Epstein Secrets

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49 47 60 138 EFTA01476503 49 393 83 53 90 112 308 84 66 187 54 55 54 74 35 341 69 20 95 62 37 112 Source: Deutsche Bank, Compustat, Thomson Reuters *Net Buyback Yield is calculated as (trailing 12-month buyback expenditures less option exercise proceeds and less stock option ex

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

Health Care vs. Energy & Financials 10 15 20 25 30 35 40 45 0 5 Tech + Health Care Energy + Financials Source: Deutsche Bank Research, Compustat, S&P Earnings weights of Tech & Health Care vs. Energy & Financials S&P EPS estimates & targets: 2015E S&P EPS: $119 2015 end S&P target: 2100

el. We set DPS equals to EPS and assume long-term growth is only inflation. Figure 42: Capitalize steady state earnings at the real cost of equity Deutsche Bank's 2015E S&P 500 EPS DB's "normal 2015E" S&P 500 EPS "Normal 2015E" EPS / 2015E EPS Accounting quality adjustment to pro forma EPS Normal 2015E S&P

oil and strong $ weighed on S&P EPS Weak oil and Russian default weighed on S&P EPS Recession S&P 500 Trailing 4-qtr EPS (y/y) Source: IBES, Compustat, Deutsche Bank CAGR avg. Page 10 Deutsche Bank Securities Inc. 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986