Epstein Secrets

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

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

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

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

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

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