Epstein Secrets

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9.9% -4.5% 8.2% -3.6% -13.1% 1.1% 6.8% 12.5% 0.2% 6.8% 4.8% 8.2% 1.0% Credit vs. Commodity Play Financials Energy Capex Industrials Energy Equipment & Services Information Technology DBUSBRTE (Reasonable PE Tech) * Consumer Consumer Discretionary Consumer Staples Dividend Growth Financials Informatio

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

to PE of DB Indus t ry a lloca t ions S&P 500 Index Source: Deutsche Bank Research, IBES Overweight 15.6 14.8 2049.62 Equa lweight 17.6 16.6 Energy Equipment & Services Oil, Gas & Consumable Fuels Underweight 2015 & 2016 DB St ra tegy EPS 119.0 125.0 2015 & 2016 DB St ra tegy PE Bot tom-up Cons . EPS 118.4 128.1

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

ce: Deutsche Bank Markets Research 24.6 Overweight 15.6 2081.24 14.9 Equalweight 2015 & 2016 DB Strategy EPS Bottom-up Cons. EPS 18.5 17.4 Energy Equipment & Services Oil, Gas & Consumable Fuels Underweight 119.0 125.0 2015 & 2016 DB Strategy PE 118.8 128.5 Bottom-up Cons. PE 23.1 22.9 21.3 20.4 20.6 20.0 2