Epstein Secrets

S&P 500 3.0% Returns of stock baskets ore price returns * • Equal-weighted total return Sews Slit bunts 3.* ?Tanen Mann Setttwg Mona tP Page 44 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00265497 DB-SDNY-0119313 EFTA01459089

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% Consumer 8.6% Consumer Staples 3.7% Consumer Discretionary 12.5% Health Care 4.8% Consumer Stap

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

-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% Consumer -4.8% Consumer Staples -1.5% Consumer Discretionary -7.3% Health Care -8.8% Consumer S

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

-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% Consumer -4.8% Consumer Staples -1.5% Consumer Discretionary -7.3% Health Care -8.8% Consumer S

) Big-Cap Reasonable PE Tech Challenged Industrial Capital Goods US Domestic Strength Bloomberg Ticker DBUSHIFC DBUSBRTE DBUSCICG DBUSDMST 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

Jan 20t5 2015: Slow EPS growth vs. low bond yields US Equity Si:stagy baskets High Foreign Cash (Repatriation Beneficiaries) Big-Cap Reasonable PE Tech Challenged Industrial Capital Goods US Domestic Strength Bloomberg Ticker DBUSHIFC DBUSBRTE DBUSCICG DBUSDMST Deutsche Bank Securities Inc.

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

als 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% Consumer 4.8% Consumer Staples 2.3% Consumer Discretionary 6.8% Health Care 10.1% Consumer Staples

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

late cycle risk Don't pull the plug on Health Care US Equity Strategy Baskets High Foreign Cash (Repatriation Beneficiaries) Big-Cap Reasonable PE Tech Challenged Industrial Capital Goods US Domestic Strength 2015E 20502100 $119 17.4x 17.6x $41 2016E 22502300 $125 18.2x 16.7x $44 Date

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

% 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 Information Technology Dividend Yield (Bond Substitutes) Utili