Epstein Secrets

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

6 20.4 18.8 12.1 11.6 18.5 17.8 17.3 16.0 33.2 11.6 13.4 12.5 Diversified Consumer Services 8.0 Hotels, Restaurants & Leisure 8.4 19.3 18.0 Textiles, Apparel & Luxury Goods 16.4 14.6 20.5 19.3 15.3 14.3 21.5 19.8 81.5 65.2 18.1 17.1 18.1 17.5 Beverages Food Products Household Products Personal Products Tobacco

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

1 15.9 17.3 13.7 8.6 19.5 16.6 21.2 14.5 21.1 80.7 18.9 18.1 12.7 Diversified Consumer Services 8.2 Hotels, Restaurants & Leisure 18.2 Textiles, Apparel & Luxury Goods 14.7 20.0 13.6 19.4 64.6 17.8 17.5 Beverages Food Products Household Products Personal Products Tobacco 22.6 Aerospace & Defense 17.6 Co

Insights 20 November 2015 Page 26 Deutsche Bank Securities Inc. Figure 52: Our S&P Intrinsic Valuation Model S&P 500 Capitalized EPS Valuation 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

1 15.9 17.3 13.7 8.6 19.5 16.6 21.2 14.5 21.1 80.7 18.9 18.1 12.7 Diversified Consumer Services 8.2 Hotels, Restaurants & Leisure 18.2 Textiles, Apparel & Luxury Goods 14.7 20.0 13.6 19.4 64.6 17.8 17.5 Beverages Food Products Household Products Personal Products Tobacco 22.6 Aerospace & Defense 17.6 Co