Epstein Secrets

ction in sovereign bonds is yield move 5 High yield spread is high yield versus live year Treasury. e Next 3% move in credit is return move Source, FactSet, Deutsche Bank Wealth Management. Deutsche Bank Wealth Management 21 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0079378 CONFIDENT

t' 12 Month Forecast 12 Month Return Next 3%• Move (March 2017) (Marc, 2017) World 3.2% 3.6% USA 16% 2.0% EUR vs. USD 1.12 1.05 -6.4% Euroland 1.6% 1.6% USDvs. JPY 113.25 120.00 6.0% UK 2.0% 2.1% EUR vs CliF 109 1.12 2.6% Japan 1.0% 0.8% GBP vs USO 1.43 1.60 6.2% China

rrent' Next 3%. Move 12 Month Forecast 12 Month Return R. (March 2017) (March 2017) USA (core PCE) 1.6% 1.7% Oil Mm) in USD 39 60 26.9% Euroland 0.3% 1.6% Gold In USD 1220 1100 -9.8% UK 0.6% 1.8% Japan China 0.8% 1.2% 1.8% 1.2% Equities Current' Dividend Yield P/E (LTM)? NT

ction in sovereign bonds is yield move 5 High yield spread is high yield versus live year Treasury. e Next 3% move in credit is return move Source, FactSet, Deutsche Bank Wealth Management. Deutsche Bank Wealth Management 22 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0045259 CONFIDENT

t' Next 3%• Move 12 Month Forecast (March 2017) 12 Month Return (Marc, 2017) World 3.2% 3.6% USA 16% 2.0% EUR vs. USD 1.12 1.05 -6.4% Euroland 1.6% 1.6% USDva. JPY 113.25 120.00 6.0% UK 2.0% 2.1% EUR vs CliF 1O9 1.12 2.6% Japan 1.0% 0.8% GBP vs USO 1.43 1.60 6.2% China

urrent' Next 3%. Move 12 Month Forecast 12 Month Return % (March 2017) (March 2017) USA (core PCE) 1.6% 1.7% Oil Mm) in USD 39 60 26.9% Euroland 0.3% 1.6% Gold In USD 1220 1100 -9.8% UK 0.6% 1.8% Japan China 0.8% 1.2% 1.8% 1.2% Equities Current' Dividend Yield (LTM)? NTM

emium collapsing. — As a result, the U.S. has been outperforming the emerging markets. Footnotes: Data as of 3Q15. Source: Bloomberg Finance LP, FactSet, Deutsche Bank Wealth Management. Deutsche Bank Wealth Management Footnotes: Data as of December 31, 2015. Source: FactSet, Deutsche Bank Wealth

Multi Asset Investment Committee Forecasts January 2016 GDP Growth in % World USA Euroland UK Japan China Inflation in % USA (core PCE) Euroland UK Japan China Curr Acct Balance in % of GDP USA Euroland UK Japan China Fiscal Balance in % of GDP USA Euroland UK Japan China Key