Epstein Secrets

Care, we think 2015 earnings generally represent normal mid-cycle earning for most sectors. We think Energy is under earnings in 2015 and parts of Health Care and some other industries over earnings. We think Managed Health Care (HMOs) profits could drift lower on higher industry taxes, limits to premium

owth stops, equity value is simply EPS capitalized at the real cost of equity. This is because EPS growth only adds to steady-state value (EPS/real Deutsche Bank Securities Inc. Intrinsic value drivers: I) Normalized EPS 2) Accounting adjustments 3) Long-term real interest rate 4) Equity risk premium 61 Growth premium

.2% 1.4% Energy 100.0% 40 70% 26% 20.9% -57.0% 30% 65% 1.3% -36.6% Financials 100.0% 87 52% 34% -1.2% 9.2% 28% 43% 0.0% -0.1% Health Care 97.0% 52 79% 10% 7.5% 14.3% 62% 31% 0.6% 8.6% Industrials 913.7% 63 68% 21% 3.8% 1.8% 17% 67% -1.2% -4.7% Information Technolog

3. . . . . " Mg 49% N Na a a ...... 92279251792R 9913279R 51 as bast Sag rowing I EPS cul pat 10 repawg Saver WA Ofteds Ink Page 28 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0119297 CONFIDENTIAL SDNY_GM_00265481 EFTA01459078

markets. Industrials companies reported weak results and guidance. Sizable beats from Tech giants GOOG, MSFT & AMZN brightened 3Q earnings season. Health Care companies (PFE, BMY, GILD, BAX) had large beats on both EPS and sales. Large Oil & Gas companies (XOM, CVX, MPC, VLO) had big beats on EPS on very

ons. Disc. expanded to 7.8%, its highest during this cycle. Health Care (10.6%) and Tech (19.4%) margins continued to hold up well. As sectors with Deutsche Bank Securities Inc. Page 21 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0119296 CONFIDENTIAL SDNY_GM_00265480 EFTA01459077

6 013US8RTE (Reasonable PE Tech) • -10.1% Telecommunication Services 2.0% Consumer 8.6% Consumer Staples 3.7% Consumer Discretionary 12.5% Health Care 4.8% Consumer Staples 3.7% Information Technology 8.2% Dividend Growth 4.9% Domestic tyclicals 5.9% Financials 1.1% Consumer Discretionar

S&P 500 3.0% Returns of stock baskets ore price returns * • Equal-weighted total return Sews Slit bunts 3.* ?Tanen Mann Setttwg Mona tP Page 44 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00265497 DB-SDNY-0119313 EFTA01459089

1960-2014 16.0 1985-2014 17.6 1995-2014 18.6 2005-2014 15.9 Sectors/Industries: Health Care, Tech Health Care, Tech, Consumer Disc. Tech, Health Care, some Consumer Big Banks, Mega-cap Tech Tech, Health Care, some Consumer Staples Be selective and valuation mindful Energy, Industrial Capital G

Deutsche Bank Securities Inc. Strategy Flashcard Strategy Flashcard 5&P 500 to reach 2200 by 2O16 end ono long expansionary cycle of moderate growth 2016 end target: 2200 201

edan (COW). For screening purpose, our over-weight industries for mid and smell ceps ere all industries in Consumer Discretionary, Consumer Staples, Health Care, and Tech. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00266405 DB-SDNY-0120221 EFTA01459646

Deutsche Bank Securities Inc. Figure 61: What to buy now (mid and small caps)? DB Buy-rated non-S&P 500 stocks in our OW industries with market cap > St300m, PE on 2015 EPS < 25

search Rating Company Date Buy Aegerion Alert 18 November 2013 Company Update North America United States Nice at 15 Nov 2013 (USD) 74.73 Health Care AEGR.00 AEGR UO NMS AEGR Nice !swot 115.00 Biotechnology 52-week range 97.24 - 20.17 Update post speaking with Management Research Analys

0 EPS -086 - - FY EPS (USD} -2.64 -1.96 1.47 PIE (x) 51.0 Swat' Osenbe ant ` rei;;;:i•Wis;;;W:Grailicl—RWirlil'iriziw.-i -4 .a... —wri —a. Deutsche Bank Securities Inc. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have

earch Rating Company Date Buy Aegerion Alert 18 November 2013 Company Update North America United States Price at 15 Nov 2013 (USD) 74.73 Health Care AEGR.00 AEGR UO NMS AEGR Nice tweet 115.00 Biotechnology 52-week range 97.24 - 20.17 Update post speaking with Management Research Analys

0 EPS -086 - - FY EPS (USD) -2.64 -1.96 1.07 PIE (x) 51.0 Swat' Osenbe ant ` rei;;;:i•Wis;;;W:Grailicl—RWirlil'iriziw.-i -4 .a... —wri Man Deutsche Bank Securities Inc. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have

estimate of $118. 10 blended EPS y/y growth is 2.3% for S&P, 10.0% ex Energy, and 8.2% ex Energy and Financials. 10 EPS y/y growth is strongest at Health Care (18.0%), followed by Financials (16.7%), Tech (9.8%), Cons Disc (7.3%), and Industrials (5.6%). All other sectors have low single digit EPS growth

0.1% 4.9% 41% 41% 5.6% 2.3% 17% 69% -5.1% -9.4% 67% 17% 6.7% .6.7% 0% 100% -1.0% 2.0% 63% 30% 9.8% 2.3% 47% 63% -0.2% -4.2% Deutsche Bank Securities Inc. Page 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0059414 CONFIDENTIAL SDNY_GM_00205598 EFTA01367801

-4.6% DBUSBRTE (Reasonable PE Tech) -6.0% Telecommunication Services 6.1% Consumer 4.8% Consumer Staples 2.3% Consumer Discretionary 6.8% Health Care 10.1% Consumer Staples 2.3% Information Technology 5.4% Dividend Growth 3.5% Domestic Cyclicals 3.6% Financials 1.2% Consumer Discretiona

4% S&P S00 4.1% • Returns of stock baskets are price returns • • Equal-weighted total return Sane Salt Nasal* as* Thomsen Aran Seentiev Mara LP Deutsche Bank Securities Inc. Pago 25 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00205612 DB-SDNY-0059428 EFTA01367814