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eas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at http://gm.db.com. 3. Country-Specific Disclosures Australia and

l Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head 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

rector Equity Research North America Steve Pollard Regional Head Global Disclaimer The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank"). The information herein is believed to be reliable and has been obtained from public source

t in deciding to trade on a EFTA01464586 proprietary basis. Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's home jurisdiction. In the U.S. this report is approved and/or distributed by Deutsche Bank Securities Inc., a member of th

S&P ownership over 8% with the ability of that offered nominal return to adjust for inflation variations over the long term. Date 23 August 2013 David Bianco Strategist Ju Wang it S&P 500 Key Forecasts Price 1660 Next 5%+ move Uncertain 2013E Year-end Target EPS Target P/E Current P/E DPS Priy

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 quoting. 17th Floor, 11372 Riyadh, Saudi Arabia. informati

ities Inc. EFTA01476546 20 November 2015 US Equity Insights Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank"). Though the information herein is believed to be reliable and has been obtained from public

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

ion, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. David Bianco/Ju Wang/Winnie Nip Equity rating key Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price

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

fan Schneider Mikihiro Matsuoka Michael Spencer Taimur Baig Gustavo Canonero Strategy Dominic Konstam Francis Yared Oleg Melentyev Jim Reid David Bianco Sebastian Raedler Alan Ruskin George Saravelos Michael Hsueh Binky Chadha Peter Garber Global Head of Research Global Head, Macro Research T

co, Deutsche Bank [mailto: Sent: Friday, September 16, 2016 6:47 PM To: Stewart Oldfield Subject: US Equity Insights - Clinton vs Trump stock baskets Deutsche Bank - Equity Research - North America US Equity Insights - Clinton vs Trump stock baskets 16 September 2016 (26 pages/ 2739 kb) Download the complete repor

S Equity Insights - Clinton vs Trump stock baskets Date: September 20, 2016 at 9:25:31 AM EDT To: Richard Kahn < <!--[if mso 9]--> <![endif]--> From: David Bianco, Deutsche Bank [mailto: Sent: Friday, September 16, 2016 6:47 PM To: Stewart Oldfield Subject: US Equity Insights - Clinton vs Trump stock baskets De

deas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at http://gm.db.com. Equity rating dispersion and banking relationshi

tion, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. David Bianco/Ju WangNVinnie Nip !Equity rating key Buy: Based on a current 12- month view of total 500 share-holder return (TSR = percentage change in 450 s

deas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at bilpfigm,,,d_b_som. Pays) 28 Deutsche Bank Securities Inc. CONF

tion, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. David Bianco/Ju Wang/VVinnie Nip Equity rating key Equity rating dispersion and banking relationships Buy: Based on a current 12- month view of total share-ho

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

a 5.5% real and 7.5% nominal CoE. EPS is retained, so real EPS g must = real CoE - div yld to justify a PE = 1/- real CoE. Date 20 November 2015 David Bianco Strategist (+1) 212 250-8169 [email protected] Winnie Nip Strategist (+1) 415 617-3297 [email protected] S&P 500 Key Forecasts Price Ju W