Epstein Secrets

a South Africa Turkey Ukraine United Arab Emirates Asia (ex-Japan) China Hong Kong India Indonesia Korea Malaysia Philippines Singapore Sri Lanka EFTA01476183 Taiwan Thailand Vietnam Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela G7 Advanced economies EM eco

scussed in this report is available upon request. This report may not be reproduced, distributed or published by any person for any purpose without Deutsche Bank's prior written Copyright @ 2015 Deutsche Bank AG consent. Please cite source when 17th Floor, 11372 Riyadh, Saudi Arabia. information at quo

of an underlying security, effectively assume currency risk. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. United States: Approved and/or distributed by Deutsche Bank Securities Incorporated, a member of FIN

Hindocha Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Research International Locations Deutsche Bank AG Deutsche Bank Place Level 16 Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel: (61) 2 8258 1234 Deutsche Bank AG London 1 Great Winchester Street

GDP Fiscal bal., % GDP Singapore GDP CPI CA bal., % GDP EFTA01476069 Fiscal bal., % GDP Korea GDP CPI CA bal., % GDP Fiscal bal., % GDP Sri Lanka GDP CPI CA bal., % GDP Fiscal bal., % GDP Taiwan GDP CPI CA bal., % GDP Fiscal bal. % GDP Thailand GDP CPI CA bal., % GDP Fiscal bal., %

3.6 -3.3 -2.5 -3.4 -9.7 -7.6 -3.2 62.0 120.0 175.0 250.0 4.6 -0.3 -0.9 CA bal., % GDP Source: National authorities, Deutsche Bank Research 0.2 Deutsche Bank AG/London Page 41 EFTA01476081 8 December 2015 World Outlook 2016: Managing with less liquidity Bond Market Strategy: Peak policy divergence IIThe

0.25% 5.0% 2.5% 3% 6.5% 0.5% 1.5% 2.59 3.37 3.65 9.33 2.25 Figure 7: Our intrinsic valuation model S&P 500 Capi tal ized EPS Valuat ion Deutsche Bank's 2015E S&P 500 EPS DB's "normal 2015E" S&P 500 EPS EFTA01476121 "Normal 2015E" EPS / 2015E EPS Accounting quality adjustment to pro forma EPS No

ontier Advisory Ply Ltd Sasol Limited London School of Economics and Political Science BT Group Plc United Kingdom Applied Materials Inc. USA Sri Lanka Jordan United Kingdom USA United Kingdom South Africa South Africa United Kingdom White Hat Ventures USA The Dow Chemical Company USA The

f Senior Business Editor Managing Partner President and Chief Executive Officer Chairman and Representative Director Artist. USA Vice-Chairman. Deutsche Bank Group Managing Director and Chief Executive Officer James E. Robison Professor of Business Administration Director-General Associate Professor of Fin

sident and Senior Managing The Associated Press (AP) USA Editor Richard Danziger Chief of Mission for Sri Lanka International Organization for Sri Lanka Migration (IOM) Jacques Daoust President and Chief Executive Officer Investissement Quebec Canada Mazen S. Darwazeh Chairman, MENA Hikma Phar

Kullman Manu Kumar Howard Kunreuther Rolf Kuntz Vera Kurochkina Haruhiko Kuroda Vice-President, European Parliament, Brussels Vice-Chairman, Deutsche Bank Group Managing Director and Chief Executive Officer James E. Robison Professor of Business Administration Director-General Associate Professor of Fin

sident and Senior Managing The Associated Press (AP) USA Editor Richard Danziger Chief of Mission for Sri Lanka International Organization for Sri Lanka Migration (IOM) Jacques Daoust President and Chief Executive Officer Investissement Quebec Canada Mazen S. Darwazeh Chairman, MENA Hikma Phar

Kullman Manu Kumar Howard Kunreuther Rolf Kuntz Vera Kurochkina Haruhiko Kuroda Vice-President, European Parliament, Brussels Vice-Chairman, Deutsche Bank Group Managing Director and Chief Executive Officer James E. Robison Professor of Business Administration Director-General Associate Professor of Fin