Epstein Secrets

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nary 12.5% Financials 1.1% Energy -13.1% Energy -13.1% Financials 1.1% Capex 4.7% Industrials 0.2% Industrials 0.2% Materials -4.5% Energy Equipment & Services -11.6% Defensives 3.0% Information Technology 8.2% Utilities -6.116 013US8RTE (Reasonable PE Tech) • -10.1% Telecommunication Services 2.0

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.15% 7.608 285.5 Food Products PBJ PowerShares Dyn. Food 8. Bev. 0.63% 271 1.3 Energy XLE Energy Select Sector 0.15% 13,747 1.037.1 _ Energy Equipment & Services 0IH XES IEZ Market Vectors Oil Service SPUR Oil & Gas Equip & Sery Shares US Oil Equip & Seco 0.35% 0.35% 0.45% 1,145 280 375 293.2 11.

P 500 -6.1% " Returns of stock baskets are price returns " Equal-weighted total return Sans SM Deane &eft Moessees Man Elesennep An LP Page 42 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0120224 SDNY_GM_00266408 EFTA01459648

-7.3% Financials -10.9% Energy -4.3% Energy -4.3% Financials -10.9% Capex -6.0% Industrials -4.9% Industrials -4.9% Materials -5.3% Energy Equipment & Services -3.5% Defensives -3.5% Information Technology -6.7% Utilities 7.3% DBUSBRTE (Reasonable PE Tech) • -17.4% Telecommunication Services 8.1%

P 500 -6.1% " Returns of stock baskets are price returns " Equal-weighted total return Sans SM Deane gat Moessees Man Elesennep Anne LP Page 42 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 120436 SDNY_GM_00266620 EFTA01459764

-7.3% Financials -10.9% Energy -4.3% Energy -4.3% Financials -10.9% Capex -6.0% Industrials -4.9% Industrials -4.9% Materials -5.3% Energy Equipment & Services -3.5% Defensives -3.5% Information Technology -6.7% Utilities 7.3% DBUSBRTE (Reasonable PE Tech) • -17.4% Telecommunication Services 8.1%

4% S&P S00 4.1% • Returns of stock baskets are price returns • • Equal-weighted total return Sane Salt Nasal* as* Thomsen Aran Seentiev Mara LP Deutsche Bank Securities Inc. Pago 25 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00205612 DB-SDNY-0059428 EFTA01367814

cretionary 6.8% Financials 1.2% Energy 0.3% Energy 0.3% Financials 1.2% Capes 3.9% Industrials 1.3% Industrials 1.3% Materials 5.3% Energy Equipment & Services 3.8% Defensives 5.6% Information Technology 5.4% Utilities -4.6% DBUSBRTE (Reasonable PE Tech) -6.0% Telecommunication Services 6.1% Cons

2502300 $125 18.2x 16.7x $44 Date 16 Nov 2015 8 Nov 2015 1 Nov 2015 23 Oct 2015 Bloomberg Ticker DBUSHIFC DBUSBRTE DBUSCICG DBUSDMST Deutsche Bank Securities Inc. Deutsche Bank does and seeks to do business with companies covered in its EFTA01476305 research reports. Thus, investors should be aware that th

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

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

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