Epstein Secrets

EC2N 2EQ United Kingdom Tel: (44) 20 7545 8000 Deutsche Bank AG Grote Gallusstra@e 10-14 60272 Frankfurt am Main Germany Tel: (49) 69 910 00 Deutsche Bank Securities Inc 60 Wall Street New York, NY 10005 United States of America Tel: (1) 212 250 2500 Deutsche Bank AG Filiale Hongkong International Commerce Cent

0 2015 Deutsche Bank AG consent. Please cite source when quoting. Japan. information at Deutsche Bank AG/Hong Kong Page 13 EFTA01473329 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional He

) P/E (x) Revenue (USD) Source: Deutsche Bank estimates, company data 1 Includes the impact of FAS123R requiring the expensing of stock options. Deutsche Bank Securities Inc. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have

Please cite source when 17th Floor, 11372 Riyadh, Saudi Arabia. information at quoting. Deutsche Bank Securities Inc. Page 9 EFTA01473352 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional He

d) Performance (%) Absolute S&P 500 INDEX Source: Deutsche Bank lm 3m 12m 8.6 -0.6 80.3 -0.3 95.7 10.7 12/14 4.0% 0.96 to 1.65 t 71.5% Deutsche Bank Securities Inc. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should EFTA01473356 be aware that th

Please cite source when information at 17th Floor, 11372 Riyadh, Saudi Arabia. quoting. Page 10 Deutsche Bank Securities Inc. EFTA01473408 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional He

EC2N 2EQ United Kingdom Tel: (44) 20 7545 8000 Deutsche Bank AG Grote GallusstraRe 10-14 60272 Frankfurt am Main Germany Tel: (49) 69 910 00 Deutsche Bank Securities Inc. 60 Wall Street New York, NY 10005 United States of America Tel: (1) 212 250 2500 Deutsche Bank AG Filiale Hongkong International Commerce Cent

0 5.5 Deutsche Bank AG/London Page 77 EFTA01476241 8 December 2015 World Outlook 2016: Managing with less liquidity Contacts Name Coverage David Folkerts-Landau Michael Spencer Economics Peter Hooper Torsten Slok Joe LaVorgna Mark Wall Stefan Schneider Mikihiro Matsuoka Michael Spencer Taimur Baig

0% 0.0% 0.0% 2.2% 2.0% 4.2% 1.5% 2.9% 4.5% 4.0% -1.3% 2.7% 4.4% -0.6% 3.8% 3.1% -3.0% 0.1% EFTA01476509 US Equity Insights 20 November 2015 Deutsche Bank Securities Inc. Page 41 Figure 70: What to buy now (mid and small caps)? DB Buy-rated non-S&P 500 stocks in our OW industries with market cap > $800m, PE on 2015

Please cite source when quoting. 17th Floor, 11372 Riyadh, Saudi Arabia. information at Deutsche Bank Securities Inc. Page 51 EFTA01476552 David Folkerts-Landau Chief Economist and Global Head of Research Raj Hindocha Global Chief Operating Officer Research Michael Spencer Regional Head Asia Pacific Re