP OPPORTUNISTIC INVESTMENT THEMES FOR 1O '7012 Source: Bloomberg As of: 1/12111 Global Purchasing Manager Indices 70 65 60 55 50 45 40 35 - 30 Dec-08 Dec-09 Dec-10 Jan-08 —Japan —US — Europe —Chi

s a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. As of May 2005, the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy,

Footnotes: Data is as of March 18, 2016. Source: Bloomberg Finance LP, Deutsche Bank Wealth Management. 20

s a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. As of May 2005, the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy,

Footnotes: Data is as of March 18, 2016. Source: Bloomberg Finance LP, Deutsche Bank Wealth Management. 20

y-1 6 Jun-16 Jul-16 Aug-16 Sep-1 6 Oct-16 Source: Bloomberg Bankof America 2 European Equity Strategy |O01 Dec

line PE multiples do not screen as particularly cheap for European equities but are also not excessively expensive. In fact the current forward PE on MSCI Europe at 14.1x is right in-line with the average since 1987. The most recent high in PE multiples was over 16.5x at the April 2015 market highs. However, m